Our news

A look back at 3 years of efforts undertaken as part of a transformation strategy that is now bearing fruit.
Our financial performance has set a new record, and we can look to the future with confidence and boldness.
You can also read our harvest reports and the key actions we have taken over the past year to provide a distinct response to the environmental changes we are seeing in our fields, the new expectations of our customers and consumers, and the social challenges represented by employment, safety at work and diversity.

Message from Tereos following the judgment rendered by the Court of Lille on 12 January 2023 concerning the incident at the Escaudœuvres site in April 2020
"We have taken note of the Court's decision, which followed the Prosecutor's recommendations, except for restoration as it did not sentence Tereos France to do so under penalty. The Court therefore considered that Tereos had already undertaken actions to restore the environment.
However, it is regrettable that the Court did not consider the elements put forward by the defence regarding the unique and unprecedented nature of this incident, and the multiple causality and chain of responsibilities.
We will analyse and examine this decision to determine the next actions to be taken or not."

[SPANISH VERSION BELOW] The distinction is a recognition of the organization's commitment to social responsibility and sustainability and is the result of the work of years by all the people who take part in Tereos.
The actions carried out by Tereos-Zaragoza during the past year are included in our "Sustainability Report 2021" This report contains interesting information: it includes contributions from all departments and gives a complete global vision about our contribution to the society and the environment.

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Tereos cuenta con el Sello de Responsabilidad Social de Aragón. La distinción supone un reconocimiento del compromiso de la organización con la responsabilidad social y sostenibilidad y es el resultado del trabajo durante años por parte de todas las personas que formamos Tereos.
Las acciones realizadas por Tereos- Zaragoza durante el año pasado se recogen en nuestra “Memoria de Sostenibilidad 2021” Esta memoria contiene información interesante: incluye contribuciones de todos los departamentos y da una visión global bastante completa sobre nuestra aportación a la sociedad y medioambiente.

Progress report on the Group's strategy to build a culture of performance.
Tereos' annual report for 2021/22 was distributed to the elected cooperative members during the Group's General Meeting, on June 23. It provides a review of the past year for the Group's Sugar & Renewables Europe, Starches & Sweeteners, and Sugar & Renewables International business units. It also sets out the strategic orientations for the coming year: a commercial strategy that favors value over volume, operational and industrial excellence, and the simplification of our organisations.

Spotlight on the measures implemented at Tereos in support of Ukrainian refugees
Following Russia's invasion of Ukraine last February, nearly 11 million civilians have already been displaced to escape the assaults. Towns and villages have been completely or partially destroyed. Faced with this critical humanitarian situation, an outpouring of global solidarity immediately took hold - the Tereos Business Units closest to the theaters of operation also reacted. 

The Group donates sugar and hydroalcoholic gel 

At the request of the Hauts-de-France Chamber of Commerce and Industry (CCI), the Tereos Sugar France factory in Artenay donated 2 pallets of Béghin-Say sugar sticks. They were first stored near Origny-Sainte-Benoite, on a dedicated platform. All kinds of foods are kept there before being sent to Poland where they will be distributed to Ukrainian refugees. 
Eight pallets of sugar were also donated to the SOLAAL association, which specializes in coordinating donations from the agricultural and food sectors to food aid associations. The redistribution of our sugar will be done in France, via SOLAAL, at the Red Cross, Food Banks or Restos du Cœur. 

In addition, in response to a need expressed by the French National Civil Protection Federation, the Group donated 320 liters of Gel Hydro by Tereos©. Most of this disinfectant gel is intended for Ukrainian refugee camps in Poland, but a small part will be redistributed in France, to reception centers for Ukrainian refugees. 
Employees provide food and necessities 
Same dynamic in the Czech Republic, at Tereos TTD. “Following the call from the municipality of Mladá Boleslav, a town located a few kilometers from our factory in Dobrovice , we collected infant food, first aid kits, blankets and sleeping bags, as well as hygiene products and clothing ,” says Jakub Hradiský , the local communication and CSR manager. In addition, the BU donated sugar, disinfectant, and medical equipment. These donations will be divided between Ukraine and Czech Republic. 

Hosting a family at one of our sites in France 
Finally, when 35,000 Ukrainian refugees had already arrived on French soil, in mid-April, the management of the Boiry site decided to welcome a family who had fled the bombardments. Specifically, it is housed in a vacant house within the factory walls. This “director's house” has individual access and now accommodates 6 people: 1 mother and her 4 children, as well as her nephew. Two people should join them soon, but are still held back in Ukraine. This action was carried out hand in hand with the association Svoboda Ukraine, located in Behagnies (62121), 10km from Boiry. 

