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Südzucker GroupThomas Kölbl (CFO)
HSBC – Zurich Investors ConferenceZurich, November 27, 2012
FINANCIAL TRANSPARENCY
Südzucker Group, page 2
Agenda
1. Overview and strategic objectives page 3
2. Development of Segments
� Sugar page 8
� Special Products page 16
� CropEnergies page 24
� Fruit page 30
3. Financial Highlights H1 2012/13 page 35
4. Outlook 2012/13 page 49
5. Appendix
� Long-term development and key figures page 52
� Additional information page 57
FINANCIAL TRANSPARENCY
Südzucker Group, page 3
Südzucker Group at a glance
� Global operating German food group with long-standing corporate history:
� 1837: Foundation of first sugar company
� 1926: Foundation of SüddeutscheZucker-AG
� Production facilities: ~ 100
� Employees: ~17.500
� Beneficiary of mega trends within food, animal feed and energy area
� Operating profit: 751 mn €
� Stock exchange listing in Germany
� Market capitalisation ~ 6 bn €
� Free float 38%
� MDAX-member
� Trading volume: ~ 1 mn shares/day
Special
products
(26%)
Sugar
(53%)
Fruit
(13%)
CropEnergies
(8%)
Revenues 7.0 bn €
FINANCIAL TRANSPARENCY
Südzucker Group, page 4
Südzucker Group: Market Position and Strategic Objectives
Segment/Division Market Position Strategy / Main Drivers
Sugar
BENEO
Freiberger
Starch
PortionPack
FruitPreparations
Fruit JuiceConcentrates
CropEnergies
� Take full benefit of global increase in demand
for healthy food and upmarket products e.g. yoghurt drinks,
wellness products, convenience food
� Usage of integrated platform to raise synergiesin combined global sourcing and distribution
� Merger with Ybbstaler to enhance growth and profitability
#1 in Europe� Further enhancement of leading market
position in Europe; especially in deficit markets
� Expedite internationalization; partnership with ED&F Man
#1 worldwide
#1 in Europe
#1 worldwide in Isomalt
and Oligofructose
#1 in Europe in frozen
Pizza (private label)
#1 in Europe in portion packs
One of the leading
players in Europe
� Leverage strength of core products into
product innovations
� Further internal and external growth
� Focus on specialty starches
� Development of product portfolio and regions
� Full exploitation of implemented capacity build-up
� Consolidation of the leading position
� Assessment of new production and regions
FINANCIAL TRANSPARENCY
Südzucker Group, page 5
Südzucker portfolio benefits from megatrends
2.000
4.000
6.000
8.000
mn
Source: United Nations
population growth worldwide
0
2.000
4.000
6.000
8.000
USD
per capita income
Source: ERS International Macroeconomic Data Set
emerging markets
worldwide
0
20
40
60
80
100
120
0
20
40
60
80
100
USD / barrelmnbarrel / day
Source: BP
oil consumption
crude oil price200
400
600
800
mn t
Source: USDA
global animal feed production
FINANCIAL TRANSPARENCY
Südzucker Group, page 6
Return on Capital Employed (RoCE)
Capital
Employed
Operating
Profit
Se
gm
en
tsG
rou
p
RoCE
CropEnergies
Fruit
Special Prod.
Sugar
2007/08
5,005 mn €
233 mn €
4.7%
10.0%
2.2%
8.8%
5.6%
2008/09
4,923 mn €
258 mn €
5.2%
8.2%
5.0%
8.4%
neg.
2009/10
7.5%
5,374 mn €
403 mn €
2.3%
7.5%
10.5%
5.5%
2010/11
9.8%
5,314 mn €
521 mn €
8.7%
10.4%
10.8%
6.7%
2012/13e2011/12
13.2%
5,707 mn €
751 mn €
10.2%
17.1%
10.7%
4.7%
FINANCIAL TRANSPARENCY
Südzucker Group, page 7
Agenda
1. Overview and strategic objectives page 3
2. Development of Segments
� Sugar page 8
� Special Products page 16
� CropEnergies page 24
� Fruit page 30
3. Financial Highlights H1 2012/13 page 35
4. Outlook 2012/13 page 49
5. Appendix
� Long-term development and key figures page 52
� Additional information page 57
FINANCIAL TRANSPARENCY
Südzucker Group, page 8
Segment Sugar
(mn €) 2011/12 2010/11 2009/10 2008/09
Revenues 3.728 3.279 3.154 3.320
EBITDA 626 399 331 255
EBITDA-Margin 16,8% 12,2% 10,5% 7,7%
Operating profit 511 285 217 137
Operating Margin 13,7% 8,7% 6,9% 4,1%
Restructuring and special items 14 -3 -16 102
Income from operations (EBIT) 525 282 201 239
Investments 148 130 115 149
Fixed Assets 145 125 106 123
Financial Assets 3 5 9 26
Capital Employed 2.984 2.748 2.890 2.736
RoCE 17,1% 10,4% 7,5% 5,0%
FINANCIAL TRANSPARENCY
Südzucker Group, page 9
o/w SZ:
� Mauritius ~0.4 mn t
� Raw sugar imports for
raffination through SZ
~0.3 mn t
o/w SZ ~25%
EU sugar market* - supply and demand
EU Production EU Demand World MarketWorld Market
~13 mn t
~16-17 mn t
o/w SZ3.2 mn t
~2-3 mn t
„Quota sugar“
„Non-quota sugar“
Production**
178 mn t
3-4 mn t
up to 0.4 mn t
max. ~1.4 mn t
Demand**
165 mn t
*Simplified, excl. isoglucose
**F.O. Licht estimate for 2011/12, July 2012
~3-4 mn t
CAGR 2-3%
FINANCIAL TRANSPARENCY
Südzucker Group, page 10
EU quota sugar production - sugar marketing year* 2012/13
France
Germany
Belgium
Poland
Austria
Rumania
Moldova
20
72
40
25
25
100
39
35Hungary
100
CzechRepublic
Slovakia
Bosnia-
Hercegowina
Italy
Bulgaria
Greece
Spain
Portugal
Great Britain
* Sugar marketing year: Oct. – Sep.
