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 first quarter 2012/13 results. Key highlights included:
- Revenues of R$1.7 billion, stable year-over-year at constant currency due to favorable pricing offsetting reduced volumes.
- Adjusted EBITDA of R$156 million, down 26.7% year-over-year at constant currency due to delayed production in Brazil from unusual weather.
- A R$370 million capital increase that was 100% subscribed to finance expansion in Europe and diversification in Brazil.
- Tereos Internacional reported results for the third quarter of 2013/14 with overall revenues increasing 5.9% year-over-year to R$2,015 million driven by higher volumes in Brazil and Europe as well as currency effects.
- Adjusted EBITDA increased slightly by 5.8% to R$279 million as improvements in Brazil, Europe, and Brazil offset declines in Africa due to weather issues.
- In Brazil, record sugarcane crushing of 19.7 million tons led to increased ethanol and energy sales volumes while adjusted EBITDA benefited from efficiency gains despite lower sugar prices.
- Ethanol and starch segments in Europe saw higher volumes and margins as input
Tereos Internacional reported its second quarter 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 on its 2013/14 fiscal year results. Key points included record sugarcane crushing in Brazil of 19.7 million tonnes, driven by strong yields and benefiting operational performance. Cereal grinding was up 5% due to better capacity utilization. Revenues increased 24% for the Starch & Sweeteners segment however profitability remained pressured. Overall, revenues grew 10% to R$8.3 billion while adjusted EBITDA rose 39% to R$962 million, supported by Brazil operational improvements and better performance in Alcohol & Ethanol Europe.
Tereos Internacional reported its 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
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 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.
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 first quarter 2012/13 results. Key highlights included:
- Revenues of R$1.7 billion, stable year-over-year at constant currency due to favorable pricing offsetting reduced volumes.
- Adjusted EBITDA of R$156 million, down 26.7% year-over-year at constant currency due to delayed production in Brazil from unusual weather.
- A R$370 million capital increase that was 100% subscribed to finance expansion in Europe and diversification in Brazil.
- Tereos Internacional reported results for the third quarter of 2013/14 with overall revenues increasing 5.9% year-over-year to R$2,015 million driven by higher volumes in Brazil and Europe as well as currency effects.
- Adjusted EBITDA increased slightly by 5.8% to R$279 million as improvements in Brazil, Europe, and Brazil offset declines in Africa due to weather issues.
- In Brazil, record sugarcane crushing of 19.7 million tons led to increased ethanol and energy sales volumes while adjusted EBITDA benefited from efficiency gains despite lower sugar prices.
- Ethanol and starch segments in Europe saw higher volumes and margins as input
Tereos Internacional reported its second quarter 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 on its 2013/14 fiscal year results. Key points included record sugarcane crushing in Brazil of 19.7 million tonnes, driven by strong yields and benefiting operational performance. Cereal grinding was up 5% due to better capacity utilization. Revenues increased 24% for the Starch & Sweeteners segment however profitability remained pressured. Overall, revenues grew 10% to R$8.3 billion while adjusted EBITDA rose 39% to R$962 million, supported by Brazil operational improvements and better performance in Alcohol & Ethanol Europe.
Tereos Internacional reported its 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
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 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.
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 2012/13 year-end results. Revenues increased 11.1% to R$7.6 billion due to higher sales volumes in sugarcane and starch & sweeteners segments. Adjusted EBITDA declined 9.4% to R$869 million due to higher cereal prices and reduced ethanol volumes in Europe. In Brazil, sugarcane crushing volumes increased but earnings declined due to lower sugar and ethanol prices. The Indian Ocean/Africa segment reported increased revenues and adjusted EBITDA due to favorable commercial conditions and volume growth. The starch & sweeteners segment saw revenue growth from higher volumes and prices but adjusted EBITDA declined due to a sharp rise in raw material costs
Tereos Internacional reported strong financial results for Q3 2011/12, with revenues increasing 14.4% to R$1.8 billion driven by higher prices across key products. Adjusted EBITDA grew 4.4% to R$271 million. The Brazilian business was impacted by lower sugarcane volumes but this was offset by better results in other regions like the Indian Ocean and Europe. The company also advanced strategic initiatives through acquisitions and increased stakes in subsidiaries to reinforce its leadership positions.
