Date: October, 2003
Abstract: In recent years, cane mills in Brazil have experienced a period of strong cash generation. Part of this has been a result of the inherent competitiveness of the sector compared to other global players, which means that the industry can make positive margins even when world market sugar prices are relatively weak. In addition, the pronounced decline in the value of the Real in the second half of 2002 also played a part in boosting the industry’s local currency earnings last season. As a res...
Research Type: Industry Note