- Tereos Internacional reported results for the third quarter of 2013/14 with overall revenues increasing 5.9% year-over-year to R$2,015 million driven by higher volumes in Brazil and Europe as well as currency effects.
- Adjusted EBITDA increased slightly by 5.8% to R$279 million as improvements in Brazil, Europe, and Brazil offset declines in Africa due to weather issues.
- In Brazil, record sugarcane crushing of 19.7 million tons led to increased ethanol and energy sales volumes while adjusted EBITDA benefited from efficiency gains despite lower sugar prices.
- Ethanol and starch segments in Europe saw higher volumes and margins as input
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.
The document provides highlights from Tereos Internacional's second quarter 2013/14 results. Key points include:
- Revenues increased 17.8% to R$2.207 billion driven by higher volumes in sugarcane and improved prices and mix in starch.
- Adjusted EBITDA rose 18.4% to R$342 million due to cost dilution in sugarcane Brazil from higher volumes and improved efficiency.
- Sugarcane crushing in Brazil was up 3.9% and energy sales increased 44.0% while sugar sales rose 21.2% and ethanol fell 3.3%.
- The starch segment saw revenues increase 31% from better volumes and prices, though profitability remained under
Tereos Internacional reported its 2014/15 year-end results. Key highlights include:
- Sugarcane crushing in Brazil was up 3% to 20.2 million tonnes despite a 13% drop in yields due to drought. Energy sales from cogeneration were up over 50%.
- Adjusted EBITDA for the Brazil segment was down 26% due to higher costs and lower industrial efficiency partially offsetting volume gains.
- Crushing was stable in the Indian Ocean but increased in Africa with improved agricultural yields. Adjusted EBITDA for Africa/Indian Ocean was down 14%.
- Cereal grinding was up 5% overall but ethanol sales declined 33% due to the end of trading activities
Tereos Internacional reported its third quarter 2014/15 results. Key points:
- Sugarcane crushing volumes in Brazil were up 3% year-to-date driven by better agricultural results. Cogeneration sales doubled.
- Volumes increased across most business segments including sugarcane in Indian Ocean/Africa and cereal grinding.
- Adjusted EBITDA was up 14% in Brazil and 21% for starches and sweeteners due to cost reductions. EBITDA declined 79% in Alcohol & Ethanol Europe due to lower prices and volumes.
- Capital expenditures declined year-over-year as expansion programs were completed. Net debt decreased and average debt maturity was lengthened through
Tereos Internacional reported on its 2013/14 fiscal year results. Key points included record sugarcane crushing in Brazil of 19.7 million tonnes, driven by strong yields and benefiting operational performance. Cereal grinding was up 5% due to better capacity utilization. Revenues increased 24% for the Starch & Sweeteners segment however profitability remained pressured. Overall, revenues grew 10% to R$8.3 billion while adjusted EBITDA rose 39% to R$962 million, supported by Brazil operational improvements and better performance in Alcohol & Ethanol Europe.
Tereos Internacional reported its third quarter 2012/13 results. Key highlights include:
- Record net revenues driven by higher volumes in sugarcane and starch segments.
- Adjusted EBITDA increased year-over-year thanks to the sugarcane divisions, despite challenges in the alcohol and ethanol segment from technical issues at a new facility.
- Cash flow was negative due to ongoing strategic investments and seasonal working capital needs.
The document summarizes Tereos Internacional's financial results for the first quarter of the 2013/14 fiscal year. Major reporting changes include adopting a new accounting standard that requires joint ventures to be equity accounted rather than proportionally consolidated. Segment information is now presented on a standalone and contributive basis. The results show a 17.6% increase in revenues driven by higher sales volumes in Brazil and higher prices in Europe. Adjusted EBITDA increased 56.7% to R$210 million due to recovery in the Brazilian business from higher production volumes and cost dilution, as well as improved results in other segments.