Tereos Internacional 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.
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.
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 second quarter 2014/15 results. Sugarcane crushing volumes in Brazil were up 5% year-over-year due to improved agricultural performance. However, adjusted EBITDA declined 41% due to lower sugar sales volumes and higher costs. In the cereal segment, grinding volumes increased 7% while adjusted EBITDA rose 30% thanks to benefits from the "Performance 2015" initiative despite soft market conditions in Europe. Overall, revenues declined 10% and adjusted EBITDA fell 19% as lower sugar prices and volumes offset profitability gains in cereals.
The document 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.
The document discusses Yara's Capital Markets Day 2013. It covers Yara's track record and strategy, with a focus on safety culture. It also discusses Yara's strategic ambition of "Creating Impact" to deliver business solutions that address issues of food security, resource scarcity, and environmental degradation. Additionally, it provides overviews of Yara's focus on commodity markets, downstream business, supply and trade operations, and upstream business. Financial performance and growth scenarios are also examined.
- 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.
- 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.
2015 04-27 - Yara International ASA Q1 2015 PresentationYara International
Yara International ASA reported strong first quarter results driven by higher deliveries and margins. Margins benefited from lower gas prices and a stronger US dollar. However, the company reported a NOK 1.8 billion currency loss due to US dollar appreciation. The industrial segment performed strongly. Prospects for the second quarter include a further expected NOK 650 million reduction in gas costs in Europe.
- Group revenue was stable at €2.8 billion, while operating income improved 19.9% to €138 million due to margin improvements across all business lines.
- Sales volumes grew for cement, aggregates, and ready-mixed concrete due to market recovery in North America, Europe, and Asia.
- Outlook for 2016 was raised, expecting further sales volume growth and a moderate rise in revenue with a high single to double digit increase in operating income. The acquisition of Italcementi is expected to be concluded in the second half of 2016.
LMC's New Service: Benchmarking costs of starches syrups and ethanol; Forecas...Sara Girardello
For agro-processors of carbohydrates, a critical question is: How do my operations stack up against my competitors’? For companies looking to make a new investment: Do the financials look attractive?
LMC’s new service, Benchmarking Costs of Starches, Syrups & Ethanol, answers these questions and helps guide investors’ decision-making.
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.
HeidelbergCement reported solid results for the first quarter of 2016, with mid-single digit increases in both cement and aggregates volumes and a 13% increase in operating EBITDA. The company saw strong operational performance across all business lines leading to margin improvements. Additionally, net debt was reduced to €5.9 billion while leverage decreased to 2.2x. The company increased its full year operating EBITDA target to "high single to double digit growth" and remains on track to complete the Italcementi acquisition in the second half of 2016.
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.
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.
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 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.
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 its 2012/13 year-end results. Revenues increased 11.1% to R$7.6 billion due to higher sales volumes in sugarcane and starch & sweeteners segments. Adjusted EBITDA declined 9.4% to R$869 million due to higher cereal prices and reduced ethanol volumes in Europe. In Brazil, sugarcane crushing volumes increased but earnings declined due to lower sugar and ethanol prices. The Indian Ocean/Africa segment reported increased revenues and adjusted EBITDA due to favorable commercial conditions and volume growth. The starch & sweeteners segment saw revenue growth from higher volumes and prices but adjusted EBITDA declined due to a sharp rise in raw material costs
Tereos Internacional reported strong financial results for Q3 2011/12, with revenues increasing 14.4% to R$1.8 billion driven by higher prices across key products. Adjusted EBITDA grew 4.4% to R$271 million. The Brazilian business was impacted by lower sugarcane volumes but this was offset by better results in other regions like the Indian Ocean and Europe. The company also advanced strategic initiatives through acquisitions and increased stakes in subsidiaries to reinforce its leadership positions.
Tereos Internacional 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.
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.
