Tereos Internacional reported its second quarter 2014/15 results. Sugarcane crushing volumes in Brazil were up 5% year-over-year due to improved agricultural performance. However, adjusted EBITDA declined 41% due to lower sugar sales volumes and higher costs. In the cereal segment, grinding volumes increased 7% while adjusted EBITDA rose 30% thanks to benefits from the "Performance 2015" initiative despite soft market conditions in Europe. Overall, revenues declined 10% and adjusted EBITDA fell 19% as lower sugar prices and volumes offset profitability gains in cereals.
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.
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.
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.
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 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.
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.
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 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.
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 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.
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.
- 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.
1. Cane production and sugar output increased in 2009/10, driven primarily by expansion of Zambia Sugar's area under cane and acquisition of Nanga Farms. Factory performance across the group was significantly improved compared to the previous year.
2. A number of expansion projects were completed or underway, including doubling capacity at Maragra Sugar in Mozambique, expanding Ubombo Sugar in Swaziland, and progressing a proposed greenfield project in Mali.
3. Group revenue decreased slightly due to disposals, but operating profit improved due to cost reductions, production increases, and higher sugar prices. Headline earnings declined due to the dilutive effect of a rights issue, but the
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.
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.
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
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 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.
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.
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.
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.
Delta Sugar Co. - Initiation of Coverage - 12 November 2015Omneya El Hammamy
The document provides an overview of the global and local sugar markets. Key points include:
- Sugar cane and sugar beets account for 80% and 20% of global sugar production respectively. Brazil and India are the top producers while India and the EU are the top consumers.
- Global sugar production is expected to decline in 2015/2016 while consumption increases, keeping prices low in the short term.
- Egypt consumes around 3 MMT of sugar annually but only produces 2 MMT, relying on imports mainly from Brazil to make up the difference. The local industry has struggled with low international prices.
- The Egyptian government has intervened by imposing tariffs of 20-40% on imported refined and raw sugar
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.
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.
Yara International ASA reported strong fourth quarter 2014 results driven by higher margins. Margins benefited from lower European gas prices and a stronger US dollar. Volume and margin growth continued in Brazil and further growth was seen in Latin America following acquisitions. A proposed dividend of NOK 13 per share was 47% of net income.
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.
Yara’s first-quarter net income after non-controlling interests was NOK 729
million, compared with NOK 1,773 million a year earlier. Net income was
negatively affected by a NOK 1,831 million foreign exchange loss and a
NOK 929 million write-down related to the Lifeco investment. Excluding
net foreign exchange gain/loss and special items, the result was NOK
2,896 million, compared with NOK 1,946 million in first quarter 2014.
The corresponding earnings per share were NOK 10.51 compared with
NOK 7.03 a year earlier.
“Yara reports strong first-quarter results with higher deliveries and improved
margins, reflecting continued lower natural gas cost and a stronger
US dollar,” said Torgeir Kvidal, acting Chief Executive Officer of Yara.
“Ammonia and finished fertilizer production increased significantly in the
quarter, benefitting from improved reliability and debottlenecking,” said
Torgeir Kvidal.
Barry Callebaut Group - Roadshow Presentation Half-Year Results 2019/20Barry Callebaut
Strong volume growth and profitability
"We delivered strong profitable growth in the first six months of fiscal year 2019/20. All Regions continued to materially outperform the global chocolate confectionery market."
Antoine de Saint-Affrique, CEO of the Barry Callebaut Group
For more details check out the press release on our website:
https://bit.ly/BC_HYR_2019_20
The document summarizes the financial results of CIECH Group for the first quarter of 2016. Key points include:
- Revenue increased 1.1% to PLN 826 million driven by higher soda ash volumes and favorable currency exchange rates.
- EBITDA grew 7.0% to PLN 206 million and the EBITDA margin expanded 1.4 percentage points to 25.0% due to lower energy and raw material costs.
- Net profit more than doubled to PLN 102 million mainly from higher soda ash prices and sales volumes along with cost savings.
