Nice Conference Nice, 29 May 2015

Transcription

1 Nice Conference Nice, 29 May 2015 Nikolai Baltruschat (Head of Investor Relations) Südzucker Group, page 1

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

3 Agenda 1. Overview and strategic objectives page 4 2. Financial Highlights page Annual Financial Statement 2014/15 Page Financing page Development of Segments Sugar page 27 Special Products page 41 CropEnergies page 50 Fruit page56 6. Outlook page Appendix Long-term development and key figures page 75 Additional information page 86 Südzucker Group, page 3

4 Südzucker Group at a glance Global operating German food group with long-standing corporate history: Südzucker Group, page :Foundation of first sugar company 1926:Foundation of Süddeutsche Zucker-AG Revenues: 6,778 bn Operating profit: 181 Production facilities: ~100 Employees: ~ Beneficiary of mega trends within food, animal feed and energy area Stock exchange listing in Germany MDAX-member Trading volume: ~ 1.9 mn shares/day Market Cap and Shareholder Structure* Zucker Invest GmbH (10%) Südzucker indirect via Z&S (43%) Agrana ~1.2 bn Z&S*** (86%) Free float (34%) Südzucker ~3.0 bn SZVG** (56%) Südzucker direct (~7%) Free float (7%) SZVG* (7%) Südzucker (69%) Crop Energies ~260 mn Free float (24%) * May 2015 ** Süddeutsche Zuckerrübenverwertungs-Genossenschaft eg *** Z&S Zucker und Stärke Holding AG (~50% Südzucker, ~50% ZBG (Zucker- Beteiligungsgesellschaft m.b.h.))

5 Key figures 2014/15 (mn ) Sugar Special Prod. CropEnergies Fruit Group Revenues EBITDA EBITDA-Margin 4,1% 11,2% 3,3% 9,8% 6,7% Depreciation Operating profit Operating Margin 0,2% 7,0% -1,5% 6,1% 2,7% Cash flow 389 Investments in fixed assets Capital Employed RoCE (incl. Goodwill) 0,2% 8,7% -2,2% 8,4% 3,1% RoCE (excl. Goodwill) 0,3% 11,0% -2,2% 9,4% 3,8% Equity Ratio 52,6% Gearing (NFD/Equity) 13,3% Earnings per share ( ) 0,10 Dividend per share ( ) 0,25 * * Proposal Südzucker Group, page 5

6 LeadingMarket Positions and clearstrategic Objectives Segment/Division Market Position Strategy / Main Drivers Sugar BENEO Freiberger Starch PortionPack CropEnergies Fruit Preparations Fruit Juice Concentrates Südzucker Group, page 6 #1 in Europe #1 worldwide in Isomalt and Oligofructose #1 in Europe in frozen Pizza (private label) #1 in Europe in portion packs One of the leading bioethanol players in Europe #1 worldwide #1 in Europe Further enhancement of leading market position in Europe; especially in deficit markets Expedite internationalization; partnership with ED&F Man Leverage strength of core products into product innovations Further internal and external growth Focus on specialty starches Market share expansion through new facilities Development of product portfolio and regions Full exploitation of implemented capacity build-up Consolidation of the leading position Integration of Ensus Take full benefit of global increase in demand for healthy food and upmarket products through new facilities (e.g. USA) Usage of integrated platform to raise synergies in combined global sourcing and distribution New platform with Austria Juice supports growth and profitability

7 Portfolio benefits from long-term megatrends 8,000 6,000 mn sugarconsumption worldwide t 218, , ,000 USD 12,000 8,000 per capita income worldwide 4,000 2,000 population growth worldwide 98,000 58,000 18,000 4,000,0 emerging markets Sources: United Nations, F.O. Licht Source: ERS InternationalMacroeconomic DataSet mn barrel / day oil consumption USD / barrel crude oil price,200 0 mn t 1,000,800,600,400 global animal feed production Source: BP, EIA Source: USDA Südzucker Group, page 7

8 Return on Capital Employed(RoCE RoCE) 2010/ / / /14* 2014/15 5 years Sugar 10.4% 17.1% 22.4% 13.7% 0.2% ~13% Segments Special Prod. CropEnergies 10.8% 8.7% 10.7% 10.2% 9.5% 17.3% 6.3% 6.4% 8.7% -2.2% ~9% ~8% Fruit 6.7% 4.7% 5.0% 8.1% 8.4% ~7% RoCE 9.8% 13.2% 16.3% 10.6% 3.1% ~11% Group Operating Profit 521 mn 751 mn 972 mn 622 mn 181 mn ~600 mn Capital Employed 5,314 mn 5,707 mn 5,950 mn 5,873 mn 5,877 mn ~5,700 mn Südzucker Group, page 8 * IFRS 11 adjusted since 2013/14

9 Agenda 1. Overview and strategic objectives page 4 2. Financial Highlights page Annual Financial Statement 2014/15 Page Financing page Development of Segments Sugar page 27 Special Products page 41 CropEnergies page 50 Fruit page56 6. Outlook page Appendix Long-term development and key figures page 75 Additional information page 86 Südzucker Group, page 9

10 Overview 2013/ /15 Revenues 7.5 bn 6.8 bn Operating Profit 622 mn 181 mn RoCE 10.6 % 3.1 % Net profit 387 mn 74 mn Earnings per share Dividend per share * * Proposal Südzucker Group, page 10

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

12 Development of additional key parameters 2013/ /15 Cash flow 697 mn 389 mn Investments* 377 mn 386 mn Net Financial Debt 536 mn 593 mn Liquidity ~2.4 bn ~2.4 bn Equity ratio 53.4 % 52.6 % Südzucker Group, page 12 * excl. Investments in financial assets

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

14 Agenda 1. Overview and strategic objectives page 5 2. Financial Highlights page Annual Financial Statement 2014/15 Page Financing page Development of Segments Sugar page 34 Special Products page 44 CropEnergies page 49 Fruit page55 6. Outlook page Appendix Long-term development and key figures page 73 Additional information page Südzucker Group, page 14