Tereos Internacional reported its first quarter 2015/16 results. Key highlights included a good start to the sugar cane harvest in Brazil with improved efficiency compared to the previous year. Volumes harvested were up 4% compared to the previous first 100 days. Higher ethanol prices in Europe contributed to improved performance in the alcohol and ethanol segment. Starch and sweeteners sales volumes increased slightly year-over-year and quarter-over-quarter, but margin pressure continued due to raw material costs. Adjusted EBITDA was down compared to the previous year due to lower prices impacting segments in Europe, Africa and India.
Tereos Internacional reported 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.
The document provides highlights from Tereos Internacional's second quarter 2013/14 results. Key points include:
- Revenues increased 17.8% to R$2.207 billion driven by higher volumes in sugarcane and improved prices and mix in starch.
- Adjusted EBITDA rose 18.4% to R$342 million due to cost dilution in sugarcane Brazil from higher volumes and improved efficiency.
- Sugarcane crushing in Brazil was up 3.9% and energy sales increased 44.0% while sugar sales rose 21.2% and ethanol fell 3.3%.
- The starch segment saw revenues increase 31% from better volumes and prices, though profitability remained under
Tereos Internacional reported its 2014/15 year-end results. Key highlights include:
- Sugarcane crushing in Brazil was up 3% to 20.2 million tonnes despite a 13% drop in yields due to drought. Energy sales from cogeneration were up over 50%.
- Adjusted EBITDA for the Brazil segment was down 26% due to higher costs and lower industrial efficiency partially offsetting volume gains.
- Crushing was stable in the Indian Ocean but increased in Africa with improved agricultural yields. Adjusted EBITDA for Africa/Indian Ocean was down 14%.
- Cereal grinding was up 5% overall but ethanol sales declined 33% due to the end of trading activities
Tereos Internacional reported its third quarter 2014/15 results. Key points:
- Sugarcane crushing volumes in Brazil were up 3% year-to-date driven by better agricultural results. Cogeneration sales doubled.
- Volumes increased across most business segments including sugarcane in Indian Ocean/Africa and cereal grinding.
- Adjusted EBITDA was up 14% in Brazil and 21% for starches and sweeteners due to cost reductions. EBITDA declined 79% in Alcohol & Ethanol Europe due to lower prices and volumes.
- Capital expenditures declined year-over-year as expansion programs were completed. Net debt decreased and average debt maturity was lengthened through
Tereos Internacional reported on its 2013/14 fiscal year results. Key points included record sugarcane crushing in Brazil of 19.7 million tonnes, driven by strong yields and benefiting operational performance. Cereal grinding was up 5% due to better capacity utilization. Revenues increased 24% for the Starch & Sweeteners segment however profitability remained pressured. Overall, revenues grew 10% to R$8.3 billion while adjusted EBITDA rose 39% to R$962 million, supported by Brazil operational improvements and better performance in Alcohol & Ethanol Europe.
Tereos Internacional reported its third quarter 2012/13 results. Key highlights include:
- Record net revenues driven by higher volumes in sugarcane and starch segments.
- Adjusted EBITDA increased year-over-year thanks to the sugarcane divisions, despite challenges in the alcohol and ethanol segment from technical issues at a new facility.
- Cash flow was negative due to ongoing strategic investments and seasonal working capital needs.
The document summarizes Tereos Internacional's financial results for the first quarter of the 2013/14 fiscal year. Major reporting changes include adopting a new accounting standard that requires joint ventures to be equity accounted rather than proportionally consolidated. Segment information is now presented on a standalone and contributive basis. The results show a 17.6% increase in revenues driven by higher sales volumes in Brazil and higher prices in Europe. Adjusted EBITDA increased 56.7% to R$210 million due to recovery in the Brazilian business from higher production volumes and cost dilution, as well as improved results in other segments.
Tereos Internacional reported its first quarter 2015/16 results. Key highlights included a good start to the sugar cane harvest in Brazil with improved efficiency compared to the previous year. Volumes harvested were up 4% compared to the previous first 100 days. Higher ethanol prices in Europe contributed to improved performance in the alcohol and ethanol segment. Starch and sweeteners sales volumes increased slightly year-over-year and quarter-over-quarter, but margin pressure continued due to raw material costs. Adjusted EBITDA was down compared to the previous year due to lower prices impacting segments in Europe, Africa and India.
