Financial Year 2014/15

Transcription

1 Financial Year 2014/15 Conference Call Presentation, 21 May 2015 Thomas Kölbl (CFO) Südzucker Conference Call, FY 2014/15, page 1

2 Disclaimer This presentation contains forward looking statements. The statements are based on current assumptions and estimates made by the executive board and information currently available to its members. The forward looking statements are not to be viewed as guarantees of the future developments and results presented therein. Future developments and results are in fact dependent on a variety of factors and are subject to various risks and imponderables. They are based on assumptions that could in fact prove to be invalid. The risk management report in the 2014/15 annual report on pages 80 to 91 presents an overview of the risks. We assume no obligation to update the forward-looking statements made in this presentation. This presentation includes percentage and number rounding. Typing and printing errors reserved. IFRS 11 application as of financial year 2013/14. Written and visual value statements are standardized as follows: ± 1% stable / ± 1-4% slight / ± 4-10% moderate / >/< 10% significant Südzucker Conference Call, FY 2014/15, page 2

3 Agenda 1. Financial Highlights page 4 2. Annual Financial Statement 2014/15 Page 6 3. Development of Segments Sugar page 15 Special Products page 20 CropEnergies page 24 Fruit page Outlook page Appendix page 44 Südzucker Conference Call, FY 2014/15, page 3

4 Financial Highlights Financial Year 2014/15 Group revenues significantly down to 6,778 (7,533) mn Group operating profit significantly down to 181 (622) mn Cash flow significantly down to 389 (697) mn Earnings per share decreases to 0.10 (1.37 ); excl. special items 0.63 Limited increase in net financial debt despite earnings reduction, high capex level, only up 57 mn to 593 (536) mn Südzucker Conference Call, FY 2014/15, page 4

5 Agenda 1. Financial Highlights page 4 2. Annual Financial Statement 2014/15 Page 6 3. Development of Segments Sugar page 15 Special Products page 20 CropEnergies page 24 Fruit page Outlook page Appendix page 44 Südzucker Conference Call, FY 2014/15, page 5

6 Revenue development (mn ) -755 mn (-10%) -673 (-17%) -16 (-1%) +44 (+6%) -110 (-9%) 7,533 Sugar Special Products Crop Energies Fruit 6, / /15 Südzucker Conference Call, FY 2014/15, page 6

7 Operating Profit FINANCIAL TRANSPARENCY Operating profit development by segment 2013/ /15 Sugar 437 mn 7 mn Special Products 85 mn 120 mn CropEnergies 35 mn -11 mn Fruit 65 mn 65 mn Group 622 mn 181 mn Südzucker Conference Call, FY 2014/15, page 7

8 Earnings before income taxes (mn ) 2014/ /14 D Revenues Operating profit Restructuring costs/special items Income from companies consolidated at equity Income from operations (EBIT) Financial result Earnings before income taxes Result from restructuring and special items: Main burdens: Early retirement program Belgium, closure raw sugar refinery France, temporary shutdown bioethanol plant UK Main income: Sale of factory site Groß-Gerau, conclusion of the legal cases Italy and Belgium Income from companies consolidated at equity: Segment sugar -5 (20) mn, decrease mainly due to development at ED&F Man Segment special products 27 (29) mn, mainly share of earnings from Hungrana Group's starch and bioethanol businesses Financial result: Interest result improved from -41 to -34 mn with increase in average debt level and lower interest rates; result from other financing activities improved from -22 to +2 mn (previous year burdened by currency losses from subsidiaries in Eastern and Southern Europe and Central America) Südzucker Conference Call, FY 2014/15, page 8

9 Earnings per share (mn ) 2014/ /14 Earnings before income taxes Taxes on income Consolidated net earnings thereof Südzucker AG shareholders thereof hybrid capital of which attributable to other non-controlling interests Earnings per share ( ) 0,10 1,37-1,27 D Group tax rate came in at 42 (21) %. Without additional tax burden via temporary shutdown of bioethanol plant in Wilton, UK, tax rate would have reached 25 %. Other minority interests relate mainly to minority shareholders of the AGRANA Group and CropEnergies Group. Earnings per share: 0.10 /share; without special items 0.63 /share Dividend proposal: 0.25 (0.50) /share Payout ratio incl. special items: 40 (36) % Südzucker Conference Call, FY 2014/15, page 9

