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4Q 13/14 Earnings

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.

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Tereos Internacional 2013/14 Year End Results São Paulo – June 11th, 2014
Key initiatives and major developments in FY 2013/14 Progress in Operational performance Brazil: Already reaping the benefits of the multi-year investment and efficiency program (Guarani2016): Agriculture: +8% in volumes at 19.7 million tonnes (full consolidation) driven by strong yields (92 t/ha or +10% above the average in the Center South region) Co-generation: +38% in energy sales to 711 GWh, due to the ramp up of cogeneration, particularly at São Jose and Mandu mills Cereals Europe: ”Performance 2015 “ cost & efficiency program progressing Major headways in International development and product portfolio diversification Cereals Europe: Lillebonne at normalized utilization rates with more diversified mix of products (protein/sweeteners) 2 Cereals Brazil: Sweeteners sales ramping up at Palmital corn-based starch facility and client portfolio developing Cereals Asia: Dongguan construction and Tieling improvement and diversification plan in China advancing. Establishing presence in Indonesia with closing of 50% acquisition of Redwood on May 28th, 2014 Strengthening of financial situation Capital injection from PBio at Guarani in October 2013: R$225 million (TI at 60.4% stake) Refinancing: Guarani: improvement in debt maturity profile with close to USD 300 million of refinancing in the last 12 months, including USD190 million of export notes in October 2013 (duration of 5 years at lower rates) Deleverage process under way as multi-year investment program is largely completed: net debt/EBITDA ratio down to 3.7x in March 2014 vs. 4.2x in March 2013
Sugar: Since January’s low, raw sugar prices have increased 21% to 17.8 USD cents/lb in March 31st, mainly on the back of the severe drought that affected sugarcane fields in Center-South of Brazil. Since then prices hovering around 18.0-18.5 USD cents/lb BRL/USD devaluation during the quarter (-5%) improved Brazilian producers’ remuneration Starch: Tensions in Ukraine pushed Matif cereal prices up in Feb/Mar Q4 2013/14 Market Highlights 14 15 16 17 18 19 20 21 380 410 440 470 500 530 560 590 Apr-13 Jul-13 Oct-13 Jan-14 LIFFE#5 NY#11 US$/MT USD Cts/lb 230 250 270 €/MT Market demand for both starch and liquid sweeteners slightly better last quarter but competition in Europe remains fierce High volatility of cereal prices maintained margins under pressure during the period Ethanol: In Brazil, anhydrous and hydrous ethanol prices increased 10% and 8% in the quarter on tighter stock as the Center-South region entered into the intercrop period. Concerns over the 2014/15 crop also contributed to sustain prices In Europe, FOB Rotterdam prices rebounded 9% during March from EUR460/m3 to EUR502/m3, on increasing US ethanol prices, higher feedstock costs and stronger demand 3 Source: Bloomberg 150 170 190 210 230 Apr-13 Jul-13 Oct-13 Jan-14 Corn MATIF Wheat MATIF 400 450 500 550 600 650 700 700 900 1100 1300 1500 1700 1900 Apr-13 Jul-13 Oct-13 Jan-14 Brazil ESALQ Europe Rotterdam R$/m³ €/m³
941 1.063 1.957 2.115 2.008 2.217 7,402 Net Revenues Evolution 5,688 5,011 6,876 R$ MM +10% +13% Y-o-Y growth8,339 752 678 779 1.056 848 2.701 2.511 3.156 3.396 4.211 239 540 826 941 1.319 1.957 2009/10 2010/11 2011/12 2012/13(1) 2013/14(1) Alcohol & Ethanol Europe Starch & Sweeteners Africa/Indian Ocean Brazil Note: (1) Figures are in accordance with IFRS 11 (JV contribution) and Group's new segmentation 4 +24% -20%
281 428 424 373 518 959 850 786 Adjusted EBITDA Evolution 771 R$ MM +39% Y-o-Y growth962 81 51 94 28 75 395 292 302 205 193 13 93 158 190 184 373 -14 -19 -9 -9 2009/10 2010/11 2011/12 2012/13(1) 2013/14(1) Alcohol & Ethanol Europe Starch & Sweeteners Africa/Indian Ocean Brazil Other 5 -3% -6% +173% Note: (1) Figures are in accordance with IFRS 11 (JV contribution) and Group's new segmentation