Tereos Internacional reported 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.
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 increased revenues and adjusted EBITDA due to favorable commercial conditions and volume growth. The starch & sweeteners segment saw revenue growth from higher volumes and prices but adjusted EBITDA declined due to a sharp rise in raw material costs
Tereos Internacional reported strong financial results for Q3 2011/12, with revenues increasing 14.4% to R$1.8 billion driven by higher prices across key products. Adjusted EBITDA grew 4.4% to R$271 million. The Brazilian business was impacted by lower sugarcane volumes but this was offset by better results in other regions like the Indian Ocean and Europe. The company also advanced strategic initiatives through acquisitions and increased stakes in subsidiaries to reinforce its leadership positions.
Tereos Internacional reported financial results for Q1 2013/14 with total revenues of R$1.9 billion, a 17.6% increase over the previous year. Adjusted EBITDA was R$209.5 million, up 55.8% compared to Q1 2012/13. The sugarcane division in Brazil performed strongly with higher volumes and improved margins. Guarani, the Brazilian sugarcane subsidiary, saw increases in sugarcane crushed, sugar and ethanol production which contributed to a 226.5% rise in Adjusted EBITDA to R$125.2 million.
- The company reported record 9M revenues of R$970.7 million, up 14.3%, though adjusted EBITDA was only up 8.2% due to losses in Mozambique from lower production and currency depreciation.
- Net income was R$15.7 million as strong results in Brazil of R$80.3 million were offset by a R$64.6 million loss in Mozambique.
- The outlook is positive due to higher domestic sugar and ethanol prices, expected higher sugar production, and an increase in own sugarcane.
Tereos Internacional 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.
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.
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.
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.
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.
- Yara reported strong second quarter results driven by increased deliveries, lower natural gas prices in Europe, and a stronger US dollar.
- Fertilizer deliveries were up 6% due to recent acquisitions in Latin America and Brazil, excluding acquisitions deliveries were down 2%.
- Margins improved due to a 19% decrease in ammonia prices and Yara's 17% lower average gas and oil costs, though realized fertilizer prices also decreased.
- 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.
2015 04-27 - Yara International ASA Q1 2015 PresentationYara International
Yara International ASA reported strong first quarter results driven by higher deliveries and margins. Margins benefited from lower gas prices and a stronger US dollar. However, the company reported a NOK 1.8 billion currency loss due to US dollar appreciation. The industrial segment performed strongly. Prospects for the second quarter include a further expected NOK 650 million reduction in gas costs in Europe.
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.
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.
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.
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 increased revenues and adjusted EBITDA due to favorable commercial conditions and volume growth. The starch & sweeteners segment saw revenue growth from higher volumes and prices but adjusted EBITDA declined due to a sharp rise in raw material costs
Tereos Internacional reported strong financial results for Q3 2011/12, with revenues increasing 14.4% to R$1.8 billion driven by higher prices across key products. Adjusted EBITDA grew 4.4% to R$271 million. The Brazilian business was impacted by lower sugarcane volumes but this was offset by better results in other regions like the Indian Ocean and Europe. The company also advanced strategic initiatives through acquisitions and increased stakes in subsidiaries to reinforce its leadership positions.
Tereos Internacional reported financial results for Q1 2013/14 with total revenues of R$1.9 billion, a 17.6% increase over the previous year. Adjusted EBITDA was R$209.5 million, up 55.8% compared to Q1 2012/13. The sugarcane division in Brazil performed strongly with higher volumes and improved margins. Guarani, the Brazilian sugarcane subsidiary, saw increases in sugarcane crushed, sugar and ethanol production which contributed to a 226.5% rise in Adjusted EBITDA to R$125.2 million.
- The company reported record 9M revenues of R$970.7 million, up 14.3%, though adjusted EBITDA was only up 8.2% due to losses in Mozambique from lower production and currency depreciation.
- Net income was R$15.7 million as strong results in Brazil of R$80.3 million were offset by a R$64.6 million loss in Mozambique.