To address current environmental and societal challenges, Tereos is consolidating its circular economy model by reviewing the use of its agricultural raw materials and the waste coming from them.
Due to economic and demographic shifts, our society is facing significant challenges: the depletion of fossil resources (coal, oil and natural gas), the fight against global warming (which involves reducing greenhouse gas emissions, among other things), and high consumer expectations for healthier and more sustainable products. Plant chemistry provides several ways in which we can address these challenges. Explanations. 

A new step in its commitment started in 2015, Tereos presents
its Sustain’2030 programme. 5 pillars to help build a more sustainable agriculture, industry and society.

For the past seven years, Tereos has been developing concrete actions to make all its activities more sustainable. This includes having 60% of its agricultural raw materials certified, integrating 50% of renewable energy into its energy mix, and being "gold" rated by the EcoVadis label, which evaluates companies on their environmental, ethical and social actions and their responsible purchasing.
In 2022, the Group intends to go even further and is embarking on a new stage of its sustainability plan. Baptized Sustain'2030, it is in line with the evolving issues of climate and the environment. Faced with changing consumer expectations in terms of food and energy and faced with societal challenges such as employment or diversity, Tereos has answers to provide.
In consultation with all of its Business Units (agricultural departments, plant employees, R&D experts, sales teams), our cooperative has defined 5 pillars to which it is committed. These pillars set a course and define the methods we wish to adopt in order to achieve quantified objectives. They respond to our willingness: continue to produce plant-based ingredients at the highest level of quality while taking care of the planet and those around us.

Our ambition: improve farm performance and ensure sustainable outlets for our cooperators.

 
Our ambition: contribute to the protection of biodiversity (pollinators and endemic species) and optimise the management of our resource
 


Our ambition: promote energy efficiency, low-carbon energy and optimise water consumption in our plants.
 
Our ambition: become a partner of reference for our customers on nutritional reformulation and promote responsible consumption through a sugar education program.
 
Our ambition: ensure safety and well-being at work of our employees and partners; promote diversity and guarantee gender equality; and support local development through our industrial presence and raw materials from local agriculture.

 
Discover all our quantified objectives in the detailed presentation of the strategy. This Sustain' 2030 plan is being progressively deployed and implemented throughout the Tereos value chain: in the field, in the factory, at our tertiary sites and in our logistics operations, right up to our customers.

Revenues of €1,345 million in Q3 21/22, up 17% at current exchange rates, supported by positive ethanol and sugar prices and activity in the starch segment. Over the first 9 months of the financial year, revenues totaled €3,544 million (up 11% at current exchange rates).
EBITDA of €223 million in Q3 21/22, up 65% at current exchange rates. Over the first 9 months of 2021/22, EBITDA totaled €424 million (up 14% at current exchange rates).
Debt leverage stood at 4.9x (vs. 5.5x at March 31, 2021). Net debt of €2,524 million at December 31, 2021, stable compared to its level at March 31, 2021 as a result of positive cash flow from operations.
The beet campaign in Europe ended in late January with volumes and yields in line with average levels for the past five years. 
 Tereos confirms its EBITDA target of between €600 million and €700 million on a 12-month rolling basis to September 30, 2022. EBITDA on a 12-month rolling basis to December 31, 2021 stood at €516 million.

Gwenaël Eliès appointed interim Chairman of the Management Board
At its meeting of February 7, 2022, the Tereos SCA Supervisory Board unanimously decided to accelerate the Group's transformation initiated in December 2020, which is based on three areas of value creation: Managerial Excellence, Commercial Excellence, and Industrial Excellence. 
Over the past 12 months and under the impetus of Philippe de Raynal, Tereos has implemented a new strategy which has resolutely engaged the Group on the path of financial recovery. The phase that is now beginning aims to deliver the operational priorities expected in the short and medium term thanks to a more agile and targeted execution. 
As such, the Supervisory Board entrusts the interim chairmanship of the Management Board to Gwenaël Eliès, replacing Philippe de Raynal, who is leaving the company. Pending the arrival of a new manager, Gwenaël Eliès will continue to perform his duties as Group Chief Financial Officer. 
Gérard Clay, Chairman of the Supervisory Board, said: “With the support of Gwenaël Elies, Philippe de Raynal has initiated an ambitious roadmap designed to restore Tereos' profitability, engage its debt reduction and strengthen its commercial positions. Much remains to be done to restore Tereos to its rightful place, and the next Chairman of the Management Board will have the task of enhancing this dynamic.” 