** Südzucker estimates
Südzucker
Group
(24 %)
Nordzucker
(15 %)
All others
(17 %)
British Sugar
(11 %)
Tereos
(11 %)
Pfeifer &
Langen
(8 %)
Südzucker quota share per country (in %)Market share** EU quota sugar production
Non-EU productionSüdzucker distribution entities
Cristal
Union
(8 %)
Royal
Cosun
(7 %)
FINANCIAL TRANSPARENCY
Südzucker Group, page 11
Mauritius cooperation strengthens distribution power in the EU
Mauritius
400,000 tonnes
sugar
� Exclusive distributor of ~ 400,000 tonnes p.a.
sugar contingent from Mauritius into the EU
until 2015
� Imported sugar volumeM
� Mleverages European distribution platform
� Msupports core regions
� Msupports market position in European
deficit markets
Distribution power of Südzucker Group builds
on approximately 4.5 million tonnes sugar
(consisting of production of quota sugar,
industrial sugar and refined sugar as well as
imported sugar from Mauritius)
FINANCIAL TRANSPARENCY
Südzucker Group, page 12
Participation in ED&F Man at a glance
� Total sales 14.5 mn t
� Revenues 10 bn USD
� Profit from ordinary activities
192 mn USD
� Net Profit 76 mn USD
� Equity 683 mn USD
� Purchase 25% - 1 share via capital
increase
� Purchase price 255 mn USD
� At equity accounting
� Pro rata earnings contribution in
2012/13 - closing May 22, 2012
Key Figures 2010/11* Transaction overview
*Financial Year ended 30.09.2011
FINANCIAL TRANSPARENCY
Südzucker Group, page 13
� Private, employee owned company
� Long-standing corporate history: founded 1783
� > 3,400 employees in 60 countries
� Headquarter: London
� Operations:
� Sugar:
� 8.8 mn t trading volume with signifivant presence in Central and South America,
Far East, South East Asia and Africa
� Participations in production and refining capacities amongst others in Russia, the
Ukraine, Mexico,Chile and Venezuela
� Marketing of coffee and molasses
� Trading in biofuels, edible oils as well as shipping and financial services
Sugar only
Liquid Products only
Coffee only
Multiple businesses
Participation in ED&F Man offers a global footprint
FINANCIAL TRANSPARENCY
Südzucker Group, page 14
Segment Sugar: Outlook 2012/13
Revenues� Higher non-quota sugar volume in light of strong campaign 2011
� Possibility to market non-quota sugar of campaign 2011 in EU
food market again
Operating
Profit
� Stable EU price environment under precondition of ongoing
balanced market and high world market prices
� Besides stable quota sugar business increase in non-quota sugar
volume in light of strong campaign 2011
� Significant increase in operating profit
� Significant increase in revenues
FINANCIAL TRANSPARENCY
Südzucker Group, page 15
Agenda
1. Overview and strategic objectives page 3
2. Development of Segments
� Sugar page 8
� Special Products page 16
� CropEnergies page 24
� Fruit page 30
3. Financial Highlights H1 2012/13 page 35
4. Outlook 2012/13 page 49
5. Appendix
� Long-term development and key figures page 52
� Additional information page 57
FINANCIAL TRANSPARENCY
Südzucker Group, page 16
Segment Special Products
(mn €) 2011/12 2010/11 2009/10 2008/09
Revenues 1.806 1.575 1.396 1.427
EBITDA 231 218 209 172
EBITDA-Margin 12,8% 13,8% 14,9% 12,1%
Operating profit 149 144 138 108
Operating Margin 8,3% 9,1% 9,8% 7,6%
Restructuring and special items -4 -6 12 -4
Income from operations (EBIT) 145 138 150 104
Investments 74 68 58 62
Fixed Assets 74 67 50 60
Financial Assets 0 1 8 2
Capital Employed 1.392 1.335 1.309 1.287
RoCE 10,7% 10,8% 10,5% 8,4%
FINANCIAL TRANSPARENCY
Südzucker Group, page 17
Segment Special Products
�BENEO: World market leader with
premium food ingredients like
Isomalt, Inulin, Oligofructose or rice
starch
�Freiberger: Private-label chilled and
deep frozen convenience food (Pizza,
Pasta, Baguettes)
�Starch: Starch, starch niche products
for food and non-food industry,
isoglucose and AGRANA bioethanol
activities
�PortionPack: Various portioned
products; wide range of products of
food and non-food articles
Revenues (mn €)
* incorporates AGRANA bioethanol and starch activities
Revenue split 2011/12
Freiberger
29%
BENEO
(Functional Food)
21%
PortionPack
8%
Starch*
42%
1,806
mn €
1,161
1,283
1,427 1,396
1,575
1,806
2006/07 2007/08 2008/09 2009/10 2010/11 2011/12
CAGR 2006/07-2011/12: ~9 %
FINANCIAL TRANSPARENCY
Südzucker Group, page 18
Segment Special Products: Division BENEO
� BENEO Group bundles Functional Food-operations
� Worldwide unchanging growing demand for FunctionalFood ingredients in view of increasing competition
� Increase in awareness for healthy food and growing per-capita income (emerging markets)
� Market leadership in main product categories
� BENEO-Orafti (prebiotic fibres from chicory roots): Core products Inulin and Oligofructose; distribution of CropEnergies by-product BeneoPro W
� BENEO-Palatinit (functional carbohydrates): Global leadership with Isomalt. Successful positioning of productinnovations Palatinose™ and galenIQ™
� BENEO-Remy (rice starches): e.g. rice starches, riceflours, rice bran, rice concentrates, M
� Exploitation of growth potential of our core products
� Development of new markets via innovations Offstein
�
��
�
Sales OfficesRegional Centers
� Production facility
FINANCIAL TRANSPARENCY
Südzucker Group, page 19
Segment Special Products: Division Starch*
� Well established player as manufacturer of specialty starches for the paper, textile, cosmetics,
pharmaceutical and construction industries
� Principal focus on organic and GM-free starches for the food industry
� Niche strategy allows for differenciation against competition and leverages in-house research
and development infrastructure
� New starch factory for production of wheat starch and gluten at the site of bioethanol plant in
Pischelsdorf. Investment 65 mn € (until 2013). Operations to start at the end of 2013.
