The document is a presentation of Açúcar Guarani S.A.'s Q2 09/10 results. It summarizes that sugar prices were at their highest level in 28 years, supported by lower production in major countries. Guarani's net revenue grew 27.7% in Q2 driven by a 49.8% increase in sugar prices. Adjusted EBITDA rose 49.9% in H1 09/10 due to higher sugar prices. Net profit was R$13.8 million in H1 compared to a loss last year, positively impacted by price recovery and FX effects. The outlook for sugar and ethanol prices remains positive on supply constraints.
Tereos Internacional reported its first quarter 2012/13 results. Key highlights included:
- Revenues of R$1.7 billion, stable year-over-year at constant currency due to favorable pricing offsetting reduced volumes.
- Adjusted EBITDA of R$156 million, down 26.7% year-over-year at constant currency due to delayed production in Brazil from unusual weather.
- A R$370 million capital increase that was 100% subscribed to finance expansion in Europe and diversification in Brazil.
Tereos Internacional reported on its 2013/14 fiscal year results. Key points included record sugarcane crushing in Brazil of 19.7 million tonnes, driven by strong yields and benefiting operational performance. Cereal grinding was up 5% due to better capacity utilization. Revenues increased 24% for the Starch & Sweeteners segment however profitability remained pressured. Overall, revenues grew 10% to R$8.3 billion while adjusted EBITDA rose 39% to R$962 million, supported by Brazil operational improvements and better performance in Alcohol & Ethanol Europe.
The document summarizes Tereos Internacional's financial results for the first quarter of the 2013/14 fiscal year. Major reporting changes include adopting a new accounting standard that requires joint ventures to be equity accounted rather than proportionally consolidated. Segment information is now presented on a standalone and contributive basis. The results show a 17.6% increase in revenues driven by higher sales volumes in Brazil and higher prices in Europe. Adjusted EBITDA increased 56.7% to R$210 million due to recovery in the Brazilian business from higher production volumes and cost dilution, as well as improved results in other segments.
Tereos Internacional reported its third quarter 2014/15 results. Key points:
- Sugarcane crushing volumes in Brazil were up 3% year-to-date driven by better agricultural results. Cogeneration sales doubled.
- Volumes increased across most business segments including sugarcane in Indian Ocean/Africa and cereal grinding.
- Adjusted EBITDA was up 14% in Brazil and 21% for starches and sweeteners due to cost reductions. EBITDA declined 79% in Alcohol & Ethanol Europe due to lower prices and volumes.
- Capital expenditures declined year-over-year as expansion programs were completed. Net debt decreased and average debt maturity was lengthened through
Tereos Internacional reported financial results for Q1 2013/14 with total revenues of R$1.9 billion, a 17.6% increase over the previous year. Adjusted EBITDA was R$209.5 million, up 55.8% compared to Q1 2012/13. The sugarcane division in Brazil performed strongly with higher volumes and improved margins. Guarani, the Brazilian sugarcane subsidiary, saw increases in sugarcane crushed, sugar and ethanol production which contributed to a 226.5% rise in Adjusted EBITDA to R$125.2 million.
The document provides highlights from Tereos Internacional's second quarter 2013/14 results. Key points include:
- Revenues increased 17.8% to R$2.207 billion driven by higher volumes in sugarcane and improved prices and mix in starch.
- Adjusted EBITDA rose 18.4% to R$342 million due to cost dilution in sugarcane Brazil from higher volumes and improved efficiency.
- Sugarcane crushing in Brazil was up 3.9% and energy sales increased 44.0% while sugar sales rose 21.2% and ethanol fell 3.3%.
- The starch segment saw revenues increase 31% from better volumes and prices, though profitability remained under
Tereos Internacional reported its second quarter 2010/11 results. Key highlights include:
- Revenue grew 12.5% to R$1.5 billion driven by acquisitions in Brazil and higher sugar production.
- Adjusted EBITDA increased 44.3% to R$286 million due to strong performance in Brazil and integration of recent acquisitions.
- In Brazil, sugarcane crushing reached a record 8.8 million tons and sugar production increased 82.8% due to integration of recent acquisitions and increased capacity.
- Syral in Europe maintained stable revenues and volumes despite closing one plant, though margins declined due to higher costs.
- Tereos Internacional reported results for the third quarter of 2013/14 with overall revenues increasing 5.9% year-over-year to R$2,015 million driven by higher volumes in Brazil and Europe as well as currency effects.
- Adjusted EBITDA increased slightly by 5.8% to R$279 million as improvements in Brazil, Europe, and Brazil offset declines in Africa due to weather issues.
- In Brazil, record sugarcane crushing of 19.7 million tons led to increased ethanol and energy sales volumes while adjusted EBITDA benefited from efficiency gains despite lower sugar prices.
- Ethanol and starch segments in Europe saw higher volumes and margins as input
- Revenues for the second quarter increased 8.7% to R$1.6 billion due to higher prices across key product categories and increased volumes for EU ethanol and Indian Ocean sugarcane segments. Record quarterly EBITDA was R$282 million, up 24.4% from the previous year, with the EBITDA margin improving to 17.1%.
- Sugarcane revenues in Brazil declined due to lower volumes affected by adverse weather, but prices increased. Indian Ocean sugarcane revenues grew on higher prices and volumes. Cereal revenues increased 24% on higher selling prices and improved product mix in the starch segment.
Tereos Internacional reported its second quarter 2012/13 results. Key highlights included a recovery in the Brazilian sugarcane operations due to increased sales volumes and lower input costs. The company also saw higher sales volumes across most business segments. However, raw material costs impacted the cereals business. Looking forward, the company expects sugarcane crushing in Brazil to increase to between 18.2-18.4 million tonnes for the current crop.