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
2. 2
Operational
Sugarcane Brazil:
H1 crushing volumes up +5% YoY. Tonnes of ATR/ha at Guarani 26% above average of C/S region,
thanks to improvements in agricultural performance
Own energy sales up 35% YoY to 344 GWh in Q2 14/15, due to start of cogeneration in Tanabi and
the ramp-up of Mandu and São José mills
Inventories up on last year (+7% in sugar and +34% in ethanol, in volume)
Efforts continue on “Guarani 2016” program
Sugarcane Indian Ocean/Africa: Lower volumes on delayed shipments in Indian Ocean, and slower
progress on crushing in Mozambique due to rainfall
Cereal Europe: Improved profitability thanks to “Performance 2015” benefits on track, despite
continuously soft demand in Europe
Cereal Brazil: Ramp-up progressing satisfactorily, with corn grinding up 32% sequentially. Plant
reached nominal capacity level in August
Cereal Asia: Improvements on corn grinding and stability of production at Tieling. Performance
improvements at Redwood
Financial
Guarani: R$240.2 million capital injection from Petrobras completed in October, 2014 as planned.
Tereos Internacional’s stake in Guarani now at 57.1%
Indonesia: Results of Redwood fully consolidated from this quarter
Strategy
Tereos Group (TI controlling shareholder): creation of Tereos Commodities, entity responsible for the
trading activity and distribution of white sugar for the entire group
Key initiatives and major developments in Q2 2014/15
3. Sugar:
During the quarter raw sugar prices dropped to 13.5 USDc/lb on
September 9th, the lowest level since December 2010
Prices rebounded from these low levels on the back of UNICA’s
recent estimates for a lower Brazilian Center-South crop output
(~9%)
Prices remain however at low levels, with March 15 NY#11 around
16 USDc/lb currently
Starch:
Expectations of large crops in the US and in Europe pressured
corn and wheat prices down, which decreased 19% and 17%
respectively during the quarter
Market demand for Starch & Sweeteners suffering from weak
economic conditions in Europe
Ethanol:
In Brazil, anhydrous and hydrous ethanol prices remained
relatively stable around 1.35 and 1.20 R$/liter, respectively. Market
observers continue to await clarifications on various potential
incentive measures
In Europe, FOB Rotterdam prices recovered temporarily by 13% in
the quarter but have since dropped below 500€/T again
3
Source: Bloomberg
Q2 2014/15 Market Highlights
12
13
14
15
16
17
18
19
20
21
360
390
420
450
480
510
540
Sep-13 Dec-13 Mar-14 Jun-14 Sep-14
LIFFE#5 NY#11
US$/MT US$ Cts/lb
110
130
150
170
190
210
230
250
Sep-13 Dec-13 Mar-14 Jun-14 Sep-14
Corn MATIF Wheat MATIF
€/MT
400
450
500
550
600
650
0,7
0,9
1,1
1,3
1,5
1,7
1,9
Sep-13 Dec-13 Mar-14 Jun-14 Sep-14
Brazil ESALQ Europe Rotterdam
R$/m³ €/m³
4. 246 117
1.112
1.066
258
231
591
574
Q2 2013/14 Q2 2014/15
Brazil
Africa/Indian Ocean
Starch & Sweeteners
Alcohol & Ethanol
Europe
Revenues
Lower revenues mostly due to the end of ethanol trading activity and lower S&S prices
4
Net Revenues (R$ MM)
-10%
Lower revenues in the quarter driven by:
Declining cereal prices and soft demand setting the tone for lower S&S and ethanol prices in Europe
Ethanol trading sales for Tereos Group no longer consolidated at TI level (-R$ 88 million)
Slightly lower sugar sales in the quarter leading to increased inventories to be sold in H2
Somehow compensated by:
Higher co-generation revenues in the quarter, due to higher volume and prices
