Suedzucker AG · XETR:SZU
Suedzucker — Südzucker Group — Deutsche Bank 9th German Corporate Conference 2012
81 slides from Suedzucker's conference presentation, Aug 27, 2012
Slide 1: Südzucker Group
Südzucker Group Nikolai Baltruschat (Head of Investor Relations) Deutsche Bank – 9th German Corporate Conference Tokyo, August 27-28, 2012
Slide 2: Agenda
FINANCIAL TRANSPARENCY Agenda 1. Overview and strategic objectives page 3 2. Development of Segments Sugar page 8 Special Products page 15 CropEnergies page 23 Fruit page 28 3. Financial Highlights Q1 2012/13 page 33 4. Outlook 2012/13 page 47 5. Appendix Annual Financial Statement 2011/12 page 51 L
Slide 3: Südzucker Group at a glance
FINANCIAL TRANSPARENCY Südzucker Group at a glance Global operating German food group with Revenues 7.0 bn € long-standing corporate history: 1837: Foundation of first sugar company 1926: Foundation of Süddeutsche Zucker-AG Production facilities: ~ 100 Sugar (53%) Employees: ~17.500 Beneficiary of m
Slide 4: Südzucker Group: Market Position and Strategic Objectives
FINANCIAL TRANSPARENCY Südzucker Group: Market Position and Strategic Objectives Segment/Division Market Position Strategy / Main Drivers Further enhancement of leading market Sugar #1 in Europe position in Europe; especially in deficit markets Expedite internationalization; partnership with ED&F Ma
Slide 5: Megatrends confirm long-term Südzucker strategy
FINANCIAL TRANSPARENCY Megatrends confirm longterm Südzucker strategy population growth worldwide per capita income 8.000 8.000 6.000 6.000 in 1.000.000 in USD 4.000 4.000 2.000 2.000 0 Source: United Nations population worldwide Source: ERS International Macroeconomic Data Set emerging markets worl
Slide 6: Segments: Return on Capital Employed (RoCE)
FINANCIAL TRANSPARENCY Return on Capital Employed (RoCE) 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13e Sugar 2.2% 5.0% 7.5% 10.4% 17.1% Special Prod. 8.8% 8.4% 10.5% 10.8% 10.7% Segments CropEnergies 10.0% 8.2% 2.3% 8.7% 10.2% Fruit 5.6% neg. 5.5% 6.7% 4.7% RoCE 4.7% 5.2% 7.5% 9.8% 13.2% Group Op
Slide 7: Agenda
FINANCIAL TRANSPARENCY Agenda 1. Overview and strategic objectives page 3 2. Development of Segments Sugar page 8 Special Products page 15 CropEnergies page 23 Fruit page 28 3. Financial Highlights Q1 2012/13 page 33 4. Outlook 2012/13 page 47 5. Appendix Annual Financial Statement 2011/12 page 51 L
Slide 8: Segment Sugar
FINANCIAL TRANSPARENCY 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 op
Slide 9: EU sugar market - supply and demand
FINANCIAL TRANSPARENCY EU sugar market* - supply and demand World Market EU Production EU Demand World Market „Quota sugar“ ~16-17 mn t 3-4 mn t CAGR 2-3% ~13 mn t o/w SZ: Mauritius ~0.4 mn t Raw sugar imports for raffination through SZ ~0.3 mn t Demand** Production** 165 mn t 178 mn t o/w SZ 3.2 mn
Slide 10: Mauritius cooperation strengthens distribution power in the EU
FINANCIAL TRANSPARENCY Mauritius cooperation strengthens distribution power in the EU 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 positio
Slide 11: Participation in ED&F Man at a glance
FINANCIAL TRANSPARENCY Participation in ED&F Man at a glance Key Figures 2010/11* Transaction overview Total sales 14.5 mn t Private, employee owned company Revenues 10 bn USD Purchase 25% - 1 share via capital Profit from ordinary activities increase 192 mn USD Purchase price 255 mn USD Net Profit
Slide 12: Participation in ED&F Man offers a global footprint
FINANCIAL TRANSPARENCY Participation in ED&F Man offers a global footprint 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 Ame
