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 its second quarter 2014/15 results. Sugarcane crushing volumes in Brazil were up 5% year-over-year due to improved agricultural performance. However, adjusted EBITDA declined 41% due to lower sugar sales volumes and higher costs. In the cereal segment, grinding volumes increased 7% while adjusted EBITDA rose 30% thanks to benefits from the "Performance 2015" initiative despite soft market conditions in Europe. Overall, revenues declined 10% and adjusted EBITDA fell 19% as lower sugar prices and volumes offset profitability gains in cereals.
Tereos Internacional reported 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.
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 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 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.
- 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.
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 second quarter 2014/15 results. Sugarcane crushing volumes in Brazil were up 5% year-over-year due to improved agricultural performance. However, adjusted EBITDA declined 41% due to lower sugar sales volumes and higher costs. In the cereal segment, grinding volumes increased 7% while adjusted EBITDA rose 30% thanks to benefits from the "Performance 2015" initiative despite soft market conditions in Europe. Overall, revenues declined 10% and adjusted EBITDA fell 19% as lower sugar prices and volumes offset profitability gains in cereals.
Tereos Internacional reported 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.
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 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 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.
- 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.
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 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 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.
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
The document is a presentation of Açúcar Guarani S.A.'s Q2 09/10 results. It summarizes that sugar prices were at their highest level in 28 years, supported by lower production in major countries. Guarani's net revenue grew 27.7% in Q2 driven by a 49.8% increase in sugar prices. Adjusted EBITDA rose 49.9% in H1 09/10 due to higher sugar prices. Net profit was R$13.8 million in H1 compared to a loss last year, positively impacted by price recovery and FX effects. The outlook for sugar and ethanol prices remains positive on supply constraints.
Tereos Internacional Q1 10/11 Earnings PresentationAlexandre Menezio
Tereos Internacional reported financial results for the first quarter of 2010/11. Key highlights included record sugar and ethanol production in Brazil but lower revenues and EBITDA impacted by currency effects and non-recurring costs. Revenues were down 13.1% reported but up 2.1% at constant currency. EBITDA fell 43.5% due to a R$196 million currency impact and R$32 million in non-recurring costs in Brazil. The company saw a reduction in net debt of R$91 million despite acquisitions. Segment results were mixed with strong production in Brazil offset by currency impacts in other segments. Key markets showed signs of recovery in demand.
Tereos Internacional reported 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.
1) Açúcar Guarani reported strong financial results for Q1 2009/2010, with an 18.1% increase in net revenue driven by higher sugar prices in Reais and a 185.1% increase in adjusted EBITDA to R$49.9 million.
2) Sugar production and sales increased compared to the previous year, with a focus on the domestic market, while ethanol production was up but revenue decreased.
3) Sugarcane crushing was up 9.5% due to increased own cane supply and a stable contribution from third parties.
Tereos Internacional reported its 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.
- 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.
Yara held a Capital Markets Day in 2013 to discuss its business strategies and opportunities. A key focus is developing a strong safety culture and achieving sustainable safety performance through its "safe by choice" framework. Yara aims to create sustainable value by responding to global megatrends and adapting its business and products accordingly. It sees opportunities in increasing global demand for food and improving agricultural efficiency to help meet rising food needs with limited resources.
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.
2014 Half-Year Results - The slides for the analyst presentationLafarge
- Sales were up 3% like-for-like in Q2, with cement volumes up 4% due to price increases and higher demand. EBITDA was up 9% at constant rates, supported by cost cutting measures.
- Cost-saving and innovation initiatives delivered €165M in savings in Q2, on track to meet annual targets. EBITDA margin increased 140bps to 24.3% due to cost measures and price rises.
- €1.1Bn of divestments have been secured year-to-date, with €0.4Bn received in the first half, supporting debt reduction goals. Outlook for 2014 cement market growth remains at 2-5%.
2015-10-21 - Yara International ASA Q3 2015 PresentationYara International
Strong result with increased deliveries
Pick-up in Brazil sales
European deliveries down 5%, but increase for nitrates
Lower production mainly due to planned maintenance
NOK 3.2 billion gain on divestment of GrowHow UK
Summary third quarter
3
IR – 21 October 2015
10.54
9.82 9.25
7.67
8.04 6.69
5.66
0.23
6.40
8.26
6.18 6.74
2.65
10.59
14.56
8.32
10.80
9.00
7.21
8.52 7.97
5.62
2.65
7.03 7.74 7.62 8.17
10.51
9.58
7.41
Earnings per share*
*Average number of shares for 3Q 2015: 275.1 million (3Q 2014: 276.2 million).
