SUGR changes
Pick any two versions below to diff them.
- Balance sheet
- Sucro borrows mostly against its sugar inventory and receivables. Thus its debt rises and falls with the amount of sugar it holds. At June 30, 2026, loans and borrowings were US$360.2 million, plus US$18.3 million of leases. Against this, it had US$2.5 million of cash and US$225.6 million of equity. About US$206 million of the debt was the Rabobank-led borrowing base. Sucro renewed it in August 2026 at up to US$285 million, but only US$23.8 million of that is committed. At June 30, 2026, Sucro could draw only US$4.8 million more on the collateral. Another US$104 million is secured equipment and real estate loans for the new refineries. US$17.5 million of this term debt is due within 12 months, and management plans to refinance it by the end of 2026. Interest of US$23.3 million in the 12 months to June 30, 2026 used almost all of the US$24.0 million of adjusted EBITDA. The company's own adjusted leverage ratio rose to 5.5 times. Most of the equity is unrealized gains on forward sugar contracts and inventory, about US$198 million net. Much of it is Level 3, so a write-down would cut equity and borrowing capacity at the same time. Sucro has no credit rating. The debt limits the company's choices, because it depends on lenders that renew uncommitted lines. A weak quarter could force asset sales or an equity raise. As of 2026-06-30.
- Checkpoints
- Nov 13, 2026 (estimate): Q3 2026 results: underlying adjusted EBITDA. Pending. Watch: Adjusted EBITDA near US$8 million without one-off items passes; a figure near US$3 million to US$5 million, as in Q2, fails. Nov 27, 2026: Canada CBSA decision on refined sugar duty expiry review. Pending. Watch: A CBSA finding that dumping is likely to continue, which keeps the review going, passes; a decision to end the review fails. Dec 2026 (estimate): Refinancing of US$17.5 million term debt due within 12 months. Pending. Watch: Sucro refinances this debt by year-end 2026 on similar terms passes; a delay or a forced asset sale to repay it fails. Apr 2027 (estimate): Audited 2026 results set Beta San Miguel's minimum bid price. Pending. Watch: Audited results that keep the reported gains and show debt starting to fall pass; a write-down of contract or inventory values fails. May 1, 2027: Beta San Miguel takeover bid window opens. Pending. Watch: A bid by Beta San Miguel at or above the formula floor passes; no bid in the 2027 window fails.