* incorporates AGRANA bioethanol and starch activities
Pischelsdorf
Production starch
Gmünd (A)
Pischelsdorf (A)Aschach (A)
Szabadegyhaza (HU)
Tandarei (RO)
Production bioethanol
FINANCIAL TRANSPARENCY
Südzucker Group, page 20
Segment Special Products: Division Freiberger
� Freiberger produces and markets chilled and frozen pizzas as well as frozen pasta and
baguettes
� Solutions are specifically geared toward the strategies of its business partners: retail industry,
caterers and food service operators
� Unrivalled European market leader for own label/private lable frozen pizzas
� Successful reconception of site in Westhoughton, UK
� Distribution center USA
Berlin
Osterweddingen
Westhoughton
Muggensturm
OberhofenProduction facilityMuggensturm
FINANCIAL TRANSPARENCY
Südzucker Group, page 21
� European market leader in individually packaged portions for the food and non-food sectors in Central
Europe
� In addition to conventional sugar packets, product range includes a wide spectrum of other food
portion packs such as baked-goods, chocolate and sandwich spreads
� Besides to the out-of-home market (restaurants, hotels, caterers) and food retailers, PortionPack
Europe also services industry (contract packing) and the advertising/promotion sectors
Segment Special Products: Division PortionPack Europe
Landgraaf (NL)
Barcelona
Prague
facility
Herentals (B)
Oud-Beijerland (NL)
Nuremberg
Telford
Prague
Krakow
FINANCIAL TRANSPARENCY
Südzucker Group, page 22
Segment Special Products: Outlook 2012/13
� Revenue increase supported by all divisions.Revenues
Operating
Profit
� Operating profit on prior year’s level
� Moderate increase in revenues
� Based on the strong profit growth in the first half year, we
continue to expect that operating profit will build on the last
year‘s level despite distortions in the commodity markets
and the extremely competitive environment.
FINANCIAL TRANSPARENCY
Südzucker Group, page 23
Agenda
1. Overview and strategic objectives page 3
2. Development of Segments
� Sugar page 8
� Special Products page 16
� CropEnergies page 24
� Fruit page 30
3. Financial Highlights H1 2012/13 page 35
4. Outlook 2012/13 page 49
5. Appendix
� Long-term development and key figures page 52
� Additional information page 57
FINANCIAL TRANSPARENCY
Südzucker Group, page 24
(mn €) 2011/12 2010/11 2009/10 2008/09
Revenues 529 437 362 319
EBITDA 84 76 33 29
EBITDA-Margin 15,9% 17,5% 9,2% 9,0%
Operating profit 53 46 12 18
Operating Margin 10,0% 10,5% 3,3% 5,7%
Restructuring and special items -1 1 -2 -11
Income from operations (EBIT) 52 47 10 7
Investments 14 22 34 171
Fixed Assets 14 22 34 170
Financial Assets 0 0 0 1
Capital Employed 519 530 525 221
RoCE 10,2% 8,7% 2,3% 8,2%
Segment CropEnergies
FINANCIAL TRANSPARENCY
Südzucker Group, page 25
Segment CropEnergies: at a glance (I)
Revenues (mn €)
180
319362
437
529
2007/08 2008/09 2009/10 2010/11 2011/12
CAGR 2007/08-2011/12: ~31 %
� One of the leading producers in the
European bioethanol market and the
largest bioethanol producer in Germany
and Belgium
� Focus on bioethanol and food and animal
feed products from the bioethanol
production
� Production capacity
� > 700,000 m³ of bioethanol per year
� > 500,000 t of food and animal feed
products per year
� 100,000 t of liquefied CO2 per year
� Efficient production and logistic network
� Production sites in Zeitz, Wanze, and
Loon-Plage
� Tank storage in Duisburg and
Rotterdam
� Trading offices in Brazil and the USA Production facility Tank storage Trading
Houston
São Paulo
DuisburgRotterdam
ZeitzWanze
Loon-Plage
FINANCIAL TRANSPARENCY
Südzucker Group, page 26
feed grain, sugar
Segment CropEnergies: at a glance (II)
Raw Material Input
Ou
tpu
t C
ap
acity
Fuel
Ethanol
Traditional
Alcohol
DDGS,
Gluten
Liquid Protein
(dry subst.)
Liquid CO2
(JV)
feed grain, sugar raw alcohol
360,000 m3 < 300,000 m3 100,000 m3
-
80,000 m3
260,000 t 55,000 t
90,000 t -
-
- -
-
100,000 t
Zeitz - Germany Wanze - Belgium Loon-Plage - France
-
FINANCIAL TRANSPARENCY
Südzucker Group, page 27
75
3
7
13
22 2322
21
2
0
33
16 10 15
5 4 26 8
18 19 17
0
10
20
30
40
50
60
Wheat Maize Sugar Beet Sugar Cane
Palm fruit Soybean Sunflower Rapeseed
gC
O2E
q/M
J
Annual carbon release from palm extension on peat lands
Annual carbon release from forest biomass
Annual carbon release from carbon mineral soil
Ethanol Feedstock
Biodiesel Feedstock
Political environment: EU
Source: IFPRI (2011)
Crop specific LUC emission
� Implementation of the European climate and energy package progresses
� EU Commission approved 4 more certification systems in July 2012 including REDcert-EU
� Now 12 certification systems altogether are applicable throughout the EU
� EU Commission discusses draft directive to take indirect land use changes (iLUC) into account
� Cap of 5% on crop-based biofuels
� Increase of GHG threshold to 60% for new installations
� Introduction of iLUC emission values
� Quadruple counting of certain waste-based biofuels
� Setback in EU energy and climate policy
� Anti-dumping and anti-subsidy proceedings
� Damage to EU producers acknowledged
� No provisional countervailing duties but decision to register bioethanol imports from the USA
Source: Evaluation of EU member states national action plans
EU consumption of Fuel Ethanol
0
5
10
15
20
2010 2012 2014 2016 2018 2020
mil
lio
n m
3
France Germany Italy Poland
Spain Sweden UK Others
5.7
8.19.2
10.6
12.6
14.5
FINANCIAL TRANSPARENCY
Südzucker Group, page 28
Segment CropEnergies: Outlook 2012/13
� Higher production and sales volume of bioethanolRevenues
Operating
Profit
� Despite higher raw material costs, earnings will improve
substantially
� Increase in operating profit to 62 - 68 million €
� Further increase in revenues
FINANCIAL TRANSPARENCY
Südzucker Group, page 29
Agenda
1. Overview and strategic objectives page 3
2. Development of Segments
� Sugar page 8
� Special Products page 16
� CropEnergies page 24
� Fruit page 30
3. Financial Highlights H1 2012/13 page 35
4. Outlook 2012/13 page 49
5. Appendix
� Long-term development and key figures page 52
� Additional information page 57
FINANCIAL TRANSPARENCY
Südzucker Group, page 30
Segment Fruit
(mn €) 2011/12 2010/11 2009/10 2008/09
Revenues 929 870 806 805
EBITDA 74 81 72 33
EBITDA-Margin 7,9% 9,4% 8,9% 4,0%
Operating profit 38 46 36 -5
Operating Margin 4,1% 5,4% 4,4% neg.