Increased ethanol sales volumes at higher prices
Higher starch and syrups volumes at Syral Halotek with factory ramp-up and customer portfolio expansion
Perimeter effect due to the first time consolidation of Redwood
2,207
1,988
2207
1988
(19) (61)
(161)
+21
Q2 2013/14 Currency Volume Price & Mix Others Q2 2014/15
5. 342
273
(77)
(18)
+15 +12
(1)
Q2
2013/14
Brazil Africa/IO S&S A&E
Europe
Holding Q2
-3 -4 2014/15
27 39
49
63
81
63
189
112
Q2 2013/14 Q2 2014/15
Brazil
Africa/Indian Ocean
Starch & Sweeteners
Alcohol & Ethanol
Europe
Holding
Adjusted EBITDA
Improved profitability of Cereals; lower Sugarcane performance
5
Adjusted EBITDA down YoY as a consequence of:
Lower sugar volume sold at Guarani, and higher costs, as benefits from “Guarani 2016” were limited by
impact of drought this year
Reduced margins in Indian Ocean and Mozambique, on delayed raw sugar sales
But partially compensated by:
Benefits from “Performance 2015” initiatives in Cereal division
Adjusted EBITDA (R$ MM)
Margin 15.5% Margin 13.7%
342
273
6. Sugarcane Crushing (MM t) Sugar Sales (‘000 t) Ethanol Sales (‘000 m³)
6
-7.5% YoY + 30.3% YoY
Sugarcane Brazil – Production & Sales
YTD crushing remains higher
Energy Sales (‘000 MWh)
+1.5% YoY
Crushing
Crushing slightly down in the quarter, but +5% YoY in H1 at 14 million tonnes (equity consolidation)
Good agricultural performance with tonnes of ATR/ha at 12.6 in H1, +26% above the average of the C/S
region, although yields were 7% lower than LY due to the impact of the drought
Improvement in production
H1 overall production (expressed in TRS) up 10% to 1,992 k tonnes (higher cane crushed and better
sugar content YoY)
Mix more oriented towards ethanol in Q2, ratio up to 41% in H1 14/15 vs. 35% in H1 LY
Sugar Production: 1,129 k tons; slightly up YoY – Inventories : 428 k tons, +7% vs. September 2013
Ethanol Production: 479 k m³; +27% YoY – Inventories : 277 k m³ , +34% vs. September 2013
Progress on cogeneration
Own energy production up 35% at 344 GWh in Q2 14/15 vs. LY
-2.9% YoY
7,7 7,5
Q2
13/14
Q2
14/15
470 435
Q2
13/14
Q2
14/15
89
116
Q2
13/14
Q2
14/15
339 344
Q2
13/14
Q2
14/15
7. 591 574
(4)
(33)
+13
+30
(24)
Q2
2013/14
Price &
Mix
Volume Price &
Mix
Volume Others Q2
2014/15
Sugarcane Brazil – Financials
Lower sugar revenues on higher costs pressured results
* includes Cogeneration, Agricultural Products, Hedging and Ethanol Resale
7
(1) Tereos Internacional allocates tilling expenses as cost.
If tilling expenses were allocated as investment, Adjusted
EBITDA for Q2 14/15 would have reached R$158 million.
Net Revenues (R$ MM)
Sugar Ethanol
Sugar: 62% of total net revenues
Volumes reduced 7% to 435 k tonnes
Average prices down 7% YoY at 817 R$/tonne
Ethanol: 25% of total net revenues
Volume sold up 30% to 116 k m3
Prices up 11% YoY at 1,214 R$/m3
Cogeneration: R$64 million vs. R$49 million, on
average realized prices +24% up and higher own
electricity production (+35%)
Adjusted EBITDA: R$112 million, -41%
Lower sugar sales combined with higher
costs (inflation effect, standing cane and
non-recurring expenses) impacted results;
benefits from “Guarani 2016” limited by
impact of drought this year
Adjusted EBITDA Margin1 for Q2 14/15
including tilling as depreciation: 27.6%
Key Figures
In R$ Million
Q2 14/15 Q2 13/14 Change
Revenues 574 591 -3%
Gross Profit 103 121 -15%
Margin 17.9% 20.5%
EBIT (3) 37 -109%
Margin (0.6%) 6.3%
Adjusted EBITDA 112 189 -41%
Margin 19.5% 31.9%
8. 75
51
Q2
13/14
Q2
14/15
-0.2% YoY