20110523 ti conf_call_presentation_q4_engl_v2Tereosri
The document reports on the financial results of Tereos Internacional for the fourth quarter and full year of 2010/11. Key highlights include 24.2% revenue growth and 16.7% adjusted EBITDA growth for Q4, driven by double-digit increases in both cereal and sugarcane operations. For the full year, revenues grew 13.5% and adjusted EBITDA grew 10.3%, with sugarcane revenues increasing 60.2% due to higher volumes and prices. Net debt decreased 16.3% from the previous year. The company also announced several expansion projects and investments totaling over $1 billion for its sugarcane operations in Brazil.
Tereos Internacional reported its third quarter 2012/13 results. Key highlights include:
- Record net revenues driven by higher volumes in sugarcane and starch segments.
- Adjusted EBITDA increased year-over-year thanks to the sugarcane divisions, despite challenges in the alcohol and ethanol segment from technical issues at a new facility.
- Cash flow was negative due to ongoing strategic investments and seasonal working capital needs.
- PotashCorp reported first quarter earnings of $1.02 per share, or $308.3 million, down from $1.74 per share in the first quarter of last year. Earnings were supported by potash pricing despite lower sales volumes for all three nutrients.
- Potash sales volumes declined significantly due to delayed customer purchasing amid economic uncertainty, with only 0.5 million tonnes sold compared to 2.5 million tonnes in the first quarter of 2008. However, average realized potash prices were $250 per tonne higher than the previous year.
- Phosphate and nitrogen also saw large declines in gross margin due to weak demand and lower prices for their products. Overall revenues and
- Agrium reported record third quarter earnings of $367 million, over seven times higher than the third quarter of 2007. Net earnings for the first nine months were also a record at $1.2 billion, over four times higher than the same period in 2007.
- All three of Agrium's business units (retail, wholesale, advanced technologies) contributed to the record earnings, driven by strong crop nutrient prices and margins across all major products.
- For the third quarter, retail earnings were over seven times higher than 2007 levels, wholesale earnings were over four times higher, and advanced technologies earnings more than doubled.
- While commodity markets have been volatile, Agrium believes underlying crop fundamentals remain strong and global
SQM reported its first quarter 2017 earnings. Revenue for the last twelve months was $2.1 billion with EBITDA of $821 million, representing an EBITDA margin of around 39%. SQM is a world leader in specialty products including potassium nitrate, iodine, lithium, and solar salts. It has healthy credit metrics with net debt to EBITDA of 0.40 and investment grade credit ratings. SQM is pursuing growth projects including expansions of its lithium carbonate, lithium hydroxide, and potassium nitrate capacities through 2017-2018 with expected capital expenditures of around $180 million.
SQM reported its first quarter 2017 earnings. Revenue for the last twelve months was $2.1 billion with EBITDA of $821 million, representing an EBITDA margin of around 39%. SQM is a world leader in specialty products including potassium nitrate, iodine, lithium, and solar salts. It has healthy credit metrics with net debt to EBITDA of 0.40 and investment grade credit ratings. SQM is pursuing growth projects including expansions of its lithium carbonate, lithium hydroxide, and potassium nitrate capacities through 2017-2018 with expected capital expenditures of around $180 million.
2 antigens, immunogens, epitopes, and haptenstaha244ali
This document discusses key concepts in immunology including antigens, immunogens, epitopes, haptens, innate immunity, and adaptive immunity. It defines antigens as molecules recognized by the immune system and immunogens as antigens that elicit an immune response. Epitopes are the smallest part of an antigen recognized by B and T cell receptors. Haptens are small molecules that require a carrier to induce an immune response. Innate immunity provides the first line of defense using soluble proteins and cells like phagocytes. Adaptive immunity develops over time through T and B cell responses and produces immunological memory.
El documento presenta los fundamentos y componentes de la educación a distancia. Se discuten las bases teóricas necesarias para dar una fundamentación científica a esta modalidad educativa, incluyendo conocimientos gnoseológicos, tecnológicos y axiológicos. También se mencionan algunas de las teorías más conocidas sobre educación a distancia y se propone una teoría sobre el diálogo didáctico mediado. Finalmente, se describen los diferentes componentes que conforman este marco teórico, como el alumno, el
1. The document provides an introduction to financial accounting, outlining key concepts such as identifying, recording, and communicating relevant and reliable accounting information to help users make better decisions.
2. It discusses the different types of accounting (financial and management), users of accounting information (external and internal), and basic financial statements (balance sheet, income statement, statement of cash flows, and statement of stockholders' equity).
3. The document uses examples to demonstrate accounting transactions and how they affect accounts, and prepares basic financial statements from sample business transactions to illustrate accounting principles.
La teoría principialista de los Derechos Fundamentales - Jan-r. Sieckmann - I...Marcial Pons Argentina
Este documento presenta una introducción al libro "La teoría principialista de los derechos fundamentales" editado por Jan-Reinhard Sieckmann. El libro contiene varios capítulos escritos por diferentes autores que analizan la teoría de los derechos fundamentales desde la perspectiva de la teoría de los principios desarrollada por Robert Alexy. Los capítulos discuten conceptos como los principios jurídicos, la ponderación racional, la estructura de los derechos fundamentales y los derechos de defensa.
Este documento resume las garantías individuales establecidas en la Constitución Mexicana. Define garantías individuales y las clasifica en garantías de igualdad, libertad, propiedad y seguridad jurídica. Detalla los artículos constitucionales específicos que establecen cada tipo de garantía para proteger los derechos humanos y las libertades fundamentales de los ciudadanos mexicanos.
Este documento presenta una introducción a los fundamentos de la ergonomía dictada por el Profesor Eduardo Cerda de la Universidad de Chile. Define la ergonomía, analiza su desarrollo histórico y diferentes enfoques. Explica conceptos clave como el análisis sistémico y la interacción entre persona, tarea y ambiente desde una perspectiva ergonómica. Finalmente, introduce criterios ergonómicos para evaluar sistemas persona-máquina/entorno y mejorar la salud, seguridad y eficiencia.