Restructuring and special items -1 0 -4 0
Income from operations (EBIT) 37 46 32 -5
Investments 50 31 26 42
Fixed Assets 43 31 26 31
Financial Assets 7 0 0 11
Capital Employed 812 702 650 679
RoCE 4,7% 6,7% 5,5% neg.
FINANCIAL TRANSPARENCY
Südzucker Group, page 31
Production facility
Segment Fruit – with leading positions in both divisions
� Overview
� Division Fruit preparations: World market leaderCustomers: dairy, baking and ice cream industry
� Division Fruit juice concentrates: Leading European producer (market leader in apple juice concentrates)
� Core competences
� Upgrading of agricultural raw material into premium preliminary products for food industry
� Global sourcing and distribution of fruit ingredients
� Positioning & Strategy
� Shared customer base with segments/divisions sugar, BENEO and starch
� Accelerated organic growth
� Emphasis on expansion into attractive growth regions (e.g. Brazil, Russia, China)
� Growth drivers:
� Especially yogurt drinks rank among the fastest growing food products globally
� Increase in awareness for healthy food and growing per-capita income (emerging markets)
� Further growth via fruit juice concentrates merger
� Reorganisation measures in division fruit preparations
AGRANA J&F Holding GmbH
YBBSTALER
AGRANA JUICE
GmbH
AGRANA Fruit S.A.S.
Fruit preparations
~70% of segment revenues
⅓ of world market
27 facilities worldwide
Fruit juice concentrates
~30% of segment revenues
European market leader
14 facilities worldwide
FINANCIAL TRANSPARENCY
Südzucker Group, page 32
Joint venture Ybbstaler Agrana Juice GmbH at a glance
� Production and distribution of fruit
juice concentrates
� 14 production facilities
� Cumulative revenues
approx. 350 mn € p.a.
� Leading European market position
� Improved coverage of raw material
areas with production facilities
� Balance between own production
and merchandise
� AGRANA participated in JV with
50,01 %
� Fully consolidated by AGRANA
� Pro rata earnings contribution in
2012/13 - closing June 1, 2012
Key data Transaction overview
FINANCIAL TRANSPARENCY
Südzucker Group, page 33
Segment Fruit: Outlook 2012/13
Revenues� Revenue increase in division fruit preparations as well as in division
fruit juice concentrates
Operating
Profit
� Improvement in operating profit
� Increase in revenues
� Operating profit in the first half of fiscal 2012/13 was higher than in
the second half of 2011/12
� For fruit preparations, the recovery will continue to be driven by
further volume increases
� Profit contributions from Ybbstaler are expected to stabilize
operating profit for fruit juice concentrates at last year‘s level
FINANCIAL TRANSPARENCY
Südzucker Group, page 34
Agenda
1. Overview and strategic objectives page 3
2. Development of Segments
� Sugar page 8
� Special Products page 16
� CropEnergies page 24
� Fruit page 30
3. Financial Highlights H1 2012/13 page 35
4. Outlook 2012/13 page 49
5. Appendix
� Long-term development and key figures page 52
� Additional information page 57
FINANCIAL TRANSPARENCY
Südzucker Group, page 35
Group income statement
(mn €) 2012/13 2011/12 +/- in % 2012/13 2011/12 +/- in %
Revenues 2.031 1.699 19,6 3.917 3.338 17,4
EBITDA 351 211 66,3 663 442 49,9
EBITDA margin 17,3% 12,4% 16,9% 13,2%
Depreciation -52 -48 9,2 -101 -95 6,3
Operating profit 299 163 83,0 562 347 61,8
Operating margin 14,7% 9,6% 14,3% 10,4%
Restructuring costs and special items 2 -10 - 2 -10 -
Income from operations 301 153 96,4 564 337 67,2
Net earnings for the period attributable to Südzucker
shareholders 174 52 > 100 395 145 > 100
Earnings per share (€) (undiluted) 0,92 0,28 > 100 2,09 0,76 > 100
Cash flow 295 158 86,5 547 349 56,7
Investments in fixed assets 95 65 45,6 153 114 34,4
Net financial debt (as of reporting date) 816 768 6,2
Average number of employees 17.826 17.492 1,9
2nd quarter 1st half year
FINANCIAL TRANSPARENCY
Südzucker Group, page 36
Financial Highlights – H1 2012/13
� Group revenues up 17 % to 3,917 (3,338) million €
� Operating profit increased 62 % to 562 (347) million €
� Cash flow up 57 % to 547 (349) million €
� Earnings per share rises to 2.09 (0.76) € (incl. one-off
positive tax effect of 0.40 €)
� Net financial debt slightly increased by 48 million €
to 816 (768) million €
Q2 group revenues and group operating profit reported on 25 September 2012
FINANCIAL TRANSPARENCY
Südzucker Group, page 37
Segment Sugar: Development 1st half year 2012/13
� Revenues: The significant increase was driven mainly by higher sugar sales revenues
resulting from higher world market prices. The improved harvest in 2011 and
the available export quotas also led to more exports.
� Operating profit: The increase in operating profit is mainly driven by higher sugar revenues.
Commodity costs were also up sharply. While last year only price level in
Eastern Europe tracked world market prices on account of various contracts
terms, in fall of 2011 sales revenues in Western Europe catched up.