Slide 13: Segment Sugar: Outlook 2012/13
FINANCIAL TRANSPARENCY Segment Sugar: Outlook 2012/13 Higher non-quota sugar volume in light of strong campaign 2011 Revenues Possibility to market non-quota sugar of campaign 2011 in EU food market again Significant increase in revenues Operating Stable EU price environment under precondition of on
Slide 14: Agenda
FINANCIAL TRANSPARENCY Agenda 1. Overview and strategic objectives page 3 2. Development of Segments Sugar page 8 Special Products page 15 CropEnergies page 23 Fruit page 28 3. Financial Highlights Q1 2012/13 page 33 4. Outlook 2012/13 page 47 5. Appendix Annual Financial Statement 2011/12 page 51 L
Slide 15: Segment Special Products
FINANCIAL TRANSPARENCY 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 Incom
Slide 16: Segment Special Products
FINANCIAL TRANSPARENCY Segment Special Products BENEO: World market leader with Revenues (mn €) premium food ingredients like CAGR 2006/07-2011/12: ~9 % Isomalt, Inulin, Oligofructose or rice 1,806 starch 1,575 Freiberger: Private-label chilled and 1,427 1,396 deep frozen convenience food (Pizza, 1,
Slide 17: Segment Special Products: Division BENEO
FINANCIAL TRANSPARENCY Segment Special Products: Division BENEO BENEO Group bundles Functional Food-operations Worldwide unchanging growing demand for Functional Food ingredients in view of increasing competition Increase in awareness for healthy food and growing per- capita income (emerging markets
Slide 18: Segment Special Products: Division Starch
FINANCIAL TRANSPARENCY 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 fo
Slide 19: Segment Special Products: Division Freiberger
FINANCIAL TRANSPARENCY 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
Slide 20: Segment Special Products: Division PortionPack Europe
FINANCIAL TRANSPARENCY Segment Special Products: Division PortionPack Europe 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
Slide 21: Segment Special Products: Outlook 2012/13
FINANCIAL TRANSPARENCY Segment Special Products: Outlook 2012/13 Division starch with slightly lower revenue contribution, all other Revenues divisions with revenue increase Moderate increase in revenues Volume increase at divisions Freiberger, Beneo and Operating Profit PortionPack to partially com
Slide 22: Agenda
FINANCIAL TRANSPARENCY Agenda 1. Overview and strategic objectives page 3 2. Development of Segments Sugar page 8 Special Products page 15 CropEnergies page 23 Fruit page 28 3. Financial Highlights Q1 2012/13 page 33 4. Outlook 2012/13 page 47 5. Appendix Annual Financial Statement 2011/12 page 51 L
Slide 23: Segment CropEnergies
FINANCIAL TRANSPARENCY Segment CropEnergies (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 (E
Slide 24: Segment CropEnergies: at a glance (I)
FINANCIAL TRANSPARENCY Segment CropEnergies: at a glance (I) One of the leading producers in the EU consumption of Fuel Ethanol European bioethanol market and the 20 largest bioethanol producer in Germany 14.5 and Belgium 15 12.6 10.6 9.2 million m 3 Focus on bioethanol and food and animal 10 8.1 5.
Slide 25: Segment CropEnergies: at a glance (II)
FINANCIAL TRANSPARENCY Segment CropEnergies: at a glance (II) Production facilities: 760,000 m3 Production 2011/12: Bioethanol: 692,000 m3 (+1%) Dried food and animal feed: 328,000 t (+8%) Zeitz Wanze Loon-Plage Sales 2011/12: 360,000 m3 300,000 m3 100,000 m3 Bioethanol: 700,000 m3 (-1%) Dried food
Slide 26: Segment CropEnergies: Outlook 2012/13