0 01.056 3.396 4.211 941 1.063 2.008 2.217 Brazil Africa/Indian Ocean Starch & Sweeteners Alcohol & Ethanol Europe Holding Revenues Better volumes and positive FX effect supporting revenues growth Net Revenues (R$ MM) 7,402 8,339 7402 8339 +874 +227 (131) (32) 0 01.056 848 2012/13 2013/14 Holding 6 Revenue growth supported by: Higher sales volumes for all segments, except for A&E Europe, with particularly strong growth in the year in Brazil ethanol volumes (+18%). Ethanol trading sales for Tereos Group are no longer consolidated in this segment since October 2013 Better ethanol prices in Brazil and positive mix effect with increased volumes of protein in S&S Positive currency translation effect due to Real depreciation vs. Euro But partially offset by: Negative year-on-year price evolution in sugar, as well as in S&S and ethanol in Europe (following declining cereal prices and weak demand in EU) 2012/13 Currency Volume Price & Mix Others 2013/14
Net Revenues Evolution by Product March 2013 – 12 Months March 2014 – 12 Months Sugar 24% Starch & Co-products Alcohol & Ethanol 20% Energy 2% Others 11% Sugar 22% Starch & SweetenersCo-products Alcohol & Ethanol 18% Energy 2% Others 10% 7 Well-diversified portfolio with relatively stable breakdown Sugar and Sweeteners remain the major source of revenues for Tereos Internacional Alcohol & Ethanol remains as the second major activity backed by increased volumes & prices in Brazil Co-products revenues had a higher contribution in 2013/14 mainly on the back of positive mix effect with the diversification of production at Lillebonne and the development of protein sales Energy sales increasing due to the higher co-generation in Brazil Starch & Sweeteners 31% Co-products 12% Sweeteners 32% Co-products 16%
786 962 +146 (5) (12) +48 (0) 28 75 205 193 190 184 373 518 Brazil Africa/Indian Ocean Starch & Sweeteners Alcohol & Ethanol Europe Holding Adjusted EBITDA Sugarcane Brazil and improvement in A&E Europe setting the tone for higher profitability Adjusted EBITDA (R$ MM) 786 962 2012/13 Brazil Africa/IO S&S A&E Europe Holding 2013/14-9 -9 28 75 2012/13 2013/14 8 Adjusted EBITDA up year-on-year as a consequence of: Cost dilution in Sugarcane Brazil on higher volumes crushed and benefits from the efficiency plan Positive contribution of A&E Europe on normalization of production and lower input costs, due notably to ramp up of protein volumes and improved operational performance, compensating for the drop in ethanol prices Positive Forex impact on steady Indian Ocean performance But partially offset by: Tough market conditions in Europe allowing only for a partial pass-through of costs to clients Lower production in Mozambique Margin 11.5%Margin 10.6%
43 514 16 711 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 143 477 208 563 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 363 1.357 374 1.482 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 4,9 16.5 0 18.3 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 Ethanol Sales (‘000 m³)Sugarcane Crushing (MM t) Sugar Sales (‘000 t) +9.2% YoY +18.1% YoY Sugarcane Brazil – Production & Sales Record Sugarcane Crushing at 19.7 million tonnes Energy Sales (‘000 MWh) +38.3% YoY Crushing +10.6% YoY 9 Crushing Higher crushing in 2013/14: 19.7 million tonnes or +8% y-o-y (full consolidation) and 18.3 million tonnes or +11% y-o-y (without Vertente, on equity consolidation) Better-than-expected agricultural yields at 92 t/ha vs. 84 t/ha in 2012/13 Improvement in production Overall production up 10% to 2.5 Mt (expressed in TRS) Mix: 63% sugar, 37% ethanol vs. 64% / 36% last year Sugar: 1.5 Mt +9% YoY Ethanol: 535 k m³ +13% YoY Progress on cogeneration Energy sales (including trading) up 38% to 711 GWh, due to the ramp up of cogeneration, particularly at São Jose and Mandu mills