10 Investments and depreciations (mn ) 2014/ /14 D 2014/15 Fixed Assets Depreciation 272 Sugar Sugar 126 Special Products Special Products 72 CropEnergies CropEnergies 36 Fruit Fruit 38 Financial Assets Total investments Increases in stakes held in subsidiaries Capital increase/decrease Total Fixed asset investment of 450 to 500 mn significantly below announced level Successful completion and continuation of capex program: New construction and replacements headquarter Mannheim, construction of starch factory Zeitz, biomass boiler Chile, neutral alcohol plant Zeitz and fourth fruit preparation plant USA Increase in stakes held in subsidiaries mainly due to purchase of minority stake in AGRANA Bioethanol GmbH through AGRANA Stärke GmbH Südzucker Conference Call, FY 2014/15, page 10

11 Limited increase in Net Financial Debt (mn ) Cash flow Investments in fixed assets Dividends Others Working Capital NFD NFD Südzucker Conference Call, FY 2014/15, page 11

12 Unchanged solid balance sheet ratios (mn ) Total assets Equity Equity ratio 47,9% 53,7% 53,4% 52,6% Net Financial Debt (NFD) Gearing (NFD/Equity) 19,9% 9,8% 11,6% 13,3% Cash flow NFD/Cash flow 1,0x 0,5x 0,8x 1,5x Goodwill Fixed assets* Working Capital ** Capital Employed RoCE 13,2% 16,3% 10,6% 3,1% * Including intangible assets ** Adjustment segment fruit: Goodwill book value redirected to participation level of parent company Südzucker Conference Call, FY 2014/15, page 12

13 Targets 2014/15 achieved* Outlook 2014/15 Reported 2014/15 Revenues ~ 7.0 bn 6.8 bn Operating Profit** ~ 200 mn 181 mn Investments*** ~ mn 386 mn Net Financial Debt ~ mn deutliche 593 mn Ergebniserholung * Original targets April 2014 maintained unchanged until year end ** Since August 2014 marked as more challenging to reach *** excl. investments in financial assets Südzucker Conference Call, FY 2014/15, page 13

14 Agenda 1. Financial Highlights page 4 2. Annual Financial Statement 2014/15 Page 6 3. Development of Segments Sugar page 15 Special Products page 20 CropEnergies page 24 Fruit page Outlook page Appendix page 44 Südzucker Conference Call, FY 2014/15, page 14

15 Segment Sugar: Development 2014/15 (I)* World market World Sugar Balance (mn t) Inventories After 4 years in a row no further increase since October 2014 Expectation of decrease in global invetories from October 2015 Exchange rates Massive devalutaion of real vs. USD since autumn 2014 Pricing Bottoming out following several years of decreasing world market prices / / / /15e * * * * 38.4% 42.0% 44.0% 43.3% Production Consumption Ending stock *Ending stock in % of consumption Sugar world market price (USD/t) White sugar 400 * Simplified 350 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Südzucker Conference Call, FY 2014/15, page 15

16 Segment Sugar: Development 2014/15 (II)* EU EU-KOM quota sugar inventory (mn t) Imports Stable situation in SMY 2013/14 following multi-year increase Expectation of decrease in imports SMY 2014/15 Inventory level quota sugar EU measures lead to massive increase Decrease in SMY 2013/14 Further massive decrease expected in SMY 2014/15 Pricing quota sugar Massive decrease until December 2014 Current bottoming out with moderate upward trend Chance vor increase in the course of FY 15/16 * Simplified Sept.'08 Sept.'09 Sept.'10 Sept.'11 Sept.'12 Sept.'13 Sept.'14 Sept.'15e Price reporting EU-KOM ( /t) Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Südzucker Conference Call, FY 2014/15, page 16