(mn €) 2012/13 2011/12 +/- in % 2012/13 2011/12 +/- in %
Revenues 1.120 899 24,5 2.117 1.728 22,6
EBITDA 237 121 95,8 444 245 80,6
EBITDA margin 21,3% 13,5% 21,0% 14,2%
Depreciation -13 -13 5,4 -27 -25 4,7
Operating profit 224 108 > 100 417 220 89,6
Operating margin 20,1% 12,1% 19,7% 12,7%
1st half year 2nd quarter
FINANCIAL TRANSPARENCY
Südzucker Group, page 38
Segment Special Products: Development 1st half year 2012/13
� Revenues: Higher revenues in H1 mainly due to higher sales revenues.
� Operating profit: The operating profit development exceeded our expectations. The
starch division's operating profit was higher than last year, driven by
higher prices for sweeteners and isoglucose, especially in Q2. Together,
the BENEO, Freiberger and PortionPack divisions also contributed to the
higher profits. Higher commodity costs were partly offset by higher sales
revenues driven by a favorable currency exchange rate.
(mn €) 2012/13 2011/12 +/- in % 2012/13 2011/12 +/- in %
Revenues 466 446 4,6 927 896 3,4
EBITDA 61 46 31,9 124 105 18,1
EBITDA margin 13,0% 10,3% 13,3% 11,7%
Depreciation -21 -19 11,2 -41 -38 8,5
Operating profit 40 27 46,1 83 67 23,5
Operating margin 8,5% 6,1% 8,9% 7,5%
2nd quarter 1st half year
FINANCIAL TRANSPARENCY
Südzucker Group, page 39
Segment CropEnergies: Development 1st half year 2012/13
� Revenues: Strong increase in revenues is mainly due to higher bioethanol volumes, and
now also higher sales revenues.
� Operating profit: The CropEnergies segment's operating profit in the second quarter was up
sharply. The negative impact of higher commodity prices was more than
offset by higher sales revenues from food and animal feed, improved
capacity utilization and the associated volume growth and now also higher
ethanol sales revenues.
(mn €) 2012/13 2011/12 +/- in % 2012/13 2011/12 +/- in %
Revenues 147 130 13,7 300 253 18,6
EBITDA 30 22 41,4 53 45 19,6
EBITDA margin 20,6% 16,6% 17,7% 17,6%
Depreciation -8 -8 3,9 -16 -16 2,6
Operating profit 22 14 62,8 37 29 28,3
Operating margin 15,1% 10,6% 12,4% 11,5%
2nd quarter 1st half year
FINANCIAL TRANSPARENCY
Südzucker Group, page 40
Segment Fruit: Development 1st half year 2012/13
� Revenues: Volume and sales revenues were higher than the year prior. The joint
venture company YBBSTALER AGRANA JUICE GmbH has been fully
consolidated since the second quarter.
� Operating profit: On the heels of the negative developments in prior quarters, fruit
segment was able to extend growth in operating profit that started in
the first quarter into the second quarter approaching the prior year's
results. But volume growth and higher sales revenues, as well as the profit
contribution from the now joint venture company Ybbstaler fully
consolidated since second quarter, were not enough to fully offset
significantly higher costs.
(mn €) 2012/13 2011/12 +/- in % 2012/13 2011/12 +/- in %
Revenues 298 224 33,1 573 461 24,3
EBITDA 23 22 0,0 42 47 -11,2
EBITDA margin 7,4% 9,9% 7,3% 10,3%
Depreciation -10 -8 15,7 -17 -16 7,5
Operating profit 13 14 -9,4 25 31 -21,0
Operating margin 4,2% 6,2% 4,3% 6,8%
2nd quarter 1st half year
FINANCIAL TRANSPARENCY
Südzucker Group, page 41
Income statement (I)
� Income from companies consolidated at equity:
� Result includes the company's share of earnings from a joint-venture distributor and those
of ED&F Man, which impacted the second quarter for the first time.
� Financial result:
� The financial result improved by 26 million €. Net interest expense was down sharply by
13 million €, in spite of an increase in average debt compared to last year of about
170 million €. Campaign financing using short-term commercial papers with low 1 – 3
month Euribor interest rates had a positive impact. The cost of other financing activities
improved by 13 million €. The driving factor here was the strengthening of Eastern
European currencies against the euro. Last year, the results included currency exchange
losses related to euro financing of Eastern European subsidiaries.
(mn €) 2012/13 2011/12 +/- in % 2012/13 2011/12 +/- in %
Revenues 2.031 1.699 19,6 3.917 3.338 17,4
Operating profit 299 163 83,0 562 347 61,8
Restructuring costs and special items 2 -10 - 2 -10 -
Income from operations 301 153 96,4 564 337 67,2
Income from companies consolidated at equity 6 -1 - 7 0 > 100
Financial result -8 -40 -80,0 -33 -59 -44,1
Earnings before income taxes 299 112 > 100 538 278 93,5
1st half year 2nd quarter
FINANCIAL TRANSPARENCY
Südzucker Group, page 42
Income statement (II)
� Taxes on income:
� Lower tax result due to a one-time deferred tax income of 76 million € in Q1.
� Minority interests:
� The co-owners of the AGRANA and CropEnergies Groups account for most of the other
minority interests' share of net earnings.
� Earnings per share:
� EPS increased to 2.09 € per share, incl. one-off positive tax effect of 0.40 €.
(mn €) 2012/13 2011/12 +/- in % 2012/13 2011/12 +/- in %
Earnings before income taxes 299 112 > 100 538 278 93,5
Taxes on income -79 -27 > 100 -55 -63 -12,6
Net earnings for the year 220 85 > 100 483 215 > 100
of which attributable to Südzucker shareholders 174 52 > 100 395 145 > 100
of which attributable to hybrid capital 7 7 0,0 13 13 0,0
of which attributable to minority interests 39 26 52,2 75 57 30,5
Earnings per share (€) 0,92 0,28 > 100 2,09 0,76 > 100
1st half year 2nd quarter
FINANCIAL TRANSPARENCY
Südzucker Group, page 43
Cash flow statement
� Cash flow: The increase is due to the growth in operating profit. Final installments of
monies owing for beets from last year's campaign in March 2012 were covered by
income from the disposal of sugar inventories between March 1, 2012 and
August 31, 2012. This is reflected in the change in working capital, which remained
almost constant.