- The outlook is positive due to higher domestic sugar and ethanol prices, expected higher sugar production, and an increase in own sugarcane.
Tereos Internacional 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.
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.
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.
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.
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.
- Yara reported strong second quarter results driven by increased deliveries, lower natural gas prices in Europe, and a stronger US dollar.
- Fertilizer deliveries were up 6% due to recent acquisitions in Latin America and Brazil, excluding acquisitions deliveries were down 2%.
- Margins improved due to a 19% decrease in ammonia prices and Yara's 17% lower average gas and oil costs, though realized fertilizer prices also decreased.
- 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.
2015 04-27 - Yara International ASA Q1 2015 PresentationYara International
Yara International ASA reported strong first quarter results driven by higher deliveries and margins. Margins benefited from lower gas prices and a stronger US dollar. However, the company reported a NOK 1.8 billion currency loss due to US dollar appreciation. The industrial segment performed strongly. Prospects for the second quarter include a further expected NOK 650 million reduction in gas costs in Europe.
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.
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.
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.
Petrobras is a Brazilian integrated energy company involved in oil exploration, production, refining, transportation and more. It achieved leadership in deepwater operations and plans to double oil production in Brazil by 2020. In 2013, Petrobras produced over 2 million barrels of oil per day, with pre-salt production increasing 79%. It also refined over 2 million barrels of oil per day and transported over 59 million tons of oil and oil products via pipelines and ships. Petrobras continues investing heavily in expanding its operations, with 28 new platforms planned for 2014-2018 that will add over 1 million barrels of daily production capacity.
1) The document provides a performance snapshot of the palm oil industry in 2018, noting challenges like falling prices and high stock levels.
2) Palm oil production was up in Indonesia in 2018 due to yield recovery, while production declined slightly in Malaysia. Combined ending stocks for Malaysia and Indonesia reached 7 million metric tons.
3) The document projects that palm oil prices may increase in 2019 on expectations of slowing output and robust demand, though factors like surplus soy availability could limit price increases. Production is forecast to have a marginal increase globally to around 74 million metric tons.
Nigeria has experienced economic challenges in recent years due to falling global oil prices and reduced oil output. However, the country is forecasted to see positive GDP growth of 2.8% in 2017, driven by growth in the agriculture and manufacturing sectors which offset contraction in other areas in the third quarter of 2016. Two case studies highlight opportunities and challenges for palm oil and plantain chip companies in Nigeria, including utilizing unused production capacity, backward integration, and addressing higher input costs through innovation.
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.
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.
Dabur’s (DABUR) 3QFY15 results were mixed, with consolidated sales growth of 9.2% YoY to INR20.7b (est. INR21.7b) and underlying domestic volume growth of 7.4% (est. 9%). EBITDA posted healthy 18.4% growth YoY to INR3.5b (INR3.5b), while recurring PAT grew 16.2% YoY to INR2.8b (est. INR2.8b).
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
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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
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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.
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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.
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3) No Brasil, houve aumento expressivo na produção e receita, porém o EBIT
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2. Q3 2013/14 Highlights
Operational
Guarani:
Increased ethanol production in the quarter on better margins (40% of TRS vs. 36% last year)
Cogeneration sales continue to perform well on a YTD basis (+48% over 9M 12/13)
First benefits of Guarani 2016 efficency program
Record crushing this crop of 19.7 million tonnes (full consolidation) driven by strong yields (92
t/ha or +11% above the average in the State of São Paulo) on slightly lower TRS (-1%)
Cruz Alta and Severinia mills were granted the Bonsucro certification, which allows them to be
in accordance with the European Directive for biofuels and renewable energy
Africa/Indian Ocean:
Climate conditions impacted crushing volumes but solid perfomance from Indian Ocean
operations
Cereals Europe:
A&E margin improving versus last year and S&S contribution increasing sequentially
Higher grinding in the quarter compared to last year due to continuous improvement of
Lillebonne operational performance
Cost and efficiency improvement programme “Performance 2015” progressing
Cereals Brazil:
Improved starch sales volumes while glucose sales ramping up; customers’ certification
process ongoing
Strategic
2
Cereals Asia: Acquisition of 50% of Redwood Indonesia establishing presence in Indonesia,
Asia’s third largest market for sweeteners. Closing pending regulatory approvals
3. Market Highlights
Sugar:
580
US$/MT 21
550
19
520
18
490
17
460
16
430
15
20
400
Raw sugar prices rallied above 20.0 USD cents/lb in October,
before dropping to 16.4 USD cents/lb at the end of December
mainly due to higher production worldwide and comfortable
stock-to-use ratios in major importing countries. Prices
currently hovering around 16 USD cents/lb.