FINANCIAL TRANSPARENCY Segment CropEnergies: Outlook 2012/13 Higher production and sales volume of bioethanol Revenues Further increase in revenues Despite higher raw material costs, earnings to tie with prior year‘s Operating Profit record level Operating profit of more than 50 mn € expected Südzuc
Slide 27: Agenda
FINANCIAL TRANSPARENCY Agenda 1. Overview and strategic objectives page 3 2. Development of Segments Sugar page 8 Special Products page 15 CropEnergies page 23 Fruit page 28 3. Financial Highlights Q1 2012/13 page 33 4. Outlook 2012/13 page 47 5. Appendix Annual Financial Statement 2011/12 page 51 L
Slide 28: Segment Fruit
FINANCIAL TRANSPARENCY 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
Slide 29: Segment Fruit – with leading positions in both divisions
FINANCIAL TRANSPARENCY Segment Fruit – with leading positions in both divisions Overview Division Fruit preparations: World market leader Customers: dairy, baking and ice cream industry Division Fruit juice concentrates: Leading European producer (market leader in apple juice concentrates) Core comp
Slide 30: Joint venture Ybbstaler Agrana Juice GmbH at a glance
FINANCIAL TRANSPARENCY Joint venture Ybbstaler Agrana Juice GmbH at a glance Key data Transaction overview Production and distribution of fruit AGRANA participated in JV with juice concentrates 50,01 % 14 production facilities Fully consolidated by AGRANA Cumulative revenues Pro rata earnings contri
Slide 31: Segment Fruit: Outlook 2012/13
FINANCIAL TRANSPARENCY Segment Fruit: Outlook 2012/13 Revenue increase in division fruit preparations as well as in division Revenues fruit juice concentrates Increase in revenues In comparison to prior quarters, positive development in Q1 2012/13 Operating Profit Throughout 2012/13 continued positi
Slide 32: Agenda
FINANCIAL TRANSPARENCY Agenda 1. Overview and strategic objectives page 3 2. Development of Segments Sugar page 8 Special Products page 15 CropEnergies page 23 Fruit page 28 3. Financial Highlights Q1 2012/13 page 33 4. Outlook 2012/13 page 47 5. Appendix Annual Financial Statement 2011/12 page 51 L
Slide 33: Group income statement
FINANCIAL TRANSPARENCY Group income statement 1st quarter (mn €) 2012/13 2011/12 +/- in % Revenues 1.887 1.639 15,1 EBITDA 312 231 34,8 EBITDA margin 16,5% 14,1% Depreciation -49 -47 3,4 Operating profit 263 184 43,0 Operating margin 13,9% 11,2% Restructuring costs and special items 0 0 -33,3 Income
Slide 34: Financial Highlights – Q1 2012/13
FINANCIAL TRANSPARENCY Financial Highlights – Q1 2012/13 Group revenues up 15 % to 1,887 (1,639) million € Operating profit increased 43 % to 263 (184) million € Cash flow up 32 % to 252 (191) million € Earnings per share rises to 1.17 (0.48) € (incl. one-off positive tax effect of 0.40 €) Net finan
Slide 35: Segment Sugar: Development Q1 2012/13
FINANCIAL TRANSPARENCY Segment Sugar: Development Q1 2012/13 1st quarter (mn €) 2012/13 2011/12 +/- in % Revenues 998 827 20,5 EBITDA 206 123 65,8 EBITDA margin 20,7% 15,0% Depreciation -13 -12 3,9 Operating profit 193 111 73,2 Operating margin 19,3% 13,4% Revenues: The increase was driven mainly by
Slide 36: Segment Special Products: Development Q1 2012/13
FINANCIAL TRANSPARENCY Segment Special Products: Development Q1 2012/13 1st quarter (mn €) 2012/13 2011/12 +/- in % Revenues 460 450 2,3 EBITDA 63 59 7,3 EBITDA margin 13,7% 13,0% Depreciation -20 -19 5,8 Operating profit 43 40 8,1 Operating margin 9,3% 8,8% Revenues: The higher revenues in Q1 were
Slide 37: Segment CropEnergies: Development Q1 2012/13
