Earnings revisions: On balance we keep our 2017/18e earnings estimates unchanged but cut our net profit estimates by 34% for 2018/19e and by 33% for 2019/20e. This, in turn, is due to the following new assumptions: 1) a 20% yoy decline of realised prices and gross profit in the Sugar segment, 2) a similar decline of prices for isoglucose, a business which represents 15% of the Starch segment and 3) lower income from associates from HUNGRANA given the current weakening of European prices for bioethanol. In light of the current weak development of the global sugar price we think that the potential acquisition of any Serbian sugar assets if concluded will have a much smaller impact on our earnings projections than so far projected.
 
Growth investments: The current capex initiatives of the group include the addition of two further lines to its fruit preparations business in the USA and France. Moreover the group plans to build a second fruit preparations plant in China with a capacity of 30k tons. Elsewhere the company also decided to enlarge its existing potato starch facility in Gmünd/Austria for EUR 40 mn and the wheat starch capacity in Pischelsdorf/Austria for EUR 92 mn. We believe these expansion plans will support additional growth for the Starch and Fruit segments over the medium term, which we think is the right strategy and we continue to see this as a positive development.