14
Jan-13
Apr-13
Jul-13
LIFFE#5
BRL/USD devaluation during the quarter (-7%) helped to offset
the drop of raw sugar prices for Brazilian producers
Oct-13
NY#11
€/MT
Starch:
270
Mar, 2014 wheat future prices appreciated around 7% from Oct 1st
to Dec 31st
250
230
210
190
The drop in wheat prices since beginning of January has lowered
significantly the wheat to corn spread
170
150
Jan-13
Apr-13
Jul-13
Corn MATIF
Oct-13
Wheat MATIF
Ethanol:
1900
R$/m³
€/m³
700
1700
650
1500
600
1300
550
1100
500
900
450
In Brazil, ethanol prices benefited from the 4% increase in
gasoline prices at the refinery. Both hydrous and anhydrous
prices were on average 9% and 7% higher quarter-on-quarter
700
400
Jan-13
3
Apr-13
Jul-13
Brazil ESALQ
Source: Bloomberg
Oct-13
Europe Rotterdam
In Europe, FOB Rotterdam prices continued to erode, declining
during the quarter from €543/m3 to €492/m3, on weaker seasonal
demand and ample stocks in Europe
4. Q3 2013/14 – Revenues
Positive Effect of BRL Devaluation and Improvement in Lillebonne Volumes
Net Revenues (R$ MM)
1,903
+5.9%
2,015
+217
557
540
250
281
847
1,014
(35)
(46)
(25)
Brazil
Africa / Indian
Ocean
Starch Europe
2,015
1,903
Ethanol Europe
219
Q3 2012/13
210
Q3 2013/14
Q3
2012/13
Currency
Volume
Price & Mix
Others
Revenue was positively impacted by:
Better performance of Lillebonne on higher volumes of ethanol and gluten
Higher ethanol prices and improved energy sales volumes in Brazil
Positive currency impact of the weaker Real vs. Euro (-17% Y-o-Y)
But partially offset by:
Slightly lower volumes of sweeteeners combined with overall lower prices
4
Lower sugar volumes & prices in Brazil and reduced crop volumes in Africa/Indian Ocean
Lower ethanol trading volumes for Tereos Group (end of trading activities)
Q3
2013/14
5. Net Revenues Evolution by Product
December 2013 – 3 Months
December 2012 – 3 Months
Others (incl.
Energy)
13%
Sugar
27%
Alcohol &
Ethanol
17%
Co-products
13%
Others (incl.
