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.
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.
Tereos Internacional reported its first quarter 2015/16 results. Key highlights included a good start to the sugar cane harvest in Brazil with improved efficiency compared to the previous year. Volumes harvested were up 4% compared to the previous first 100 days. Higher ethanol prices in Europe contributed to improved performance in the alcohol and ethanol segment. Starch and sweeteners sales volumes increased slightly year-over-year and quarter-over-quarter, but margin pressure continued due to raw material costs. Adjusted EBITDA was down compared to the previous year due to lower prices impacting segments in Europe, Africa and India.
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 company reported record 9M revenues of R$970.7 million, up 14.3%, though adjusted EBITDA was only up 8.2% due to losses in Mozambique from lower production and currency depreciation.
- Net income was R$15.7 million as strong results in Brazil of R$80.3 million were offset by a R$64.6 million loss in Mozambique.
- The outlook is positive due to higher domestic sugar and ethanol prices, expected higher sugar production, and an increase in own sugarcane.
Tereos Internacional Q1 10/11 Earnings PresentationAlexandre Menezio
Tereos Internacional reported financial results for the first quarter of 2010/11. Key highlights included record sugar and ethanol production in Brazil but lower revenues and EBITDA impacted by currency effects and non-recurring costs. Revenues were down 13.1% reported but up 2.1% at constant currency. EBITDA fell 43.5% due to a R$196 million currency impact and R$32 million in non-recurring costs in Brazil. The company saw a reduction in net debt of R$91 million despite acquisitions. Segment results were mixed with strong production in Brazil offset by currency impacts in other segments. Key markets showed signs of recovery in demand.
1) Açúcar Guarani reported strong financial results for Q1 2009/2010, with an 18.1% increase in net revenue driven by higher sugar prices in Reais and a 185.1% increase in adjusted EBITDA to R$49.9 million.
2) Sugar production and sales increased compared to the previous year, with a focus on the domestic market, while ethanol production was up but revenue decreased.
3) Sugarcane crushing was up 9.5% due to increased own cane supply and a stable contribution from third parties.
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.
Yara held a Capital Markets Day in 2013 to discuss its business strategies and opportunities. A key focus is developing a strong safety culture and achieving sustainable safety performance through its "safe by choice" framework. Yara aims to create sustainable value by responding to global megatrends and adapting its business and products accordingly. It sees opportunities in increasing global demand for food and improving agricultural efficiency to help meet rising food needs with limited resources.
This 220+ page report from F.O. Licht and Agra CEAS provides a comprehensive worldwide survey of ethanol production costs. It includes over 130 tables and charts analyzing ethanol policy, markets, production costs and feedstocks in major producing countries. The report breaks down ethanol production costs by country and feedstock. It also examines the political, regulatory and market factors that influence ethanol markets and costs in over 20 countries, including trade and development outlook.
Yara International ASA reported strong second quarter results for 2014. EBITDA excluding special items was up 2% compared to the second quarter of 2013, as lower gas costs in Europe more than offset the negative impacts of lower fertilizer sales volumes and lower earnings from equity investments. Fertilizer deliveries globally were up 2% year-over-year, while deliveries in Europe were down 21% due to a record first quarter in 2013. Industrial sales volumes increased 6% compared to the prior year. Yara benefited from a 23% reduction in average gas costs in Europe.
The document discusses Yara's Capital Markets Day 2013. It covers Yara's track record and strategy, with a focus on safety culture. It also discusses Yara's strategic ambition of "Creating Impact" to deliver business solutions that address issues of food security, resource scarcity, and environmental degradation. Additionally, it provides overviews of Yara's focus on commodity markets, downstream business, supply and trade operations, and upstream business. Financial performance and growth scenarios are also examined.
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.
- Yara reported strong second quarter results driven by increased deliveries, lower natural gas prices in Europe, and a stronger US dollar.
- Fertilizer deliveries were up 6% due to recent acquisitions in Latin America and Brazil, excluding acquisitions deliveries were down 2%.