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 second quarter 2014/15 results. Sugarcane crushing volumes in Brazil were up 5% year-over-year due to improved agricultural performance. However, adjusted EBITDA declined 41% due to lower sugar sales volumes and higher costs. In the cereal segment, grinding volumes increased 7% while adjusted EBITDA rose 30% thanks to benefits from the "Performance 2015" initiative despite soft market conditions in Europe. Overall, revenues declined 10% and adjusted EBITDA fell 19% as lower sugar prices and volumes offset profitability gains in cereals.
The document 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.
The document discusses Yara's Capital Markets Day 2013. It covers Yara's track record and strategy, with a focus on safety culture. It also discusses Yara's strategic ambition of "Creating Impact" to deliver business solutions that address issues of food security, resource scarcity, and environmental degradation. Additionally, it provides overviews of Yara's focus on commodity markets, downstream business, supply and trade operations, and upstream business. Financial performance and growth scenarios are also examined.
- 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.
- 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.
2015 04-27 - Yara International ASA Q1 2015 PresentationYara International
Yara International ASA reported strong first quarter results driven by higher deliveries and margins. Margins benefited from lower gas prices and a stronger US dollar. However, the company reported a NOK 1.8 billion currency loss due to US dollar appreciation. The industrial segment performed strongly. Prospects for the second quarter include a further expected NOK 650 million reduction in gas costs in Europe.
- Group revenue was stable at €2.8 billion, while operating income improved 19.9% to €138 million due to margin improvements across all business lines.
- Sales volumes grew for cement, aggregates, and ready-mixed concrete due to market recovery in North America, Europe, and Asia.
- Outlook for 2016 was raised, expecting further sales volume growth and a moderate rise in revenue with a high single to double digit increase in operating income. The acquisition of Italcementi is expected to be concluded in the second half of 2016.
LMC's New Service: Benchmarking costs of starches syrups and ethanol; Forecas...Sara Girardello
For agro-processors of carbohydrates, a critical question is: How do my operations stack up against my competitors’? For companies looking to make a new investment: Do the financials look attractive?
LMC’s new service, Benchmarking Costs of Starches, Syrups & Ethanol, answers these questions and helps guide investors’ decision-making.
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.
HeidelbergCement reported solid results for the first quarter of 2016, with mid-single digit increases in both cement and aggregates volumes and a 13% increase in operating EBITDA. The company saw strong operational performance across all business lines leading to margin improvements. Additionally, net debt was reduced to €5.9 billion while leverage decreased to 2.2x. The company increased its full year operating EBITDA target to "high single to double digit growth" and remains on track to complete the Italcementi acquisition in the second half of 2016.
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.
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.
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 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.
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
- 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.
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.
Tereos Internacional reported record first quarter net profits, driven by a strong increase in operating income. Revenues increased 47% to R$1.6 billion, largely due to higher sugar and ethanol prices. Adjusted EBITDA doubled to R$206 million compared to the previous year. The results were positively impacted by recent acquisitions as well as strong pricing environments for sugar and ethanol. Looking forward, concerns over reduced sugar production in Brazil may continue supporting high sugar prices.
Tereos Internacional reported record first quarter net profits due to a strong increase in operating income. Revenues increased 47.4% to R$1.6 billion, driven by higher sugar and ethanol prices. Adjusted EBITDA doubled to R$206 million compared to the previous year. In Brazil, revenues and adjusted EBITDA increased significantly due to higher prices and the Mandu acquisition. Starch Europe revenues rose 27% due to higher volumes, but adjusted EBITDA declined due to increased costs. Outlook remains positive given continued high sugar and ethanol prices.
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 financial results for the fourth quarter and full year of 2011/12. For the quarter, revenues increased 20% driven by higher sugarcane sales in Brazil. Adjusted EBITDA grew 11% due to strong performance in Brazil and Indian Ocean. For the full year, revenues rose 19% from favorable pricing across all segments. Adjusted EBITDA increased 13% with improved results in sugarcane offsetting lower volumes in Brazil. Looking ahead, Tereos will use proceeds from a capital increase to fund expansion projects in Brazil, China, and Europe.
HeidelbergCement achieved its key operational and financial targets for 2014. Revenue increased 4% to €12.6 billion and operating EBITDA increased 3% to €2.3 billion. Net debt was significantly reduced through the successful disposal of the building products business for over €1.2 billion. The dividend was proposed to increase 25% to €0.75 per share. For 2015, double digit percentage increases are expected in revenue, operating income and net income, and net debt/EBITDA is targeted to remain below 2.8x.