Energy)
13%
Sugar
22%
Alcohol &
Ethanol
18%
Starch &
Sweeteners
30%
Co-products
17%
Starch &
Sweeteners
30%
Well-diversified portfolio with relatively stable breakdown compared to Q3 12/13
Reduction in sugar volumes & prices in Brazil led to reduced share of sugar in total revenues
Co-products increased their share year-on-year on a combination of higher prices and volumes for gluten
5
6. Q3 2013/14 - Adjusted EBITDA
Increased Contribution of All Businesses, Except for Africa
Adjusted EBITDA (R$ MM)
264
+5.8%
279
Brazil
138
85
Africa / Indian
Ocean
Starch Europe
60
54
Q3 2013/14
+2
+4
(25)
279
264
Holding
23
Q3 2012/13
-2
51
-8
Ethanol Europe
+31
+4
142
Q3
2012/13
Brazil
Margin 13.9%
Africa /
Indian
Ocean
Starch
Europe
Ethanol
Europe
Holding
Q3
2013/14
Margin 13.9%
Adjusted EBITDA improved year-on-year as a consequence of:
Recovery in profitability at A&E Europe segment on higher volumes and lower input prices,
despite reduced ethanol prices
Starch & sweeteners profitability benefiting from lower cereal input costs; however fixed cost
increase, due to recent investments, not fully covered yet by higher volumes due to weak
economic environment
6
Improvement in profitability at Guarani, despite slightly lower sales (volume & prices) thanks
notably to first benefits from Guarani 2016 (both at agricultural and industrial level)
Africa/Indian Ocean operations impacted by adverse climate conditions although Indian
Ocean business continued to deliver a solid performance
Positive FX conversion effect linked to Real depreciation vs. the Euro year-on-year
7. Sugarcane Brazil – Production & Sales
Record Sugarcane Crushing at 19.7 million tonnes
Sugarcane Crushing (MM t)
Sugar Sales (‘000 t)
Ethanol Sales (‘000 m³)
Energy Sales (‘000 MWh)
0.0% YoY
-8.7% YoY
-2.5% YoY
+44.2 YoY
70
29
4,9
367
335
135
132
Q3
12/13
Q3
13/14
Q3
12/13
Q3
13/14
Q3
12/13
Q3
13/14
Q3
12/13
116
Own Sales
139
Q3
13/14
4,9
Trading
Crushing
Better-than-expected agricultural yields at 92 t/ha vs. 84 t/ha in 2012/13
Higher crushing in 2013/14: 19.7 million tonnes or +8% y-o-y (full consolidation) and 18.3 million
tonnes or +11% y-o-y (equity consolidation)
Mechanical harvesting at 93% for own sugarcane
Improvement in production
Sugar:
7
Mix: 63% sugar, 37% ethanol vs. 64% / 36% last year
Overall production up 10% to 2.5 Mt (expressed in TRS)
Ethanol: 535 Km³
1.5 Mt
+9% YoY
+13% YoY
Progress on cogeneration
YTD energy sales (including trading) up 48% to 695 GWh
8. Sugarcane Brazil – Financials
Improved EBITDA Despite Lower Volumes and Prices
Net Revenues (R$ MM)
Key Figures
(32)
557
540
Sugar
540
557
-3%
Gross Profit
(4)
2012/13
92
84
+9%
Gross Margin
(12)
2013/14
Revenues
+10
Q3
In R$ Million
+21
Q3
17.0%
15.1%
24
6
4.4%
1.1%
142
138
26.2%
24.8%
EBIT
EBIT Margin
Ethanol
Adjusted EBITDA
Adjusted EBITDA Margin
Q3 2012/13
Price & Mix Volume Price & Mix Volume
Sugar: 55% of total net revenues
Average selling price: -4% Y-o-Y at 956 R$/t
(ex-hedging), partly on negative mix effect
Ethanol: 30% of total net revenues
Volume sold down -3% to 132 Km3
8
+3%
Stable volume crushed Y-o-Y, but production
down 5% (expressed in TRS) on lower sugar
content
Adjusted EBITDA: R$142 million
Volumes reduced -9% to 335 Kt
+282%
Others Q3 2013/14
Change
Average price up 15% Y-o-Y at 1,232 R$/m3
Cogeneration (ex-trading): R$20.1 million vs.
R$18.1 million in Q3 12/13
Improvement in profitability thanks notably
to first benefits from Guarani 2016
Adjusted EBITDA Margin1 for Q3 13/14
including tilling as depreciation: 34%
(1) Tereos Internacional allocates tilling expenses as
cost. If tilling expenses were allocated as
investment, Adjusted EBITDA for Q3 13/14 would have
reached R$183 million.