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

16 Earningsper share (mn ) 2014/ /14 Earnings before income taxes Taxes on income Consolidated net earnings thereof Südzucker AG shareholders thereof hybrid capital of which attributable to other non-controlling interests Earnings per share ( ) 0,10 1,37-1,27 Group tax rate came in at 42 (21) %. Without additional tax burden via temporary shutdown of bioethanol plant in Wilton, UK, tax rate would have reached 25 %. Other minority interests relate mainly to minority shareholders of the AGRANA Group and CropEnergies Group. Earnings per share: 0.10 /share; without special items 0.63 /share Dividend proposal: 0.25 (0.50) /share Payout ratio incl. special items: 40 (36) % Südzucker Group, page 16

17 Investments and depreciations (mn ) 2014/ / /15 Fixed Assets Depreciation 272 Sugar Sugar 126 Special Products Special Products 72 CropEnergies CropEnergies 36 Fruit Fruit 38 Financial Assets Total investments Increases in stakes held in subsidiaries Capital increase/decrease Total Fixed asset investment of 450 to 500 mn significantly below announced level Successful completion and continuation of capex program: New construction and replacements headquartermannheim, constructionofstarchfactoryzeitz, biomassboilerchile, neutral alcoholplant Zeitz andfourthfruitpreparationplant USA Increasein stakesheld in subsidiariesmainlydue to purchaseof minoritystake in AGRANA Bioethanol GmbH through AGRANA Stärke GmbH Südzucker Group, page 17

18 Limited increasein Net Financial Debt (mn mn ) Cash flow Investments in fixed assets Dividends Others Working Capital NFD NFD Südzucker Group, page 18

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

20 Targets 2014/15 achieved* Outlook 2014/15 Reported 2014/15 Revenues ~ 7.0 bn 6.8 bn Operating Profit** ~ 200 mn 181 mn Investments*** ~ mn 386 mn Net Financial Debt ~ mn deutliche 593 mn Ergebniserholung * Original targets April 2014 maintained unchanged until year end ** Since August 2014 marked as more challenging to reach *** excl. investments in financial assets Südzucker Group, page 20

21 Agenda 1. Overview and strategic objectives page 4 2. Financial Highlights page Annual Financial Statement 2014/15 Page Financing page Development of Segments Sugar page 27 Special Products page 41 CropEnergies page 50 Fruit page56 6. Outlook page Appendix Long-term development and key figures page 75 Additional information page 86 Südzucker Group, page 21

22 Rating Rating agency Long-term rating Short-term term rating BBB * Negative Outlook ** A 2 Baa 2 *** Negative Outlook **** P 2 * since 20 June 2014 ** since 16 January 2015 *** since 17 June 2014 **** since 23 January 2015 Südzucker Group, page 22

23 Unchanged comfortable liquidity position* (mn ) Net financial ial debt Cash & Cash equivalents / securities Gross financial al debt Long-term financial ial debt Short-term financial debt Bank credit t lines: undrawn Syndicated loan facility undrawn Syndicated loan facility Agrana undrawn Commercial paper program undrawn = Total liquidity ty reserveserves * IFRS 11 adjusted since 28 February 2014 Südzucker Group, page 23

24 Financing maturity profile* (mn mn ) asof 28 February EUR-Bond Promissory Note Südzucker Syndicated loan 2013/ mn (back-up facility) Agrana Syndicated loan2014/ mn Commercial Paper Programm 600 mn (perpetual) Hybrid Bond 700 mn (perpetual) 5.25 % beforejune 2015 payoutannually/ from June M-Euribor bp payout quarterly * Displayedto2020; Agrana promissorynote: 14 mn tranchedue in 2021, 7 mn tranchedue in 2022 Südzucker Group, page 24

25 Hybrid bond2005 / cash flow covenant* (mn ) 2005/ / / / / / / / / /15 Reve nues Cash flow Cash flow / Revenues 9,9% 9,6% 8,6% 8,6% 9,7% 9,8% 11,8% 12,6% 9,3% 5,7% * IFRS 11 adjusted since 2013/14 Cash flow covenant (cash flow / revenues >5 %) so farsignificantlyexceeded Cash flow covenant fulfillment also expected in 2015/16 Options for hybrid bond(depending on continuous financial planning): Open markettenderat anytime ( 6 (7)) First time call possibility June 2015 ( 6 (5) & (6)); condition: Comparable instrument replacement within 12m period before No action: Variable coupon based on 3M-Euribor bp margin Currently preferred option no action Südzucker Group, page 25

26 Agenda 1. Overview and strategic objectives page 4 2. Financial Highlights page Annual Financial Statement 2014/15 Page Financing page Development of Segments Sugar page 27 Special Products page 41 CropEnergies page 50 Fruit page56 6. Outlook page Appendix Long-term development and key figures page 75 Additional information page 86 Südzucker Group, page 26

27 Segment Sugar: Key figures* (mn ) 2011/ / / /15 Revenues EBITDA EBITDA-Margin 16,8% 19,6% 14,3% 4,1% Operating profit Operating Margin 13,7% 16,7% 11,2% 0,2% Restructuring and special items Income from operations (EBIT) Investments Fixed Assets Financial Assets Capital Employed RoCE 17,1% 22,4% 13,7% 0,2% * IFRS 11 adjusted; since 2013/14 income from companies consolidated at equity included in EBIT Südzucker Group, page 27

28 Segment Sugar: Development 2014/15 Revenues (mn ) Operating profit (mn ) 3,901 3, / / / /15 Significant quota sugar price reduction Increase sugar sales volume World market price driven decrease in export sugar pricing Decrease quota sugar production costs Increase sugar sales volume Significant decrease quota sugar price Südzucker Group, page 28