NOK 37.31 20.67 27.59 27.79
Annual
2012 2013 2014
EPS excluding currency and
special items
2015
4
IR – 21 October 2015
Lower urea prices due to lower supply costs from China, and increased production
capacity globally
Western Europe nitrogen fertilizer industry deliveries down 5% on third quarter last
year
Brazil fertilizer industry deliveries in line with third quarter 2014; 6% lower year to date
Strong demand for value-added fertilizer products
Market development
5
IR – 21 October 2015
69.8
10.8
59.0 58.2
15.6
73.8
0
10
20
30
40
50
60
70
80
Production
Export
Domestic
Domestic
Export
Production
Million tons
Source: BOABC, CFMW
Increased production and exp
Yara’s first-quarter net income after non-controlling interests was NOK 729
million, compared with NOK 1,773 million a year earlier. Net income was
negatively affected by a NOK 1,831 million foreign exchange loss and a
NOK 929 million write-down related to the Lifeco investment. Excluding
net foreign exchange gain/loss and special items, the result was NOK
2,896 million, compared with NOK 1,946 million in first quarter 2014.
The corresponding earnings per share were NOK 10.51 compared with
NOK 7.03 a year earlier.
“Yara reports strong first-quarter results with higher deliveries and improved
margins, reflecting continued lower natural gas cost and a stronger
US dollar,” said Torgeir Kvidal, acting Chief Executive Officer of Yara.
“Ammonia and finished fertilizer production increased significantly in the
quarter, benefitting from improved reliability and debottlenecking,” said
Torgeir Kvidal.
2015 07-29 - Yara International ASA Q2 2015 PresentationYara International
Yara’s second-quarter net income after non-controlling interests was NOK
2,916 million, compared with NOK 2,285 million a year earlier. Excluding
net foreign exchange gain/(loss) and special items, the result was
NOK 2,637 million, compared with NOK 2,142 million in second quarter
2014. The corresponding earnings per share were NOK 9.58 compared
with NOK 7.74 a year earlier.
“Yara reports strong second-quarter results with higher deliveries and
improved margins, reflecting continued lower natural gas cost in Europe
and a stronger US dollar,” said Torgeir Kvidal, acting Chief Executive
Officer of Yara.
“Sales of our premium products continue to grow in Latin America
and Asia, reflecting both the acquisition of OFD and continued organic
growth“ said Torgeir Kvidal.
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.
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 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 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.
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
The document is a presentation of Açúcar Guarani S.A.'s Q2 09/10 results. It summarizes that sugar prices were at their highest level in 28 years, supported by lower production in major countries. Guarani's net revenue grew 27.7% in Q2 driven by a 49.8% increase in sugar prices. Adjusted EBITDA rose 49.9% in H1 09/10 due to higher sugar prices. Net profit was R$13.8 million in H1 compared to a loss last year, positively impacted by price recovery and FX effects. The outlook for sugar and ethanol prices remains positive on supply constraints.
Tereos Internacional Q1 10/11 Earnings PresentationAlexandre Menezio
Tereos Internacional reported financial results for the first quarter of 2010/11. Key highlights included record sugar and ethanol production in Brazil but lower revenues and EBITDA impacted by currency effects and non-recurring costs. Revenues were down 13.1% reported but up 2.1% at constant currency. EBITDA fell 43.5% due to a R$196 million currency impact and R$32 million in non-recurring costs in Brazil. The company saw a reduction in net debt of R$91 million despite acquisitions. Segment results were mixed with strong production in Brazil offset by currency impacts in other segments. Key markets showed signs of recovery in demand.
Tereos Internacional reported 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.
1) Açúcar Guarani reported strong financial results for Q1 2009/2010, with an 18.1% increase in net revenue driven by higher sugar prices in Reais and a 185.1% increase in adjusted EBITDA to R$49.9 million.
2) Sugar production and sales increased compared to the previous year, with a focus on the domestic market, while ethanol production was up but revenue decreased.
3) Sugarcane crushing was up 9.5% due to increased own cane supply and a stable contribution from third parties.
Tereos Internacional reported its 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.
- 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.
Yara held a Capital Markets Day in 2013 to discuss its business strategies and opportunities. A key focus is developing a strong safety culture and achieving sustainable safety performance through its "safe by choice" framework. Yara aims to create sustainable value by responding to global megatrends and adapting its business and products accordingly. It sees opportunities in increasing global demand for food and improving agricultural efficiency to help meet rising food needs with limited resources.
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.