- Margins improved due to a 19% decrease in ammonia prices and Yara's 17% lower average gas and oil costs, though realized fertilizer prices also decreased.
Celanese Corporation reported strong financial results for the second quarter of 2005 that exceeded previous guidance. Net sales increased 23% and operating profit rose significantly due to margin expansion. Basic EPS was $0.41 and diluted adjusted EPS was $0.53, above previous guidance. Adjusted EBITDA also exceeded guidance, rising 51% to $283 million. Based on this performance, the company raised its full-year 2005 guidance for diluted adjusted EPS to a range of $1.90 to $2.00.
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.
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.
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 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.
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
- 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.
- 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.
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.
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 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.
Guarani's Q4 and full year 2008/09 results presentation covers:
- Record revenues of R$1.17 billion due to higher sugar and ethanol prices and increased volumes.
- Adjusted EBITDA increased 45.6% to R$228.3 million due to price increases.
- A net loss of R$291 million was reported, impacted by non-cash effects of currency depreciation and amortization expenses.
- CAPEX was reduced with a focus on sugarcane plantations and selective efficiency projects.
- The outlook for 2009/10 is positive with expectations for continued strong sugar prices and stable ethanol demand.
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.
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.
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.
This document provides an interim financial results presentation for RPC Group PLC. Key points include:
- Revenue increased 8% to £524.7 million for the first half of the year. Adjusted operating profit was £46.6 million.
- The company's Vision 2020 strategic plan focuses on organic growth, European acquisitions, and expanding globally.
- Their "Fitter for the Future" optimization program aims to rationalize manufacturing, optimize business portfolio, and realize property value. It is expected to deliver annualized operating profit improvements of at least £10 million.
2015 First Quarter Results - The slides for the analyst presentation Lafarge
- Lafarge reported solid results for the first quarter of 2015, with EBITDA up 17% supported by cost reduction, pricing, and innovation actions. EBITDA margin increased 180 basis points.
- Cement prices were up 0.6% versus last year and 2.7% compared to Q4 2014. Like-for-like EBITDA was up 14% and net debt was down versus first quarter 2014.
- Lafarge confirmed its target to generate EBITDA of between €3 and €3.2 billion for 2015 and reduce net debt to between €8.5 and €9 billion by year-end.
Edita Food Industries - Results Commentary - 1H2016Omneya El Hammamy
Edita Food Industries reported a 2.4% increase in 1H2016 revenues to EGP 1,068.3 million, driven by growth in the Croissants, Rusks, and Candy segments. However, net profit declined sharply by 41.8% to EGP 85.42 million due to higher financing costs, foreign exchange losses, and operating expenses. While price increases helped support revenues, volumes declined. The company is launching new higher-priced products to improve margins and recovering demand for its flagship Twinkies product. However, the foreign exchange shortage and high inflation in Egypt continued to pressure Edita's bottom line during the period.
2014 Half-Year Results - The slides for the analyst presentationLafarge
- Sales were up 3% like-for-like in Q2, with cement volumes up 4% due to price increases and higher demand. EBITDA was up 9% at constant rates, supported by cost cutting measures.
- Cost-saving and innovation initiatives delivered €165M in savings in Q2, on track to meet annual targets. EBITDA margin increased 140bps to 24.3% due to cost measures and price rises.
- €1.1Bn of divestments have been secured year-to-date, with €0.4Bn received in the first half, supporting debt reduction goals. Outlook for 2014 cement market growth remains at 2-5%.
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.
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.
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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United Kingdom's Real Estate Mogul: Newman George Leech's Impact on the Swiss...Newman George Leech
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Innovation Hub_ Spotlight on Toms River's Role as a Beacon for Entrepreneuria...Philip M Caputo
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Organisational success today hinges on effectively understanding and responding to customer needs across diverse segments with varying expectations and preferences. Indeed, with consumers becoming increasingly demanding, it is more important than ever to prioritise customer experience excellence at every touchpoint.