17 Segment Sugar: Development 2014/15 (III) Revenues (mn ) Operating profit (mn ) 3,901 3, / / / /15 Significant quota sugar price reduction Increase sugar sales volume World market price driven decrease in export sugar pricing Decrease quota sugar production costs Increase sugar sales volume Significant decrease quota sugar price Südzucker Conference Call, FY 2014/15, page 17

18 Segment Sugar: Outlook 2015/16 Revenues Operating Profit Decrease in quota sugar prices with full year impact Significant revenue decrease (Previous year: 3,228 mn ) Since prices have again declined since the beginning of the 2014/15 sugar marketing year on 1 October 2014, this will now impact the entire fiscal year. Shortfall from further declining prices can no longer be offset by lower raw material costs. While lower fixed unit costs will have a mitigating impact due to the longer campaign in 2014, because of the reduced planting required for 2015, there will be a shorter campaign, which means that fixed unit costs will likely rise again. Step by step impact of introduced cost reduction measures, but will only be enough to partly offset the declining prices. Südzucker Conference Call, FY 2014/15, page 18 Operating loss in range of 50 to 100 mn (Previous year: 7 mn ) but positive EBITDA

19 Agenda 1. Financial Highlights page 4 2. Annual Financial Statement 2014/15 Page 6 3. Development of Segments Sugar page 15 Special Products page 20 CropEnergies page 24 Fruit page Outlook page Appendix page 44 Südzucker Conference Call, FY 2014/15, page 19

20 Segment Special Products: Development 2014/15 (I) Segment special products shows solid fundamental development and record result* Growth based on intact mega trends: Unchanged trend to alternative and functional food ingredients Further growing demand for convenience products Unchanged global demand growth for aminal feed (e.g. gluten) New capacities to take benefit of market growth Production cost reduction via alternative energy concepts (biomass boiler Chile) Efficiency gains via distribution synergies Biomass boiler Pemuco, Chile * with respect to IFRS 11 regrouping Hungrana in 2013/14 from operating profit to income from companies consolidated at equity Wheat starch plant Pischelsdorf, Austria Südzucker Conference Call, FY 2014/15, page 20

21 Segment Special Products: Development 2014/15 (II) Revenues (mn ) Operating profit (mn ) 1,740 1, / / / /15 Increase in volume sold, especially in division starch Lower pricing Increase in volume sold Decisive reduction in raw material costs Lower pricing Others Südzucker Conference Call, FY 2014/15, page 21

22 Segment Special Products: Outlook 2015/16 Revenues Divisions Freiberger, Beneo and PortionPack overall performance with slight increase Division starch with slight decrease Stable revenue development (Previous year: 1,724 mn ) Operating Profit Charges related to ramp-up of new starch plant in Zeitz, expected to be installed towards end of fiscal 2015/16 Moderate decrease in operating profit (Previous year: 120 mn ) Südzucker Conference Call, FY 2014/15, page 22

23 Agenda 1. Financial Highlights page 4 2. Annual Financial Statement 2014/15 Page 6 3. Development of Segments Sugar page 15 Special Products page 20 CropEnergies page 24 Fruit page Outlook page Appendix page 44 Südzucker Conference Call, FY 2014/15, page 23

24 Segment CropEnergies: Development 2014/15 (I) Market development grain Global: Grain inventory increase by 6.5 % due to record harvest EU: Grain inventory increased by ~ 30 % EU grain price decrease to 180 /t Marktentwicklung Bioethanol EU: High volatility of bioethanol prices; all-timelow January 2015 of 416 /m 3 ; increase until May 2015 above 500 /m 3 Ensus: Temporary plant shutdown since February 2015 Significant decrease bioethanol prices sharpened by massive oil price decrease and devaluation of Euro against British pound Delayed E10 introduction hampers development of British bioethanol market Reopening continuously reviewed in light of political and market development Quotation: Wheat/Maize /t Wheat Maize Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Quotation: Ethanol /m Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Südzucker Conference Call, FY 2014/15, page 24

25 Segment CropEnergies: Development 2014/15 (II) Revenues (mn ) Operating profit (mn ) / /15 Significantly higher ethanol, food and animal feed sales Significantly lower ethanol pricing / /15 Decrease in net raw material costs Significantly lower ethanol pricing Extension of losses at Ensus Others Südzucker Conference Call, FY 2014/15, page 25