2014 Half-Year Results - The slides for the analyst presentationLafarge
- Sales were up 3% like-for-like in Q2, with cement volumes up 4% due to price increases and higher demand. EBITDA was up 9% at constant rates, supported by cost cutting measures.
- Cost-saving and innovation initiatives delivered €165M in savings in Q2, on track to meet annual targets. EBITDA margin increased 140bps to 24.3% due to cost measures and price rises.
- €1.1Bn of divestments have been secured year-to-date, with €0.4Bn received in the first half, supporting debt reduction goals. Outlook for 2014 cement market growth remains at 2-5%.
2015-10-21 - Yara International ASA Q3 2015 PresentationYara International
Strong result with increased deliveries
Pick-up in Brazil sales
European deliveries down 5%, but increase for nitrates
Lower production mainly due to planned maintenance
NOK 3.2 billion gain on divestment of GrowHow UK
Summary third quarter
3
IR – 21 October 2015
10.54
9.82 9.25
7.67
8.04 6.69
5.66
0.23
6.40
8.26
6.18 6.74
2.65
10.59
14.56
8.32
10.80
9.00
7.21
8.52 7.97
5.62
2.65
7.03 7.74 7.62 8.17
10.51
9.58
7.41
Earnings per share*
*Average number of shares for 3Q 2015: 275.1 million (3Q 2014: 276.2 million).
NOK 37.31 20.67 27.59 27.79
Annual
2012 2013 2014
EPS excluding currency and
special items
2015
4
IR – 21 October 2015
Lower urea prices due to lower supply costs from China, and increased production
capacity globally
Western Europe nitrogen fertilizer industry deliveries down 5% on third quarter last
year
Brazil fertilizer industry deliveries in line with third quarter 2014; 6% lower year to date
Strong demand for value-added fertilizer products
Market development
5
IR – 21 October 2015
69.8
10.8
59.0 58.2
15.6
73.8
0
10
20
30
40
50
60
70
80
Production
Export
Domestic
Domestic
Export
Production
Million tons
Source: BOABC, CFMW
Increased production and exp
Yara’s first-quarter net income after non-controlling interests was NOK 729
million, compared with NOK 1,773 million a year earlier. Net income was
negatively affected by a NOK 1,831 million foreign exchange loss and a
NOK 929 million write-down related to the Lifeco investment. Excluding
net foreign exchange gain/loss and special items, the result was NOK
2,896 million, compared with NOK 1,946 million in first quarter 2014.
The corresponding earnings per share were NOK 10.51 compared with
NOK 7.03 a year earlier.
“Yara reports strong first-quarter results with higher deliveries and improved
margins, reflecting continued lower natural gas cost and a stronger
US dollar,” said Torgeir Kvidal, acting Chief Executive Officer of Yara.
“Ammonia and finished fertilizer production increased significantly in the
quarter, benefitting from improved reliability and debottlenecking,” said
Torgeir Kvidal.
2015 07-29 - Yara International ASA Q2 2015 PresentationYara International
Yara’s second-quarter net income after non-controlling interests was NOK
2,916 million, compared with NOK 2,285 million a year earlier. Excluding
net foreign exchange gain/(loss) and special items, the result was
NOK 2,637 million, compared with NOK 2,142 million in second quarter
2014. The corresponding earnings per share were NOK 9.58 compared
with NOK 7.74 a year earlier.
“Yara reports strong second-quarter results with higher deliveries and
improved margins, reflecting continued lower natural gas cost in Europe
and a stronger US dollar,” said Torgeir Kvidal, acting Chief Executive
Officer of Yara.
“Sales of our premium products continue to grow in Latin America
and Asia, reflecting both the acquisition of OFD and continued organic
growth“ said Torgeir Kvidal.
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.
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.
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.
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.
20110215 ti conf_call_presentation_q3_englTereosri
Tereos Internacional reported record results for the third quarter of 2010/11, with revenues increasing 31.3% year-over-year driven by strong growth in the sugarcane segment. Net income was a record R$143 million, up significantly from R$14 million in the prior year quarter. The sugarcane segment performed well due to higher sales volumes and prices. The cereal segment faced challenges from higher raw material costs and currency effects. Working capital increased seasonally during the quarter. Outlook for the remainder of the year remains positive for sugarcane but challenging for cereals.
- Revenues for the second quarter increased 8.7% to R$1.6 billion due to higher prices across key product categories and increased volumes for EU ethanol and Indian Ocean sugarcane segments. Record quarterly EBITDA was R$282 million, up 24.4% from the previous year, with the EBITDA margin improving to 17.1%.
