Q1 Quarterly Statement

First quarter 2022/23

1 March to 31 May 2022

Consolidated group revenues

€ 2,275

[1,753] million

Consolidated group operating result

€ 163

[49] million

EBITDA

€ 236

[121] million

F U L L- Y E A R F I S C A L

2 0 2 2 / 2 3 F O R E C A S T

S I G N I F I C A N T LY I N C R E A S E D O N 1 5 J U N E 2 0 2 2

Consolidated group revenues of

8.9 to 9.3

[2021/22: 7.6] billion

Consolidated

operating­ result of

400 to 500

[2021/22: 332] million

EBITDA

  • 760 to 860

[2021/22: 692] million

CONTENTS

OVERVIEW

Overview

First quarter 2022/23

Full-year fiscal 2022/23 forecast

Group figures as of 31 May 2022

1

Economic report

2

Group results of operations

2

Group financial position

4

Group asstes

6

Employees

7

Sugar segment

8

Special products segment

11

CropEnergies segment

12

Starch segment

14

Fruit segment

16

Outlook

18

FINANCIAL CALENDAR

Annual general meeting

Fiscal 2021/22

14 July 2022

Q 2 - Half year financial report

1st half year report 2022/23

13 October 2022

Q 3 - Quarterly statement

1st to 3rd quarter 2022/23

12 January 2023

Press and analysts' conference

Fiscal 2022/23

25 May 2023

Q 1 - Quarterly statement

1st quarter 2023/24

6 July 2023

Annual general meeting

Fiscal 2022/23

13 July 2023

Q 2 - Half year financial report

1st half year 2023/24

12 October 2023

First quarter 2022/23

Revenues by segment

1st quarter

€ million

2022/23

2021/22

+ / - in %

Sugar

727

595

22.3

Special products

515

421

22.3

CropEnergies

377

195

93.6

Starch

295

221

33.1

Fruit

361

321

12.5

Group total

2,275

1,753

29.8

TABLE 01

Operating result by segment

1st quarter

€ million

2022/23

2021/22

+ / - in %

Sugar

1

- 25

-

Special products

30

34

- 11.4

CropEnergies

87

15

> 100

Starch

25

9

> 100

Fruit

20

16

25.2

Group total

163

49

> 100

TABLE 02

Full-year fiscal 2022/23 forecast significantly increased

  • Consolidated group revenues expected between
    € 8.9 and 9.3 (previous forecast: between 8.7 and 9.1;
  • 2021/22: 7.6) billion.
    Consolidated group operating result expected to range between € 400 and 500 (previous forecast: between
  • € 300 and 400; 2021/22: 332) million.
    EBITDA expected to range between € 760 and 860 (previous­ forecast: between 660 and 760; 2021/22:
  • 692) million.
    Capital employed moderately above last year's level; significant increase in ROCE (2021/22: 5.3 %) expected.

OVERVIEW

Group figures as of 31 May 2022

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

Investments in financial assets / acquisitions

€ million

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

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

2022/23

2021/22

+ / - in %

2,275

1,753

29.8

236

121

95.1

10.4

6.9

- 73

- 72

1.0

163

49

> 100

7.2

2.8

132

28

> 100

183

96

91.2

65

55

17.5

49

5

> 100

114

60

89.0

3,237

3,196

1.3

756

720

5.0

2,343

2,148

9.1

6,423

6,177

4.0

8,511

7,827

8.7

4,068

3,578

13.7

1,358

1,425

- 4.7

47.8

45.7

33.4

39.8

2,531

2,799

- 9.6

12.40

13.71

- 9.6

0.43

0.07

> 100

604

654

- 7.6

1.6

5.2

- 4.7

7.9

18,819

18,380

2.4

TABLE 03

SÜDZUCKER AGQUARTERLY STATEMENT Q1 2022/23

2 Economic report

ECONOMIC REPORT

Group results of operations

Revenues, EBITDA and operating result

Consolidated revenues were up by around 30 % to € 2,275 (1,753) million. All segments contributed to this increase.

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 € 17 (- 2) million.

Group EBITDA rose by € 115 million to € 236 (121) million.

The consolidated group operating result also improved ­significantly, reaching € 163 (49) million. The special products segment's operating result fell sharply, but all other segments contributed to the significant increase.

Financial result

The financial result for the first three months of € - 12(- 10) million includes net interest result of € - 8(- 8) million as well as a result from other financing activities of € - 4(- 2) million.

Taxes on income

Earnings before taxes were reported at € 170 (37) million and taxes on income totaled € - 38(- 9) million.

Result from operations

Result from operations of € 182 (47) million comprises an ­operating result of € 163 (49) million, the result from restructuring and special items of € 2 (0) million and the earnings contribution from companies consolidated at equity of € 17 (- 2) million.

Business performance - Group

1st quarter

2022/23

2021/22

+ / - in %

Revenues

€ million

2,275

1,753

29.8

EBITDA

€ million

236

121

95.1

Depreciation on fixed assets and intangible assets

€ million

- 73

- 72

1.0

Operating result

€ million

163

49

> 100

Result from restructuring / special items

€ million

2

0

> 100

Result from companies consolidated at equity

€ million

17

- 2

-

Result from operations

€ million

182

47

> 100

EBITDA margin

%

10.4

6.9

Operating margin

%

7.2

2.8

Investments in fixed assets 1

€ million

65

55

17.5

Investments in financial assets / acquisitions

€ million

49

5

> 100

Total investments

€ million

114

60

89.0

Shares in companies consolidated at equity

€ million

79

136

- 41.6

Capital employed

€ million

6,423

6,177

4.0

Employees

18,819

18,380

2.4

1 Including intangible assets.

TABLE 04

SÜDZUCKER AGQUARTERLY STATEMENT Q1 2022/23

Economic report

3

Consolidated net earnings

Earnings per share

Of the consolidated net earnings of € 132 (28) million, € 87

  1. million were allocated to Südzucker AG shareholders, € 3 (3) million to hybrid equity and € 42 (10) million to other non-controlling interests, mainly the co-owners of AGRANA Group and CropEnergies Group.

Earnings per share came in at € 0.43 (0.07). The calculation was based on the time-weighted average of 204.1 (204.2) million shares outstanding.

Income statement

1st quarter

€ million

2022/23

2021/22

+ / - in %

Revenues

2,275

1,753

29.8

Operating result

163

49

> 100

Result from restructuring / special items

2

0

> 100

Result from companies consolidated at equity

17

- 2

-

Result from operations

182

47

> 100

Financial result

- 12

- 10

20.0

Earnings before income taxes

170

37

> 100

Taxes on income

- 38

- 9

> 100

Net earnings

132

28

> 100

of which attributable to Südzucker AG shareholders

87

15

> 100

of which attributable to hybrid capital

3

3

3.3

of which attributable to other non-controlling interests

42

10

> 100

Earnings per share (€)

0.43

0.07

> 100

TABLE 05

SÜDZUCKER AGQUARTERLY STATEMENT Q1 2022/23

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Südzucker AG published this content on 07 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 July 2022 05:43:03 UTC.