9. Sugarcane Africa/Indian Ocean – Production and Financials
Climate Conditions Impacted Crushing Volumes
Key Figures
Q3
2013/14
2012/13
Revenues
250
281
-11%
Gross Profit
58
100
-42%
Gross Margin
Sugar sales (‘000 t)
Q3
In R$ Million
Sugarcane Crushing (’000 t)
23.2%
35.7%
22
49
8.8%
17.4%
60
85
24.0%
30.3%
-23.3% YoY
-27.8% YoY
1,176
86
849
66
EBIT
Q3
13/14
Q3
12/13
13/14
Q3
12/13
EBIT Margin
Q3
Change
Adjusted EBITDA
Adjusted EBITDA Margin
Revenue Breakdown by Product
-55%
-30%
Sugarcane crushing
Trading and
others
25%
Indian Ocean: total crushing at 1.7 Mt (-6% vs.
LY), impacted by the severe drought in Q3 13/14
Africa: sharp reduction in crushing
(-35%) this crop on irrigation problems
Sugar production: down 12% this crop at 249 kt
Revenues: -11% Y-o-Y
Lower crops in Indian Ocean and Africa
impacting revenues
Sugar Indian
Ocean
56%
Adjusted EBITDA: -30% Y-o-Y
Solid performance in Indian Ocean, more than
offset by the impact of reduced crop
volumes in Africa
Sugar Africa
19%
9
10. Cereal Segment - Production and Sales
Higher Grinding on Recovery of Lillebonne Production and Palmital Ramp-up
Cereal Grinding
(‘000 t)
Starch & Sweeteners
Sales (‘000 t)
Alcohol & Ethanol
Sales (‘000 m3)
Co-products Sales
(‘000 t)
+9.3% YoY
-1.9% YoY
-3.7% YoY
+5.4% YoY
811
412
276
404
Own Sales
79
Q3
13/14
Q3
12/13
Q3
13/14
Q3
12/13
Q3
13/14
Q3
12/13
50 +58.0% YoY
291
Q3
13/14
742
Q3
12/13
25
58
Trading
Grinding in Q3 13/14: +9% mostly driven by better performance at Lillebonne and ramp-up of Palmital
corn factory
Starch & Sweeteners sales: -2%
Alcohol & Ethanol sales: -4%
10
Reduction in sales of functional sweeteners and specialties,
but some growth in starch thanks to prior year investment at
Marckolsheim
Significant recovery in own volume sold thanks to improved
performance at Lillebonne. Lower ethanol trading sales for
Tereos Group (end of trading activity)
11. Starch & Sweeteners – Financials
Positive Volume and Currency Effect Led to Higher Revenues and EBITDA
Net Revenues (R$ MM)
Key Figures
Q3
In R$ Million
2013/14
2012/13
1,014
847
+20%
Gross Profit
160
139
+16%
Gross Margin
+140
Q3
15.8%
16.4%
3
10
0.3%
1.2%
54
51
5.4%
6.0%
Change
+8
Revenues
+47
(28)
1,014
847
EBIT
EBIT Margin
Adjusted EBITDA
Q3 2012/13Volume Price & MixCurrency Others Q3 2013/14
Adjusted EBITDA Margin
-71%
+7%
Revenues: R$1,014 million, up 20%
Higher starch and co-products sales, particularly gluten, more than compensated for lower
sweeteners volumes and led to a positive +6% volume effect
Positive effect of Real devaluation vs. Euro (-17% on average Y-o-Y)
Prices for S&S reflected the decrease of cereal and sugar prices (isoglucose); gluten prices were up
year-on-year
Adjusted EBITDA: R$54 million, up 7% Y-o-Y
11
Improvement year-on-year due to currency effect, although EBITDA increased sequentially, thanks to
lower input prices, but yet to fully benefit from recent investments in Europe and Brazil
12. Alcohol & Ethanol Europe – Financials
Lower Wheat Prices and Better Industrial Performance at Lillebonne
Net Revenues (R$ MM)
Key Figures
(32)
210
219
-4%
22
-2
-979%
Gross Margin
219
2012/13
Gross Profit
(7)
2013/14
Revenues
(7)
Q3
In R$ Million
+38
Q3
10.3%
-1.1%
10
-19
4.8%
-8.5%
23
-8
10.9%
3.7%
EBIT
210
EBIT Margin
Adjusted EBITDA
Q3
2012/13
Volume
Price & Mix
Currency
Others