- Sugarcane revenues in Brazil declined due to lower volumes affected by adverse weather, but prices increased. Indian Ocean sugarcane revenues grew on higher prices and volumes. Cereal revenues increased 24% on higher selling prices and improved product mix in the starch segment.
- 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.
Yara International ASA reported strong fourth quarter 2014 results driven by higher margins. Margins benefited from lower European gas prices and a stronger US dollar. Volume and margin growth continued in Brazil and further growth was seen in Latin America following acquisitions. A proposed dividend of NOK 13 per share was 47% of net income.
2015 First Quarter Results - The slides for the analyst presentation Lafarge
- Lafarge reported solid results for the first quarter of 2015, with EBITDA up 17% supported by cost reduction, pricing, and innovation actions. EBITDA margin increased 180 basis points.
- Cement prices were up 0.6% versus last year and 2.7% compared to Q4 2014. Like-for-like EBITDA was up 14% and net debt was down versus first quarter 2014.
- Lafarge confirmed its target to generate EBITDA of between €3 and €3.2 billion for 2015 and reduce net debt to between €8.5 and €9 billion by year-end.
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.
Yara International ASA reported strong second quarter results for 2014. EBITDA excluding special items was up 2% compared to the second quarter of 2013, as lower gas costs in Europe more than offset the negative impacts of lower fertilizer sales volumes and lower earnings from equity investments. Fertilizer deliveries globally were up 2% year-over-year, while deliveries in Europe were down 21% due to a record first quarter in 2013. Industrial sales volumes increased 6% compared to the prior year. Yara benefited from a 23% reduction in average gas costs in Europe.
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Yara reported strong third quarter results with record deliveries and earnings per share of NOK 6.18. EBITDA increased by NOK 647 million compared to the third quarter of 2013, driven mainly by lower natural gas costs in Europe which provided savings of NOK 891 million. Overall fertilizer market conditions remained supportive for fertilizer demand and prices increased for most products compared to a year ago.
This document provides a summary of Nestlé's 2015 half-year results. Overall, Nestlé saw solid organic growth of 4.5% despite negative foreign exchange impacts. All regions saw organic growth, with particular strengths in Zone EMENA and Nestlé Waters. The trading operating profit margin was flat in constant currencies due to pricing and efficiencies offsetting investment in marketing. Consumer-facing marketing spend increased 17.3% in constant currencies. The outlook for the full year remains unchanged with a goal of around 5% organic growth and margin improvements.
Similar to 20150213 tereos internacional_presentation_q3_eng_final (20)
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%
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1. O documento apresenta os resultados financeiros e operacionais da Tereos Internacional no segundo trimestre de 2013/14.
2. Destaca-se o aumento na receita líquida, impulsionado por maiores volumes de cana-de-açúcar no Brasil e efeito cambial positivo.
3. O EBITDA ajustado também cresceu, com melhora na eficiência das operações de cana-de-açúcar no Brasil e menores custos com matérias-primas na
The document provides an earnings release for Açúcar Guarani for the second quarter of 2008, highlighting decreases in sugar prices, increases in ethanol production and sales, financial results including revenue and EBITDA, inauguration of a new ethanol plant, and leadership changes including a new CEO.
Divulgação de resultados 2 t08 port (apresentação)Tereosri
Este documento resume os resultados financeiros e operacionais da Açúcar Guarani no 2T08. Apresenta queda nos preços do açúcar e aumento na produção e vendas de etanol. Destaca o crescimento da receita, EBITDA e vendas de etanol, assim como a inauguração de uma nova unidade voltada à produção de etanol hidratado.
O documento resume os principais resultados financeiros da Tereos Internacional no primeiro trimestre de 2013/14. Destaca o crescimento da receita líquida impulsionado por maiores volumes de vendas no Brasil e na África/Oceano Índico. Também ressalta a recuperação do EBITDA ajustado em relação ao ano anterior, principalmente devido aos maiores volumes de cana-de-açúcar processados no Brasil.
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.
O documento resume os resultados financeiros e operacionais da Açúcar Guarani para o 4o trimestre e ano fiscal de 2008/2009. A empresa obteve receita líquida recorde de R$1,2 bilhão, impulsionada por maiores preços e volumes de açúcar e etanol. No entanto, teve prejuízo líquido de R$291 milhões devido a efeitos não caixa da desvalorização cambial e amortização de ágio. A dívida líquida foi reduzida em 20,5% e a empresa focará em reduz
O relatório apresenta os resultados do primeiro trimestre de 2009/2010 da Açúcar Guarani. Os principais pontos são:
1) Aumento de 185% no EBITDA ajustado em comparação ao mesmo período do ano anterior, alcançando R$49,9 milhões.