29 Segment Sugar: Market environment(i)* World market World Sugar Balance (mn t) Inventories After 4 years in a row no further increase since October 2014 Expectation of decrease in global invetories from October 2015 Exchange rates Massive devalutaion of real vs. USD since autumn 2014 Pricing Bottoming out following several years of decreasing world market prices / / / /15e * * * * 38.4% 42.0% 44.0% 43.3% Production Consumption Ending stock *Ending stock in % of consumption Sugar world market price(usd/t) White sugar 400 * Simplified 350 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Südzucker Group, page 29

30 Segment Sugar: Market environment(ii (II)* EU EU-KOM quota sugar inventory(mn t) Imports Stable situation in SMY 2013/14 following multi-year increase Expectation of decrease in imports SMY 2014/15 Inventory level quota sugar EU measures lead to massive increase Decrease in SMY 2013/14 Further massive decrease expected in SMY 2014/15 Pricing quota sugar Massive decrease until December 2014 Current bottoming out with moderate upward trend Chance vor increase in the course of FY 15/16 * Simplified Sept.'08 Sept.'09 Sept.'10 Sept.'11 Sept.'12 Sept.'13 Sept.'14 Sept.'15e Price reporting EU-KOM ( /t) Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Südzucker Group, page 30

31 EU sugar market* -supply and demand until 2017 World Market EU Production EU Demand World Market Quota sugar ~ mnt CAGR 2-3% ~13 mnt 3-4 mnt Demand** mnt o/w SZ: Mauritius ~0.4 mnt Rawsugarimportsfor raffinationthroughsz ~0.3 mnt Production** mnt o/w SZ 3.2 mnt o/w SZ ~25% upto to0.4 mnt max. ~1.4 mnt ~3-4 mnt ~2-3 mnt Non-quota sugar *Simplified, excl. isoglucose **F.O. Licht estimate for 2014/15, May 2015 Südzucker Group, page 31

32 Segment Sugar: Europe European market leader(24%) Pan-European sales and logistic strategy Sustainable production in highest beet-yield areas in Europe Cost savings throughout entire value chain Great Britain Poland Germany Belgium 7 Czech Republic Slovakia Austria France Hungary Moldova Romania Keeping and strengthening competitiveness Exploiting growth opportunities outside Europe Portugal Spain Italy Bosnia- Hercegovina Bulgaria Greece Exports fromeu Acquisitions Distribution activities Beet sugar factories Sugar refineries Südzucker Group, page 32

33 EU quota sugar production- sugar marketing year* 2014/15 Market share** EU quota sugar production Südzucker quota shareper country(in %) Südzucker Group (24 %) Nordzucker (15 %) Great Britain Poland Tereos (11 %) Belgium 72 Germany Czech Republic 39 Slovakia Moldova British Sugar (11 %) 20 France 100 Austria 100 Hungary 35 Rumania All others (16 %) Royal Cosun (7 %) Cristal Union (8 %) Pfeifer & Langen (8 %) Portugal Spain Italy Bosnia- Hercegowina Bulgaria Greece * Sugar marketingyear: Oct. Sep. ** Südzucker estimates Südzucker Group, page 33 Südzucker distribution entities Non-EU production

34 Participationin in ED&F Man offersa global footprint Long standing successful history(founded 1783) Truely global footprint (~3,400 employees in 60 countries) Beneficiaryoflong-term growth in global sugar demand Approx. 9 mn t global sugartradingvolume; one of thelargest sugartraderwith significantpresencein Central and South America, Far East, South East Asia and Africa Sugar only Liquid Products only Coffee only Multiple businesses Participationsin sugarproduction andrefining capacitiesamongstothers in the Ukraine, Mexico, Chile and India Well positioned in further complementary key product categories Trading of coffee(incl. roasting) and molasses(man liquid products) Further business activities in divisions shipping and financial services Südzucker Group, page 34

35 Segment Sugar: Outlook 2015/16 Revenues Operating Profit Decrease in quota sugar prices with full year impact Significant revenue decrease(previous year: 3,228 mn ) Since prices have again declined since the beginning of the 2014/15 sugar marketing year on 1 October 2014, this will now impact the entire fiscal year. Shortfall from further declining prices can no longer be offset by lower raw material costs. While lower fixed unit costs will have a mitigating impact due to the longer campaign in 2014, because of the reduced planting required for 2015, there will be a shorter campaign, which means that fixed unit costs will likely rise again. Step by step impact of introduced cost reduction measures, but will only be enough to partly offset the declining prices. Operating loss in range of 50 to 100 mn (Previous year: 7 mn ) but positive EBITDA Südzucker Group, page 35

36 EU Sugar Market: Mid term Outlook (I) EU sugar policy until 30 September 2017 Sugar and isoglucose quota Quota sugar: Minimum beet price Contractual obligation between industry and farmer Specification of EU-Toolbox : Market withdrawals, conversion of nonquota into quota sugar, import tender Exports limited to about 1.4 mn t p.a. New market framework Elimination of sugar and isoglucose quota No minimum beet price Contractual obligation between industry and farmer Temporary options: Private storage 1 October 2017 No export restrictions Further measures (e.g. security net ) require resolution Border Protection: unchanged Import duty 419 /t (white sugar) resp. 339 /t (raw sugar) from non-preferential countries Preferential agreements with LDC-/ACP- and Andean countries: unchanged Südzucker Group, page 36

37 EU Sugar Market: Mid term Outlook (II) EU sugar demand currently served by EU sugar demand asof October 1, 2017 served by EU beet sugar 70 % EU sugar demand 19 mn t EU beet sugar 10 % EU sugar demand 19 mn t Imports 16 % Quota EU isoglucose 4 % Non-Quota Max. Export Volume (WTO): about 1.4 mn t No export restrictions Südzucker Group, page 37