Chapter 10 discusses physical evidence and servicescapes, specifically how the physical environment impacts customer and employee perceptions and behavior. It covers types of servicescapes, the roles they play, and frameworks for understanding how servicescapes influence behavior. The chapter also provides guidelines for developing effective physical evidence strategies and analyzes approaches for understanding the effects of the physical environment.
Este documento describe un programa de formación para Tecnólogo en Control de Calidad de Alimentos. El programa dura 18 meses lectivos y 6 meses de práctica, desarrollando competencias relacionadas con el análisis de muestras de alimentos, control de calidad, gestión de procesos productivos y más. El objetivo es formar personal calificado para garantizar la seguridad y calidad de los alimentos en la industria agroalimentaria.
Este documento describe diferentes sistemas políticos y formas de gobierno. Explica conceptos como sistema político, regímenes políticos democráticos y autocráticos, e identifica el sistema político costarricense. Además, compara sistemas democráticos y autocráticos, y describe formas de gobierno como democracia directa, gobierno de asamblea y el régimen parlamentario.
The document introduces Peter de Kuster's travel guide called "The Hero's Journey in London", which aims to help creative professionals find careers that allow them to make a living doing what they love. It discusses how creative people face specific challenges that traditional business approaches do not address. The guide will share stories of creative heroes and heroines in London to provide concrete tips and lessons on overcoming obstacles in creative careers.
El documento analiza la corrupción política en el Perú y sus efectos negativos. Según una encuesta, la mayoría de limeños cree que los políticos y las instituciones están corruptas y han perdido la esperanza en el sistema. La corrupción obstaculiza el crecimiento económico y la competitividad. Para combatirla se necesita una reforma estatal radical que refunda las instituciones y genere confianza ciudadana, así como un control horizontal eficiente y participación de la sociedad civil.
Este documento resume las contribuciones clave de Henry Fayol, James Mooney y Lyndall Urwick a la teoría administrativa clásica. Fayol fue el fundador de esta escuela y propuso 14 principios de la administración como la división del trabajo y la autoridad. Mooney continuó las ideas de Fayol pero propuso más principios. Urwick escribió sobre los elementos y principios de la administración y su falta de precisión como ciencia física.
Este documento presenta una monografía sobre la toma de decisiones en una empresa. Explica la importancia de tomar buenas decisiones para lograr los objetivos y metas de la organización. Describe los pasos del proceso de toma de decisiones, incluyendo la identificación del problema, los criterios para evaluar alternativas, y la selección de la mejor opción. El objetivo es orientar a las personas de negocios sobre cómo analizar y elegir las decisiones correctas para el éxito empresarial.
The document outlines the differences between Federalists and Anti-Federalists during the ratification of the US Constitution. Federalists supported the Constitution as it created a strong national government, while Anti-Federalists opposed it out of fear that the national government would have too much power and take away individual rights. The document provides a template to compare the views and stances of the two groups.
Este documento presenta un curso sobre logística y cadenas de suministro. Cubre temas como conceptos básicos de logística y cadena de suministro, tipos de cadenas, diseño de cadenas de suministro, planeación de requerimientos, operación de bodegas, sistemas de transporte, tecnología de la información e implementación de redes de distribución. El documento contiene múltiples secciones, figuras y tablas para explicar estos conceptos clave de la gestión de la cadena de suministro.
This document provides definitions for terms related to water and wastewater treatment. It includes a glossary section with over 100 definitions of technical terms. The document also notes that the definitions are copyrighted and reproduced with permission from the Office of Water Programs at California State University, Sacramento. Contact information is provided for those seeking the original source documents containing these definitions.
The document discusses steps for structuring decision problems:
1. Filter and operationalize objectives by classifying them as means or fundamental objectives and how they will be measured.
2. Structure the elements of the decision problem in a logical framework using influence diagrams to represent decisions, uncertain events, and consequences and their logical relationships.
3. Fill in the details of the influence diagram by precisely defining decisions and uncertain events, specifying probability distributions, and how consequences will be measured against the objectives.
This document provides a rationale and overview for an informational video about social media etiquette, or "netiquette", for educators. The purpose is to raise awareness of appropriate online conduct to avoid issues like inappropriate contact with students. The target audience is education professionals. The video will discuss how social media can blur boundaries if misused, and provide examples of teachers facing suspension or job loss due to online behaviors. It will also suggest alternative communication methods and emphasize the serious legal and career consequences of improper conduct online.
The document provides an outline of course content related to principles of government and the U.S. Constitution. It includes sections on forms of government, limited government, distribution of powers, and other core concepts. The outline lists learning targets and provides example activities for teachers to use over multiple class periods to help students analyze and interpret key constitutional principles.
Guarani reported strong financial results for Q3 2009/2010, with record net revenues up 14.3% year-over-year due to higher sugar and ethanol prices. Adjusted EBITDA was up 8.2% year-to-date due to strong performance in Brazil, though impacted by lower production in Mozambique. Net profit was R$15.7 million compared to a net loss last year, driven by a R$80.3 million profit in Brazil offsetting a R$64.6 million loss in Mozambique. Management expects continued high sugar prices over the next 1-2 years and strong ethanol demand and prices in Brazil for the remainder of 2009/2010, positioning Guarani well
The document is a quarterly report on the Q1 09/10 results of Açúcar Guarani S.A. It summarizes that sugar prices increased significantly due to lower global production. Guarani's revenue and profits increased due to higher sugar prices in Reais. Adjusted EBITDA more than doubled to R$49.9 million due to strong prices and cost controls. The outlook for Guarani and the sugar market remains positive.