FINANCIAL TRANSPARENCY Segment CropEnergies: Development Q1 2012/13 1st quarter (mn €) 2012/13 2011/12 +/- in % Revenues 153 124 23,7 EBITDA 23 23 -0,9 EBITDA margin 14,9% 18,6% Depreciation -8 -8 1,3 Operating profit 15 15 -2,6 Operating margin 9,7% 12,4% Revenues: Strong increase in revenues is ma
Slide 38: Segment Fruit: Development Q1 2012/13
FINANCIAL TRANSPARENCY Segment Fruit: Development Q1 2012/13 1st quarter (mn €) 2012/13 2011/12 +/- in % Revenues 276 238 16,0 EBITDA 20 26 -20,9 EBITDA margin 7,3% 10,7% Depreciation -8 -8 -1,3 Operating profit 12 18 -30,1 Operating margin 4,5% 7,4% Revenues: The strong increase in revenues was dri
Slide 39: Income statement (I)
FINANCIAL TRANSPARENCY Income statement (I) 1st quarter (mn €) 2012/13 2011/12 +/- in % Revenues 1.887 1.639 15,1 Operating profit 263 184 43,0 Restructuring costs and special items 0 0 -33,3 Income from operations 263 184 42,8 Income from companies consolidated at equity 1 1 -23,1 Financial result
Slide 40: Income statement (II)
FINANCIAL TRANSPARENCY Income statement (II) 1st quarter (mn €) 2012/13 2011/12 +/- in % Earnings before income taxes 238 165 44,1 Taxes on income 25 -35 - Net earnings for the year 263 130 > 100 of which attributable to Südzucker AG shareholders 220 91 > 100 of which attributable to hybrid capital
Slide 41: Cash flow statement
FINANCIAL TRANSPARENCY Cash flow statement 1st quarter (mn €) 2012/13 2011/12 +/- in % Cash flow 252 191 32,0 Increase (-) in working capital -430 -218 97,7 Investments in fixed assets Sugar segment 30 23 33,8 Special products segment 17 12 38,8 CropEnergies segment 5 6 -16,1 Fruit segment 6 8 -28,2
Slide 42: Balance sheet
FINANCIAL TRANSPARENCY Balance sheet (mn €) 31.05.2012 31.05.2011 +/- in % Assets Non-current assets 4.242 4.039 5,0 Current assets 3.679 3.350 9,8 Total assets 7.921 7.389 7,2 Liabilities and shareholders' equity Shareholders' equity 4.166 3.810 9,3 Non-current liabilities 1.876 1.764 6,4 Current l
Slide 43: Liquidity profile end of period
FINANCIAL TRANSPARENCY Liquidity profile end of period (mn €) Q1 2012/13 Q4 2011/12 Q3 2011/12 Q2 2011/12 Q1 2011/12 Net financial debt -1.223 -791 -690 -768 -932 Cash & cash equivalents / securities 489 715 1.057 1.117 806 Gross financial debt -1.713 -1.483 -1.747 -1.885 -1.737 Long-term financial
Slide 44: Financing maturity profile (I)
FINANCIAL TRANSPARENCY Financing maturity profile (I) * (mn €) as of May 31, 2012 700 500 February 400 EUR-Bond 283 Hybrid Promissory Note 45 45 58 Convertible Bond 2012 2013 2014 2015 2016 2017 2018 2019 600 mn € Commercial Paper Programm (perpetual) 600 mn € Syndicated Loan * Displayed to 2019; 10
Slide 45: Financing maturity profile (II)
FINANCIAL TRANSPARENCY Financing maturity profile (II) February 2012 5.75% Bond 2002/2012, 500 mn € April 2014 5.90% Südzucker promissory note, 45 mn € 5.25% Hybrid Bond 2005/2015, 700 mn € June 2015 Perpetual; first issuer call right June 2015 2.50% Convertible Bond 2009/2016, 283 mn € June 2016 Is
Slide 46: Agenda
FINANCIAL TRANSPARENCY Agenda 1. Overview and strategic objectives page 3 2. Development of Segments Sugar page 8 Special Products page 15 CropEnergies page 23 Fruit page 28 3. Financial Highlights Q1 2012/13 page 33 4. Outlook 2012/13 page 47 5. Appendix Annual Financial Statement 2011/12 page 51 L
Slide 47: Outlook 2012/13 (I)
FINANCIAL TRANSPARENCY Outlook 2012/13 (I) Revenues Operating Profit 2011/12 2012/13e 2011/12 2012/13e Sugar 3.7 bn € 511 mn € Special 1.8 bn € 149 mn € Products CropEnergies 529 mn € 53 mn € > 50 mn € Fruit 929 mn € 38 mn € Group 7.0 bn € > 7.0 bn € 751 mn € > 800 mn € Südzucker Group, page 47
