Q1

Quarterly Statement

First quarter 2021/22

1 March to 31 May 2021

FULL-YEAR

FISCAL 2021/22

FORECAST

Consolidated group revenues

€ 1,753

€ 7.0 to 7.2

€ 300 to  400

[2020/21: 236] million

[2020/21: 6.7] billion

-

[1,669] million

-

Consolidated

operating result

Consolidated group

revenues

Consolidated group

operating result

  • 49

[61] million

CONTENTS

Overview

First quarter 2021/22

Full-year fiscal 2021/22 outlook

Group figures as of 31 May 2021

1

Economic report

2

Group results of operations

2

Group financial position

3

Group assets

5

Employees

6

Sugar segment

7

Special products segment

9

CropEnergies segment

10

Starch segment

12

Fruit segment

14

Outlook

16

Corporate governance

18

New segment structure

19

FINANCIAL CALENDAR

Annual general meeting

Fiscal 2020/21

15 July 2021

Q 2 - Half year financial report

1st half year 2021/22 14 October 2021

Q 3 - Quarterly statement

1st to 3rd quarter 2021/22 13 January 2022

Press and analysts' conference

Fiscal 2021/22

19 May 2022

Q 1 - Quarterly statement

1st quarter 2022/23 7 July 2022

Annual general meeting

Fiscal 2021/22

14 July 2022

Q 2 - Half year financial report

1st half year 2022/23 13 October 2022

OVERVIEW

First quarter 2021/22

From the beginning of the 2021/22 financial year, Südzucker will report on the five segments sugar, special products, CropEnergies, starch and fruit.1

Revenues by segment

1st quarter

€ million

2021/22

2020/21

+ / - in %

Sugar 1

595

565

5.2

Special products 1

421

444

- 5.2

CropEnergies

195

162

20.4

Starch 2

221

194

14.0

Fruit

321

304

5.6

Group total

1,753

1,669

5.0

  1. Prior-yearfigures adjusted.
  2. First-timereporting of the starch segment in the 2021/22 financial year.

TABLE 01

Operating result by segment

1st quarter

€ million

2021/22

2020/21

+ / - in %

Sugar 1

- 25

- 16

55.9

Special products 1

34

40

- 14.3

CropEnergies

15

8

86.4

Starch 2

9

13

- 33.8

Fruit

16

16

- 0.6

Group total

49

61

- 20.1

  1. Prior-yearfigures adjusted.
  2. First-timereporting of the starch segment in the 2021/22 financial year.

TABLE 02

Full-year fiscal 2021/22 forecast unchanged

--Consolidated group revenues expected between € 7.0 to --7.2 (2020/21: 6.7) billion.

Consolidated group operating result expected to range --between € 300 to 400 (2020/21: 236) million.

Capital employed at last year's level; significant increase in ROCE (2020/21: 3.8 %).

1 Further information can be found in the "New segment structure" section at the end of this statement.

OVERVIEW

Group figures as of 31 May 2021

Revenues and earnings

Revenues

€ million

EBITDA

€ million

EBITDA margin

%

Depreciation

€ million

Operating result

€ million

Operating margin

%

Net earnings

€ million

Cash flow and investments

Cash flow

€ million

Investments in fixed assets 1

€ million

€ million

Investments in financial assets/acquisitions

Total investments

€ million

Performance

Fixed assets 1

€ million

Goodwill

€ million

Working capital

€ million

Capital employed

€ million

Capital structure

Total assets

€ million

Shareholders' equity

€ million

Net financial debt

€ million

Equity ratio

%

Net financial debt as % of equity (gearing)

%

Shares

Market capitalization on 31 May

€ million

Total shares issued as of 31 May

millions of shares

Closing price on 31 May

€

Earnings per share on 31 May

€

Average trading volume/day

thousands of shares

Performance Südzucker share 1 March to 31 May

%

Performance SDAX® 1 March to 31 May

%

Employees

1 Including intangible assets.

1st quarter

2021/22

2020/21

+ / - in %

1,753

1,669

5.0

121

134

- 9.8

6.9

8.0

- 72

- 73

- 1.1

49

61

- 20.1

2.8

3.7

28

43

- 34.7

96

118

- 18.6

55

52

5.4

5

11

- 55.0

60

63

- 5.2

3,196

3,287

- 2.8

720

737

- 2.2

2,148

2,086

3.0

6,177

6,222

- 0.7

7,855

8,164

- 3.8

3,606

3,790

- 4.9

1,425

1,431

- 0.4

45.9

46.4

39.5

37.8

2,716

2,781

- 2.3

204.2

204.2

0.0

13.71

13.45

1.9

0.07

0.12

- 41.7

654

996

- 34.3

5.2

- 4.4

7.9

0.2

18,380

18,904

- 2.8

TABLE 03

SÜDZUCKER AGQUARTERLY STATEMENT Q1 2021 /22

2 Economic report

ECONOMIC REPORT

Group results of operations

Revenues, EBITDA and operating result

Consolidated revenues in the first quarter of fiscal 2021/22 increased moderately to € 1,753 (1,669) million. While the special products segment's revenues declined moderately, they were up moderately in the sugar and fruit segments and rose significantly in the CropEnergies and starch segments, respectively.