26 Segment CropEnergies: Outlook 2015/16 Revenues Operating Profit Temporary shutdown production at site Wilton, UK, leads to decrease on 2012/13 production level Corresponding revenue decrease to above 500 mn (Previous year: 764 mn ) Current ethanol price increase above full year expectation. Ongoing high volatility expected High price sensitivity; 10 price change per cubicmeter bioethanol unfolds about 7 mn earnings impact (excl. capacity Ensus) Temporary shutdown site Wilton reduces risk profile Operating profit is expected in a range of -20 to 10 mn (Previous year: -11 mn ) EBITDA in range of +15 to +45 mn (Previous year: 25 mn ) Restructuring Special charges during shutdown of bioethanol plant Wilton up to 15 mn p.a. Südzucker Conference Call, FY 2014/15, page 26

27 Agenda 1. Financial Highlights page 4 2. Annual Financial Statement 2014/15 Page 6 3. Development of Segments Sugar page 15 Special Products page 20 CropEnergies page 24 Fruit page Outlook page Appendix page 44 Südzucker Conference Call, FY 2014/15, page 27

28 Segment Fruit: Development 2014/15 Revenues (mn ) Operating profit (mn ) 1,172 1, Fruit juice concentrates volumes below previous year s level Lower pricing 2013/ / / /15 Fruit preparations (revenue share ~ 75%) Stable volumes Cost reductions more than offset price decrease Fruit juice concentrates (revenue share ~ 25%) Lower volumes Cost reductions more than offset price decrease Südzucker Conference Call, FY 2014/15, page 28

29 Segment Fruit: Outlook 2015/16 Revenues Division fruit juice concentrates: Lower revenues alongside lower pricing Division fruit preparations: Higher volumes and revenue increase Revenues at least on prior year s level (Previous year: 1,062 mn ) Operating Profit Division fruit juice concentrates: Lower earnings contribution alongside lower pricing Division fruit preparations: Higher earnings as volumes grow Operating profit at least on prior year s level (Previous year: 65 mn ) Südzucker Conference Call, FY 2014/15, page 29

30 Agenda 1. Financial Highlights page 4 2. Annual Financial Statement 2014/15 Page 6 3. Development of Segments Sugar page 15 Special Products page 20 CropEnergies page 24 Fruit page Outlook page Appendix page 44 Südzucker Conference Call, FY 2014/15, page 30

31 Cost savings and other measures (I)* Organization Factory structure Portfolio Simplification of processes and rationalization of management structures Adjustment to new market environment Optimization Process review of entire value chain and identification of redundancies Centralization of administrative tasks Optimization factory structure Increase in Utilization Extraction of inter segmental synergies Identification of new profitable business areas Internationalisation Phase of high capex largely fulfilled Reduction of administration costs Reduction fix and maintenance costs Capex reduction Südzucker Conference Call, FY 2014/15, page 31 * Preliminary status of the continuous process of cost savings and other measures

32 Cost savings and other measures (II)* Organization Factory structure Portfolio Trimming of sugar administration Belgium Centralization global sugar sales Optimization logistic structures sugar Bundling animal feed sales Bundling groupwide gluten sales at BENEO Promotion new pricing model CropEnergies Fruit: Trimming European management structure Review IT-structure Closure raw sugar refinery Marseille Closure sugar packaging Regensburg PortionPack: Restructuring Belgium/Netherlands BENEO: Optimization energy concept Synergies multi-site Zeitz CropE: Mothballing Ensus Fruit preparations: Consolidation factory structure Europe Value chain improvement Extension sugar exports from 1 Oct Construction starch factory Zeitz Freiberger distribution activities USA Commissioning neutral alcohol plant Zeitz Commissioning fourth fruit preparations plant USA Südzucker Conference Call, FY 2014/15, page 32 * Preliminary status of the continuous process of cost savings and other measures

