Südzucker Group Capital Market Forum Thomas Kölbl (CFO) September 10, 2012

Transcription

1 Südzucker Group Capital Market Forum 2012 Thomas Kölbl (CFO) September 10, 2012

2 Südzucker Group at a glance Global operating German food group with long-standing corporate history: 1837: Foundation of first sugar company 1926: Foundation of Süddeutsche Zucker-AG Production facilities: ~ 100 Employees: ~ Operating profit: 751 mn Stock exchange listing in Germany Market capitalisation ~ 5 bn Free float 34% MDAX-member Trading volume: ~ 1 mn shares/day Revenues 7.0 bn Sugar (53%) Special products (26%) Fruit (13%) CropEnergies (8%)

3 Südzucker products share your everyday life Grocery / Ingredients Other appliances

4 Strong market position in all business areas Sugar # 1 in Europe Specialty starches and Isoglucose One of the leading producers in Europe Functional Food # 1 globally for Isomalt and Oligofructose Portion packs # 1 in Europe Frozen pizza # 1 in Europe (private label) Bioethanol One of the leading producers in Europe Fruit preparations # 1 worldwide Fruit juice concentrates # 1 in Europe

5 Südzucker portfolio benefits from megatrends mn USD per capita income worldwide population growth worldwide emerging markets Source: United Nations Source: ERS International Macroeconomic Data Set mn barrel / day oil consumption USD / barrel mn t global animal feed production 20 0 crude oil price Source: BP Source: USDA

6 Segment Sugar: Overview Revenues: 3.7 bn Operating profit: 511 mn

7 Segment Sugar: Europe European market leader (24%) Pan-European strategy: sales and logistic Great Britain Germany Belgium Poland 43,000 beet growers cultivate 412,000 ha acreage 7 Czech Republic Austria Slovakia Moldova Sustainable production in highest beet- France Hungary Rumania yield areas in Europe: Portugal Bosnia- Hercegovina Bulgaria Sugar refineries: 32 (incl. refineries) Beet processing 31.3 mn t Spain Italy Greece Sugar production: 5.4 mn t Since 2010 first imports from Mauritius Südzucker distribution activities Südzucker sugar refineries Non-EU production

8 Participation ED&F Man offers platform outside Europe Traditional London-based company employee-owned (Foundation 1783) Revenues: 10 bn USD; > 3,400 employees in 60 countries Sugar operations: Sugar operations Molasses Coffee trading Multiple businesses 8.8 mn t trading volume with presence in America, South East Asia and Africa Participations in sugar plants amongst others in Russia, Ukraine, Mexico and Chile

9 Segment Spezialitäten: Overview Revenues: 1.8 bn Operating profit: 149 mn

10 Segment Special Products: Functional Food ingredients from natural raw materials (chicory root, beet sugar, rice) Revenues: ~ 400 mn 5 facilities in EU and Chile; global sales Numerous food-physiological benefits like: Sugar-, fat- and calory-reduction Dietary fibre enrichment, prebiotic Prolonged energy Lactose- and gluten free Sales offices Subsidiaries Production sites

11 Segment Special Products: Production of 2.5 mn packages daily Frozen / chilled pizza Frozen pasta Frozen baguettes Revenues: ~ 500 mn 5 production sites in Germany, Austria, Great Britain Westhoughton Berlin Private labels for nearly all leading food retailers in Europe Distribution center USA Production sites Muggensturm Osterweddingen Oberhofen

12 Segment Special Products: Spezialitäten: Design, production and marketing of portion packs Food (sugar, spreads, bakery products, confectionery etc.) Nonfood (shower gel, shampoo, refreshing tissues etc.) Revenues: ~ 150 mn Major markets Gastronomy / large consumers (hotels, caterers, restaurants, cafeterias, airlines) Industry Retailers Advertising material & promotion Oud-Beijerland (NL) Herentals (B) Barcelona Telford Nuremberg Landgraaf (NL) Prague Krakow Production sites

13 Segment Special Products: Revenues: ~ 750 mn Production of starch and specialty starch products for Food industry Paper- and paper processing industry Textile industry Construction industry Pharma- and cosmetics industry Bioethanol operations in Austria and Hungary New wheat-starch plant at bioethanol site Austria: 100% raw material usage Gmünd (A) Aschach (A) Pischelsdorf (A) Szabadegyhaza (HU) Tandarei (RO) Production starch Production bioethanol