Group EBITDA was € 13 million lower than the previous year at € 121 (134) million.

The consolidated group operating result fell substantially to

  • 49 (61) million during the reporting period. The uneven quarterly business development caused by the pandemic since Q1 2020/21 distorted results within the quarters and
    affected­ the entire 2020/21 fiscal year. The distortions may now lead to some opposite effects during the current 2021/22 fiscal year. The operating result in the sugar, special products and starch segments fell sharply in the first quarter, but rose significantly in the CropEnergies segment. The fruit segment's operating result was on par with last year.

Result from operations

Result from operations of € 47 (65) million comprises an operating result of € 49 (61) million, the result from restructuring and special items of € 0 (1) million and the earnings contribution from companies consolidated at equity of € - 2 (3) million.

Result from companies consolidated at equity

The result from companies consolidated at equity was generated almost exclusively by the sugar and starch ­segments and amounted to € - 2 (3) million.

Financial result

The financial result for the first three months of € - 10(- 8) million includes net interest result of € - 8(- 6) million as well as a result from other financing activities of € - 2(- 2) million.

Taxes on income

Earnings before taxes were reported at € 37 (57) million and taxes on income totaled € - 9(- 14) million.

Business performance - Group

1st quarter

2021/22

2020/21

+ / - in %

Revenues

€ million

1,753

1,669

5.0

EBITDA

€ million

121

134

- 9.8

Depreciation on fixed assets and intangible assets

€ million

- 72

- 73

- 1.1

Operating result

€ million

49

61

- 20.1

Result from restructuring / special items

€ million

0

1

- 66.7

Result from companies consolidated at equity

€ million

- 2

3

-

Result from operations

€ million

47

65

- 27.1

EBITDA margin

%

6.9

8.0

Operating margin

%

2.8

3.7

Investments in fixed assets 1

€ million

55

52

5.4

Investments in financial assets / acquisitions

€ million

5

11

- 55.0

Total investments

€ million

60

63

- 5.2

Shares in companies consolidated at equity

€ million

164

309

- 46.8

Capital employed

€ million

6,177

6,222

- 0.7

Employees

18,380

18,904

- 2.8

1 Including intangible assets.

TABLE 04

SÜDZUCKER AGQUARTERLY STATEMENT Q1 2021 /22

Economic report

3

Consolidated net earnings

Earnings per share

Of the consolidated net earnings of € 28 (43) million, € 15 (26) million were allocated to Südzucker AG shareholders, € 3 (3) million to hybrid equity and € 10 (14) million to other non-­ controlling interests, mainly the co-owners of AGRANA Group and CropEnergies Group.

Earnings per share came in at € 0.07 (0.12). The calculation was based on the time-weighted average of 204.2 (204.2) million shares outstanding.

Income statement

1st quarter

€ million

2021/22

2020/21

+ / - in %

Revenues

1,753

1,669

5.0

Operating result

49

61

- 20.1

Result from restructuring / special items

0

1

- 66.7

Result from companies consolidated at equity

- 2

3

-

Result from operations

47

65

- 27.1

Financial result

- 10

- 8

25.0

Earnings before income taxes

37

57

- 35.5

Taxes on income

- 9

- 14

- 37.7

Net earnings

28

43

- 34.7

of which attributable to Südzucker AG shareholders

15

26

- 42.2

of which attributable to hybrid capital

3

3

- 6.3

of which attributable to other non-controlling interests

10

14

- 28.0

Earnings per share (€)

0.07

0.12

- 41.7

TABLE 05

Group financial position

Cash flow

Cash flow reached € 96 million, compared to € 118 million during the same period last year. This translates into 5.5 (7.1) % of sales revenues.

Working capital

The seasonal cash inflow of € 55 million from reduced working capital was primarily due to the selloff of sugar inventories, which was partially compensated by an increase of trade ­receivables and the settlement of trade payables. Previous year's cash inflow was € 104 million.

Investments in fixed assets

Investments in fixed assets (including intangible assets) ­totaled € 55 (52) million. The sugar segment's investments of

  • 23 (20) million were again mainly for replacements and for compliance with legal or regulatory requirements. Logistics improvements and individual process optimizations were
    successfully­implemented as well. In the special products seg- ment, € 18 (13) million was spent mainly on plant expansion and optimization at BENEO and Freiberger. Investments of
  • 5 (10) million were made in the CropEnergies segment to replace production plants, increase their capacity or improve their efficiency. The starch segment also invested € 4 (5) mil- lion, primarily to add new production capacities or upgrade existing plants. In the fruit segment, € 5 (4) million were mainly related to replacement and maintenance investments as well as capacity expansions in the fruit preparations division.

SÜDZUCKER AGQUARTERLY STATEMENT Q1 2021 /22

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Südzucker AG published this content on 08 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 July 2021 16:24:08 UTC.