38 EU Sugar Market: Mid term Outlook (III) Opportunities Südzuckerwell positioned as largest producer with focus on best growing regions Only limited effort needed to increase and extend current production level (with high entry barrier at the same time) Utilization of current European logistic network to optimize sugar distribution and development of new markets Investment program to exploit future market potential (e.g. starch) Strengthening and extension of cooperations (e.g. ED&F Man, LDC/ACP producers) Challenges Stronger competition, also from Isoglucose Further EU free trade agreements with third party countries Raw material security in increasingly more volatile market environment Volatility in world market price and volume with even stronger influence on EU market Südzucker Group, page 38

39 Segment Sugar: Mid termoutlook Global demand trend of ~ 2% p.a. growth intact (population growth, increase in per-capita income ) Recovery of world market price Temporary EU market distortion in transition period Stop of EU market restrictions, e.g. minimum beet price, Strong market position in combination with strong foothold in best growing area in the centre of demand Necessary efficiency improvements Increase production ~120 days (fixed cost degression) Omission of EU minimum beet price / flexible beet price payment Cost savings program Capex Maintenance Administration (further centralization) No restrictions on exports anymore (partnership with ED&F Man) Operating Profit Perspective ~ 250 mn -50 to -100 mn 2015/16e mid term Südzucker Group, page 39

40 Agenda 1. Overview and strategic objectives page 4 2. Financial Highlights page Annual Financial Statement 2014/15 Page Financing page Development of Segments Sugar page 27 Special Products page 41 CropEnergies page 50 Fruit page56 6. Outlook page Appendix Long-term development and key figures page 75 Additional information page 86 Südzucker Group, page 40

41 Segment Special Products: Key figures* (mn ) 2011/ / / /15 Revenues EBITDA EBITDA-Margin 12,8% 11,5% 9,0% 11,2% Operating profit Operating Margin 8,3% 7,1% 4,9% 7,0% Restructuring and special items Income from operations (EBIT) Investments Fixed Assets Financial Assets Capital Employed RoCE 10,7% 9,5% 6,3% 8,7% * IFRS 11 adjusted; since 2013/14 income from companies consolidated at equity included in EBIT Südzucker Group, page 41

42 Segment Special Products: Development 2014/15 Revenues (mn ) Operating profit (mn ) 1,740 1, / / / /15 Increase in volume sold, especially in division starch Lower pricing Increase in volume sold Decisive reduction in raw material costs Lower pricing Others Südzucker Group, page 42

43 Segment Special Products: Overview Segment specialproductsshowssolid fundamental development and record result* Growth based on intact mega trends: Unchanged trend to alternative and functional food ingredients Further growing demand for convenience products Unchanged global demand growth for aminal feed(e.g. gluten) New capacitiestotakebenefitof market growth Productioncostreductionvia alternative energy concepts(biomass boiler Chile) Efficiency gains via distribution synergies * with respect to IFRS 11 regrouping Hungrana in 2013/14 from operating profit to income from companies consolidated at equity 1,396 Starch*** 40% Revenues (mn )** 1,575 1,806 Revenue split 2014/15 PortionPack 7% 1,724 mn 1,862 1,740 1, / / / / / /15 Freiberger 30% BENEO (Functional Food) 23% ** IFRS 11 adjusted since 2013/14 *** incorporates AGRANA bioethanol and starch activities Südzucker Group, page 43

44 Segment Special Products: Division BENEO BENEO Group bundles Functional Food-operations Worldwide unchanging growing demand for Functional Food ingredients in view of increasing competition Increase in awareness for healthy food and growing per-capita income (emerging markets) Market leadership in main product categories BENEO-Orafti(prebioticfibresfrom chicoryroots): Core productsinulin andoligofructose; distributionof CropEnergies by-product BeneoPro W BENEO-Palatinit (functionalcarbohydrates): Global leadershipwithisomalt. Successfulpositioningof product innovations Palatinose and galeniq BENEO-Remy (rice starches): e.g. rice starches, rice flours, rice bran, rice concentrates, Sales Offices Regional Centers Production facility Exploitationof of growthpotential of our core products Development of new marketsvia innovations Offstein Südzucker Group, page 44

45 Segment Special Products: Division Starch* Well establishedplayerasmanufacturerof specialtystarchesforthepaper, textile, cosmetics, pharmaceutical and construction industries Principal focus on organic and GM-free starches for the food industry Commisioning of new Agrana starch factory for production of wheat starch and gluten at the site of bioethanol plant in Pischelsdorf(June 2013). Investment of 70 mn. Capacity for 107,000 t wheatstarch, 23,500 t wheatgluten, 55,000 t wheatbranand 70,000 t of material substitutes( B+C starch ) for bioethanol. New modular concept with new Südzucker starch factory planned at the site of bioethanol plant in Zeitz. Comissioningplanned end of FY 2015/16. Investment of 125 mn. Capacity for up to 140,000 t wheat starch products. Zeitz (DE, new plant) Gmünd (A) Aschach (A) Pischelsdorf(A) Production starch Szabadegyhaza (HU) Tandarei (RO) Production bioethanol * incorporates AGRANA bioethanol and starch activities Pischelsdorf Südzucker Group, page 45

46 Segment Special Products: Division Freiberger Freiberger produces and markets chilled and frozen pizzas as well as frozen pasta and baguettes Solutions are specifically geared toward the strategies of its business partners: retail industry, caterers and food service operators Unrivalled European market leader for own label/private lable frozen pizzas Successful reconception of site in Westhoughton, UK Distribution center USA Westhoughton Berlin Osterweddingen Production facility Muggensturm Oberhofen Muggensturm Südzucker Group, page 46

47 Segment Special Products: Division PortionPack Europe European market leader in individually packaged portions for the food and non-food sectors In addition to conventional sugar packets, product range includes a wide spectrum of other food portion packs such as baked-goods, chocolate and sandwich spreads Besides to the out-of-home market(restaurants, hotels, caterers) and food retailers, PortionPack Europe also services industry and the advertising/promotion sectors Telford Oud-Beijerland Beijerland(NL) Krakow Herentals(B) Landgraaf(NL) Nuremberg Prague Barcelona Südzucker Group, page 47 facility Prague