33 Cost savings and other measures (III)* Capex (mn ) Cost savings (mn ) ~120 ~100 ~35 ~70 ~30 ~400 ~400 ~40 ~25 ~300 <300 ~10 ~70 ~85 ~30 ~ / /16e 2016/17e 2017/18e 2014/ /16e 2016/17e 2017/18e Segment sugar Other segments * Preliminary status of the continuous process of cost savings and other measures Südzucker Conference Call, FY 2014/15, page 33

34 Outlook 2015/16 (I) Revenues 2014/ /16e Operating Profit 2014/ /16e Sugar 3.2 bn 7 mn -50 to -100 mn Special Products 1.7 bn 120 mn CropEnergies 764 mn >500 mn -11 mn -20 to +10 mn Fruit 1.1 bn min. prev. year 65 mn min. prev. year Group 6.8 bn 6.0 to 181 mn 6.3 bn 50 to 150 mn Südzucker Conference Call, FY 2014/15, page 34

35 Outlook 2015/16 (II) 2014/15 212/13e 2015/16e EBITDA 453 mn ~ mn Investments Fixed Assets 386 mn ~ 400 mn Step-up 33 mn subsidiaries * - RoCE 3.1 % * Purchase Agrana bioethanol minorities Südzucker Conference Call, FY 2014/15, page 35

36 Outlook 2015/16 (III) 2014/15 Net Financial Debt 593 mn 212/13e 2015/16e mn Cash flow 389 mn >300 mn Cash flow / Revenues 5.7 % >5 % Equity ratio ~ 53 % ~ 53 % Südzucker Conference Call, FY 2014/15, page 36

37 mn FINANCIAL TRANSPARENCY Outlook 2015/16 (IV)* 1,632 Net Financial Debt Cash Flow 1, > / / / / / / / /16e NFD/CF 3.2x 1.9x 1.4x 1.0x 0.5x 0.8x 1.5x x Liquidity (mn ) 1,740 2,452 2,184 2,175 2,648 2,444 2,417 ~2,400 * IFRS 11 adjusted since 2013/14 Südzucker Conference Call, FY 2014/15, page 37

38 Summary (I): Financial Year 2014/15 Despite temporary burden especially through difficult and extremely volatile sugar and ethanol market environment original targets from April 2014 have been reached Limitation of net debt increase to level below 600 mn, despite continued investments in future growth Continuation and amendment of initiated cost savings program and execution of further measures, e.g. to reduce risks, to control costs Confirmation of very solid balance sheet key ratios Safeguarding of maturity profile without expiry date until 2018 Very comfortable liquidity position of ~ 2.4 bn Südzucker Conference Call, FY 2014/15, page 38

39 Summary (II): Financial Year 2015/16e Sugar Special Products CropEnergies Fruit EU framework reduces latitude until 2017, e.g. volume limit, minimum beet price, export restrictions Ongoing burdened by difficult market environment, but EU inventory reduction leads to potential market improvement in SMY 2015/16 Capacity extension starch at Zeitz site (start-up loss) leads to moderate earnings reduction against excellent previous year Especially H1 burdened by difficult market environment; positive signalling through EU blending decision; in case of sustainablility of current ethanol price level opportunities during the year At least confirmation of previous year s earnings level Stable net debt, cost savings measures, investments in future growth, build basis to achieve mid term targets Südzucker Conference Call, FY 2014/15, page 39

40 Mid term Outlook (I) Group Operating Profit Fruit Special Products Crop Energies Volume growth parallel to market growth Cost savings Market growth Normalisation ethanol pricing Restart Ensus in conjunction with efficiency gains ~ 550 mn mn Sugar Commissioning Zeitz Market growth Cost savings 2015/16e Stop of market restrictions from 2017, e.g. volume limits, minimum beet prices, exports Full capacity utilization/cost savings Market equilibrium Mid term Megatrends intact (population growth, increase in per-capita income...) Südzucker Conference Call, FY 2014/15, page 40

41 Mid term Outlook (II) Group EBITDA and Capex ~ 400 mn ~ 850 mn Room for manoeuvre Growth ~ mn Maintenance Maintenance ~250 mn EBITDA Capex EBITDA Capex 2015/16e mid term Südzucker Conference Call, FY 2014/15, page 41

