Suedzucker raises full-year guidance, plans to pass price increases onto customers (updated)

CropEnergies AG

15/06/2022 12:16

(Adds details, background, share performance)
    June 15 (Reuters) - Europe's largest sugar producer,
Suedzucker  SZUG.DE , on Wednesday increased its full-year
guidance, saying it expects to pass price increases in raw
materials and energy on to new customer contracts.
    Suedzucker shares rose 3.4% as of 1105 GMT after the company
said it now expected revenues of 8.9-9.3 billion euros ($9.3
billion-$9.7 billion), earnings before interest, tax,
depreciation and amortization (EBITDA) of 760-860 million euros
and an operating result of 400-500 million euros.
    The group previously expected revenues of 8.7-9.1 billion
euros, EBITDA of 660-760 million euros and an operating result
of 300-400 million euros.
    Raw sugar futures rose to the highest level in nearly five
months in April and are still 7% higher compared to June last
year.  urn:newsml:reuters.com:*:nL1N2Y11AT
    The company added that the forecast was based on the
assumption that the war in Ukraine was temporary and regionally
limited, that the physical supply of energy and raw materials is
assured, and that sales and procurement markets will return to
normal to some extent in fiscal year 2022/23.
    Suedzucker unit CropEnergies  CE2G.DE , which produces the
green fuel bioethanol, also hiked its full-year guidance on
Wednesday.  urn:newsml:reuters.com:*:nFWN2Y20DX 
    In the first quarter, the group reported EBITDA of 230
million euros, up by 90% compared with last year. 
    
    


($1 = 0.9544 euros)

 (Reporting by Bartosz Dabrowski in Gdansk, Editing by Miranda
Murray)
 ((bartosz.dabrowski@thomsonreuters.com; +48 58 7696560;))