Sugarcane Indian Ocean/Africa – Production and Financials
Lower sugar volumes drove results down
8
Sugarcane Crushing (’000 t) Sugar sales (‘000 t)
-32.7% YoY
Revenue Breakdown by Product Sugarcane crushing
Indian Ocean: similar crushing than LY expected
for the whole crop as drought impacts yields
Africa: rainy weather delayed crushing (-21%
YTD), but overall crop expected to be materially
up on LY
Revenues: -11% YoY
Lower sales on delayed shipment in Reunion
Island and reduced sales volumes in Mozambique
Adjusted EBITDA: -22% YoY
Drop in sales/trading margins in Indian Ocean
together with low cost dilution in Mozambique
Key Figures
In R$ Million
Q2 14/15 Q2 13/14 Change
Revenues 231 258 -11%
Gross Profit 48 66 -27%
Margin 20.8% 25.6%
EBIT 13 30 -56%
Margin 5.8% 11.8%
Adjusted EBITDA 63 81 -22%
Margin 27.2% 31.3%
1.249 1.247
Q2
13/14
Q2
14/15
Sugar Indian
Ocean 28%
Sugar Africa
16%
Trading and
others 56%
9. 69 64
46
Q2
13/14
Q2
14/15
Own Sales Trading
Cereal Segment - Production and Sales
Softness in Europe volumes, but increased volume contribution from Brazil and Asia
9
Cereal Grinding
(‘000 t)
Starch & Sweeteners
Sales (‘000 t)
+7.2% YoY +13.7% YoY
Alcohol & Ethanol
Sales (‘000 m3)
-44.1% YoY
Grinding in Q2 14/15: +7% to 908 k tonnes
Starch & Sweeteners sales: +14% Increased volumes from Cereal Brazil and Indonesia, but soft
market conditions continue in Europe
Alcohol & Ethanol sales: -7% End of ethanol trading sales for Tereos Group last year and
soft market for ethanol in Europe
Co-products Sales
(‘000 t)
+ 6.1% YoY
293 311
Q2
13/14
Q2
14/15
847 908
Q2
13/14
Q2
14/15
468 533
Q2
13/14
Q2
14/15
10. Starch & Sweeteners – Financials
Benefits from “Performance 2015” despite continuing soft environment
10
Net Revenues (R$ MM)
Revenues: R$1,066 million, slightly down YoY
Prices lower YoY following cereal prices downward trend (and sugar price trend for isoglucose)
Slightly lower volumes in Europe on soft market environment, positive perimeter effect of
Redwood plant in Indonesia (first time consolidation) and Syral Halotek ramp-up, reaching
nominal capacity in August (corn grinding +32% sequentially)
Adjusted EBITDA: R$63 million, up 30% YoY
YoY, benefits from “Performance 2015” initiatives in Cereals division (notably through optimized
energy consumption and lower energy unitary prices achieved)
Vs. Q1 14/14, margins on raw material costs have gradually benefitted from lower cereal prices
and improved margin management
Key Figures
In R$ Million
Q2 14/15 Q2 13/14 Change
Revenues 1,066 1,112 -4%
Gross Profit 176 174 +1%
Margin 16.6% 15.7%
EBIT 15 6 +172%
Margin 1.4% 0.5%
Adjusted EBITDA 63 49 +30%
Margin 5.9% 4.4%
1112 1066
(15)
+86
(176)
+59
Q2 2013/14 Currency Volume Price & Mix Others Q2 2014/15
11. Alcohol & Ethanol Europe – Financials
Benefits from “Performance 2015” but lower ethanol prices and weak market
Revenues: R$117 million, down R$ 129 million
Termination of trading activities for Tereos Group (-R$ 88 million)
Ethanol prices down on Q2 13/14 (-13%) and volumes impacted by weak demand and competition
from imports (-6%)
Adjusted EBITDA: R$39 million, up 46%
Results positively impacted by “Performance 2015”, although benefits lowered by T2 Rotterdam prices
drop vs. Q2 LY
Strong improvement sequentially principally reflects the difference in proportion of wheat purchased at
convention price (from 0% to 90% this quarter)
11
Net Revenues (R$ MM)
Key Figures
In R$ Million
Q2 14/15 Q2 13/14 Change
Revenues 117 246 -52%