42 Executive Summary Challenging year segments sugar and CropEnergies Segments special products and fruit as reliable earnings contributor Successful establishment of basis to exploit future opportunities: Positioning for time beyond abolishment of sugar market order Adjustment of cost and risk structure Investment in new capacities / future growth Continutation of solid financing policy (duration, balance sheet key ratios, liquidity) Südzucker Conference Call, FY 2014/15, page 42

43 Agenda 1. Financial Highlights page 4 2. Annual Financial Statement 2014/15 Page 6 3. Development of Segments Sugar page 15 Special Products page 20 CropEnergies page 24 Fruit page Outlook page Appendix page 44 Südzucker Conference Call, FY 2014/15, page 43

44 Group Key Figures* (mn ) 2011/ / / /15 Revenues EBITDA EBITDA-Margin 14,5% 15,8% 11,8% 6,7% Operating profit Operating Margin 10,7% 12,3% 8,3% 2,7% Restructuring and special items Income from operations (EBIT) Cash flow Net Financial Debt Equity Ratio 47,9% 53,7% 53,4% 52,6% Total investments Capital Employed RoCE 13,2% 16,3% 10,6% 3,1% Earnings per share ( ) 1,99 3,08 1,37 0,10 Cash flow per share ( ) 3,20 4,88 3,41 1,90 Dividend per share ( ) 0,70 0,90 0,50 0,25 ** *** **** * IFRS 11 adjusted; since 2013/14 income from companies consolidated at equity included in EBIT ** incl. one-off positive tax effect of 0.40 *** incl. one-off negative special items of 0.53 **** Proposal Südzucker Conference Call, FY 2014/15, page 44

45 Segment Sugar: Development 2014/15* (mn ) 2011/ / / /15 Revenues EBITDA EBITDA-Margin 16,8% 19,6% 14,3% 4,1% Operating profit Operating Margin 13,7% 16,7% 11,2% 0,2% Restructuring and special items Income from operations (EBIT) Investments Fixed Assets Financial Assets Capital Employed RoCE 17,1% 22,4% 13,7% 0,2% * IFRS 11 adjusted; since 2013/14 income from companies consolidated at equity included in EBIT Südzucker Conference Call, FY 2014/15, page 45

46 Segment Special Products: Development 2014/15* (mn ) 2011/ / / /15 Revenues EBITDA EBITDA-Margin 12,8% 11,5% 9,0% 11,2% Operating profit Operating Margin 8,3% 7,1% 4,9% 7,0% Restructuring and special items Income from operations (EBIT) Investments Fixed Assets Financial Assets Capital Employed RoCE 10,7% 9,5% 6,3% 8,7% * IFRS 11 adjusted; since 2013/14 income from companies consolidated at equity included in EBIT Südzucker Conference Call, FY 2014/15, page 46

47 Segment CropEnergies: Development 2014/15* (mn ) 2011/ / / /15 Revenues EBITDA EBITDA-Margin 15,9% 18,5% 9,5% 3,3% Operating profit Operating Margin 10,0% 13,5% 4,9% -1,5% Restructuring and special items Income from operations (EBIT) Investments Fixed Assets Financial Assets Capital Employed RoCE 10,2% 17,3% 6,4% -2,2% * IFRS 11 adjusted; since 2013/14 income from companies consolidated at equity included in EBIT Südzucker Conference Call, FY 2014/15, page 47

48 Segment Fruit: Development 2014/15* (mn ) 2011/ / / /15 Revenues EBITDA EBITDA-Margin 7,9% 7,3% 9,0% 9,8% Operating profit Operating Margin 4,1% 4,0% 5,5% 6,1% Restructuring and special items Income from operations (EBIT) Investments Fixed Assets Financial Assets Capital Employed RoCE 4,7% 5,0% 8,1% 8,4% * IFRS 11 adjusted; since 2013/14 income from companies consolidated at equity included in EBIT Südzucker Conference Call, FY 2014/15, page 48