2008 2217 (59) +121 +73 +97 (23) 2012/13 Price & Volume Price & Volume Others 2013/14 Sugarcane Brazil – Financials Positive volume impact and ethanol price effect together with higher cogeneration revenues Net Revenues (R$ MM) Sugar Ethanol Key Figures In R$ Million 2013/14 2012/13 Change Revenues 2,217 2,008 +10% Gross Profit 429 304 +41% Margin 19.4% 15.1% EBIT 132 35 +275% Margin 5.9% 1.7% Adjusted EBITDA 518 373 +39% 2012/13 Price & Mix Volume Price & Mix Volume Others 2013/14 * includes Cogeneration, Agricultural Products, Hedging and Ethanol Resale 10 (1) Tereos Internacional allocates tilling expenses as cost. If tilling expenses were allocated as investment, Adjusted EBITDA for fiscal year 2013/14 would have reached R$623 million. Sugar: 58% of total net revenues Volumes increased 9% to 1.482 million tonnes Prices down 5% Y-o-Y at 873 R$/tonne Ethanol: 32% of total net revenues Volume sold up 18% to 563,000 m3 Prices up 12% Y-o-Y at 1,251 R$/m3 Cogeneration: R$101 million vs. R$80 million Adjusted EBITDA: R$518 million, +39% • Lower unitary costs coupled with better ethanol prices and first benefits of Guarani 2016 program • Adjusted EBITDA margin up nearly 5ppts • Adjusted EBITDA Margin1 for fiscal year 2013/14 including tilling as depreciation: 28.1% Margin 23.4% 18.5%
63 290 68 286 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 6 2.566 0 2.188 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 -14.7% YoY Sugarcane Indian Ocean/Africa – Production and Financials Indian Ocean operations continue to deliver steady performance Sugarcane Crushing (’000 t) Sugar sales (‘000 t) -1.4% YoY Key Figures In R$ Million 2013/14 2012/13 Change Revenues 1,063 941 +13% Gross Profit 197 222 -11% Margin 18.5% 23.6% EBIT 66 84 -22% Margin 6.2% 8.9% Adjusted EBITDA 184 190 -3% Margin 17.3% 20.1% 11 2013/14 Revenue Breakdown by Product Sugarcane crushing Indian Ocean: slight reduction (-7% in sugarcane crushing to 1.72 million tonnes) Africa: unfavorable weather conditions and technical issues with irrigation resulted in a 36% reduction in sugarcane crushing to 470,000 tonnes Revenues: +13% Y-o-Y Positive volume and FX impact in Indian Ocean more than offset the negative price effect for the segment and volume drop in Mozambique Adjusted EBITDA: -3% Y-o-Y Positive Forex impact on steady Indian Ocean performance did not fully compensate the drop in results for Mozambique Sugar Indian Ocean 44% Sugar Africa 8% Trading and others 48%
129 535 79 423 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 432 1.738 451 1.772 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 764 3.151 839 3.298 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 Cereal Segment - Production and Sales Higher Grinding on Recovery of Lillebonne Production and Palmital Ramp-up Cereal Grinding (‘000 t) Starch & Sweeteners Sales (‘000 t) +4.7% YoY +2.0% YoY Alcohol & Ethanol Sales (‘000 m3) -20.9% YoY 289 1.166 282 1.162 4T 12/13 12M 12/13 4T 13/14 12M 13/14 Co-products Sales (‘000 t) -0.3% YoY Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 12 Grinding in 2013/14: +5% to 3.3 million tonnes, mostly driven by better capacity utilization at Lillebonne, investments in Marckolsheim and ramp-up of Palmital corn factory in Brazil Starch & Sweeteners sales: +2% Slight increase in the volume of starch products sold in a sluggish EU market with strong pressure on prices for some segments Alcohol & Ethanol sales: -21% Mostly end of ethanol trading sales for Tereos Group in the 2nd half 4T 12/13 12M 12/13 4T 13/14 12M 13/14
3396 4211 +567 +282 (70) +36 Starch & Sweeteners – Financials Revenue increase, although profitability remains pressured by cost pass-through Net Revenues (R$ MM) Key Figures In R$ Million 2013/14 2012/13 Change Revenues 4,211 3,396 +24% Gross Profit 664 611 +9% Margin 15.8% 18.0% EBIT 14 75 -81% Margin 0.3% 2.2% Adjusted EBITDA 193 205 -6% 2012/13 Currency Volume Price & Mix Others 2013/14 13 Revenues: R$4,211 million, up 24% Positive volume impact mainly on the back of higher protein sales Better prices for co-products (mix effect of protein) were offset by lower prices for starches and sweeteners Adjusted EBITDA: R$193 million, down 6% Tough market conditions in Europe maintained pressure on margins year-on-year Benefit of recent investments expanding product portfolio not yet fully obtained Adjusted EBITDA 193 205 -6% Margin 4.6% 6.0%