48 Segment Special Products: Outlook 2015/16 Revenues Divisions Freiberger, Beneo and PortionPack overall performance with slight increase Division starch with slight decrease Stable revenue development (Previous year: 1,724 mn ) Operating Profit Charges related to ramp-up of new starch plant in Zeitz, expected to be installed towards end of fiscal 2015/16 Moderate decrease in operating profit (Previous year: 120 mn ) Südzucker Group, page 48

49 Agenda 1. Overview and strategic objectives page 4 2. Financial Highlights page Annual Financial Statement 2014/15 Page Financing page Development of Segments Sugar page 27 Special Products page 41 CropEnergies page 50 Fruit page56 6. Outlook page Appendix Long-term development and key figures page 75 Additional information page 86 Südzucker Group, page 49

50 Segment CropEnergies: Key figures* (mn ) 2011/ / / /15 Revenues EBITDA EBITDA-Margin 15,9% 18,5% 9,5% 3,3% Operating profit Operating Margin 10,0% 13,5% 4,9% -1,5% Restructuring and special items Income from operations (EBIT) Investments Fixed Assets Financial Assets Capital Employed RoCE 10,2% 17,3% 6,4% -2,2% * IFRS 11 adjusted; since 2013/14 income from companies consolidated at equity included in EBIT Südzucker Group, page 50

51 Segment CropEnergies: Development 2014/15 Revenues (mn ) Operating profit (mn ) / /15 Significantly higher ethanol, food and animal feed sales Significantly lower ethanol pricing / /15 Decrease in net raw material costs Significantly lower ethanol pricing Extension of losses at Ensus Others Südzucker Group, page 51

52 Segment CropEnergies: Market environment 2014/15 Market development grain Global: Graininventoryincreaseby6.5 % due to record harvest EU: Graininventoryincreasedby~ 30 % EU grainpricedecreaseto180 /t Marktentwicklung Bioethanol EU: High volatility of bioethanol prices; all-timelowjanuary2015 of 416 /m 3 ; increaseuntil May 2015 above500 /m 3 Ensus: Temporary plant shutdown since February 2015 Significant decrease bioethanol prices sharpened bymassive oilpricedecreaseanddevaluationof Euro against British pound Delayed E10 introduction hampers development of British bioethanol market Reopening continuously reviewed in light of political and market development Quotation: Wheat/Maize /t Wheat Maize Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Quotation: Ethanol /m Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Südzucker Group, page 52

53 Framework EU European Parliamentand Council agreeon adjustment of Renewable Energies Directive and Fuel Quality Directive Share ofconventionalbiofuelsasoftotal consumptionofupto7 % Sub-quota for biofuels from waste and residuals of 0.5 % Double counting for biofuels from waste and residuals Multi-counting of electricity from renewable energies in transport sector Status quo: Transfer into national legislation by 2017 Enacting in European Parliament 28 April 2015 Consent by Council expected until Juni 2015 Assessment End of 2-year-period of uncertainty about the framework until 2020 Necessity of rapid EU-wide E10 introduction and binding settlement beyond 2020 (in 1,000 m 3 ) EU: Market potential and market reality 15,000 12,500 Market NAP 10,000 7,500 5,000 2,500, Source: National action plans of EU Member States (2010); F.O. Licht (2015) Wilton Rotterdam Duisburg Loon-Plage Zeitz Houston Wanze Santiago de Chile São Paulo Production facility Tank storage Trading Südzucker Group, page 53

54 Segment CropEnergies: Outlook 2015/16 Revenues Operating Profit Temporary shutdown production at site Wilton, UK, leads to decrease on 2012/13 production level Corresponding revenue decrease to above 500 mn (Previous year: 764 mn ) Current ethanol price increase above full year expectation. Ongoing high volatility expected High price sensitivity; 10 price change per cubicmeter bioethanol unfolds about 7 mn earnings impact (excl. capacity Ensus) Temporary shutdown site Wilton reduces risk profile Operating profit is expected in a range of -20 to 10 mn (Previous year: -11 mn ) EBITDA in range of +15 to +45 mn (Previous year: 25 mn ) Restructuring Special charges during shutdown of bioethanol plant Wilton up to 15 mn p.a. Südzucker Group, page 54

55 Agenda 1. Overview and strategic objectives page 4 2. Financial Highlights page Annual Financial Statement 2014/15 Page Financing page Development of Segments Sugar page 27 Special Products page 41 CropEnergies page 50 Fruit page56 6. Outlook page Appendix Long-term development and key figures page 75 Additional information page 86 Südzucker Group, page 55

56 Segment Fruit: Key figures* (mn ) 2011/ / / /15 Revenues EBITDA EBITDA-Margin 7,9% 7,3% 9,0% 9,8% Operating profit Operating Margin 4,1% 4,0% 5,5% 6,1% Restructuring and special items Income from operations (EBIT) Investments Fixed Assets Financial Assets Capital Employed RoCE 4,7% 5,0% 8,1% 8,4% * IFRS 11 adjusted; since 2013/14 income from companies consolidated at equity included in EBIT Südzucker Group, page 56

57 Segment Fruit: Development 2014/15 Revenues (mn ) Operating profit (mn ) 1,172 1, Fruit juice concentrates volumes below previous year s level Lower pricing 2013/ / / /15 Fruit preparations (revenue share ~ 75%) Stable volumes Cost reductions more than offset price decrease Fruit juice concentrates (revenue share ~ 25%) Lower volumes Cost reductions more than offset price decrease Südzucker Group, page 57