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.
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.
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.
This document provides an overview and results for HeidelbergCement for 2016. Key points include:
- Volumes increased across all business lines, with cement volumes up 3%, aggregates up 3%, and ready-mix up 1%. Operating EBITDA and income grew organically by 5% and 6% respectively.
- Results were mixed by region, with strong growth in North America offset by pressure in Southern Europe and weather impacts elsewhere. Integration of Italcementi assets is ongoing.
- An outlook for 2017 forecasts continued volume growth, with a focus on cost efficiency and improving profitability of recently acquired assets. Net debt is expected to remain below €9 billion.
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%.
1) O relatório apresenta os resultados do primeiro trimestre de 2015/2016 da Tereos Internacional, com destaque para o bom início da safra de cana-de-açúcar no Brasil e expectativa de bons volumes na África e Oceano Índico.
2) As receitas totais aumentaram 8% em moeda local, mas permaneceram estáveis em moeda constante. O EBITDA Ajustado caiu 7%, impactado principalmente pelos menores preços de açúcar na Europa.
3) Os volumes de vendas de amido e ad
1) Tereos Internacional reportou resultados do terceiro trimestre de 2014/15, com destaque para aumento de 3% na moagem de cana no Brasil e forte crescimento na África.
2) As vendas de açúcar, etanol e energia aumentaram no Brasil. As vendas de amido e adoçantes cresceram globalmente, impulsionadas pelas operações internacionais.
3) A receita líquida aumentou 9%, para R$2,1 bilhões, com melhora da lucratividade na maioria dos segmentos, exceto
Tereos Internacional provided a disclaimer and overview of a presentation given at the Morgan Stanley Latin America Mid-Cap Conference in London on November 11th, 2014. The summary discusses Tereos' profile as a leading producer of sweeteners and bioenergy with a global footprint and diversified raw material processing. Financial highlights note revenues of R$962 million and EBITDA of R$123 million for fiscal year 2013/2014.
Este documento apresenta informações sobre a Tereos Internacional para investidores e analistas. Resume a estrutura acionária, as operações globais, as divisões de negócios de cana-de-açúcar e cereais, e fornece indicadores financeiros e de mercado.
O documento resume os resultados financeiros da Tereos Internacional no segundo trimestre de 2014/15. Houve queda na receita líquida de 3% devido a menores preços e volumes de açúcar no Brasil e cana-de-açúcar na África/Oceano Índico. O EBITDA ajustado caiu 19% principalmente pela pior rentabilidade da divisão de cana-de-açúcar no Brasil, com menores vendas de açúcar e maiores custos. A divisão de cereais teve melhor desempenho graças
O documento resume os resultados financeiros e operacionais da Tereos Internacional para o ano fiscal 2013/14. Destaca o crescimento da receita impulsionado por maiores volumes de vendas no Brasil e Europa. O EBITDA ajustado aumentou com a diluição de custos no Brasil e melhor desempenho na Europa. A produção de cana-de-açúcar no Brasil atingiu recorde de 19,7 milhões de toneladas.
Tereos internacional presentation_port_3_mTereosri
(1) Tereos Internacional divulgou seus resultados do terceiro trimestre de 2013/14.
(2) A receita líquida aumentou 5,9% impulsionada pelo melhor desempenho operacional da unidade Lillebonne na Europa e melhores preços de etanol e energia no Brasil.
(3) O EBITDA ajustado cresceu 5,8% com melhora na rentabilidade de todos os segmentos, exceto na África/Oceano Índico devido a condições climáticas adversas.
1) As vendas de açúcar e energia da Guarani no Brasil aumentaram significativamente no segundo trimestre, melhorando os lucros.
2) Na África e Oceano Índico, a produção se manteve estável, com aumento nas vendas e lucros.
3) As vendas de amido e adoçantes aumentaram levemente, mas as margens permaneceram pressionadas.