2) Lucro líquido de R$14,3 milhões no trimestre, revertendo prejuízo do ano anterior.
3) Crescimento de 9,5% na moagem de cana-de-açúcar e aumento na produção de açúcar e etanol.
O documento apresenta os resultados do 2o trimestre de 2009/2010 da Açúcar Guarani. Os preços mundiais do açúcar atingiram o maior nível dos últimos 28 anos, sustentando os preços domésticos. A receita líquida cresceu 27,7% impulsionada pelos maiores preços do açúcar. O EBITDA ajustado aumentou 49,9% no primeiro semestre e 9,8% no segundo trimestre.
A Guarani registrou receita líquida recorde no 3o trimestre de 2009/2010, impulsionada pelos maiores preços de açúcar e etanol. Entretanto, o lucro líquido foi impactado negativamente pelas operações em Moçambique, que sofreram com a seca e desvalorização cambial, registrando prejuízo. As operações brasileiras tiveram bom desempenho, com lucro líquido de R$80,3 milhões. A empresa planeja ampliar capacidade de produção de açúcar nas próximas safr
A Guarani obteve resultados financeiros positivos em 2009/10, com receita líquida recorde de R$ 1,4 bilhão, apesar da queda na produção de açúcar e etanol devido às condições climáticas. A empresa expandiu sua capacidade de moagem através de parcerias e investimentos. Uma parceria com a Petrobras Biocombustível visa acelerar o crescimento da Guarani no setor sucroenergético brasileiro.
Guarani achieved record net revenues in 2009/10 due to higher sugar and ethanol prices, despite lower volumes sold. Adjusted EBITDA more than doubled to R$334.9 million, with a margin of 24.6%, returning the company to net profit. However, Mozambican operations reported a loss due to drought. Sugar prices reached 28-year highs but have since declined, while ethanol prices remained above prior year levels. Guarani crushed 14.5 million tons of sugarcane in 2009/10.
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2. Major developments and key initiatives in Q3 2014/15
Operational
Sugarcane Brazil:
YTD crushing volumes up 3% YoY to 20.2 million tonnes vs. a 5% drop in the C/S region
Significantly better agricultural results than the average of the C/S region for the 3rd year in a row
YTD own energy sales more than 50% higher at 851 GWh. Major cogen investments completed
Sugarcane Indian Ocean/Africa: YTD crushing in Indian Ocean slightly up on LY. Africa showing
significant recovery YoY (+32%) thanks to improved agricultural practices
Cereals Europe: Improved profitability sequentially and YoY for Starch&Sweeteners despite soft
demand in Europe, but Alcohol&Ethanol profits down in the quarter
Cereals Brazil: Corn starch plant now operating close to nominal capacity. Q3 sales volume increased
2
Cereals Brazil: Corn starch plant now operating close to nominal capacity. Q3 sales volume increased
further compared to Q2 14/15 and doubled vs. Q3 LY
Cereals Asia: Good operational performance at Tieling and Dongguan construction being finalized
Financial
Guarani secured a new 5-year financing with an expanded group of relationship banks
Corporate
Cereals Europe: French FCAVA potato starch cooperative joined the Tereos cooperative. This move
will enable Cereals Europe to double its potato starch production by 2017, processing some 450,000
tonnes of potatoes
Cereals Brazil: Acquisition of 32% stake of Syral Halotek from minority shareholders to now own
100% of the business
3. Sugar:
Although prices have recovered in the beginning of the quarter,
bigger-than-expected cane crop for C/S Brazil and BRL
depreciation vs. USD has pressured prices
In Brazil, the sugar cane crop unlikely to recover significantly and
higher ethanol prices could support prices moving forward,
however the overall surplus is likely to continue to weight on the
market in the coming months / during the 1st half of 15/16
Starch:
Despite good crops, wheat markets rebounded on the back of the
tension between Russia/Ukraine, opening up the spread between
Q3 2014/15 Market Highlights
12
13
14
15
16
17
18
19
20
21
360
400
440
480
520
560
Dec-13 Apr-14 Jul-14 Sep-14 Dec-14
LIFFE #5 NY#11
US$/MT US$ Cts/lb
210
230
250 €/MT
tension between Russia/Ukraine, opening up the spread between
corn-wheat. Devaluation of EUR relative to USD also had a bullish
impact on EU wheat price
Demand for starch and sweeteners remains soft in Europe
Ethanol:
In Brazil, despite comfortable stock levels, ethanol price increased
slightly ahead of intercrop period, likely because of recent
announcements of reintroduction of CIDE tax and anhydrous blend
increase.