Green chemistry: Learn about the process of transforming our fructose into 100% bio-based recyclable packaging.
At the end of 2021, Tereos and Avantium Renewable Polymers signed a strategic supply agreement. The Group will supply 100% of the wheat-derived high-fructose syrup (F95) that Avantium requires to manufacture FDCA (furandicarboxylic acid). FDCA is a monomer that acts as a key building block for producing bio-based polymers such as PEF (polyethylene furanoate). This is leading to a gradual phasing out of petrochemical plastics, such as PET (polyethylene terephthalate). 
Tereos supplies the key ingredient in Avantium's sustainable packaging 
The agreement between the two companies currently provides for the supply of 5,000  tons of high-fructose syrup, known as "F95". This product is already listed in Tereos' product portfolio. It enables the Group to set itself apart from many competitors thanks to its excellent management of manufacturing processes with outstanding quality.  
Avantium: A pioneer in the renewable chemistry sector 
After running a pilot plant, Avantium is building a new industrial unit for the manufacture of sustainable plastics. 

Issuance of €350m new 5.3-year Notes Tender offer on its 2023 notes.



Tereos issued on January 20, 2022 a new 5.3 year €350m bond with an annual coupon of 4.75%.
Following a strong investor demand and the positive appreciation of Tereos' credit profile, the transaction was upsized from €300m to €350m and the pricing tightened to 4.75% from 5.00%.
The offering was launched concurrently with a tender offer relating to Tereos’ outstanding notes due 2023. The final amount tendered was €287.4m, the remaining €62.6m raised will be used to repay other Group debt. The transaction has enabled Tereos to significantly extend its debt maturity profile at attractive conditions.
The strong success of the transaction underlines the substantial and continuous improvement of the Group's credit profile, allowing a considerable reduction in financial cost compared to the bond issues of October 2020 and April 2021.
Since its arrival in December 2020, the Group’s new management has implemented a new strategy that has led to resilient results in the face of yield volatility and to first signs of improving profitability. Those developments, combined with clear targets for the coming years and a series of successfully concluded refinancing operations, have created a positive credit momentum that has culminated in this successful transaction.
Gwenaël Elies, Chief Financial Officer of Tereos, declared “The success of this new bond issue demonstrates investor confidence in Tereos' new governance and its focus on debt reduction, cash flow generation and improvement in operational profitability.”
***
Cautionary statement
The Notes were offered only to qualified institutional buyers pursuant to Rule 144A and outside the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or unless pursuant to an applicable exemption from the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
This announcement does not constitute and shall not, in any circumstances, constitute a public offering nor an invitation to the public in connection with any offer within the meaning of Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”) or otherwise. The offer and sale of the Notes will be made pursuant to an exemption under Prospectus Regulation from the requirement to produce a prospectus for offers of securities. The offer and sale of the Notes will be made pursuant to an exemption under the Prospectus Regulation as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 and the Financial Services and Markets Act 2000 from the requirement to produce a prospectus for offers of securities.






This announcement is for distribution only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), or (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Order, or (iii) are outside the United Kingdom or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated, all such persons together being referred to as “Relevant Persons.” The Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Notes will be engaged in only with, Relevant Persons.
MiFID II professionals/ECPs-only – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs KID – No EEA or UK PRIIPs key information document (KID) has been prepared as not available to retail investors in European Economic Area (“EEA”) or UK.
Neither the content of Tereos’ website nor any website accessible by hyperlinks on Tereos’ website is incorporated in, or forms part of, this announcement. The distribution of this announcement into certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
Forward-looking statements
This press release may include forward-looking statements. These forward- looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, ‟estimates”, ‟anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding Tereos’ or its affiliates’ intentions, beliefs or current expectations concerning, among other things, Tereos’ or its affiliates’ results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which they operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking statements are not guarantees of future performance and that Tereos’ or its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industries in which they operate may differ materially from those made in or suggested by the forward- looking statements contained in this press release. In addition, even if Tereos’ or its affiliates’ results of operations, financial condition and liquidity, and the development of the industries in which they operate are consistent with the forward- looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
The forward-looking statements and information contained in this announcement are made as of the date hereof and Tereos undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The Group supports beekeepers by expanding its range of bee feeding solutions.
Beekeeping involves collecting what is produced from the hive while ensuring that the bees remain healthy, in particular by providing quality food as a substitute for the honey collected. 
But what exactly is at stake? "Collecting honey from hives is a process that requires science and skill", underlines Olivier Garnier, a Tereos Cooperative member who has installed around 15 hives on his farm in the Seine-et-Marne area, not far from Paris, France. He explains that "the operation is carried out at the end of the nectar collecting season, after checking the honey's moisture content with a refractometer. Another indicator that the honey is ready to collect is when 75% of the honeycombs are capped in the supers*" (*the super is a box that represents a "floor" of the hive ; as shown on the diagram below)  