Tereos Internacional reported financial results for the first quarter of 2010/11. Net revenues were R$1.1 billion, down 13.1% due to currency effects but up 2.1% excluding currency. EBITDA was R$113 million, down 43.5% due to currency effects and non-recurring items in Brazil. Production reached records in Brazil while segments were impacted by currency effects, maintenance, and testing new raw materials. The company aims to accelerate growth through recent acquisitions and partnerships.
- Revenues for the second quarter increased 8.7% to R$1.6 billion due to higher prices across key product categories and increased volumes for EU ethanol and Indian Ocean sugarcane segments. Record quarterly EBITDA was R$282 million, up 24.4% from the previous year, with the EBITDA margin improving to 17.1%.
- Sugarcane revenues in Brazil declined due to lower volumes affected by adverse weather, but prices increased. Indian Ocean sugarcane revenues grew on higher prices and volumes. Cereal revenues increased 24% on higher selling prices and improved product mix in the starch segment.
Tereos Internacional reported its 2012/13 year-end results. Revenues increased 11.1% to R$7.6 billion due to higher sales volumes in sugarcane and starch & sweeteners segments. Adjusted EBITDA declined 9.4% to R$869 million due to higher cereal prices and reduced ethanol volumes in Europe. In Brazil, sugarcane crushing volumes increased but earnings declined due to lower sugar and ethanol prices. The Indian Ocean/Africa segment reported higher volumes and a 20% increase in adjusted EBITDA. The starch & sweeteners segment saw revenue growth of 19% but adjusted EBITDA fell 9% as higher raw material costs offset increased prices and volumes.
20110215 ti conf_call_presentation_q3_englTereosri
Tereos Internacional reported record results for the third quarter of 2010/11, with revenues increasing 31.3% year-over-year driven by strong growth in the sugarcane segment. Net income was a record R$143 million, up significantly from R$14 million in the prior year quarter. The sugarcane segment performed well due to higher sales volumes and prices. The cereal segment faced challenges from higher raw material costs and currency effects. Working capital increased seasonally during the quarter. Outlook for the remainder of the year remains positive for sugarcane but challenging for cereals.
Tereos Internacional reported record results for the third quarter of 2010/11, with revenues increasing 31.3% year-over-year driven by strong growth in the sugarcane segment. Net income was a record R$143 million, up significantly from R$14 million in the prior year quarter. The sugarcane segment performed well due to higher sales volumes and prices. The cereal segment faced challenges from higher raw material costs and currency effects. Working capital increased seasonally during the quarter. Outlook for the remainder of the year remains positive for sugarcane but challenging for cereals.
Tereos Internacional reported strong financial results for Q3 2011/12, with revenues increasing 14.4% to R$1.8 billion driven by higher prices across key products. Adjusted EBITDA grew 4.4% to R$271 million. The Brazilian business was impacted by lower sugarcane volumes but this was offset by better results in other regions like the Indian Ocean and Europe. The company also advanced strategic initiatives through acquisitions and increased stakes in subsidiaries to reinforce its leadership positions.
Tereos Internacional reported strong financial results for Q3 2011/12, with revenues increasing 14.4% to R$1.8 billion driven by higher prices across key products. Adjusted EBITDA grew 4.4% to R$271 million. The Brazilian business was impacted by lower sugarcane volumes but this was offset by better results in other regions like the Indian Ocean and Europe. The company also advanced strategic initiatives through acquisitions and increased stakes in subsidiaries to reinforce its leadership positions.
Tereos Internacional reported its second quarter 2012/13 results. Key highlights included a recovery in the Brazilian sugarcane operations due to increased sales volumes and lower input costs. The company also saw higher sales volumes across most businesses. Adjusted EBITDA increased despite rising cereal input costs and production disruptions during a gluten factory start-up. Looking forward, the company expects sugarcane crushing in Brazil to increase to between 18.2-18.4 million tonnes for the current crop.
The document reports on the financial results of Tereos Internacional for the fourth quarter and full year of 2010/11. It highlights that revenues increased 24.2% in Q4 and 13.5% for the full year due to double-digit growth in both cereal and sugarcane operations. Adjusted EBITDA rose 16.7% in Q4 and 10.3% for the full year, driven by higher ethanol and sugar prices in Brazil as well as price increases for starch and ethanol in Europe. For the outlook, the document notes that market fundamentals remain strong for sugar, starch and ethanol.
The document provides a summary of Tegma's 2Q09 and 6M09 financial results. Net revenue increased 11.8% in 2Q09 and 13.3% in 6M09 compared to the same periods in 2008. EBITDAR grew 10.3% in 2Q09 and 20.9% in 6M09. Net income increased 3.6% in 2Q09 and 29.3% in 6M09 year-over-year. The board approved a dividend payment of R$20 million or R$0.30 per share to be paid on August 24th based on the shareholder base as of August 13th.
Tereos Internacional reported record first quarter net profits due to a strong increase in operating income. Revenues increased 47.4% to R$1.6 billion, driven by higher sugar and ethanol prices. Adjusted EBITDA doubled to R$206 million compared to the previous year. In Brazil, revenues and adjusted EBITDA increased significantly due to higher prices and the Mandu acquisition. Starch Europe revenues rose 27% due to higher volumes, but adjusted EBITDA declined due to increased costs. Outlook remains positive given continued high sugar and ethanol prices.
Tereos Internacional reported record first quarter net profits, driven by a strong increase in operating income. Revenues increased 47% to R$1.6 billion, largely due to higher sugar and ethanol prices. Adjusted EBITDA doubled to R$206 million compared to the previous year. The results were positively impacted by recent acquisitions as well as strong pricing environments for sugar and ethanol. Looking forward, concerns over reduced sugar production in Brazil may continue supporting high sugar prices.
The document summarizes the company's financial results for the 1st quarter of 2009. It reported a 3% increase in domestic oil, NGL, and natural gas production compared to the 4th quarter of 2008 due to new production systems coming online. Operating income decreased compared to the previous quarter primarily due to lower oil prices and sales volumes, though cost reductions partially offset this. New discoveries were also announced in pre-salt areas that will help drive future growth.