Slide 48: Outlook 2012/13 (II)
FINANCIAL TRANSPARENCY Outlook 2012/13 (II) 212/13e 2011/12 2012/13e EBITDA 1,015 mn € Investments 276 mn € ~ 400 mn € Fixed Assets Investments 10 mn € ED&F Man Finan. Assets 255 mn USD Net Financial 791 mn € ~ 850 – 950 mn € 1) Debt RoCE 13.2 % 1) incl. ED&F Man Südzucker Group, page 48
Slide 49: Summary
FINANCIAL TRANSPARENCY Summary Targets achieved again Umsatz RoCE above 13% (9,8%) Financial Year 2011/12 Further improvement in balance sheet and financing structure Significant increase in dividend from 55 to 70 eurocent/share Further increase in revenues and earnings expected Financial Year 2012/
Slide 50: Agenda
FINANCIAL TRANSPARENCY Agenda 1. Overview and strategic objectives page 3 2. Development of Segments Sugar page 8 Special Products page 15 CropEnergies page 23 Fruit page 28 3. Financial Highlights Q1 2012/13 page 33 4. Outlook 2012/13 page 47 5. Appendix Annual Financial Statement 2011/12 page 51 L
Slide 51: Group – Key Figures further improved
FINANCIAL TRANSPARENCY Group – Key Figures further improved (mn €) 2011/12 2010/11 2009/10 2008/09 Revenues 6.992 6.161 5.718 5.871 EBITDA 1.015 775 645 489 EBITDA-Margin 14,5% 12,6% 11,3% 8,3% Operating profit 751 521 403 258 Operating Margin 10,7% 8,5% 7,0% 4,4% Restructuring and special items 8 -
Slide 52: Targets achieved again
FINANCIAL TRANSPARENCY Targets achieved again 2010/11 2011/12 Revenues 6.2 bn € 7.0 bn € Operating 521 mn € 751 mn € Profit Net profit 346 mn € 515 mn € Earnings per 1.33 € 1.99 € share Dividend per 0.55 € 0.70 € share Südzucker Group, page 52
Slide 53: Cash flow strength widens financial headroom
FINANCIAL TRANSPARENCY Cash flow strength widens financial headroom 2010/11 2011/12 Investments* 245 mn € 276 mn € Cash flow 606 mn € 823 mn € Net Financial 854 mn € 791 mn € Debt Liquidity ~2.2 bn € ~2.2 bn € *excl. investments in financial assets Südzucker Group, page 53
Slide 54: Targets achieved again in 2011/12
FINANCIAL TRANSPARENCY Targets achieved again in 2011/12 Outlook 2011/12 Reported 2011/12 Revenues ~6.8 bn € 7.0 bn € Operating Profit ~750 mn € 751 mn € Investments* ~300 mn € 276 mn € Net Financial Debt ~850 – 950 mn € ** deutliche 791 mn € Ergebniserholung * excl. investments in financial assets
Slide 55: Dynamic revenue development
FINANCIAL TRANSPARENCY Dynamic revenue development (mn €) +831 mn € (+14%) 7000 +59 (+7%) +92 (+21%) Fruit Crop 6800 +231 Energies (+15%) 6600 Special Products +449 6400 (+14%) 6,992 6200 Sugar 6000 6,161 5800 5600 2010/11 2011/12 Südzucker Group, page 55
Slide 56: Overproportionate operating profit development
FINANCIAL TRANSPARENCY Overproportionate operating profit development (mn €) +230 mn € (+44%) +5 (+4%) +7 (+16%) -8 (-18%) Special Crop Fruit Products Energies 700 +226 (+79%) 600 Sugar 500 751 400 521 300 200 2010/11 2011/12 Südzucker Group, page 56
Slide 57: Earnings before income taxes
FINANCIAL TRANSPARENCY Earnings before income taxes (mn €) 2011/12 2010/11 ∆ Operating profit 751 521 230 Restructuring & special items 8 -8 16 Income from operations (EBIT) 759 513 246 Income from companies consolidated at equity 1 4 -3 Financial result -100 -74 -26 Earnings before income taxes 660
Slide 58: Earnings per share follows good operating development
FINANCIAL TRANSPARENCY Earnings per share follows good operating development (mn €) 2011/12 2010/11 ∆ Earnings before income taxes 660 443 217 Taxes on income -145 -97 -48 Consolidated net earnings 515 346 169 thereof Südzucker AG shareholders 377 252 125 thereof hybrid capital 26 26 0 thereof other