In Europe, FOB Rotterdam prices remain low because of
increasing production and to very good beet crop and steady
demand.
3 Source: Bloomberg
400
450
500
550
600
0.70
0.90
1.10
1.30
1.50
1.70
1.90
Dec-13 Mar-14 Jun-14 Sep-14 Dec-14
Brazil ESALQ Europa Rotterdam
R$/m³ €/m³
110
130
150
170
190
Dec-13 Mar-14 Jun-14 Sep-14 Dec-14
Corn MATIF WHEAT MATIF
4. Revenues
Higher volumes in most segments
Net Revenues (R$ MM)
2,015
2,144
2015 2144
+36
+265
(128) (44)
1 1210 127
1,014
1,023
250 337
540 656
Brazil
Africa/Indian Ocean
Starch & Sweeteners
Alcohol & Ethanol Europe
Holding
4
Revenues up 9% on like-for-like basis (ie. adjusting for the end of ethanol trading on behalf of Tereos
Group)
Higher sugar volumes in all sugarcane businesses, increase in ethanol and energy sales in
Brazil as well as starch and sweeteners volumes (mostly Cereals Overseas)
But ethanol trading sales for Tereos Group no longer consolidated at TI level (-R$ 50 million),
lower prices YoY for Starch & Sweeteners and ethanol in Europe, as well as lower own ethanol
sales in Europe
Q3 2013/14 Currency Volume Price & Mix Others Q3 2014/15
1 1210 127
Q3 2013/14 Q3 2014/15
5. 279 290
+20 +2 +11
(18) (4)
0
54
66
60 61
142 162
Brazil
Africa/Indian Ocean
Starch & Sweeteners
Alcohol & Ethanol Europe
Holding
Adjusted EBITDA
Overall profitability improvement in major segments but European A&E down in the quarter
Adjusted EBITDA (R$ MM)
279
290
Q3
2013/14
Brazil Africa/IO S&S A&E
Europe
Holding Q3
2014/15
0
-4
23 5
66
Q3 2013/14 Q3 2014/15
5
Increased contribution from Guarani thanks to higher volumes across all products
Together with higher profits in the Starch and Sweeteners segment, mostly due to cost base
improvements
But lower ethanol volumes & prices and lower convention wheat volume impacted A&E results in
Europe
Margin 13.5%Margin 13.9%
6. Ethanol Sales (‘000 m³)Sugarcane Crushing (MM t) Sugar Sales (‘000 t)
Sugarcane Brazil – Production & Sales
Record crushing in Brazil at 20.2 million tonnes
Energy Sales (‘000 MWh)
Crushing
4.9
4.2
3Q
13/14
3Q
14/15
-14.3% YoY
335 383
3Q
13/14
3Q
14/15
14.3% YoY
132
195
3Q
13/14
3Q
14/15
47.4% YoY
209
286
3Q
13/14
3Q
14/15
36.5% YoY
6
Crushing
Crushing was up +3% for the whole crop at 20.2 Mt vs. -5% for the C/S region.
Drought impacted agro-industrial productivity with 13% lower yields at 82 vs. 94 t/ha in 2013/14 but TRS
increased 6%, to 142 kg/t vs. 134 kg/t LY. Overall TRS/ha in 2014/15 at 11.3 was lower by -10% YoY.
However, investments made and agricultural practices improvements introduced in the last few years led
to significantly better results than the average of the C/S region for the 3rd year in a row
Improvement in production
Overall production (expressed in TRS) up 5% to 2.6 Mt. Sugar Production: 1.45 Mt, -4% YoY; Ethanol
Production: 645 km³, +21% YoY
Mix still more oriented towards sugar at 58%, although down on 63% last crop on better relative
attractiveness of ethanol vs. LY
Progress on cogeneration
Own energy sales doubled in Q3 vs. LY and up more than 50% at 851 GWh YTD
7. Sugarcane Brazil – Financials
Pick-up in volumes and higher energy contribution
Net Revenues (R$ MM)
Sugar Ethanol
Key Figures
In R$ Million
Q3 14/15 Q3 13/14 Change
Revenues 656 540 +21%
Gross Profit 161 92 +75%
Margin 24.5% 17.0%
EBIT 64 24 +171%
Margin 9.8% 4.4%
Adjusted EBITDA 162 142 +14%
540
656
+1
+46
(6)
+77
(2)
Q3 Price & Volume Price & Volume Others Q3*
* includes Cogeneration, Agricultural Products, Hedging and Ethanol Resale
7
(1) Tereos Internacional allocates tilling expenses as cost.