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Dubai warmly welcomes professionals from every field, including freelancers. The city’s strong economy provides a fertile ground for freelancers to thrive and succeed. With the rise of digitalization and changes in employment trends, many people are choosing freelance careers for the independence and flexibility they offer. And where better to start your freelancing journey than in Dubai? However, to begin your journey, you will first need to get a freelance permit and a freelance visa Dubai.
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2. Key initiatives and major developments in FY 2013/14
Progress in Operational performance
Brazil: Already reaping the benefits of the multi-year investment and efficiency program (Guarani2016):
Agriculture: +8% in volumes at 19.7 million tonnes (full consolidation) driven by strong yields (92 t/ha or
+10% above the average in the Center South region)
Co-generation: +38% in energy sales to 711 GWh, due to the ramp up of cogeneration, particularly at
São Jose and Mandu mills
Cereals Europe: ”Performance 2015 “ cost & efficiency program progressing
Major headways in International development and product portfolio diversification
Cereals Europe: Lillebonne at normalized utilization rates with more diversified mix of products
(protein/sweeteners)
2
Cereals Brazil: Sweeteners sales ramping up at Palmital corn-based starch facility and client portfolio
developing
Cereals Asia: Dongguan construction and Tieling improvement and diversification plan in China advancing.
Establishing presence in Indonesia with closing of 50% acquisition of Redwood on May 28th, 2014
Strengthening of financial situation
Capital injection from PBio at Guarani in October 2013: R$225 million (TI at 60.4% stake)
Refinancing:
Guarani: improvement in debt maturity profile with close to USD 300 million of refinancing in the last 12
months, including USD190 million of export notes in October 2013 (duration of 5 years at lower rates)
Deleverage process under way as multi-year investment program is largely completed: net
debt/EBITDA ratio down to 3.7x in March 2014 vs. 4.2x in March 2013
3. Sugar:
Since January’s low, raw sugar prices have increased 21% to 17.8
USD cents/lb in March 31st, mainly on the back of the severe
drought that affected sugarcane fields in Center-South of Brazil.
Since then prices hovering around 18.0-18.5 USD cents/lb
BRL/USD devaluation during the quarter (-5%) improved Brazilian
producers’ remuneration
Starch:
Tensions in Ukraine pushed Matif cereal prices up in Feb/Mar
Q4 2013/14 Market Highlights
14
15
16
17
18
19
20
21
380
410
440
470
500
530
560
590
Apr-13 Jul-13 Oct-13 Jan-14
LIFFE#5 NY#11
US$/MT USD Cts/lb
230
250
270 €/MT
Market demand for both starch and liquid sweeteners slightly better
last quarter but competition in Europe remains fierce
High volatility of cereal prices maintained margins under pressure
during the period
Ethanol:
In Brazil, anhydrous and hydrous ethanol prices increased 10%
and 8% in the quarter on tighter stock as the Center-South region
entered into the intercrop period. Concerns over the 2014/15
crop also contributed to sustain prices
In Europe, FOB Rotterdam prices rebounded 9% during March
from EUR460/m3 to EUR502/m3, on increasing US ethanol
prices, higher feedstock costs and stronger demand
3 Source: Bloomberg
150
170
190
210
230