Slide 59: Investments still on depreciation level
FINANCIAL TRANSPARENCY Investments still on depreciation level (mn €) 2011/12 2010/11 ∆ 2011/12 Fixed Assets 276 245 31 Depreciation 264 Sugar 145 125 20 Sugar 115 Special Products 74 67 7 Special Products 82 CropEnergies 14 22 -8 CropEnergies 31 Fruit 43 31 12 Fruit 36 Financial Assets 10 6 4 Sugar
Slide 60: Further reduction in Net Financial Debt
FINANCIAL TRANSPARENCY Further reduction in Net Financial Debt (mn €) Mainly due to volume and price driven Maintenance capex in increase of inventories – especially in established capacities segment sugar -168 Dividends -286 823 Investments -306 1,632 Working Cash flow Capital 1,065 854 791 NFD NFD
Slide 61: Return on Capital Employed (RoCE)
FINANCIAL TRANSPARENCY Return on Capital Employed (RoCE) 2011/12 2010/11 2011/12 (mn €) RoCE RoCE Op. Profit Cap. Employed Südzucker Group 13,2% 9,8% 751 5.707 Sugar 17,1% 10,4% 511 2.984 Special Products 10,7% 10,8% 149 1.392 CropEnergies 10,2% 8,7% 53 519 Fruit* 4,7% 6,7% 38 812 * Adjustment segme
Slide 62: Breakdown of Capital Employed (2011/12)
FINANCIAL TRANSPARENCY Breakdown of Capital Employed (2011/12) Breakdown by assets Breakdown by segments 14% 23% 9% 45% 5.707 mn € 5.707 mn € 52% 25% 32% Sugar Special Products Goodwill Working Capital Fixed assets CropEnergies Fruit Südzucker Group, page 62
Slide 63: Solid balance sheet ratios
FINANCIAL TRANSPARENCY Solid balance sheet ratios (mn €) 29.02.2012 28.02.2011 28.02.2010 28.02.2009 Total assets 8.289 7.260 7.398 7.709 Equity 3.969 3.687 3.443 3.230 Equity ratio 47,9% 50,8% 46,5% 41,9% Net Financial Debt (NFD) 791 854 1.065 1.632 Gearing (NFD/Equity) 19,9% 23,2% 30,9% 50,5% Cash
Slide 64: Comfortable liquidity position
FINANCIAL TRANSPARENCY Comfortable liquidity position (mn €) 29.02.2012 28.02.2011 28.02.2010 28.02.2009 Net financial debt -791 -854 -1.065 -1.632 Cash & cash equivalents / securities 715 506 695 413 Gross financial debt -1.505 -1.360 -1.760 -2.046 Long-term financial debt -931 -548 -1.120 -1.154 S
Slide 65: Group balance sheet
FINANCIAL TRANSPARENCY Group balance sheet (mn €) Assets Liabilities 28.02.2011 29.02.2012 28.02.2011 29.02.2012 1,504 Other current 1,928 (20.7 %) assets (23.3 %) 2,211 Current liabilities 2,515 (30.5 %) (30.3 %) 1,709 (23.5 %) Inventories 2,324 1,362 1,805 (28.0 %) (18.8 %) Non-current (21.8 %) li
Slide 66: Group balance sheet
FINANCIAL TRANSPARENCY Group balance sheet (mn €) 29.02.2012 28.02.2011 (mn €) 29.02.2012 28.02.2011 Intangible assets 1.192 14,4% 1.188 16,4% Equity attributable to shareholders of SZ AG 2.616 31,6% 2.412 33,2% Fixed assets 2.554 30,8% 2.555 35,2% Hybrid capital 684 8,3% 684 9,4% Shares in companie
Slide 67: Agenda
FINANCIAL TRANSPARENCY Agenda 1. Overview and strategic objectives page 3 2. Development of Segments Sugar page 8 Special Products page 15 CropEnergies page 23 Fruit page 28 3. Financial Highlights Q1 2012/13 page 33 4. Outlook 2012/13 page 47 5. Appendix Annual Financial Statement 2011/12 page 51 L
Slide 68: Südzucker with strong capital market presence
FINANCIAL TRANSPARENCY Südzucker with strong capital market presence Südzucker Share* Südzucker Bonds 31% 7% 56% 189.4 mn Financial 34% shares liabilities* 10% 62% SZVG Free Float Zucker Invest GmbH Liabilities to banks Others Bonds (mn €) 2011/12 (mn €) Due date Coupon Nominal value Cashflow per sh
Slide 69: Rating ratios improved
FINANCIAL TRANSPARENCY Rating ratios improved Rating agency Long-term rating Short-term rating BBB+ * A–2 Stable outlook Baa 1 ** P–2 Positive outlook *** 2008/09 2009/10 2010/11 2011/12 Net Financial Debt/ Cash flow 3.2x 1.9x 1.4x 1.0x * since June 2012 ** since January 2012 *** since August 2012 S