� Investments: Investments in fixed assets were mainly for replacements and, among other things,
for the construction of a wheat starch factory.
(mn €) 2012/13 2011/12 +/- in % 2012/13 2011/12 +/- in %
Cash flow 295 158 86,5 547 349 56,7
Increase (-)/ Decrease (+)
in working capital 422 256 64,9 -9 38 -
Investments in fixed assets
Sugar segment 66 35 89,9 98 59 67,4
Special products segment 17 18 -9,8 33 30 9,5
CropEnergies segment 3 4 -13,9 8 9 -15,2
Fruit segment 9 8 7,3 14 16 -10,0
Total investments in fixed assets 95 65 45,6 153 114 34,4
Investments in financial assets/acquisitions 0 7 -100,0 181 9 > 100
Dividends paid -208 -167 24,2 -208 -167 24,1
2nd quarter 1st half year
FINANCIAL TRANSPARENCY
Südzucker Group, page 44
Balance sheet
� Increase in current and non-current assets:
� The increase in current assets is largely due to the price and volume-driven increase in inventories. The
increase in non-current assets is mainly due to the acquisition of an interest in ED&F Man.
� Increase in non-current and in current liabilities:
� Non-current liabilities rose primarily in light of higher provisions for pensions and similar obligations due to
valuation adjustments. The decrease of current liabilities is primarily the result of repaying the € 500 million
2002/2012 bond in February 2012.
(mn €) 31.08.2012 31.08.2011 +/- in %
Assets
Non-current assets 4.325 4.043 7,0
Current assets 3.524 3.400 3,7
Total assets 7.849 7.443 5,5
Liabilities and shareholders' equity
Shareholders' equity 4.305 3.722 15,6
Non-current liabilities 1.915 1.647 16,3
Current liabilities 1.629 2.074 -21,4
Total liabilities and shareholders' equity 7.849 7.443 5,5
Net financial debt 816 768 6,2
Equity ratio 55% 50%
Net financial debt in percent of equity (gearing) 19% 21%
FINANCIAL TRANSPARENCY
Südzucker Group, page 45
Liquidity profile end of period
(mn €) Q2 2012/13 Q1 2012/13 Q4 2011/12 Q3 2011/12 Q2 2011/12
Net financial debt -816 -1.223 -791 -690 -768
Cash & cash equivalents / securities 641 489 715 1.057 1.117
Gross financial debt -1.456 -1.713 -1.506 -1.747 -1.885
Long-term financial debt -1.003 -980 -931 -855 -824
Short-term financial debt -453 -732 -574 -892 -1.060
Bank credit lines: 1.159 1.068 1.103 1.102 1.007
undrawn 600 523 410 499 368
Syndicated loan facility (July 2012) 600 600 600 600 600
undrawn 600 600 600 600 600
Commercial paper program 600 600 600 600 600
undrawn 500 230 450 600 600
Bank credit lines (undrawn) 600 523 410 499 368
+ Cash & cash equivalents / securities 641 489 715 1.057 1.117
+ Syndicated loan (undrawn) 600 600 600 600 600
+ Commercial paper (undrawn) 500 230 450 600 600
= Total liquidity reserves 2.340 1.842 2.175 2.756 2.685
� Ad-hoc release November 21, 2012: Buy back of outstanding convertible bonds (repurchase amount 490 mn €) and capital increase (gross proceeds 451 mn €)
FINANCIAL TRANSPARENCY
Südzucker Group, page 46
283
45 45 58
700
500
400
2012 2013 2014 2015 2016 2017 2018 2019
EUR-Bond
Hybrid
Promissory Note
Convertible Bond
February
Financing maturity profile (I) *(mn €) as of August 31, 2012
600 mn € Commercial Paper Programm (perpetual)
600 mn € Syndicated Loan
* Displayed to 2019; 10-year tranche of Agrana promissory note in the amount of 7 mn € due in 2022;
** Ad-hoc release November 21, 2012: Buy back of outstanding convertible bonds (aggregate principal amount 268.55 mn €)
**
FINANCIAL TRANSPARENCY
Südzucker Group, page 47
Financing maturity profile (II) (as of August 31, 2012)
5.25% Hybrid Bond 2005/2015, 700 mn €
� Perpetual; first issuer call right June 2015June 2015
2.50% Convertible Bond 2009/2016, 283 mn €
� Issuer Call after 4 years; Investor Put after 5 yearsJune 2016 *
Syndicated loan, 600 mn €, no covenants
� Margin 60 bp, short-term borrowing facility 1 week < 1 yearJune 2016
4.125% Bond 2011/2018, 400 mn €March 2018
Commercial Paper-Program, 600 mn €
� Drawn lines 2012/13 Q2: 100 mn €Perpetual
Agrana promissory note, 110 mn €April 2017/19/22(Placement April 2012)
5.75% Bond 2002/2012, 500 mn €February 2012
5.90% Südzucker promissory note, 45 mn €April 2014
* Ad-hoc release November 21, 2012: Buy back of outstanding convertible bonds (aggregate principal amount 268.55 mn €)
FINANCIAL TRANSPARENCY
Südzucker Group, page 48
Agenda
1. Overview and strategic objectives page 3
2. Development of Segments
� Sugar page 8
� Special Products page 16
� CropEnergies page 24
� Fruit page 30
3. Financial Highlights H1 2012/13 page 35
4. Outlook 2012/13 page 49
5. Appendix
� Long-term development and key figures page 52
� Additional information page 57
FINANCIAL TRANSPARENCY
Südzucker Group, page 49
Outlook 2012/13 (I)
Operating Profit2011/12 2012/13e
Sugar
Revenues2011/12 2012/13e
Special
Products
CropEnergies
Fruit
Group 7.0 bn € > 7.5 bn € 751 mn € > 900 mn €
3.7 bn €
1.8 bn €
529 mn €
929 mn €
511 mn €
149 mn €
53 mn €
38 mn €
62-68 mn €
