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PARIS (Reuters) -French sugar and ethanol group Tereos said its third-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 65% at constant exchanges rates to 223 million euros ($254.49 million) on higher volumes and prices.
Tereos - the world’s second largest sugar maker in volume - Tereos confirmed its objective to reach a full-year EBITDA of between 600 and 700 million euros by the end of September 2022.
Tereos on Tuesday announced that CEO Philippe de Raynal was leaving the group and would be replaced on an interim basis by Chief Financial Officer Gwenael Elies.
De Raynal is the second CEO to leave the group in just over a year.
His team, which made deleveraging the heavily indebted cooperative a priority, undertook a wide-ranging review of its activities. This led to the sale of its starch operations in China, the exit of the malt business last year and the launch of a process to close its loss-making sugar business in Romania.
Tereos said its net debt stood at 2.524 billion euros at the end of December 2021, a level stable compared to March 31, thanks to a positive cash flow from operations.
That was down from 2.7 billion euros a year earlier, it said.
Tereos last month raised 350 million euros of senior unsecured notes due in 2027, which it said it would use to repay existing debt.
($1 = 0.8763 euros)
Reporting by Benoit Van Overstraeten and Sybille de La Hamaide;editing by Sudip Kar-Gupta and Jason Neely