Alcohol & Ethanol Europe – Financials Positive performance in the 2nd half led to better results y-o-y. End of trading activity Net Revenues (R$ MM) Key Figures In R$ Million 2013/14 2012/13 Change Revenues 848 1,056 -20% Gross Profit 69 51 +36% Margin 8.1% 4.8% EBIT 31 (17) -282% Margin 3.7% (1.6%) Adjusted EBITDA 75 28 +173% 1056 848 +161 (311) (38) (20) Revenues: R$848 million, down 20% Prices: -3.6% for the segment Lower ethanol trading sales y-o-y Adjusted EBITDA: R$75 million, up 173% Lower input prices, due notably to ramp up of gluten volumes and improved operational performance, more than offsetting the lower Rotterdam prices 14 2013/14 Revenue Breakdown by Product Margin 8.9% 2.6% Alcohol & ethanol own sales 66% Trading of ethanol 29% Others 5% 2012/13 Currency Volume Price & Mix Others 2013/14
Capital Expenditures Significant CAPEX reduction with the finalization of several investment programs CAPEX (R$ MM)2013/14 CAPEX Breakdown Starch & Sweeteners 21% Alcohol & Ethanol Europe 4% Africa/Indian Brazil 63% 1111 885 +24 +8 (149) (109) 15 Brazil: R$561 million • Combination of plantation, intercrop costs, and multi-year investment plan in capacity and cogeneration (Tanabi) • 86% of the expansion program completed Africa/Indian Ocean: R$110 million • Primarily maintenance for the segment and plantation in Mozambique Starch & Sweeteners: R$182 million • Focused on maintenance of European facilities and finalization of 1st phase of investments of Palmital starch facility Alcohol & Ethanol Europe: R$31 million • Maintenance of current operations Africa/Indian Ocean 12% 2012/13 Brazil Africa/IO S&S A&E Europe 2013/14
Cash Flow Reconciliation & Debt Composition Strong deleverage: 3.7x in March 2014 vs. 4.9x in December 2013 Cash Flow In R$ Million 2013/14 Adjusted EBITDA 962 Working capital variance 288 Financial interests (197) Others (119) Operating Cash Flow 934 Recurring Capex (530) Recurring Cash Flow 404 Debt In R$ Million March 31st, 2014 March 31st, 2013 ∆ Current 1,522 1,829 -16.8% Non-current 2,734 2,399 +14.0% Amortized cost (23) (26) Total Gross Debt 4,233 4,202 +0.7% In € 1,413 1,596 -11.5% In USD 1,890 1,688 +12.0% In R$ 935 882 +6.0% 16 Net Debt/Adjusted EBITDA: 3.7x vs. 4.2x on March 31st, 2013 and 4.9x sequentially Refinancing of USD190 million notes at Guarani Working capital efforts Currency Effect on Debt: Devaluation of the Real against Euro and USD Growth Capex (360) Dividends paid and received 9 Capital increase 225 Others (78) Free Cash Flow 200 Others (inc. Forex impact) (444) Net Debt Variation (244) In R$ 935 882 +6.0% Other currencies 19 62 -69.3% Cash and Cash Equivalent (682) (892) -23.5% Total Net Debt 3,551 3,310 +7.3% Related Parties Net Debt 15 13 - Total Net Debt + Related Parties 3,566 3,322 +7.3%
Sugarcane Brazil: Crushing volumes in the next crop expected to be up again, by some 4%, to c. 20.5 million tonnes (full consolidation basis) to further increase industrial utilization rates, in contrast to Center-South region which is expected to crush less than last year (current estimates hovering around a 5-10% drop) Electricity volume to further grow next year, with Tanabi coming on stream Further unitary cost reduction expected due to the “Guarani 2016” efficiency program and higher crushing Multi-year investment program in Brazil nearing completion to further reduce Capex level next year Sugarcane Africa/Indian Ocean: Sugarcane crushing in Mozambique to recover on the back of higher replanted area in irrigated fields Cereals: Outlook Cereals: Europe: “Performance 2015”: progress to continue on the multi-year performance improvement program; economic conditions expected to remain challenging in the EU and cereal prices to remain volatile Major development projects completed in Europe, Capex reduced and oriented to energy saving programs/ sustaining activity Alcohol & Ethanol segment operational performance stabilized at Lillebonne. Normalization of margins with the end of trading sales activity for Tereos Group. Negative impact of lower ethanol price to remain International: Brazil: full year-consolidation of Palmital as sweeteners sales ramp up to improve the product mix, helping as well to dilute fixed costs China: Dongguan facility to start ramping up in the second semester Indonesia: Operational performance improvement and product diversification plan at Redwood to be finalized, and implementation to begin in the year 17
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4Q 13/14 Earnings

  • 1.
    Tereos Internacional 2013/14 YearEnd Results São Paulo – June 11th, 2014
  • 2.