Tereos Internacional reported financial results for the fourth quarter and full year of 2011/12. For the quarter, revenues increased 20% driven by higher sugarcane sales in Brazil. Adjusted EBITDA grew 11% due to strong performance in Brazil and Indian Ocean. For the full year, revenues rose 19% from favorable pricing across all segments. Adjusted EBITDA increased 13% with improved results in sugarcane offsetting lower volumes in Brazil. Looking ahead, Tereos will use proceeds from a capital increase to fund expansion projects in Brazil, China, and Europe.
FEMSA reported strong revenue and operating income growth in the first quarter of 2009 despite challenging economic conditions. Consolidated revenues grew 20.1% while income from operations increased 20.1% driven by double-digit growth across all business units. Net income declined 27.9% due to higher financing costs from currency depreciation. Coca-Cola FEMSA saw revenue and operating income increase 30.5% and 17.3% respectively. FEMSA Cerveza reported revenue growth of 10.4% and operating income growth of 13.8% with volume declines in Mexico offset by growth in Brazil and exports. FEMSA Comercio continued expanding with revenues up 10.4% and operating margin
- The company reported financial results for the first quarter of 2009, with net revenue up 15.1% to R$244 million and net income up 63.1% to R$18.9 million compared to the first quarter of 2008. EBITDAR increased 35% to R$34.8 million.
- In the automotive sector, net revenue grew 12.2% while EBITDAR increased 30.6% due to adjustments to the operating structure, changes in product mix, and synergies from a merger. Revenue from other sectors increased 27.5% and EBITDAR grew 53.1%.
- Cash and debt levels showed a net debt of R$65.6 million
Roman Zenon Dawidowicz | Biodiesel Supply and Price Trend in GlobalRoman Zenon Dawidowicz
As of mid-2015,164 countries around the world have adopted at least one type of renewable energy target, up almost four-fold from 43 countries in 2005.
As gloomy as it may appear now with Gasoil below $600/mt, the biofuels story is far from dead as mandates are still increasing globally in Brazil, Argentina, Korea and perhaps Indonesia.
Roman Dawidowicz
mobile +65 9628 8735
Guarani achieved record net revenues in 2009/10 due to higher sugar and ethanol prices, despite lower volumes sold. Adjusted EBITDA more than doubled to R$334.9 million, with a margin of 24.6%, returning the company to net profit. However, Mozambican operations reported a loss due to drought. Sugar prices reached 28-year highs but have since declined, while ethanol prices remained above prior year levels. Guarani crushed 14.5 million tons of sugarcane in 2009/10.
Similar to 2 q 0910 conference call presentation (20)
1) O relatório apresenta os resultados do primeiro trimestre de 2015/2016 da Tereos Internacional, com destaque para o bom início da safra de cana-de-açúcar no Brasil e expectativa de bons volumes na África e Oceano Índico.
2) As receitas totais aumentaram 8% em moeda local, mas permaneceram estáveis em moeda constante. O EBITDA Ajustado caiu 7%, impactado principalmente pelos menores preços de açúcar na Europa.
3) Os volumes de vendas de amido e ad
1) Tereos Internacional reportou resultados do terceiro trimestre de 2014/15, com destaque para aumento de 3% na moagem de cana no Brasil e forte crescimento na África.
2) As vendas de açúcar, etanol e energia aumentaram no Brasil. As vendas de amido e adoçantes cresceram globalmente, impulsionadas pelas operações internacionais.
3) A receita líquida aumentou 9%, para R$2,1 bilhões, com melhora da lucratividade na maioria dos segmentos, exceto
Tereos Internacional provided a disclaimer and overview of a presentation given at the Morgan Stanley Latin America Mid-Cap Conference in London on November 11th, 2014. The summary discusses Tereos' profile as a leading producer of sweeteners and bioenergy with a global footprint and diversified raw material processing. Financial highlights note revenues of R$962 million and EBITDA of R$123 million for fiscal year 2013/2014.
Este documento apresenta informações sobre a Tereos Internacional para investidores e analistas. Resume a estrutura acionária, as operações globais, as divisões de negócios de cana-de-açúcar e cereais, e fornece indicadores financeiros e de mercado.
O documento resume os resultados financeiros da Tereos Internacional no segundo trimestre de 2014/15. Houve queda na receita líquida de 3% devido a menores preços e volumes de açúcar no Brasil e cana-de-açúcar na África/Oceano Índico. O EBITDA ajustado caiu 19% principalmente pela pior rentabilidade da divisão de cana-de-açúcar no Brasil, com menores vendas de açúcar e maiores custos. A divisão de cereais teve melhor desempenho graças
O documento resume os resultados financeiros e operacionais da Tereos Internacional para o ano fiscal 2013/14. Destaca o crescimento da receita impulsionado por maiores volumes de vendas no Brasil e Europa. O EBITDA ajustado aumentou com a diluição de custos no Brasil e melhor desempenho na Europa. A produção de cana-de-açúcar no Brasil atingiu recorde de 19,7 milhões de toneladas.
Tereos internacional presentation_port_3_mTereosri
(1) Tereos Internacional divulgou seus resultados do terceiro trimestre de 2013/14.
(2) A receita líquida aumentou 5,9% impulsionada pelo melhor desempenho operacional da unidade Lillebonne na Europa e melhores preços de etanol e energia no Brasil.
(3) O EBITDA ajustado cresceu 5,8% com melhora na rentabilidade de todos os segmentos, exceto na África/Oceano Índico devido a condições climáticas adversas.
1) As vendas de açúcar e energia da Guarani no Brasil aumentaram significativamente no segundo trimestre, melhorando os lucros.
2) Na África e Oceano Índico, a produção se manteve estável, com aumento nas vendas e lucros.