58 Segment Fruit with leading positions in both divisions Overview Division Fruit preparations: World market leader Customers: dairy, baking and ice cream industry Division Fruit juice concentrates: Leading European producer (market leader in apple juice concentrates) Core competences Upgrading of agricultural raw material into premium preliminary products for food industry Global sourcing and distribution of fruit ingredients Positioning & Strategy Shared customer base with segments/divisions sugar, BENEO and starch Growth drivers: Especially yogurt drinks rank among the fastest growing food products globally Increase in awareness for healthy food and growing per-capita income (emerging markets) Further growth via fruit juice concentrates merger Reorganisation measures in division fruit preparations in Central Europe New US facility for fruit preparations Total investments 30 mn Production capacity 45,000 tonnes annually Production facility AGRANA J&F Holding GmbH AGRANA FruitS.A.S. AUSTRIA JUICE GmbH Fruit preparations Fruit juice concentrates ~75% of segment revenues ~25% of segment revenues ⅓of worldmarket European market leader 25 facilities worldwide 14 facilities worldwide Südzucker Group, page 58

59 Segment Fruit: Production facilities USA* Europe** Herk-De-Stad, Belgium Kröllendorf, Austria Fourth production site in Lysander since March 2014 Market growth leads to higher utilization * Fruit preparations ** Fruit preparations and fruit juice concentrates Südzucker Group, page 59 European factory structure optimization Efficiency gains through partial production relocation Kröllendorf, Austria (only fruit preparations) and Herk-De-Stad, Belgium (only production)

60 Segment Fruit: Outlook 2015/16 Revenues Division fruit juice concentrates: Lower revenues alongside lower pricing Division fruit preparations: Higher volumes and revenue increase Revenues at least on prior year s level (Previous year: 1,062 mn ) Operating Profit Division fruit juice concentrates: Lower earnings contribution alongside lower pricing Division fruit preparations: Higher earnings as volumes grow Operating profit at least on prior year s level (Previousyear: 65 mn ) Südzucker Group, page 60

61 Agenda 1. Overview and strategic objectives page 4 2. Financial Highlights page Annual Financial Statement 2014/15 Page Financing page Development of Segments Sugar page 27 Special Products page 41 CropEnergies page 50 Fruit page56 6. Outlook page Appendix Long-term development and key figures page 75 Additional information page 86 Südzucker Group, page 61

62 Cost savings and other measures (I)* Organization Factory structure Portfolio Simplification of processes and rationalization of management structures Adjustment to new market environment Optimization Process review of entire value chain and identification of redundancies Centralization of administrative tasks Optimization factory structure Increase in Utilization Extraction of inter segmental synergies Identification of new profitable business areas Internationalisation Phase of high capex largely fulfilled Reduction of administration costs Reduction fix and maintenance costs Capex reduction Südzucker Group, page 62 * Preliminary status of the continuous process of cost savings and other measures

63 Cost savings and other measures (II)* Organization Factory structure Portfolio Trimming of sugar administration Belgium Centralization global sugar sales Optimization logistic structures sugar Bundling animal feed sales Bundling groupwide gluten sales at BENEO Promotion new pricing model CropEnergies Fruit: Trimming European management structure Review IT-structure Closure raw sugar refinery Marseille Closure sugar packaging Regensburg PortionPack: Restructuring Belgium/Netherlands BENEO: Optimization energy concept Synergies multi-site Zeitz CropE: Mothballing Ensus Fruit preparations: Consolidation factory structure Europe Value chain improvement Extension sugar exports from 1 Oct Construction starch factory Zeitz Freiberger distribution activities USA Commissioning neutral alcohol plant Zeitz Commissioning fourth fruit preparations plant USA Südzucker Group, page 63 * Preliminary status of the continuous process of cost savings and other measures

64 Cost savings and other measures (III)* Capex(mn mn ) Cost savings(mn mn ) ~120 ~100 ~35 ~70 ~30 ~400 ~400 ~40 ~25 ~300 <300 ~10 ~70 ~85 ~30 ~ / /16e 2016/17e 2017/18e 2014/ /16e 2016/17e 2017/18e Segment sugar Other segments * Preliminary status of the continuous process of cost savings and other measures Südzucker Group, page 64

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

66 Outlook 2015/16 (II) 2014/ /16e 212/13e EBITDA 453 mn ~ mn Investments Fixed Assets Step-up subsidiaries 386 mn 33 mn * ~ 400 mn - RoCE 3.1 % Südzucker Group, page 66 * Purchase Agrana bioethanol minorities

67 Outlook 2015/16 (III) 2014/ /16e 212/13e Net Financial Debt Cash flow 593 mn 389 mn mn >300 mn Cash flow / Revenues 5.7 % >5 % Equity ratio ~ 53 % ~ 53 % Südzucker Group, page 67

68 Outlook 2015/16 (IV)* 1,632 Net Financial Debt Cash Flow 1, mn > / / / / / / / /16e NFD/CF 3.2x 1.9x 1.4x 1.0x 0.5x 0.8x 1.5x x 2.5x Liquidity (mn mn ) 1,740 2,452 2,184 2,175 2,648 2,444 2,417 ~2,400 * IFRS 11 adjusted since 2013/14 Südzucker Group, page 68

69 Summary (I): Financial Year 2014/15 Despite temporary burden especially through difficult and extremely volatile sugar and ethanol market environment original targets from April 2014 have been reached Limitation of net debt increase to level below 600 mn, despite continued investments in future growth Continuation and amendment of initiated cost savings program and execution of further measures, e.g. to reduce risks, to control costs Confirmation of very solid balance sheet key ratios Safeguarding of maturity profile without expiry date until 2018 Very comfortable liquidity position of ~ 2.4 bn Südzucker Group, page 69

70 Summary (II): Financial Year 2015/16e Sugar Special Products CropEnergies Fruit EU framework reduces latitude until 2017, e.g. volume limit, minimum beet price, export restrictions Ongoing burdened by difficult market environment, but EU inventory reduction leads to potential market improvement in SMY 2015/16 Capacity extension starch at Zeitz site (start-up loss) leads to moderate earnings reduction against excellent previous year Especially H1 burdened by difficult market environment; positive signalling through EU blending decision; in case of sustainablility of current ethanol price level opportunities during the year At least confirmation of previous year s earnings level Stable net debt, cost savings measures, investmentsin future growth, build basis to achieve mid term targets Südzucker Group, page 70