Apr-13 Jul-13 Oct-13 Jan-14
Corn MATIF Wheat MATIF
400
450
500
550
600
650
700
700
900
1100
1300
1500
1700
1900
Apr-13 Jul-13 Oct-13 Jan-14
Brazil ESALQ Europe Rotterdam
R$/m³ €/m³
4. 941
1.063
1.957
2.115
2.008
2.217
7,402
Net Revenues Evolution
5,688
5,011
6,876
R$ MM
+10%
+13%
Y-o-Y growth8,339
752 678 779 1.056 848
2.701
2.511
3.156
3.396
4.211
239 540
826
941
1.319
1.957
2009/10 2010/11 2011/12 2012/13(1) 2013/14(1)
Alcohol & Ethanol Europe Starch & Sweeteners Africa/Indian Ocean Brazil
Note: (1) Figures are in accordance with IFRS 11 (JV contribution) and Group's new segmentation
4
+24%
-20%
5. 281 428
424
373
518
959
850
786
Adjusted EBITDA Evolution
771
R$ MM
+39%
Y-o-Y growth962
81 51 94
28
75
395
292
302
205
193
13
93
158
190
184
373
-14 -19 -9 -9
2009/10 2010/11 2011/12 2012/13(1) 2013/14(1)
Alcohol & Ethanol Europe Starch & Sweeteners Africa/Indian Ocean Brazil Other
5
-3%
-6%
+173%
Note: (1) Figures are in accordance with IFRS 11 (JV contribution) and Group's new segmentation
6. 0 01.056
3.396 4.211
941
1.063
2.008
2.217 Brazil
Africa/Indian Ocean
Starch &
Sweeteners
Alcohol & Ethanol
Europe
Holding
Revenues
Better volumes and positive FX effect supporting revenues growth
Net Revenues (R$ MM)
7,402
8,339
7402
8339
+874 +227
(131) (32)
0 01.056 848
2012/13 2013/14
Holding
6
Revenue growth supported by:
Higher sales volumes for all segments, except for A&E Europe, with particularly strong growth in the
year in Brazil ethanol volumes (+18%). Ethanol trading sales for Tereos Group are no longer
consolidated in this segment since October 2013
Better ethanol prices in Brazil and positive mix effect with increased volumes of protein in S&S
Positive currency translation effect due to Real depreciation vs. Euro
But partially offset by:
Negative year-on-year price evolution in sugar, as well as in S&S and ethanol in Europe (following
declining cereal prices and weak demand in EU)
2012/13 Currency Volume Price & Mix Others 2013/14
7. Net Revenues Evolution by Product
March 2013 – 12 Months March 2014 – 12 Months
Sugar
24%
Starch &
Co-products
Alcohol &
Ethanol
20%
Energy
2%
Others
11%
Sugar
22%
Starch &
SweetenersCo-products
Alcohol &
Ethanol
18%
Energy
2%
Others
10%
7
Well-diversified portfolio with relatively stable breakdown
Sugar and Sweeteners remain the major source of revenues for Tereos Internacional
Alcohol & Ethanol remains as the second major activity backed by increased volumes & prices in Brazil
Co-products revenues had a higher contribution in 2013/14 mainly on the back of positive mix effect with
the diversification of production at Lillebonne and the development of protein sales
Energy sales increasing due to the higher co-generation in Brazil
Starch &
Sweeteners
31%
Co-products
12%
Sweeteners
32%
Co-products
16%
8. 786
962
+146
(5) (12)
+48
(0)
28 75
205
193
190 184
373
518
Brazil
Africa/Indian
Ocean
Starch &
Sweeteners
Alcohol & Ethanol
Europe
Holding
Adjusted EBITDA
Sugarcane Brazil and improvement in A&E Europe setting the tone for higher profitability
Adjusted EBITDA (R$ MM)
786
962
2012/13 Brazil Africa/IO S&S A&E
Europe
Holding 2013/14-9 -9
28 75
2012/13 2013/14
8
Adjusted EBITDA up year-on-year as a consequence of:
Cost dilution in Sugarcane Brazil on higher volumes crushed and benefits from the efficiency plan
Positive contribution of A&E Europe on normalization of production and lower input costs, due