    Key initiatives andmajor developments in FY 2013/14 Progress in Operational performance Brazil: Already reaping the benefits of the multi-year investment and efficiency program (Guarani2016): Agriculture: +8% in volumes at 19.7 million tonnes (full consolidation) driven by strong yields (92 t/ha or +10% above the average in the Center South region) Co-generation: +38% in energy sales to 711 GWh, due to the ramp up of cogeneration, particularly at São Jose and Mandu mills Cereals Europe: ”Performance 2015 “ cost & efficiency program progressing Major headways in International development and product portfolio diversification Cereals Europe: Lillebonne at normalized utilization rates with more diversified mix of products (protein/sweeteners) 2 Cereals Brazil: Sweeteners sales ramping up at Palmital corn-based starch facility and client portfolio developing Cereals Asia: Dongguan construction and Tieling improvement and diversification plan in China advancing. Establishing presence in Indonesia with closing of 50% acquisition of Redwood on May 28th, 2014 Strengthening of financial situation Capital injection from PBio at Guarani in October 2013: R$225 million (TI at 60.4% stake) Refinancing: Guarani: improvement in debt maturity profile with close to USD 300 million of refinancing in the last 12 months, including USD190 million of export notes in October 2013 (duration of 5 years at lower rates) Deleverage process under way as multi-year investment program is largely completed: net debt/EBITDA ratio down to 3.7x in March 2014 vs. 4.2x in March 2013
  • 3.
    Sugar: Since January’s low,raw sugar prices have increased 21% to 17.8 USD cents/lb in March 31st, mainly on the back of the severe drought that affected sugarcane fields in Center-South of Brazil. Since then prices hovering around 18.0-18.5 USD cents/lb BRL/USD devaluation during the quarter (-5%) improved Brazilian producers’ remuneration Starch: Tensions in Ukraine pushed Matif cereal prices up in Feb/Mar Q4 2013/14 Market Highlights 14 15 16 17 18 19 20 21 380 410 440 470 500 530 560 590 Apr-13 Jul-13 Oct-13 Jan-14 LIFFE#5 NY#11 US$/MT USD Cts/lb 230 250 270 €/MT Market demand for both starch and liquid sweeteners slightly better last quarter but competition in Europe remains fierce High volatility of cereal prices maintained margins under pressure during the period Ethanol: In Brazil, anhydrous and hydrous ethanol prices increased 10% and 8% in the quarter on tighter stock as the Center-South region entered into the intercrop period. Concerns over the 2014/15 crop also contributed to sustain prices In Europe, FOB Rotterdam prices rebounded 9% during March from EUR460/m3 to EUR502/m3, on increasing US ethanol prices, higher feedstock costs and stronger demand 3 Source: Bloomberg 150 170 190 210 230 Apr-13 Jul-13 Oct-13 Jan-14 Corn MATIF Wheat MATIF 400 450 500 550 600 650 700 700 900 1100 1300 1500 1700 1900 Apr-13 Jul-13 Oct-13 Jan-14 Brazil ESALQ Europe Rotterdam R$/m³ €/m³
  • 4.
    941 1.063 1.957 2.115 2.008 2.217 7,402 Net Revenues Evolution 5,688 5,011 6,876 R$MM +10% +13% Y-o-Y growth8,339 752 678 779 1.056 848 2.701 2.511 3.156 3.396 4.211 239 540 826 941 1.319 1.957 2009/10 2010/11 2011/12 2012/13(1) 2013/14(1) Alcohol & Ethanol Europe Starch & Sweeteners Africa/Indian Ocean Brazil Note: (1) Figures are in accordance with IFRS 11 (JV contribution) and Group's new segmentation 4 +24% -20%
  • 5.
    281 428 424 373 518 959 850 786 Adjusted EBITDAEvolution 771 R$ MM +39% Y-o-Y growth962 81 51 94 28 75 395 292 302 205 193 13 93 158 190 184 373 -14 -19 -9 -9 2009/10 2010/11 2011/12 2012/13(1) 2013/14(1) Alcohol & Ethanol Europe Starch & Sweeteners Africa/Indian Ocean Brazil Other 5 -3% -6% +173% Note: (1) Figures are in accordance with IFRS 11 (JV contribution) and Group's new segmentation
  • 6.