Adjusted EBITDA Margin
Q3
2013/14
Revenue Breakdown by Product
Change
-154%
-380%
Revenues: R$210 million, down 4%
Ethanol
traded 24%
Lower volumes traded on behalf of Tereos and
lower FOB Rotterdam prices
Adjusted EBITDA: R$23 million, up Y-o-Y
Ethanol own
sales 69%
12
Better industrial performance led to higher ethanol
volumes
Co-products
and other
7%
Benefit from lower wheat prices and fixed cost
dilution on better capacity utilization
13. Q3 2013/14 - Capital Expenditures
Near completion of CAPEX Programs Leading to Lower Investments Y-o-Y
CAPEX (R$ MM)
CAPEX (R$ MM)
Starch
Europe
20%
Ethanol
Europe
2%
+34
+1
(58)
Africa /
Indian
Ocean
8%
203
Brazil: R$119 million
•
Mostly related to maintenance, including
replanting, and the cogeneration and
capacity expansion of Guarani’s factories
•
80% of the expansion program completed
Africa/Indian Ocean: R$15 million
•
13
170
Brazil
70%
Q3 2012/13
(10)
Primarily maintenance and plantation in
Mozambique
Africa /
Indian
Ocean
Starch
Europe
Ethanol
Europe
Q3 2013/14
Starch & Sweeteners: R$34 million
•
Brazil
Finalization of 1st phase of investments in
Brazil corn starch facility
Alcohol & Ethanol Europe: R$3 million
•
Factory maintenance at Lillebonne and DVO
14. Cash Flow Reconciliation & Debt Composition
Cash Flow
Debt
9M 13/14
In R$ Million
Adjusted EBITDA
Dec 31st, 2013
In R$ Million
830
March 31st,
2013 (Restated)
∆
Others
(84)
Operating Cash Flow
Financial interests
Dividends paid and
received
10
(151)
3
Capex
103
Non-current
2,968
2,399
569
(27)
(26)
(1)
4,873
4,202
671
In €
1,889
1,596
293
In USD
1,918
1,688
230
1,047
882
165
46
62
(16)
Cash and Cash Equivalent
(585)
(892)
308
4,288
3,310
979
229
13
217
4,519
3,322
Amortized cost
Total Gross Debt
(590)
Others
1,829
In R$
(736)
1,932
Total Net Debt
Working capital variance
Current
135
Other currencies
Free Cash Flow
(593)
Forex impact
(603)
Others
(1)
Net Debt Variation
(1,197)
Related Parties Net Debt
Total Net Debt + Related
Parties
Currency Effect on Debt: Devaluation of the Real against Euro and USD
14
Working Capital: Peak level of inventories due to intercrop sales commitments in Brazil
Net Debt/Adjusted EBITDA: 4.9x vs. 4.2x on March 31st, 2013
1,197
15. Outlook
Sugarcane
Brazil
Multi-year investment program in Brazil nearing completion to reduce investments level next year
First benefits of Guarani 2016 efficiency program
Impact of dry weather effect since December in Brazil on sugarcane crop volumes next year is
being monitored closely. Guarani should benefit from 1 million tonnes of standing cane and the
excess cane sold to other mills during the 2013/14 crop
Africa/Indian Ocean
Drought in the Reunion Island should lead to slight decrease in volumes next crop, while
sugarcane crushing in Mozambique should start to recover
Cereals
Europe
Continuous benefit of lower cereal prices with better utilization rates at Lillebonne to dilute fixed
costs
Focus on “Performance 2015” plan to improve margins
Brazil
Ramping up of corn processing and glucose sales
Asia
15
Dongguan construction and Tieling diversification plan in China
Closing of the acquisition of Redwood Indonesia
16. IR Contact
Marcus Thieme
Investor Relations Officer
Felipe Mendes
Investor Relations Manager
Phone: +55 (11) 3544 4900
Email: ir@tereosinternacional.com
www.tereosinternacional.com