3) As vendas de amido e adoçantes aumentaram levemente, mas as margens permaneceram pressionadas.
O documento apresenta: (1) informações sobre uma reunião pública da Tereos Internacional com investidores e analistas em São Paulo; (2) um aviso sobre as informações apresentadas não terem sido verificadas independentemente e sobre riscos envolvendo projeções; (3) a agenda da reunião incluindo apresentações sobre a Tereos como líder global em açúcar, amido e bioenergia e sobre suas operações de cana-de-açúcar e cereais no Brasil e internacionalmente.
16,6%
Margem Bruta
1. O documento apresenta os resultados financeiros e operacionais da Tereos Internacional no segundo trimestre de 2013/14.
2. Destaca-se o aumento na receita líquida, impulsionado por maiores volumes de cana-de-açúcar no Brasil e efeito cambial positivo.
3. O EBITDA ajustado também cresceu, com melhora na eficiência das operações de cana-de-açúcar no Brasil e menores custos com matérias-primas na
The document provides an earnings release for Açúcar Guarani for the second quarter of 2008, highlighting decreases in sugar prices, increases in ethanol production and sales, financial results including revenue and EBITDA, inauguration of a new ethanol plant, and leadership changes including a new CEO.
Divulgação de resultados 2 t08 port (apresentação)Tereosri
Este documento resume os resultados financeiros e operacionais da Açúcar Guarani no 2T08. Apresenta queda nos preços do açúcar e aumento na produção e vendas de etanol. Destaca o crescimento da receita, EBITDA e vendas de etanol, assim como a inauguração de uma nova unidade voltada à produção de etanol hidratado.
O documento resume os principais resultados financeiros da Tereos Internacional no primeiro trimestre de 2013/14. Destaca o crescimento da receita líquida impulsionado por maiores volumes de vendas no Brasil e na África/Oceano Índico. Também ressalta a recuperação do EBITDA ajustado em relação ao ano anterior, principalmente devido aos maiores volumes de cana-de-açúcar processados no Brasil.
O documento resume os resultados financeiros e operacionais da Açúcar Guarani para o 4o trimestre e ano fiscal de 2008/2009. A empresa obteve receita líquida recorde de R$1,2 bilhão, impulsionada por maiores preços e volumes de açúcar e etanol. No entanto, teve prejuízo líquido de R$291 milhões devido a efeitos não caixa da desvalorização cambial e amortização de ágio. A dívida líquida foi reduzida em 20,5% e a empresa focará em reduz
O relatório apresenta os resultados do primeiro trimestre de 2009/2010 da Açúcar Guarani. Os principais pontos são:
1) Aumento de 185% no EBITDA ajustado em comparação ao mesmo período do ano anterior, alcançando R$49,9 milhões.
2) Lucro líquido de R$14,3 milhões no trimestre, revertendo prejuízo do ano anterior.
3) Crescimento de 9,5% na moagem de cana-de-açúcar e aumento na produção de açúcar e etanol.
O documento apresenta os resultados do 2o trimestre de 2009/2010 da Açúcar Guarani. Os preços mundiais do açúcar atingiram o maior nível dos últimos 28 anos, sustentando os preços domésticos. A receita líquida cresceu 27,7% impulsionada pelos maiores preços do açúcar. O EBITDA ajustado aumentou 49,9% no primeiro semestre e 9,8% no segundo trimestre.
A Guarani registrou receita líquida recorde no 3o trimestre de 2009/2010, impulsionada pelos maiores preços de açúcar e etanol. Entretanto, o lucro líquido foi impactado negativamente pelas operações em Moçambique, que sofreram com a seca e desvalorização cambial, registrando prejuízo. As operações brasileiras tiveram bom desempenho, com lucro líquido de R$80,3 milhões. A empresa planeja ampliar capacidade de produção de açúcar nas próximas safr
A Guarani obteve resultados financeiros positivos em 2009/10, com receita líquida recorde de R$ 1,4 bilhão, apesar da queda na produção de açúcar e etanol devido às condições climáticas. A empresa expandiu sua capacidade de moagem através de parcerias e investimentos. Uma parceria com a Petrobras Biocombustível visa acelerar o crescimento da Guarani no setor sucroenergético brasileiro.
Apresentação teleconferência resultados 1 t 1011Tereosri
1) A Tereos Internacional apresentou resultados financeiros do primeiro trimestre de 2010/11, com produção recorde de açúcar e etanol no Brasil, porém EBITDA afetado por efeitos cambiais e eventos não recorrentes.
2) O segmento de amido teve redução na receita líquida devido à desvalorização do Real frente ao Euro e menores preços de venda de amido, porém melhorou a margem EBITDA.
3) No Brasil, houve aumento expressivo na produção e receita, porém o EBIT
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تأسست مجموعة العرجاني عام 2010 لتكون داعمللاقتصاد المصري بمختلف مجالاته على سبيل المثال لا الحصر الاستيراد والتصدير والخدمات اللوجيستية والتطوير العقاري والتشييد والبناء والنقل والتنمية الزراعية والخرسانة الجاهزة.
أهم شركات مجموعة العرجاني :
شركة أبناء سيناء للتجارة والمقاولات: تعمل في مشاريع البنية التحتية والتجارة في أفريقيا والشرق الأوسط.
شركة أبناء سيناء للبناء والتشييد: متخصصة في البناء وتوظيف فرق عمل متميزة.
شركة مصر سيناء: تركز على استصلاح الأراضي وتعدين الرخام.
شركة NRD: تطور تقنيات بناء جديدة تناسب الظروف البيئية.
شركة إيتوس: متخصصة في الحراسة والأمن.
مؤسسة سيناء للخير: تهدف لدعم المجتمع من خلال المشاريع الخيرية.
شركة أورجاني للتطوير: تعمل في التطوير العقاري وإدارة الفنادق.