    0 01.056 3.396 4.211 941 1.063 2.008 2.217Brazil Africa/Indian Ocean Starch & Sweeteners Alcohol & Ethanol Europe Holding Revenues Better volumes and positive FX effect supporting revenues growth Net Revenues (R$ MM) 7,402 8,339 7402 8339 +874 +227 (131) (32) 0 01.056 848 2012/13 2013/14 Holding 6 Revenue growth supported by: Higher sales volumes for all segments, except for A&E Europe, with particularly strong growth in the year in Brazil ethanol volumes (+18%). Ethanol trading sales for Tereos Group are no longer consolidated in this segment since October 2013 Better ethanol prices in Brazil and positive mix effect with increased volumes of protein in S&S Positive currency translation effect due to Real depreciation vs. Euro But partially offset by: Negative year-on-year price evolution in sugar, as well as in S&S and ethanol in Europe (following declining cereal prices and weak demand in EU) 2012/13 Currency Volume Price & Mix Others 2013/14
  • 7.
    Net Revenues Evolutionby Product March 2013 – 12 Months March 2014 – 12 Months Sugar 24% Starch & Co-products Alcohol & Ethanol 20% Energy 2% Others 11% Sugar 22% Starch & SweetenersCo-products Alcohol & Ethanol 18% Energy 2% Others 10% 7 Well-diversified portfolio with relatively stable breakdown Sugar and Sweeteners remain the major source of revenues for Tereos Internacional Alcohol & Ethanol remains as the second major activity backed by increased volumes & prices in Brazil Co-products revenues had a higher contribution in 2013/14 mainly on the back of positive mix effect with the diversification of production at Lillebonne and the development of protein sales Energy sales increasing due to the higher co-generation in Brazil Starch & Sweeteners 31% Co-products 12% Sweeteners 32% Co-products 16%
  • 8.
    786 962 +146 (5) (12) +48 (0) 28 75 205 193 190184 373 518 Brazil Africa/Indian Ocean Starch & Sweeteners Alcohol & Ethanol Europe Holding Adjusted EBITDA Sugarcane Brazil and improvement in A&E Europe setting the tone for higher profitability Adjusted EBITDA (R$ MM) 786 962 2012/13 Brazil Africa/IO S&S A&E Europe Holding 2013/14-9 -9 28 75 2012/13 2013/14 8 Adjusted EBITDA up year-on-year as a consequence of: Cost dilution in Sugarcane Brazil on higher volumes crushed and benefits from the efficiency plan Positive contribution of A&E Europe on normalization of production and lower input costs, due notably to ramp up of protein volumes and improved operational performance, compensating for the drop in ethanol prices Positive Forex impact on steady Indian Ocean performance But partially offset by: Tough market conditions in Europe allowing only for a partial pass-through of costs to clients Lower production in Mozambique Margin 11.5%Margin 10.6%
  • 9.
    43 514 16 711 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 143 477 208 563 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 363 1.357 374 1.482 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 4,9 16.5 0 18.3 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 Ethanol Sales (‘000m³)Sugarcane Crushing (MM t) Sugar Sales (‘000 t) +9.2% YoY +18.1% YoY Sugarcane Brazil – Production & Sales Record Sugarcane Crushing at 19.7 million tonnes Energy Sales (‘000 MWh) +38.3% YoY Crushing +10.6% YoY 9 Crushing Higher crushing in 2013/14: 19.7 million tonnes or +8% y-o-y (full consolidation) and 18.3 million tonnes or +11% y-o-y (without Vertente, on equity consolidation) Better-than-expected agricultural yields at 92 t/ha vs. 84 t/ha in 2012/13 Improvement in production Overall production up 10% to 2.5 Mt (expressed in TRS) Mix: 63% sugar, 37% ethanol vs. 64% / 36% last year Sugar: 1.5 Mt +9% YoY Ethanol: 535 k m³ +13% YoY Progress on cogeneration Energy sales (including trading) up 38% to 711 GWh, due to the ramp up of cogeneration, particularly at São Jose and Mandu mills
  • 10.