O documento apresenta: (1) informações sobre uma reunião pública da Tereos Internacional com investidores e analistas em São Paulo; (2) um aviso sobre as informações apresentadas não terem sido verificadas independentemente e sobre riscos envolvendo projeções; (3) a agenda da reunião incluindo apresentações sobre a Tereos como líder global em açúcar, amido e bioenergia e sobre suas operações de cana-de-açúcar e cereais no Brasil e internacionalmente.
16,6%
Margem Bruta
1. O documento apresenta os resultados financeiros e operacionais da Tereos Internacional no segundo trimestre de 2013/14.
2. Destaca-se o aumento na receita líquida, impulsionado por maiores volumes de cana-de-açúcar no Brasil e efeito cambial positivo.
3. O EBITDA ajustado também cresceu, com melhora na eficiência das operações de cana-de-açúcar no Brasil e menores custos com matérias-primas na
The document provides an earnings release for Açúcar Guarani for the second quarter of 2008, highlighting decreases in sugar prices, increases in ethanol production and sales, financial results including revenue and EBITDA, inauguration of a new ethanol plant, and leadership changes including a new CEO.
Divulgação de resultados 2 t08 port (apresentação)Tereosri
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.
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. 1. Market Update
2. Quarter Highlights
3. Operating Segment Review
4. Cash Flow and Debt Position
5. Top Priorities
6. Outlook
1
2
3
4
5
6
3. Brazilian Sugarcane Production (MT)
0
100
200
300
400
500
600
700
2011/12: first drop in sugarcane
production in 10 years (-10%)
2012/13: production recovery (+5%)
Source: UNICA and Company’s Estimates
-10%
Drop followed by stabilization of raw sugar
prices around 18-20 USD cts/lb
The prospect of another global sugar surplus in
2012/13 (between 6-7Mt) is keeping a lid on
prices at the moment
World Raw Sugar Prices (USD cts/lb)
Source: BLOOMBERG
+5%
Sugar: Stabilization of World Prices Between 18-20 USD cts/lb1
3
Weather impact in
Brazil
10
15
20
25
30
35
40
4. Y-o-Y: +31%
Y-o-Y: +38%
100
120
140
160
180
200
220
240
260
280
300
Wheat Corn
Source: MATIF
European Cereal Prices (€/t)
Starch: Cereal Prices Down From Peak, But Still at High Historical
Levels
4
1
High price volatility to remain a main characteristic of cereal market
Although slightly down from peak in December 2012, prices are sustained by challenging
weather in main producing countries (UK, France, Black Sea region and Argentina)
Stock-to-use ratios remain at relatively low levels (corn 13% and wheat 27%)
Demand for EU starch and derivatives in the food sector remains resilient
5. Source : Cepea Esalq Source : Bloomberg
Brazilian Ethanol Market
Brazil surpassed the US as the world’s largest ethanol
exporter, as high cereal prices impacted North American
production
Increases in gasoline prices at the refinery level by
6.6% and the ethanol blend mandate from 20% to 25%
should bring support for ethanol consumption
European and US Ethanol Market
European ethanol consumption in the quarter declined,
as demand in the winter is tradionally lower
In US, ethanol prices followed corn pricing, which had
dropped 16% since early August
Longer term prospect for European ethanol market
constrained by willingness of EU to cap 1st generation
ethanol at 5% of blend (7% for France)
Ethanol Prices – SP State (R$/liter)
Ethanol: Prices Dropped in Europe and US, while stable in Brazil
Ethanol Prices - FOB Rotterdam & CBOT
5
1
0,50
1,00
1,50
2,00
2,50
3,00
Hydrous Anhydrous
1
1,5
2
2,5
3
3,5
350
400
450
500
550
600
650
700
750
800
€/m3
FOB Rotterdam T2 Ethanol CBOT
USD/Gal.