شركة إيجي ميكس: تنتج الخرسانة الجاهزة.
2. This presentation contains forward-looking statements related to the prospects of our business and
estimates for operating and financial results. Those related to growth prospects of Açúcar Guarani
S.A. are merely projections and, as such, based exclusively on the expectations of the management
concerning the future of the business. Such forward-looking statements depend substantially on
changes in market conditions, government regulations, competitive pressures, the performance of the
Brazilian and international economies and the industry and are therefore subject to change without
prior notice.
Disclaimer
4. 550
600
650
700
750
800
Q107/08
Q207/08
Q307/08
Q407/08
Q108/09
Q208/09
Q308/09
Q408/09
Q109/10
Q209/10
Q2 09/10 Ethanol Market Overview
4
Guarani’s Ethanol Average Prices
(R$/m³)
Increase of 22.4% in volume of
hydrous ethanol sold in the domestic
market compared to Q2 08/09,
sustained by the growth in the flex
fuel vehicles fleet and expected 2.6
million car sales in 2009 in Brazil
Positive trend in domestic ethanol
prices due to expected tight supply
(affected by rains) & balanced demand
(strong car sales) at the end of the
Brazilian crop
Exports lower than last year due to
a recovery in domestic market prices.
US remains the main Brazilian
destination, followed by the European
Union, India and Japan.
5. 1.2 1.1
4.8
4.4
Q2 08/09 Q2 09/10
Own 3rd Party
5.4
6.0
2.6 2.9
7.6 7.1
H1 08/09 H1 09/10
Own 3rd Party
10.010.2
Decrease in total volume crushed (-9.4%) in Q2, impacted by rainfalls. Volume down
1.7% on a half year basis
2009/10 crushing target revised to 14.5 million tons, due to negative impact of weather
in Brazil (rainfalls) and Mozambique (drought):
• Brazil: 14.1 million tons
• Mozambique: 0.4 million tons (expected 0.6 million tons)
Agricultural yield in Brazil has increased by 12.9%, while sugar content in
sugarcane has declined by 7.3% to 134 kg TRS/ton of sugarcane
Decrease of Sugarcane Crushed in Q2 09/10
5
Sugarcane Crushed (MM t)
Q2 09/10
Sugarcane Crushed (MM t)
H1 09/10
6. 57 82
282 250
H1 08/09 H1 09/10
Anhydrous Hydrous
332339
276 326
459 334
83
46
H1 08/09 H1 09/10
Refined Crystal VHP
818
706
H1 09/10: Increased Refined Sugar Production and
Slight Decrease in Ethanol Production
6
Ethanol Production (’000 m³)
H1 09/10
Sugar Production (’000 t)
H1 09/10
Increase in refined sugar production (+18.1% in H1 09/10 and stable in the second
quarter, in line with value-added strategy) to benefit from the white premium (average 90.7
US$/ton during first half 09/10)
Quarter-on-quarter, sugar production decreased by 19.0% and ethanol production by
13.8% due to poor weather conditions
Mix through September of 57% sugar and 43% ethanol to benefit from higher margins
7. 161
242
99
9632
36
Q2 08/09 Q2 09/10
Sugar Ethanol Others
292
373
260
392
179
16251
53
H1 08/09 H1 09/10
Sugar Ethanol Others
490
607
27.7% growth in net revenue in Q2 09/10,
driven mainly by Sugar (+49.8% in Q2 09/10):
• 42.1% increase in average sugar prices in
Reais to 749.1 R$/ton
• 5.4% increase in sugar sales
Ethanol revenue down 2.7% due to lower
prices (-2.0%)
Strong Increase in Net Revenue Driven by Higher
Sugar Prices in Q2 09/10
7
Net Revenue (R$ MM)
Q2 09/10
Net Revenue (R$ MM)
H1 09/10
Guarani’s Net Revenue breakdown in H1
09/10:
• Sugar: 64.6%
• Ethanol: 26.6%
• Energy: 1.5%
• Other products: 7.3%
8. 76.6
114.8
15.6%
18.9%
5,0%
7,0%
9,0%
11,0%
13,0%
15,0%
17,0%
19,0%
21,0%
0
20
40
60
80
100
120
140
160
H1 08/09 H1 09/10
Adjusted EBITDA Adjusted EBITDA Margin
59.1 64.9
20.2%
17.4%
1,0%
3,0%
5,0%
7,0%
9,0%
11,0%
13,0%
15,0%
17,0%
19,0%
21,0%
23,0%
25,0%
0
20
40
60
80
100
Q2 08/09 Q2 09/10
Adjusted EBITDA Adjusted EBITDA Margin
Rise in Adjusted EBITDA mainly due to higher sugar prices
Adjusted EBITDA margin of 18.9% versus 15.6% in H1 08/09 with Adjusted EBITDA measured by TRS sold
of R$118.2/ton, an increase of 49.7% half-on-half
Q2 09/10 Adjusted EBITDA margin at 17.4% affected by:
• Temporary effect of hedging with futures (R$9.7 million), ethanol exports of 44,800 m³ at a lower average price than
on the domestic market and quarterly effect of CONSECANA adjustment on agricultural costs (R$18.7 million)
• Higher costs of goods sold related to the lower sugar content on the raw material and increased agricultural costs
Improvement in Adjusted EBITDA: +49.9% in H1 09/10
to R$114.8 Million, +9.8% in Q2 09/10
8
Adjusted EBITDA (R$ MM)
Q2 09/10
Adjusted EBITDA (R$ MM)
H1 09/10
9. (101.8)
(0.5)
Q2 08/09 Q2 09/10
(128.4)
13.8
H1 08/09 H1 09/10
Q2 09/10: Net Loss of R$0.5 million after a R$101.8 loss last year
H1 09/10: Net Profit of R$13.8 million, compared with a net loss of R$128.4 million in H1 08/09, with a 2.3% net margin on
sales
Net profit positively affected by: a) Strong price recovery for sugar (+45.5%) and b) Net non-cash FOREX effect of R$105.8
million on H1 09/10; but negatively impacted by: a) The hedging effect related to prices of R$50.8 million on H1 09/10; and b)