14 Segment CropEnergies: Overview Revenues: 529 mn Operating profit: 53 mn Capacities: >700,000 m 3 bioethanol 500,000 t animal feed 100,000 t liquefied CO 2

15 Segment CropEnergies (I) Megatrend: Renewable Energies EU-Target 2020 traffic: 10% from renewable energy sources Reduction of greenhouse gas emissions Rising independency from oil imports Sustainable raw materials: Grain and sugar syrups from European farming Refining of all raw materials for food, tank and feeder Carbohydrates into bioethanol Motor fuels (E5, E10, E85 for Otto motor engines) Technical appliances (Perfums, cleaning) Proteins into food and animal feed Gluten (Proteinproduct for food and animal feed) ProtiGrain (high value protein animal feed) ProtiWanze (liquid protein animal feed ) Liquefaction of biogenic CO 2 (e.g. for the beverage industry) 15

16 Segment CropEnergies (II) 82% Rapeseed for biodiesel / veg-oil Portion of bioenergy crop as of German agricultural crop land Arable land Germany 12 mn ha (2012e) Corn for biogas 8% 2% 8% Crop for bioethanol Bionenergy crop (18%) Other crop Bioenergy crop account for 2.12 mn ha, ie 18% of agricultural crop land in Germany Bioethanol share total: 243,000 ha; 2 % thereof E10: 1/4 to 1/3 GAP beyond 2013: EU- Commission suggests land set-aside of 7% of arable land Set-aside vs. food Source: Fachagentur Nachwachsende Rohstoffe e.v. (on behalf of BMELV)

17 Segment Fruit: Overview Production sites Revenues: 929 mn Operating Profit: 38 mn

18 Segment Fruit Refining of agri-raw-materials into highvalue ingredients for food processors, especially for beverage-, dairy-, bakery- and ice cream industry 40 production sites on 5 continents Global market leader with fruit preparations and largest producer of fruit juice concentrates in Europe Synergies with other group businesses JV with Ybbstaler: Additional growth for fruit juice concentrates

19 Südzucker Group: Outlook 2012/ /12 212/13e 2012/13e Revenues 7.0 bn > 7.0 bn Operating Profit 751 mn > 800 mn Investments Fixed Assets 276 mn Investments Fin. Assets 10 mn ~ 400 mn ED&F Man 255 mn USD Net Financial Debt 791 mn ~ mn 1) Equity ratio 48 % 1) incl. ED&F Man

20 Südzucker with strong capital market presence Südzucker Share Südzucker Bonds 31% 56% mn shares 34% Financial liabilities* 7% 10% 62% SZVG Free Float Zucker Invest GmbH (mn ) 2011/12 Cashflow per share ( ) 4,35 Earnings per share ( ) 1,99 Dividend per share ( ) 0,70 Dividend yield 3,22% Closing price XETRA (balance sheet date) 21,75 Average trading volume/day 0,9 mn shares Number of shares issued Market capitalisation (September 7, 2012) Liabilities to banks Others Bonds (mn ) Due date Coupon Nominal value Convertible bond ,50% 283,5 Bond 2011/ ,125% 400,0 Hybrid bond 2005/15 ** 5,25% 700,0 * as of February 29, 2012 incl. hybrid bond ** first issuer call right by Südzucker as of June 2015

21 Südzucker: Value-driven growth with good return Attractive dividend yield Defensive business model High cash flow generation Leading market positions in all business areas Strong balance sheet and financial ratios Südzucker sustainably will benefit from megatrends

22 part of your life! Part of your portfolio? Disclaimer This presentation contains forward looking statements based on assumptions and estimates made by the executive board of Südzucker AG. Although the executive board may be convinced that these assumptions and estimates are reasonable the future actual developments and future actual results may vary considerably from the assumptions and estimates due to many external and internal factors. For example, matters to be mentioned in this connection include current pending negotiations relating to the world trade agreement (WTA), changes to the overall economic situation, changes to EU sugar policies, consumer behavior and state food and energy policies. Südzucker AG assumes no responsibility and accepts no liability for future developments and future actual results achieved being the same as the assumptions and estimates included in this presentation.