49 Group balance sheet (mn ) Assets Liabilities ,895 (21.9 %) Other current assets 1,837 (21.7 %) 2,385 (27.5 %) Current liabilities 2,128 (25.1 %) 2,360 (27.2 %) Inventories 2,128 (25.1 %) 1,654 (19.1 %) Non-current liabilities 1,885 (22.3 %) 4,409 (50.9 %) Non-current assets 4,510 (53.2 %) 4,625 (53.4 %) Equity 4,461 (52.6 %) Total 8,663 8,474 Total 8,663 8,474 Südzucker Conference Call, FY 2014/15, page 49

50 Group Segments FINANCIAL TRANSPARENCY Return on Capital Employed (RoCE) 2010/ / / /14* 2014/ /16e Sugar 10.4% 17.1% 22.4% 13.7% 0.2% Special Prod. 10.8% 10.7% 9.5% 6.3% 8.7% CropEnergies 8.7% 10.2% 17.3% 6.4% -2.2% Fruit 6.7% 4.7% 5.0% 8.1% 8.4% RoCE 9.8% 13.2% 16.3% 10.6% 3.1% Operating Profit 521 mn 751 mn 972 mn 622 mn 181 mn mn Capital Employed 5,314 mn 5,707 mn 5,950 mn 5,873 mn 5,877 mn * IFRS 11 adjusted since 2013/14 Südzucker Conference Call, FY 2014/15, page 50

51 Unchanged comfortable liquidity position* (mn ) Net financial debt Cash & Cash equivalents / securities Gros s financ ial debt Long-term financial debt Short-term financial debt Bank c redit lines: undrawn Syndic ated loan fac ility undrawn Syndic ated loan fac ility Agrana undrawn Commerc ial paper program undrawn = Total liquidity reserves * IFRS 11 adjusted since 28 February 2014 Südzucker Conference Call, FY 2014/15, page 51

52 Financing maturity profile* (mn ) as of 28 February EUR-Bond Promissory Note Südzucker Syndicated loan 2013/ mn (back-up facility) Agrana Syndicated loan 2014/ mn Commercial Paper Programm 600 mn (perpetual) Hybrid Bond 700 mn (perpetual) 5.25 % before June 2015 payout annually / from June M-Euribor bp payout quarterly * Displayed to 2020; Agrana promissory note: 14 mn tranche due in 2021, 7 mn tranche due in 2022 Südzucker Conference Call, FY 2014/15, page 52

53 Hybrid bond 2005 / cash flow covenant* (mn ) 2005/ / / / / / / / / /15 Revenues Cash flow Cash flow / Revenues 9,9% 9,6% 8,6% 8,6% 9,7% 9,8% 11,8% 12,6% 9,3% 5,7% * IFRS 11 adjusted since 2013/14 Cash flow covenant (cash flow / revenues >5 %) so far significantly exceeded Cash flow covenant fulfillment also expected in 2015/16 Options for hybrid bond (depending on continuous financial planning): Open market tender at any time ( 6 (7)) First time call possibility June 2015 ( 6 (5) & (6)); condition: Comparable instrument replacement within 12m period before No action: Variable coupon based on 3M-Euribor bp margin Currently preferred option no action Südzucker Conference Call, FY 2014/15, page 53

54 Investor Relations Financial calender 9 July 2015 Q1 1 st quarter report 2015/16 16 July 2015 Annual general meeting for fiscal 2014/15 8 October 2015 Q2 1 st half year report 2015/16 13 January 2016 Q3 1 st to 3 rd quarter report 2015/16 19 May 2016 Press and analysts conference fiscal 2015/16 Contact Nikolai Baltruschat Head of Investor Relations Tel.: +49 (621) nikolai.baltruschat@suedzucker.de Bernhard Juretzek Manager Investor Relations Tel.: +49 (621) bernhard.juretzek@suedzucker.de Katrin Weber Assistant Tel.: +49 (621) katrin.weber@suedzucker.de Südzucker AG Maximilianstrasse Mannheim, Germany investor.relations@suedzucker.de Südzucker Conference Call, FY 2014/15, page 54