    2008 2217 (59) +121 +73+97 (23) 2012/13 Price & Volume Price & Volume Others 2013/14 Sugarcane Brazil – Financials Positive volume impact and ethanol price effect together with higher cogeneration revenues Net Revenues (R$ MM) Sugar Ethanol Key Figures In R$ Million 2013/14 2012/13 Change Revenues 2,217 2,008 +10% Gross Profit 429 304 +41% Margin 19.4% 15.1% EBIT 132 35 +275% Margin 5.9% 1.7% Adjusted EBITDA 518 373 +39% 2012/13 Price & Mix Volume Price & Mix Volume Others 2013/14 * includes Cogeneration, Agricultural Products, Hedging and Ethanol Resale 10 (1) Tereos Internacional allocates tilling expenses as cost. If tilling expenses were allocated as investment, Adjusted EBITDA for fiscal year 2013/14 would have reached R$623 million. Sugar: 58% of total net revenues Volumes increased 9% to 1.482 million tonnes Prices down 5% Y-o-Y at 873 R$/tonne Ethanol: 32% of total net revenues Volume sold up 18% to 563,000 m3 Prices up 12% Y-o-Y at 1,251 R$/m3 Cogeneration: R$101 million vs. R$80 million Adjusted EBITDA: R$518 million, +39% • Lower unitary costs coupled with better ethanol prices and first benefits of Guarani 2016 program • Adjusted EBITDA margin up nearly 5ppts • Adjusted EBITDA Margin1 for fiscal year 2013/14 including tilling as depreciation: 28.1% Margin 23.4% 18.5%
  • 11.
    63 290 68 286 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 6 2.566 0 2.188 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 -14.7% YoY Sugarcane IndianOcean/Africa – Production and Financials Indian Ocean operations continue to deliver steady performance Sugarcane Crushing (’000 t) Sugar sales (‘000 t) -1.4% YoY Key Figures In R$ Million 2013/14 2012/13 Change Revenues 1,063 941 +13% Gross Profit 197 222 -11% Margin 18.5% 23.6% EBIT 66 84 -22% Margin 6.2% 8.9% Adjusted EBITDA 184 190 -3% Margin 17.3% 20.1% 11 2013/14 Revenue Breakdown by Product Sugarcane crushing Indian Ocean: slight reduction (-7% in sugarcane crushing to 1.72 million tonnes) Africa: unfavorable weather conditions and technical issues with irrigation resulted in a 36% reduction in sugarcane crushing to 470,000 tonnes Revenues: +13% Y-o-Y Positive volume and FX impact in Indian Ocean more than offset the negative price effect for the segment and volume drop in Mozambique Adjusted EBITDA: -3% Y-o-Y Positive Forex impact on steady Indian Ocean performance did not fully compensate the drop in results for Mozambique Sugar Indian Ocean 44% Sugar Africa 8% Trading and others 48%
  • 12.
    129 535 79 423 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 432 1.738 451 1.772 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 764 3.151 839 3.298 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 Cereal Segment -Production and Sales Higher Grinding on Recovery of Lillebonne Production and Palmital Ramp-up Cereal Grinding (‘000 t) Starch & Sweeteners Sales (‘000 t) +4.7% YoY +2.0% YoY Alcohol & Ethanol Sales (‘000 m3) -20.9% YoY 289 1.166 282 1.162 4T 12/13 12M 12/13 4T 13/14 12M 13/14 Co-products Sales (‘000 t) -0.3% YoY Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 Q4 12/13 FY 12/13 Q4 13/14 FY 13/14 12 Grinding in 2013/14: +5% to 3.3 million tonnes, mostly driven by better capacity utilization at Lillebonne, investments in Marckolsheim and ramp-up of Palmital corn factory in Brazil Starch & Sweeteners sales: +2% Slight increase in the volume of starch products sold in a sluggish EU market with strong pressure on prices for some segments Alcohol & Ethanol sales: -21% Mostly end of ethanol trading sales for Tereos Group in the 2nd half 4T 12/13 12M 12/13 4T 13/14 12M 13/14
  • 13.
    3396 4211 +567 +282 (70) +36 Starch & Sweeteners– Financials Revenue increase, although profitability remains pressured by cost pass-through Net Revenues (R$ MM) Key Figures In R$ Million 2013/14 2012/13 Change Revenues 4,211 3,396 +24% Gross Profit 664 611 +9% Margin 15.8% 18.0% EBIT 14 75 -81% Margin 0.3% 2.2% Adjusted EBITDA 193 205 -6% 2012/13 Currency Volume Price & Mix Others 2013/14 13 Revenues: R$4,211 million, up 24% Positive volume impact mainly on the back of higher protein sales Better prices for co-products (mix effect of protein) were offset by lower prices for starches and sweeteners Adjusted EBITDA: R$193 million, down 6% Tough market conditions in Europe maintained pressure on margins year-on-year Benefit of recent investments expanding product portfolio not yet fully obtained Adjusted EBITDA 193 205 -6% Margin 4.6% 6.0%
  • 14.