Increased costs due to lower sugar content and CONSECANA cost adjustment
H1 09/10 Net profit of Brazilian operations of R$42.3 million, while operations outside of Brazil posted a net loss of
R$28.5 million due to depreciation of local currency
Net Profit of R$13.8 million in H1 09/10 (close to
breakeven in Q2 09/10) Driven by Increased Sugar
Prices and Positive Forex impact
9
Net Profit (R$ MM)
Q2 09/10
Net Profit (R$ MM)
H1 09/10
10. Foreign
Currency
70%
BRL
30%
Current
50%
Non-
Current
50%
Net debt at R$1.1 billion, virtually stable over the previous quarter, due to higher stocks and accounts
receivable, but with positive effect of real appreciation on debt denominated in foreign currency (USD)
Short-term debt net of cash and cash-equivalents totaled R$328.5 million, representing 50% of total Net
Debt, excluding intercompany loans with Tereos
Net Debt/Adjusted EBTIDA ratio at 4.0x in September, 2009, stable compared to June, 09. Excluding
intercompany loans, Net Debt/Adjusted EBITDA ratio stood at 2.5x
Stable Net Debt and Indebtedness Ratios
10
Net Debt per Term1Net Debt per Currency1
(1) Includes R$101.4 million related to SHL in Mozambique (1) Excludes intercompany loans and cash & cash equivalent
11. Selective industrial and agricultural CAPEX to:
Eliminate bottlenecks and further develop marginal capacity to lower fixed costs at São
José and Tanabi plants
Increase sugarcane crushing capacity at São José plant (from 2.6 to 3.2 million tons) and
launch a sugar factory at Tanabi plant (110,000 ton/year)
Sugarcane planting to produce the necessary raw material in coming crops to benefit from
high sugar prices
CAPEX: Focus on Sugar Production Increase, Cost
Reduction and Efficiency Programs
11
12. 100
120
140
160
180
30
40
50
60
98/99
99/00
00/01
01/02
02/03
03/04
04/05
05/06
06/07
07/08
08/09
09/10E
Production/Consumption(MMton)
Inventories(MMton)
Inventories Production Consumption
Source: LMC
15
20
25
30
35
40
45
50
8
12
16
20
24
28
01-Apr-08
01-Jul-08
01-Oct-08
01-Jan-09
01-Apr-09
01-Jul-09
01-Oct-09
centsR$/lb
centsUS$/lb
cents US$/lb cents R$/lb
Q209 Q110Q109 Q309 Q409
Source: ICE
Q210
Sugar Market Outlook: Worldwide Supply & Demand
Deficit Ensure Sharp Increase of Sugar Prices
12
World Sugar BalanceRaw Sugar Prices (NY 11)
A deficit in global sugar supply is expected for the 2009/10 crop, the second consecutive year of reduced
production levels, mainly due to India’s low production (delayed monsoons)
Analysts expects this positive trend to continue for at least the next 12 to 18 months, with the
expectation of a reversion from deficit to a slight surplus in the world’s sugar balance onwards
Driven by positive fundamentals, sugar prices stood at their highest level in 28 years
Brazil, the largest beneficiary of the world sugar deficit in the 2009/10 crop, has been impacted by rains in
the Center-south region from July to September 2009
Global demand not affected by worldwide crisis
13. 0
50
100
150
200
250
300
Jan-01
Jun-01
Nov-01
Apr-02
Sep-02
Feb-03
Jul-03
Dec-03
May-04
Oct-04
Mar-05
Aug-05
Jan-06
Jun-06
Nov-06
Apr-07
Sep-07
Feb-08
Jul-08
Dec-08
May-09
'000units
Ethanol + Flex-Fuel Gas + Diesel
Source: Anfavea
Ethanol Market Outlook: Recovery in Ethanol Prices
Driven by Tight Supply
13
Vehicles Sales per Fuel
Type (Brazil)
Domestic Market
The growth of the flex-fuel fleet, which represented
more than 40% of Brazil’s light vehicles fleet at the end
of September 2009, is still boosting domestic ethanol
consumption
Forecast of reduced ethanol supply during the inter-
crop, points to strengthened domestic prices at the
beginning of the 2010/11 crop, favoring producers with
fuel storage
International Market
Better prices and margins for US producers due to
lower corn production. Enhanced prospects for EU and
Japan (new governmental target for renewable energy of
20% by 2030)
According to the EPA (Environmental Protection
Agency) ethanol from sugarcane is the only fuel that
would allow to meet US RFS-2 requirements with 44%
less greenhouse gas emissions compared to gasoline
14. 14
Outlook: Guarani Solidly Positioned to Seize
Opportunities and Benefit from the Positive Market
Outlook
Rains in Brazil and drought in Asia enhancing positive outlook for sugar prices for the second
half of 2009/10
Positive prices outlook for ethanol as of second half of 09/10 due to strong demand
Continued focus on balance sheet strengthening
Pipeline of attractive expansion projects: Sugar in the short term and Ethanol and
Cogeneration in the Mid/Long term
Strong commitment and support from Tereos, Guarani’s controlling shareholder, to seize
opportunities: Guarani is a strategic asset for Tereos
15. Thank You
phone: +55 (11) 3544-4900
e-mail: ri@aguarani.com.br
website: www.acucarguarani.com.br/ir
Jacyr S. Costa Filho
CEO
Reynaldo F. Benitez
CFO and Investor Relations Officer
Alexandre L. Menezio
Investor Relations Manager
Felipe F. Mendes
Investor Relations Analyst
Renato N. Zanetti Neto
Investor Relations Analyst