The Group’s consolidated revenues stood at €4,201 million in 2015/16, down €99 million (€4,300 million in 2014/15). Revenues were up €56 million, or 1.3%, at constant exchange rates, thanks to the growth of volumes sold, the recovery of world sugar and Brazilian ethanol prices in the second half of the financial year, the integration of Vertente, and despite the substantially lower average 2015/16 prices of both European quota sugar and starch & sweeteners .
Adjusted EBITDA (before price complements) for the Group stood at €439 million in 2015/16, down €14 million (€453 million in 2014/15), but up €26 million, or 5.7%, at constant exchange rates. It was affected by the historically low levels of world and European sugar prices. Overall the Group’s adjusted EBITDA margin was resilient, at 10.5%, in line with the previous year. Adjusted EBITDA contributions from Sugar International and Starch & Sweeteners increased compared to the prior year, and helped to partly offset the further drop in adjusted EBITDA from Sugar Europe.
Tereos achieved a significant improvement in adjusted EBITDA in the second half of the 2015/16 year. It was 67% higher than in H1 and 27% higher than in the same period of the previous financial 6 year. This was due to the initial benefits of the Group’s €100 million 3-year performance improvement plan and the improvement of market conditions in the second half of the year, with a recovery of world sugar prices as well as Brazilian and European ethanol prices, and lower cereal and energy prices. Overall, adjusted EBITDA in H2 2015/16 stood at €275 million compared to €164 million in H1 2015/16 and €217 million in H2 2014/15.