FINANCIAL TRANSPARENCY
Südzucker Group, page 50
* incl. ED&F Man; excl. positive effect from buy back of outstanding convertible bonds (approx. 260 mn €)
EBITDA 1,015 mn €
Outlook 2012/13 (II)
Investments
Fixed Assets276 mn €
Net Financial
Debt791 mn €
Investments
Finan. Assets10 mn €
RoCE 13.2 %
212/13e
2012/13e2011/12
~ 400 mn €
~ 800– 900 mn € *
ED&F Man
255 mn USD
FINANCIAL TRANSPARENCY
Südzucker Group, page 51
Agenda
1. Overview and strategic objectives page 3
2. Development of Segments
� Sugar page 8
� Special Products page 16
� CropEnergies page 24
� Fruit page 30
3. Financial Highlights H1 2012/13 page 35
4. Outlook 2012/13 page 49
5. Appendix
� Long-term development and key figures page 52
� Additional information page 57
FINANCIAL TRANSPARENCY
Südzucker Group, page 52
Südzucker with strong capital market presence
* as of February 29, 2012 incl. hybrid bond
** Ad-hoc release November 21, 2012: Buy back of outstanding convertible bonds (aggregate principal amount 268.55 mn €)
*** Capital increase on November 21, 2012: Number of shares adjusted from 189.3 mn shares, gross proceeds 451 mn €
**** first issuer call right by Südzucker as of June 2015
Südzucker ShareSüdzucker Bonds
(mn €) Due date Coupon Nominal value
Convertible bond 30.06.2016 2,50% 283,5
Bond 2011/18 29.03.2018 4,125% 400,0
Hybrid bond 2005/15 ** 5,25% 700,0
**
52%38%
10%
SZVG Free Float Zucker Invest GmbH
204.0 mn shares***
31%
7%
62%
Liabilities to banks Others Bonds
Financialliabilities*
****
FINANCIAL TRANSPARENCY
Südzucker Group, page 53
Rating ratios improved
Rating agency Long-term rating Short-term rating
BBB+ *
Stable outlook
Baa 1 **
Positive outlook ***
A – 2
P – 2
Net Financial Debt/
Cash flow
2008/09 2009/10 2010/11 2011/12
3.2x 1.9x 1.4x 1.0x
* since June 2012
** since January 2012
*** since August 2012
FINANCIAL TRANSPARENCY
Südzucker Group, page 54
Pre-Reform
Actual Actual Actual Actual Actual Actual Actual Actual Actual Outlook
(mn €) 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13e
Revenues 4.575 4.827 5.347 5.765 5.780 5.871 5.718 6.161 6.992 > 7.500
EBITDA 677 724 669 682 489 489 645 775 1.015
EBITDA-Margin 14,8% 15,0% 12,5% 11,8% 8,5% 8,3% 11,3% 12,6% 14,5%
Operating profit 479 523 450 419 233 258 403 521 751 > 900
Operating Margin 10,5% 10,8% 8,4% 7,3% 4,0% 4,4% 7,0% 8,5% 10,7%
Income from operations (EBIT) 446 491 397 -129 189 345 392 513 759
Earnings before income taxes (EBT) 394 457 328 -227 120 232 348 443 660
Net earnings 307 358 305 -246 100 183 276 346 515
thereof to SZ AG shareholders 255 297 242 -326 19 162 200 252 377
Market capitalization 2.718 2.828 4.206 3.024 2.746 2.587 3.230 3.768 4.117
Closing price on February 28/29 15,55 16,18 22,21 15,97 14,50 13,66 17,06 19,90 21,75
Earnings per share (€) 1,48 1,67 1,36 -1,72 0,10 0,86 1,06 1,33 1,99
Dividend per share (€) 0,50 0,55 0,55 0,55 0,40 0,40 0,45 0,55 0,70
Cash flow 522 550 527 554 498 504 553 606 823
Investments in fixed assets 307 500 426 537 497 384 216 245 276 ~ 400
Investments in financial assets/acquisitions 181 590 216 62 53 40 17 6 10 ~ 181
Total investments 488 1.090 642 599 550 424 233 251 286
Capital Employed 4.091 4.646 5.221 4.767 5.005 4.923 5.374 5.314 5.707
RoCE 11,7% 11,3% 8,6% 8,8% 4,7% 5,2% 7,5% 9,8% 13,2%
Total Assets 6.038 7.195 7.926 7.932 7.917 7.709 7.398 7.260 8.289
Equity 2.386 2.738 3.733 3.362 3.299 3.230 3.443 3.687 3.969
Equity Ratio 39,5% 38,1% 47,1% 42,4% 41,7% 41,9% 46,5% 50,8% 47,9%
Net Financial Debt (NFD) 1.100 1.672 1.177 811 1.508 1.632 1.065 854 791 ~ 800 - 900
Gearing (NFD/Equity) 46,1% 61,1% 31,5% 24,1% 45,7% 50,5% 30,9% 23,2% 19,9%
Transition Period Post-Transition Period
Long-term development (I)
*
* Extraordinary impact from Goodwill impairment loss
** Investment in ED&F Man
*** incl. investment in ED&F Man; excl. positive effect from buy back of outstanding convertible bonds (approx. 260 mn €)
**
***
FINANCIAL TRANSPARENCY
Südzucker Group, page 55
Long-term development (II)
Sugar Special Products FruitCropEnergies
522 550 527 554498 504
553606
Cash flow (mn €)823
Revenues (bn €)
4.64.8
5.3 5.8 5.8 5.9 5.76.2
7.0 >7.5
Operating Profit (mn €)
479523
450 419
233 258
403
521
751
>900
1,100
1,672
1,177
811
1,5081,632
1,065
854 791
Net Financial Debt (mn €)
NFD/CF 2.1x 3.0x 2.2x 1.5x 3.0x 3.2x 1.9x 1.4x 1.0x
800-900
* incl. investment in ED&F Man; excl. positive effect from buy back of
outstanding convertible bonds (approx. 260 mn €)
*
FINANCIAL TRANSPARENCY
Südzucker Group, page 56
Agenda
1. Overview and strategic objectives page 3
2. Development of Segments
� Sugar page 8
� Special Products page 16
� CropEnergies page 24
� Fruit page 30
3. Financial Highlights H1 2012/13 page 35
4. Outlook 2012/13 page 49
5. Appendix
� Long-term development and key figures page 52
� Additional information page 57
FINANCIAL TRANSPARENCY
Südzucker Group, page 57
Revenue by region 2011/12