If tilling expenses were allocated as investment, Adjusted
EBITDA for Q3 14/15 would have reached R$239 million.
Sugar: 52% of total net revenues
Volumes up 14% to 383 k tonnes
Average prices up 1% YoY at 894 R$/tonne
Ethanol: 36% of total net revenues
Volume sold up 47% to 195 k m3
Prices down 3% YoY at 1,200 R$/m3
Cogeneration: R$65 million vs. R$30 million, on
average realized prices up more than 50% and
more than doubled own electricity production
Adjusted EBITDA: R$162 million, +14%
Positive impact of higher sales volume in all
products, together with one-off items, more
than compensated for lower industrial
performance in the quarter, partly as a result of
the drought
Adjusted EBITDA Margin1 for Q3 14/15
including tilling as depreciation: 36.5%
Margin 24.7% 26.2%
Q3
2013/14
Price &
Mix
Volume Price &
Mix
Volume Others Q3
2014/15
8. Sugarcane Indian Ocean/Africa – Production and Financials
Higher crushing and sales volumes
Sugarcane Crushing (’000 t) Sugar sales (‘000 t)
Key Figures
In R$ Million
Q3 14/15 Q3 13/14 Change
Revenues 337 250 +35%
Gross Profit 48 58 -17%
Margin 14.3% 23.2%
EBIT 11 22 -48%
Margin 3.4% 8.8%
Adjusted EBITDA 61 60 +3%
Margin 18.2% 24.0%
982 1,102
3Q
13/14
3Q
14/15
12.2% YoY
66
133
3Q
13/14
3Q
14/15
102.6% YoY
8
Revenue Breakdown by Product Sugarcane crushing
Indian Ocean: crushing up 3%, to 1.76 Mt
Africa: Overall crop materially up on LY (+32%), to
622 kt, evidencing progress made on agricultural
practices
Revenues: +35% YoY
Sharp increase in volumes sold for the region,
mostly on 2 delayed shipments in Reunion Island,
but lower export price to Europe
Adjusted EBITDA: +3% YoY
Mozambique results compensated for lower
Adjusted EBITDA in Reunion Island on lower
margins in sugar exports/trading
Sugar Indian
Ocean 50%
Sugar Africa
13%
Trading and
others 37%
9. Cereal Segment - Production and Sales
Overall increased sales volumes, boosted by overseas operations
Cereal Grinding
(‘000 t)
Starch & Sweeteners
Sales (‘000 t)
Alcohol & Ethanol
Sales (‘000 m3)
Co-products Sales
(‘000 t)
418 464
Q3
13/14
Q3
14/15
+11% YoY
288 293
Q3
13/14
Q3
14/15
+1.7% YoY
79 72
25
Q3
13/14
Q3
14/15
-31% YoY
Own Sales Trading
828 882
Q3
13/14
Q3
14/15
+6,6% YoY
9
Grinding in Q3 14/15: +7% to 881 k tonnes
Starch & Sweeteners sales: +11% Ramp-up of Palmital plant in Brazil (close to nominal capacity
in Q3) and positive perimeter effect of Cereals Indonesia.
Volumes in Europe stable YoY
Alcohol & Ethanol sales: -31% Major impact of termination of ethanol trading sales for Tereos
Group last year and slightly lower sales of ethanol in Europe.