notably to ramp up of protein volumes and improved operational performance, compensating for
the drop in ethanol prices
Positive Forex impact on steady Indian Ocean performance
But partially offset by:
Tough market conditions in Europe allowing only for a partial pass-through of costs to clients
Lower production in Mozambique
Margin 11.5%Margin 10.6%
9. 43
514
16
711
Q4
12/13
FY
12/13
Q4
13/14
FY
13/14
143
477
208
563
Q4
12/13
FY
12/13
Q4
13/14
FY
13/14
363
1.357
374
1.482
Q4
12/13
FY
12/13
Q4
13/14
FY
13/14
4,9
16.5
0
18.3
Q4
12/13
FY
12/13
Q4
13/14
FY
13/14
Ethanol Sales (‘000 m³)Sugarcane Crushing (MM t) Sugar Sales (‘000 t)
+9.2% YoY +18.1% YoY
Sugarcane Brazil – Production & Sales
Record Sugarcane Crushing at 19.7 million tonnes
Energy Sales (‘000 MWh)
+38.3% YoY
Crushing
+10.6% YoY
9
Crushing
Higher crushing in 2013/14: 19.7 million tonnes or +8% y-o-y (full consolidation) and 18.3 million tonnes
or +11% y-o-y (without Vertente, on equity consolidation)
Better-than-expected agricultural yields at 92 t/ha vs. 84 t/ha in 2012/13
Improvement in production
Overall production up 10% to 2.5 Mt (expressed in TRS)
Mix: 63% sugar, 37% ethanol vs. 64% / 36% last year
Sugar: 1.5 Mt +9% YoY
Ethanol: 535 k m³ +13% YoY
Progress on cogeneration
Energy sales (including trading) up 38% to 711 GWh, due to the ramp up of cogeneration, particularly at
São Jose and Mandu mills
10. 2008 2217
(59)
+121 +73 +97
(23)
2012/13 Price & Volume Price & Volume Others 2013/14
Sugarcane Brazil – Financials
Positive volume impact and ethanol price effect together with higher cogeneration revenues
Net Revenues (R$ MM)
Sugar Ethanol
Key Figures
In R$ Million
2013/14 2012/13 Change
Revenues 2,217 2,008 +10%
Gross Profit 429 304 +41%
Margin 19.4% 15.1%
EBIT 132 35 +275%
Margin 5.9% 1.7%
Adjusted EBITDA 518 373 +39%
2012/13 Price &
Mix
Volume Price &
Mix
Volume Others 2013/14
* includes Cogeneration, Agricultural Products, Hedging and Ethanol Resale
10
(1) Tereos Internacional allocates tilling expenses as cost.
If tilling expenses were allocated as investment, Adjusted
EBITDA for fiscal year 2013/14 would have reached
R$623 million.
Sugar: 58% of total net revenues
Volumes increased 9% to 1.482 million tonnes
Prices down 5% Y-o-Y at 873 R$/tonne
Ethanol: 32% of total net revenues
Volume sold up 18% to 563,000 m3
Prices up 12% Y-o-Y at 1,251 R$/m3
Cogeneration: R$101 million vs. R$80 million
Adjusted EBITDA: R$518 million, +39%
• Lower unitary costs coupled with better
ethanol prices and first benefits of Guarani
2016 program
• Adjusted EBITDA margin up nearly 5ppts
• Adjusted EBITDA Margin1 for fiscal year
2013/14 including tilling as depreciation:
28.1%
Margin 23.4% 18.5%
11. 63
290
68
286
Q4
12/13
FY
12/13
Q4
13/14
FY
13/14
6
2.566
0
2.188
Q4
12/13
FY
12/13
Q4
13/14
FY
13/14
-14.7% YoY
Sugarcane Indian Ocean/Africa – Production and Financials
Indian Ocean operations continue to deliver steady performance
Sugarcane Crushing (’000 t) Sugar sales (‘000 t)
-1.4% YoY
Key Figures
In R$ Million
2013/14 2012/13 Change
Revenues 1,063 941 +13%
Gross Profit 197 222 -11%
Margin 18.5% 23.6%
EBIT 66 84 -22%
Margin 6.2% 8.9%
Adjusted EBITDA 184 190 -3%
Margin 17.3% 20.1%
11
2013/14 Revenue Breakdown by Product Sugarcane crushing
Indian Ocean: slight reduction (-7% in sugarcane crushing
to 1.72 million tonnes)
Africa: unfavorable weather conditions and technical
issues with irrigation resulted in a 36% reduction in