71 Mid term Outlook (I) Group Operating Profit Fruit Special Products Crop Energies Volume growth parallel to market growth Cost savings Market growth Normalisation ethanol pricing Restart Ensus in conjunction with efficiency gains ~ 550 mn mn Sugar Commissioning Zeitz Market growth Cost savings 2015/16e Stop of market restrictions from 2017, e.g. volume limits, minimum beet prices, exports Full capacity utilization/cost savings Market equilibrium Mid term Megatrends intact (population growth, increase in per-capita income...) Südzucker Group, page 71

72 Mid termoutlook (II) Group EBITDA and Capex ~ 400 mn ~ 850 mn Room for manoeuvre Growth ~ mn Main- tenance Main- tenance ~250 mn EBITDA Capex EBITDA Capex 2015/16e mid term Südzucker Group, page 72

73 Executive Summary Challenging year segments sugar and CropEnergies Segments special products and fruit as reliable earnings contributor Successful establishment of basis to exploit future opportunities: Positioning for time beyond abolishment of sugar market order Adjustment of cost and risk structure Investment in new capacities / future growth Continutation of solid financing policy (duration, balance sheet key ratios, liquidity) Südzucker Group, page 73

74 Agenda 1. Overview and strategic objectives page 4 2. Financial Highlights page Annual Financial Statement 2014/15 Page Financing page Development of Segments Sugar page 27 Special Products page 41 CropEnergies page 50 Fruit page56 6. Outlook page Appendix Long-term development and key figures page 75 Additional information page 86 Südzucker Group, page 74

75 Financing maturity profile (as asof 28 February 2015) April 2017/19/21/22 Agrana promissory note, 126 mn March % Bond 2011/2018, 400 mn June Nov Perpetual Perpetual Syndicated loan AGRANA, 300 mn, Margin 90 bp, short-term borrowing facility 1-6 months Syndicated loan, 600 mn, Margin 50 bp at Baa2/BBB, short-term borrowing facility 1 month < 1 year 5.25% Hybrid Bond 2005/perpetual, 700 mn Issuer call June 30 June 2015 at the earliest. Pursuant to 6 (5) and (6) of bond documentation the exercise of the call right is subject to having issued, within the twelve month precedingthe redemption becoming effective, replacement capital (parity and/or junior securities and/or shares) against issue proceeds at least equal to the amounts payable upon redemption. Commercial Paper-Program, perpetual, 600 mn Drawnlines: 200 mn Südzucker Group, page 75

76 Südzucker withstrong capital market presence Bonds Share 36% 7% Zucker Invest GmbH (10%) Südzucker indirectvia Z&S (43%) Südzucker SZVG* (56%) Free float (34%) Südzucker (69%) Financial liabilities* 57% Liabilities to banks Others Bonds Z&S** (86%) Agrana Südzucker direct(~7%) Free float (7%) SZVG* (7%) Crop Energies * Süddeutsche Zuckerrübenverwertungs-Genossenschaft eg ** Z&S Zucker und Stärke Holding AG (~50% Südzucker, ~50% ZBG (Zucker- Beteiligungsgesellschaft m.b.h.)) Free float (mn ) Due date Coupon Nominal value Key figures asof 28 February 2015 Bond 2011/ ,125% 400,0 Hybrid bond 2005/15 ** 5,25% 700,0 * as of 28 February 2014 incl. hybrid bond ** first issuer call right by Südzucker as of 30 June 2015 Market capitalization: ~ 2.77 bn (MDAX rank39) Free-floatmarketcap.: ~ 1.01 bn (MDAX rank 44) Cum. share-turnover(12 months):3.24 bn (rank 12) -trading volume/day(12 months): ~1.9 mn shares Südzucker Group, page 76

77 Long-term development(i)* (mn ) 2004/ / / / / / / / / / / /15e Revenues ,0-6,3 EBITDA EBITDA-Margin 15,0% 12,5% 11,8% 8,5% 8,3% 11,3% 12,6% 14,5% 15,8% 11,8% 6,7% Operating profit Operating Margin 10,8% 8,4% 7,3% 4,0% 4,4% 7,0% 8,5% 10,7% 12,3% 8,3% 2,7% Income from operations (EBIT) ** Earnings before income taxes (EBT) Net earnings thereof to SZ AG shareholders Market capitalization Closing price on February 28/29 16,18 22,21 15,97 14,50 13,66 17,06 19,90 21,75 33,55 20,15 13,63 Earnings per share ( ) 1,67 1,36-1,72 0,10 0,86 1,06 1,33 1,99 3,08 1,37 0,10 Dividend per share ( ) 0,55 0,55 0,55 0,40 0,40 0,45 0,55 0,70 0,90 0,50 0,25 Cash flow > 300 Investments total ~ 400 Capital Employed RoCE 11,3% 8,6% 8,8% 4,7% 5,2% 7,5% 9,8% 13,2% 16,3% 10,6% 3,1% Total Assets Equity Equity Ratio 38,1% 47,1% 42,4% 41,7% 41,9% 46,5% 50,8% 47,9% 53,7% 53,4% 52,6% ~ 53% Net Financial Debt (NFD) Gearing (NFD/Equity) 61,1% 31,5% 24,1% 45,7% 50,5% 30,9% 23,2% 19,9% 9,8% 11,6% 13,3% *** **** * IFRS 11 adjusted; since 2013/14 income from companies consolidated at equity included in EBIT ** Extraordinary impact from Goodwill impairment loss *** Proposal **** Capex (excluding investments in financial assets) Südzucker Group, page 77