6. 1,820 1,965
(17)
+45
+138
(21)
Q3
2011/12
Brazil Indian
Ocean
Starch
Europe
Ethanol
Europe
Q3
2012/13
1,820 1,965
+124 +33
(18)
+6
Q3
2011/12
Currency Volume Price & Mix Others Q3
2012/13
Q3 2012/13 – Revenues
Record Net Revenues Driven by Higher Volumes in the Starch & Sweeteners and Sugarcane
Segments
6
Net Revenues (R$ MM)
Group revenues supported by good industrial and commercial performance in sugarcane and
starch & sweeteners segments but:
Mixed pricing situation Y-o-Y: higher European ethanol & alcohol and isoglucose prices
but lower Brazilian sugar and ethanol prices
Ethanol volumes in Europe decreased significantly due to the impact of the difficult start
of gluten production on the overall operations of Tereos BENP
Positive perimeter and currency effect
2
7. 271
+34
+19
(4)
(38)
+2
284
Q3
2011/12
Brazil Indian
Ocean
Starch
Europe
Ethanol
Europe
Holding Q3
2012/13
Q3 2012/13 - Adjusted EBITDA
Positive Impact from Sugarcane Divisions Offsetting Higher Grain Costs and Significant Drop
on the Alcohol & Ethanol Segment’s Contribution
7
Adjusted EBITDA increased year-on-year thanks to higher volumes in the sugarcane
businesses, positive Y-o-Y price effect in certain products (European ethanol & alcohol,
isoglucose) and positive mix effect in Reunion Island…
… more than offsetting lower prices (Y-o-Y) in the Brazilian sugar & ethanol business,
increase in cereal purchase price and significant drop on the alcohol & ethanol
segment’s contribution due to low utilization rates at Tereos BENP
Margin 14.5%
Adjusted EBITDA (R$ MM)
Margin 14.9%
2
8. 90 86
50
182
11843
57
30
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13
91
151
115 99
143
40
40
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13
375
249 251
401 380
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13
2.6
4.7
8.1
5.4
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13
Ethanol Sales (‘000 m³) Energy Sales (‘000 MWh)Sugarcane Crushing (MM t) Sugar Sales (‘000 t)
8
Crushing
Recovery in sugarcane volume: 18.2 million tonnes processed (+12%)
5.4 million tonnes in Q3 12/13 (+107.7% Y-o-Y)
Yields improved from 70 t/ha to 84 t/ha this crop but lower TRS (135 kg/ton vs. 138 kg/ton last year)
55 thousand hectares planted in 2012/13 (25% expansion and 75% renewal)
Flexibility of industrial set-up allows shift to more profitable sugar production:
Sugar: 1.5 million tonnes 64% of mix vs. 62% last year
Ethanol: 529,000 m³ 36% of mix
Progress in cogeneration
Own quarterly volumes up 31% Y-o-Y, with portion of volumes sold at higher spot prices
On track to deliver a 50% growth in own cogeneration sales in 2013/14 crop
+1.3% YoY +57.5% YoY +31.1% YoY
Sugarcane Brazil – Production & Sales
Higher Crushing on Better Yields and Extended Crop Season (Ended Mid-December)
+107.7% YoY
Own Sales Trading Own Sales Trading
3
9. 593 577
(50)
+6
(21)
+64
(15)
Q3
2011/12
Price &
Mix
Volume Price &
Mix
Volume Others * Q3
2012/13
Sugarcane Brazil – Q3 Financials
Higher Volumes Compensating Lower Sugar and Ethanol Prices
* includes Cogeneration, Agricultural Products, Hedging and Ethanol Resales
Key Figures
In R$ Million
Q3
2012/13
Q3
2011/12
Change
Revenues 577 593 -3%
Gross Profit 87 118 -26%
Gross Margin 15.1% 19.9%
EBITDA 153 129 +19%
EBITDA Margin 26.5% 21.7%
Adjusted EBITDA 146 112 +30%
Adjusted EBITDA Margin 25.3% 18.9%
Adjusted EBITDA: R$146 million
• EBITDA improvement in Q3 thanks to lower cash
COGS linked to extended crop period and higher
electricity sales
• Improvement of 640 bps on adjusted EBITDA
margin to 25.3%
• Adjusted EBITDA Margin1 including tilling as
depreciation: 34.6%
Sugar: 64.0% of total net revenues
• Volumes increased +1.5% to 380,000 tonnes
• Prices down -8.0% Y-o-Y at 971.5 R$/tonne
Ethanol: 26.6% of total net revenues
• Own Volume sold increased +10% to 143,000 m3
• Prices down -14.1% Y-o-Y at 1,074.2 R$/m3
Cogeneration: own energy revenues amounted
R$20.3 million (+102.0%)
9
(1) Tereos Internacional allocates tilling expenses as
cost. If tilling expenses were allocated as investment,
Adjusted EBITDA would have reached R$199.4 million.