Germany
(25 %)
EU 15
(41 %)
Rest of world
(17 %)
6,992 mn €
EU 12
(17 %)
FINANCIAL TRANSPARENCY
Südzucker Group, page 58
Segment Sugar: Campaign SMY 2011/12
� Beet growers: 43,000 (44,600)
� Beet acreage: 412,000 (388,000) ha
� Sugar factories (incl. refineries): 32 (32)
� Beet processing: 31.3 (26.1) mn tons
� Sugar production: 5.4 (4.2) mn tons
� thereof from beets: 4.9 (3.9) mn tons
� thereof raw sugar raffination: 0.5 (0.3) Mio. t
FINANCIAL TRANSPARENCY
Südzucker Group, page 59
Südzucker well positioned in „Beet Belt“
Poland
Slovakia
Hungary
Austria
Germany
France
Romania
Moldova
Czech Republic
Belgium
FINANCIAL TRANSPARENCY
Südzucker Group, page 60
Price development for raw and white sugar (NYMEX, LIFFE, EU)
100
200
300
400
500
600
700
Ja
n-1
1
Fe
b-1
1
Ma
r-1
1
Ap
r-11
Ma
y-1
1
Ju
n-1
1
Jul-
11
Au
g-1
1
Se
p-1
1
Oc
t-11
No
v-1
1
Dec
-11
Ja
n-1
2
Fe
b-1
2
Ma
r-1
2
Ap
r-12
Ma
y-1
2
Ju
n-1
2
Jul-
12
Au
g-1
2
Se
p-1
2
Oc
t-12
No
v-1
2
Qu
ota
tio
n f
or
su
gar
in €
/ to
n
White sugar contract No. 5 LIFFE London (Future contract switching upon expiry)
Raw sugar contract No. 11 NYMEX New York (Future contract switching upon expiry)
100
200
300
400
500
600
700
No
v-0
8
No
v-0
9
No
v-1
0
No
v-1
1
No
v-1
2
Qu
ota
tio
n f
or
su
gar
in €
/ to
n
FINANCIAL TRANSPARENCY
Südzucker Group, page 61
0
50
100
150
200
250
Jul 11 Sep 11 Nov 11 Jan 12 Mar 12 May 12 Jul 12
,00
0 t
France Germany
Developments in the EU bioethanol market
� EU bioethanol consumption expected to increase by 7.3% to 5.9 million m3
� Bioethanol consumption increased in Germany from Jan. to July 2012 by 7.6% to 925,000 m³
� Direct blending amounted to 87% and remained the main use of bioethanol
� Bioethanol for ETBE amounted to 12%
� Petrol quota at 4.3% in July
� Stable E10 consumption despite controversial media discussion
� E10 sales from January to July 2012 amounted to 1.49 million t (906,000 t)
� In July 2012, the E10 market share was 14.7% of the German petrol market
Source: BAFA
Bioethanol Consumption in Germany
E10 Sales in France and Germany
Source: BAFA, SNPAA
4,4% 4,2% 4,3%4,1% 4,3%
4,5% 4,3%
0%
2%
4%
6%
0
50
100
150
Jul 11 Sep 11 Nov 11 Jan 12 Mar 12 May 12 Jul 12
,000 m
3
Direct blending Bioethanol in ETBE Bioethanol in E85 Petrol quota
FINANCIAL TRANSPARENCY
Südzucker Group, page 62
Regarding EU mobility, ethanol has still biggest potential
Raw material
availability EU
(279 mn t)
Vehicle fleet
Germany (as of January 1,
2012 (KBA))
Versatility of
ethanol
applications
� 4% vs. 7% “greening” set-aside plans EU
Electric drive 4,541 0.0%
Hybrid system 47,642 0.1%
Internal combustion engine 42,875,464 99.9%
Gasoline 30,452,019 70.9%
CNG 74,843 0.2%
Total 42,927,647
� Low blend (E5, E10, E20)
� Octane (RON) booster ETBE
� High blend E85 for FFV cars
EU harvest projection 2012/13
60%
24%
3,6%2%
12%
Cattle Feeding
Food
Bioethanol
Net export incl. D stocks
Others
279 mn t
∆
FINANCIAL TRANSPARENCY
Südzucker Group, page 63
Price development wheat and maize (Euronext, LIFFE)
100
120
140
160
180
200
220
240
260
280
300
Ja
n-1
1
Fe
b-1
1
Ma
r-1
1
Ap
r-11
May-1
1
Ju
n-1
1
Jul-
11
Au
g-1
1
Se
p-1
1
Oc
t-11
No
v-1
1
De
c-1
1
Ja
n-1
2
Fe
b-1
2
Ma
r-1
2
Ap
r-12
May-1
2
Ju
n-1
2
Jul-
12
Au
g-1
2
Se
p-1
2
Oc
t-12
No
v-1
2
€/
ton
Wheat price (Future contract switching upon expiry) Price for maize (Future contract switching upon expiry)
100
120
140
160
180
200
220
240
260
280
300
No
v-0
8
No
v-0
9
No
v-1
0
No
v-1
1
No
v-1
2
€/
ton
FINANCIAL TRANSPARENCY
Südzucker Group, page 64
Contact
Head of Investor Relations
Nikolai Baltruschat
Tel.: +49 (621) 421 - 240
investor.relations@suedzucker.de
Disclaimer
This presentation contains forward looking statements based on assumptions and estimates made by the executive board of Südzucker AG. Although the executive board may be convinced that these assumptions and estimates are reasonable the future
actual developments and future actual results may vary considerably from the assumptions and estimates due to many external and
internal factors. For example, matters to be mentioned in this connection include negotiations relating to the world trade agreement
(WTA), changes to the overall economic situation, changes to EU sugar policies, consumer behavior and state food and energy
policies. Südzucker AG assumes no responsibility and accepts no liability for future developments and future actual results achieved
being the same as the assumptions and estimates included in this presentation.
This presentation includes percentage and number rounding.
Financial calender
Q3 – 3rd quarter report 2012/13 January 10, 2013
Press and analysts‘ conference fiscal 2012/13 May 16, 2013
Q1 – 1st quarter report 2013/14 July 11, 2013
Annual general meeting for fiscal 2012/13 August 1, 2013
Q2 – 1st half year report 2013/14 October 10, 2013
Q3 – 3rd quarter report 2013/14 January 13, 2014