sugarcane crushing to 470,000 tonnes
Revenues: +13% Y-o-Y
Positive volume and FX impact in Indian Ocean more than
offset the negative price effect for the segment and volume
drop in Mozambique
Adjusted EBITDA: -3% Y-o-Y
Positive Forex impact on steady Indian Ocean
performance did not fully compensate the drop in results
for Mozambique
Sugar Indian
Ocean 44%
Sugar Africa
8%
Trading and
others 48%
12. 129
535
79
423
Q4
12/13
FY
12/13
Q4
13/14
FY
13/14
432
1.738
451
1.772
Q4
12/13
FY
12/13
Q4
13/14
FY
13/14
764
3.151
839
3.298
Q4
12/13
FY
12/13
Q4
13/14
FY
13/14
Cereal Segment - Production and Sales
Higher Grinding on Recovery of Lillebonne Production and Palmital Ramp-up
Cereal Grinding
(‘000 t)
Starch & Sweeteners
Sales (‘000 t)
+4.7% YoY +2.0% YoY
Alcohol & Ethanol
Sales (‘000 m3)
-20.9% YoY
289
1.166
282
1.162
4T
12/13
12M
12/13
4T
13/14
12M
13/14
Co-products Sales
(‘000 t)
-0.3% YoY
Q4
12/13
FY
12/13
Q4
13/14
FY
13/14
Q4
12/13
FY
12/13
Q4
13/14
FY
13/14
Q4
12/13
FY
12/13
Q4
13/14
FY
13/14
12
Grinding in 2013/14: +5% to 3.3 million tonnes, mostly driven by better capacity utilization at Lillebonne,
investments in Marckolsheim and ramp-up of Palmital corn factory in Brazil
Starch & Sweeteners sales: +2% Slight increase in the volume of starch products sold in a
sluggish EU market with strong pressure on prices for
some segments
Alcohol & Ethanol sales: -21% Mostly end of ethanol trading sales for Tereos Group in the 2nd
half
4T
12/13
12M
12/13
4T
13/14
12M
13/14
13. 3396
4211
+567
+282
(70)
+36
Starch & Sweeteners – Financials
Revenue increase, although profitability remains pressured by cost pass-through
Net Revenues (R$ MM)
Key Figures
In R$ Million
2013/14 2012/13 Change
Revenues 4,211 3,396 +24%
Gross Profit 664 611 +9%
Margin 15.8% 18.0%
EBIT 14 75 -81%
Margin 0.3% 2.2%
Adjusted EBITDA 193 205 -6%
2012/13 Currency Volume Price & Mix Others 2013/14
13
Revenues: R$4,211 million, up 24%
Positive volume impact mainly on the back of higher protein sales
Better prices for co-products (mix effect of protein) were offset by lower prices for
starches and sweeteners
Adjusted EBITDA: R$193 million, down 6%
Tough market conditions in Europe maintained pressure on margins year-on-year
Benefit of recent investments expanding product portfolio not yet fully obtained
Adjusted EBITDA 193 205 -6%
Margin 4.6% 6.0%
14. Alcohol & Ethanol Europe – Financials
Positive performance in the 2nd half led to better results y-o-y. End of trading activity
Net Revenues (R$ MM)
Key Figures
In R$ Million
2013/14 2012/13 Change
Revenues 848 1,056 -20%
Gross Profit 69 51 +36%
Margin 8.1% 4.8%
EBIT 31 (17) -282%
Margin 3.7% (1.6%)
Adjusted EBITDA 75 28 +173%
1056
848
+161
(311) (38) (20)
Revenues: R$848 million, down 20%
Prices: -3.6% for the segment
Lower ethanol trading sales y-o-y
Adjusted EBITDA: R$75 million, up 173%
Lower input prices, due notably to ramp up of
gluten volumes and improved operational
performance, more than offsetting the lower
Rotterdam prices
14
2013/14 Revenue Breakdown by Product
Margin 8.9% 2.6%
Alcohol &
ethanol own
sales 66%
Trading of
ethanol 29%
Others 5%
2012/13 Currency Volume Price & Mix Others 2013/14
15. Capital Expenditures
Significant CAPEX reduction with the finalization of several investment programs
CAPEX (R$ MM)2013/14 CAPEX Breakdown
Starch &
Sweeteners
21%
Alcohol &
Ethanol
Europe
4%
Africa/Indian
Brazil
63%
1111
885
+24 +8