    Alcohol & EthanolEurope – Financials Positive performance in the 2nd half led to better results y-o-y. End of trading activity Net Revenues (R$ MM) Key Figures In R$ Million 2013/14 2012/13 Change Revenues 848 1,056 -20% Gross Profit 69 51 +36% Margin 8.1% 4.8% EBIT 31 (17) -282% Margin 3.7% (1.6%) Adjusted EBITDA 75 28 +173% 1056 848 +161 (311) (38) (20) Revenues: R$848 million, down 20% Prices: -3.6% for the segment Lower ethanol trading sales y-o-y Adjusted EBITDA: R$75 million, up 173% Lower input prices, due notably to ramp up of gluten volumes and improved operational performance, more than offsetting the lower Rotterdam prices 14 2013/14 Revenue Breakdown by Product Margin 8.9% 2.6% Alcohol & ethanol own sales 66% Trading of ethanol 29% Others 5% 2012/13 Currency Volume Price & Mix Others 2013/14
  • 15.
    Capital Expenditures Significant CAPEXreduction with the finalization of several investment programs CAPEX (R$ MM)2013/14 CAPEX Breakdown Starch & Sweeteners 21% Alcohol & Ethanol Europe 4% Africa/Indian Brazil 63% 1111 885 +24 +8 (149) (109) 15 Brazil: R$561 million • Combination of plantation, intercrop costs, and multi-year investment plan in capacity and cogeneration (Tanabi) • 86% of the expansion program completed Africa/Indian Ocean: R$110 million • Primarily maintenance for the segment and plantation in Mozambique Starch & Sweeteners: R$182 million • Focused on maintenance of European facilities and finalization of 1st phase of investments of Palmital starch facility Alcohol & Ethanol Europe: R$31 million • Maintenance of current operations Africa/Indian Ocean 12% 2012/13 Brazil Africa/IO S&S A&E Europe 2013/14
  • 16.
    Cash Flow Reconciliation& Debt Composition Strong deleverage: 3.7x in March 2014 vs. 4.9x in December 2013 Cash Flow In R$ Million 2013/14 Adjusted EBITDA 962 Working capital variance 288 Financial interests (197) Others (119) Operating Cash Flow 934 Recurring Capex (530) Recurring Cash Flow 404 Debt In R$ Million March 31st, 2014 March 31st, 2013 ∆ Current 1,522 1,829 -16.8% Non-current 2,734 2,399 +14.0% Amortized cost (23) (26) Total Gross Debt 4,233 4,202 +0.7% In € 1,413 1,596 -11.5% In USD 1,890 1,688 +12.0% In R$ 935 882 +6.0% 16 Net Debt/Adjusted EBITDA: 3.7x vs. 4.2x on March 31st, 2013 and 4.9x sequentially Refinancing of USD190 million notes at Guarani Working capital efforts Currency Effect on Debt: Devaluation of the Real against Euro and USD Growth Capex (360) Dividends paid and received 9 Capital increase 225 Others (78) Free Cash Flow 200 Others (inc. Forex impact) (444) Net Debt Variation (244) In R$ 935 882 +6.0% Other currencies 19 62 -69.3% Cash and Cash Equivalent (682) (892) -23.5% Total Net Debt 3,551 3,310 +7.3% Related Parties Net Debt 15 13 - Total Net Debt + Related Parties 3,566 3,322 +7.3%
  • 17.
    Sugarcane Brazil: Crushing volumesin the next crop expected to be up again, by some 4%, to c. 20.5 million tonnes (full consolidation basis) to further increase industrial utilization rates, in contrast to Center-South region which is expected to crush less than last year (current estimates hovering around a 5-10% drop) Electricity volume to further grow next year, with Tanabi coming on stream Further unitary cost reduction expected due to the “Guarani 2016” efficiency program and higher crushing Multi-year investment program in Brazil nearing completion to further reduce Capex level next year Sugarcane Africa/Indian Ocean: Sugarcane crushing in Mozambique to recover on the back of higher replanted area in irrigated fields Cereals: Outlook Cereals: Europe: “Performance 2015”: progress to continue on the multi-year performance improvement program; economic conditions expected to remain challenging in the EU and cereal prices to remain volatile Major development projects completed in Europe, Capex reduced and oriented to energy saving programs/ sustaining activity Alcohol & Ethanol segment operational performance stabilized at Lillebonne. Normalization of margins with the end of trading sales activity for Tereos Group. Negative impact of lower ethanol price to remain International: Brazil: full year-consolidation of Palmital as sweeteners sales ramp up to improve the product mix, helping as well to dilute fixed costs China: Dongguan facility to start ramping up in the second semester Indonesia: Operational performance improvement and product diversification plan at Redwood to be finalized, and implementation to begin in the year 17
  • 18.