78 Long-term development(ii)* Cash flow (mn ) Revenues (bn ) > Net Financial Debt (mn ) Operating Profit (mn ) NFD/CF 1,5x 1,508 1,632 1, ,5x 3,0x 3,2x 1,9x 1,4x 1,0x 0,5x 0,8x 1,5x * IFRS 11 adjusted since 2013/14 Sugar Special Products CropEnergies Fruit Südzucker Group, page 78

79 Return on Capital Employed(RoCE RoCE) 2014/ /14 (mn ) RoCE RoCE Op. Profit Cap. Employed Südzucker Group 3,1% 10,6% Sugar 0,2% 13,7% Special Products 8,7% 6,3% CropEnergies -2,2% 6,4% Fruit* 8,4% 8,1% * Adjustment segment fruit: Goodwill book value redirected to participation level of parent company Sugar: Significant reduction exclusively earnings driven Special Products: Significant increase exclusively earnings driven CropEnergies: Fruit: Group: Decrease due to lower earnings despite reduction in capital employed Further improvement via slight reduction in capital employed Significant earnings reduction and stable capital employed lead to significant decreasein RoCE Südzucker Group, page 79

80 Return on Capital Employed(RoCE RoCE) 2010/ / / /14* 2014/ /16e Sugar 10.4% 17.1% 22.4% 13.7% 0.2% Segments Special Prod. CropEnergies 10.8% 8.7% 10.7% 10.2% 9.5% 17.3% 6.3% 6.4% 8.7% -2.2% Fruit 6.7% 4.7% 5.0% 8.1% 8.4% RoCE 9.8% 13.2% 16.3% 10.6% 3.1% Group Operating Profit 521 mn 751 mn 972 mn 622 mn 181 mn mn Capital Employed 5,314 mn 5,707 mn 5,950 mn 5,873 mn 5,877 mn Südzucker Group, page 80 * IFRS 11 adjusted since 2013/14

81 Breakdown of Capital Employed(2014/15) Breakdown by assets Breakdown by segments 21% 13% 9% 48% 5,877 mn 5,877 mn 55% 31% 23% Goodwill Working Capital Fixed assets Sugar CropEnergies Special Products Fruit Südzucker Group, page 81

82 Liquidity profileend end of period (mn ) Q4 2014/15 Q3 2014/15 Q2 2014/15 Q1 2014/15 Q4 2013/14 Net financ ial debt Cash & Cash equivalents / securities Gross financial debt Long-term financial debt Short-term financial debt Bank credit lines undrawn Syndic ated loan undrawn Syndic ated loan Agrana undrawn Commercial paper program undrawn Bank credit lines (undrawn) Cash & cash equivalents / securities Syndic ated loan (undrawn) Commerci al paper (undrawn) = Total liquidity res erves Südzucker Group, page 82

83 Group balance sheet (mn mn ) 1,895 (21.9 %) Assets Other current assets 1,837 (21.7 %) 2,385 (27.5 %) Liabilities Current liabilities 2,128 (25.1 %) 2,360 (27.2 %) Inventories 2,128 (25.1 %) 1,654 (19.1 %) Non-current liabilities 1,885 (22.3 %) 4,409 (50.9 %) Non-current assets 4,510 (53.2 %) 4,625 (53.4 %) Equity 4,461 (52.6 %) Total 8,663 8,474 Total 8,663 8,474 Südzucker Group, page 83

84 Group balance sheet (mn ) (mn ) Intangible assets ,0% ,7% Fixed assets ,9% ,7% Shares in companies consolidated at equity 333 3,9% 285 3,3% Other investments and loans 22 0,3% 24 0,3% Securities 20 0,2% 105 1,2% Receivables and other assets 25 0,3% 28 0,3% Deferred tax assets 133 1,6% 124 1,4% Non-current assets ,2% ,9% Inventories ,1% ,2% Trade receivables and other assets ,4% ,9% Current tax receivables 39 0,5% 62 0,7% Securities 126 1,5% 41 0,5% Cash and cash equivalents 536 6,3% 502 5,8% Current assets ,8% ,1% Equity attributable to shareholders of SZ AG ,9% ,7% Hybrid capital 684 8,1% 684 7,9% Other minority interest 652 7,7% 673 7,8% Shareholder's equity ,4% ,4% Provisions for pensions and similar obligations 826 9,7% 659 7,6% Other provisions 109 1,3% 82 0,9% Non-current financial liabilities 774 9,1% 681 7,9% Other liabilities 18 0,2% 18 0,2% Tax liabilities 79 0,9% 109 1,3% Deferred tax liabilities 79 0,9% 104 1,2% Non-current liabilities ,2% ,1% Other provisions 230 2,7% 190 2,2% Current financial liabilities 500 5,9% 502 5,8% Trade payables and other liabilities ,3% ,6% Current tax liabilities 99 1,2% 83 1,0% Current liabilities ,1% ,5% Total assets ,0% ,0% Total liabilities and shareholders' equity ,0% ,0% Südzucker Group, page 84

85 Agenda 1. Overview and strategic objectives page 4 2. Financial Highlights page Annual Financial Statement 2014/15 Page Financing page Development of Segments Sugar page 27 Special Products page 41 CropEnergies page 50 Fruit page56 6. Outlook page Appendix Long-term development and key figures page 75 Additional information page 86 Südzucker Group, page 85

86 Revenue by region 2014/15* Rest of world (17 %) Germany (25 %) 6,778 mn EU 13 (13 %) EU 15 (45 %) Südzucker Group, page 86

87 Segment Sugar: Campaign SMY 2014/15 Beet growers 41,300 (42,100) Beet acreage: 405,000 (396,000) ha Sugar factories (incl. refineries): 32 (32) Beet processing: 34.0 (27.2) mn tons Sugar production: 5.4 (4.7) mn tons thereof from beets: 5.0 (4.5) mn tons thereof raw sugar raffination: 0.5 (0.4) mn tons Südzucker Group, page 87

88 Südzucker well positioned in Beet Belt Germany Poland Belgium Czech Republic Slovakia Moldova France Austria Hungary Romania Südzucker Group, page 88