(149)
(109)
15
Brazil: R$561 million
• Combination of plantation, intercrop costs,
and multi-year investment plan in capacity
and cogeneration (Tanabi)
• 86% of the expansion program completed
Africa/Indian Ocean: R$110 million
• Primarily maintenance for the segment and
plantation in Mozambique
Starch & Sweeteners: R$182 million
• Focused on maintenance of European
facilities and finalization of 1st phase of
investments of Palmital starch facility
Alcohol & Ethanol Europe: R$31 million
• Maintenance of current operations
Africa/Indian
Ocean
12% 2012/13 Brazil Africa/IO S&S A&E
Europe
2013/14
16. Cash Flow Reconciliation & Debt Composition
Strong deleverage: 3.7x in March 2014 vs. 4.9x in December 2013
Cash Flow
In R$ Million
2013/14
Adjusted EBITDA 962
Working capital variance 288
Financial interests (197)
Others (119)
Operating Cash Flow 934
Recurring Capex (530)
Recurring Cash Flow 404
Debt
In R$ Million
March 31st,
2014
March 31st,
2013
∆
Current 1,522 1,829 -16.8%
Non-current 2,734 2,399 +14.0%
Amortized cost (23) (26)
Total Gross Debt 4,233 4,202 +0.7%
In € 1,413 1,596 -11.5%
In USD 1,890 1,688 +12.0%
In R$ 935 882 +6.0%
16
Net Debt/Adjusted EBITDA: 3.7x vs. 4.2x on March 31st, 2013 and 4.9x sequentially
Refinancing of USD190 million notes at Guarani
Working capital efforts
Currency Effect on Debt: Devaluation of the Real against Euro and USD
Growth Capex (360)
Dividends paid and
received
9
Capital increase 225
Others (78)
Free Cash Flow 200
Others (inc. Forex impact) (444)
Net Debt Variation (244)
In R$ 935 882 +6.0%
Other currencies 19 62 -69.3%
Cash and Cash Equivalent (682) (892) -23.5%
Total Net Debt 3,551 3,310 +7.3%
Related Parties Net Debt 15 13 -
Total Net Debt + Related
Parties
3,566 3,322 +7.3%
17. Sugarcane Brazil:
Crushing volumes in the next crop expected to be up again, by some 4%, to c. 20.5 million tonnes (full
consolidation basis) to further increase industrial utilization rates, in contrast to Center-South region which is
expected to crush less than last year (current estimates hovering around a 5-10% drop)
Electricity volume to further grow next year, with Tanabi coming on stream
Further unitary cost reduction expected due to the “Guarani 2016” efficiency program and higher crushing
Multi-year investment program in Brazil nearing completion to further reduce Capex level next year
Sugarcane Africa/Indian Ocean:
Sugarcane crushing in Mozambique to recover on the back of higher replanted area in irrigated fields
Cereals:
Outlook
Cereals:
Europe:
“Performance 2015”: progress to continue on the multi-year performance improvement program; economic
conditions expected to remain challenging in the EU and cereal prices to remain volatile
Major development projects completed in Europe, Capex reduced and oriented to energy saving programs/
sustaining activity
Alcohol & Ethanol segment operational performance stabilized at Lillebonne. Normalization of margins with the
end of trading sales activity for Tereos Group. Negative impact of lower ethanol price to remain
International:
Brazil: full year-consolidation of Palmital as sweeteners sales ramp up to improve the product mix, helping as
well to dilute fixed costs
China: Dongguan facility to start ramping up in the second semester
Indonesia: Operational performance improvement and product diversification plan at Redwood to be finalized,
and implementation to begin in the year
17