Gross Profit 36 28 +29%
Margin 30.5% 11.3%
EBIT 28 17 +61%
Margin 23.7% 7.0%
Adjusted EBITDA 39 27 +46%
Margin 33.3% 10.9%
246
117
(3)
(95)
(18) (12)
Q2 2013/14 Currency Volume Price & Mix Others Q2 2014/15
12. 180
118
(29) (2)
(29) (1)
Q2 2013/14 Brazil Africa/IO S&S A&E
Europe
Q2 2014/15
Capital Expenditures
Substantial reduction in CAPEX levels at major divisions
12
Brazil: R$68 million
Lower plantation and intercrop maintenance
reduced overall segment Capex
97% of the expansion program completed
Starch & Sweeteners: R$29 million
¾ related to maintenance and Performance
2015 initiatives
No major capacity increase projects
CAPEX Breakdown CAPEX (R$ MM)
Starch &
Sweeteners
33%
Alcohol &
Ethanol
Europe
1%
Africa/Indian
Ocean
12%
Brazil
54%
13. 13
Cash Flow Reconciliation & Debt Composition
Increased working capital needs due to higher inventories
Net Debt/Adjusted EBITDA: 4.8x vs. 4.5x on September 30th, 2013
Mostly on the back of seasonal working capital for sugarcane division (on higher
inventories), negative forex impact, and lower Adjusted EBITDA
Cash Flow
In R$ Million
H1 14/15
Adjusted EBITDA 446
Working capital variance (609)
Financial interests (125)
Others (38)
Operating Cash Flow (326)
Recurring Capex (180)
Recurring Cash Flow (506)
Growth Capex (111)
Dividends paid and
received
(5)
Others (80)
Free Cash Flow (702)
Others (inc. Forex impact) (117)
Net Debt Variation (819)
Debt
In R$ Million
Pro-forma
September 30th,
2014
March 31st,
2014
Δ
Current 2,350 1,523 +54.3%
Non-current 2,496 2,734 -8.7%
Amortized cost (19) (23) -17.4%
Total Gross Debt 4,827 4,234 +14.0%
In € 1,562 1,413 +10.5%
In USD 2,056 1,890 +8.8%
In R$ 1,220 935 +30.5%
Other currencies 8 19 -57.9%
Cash and Cash Equivalent (748) (1) (682) +9.7%
Total Net Debt 4,079 3,551 +14.9%
Related Parties Net Debt 65 15 +333.3%
Total Net Debt + Related
Parties
4,144 3,566 +16.2%
(1) Cash and cash equivalent of September 30th 2014 restated to include capital increase of R$240 million from PBio into Guarani.
14. Sugarcane Brazil:
H2 sales volume to benefit from higher starting inventory (sugar +26kt and ethanol + 71km3 vs.
September 2013)
Progress in co-generation, to reach over 1,000 GWh sales also boosted by efforts to optimize own
energy consumption
Benefits in H2 from Reintegra tax credit (3% of exports revenues) and a recent increase in gasoline
price. Possible increase in the ethanol blend ratio (from 25% to 27.5%) could be a positive
development to support the S&E industry
Sugarcane Africa/Indian Ocean:
Indian Ocean crop volumes expected to be in line with last year despite drier than usual weather
Yields in Africa to be better YoY as a result of improved agricultural performance and favorable rain
Impact of lower European sugar prices to be more pronounced in H2
Cereals:
Europe:
Benefits of “Performance 2015” to continue
Despite lower cereal prices, soft demand for starch and lower isoglucose prices (following
European sugar prices) somewhat hinder potential for margin restoration
Gradual phasing out of raw material conventional price mechanism and current lower ethanol prices
to limit improvements in Alcohol & Ethanol segment’s profits in H2
International:
Brazil: Focus on stability of plant performance at full capacity, and customer portfolio optimization
Asia: In China, Dongguan facility to start production in H1 2015 (500k tons/year grinding capacity).
In Indonesia, capacity expansion and product diversification for Redwood being developed
14
Outlook