Slide 70: Long-term development (I)
FINANCIAL TRANSPARENCY Long-term development (I) Pre-Reform Transition Period Post-Transition Period 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
Slide 71: Long-term development (II)
FINANCIAL TRANSPARENCY Long-term development (II) Cash flow (mn €) Revenues (bn €) 7.0 >7.0 823 6.2 5.3 5.8 5.8 5.9 5.7 4.6 4.8 553 606 522 550 527 554 498 504 Net Financial Debt (mn €) Operating Profit (mn €) >800 751 1,672 1,632 1,508 523 521 1,100 1,177 479 1,065 450 419 850-950 403 811 854 791 2
Slide 72: Agenda
FINANCIAL TRANSPARENCY Agenda 1. Overview and strategic objectives page 3 2. Development of Segments Sugar page 8 Special Products page 15 CropEnergies page 23 Fruit page 28 3. Financial Highlights Q1 2012/13 page 33 4. Outlook 2012/13 page 47 5. Appendix Annual Financial Statement 2011/12 page 51 L
Slide 73: Revenue by region 2011/12
FINANCIAL TRANSPARENCY Revenue by region 2011/12 Rest of world Germany (17 %) (25 %) 6,992 mn € EU 12 EU 15 (17 %) (41 %) Südzucker Group, page 73
Slide 74: Segment Sugar: Campaign SMY 2011/12
FINANCIAL TRANSPARENCY 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 raf
Slide 75: Südzucker well positioned in Beet Belt
FINANCIAL TRANSPARENCY Südzucker well positioned in „Beet Belt“ Poland Germany Belgium Czech Republic Moldova Slovakia Austria France Hungary Romania Südzucker Group, page 75
Slide 76: EU quota sugar production - sugar marketing year 2012/13
FINANCIAL TRANSPARENCY EU quota sugar production - sugar marketing year* 2012/13 Market share** EU quota sugar production Südzucker quota share per country (in %) Great Britain Südzucker Nordzucker Group (15 %) (24 %) Poland British Sugar Germany 25 (11 %) 72 Belgium 25 Czech Slovakia 40 Republic 39
Slide 77: Price development for raw and white sugar
FINANCIAL TRANSPARENCY Price development for raw and white sugar (NYMEX, LIFFE, EU) 700 700 600 600 500 500 Quotation for sugar in € / ton Quotation for sugar in € / ton 400 400 300 300 200 200 100 100 Apr-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Apr-12 Aug-12 Jan-11 Jun-11 Jul-11 Jan-12 Jun-12 Jul-12
Slide 78: Political environment: EU
FINANCIAL TRANSPARENCY Political environment: EU Implementation of the European climate EU27: Renewable Energies in the Transport Sector and energy package 40 Sustainability regulations are being codified into 30 7.3 law in several member states mn t toe 6.3 20 5.3 Approval of certification systems
Slide 79: Political environment: Germany
FINANCIAL TRANSPARENCY Political environment: Germany Biofuel quotas Individual quota for petrol: 2.8% Bioethanol Consumption in Germany Total quota for biofuels as from 2012 150 6% et seqq.: 6.25% 4,4% 4,2% 4,3% Conversion of biofuel quotas to 100 3,8% 4,1% 4,1% 4% ,000 m 3 3,7% 3,7% 3,2% greenhous
Slide 80: Price development wheat and maize
FINANCIAL TRANSPARENCY Price development wheat and maize (Euronext, LIFFE) 300 300 280 280 260 260 240 240 220 220 € / ton € / ton 200 200 180 180 160 160 140 140 120 120 100 100 Apr-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Apr-12 Aug-12 Jan-11 Jun-11 Jul-11 Jan-12 Jun-12 Jul-12 Feb-11 Mar-11 May-11 Fe
Slide 81: Financial calendar, contact and disclaimer
FINANCIAL TRANSPARENCY Financial calender Q2 – 1st half year report 2012/13 October 11, 2012 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, 2
Südzucker Group — Deutsche Bank 9th German Corporate Conference 2012 on 6ix