Alcohol sales remain firm and volumes increased YoY
Q3
13/14
Q3
14/15
Q3
13/14
Q3
14/15
Own Sales Trading
Q3
13/14
Q3
14/15
10. Starch & Sweeteners – Financials
Lower energy costs and Performance 15 program positively impacted results
Net Revenues (R$ MM)
Key Figures
In R$ Million
Q3 14/15 Q3 13/14 Change
Revenues 1,023 1,014 +1%
Gross Profit 163 160 +2%
Margin 16.0% 15.8%
EBIT 12 3 +322%
Margin 1.2% 0.3%
Adjusted EBITDA 66 54 +21%
1014 1023
+24 +50
(59) (6)
10
Revenues: R$1,023 million, stable YoY
Positive impact of higher volumes in Cereals Brazil and consolidation of Cereals Indonesia
Declining prices for S&S following cereal prices downward trend and falling European sugar
prices impact on isoglucose (renegotiation took place in October)
Adjusted EBITDA: R$66 million, up 21% YoY
Lower energy costs and benefits of P15 efficiency program helped to improve profitability
Negative impact from lower isoglucose prices vs. LY but overall improved margins on raw
materials sequentially
Adjusted EBITDA 66 54 +21%
Margin 6.4% 5.4%
Q3 2013/14 Currency Volume Price & Mix Others Q3 2014/15
11. Alcohol & Ethanol Europe – Financials
Reduced prices and volumes on lower conventional wheat volumes
Net Revenues (R$ MM)
Key Figures
In R$ Million
Q3 14/15 Q3 13/14 Change
Revenues 127 210 -40%
Gross Profit (1) 22 -103%
Margin (0,5%) 10.3%
EBIT (10) 10 -204%
Margin (8.2%) 4.8%
Adjusted EBITDA 5 23 -79%
210
127
+5
(65)
(13) (10)
Revenues: R$127 million, down 40%
Termination of trading activities for Tereos Group (-R$50 million) and lower own volumes of ethanol in
Europe
Lower prices of ethanol (-17% YoY) on soft world oil prices
Adjusted EBITDA: R$5 million, down 79%
Reduced proportion of raw material purchased at convention price
Impact of lower ethanol prices on margin on raw material
11
Margin 3.8% 10.9%Q3 2013/14 Currency Volume Price & Mix Others Q3 2014/15
12. Capital Expenditures
Continuous reduction in capital expenditures, as expected
CAPEX (R$ MM)CAPEX Breakdown
Starch &
Sweeteners
14%
Alcohol &
Ethanol
Europe
0%
Africa/Indian
Ocean
13%
Brazil
73%
170
135
(21)
+3
(15) (2)
12
Brazil: R$98 million
17% drop as expansion program fully
completed
Starch & Sweeteners: R$19 million
Mostly related to maintenance and initiatives
linked to P15 program
Q3 2013/14 Brazil Africa/IO S&S A&E Europe Q3 2014/15
13. Cash Flow Reconciliation & Debt Composition
YoY lower Net Debt and lengthened average maturity
Cash Flow
In R$ Million
9M 14/15
Adjusted EBITDA 735
Working capital variance (729)
Financial interests (158)
Others (76)
Operating Cash Flow (228)
Recurring Capex (284)
Recurring Cash Flow (512)
Debt
In R$ Million
December 31st,
2014
March 31st,
2014
∆
Current 2,327 1,523 +53%
Non-current 3,164 2,734 +16%
Amortized cost (21) (23) -10%
Total Gross Debt 5,470 4,234 +29%
In € 1,611 1,413 +14%
In USD 2,632 1,890 +39%
In R$ 1,241 935 +33%
13
Seasonal working capital for sugarcane division (on higher inventories) and negative forex impact
impacted cash flows
Net Debt lower by R$178 million than as at December 31st, 2013. Net Debt/Adjusted EBITDA:
5.0x vs. 4.9x on December 31st, 2013
Guarani secured a 5-year financing of US$330 million at Libor + 2.30%. This, together with other
refinancing done since September, has enabled TI to substantially lengthen its average debt
maturity
Growth Capex (141)
Dividends paid and
received
11
Others 165
Free Cash Flow (477)
Others (inc. Forex impact) (297)
Net Debt Variation (774)
In R$ 1,241 935 +33%
Other currencies 7 19 -61%
Cash and Cash Equivalent (1,180) (682) +73%
Total Net Debt 4,290 3,551 +21%
Related Parties Net Debt 51 15 +237%
Total Net Debt + Related
Parties
4,341 3,566 +22%
14. Outlook
Sugarcane Brazil:
Progress in co-generation, expected to reach around 1,000 GWh sales until the end of the crop, on a
full consolidation basis
Increase in the ethanol blend ratio (from 25% to 27%) and reintroduction of CIDE tax in gasoline
(R$0.22/l) should be beneficial for the sector in FY 2015/16
Sugarcane Africa/Indian Ocean:
Yields in Africa should be better YoY as a result of improved agricultural performance and rainy
weather in the beginning of the intercrop period
Current lower European sugar prices to impact exports
Cereals:
Europe:
14
Europe:
Soft demand for starch and lower isoglucose prices (tracking lower European sugar prices) should
hinder potential for sharp margin restoration in the near term
Phasing out of wheat conventional price mechanism and expected lower ethanol prices are likely to
continue impacting Alcohol & Ethanol segment’s profitability in the near-term
Focus remain on cost base optimization with P15
International:
Brazil: Reduction of ICMS for corn and related products from 18% to 7% in the State of São Paulo
Asia: Dongguan plant to start operations in Q1 15/16. Tieling product diversification plan to start
ramping up in Q2 15/16 and Cereals Indonesia performance improvement plan progressing