Beekeepers then collect the honey without touching the hive body, which contains the brood (nursery), and leave a little stock (pollen and honey). Some beekeepers leave a super in place so that a food supply is preserved for the colony. 
A complementary feed is often provided by beekeepers: "A quality feed helps the bees to stay healthy and therefore expands their lifespan. Beekeepers can use a less expensive homemade mix of water and sugar, but digesting this mixture is a tiring process as compared to the 'syrups' made by professionals", says Garnier. Spring is the right time to provide targeted feeds called "stimulation". "Small amounts of 'syrup' will stimulate laying, in order to force a population increase in preparation for the first crops, such as rapeseed".   
Solutions for different needs 
Food becomes essential in harsh conditions. Frost, heavy rain or excessive wind will prevent the colony from becoming active and can also lead to a risk of undernourishment if there is no nectar available. The solution? "Feeding them 'heavy syrup' will allow them to keep going until the next nectar collecting season", explains Garnier. "If beekeepers have collected an excessive amount of honey, then feeds of 'candy' will allow the bees to survive the winter". 
These feeds are made from substitute sweeteners, all of which come from sugar. Tereos supports the beekeeping sector by developing and manufacturing bee feeding products. Of course, this activity is linked to its sugar know-how, but it also relies on the close, on-the-ground relationship between the agricultural and bee sectors. 
Tereos has one of the most complete ranges on the market 
Bee feeding products contain ingredients from our sugar factories and starch manufacturing plants. With products stretching from entry-level to premium, our range is one of the most complete on the market.

 
Photo credit : Icko-apiculture.com
All these products are manufactured at several Tereos Group plants (Chevrières, Marckolsheim and Origny-Sainte-Benoîte), using ingredients from our product portfolio. The plants offer up their production lines and industrial know-how. 
An exclusive distribution partnership within a solid European network 
We have entrusted all distribution of our fondant sugars and syrups to Icko, a customer and partner of Tereos. Founded by the Ickowicz family, it is a European player in beekeeping equipment. 

This special partnership with Icko is also another step forwards in Tereos' constant quest for improvement. The distributor takes over customer returns and forwards them to the cooperative, enabling them to keep developing their products or packaging, for example. 
A commitment to the beekeeping sector 
Thanks to this exclusive sales contract, Icko is placing bulk orders of several thousand tonnes of our different products. This ensures that Tereos has substantial commercial opportunities.  
The products may either be collected directly from Tereos plants by the distributor or delivered to one or more points of sale, as required.
As Tereos embarks on an exclusivity agreement with Icko, it is important to note that the Group remains hugely committed to the beekeeping sector: 

The Pastry World Cup winner and Best Craftsman in France for pastry-making and confectionery becomes the ambassador for our premium brown sugar brand, la Perruche.



La Perruche crafts indulgence into art
Since its foundation in the 19th century, La Perruche has never faltered in its quest for excellence. Not once has it taken a break from writing the pages of its own history.
La Perruche's know-how has been carefully preserved since its beginnings in Réunion. The unique flavour of its brown sugars won it several medals at the 1889 Exposition Universelle in Paris. This outstanding recognition led to the birth of the La Perruche brand the following year.

Angelo Musa: A master of flavours
With the motto "capture taste through textures", Angelo Musa has won some of the most prestigious awards going, including the Pastry World Cup in 2003 and an MOF (Meilleurs Ouvriers de France — Best Craftsmen in France) award in the pastry-making and confectionery category in 2007. A true maverick, he is constantly redefining the boundaries of his pastry-making, drawing on his passion and expertise to create new styles. Musa is one of the central players who have helped to reinvent modern pastry-making.
His pièce de résistance is his Paris-Brest, in which he offers a new take on a very light mousseline cream, adding a chocolate praline layer for even more flavour.
 
Two signature recipes that epitomize the elegance and richness of French pastries


Let’s talk about the recipes
100% la Perruche  
For Musa, it was only natural to pay tribute to La Perruche's over 100 years of know-how by using it in his signature pudding: the 100%.
"The Cassonade brown sugar is unsurpassed. It is triumphant in its strength. It is just asking to be enjoyed!"  
 
 
Orange-rum delight  
"A warm amber colour for a spicy vanilla marvel that is fresh and delicious, delicate and crisp."
 

Tereos Starch & Sweeteners Spain, based in Zaragoza (province of Aragón) specializing in starch processes for the pharmacy, renewable energy, and food sectors, received a special funding from the Minister of industry, commerce and tourism.

This grant responds to the 2021 call for the "Compensation mechanism for electro-intensive consumers for the financing charges of the specific remuneration for renewable energies and high-efficiency cogeneration and for the additional funding in non-peninsular territories”.
Grant reference: ECE-010000-2021-57.
Subsidy concept
Renewable energies €118,389.14
High efficiency cogeneration €35,390.12
Specific remuneration in non-peninsular territories: €38,080.78
TOTAL: €191,860.04