Net Revenues (R$ MM)
Sugar Ethanol
3
10. +0.2% YoY
Sugarcane Africa/Indian Ocean – Production and Q3 Financials
Another Quarter of Good Performance
10
Sugarcane Crushing (’000 t) Sugar sales (‘000 t)
Sugarcane crushing
• Larger crop in Mozambique (YTD: 730k tonnes, +4.5% y-o-y)
although yields impacted by weather conditions (drought)
and irrigation issues
• In Reunion Island, slightly lower YTD crushing due to
drought, but higher sugar production on improved TRS
Revenues +19% Y-o-Y
• Higher sugar prices for both divisions and increase in
volumes in Mozambique
Adjusted EBITDA
• 29% increase in Adjusted EBITDA, despite higher labor costs
in Mozambique and sugarcane costs in Reunion Island
-3.4% YoY
Revenue Breakdown by Product
Key Figures
In R$ Million
Q3
2012/13
Q3
2011/12
Change
Revenues 281 236 +19%
Gross Profit 100 55 +83%
Gross Margin 35.7% 23.3%
EBITDA 84 69 +23%
EBITDA Margin 30.0% 29.1%
Adjusted EBITDA 85 66 +29%
Adjusted EBITDA Margin 30.3% 28.1%
1,173
43 116
1,267
1,176
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13
89
77 67
76 86
Q3
11/12
Q4
11/12
Q1
12/13
Q2
12/13
Q3
12/13
Sugar
Reunion
35%
Sugar
Mozambique
21%
Trading and
others 44%
3
12. Starch & Sweeteners – Q3 Financials
Revenues Improvement on Good Sales Volumes, Helped as Well By Higher Perimeter
Key Figures
In R$ Million
Q3
2012/13
Q3
2011/12
Change
Revenues 843 705 +20%
Gross Profit 141 122 +16%
Gross Margin 16.8% 17.2%
EBITDA 50 57 -11%
EBITDA Margin 6.0% 8.0%
Adjusted EBITDA 52 56 -7%
Adjusted EBITDA Margin 6.2% 8.0%
12
Net Revenues (R$ MM)
+19.6%
Revenues: R$843 million, up 19.6%
• Organic sales volumes growth (+1.8%) and positive perimeter effect (Haussimont
+3.2%)
• Other revenues impacted by higher energy sales and services rendered
Adjusted EBITDA: R$52 million, down R$4 million
• Positive impact of increased volumes and isoglucose prices did not offset higher raw
material and energy costs
705 843
+71
+37
(3)
+33
Q3
2011/12
Currency Volume Price & Mix Others Q3
2012/13
3
13. 286 265
+29
(74)
+27
(3)
Q3
2011/12
Currency Volume Price & Mix Others Q3
2012/13
Alcohol & Ethanol Europe – Q3 Financials
Tereos BENP Collateral Disruption Led to a Strong Drop in Volumes and Profitability
Revenues: R$265 million, down 8%
• Decrease in volumes (-23.8%) mainly due collateral
production disruptions on production
• Higher ethanol prices (+9.0% Y-o-Y) and better
average prices for co-products due to gluten
introduction
Adjusted EBITDA: R$3 million, down 94%
• Significant increase of raw material prices purchased
at market prices
• Higher unitary energy costs y-o-y
13
Net Revenues (R$ MM)
Q3 Revenue Breakdown by Product
Key Figures
In R$ Million
Q3
2012/13
Q3
2011/12
Change
Revenues 265 286 -8%
Gross Profit 13 64 -79%
Gross Margin 5.0% 22.2%
EBITDA 3 40 -94%
EBITDA Margin 1.0% 14.0%
Adjusted EBITDA 3 40 -94%
Adjusted EBITDA Margin 1.0% 14.1%
Alcohol &
Ethanol own
sales 51%
Ethanol
traded 37%
Co-products
and other
12%
3
14. 14
Q3 Cash Flow Reconciliation
Ongoing Strategic Investments in Key Segments and Seasonal Working Capital
(1) Net debt as of September 30th 2012 restated to include capital increase of R$212 million from PBio into Guarani
Cash Flow
In R$ Million
Q3 2012/13(1)
Adjusted EBITDA 284
Working capital variance (133)
Other operating (including income tax paid) (35)
Operating Cash Flow (116)
Financial interests (63)
Dividends paid and received -
Capex (247)
Increase in capital -
Others 29
Free Cash Flow (164)
Forex impact (43)
Acquisition & Perimeter impact -
Net Debt Variation (207)
CAPEX
Brazil: R$102 million
Mainly allocated for (i) planting program; (ii) cogen equipment
and (iii) maintenance costs with the beginning of the intercrop
period
Cereals: R$109 million
Mainly allocated for (i) starch project in Brazil; (ii) capacity
expansion in the starch & sweeteners segment and (iii) Tereos
BENP product diversification (gluten / dextrose)
Working capital
Seasonal cash requirements mostly related to the crop’s
peak in the sugarcane division in Q3 (increasing stocks)
4
15. Debt
Increase Mostly Due to Seasonal Working Capital, Ongoing Investments and Currency Effect
Net Debt/Adjusted EBITDA: 4.0x, stable sequentially considering 3.8x in Sep., 2012(1)
15
Debt
In R$ Million
December 31, 2012 March 31, 2012 Change
Current 2,257 1,291 967
Non-current 2,196 2,384 -188
Amortized cost (20) (25) 5
Total Gross Debt 4,453 3,650 783
In € 1,812 1,402 412
In USD 1,793 1,652 140
In R$ 783 557 226
Other currencies 65 64 -
Cash and Cash Equivalent (678) (624) -54
Total Net Debt 3,755 3,026 729
Related Parties Net Debt 35 17 18
Total Net Debt + Related Parties 3,790 3,043 747
4
Currency Variation
December 31, 2012 March 31, 2012 Change
USD/R$ 2.0462 1.8218 +12.3%
€ / R$ 2.6949 2.4295 +10.9%
(1) Net debt as of September 30th 2012 restated to include capital increase of R$212 million from PBio into Guarani
16. BRAZIL
Continue efforts on agricultural mechanization, factories automation and improvement of
processes
Expand electricity sales (1200 Gwh in 2015)
Strengthen positioning with Petrobras
AFRICA/INDIAN OCEAN
Exploit the agricultural potential of Mozambique
Confirm the key role of sugarcane in the Reunion Island and valorize the Group’s competencies
In Brazil: optimize cost competitiveness to better cope with macroeconomic dynamics
Take part in the development of a growing market
Top Priorities: Sugarcane
16
5
17. Adapt to higher price levels and volatility for cereals
Expand presence into growing markets (Brazil/China)
Adapt product mix and industrial base to higher price levels and volatility for cereals
Adjust production of gluten and share of ethanol at Lillebone (Reconversion of the
plant to food industry)
Develop sales of starch & sweeteners in growing markets
Top Priorities: Cereals
17
5
18. Sugarcane
Brazil: improving outlook for sugarcane and cogeneration
• Recovery of 10% in sugarcane production in 2013/14 crop (crushing above 20 million tonnes)
• Current cogeneration investments to double energy sales level in 2013/14
• Anhydrous blending returns to 25% as of May 1st 2013 should absorb a significant proportion of
additional sugarcane production of 2013/14 crop
• Higher gasoline prices at refinery (+6.6% as of January 31st) to also support ethanol
consumption
Indian Ocean: positive commercial dynamics to continue
Cereals
Europe: diversification to cope with higher cereal prices
• Further prices increases passed onto customers in December negotiation round
• Volumes at Tereos BENP should not reach normalized levels in this fiscal year
• Cereal prices expected to remain high and volatile
Emerging Markets: greenfield projects underway
• Brazil: Syral-Halotek corn-based starch production to start in H1 2013/14
• China: land work progressing at Dongguan site
18
Outlook6