Quarterly Statement - First to third quarter 2024/25
Dr. Stephan Meeder (CFO), Nikolai Baltruschat (Head of IR)
14 January 2025
Agenda
Financial Highlights 9M 2024/25
Development of Segments
Income statement
Cash flow statement
Balance sheet
Outlook FY 2024/25
Appendix
3 | Südzucker Audio Webcast Q3 2024/25, 14 January 2025 | FINANCIAL TRANSPARENCY |
Group income statement
rd 3
(mn €) | 2024/25 |
Revenues | 2.374 |
EBITDA | 82 |
EBITDA margin | 3,5% |
Depreciation | -115 |
Operating result | -33 |
Operating margin | -1,4% |
Result from restructuring/special items | -85 |
Result from companies consolidated at equity | 0 |
EBIT | -118 |
Net earnings attributable to shareholders | -119 |
Earnings per share (€) | -0,62 |
Cash flow | 25 |
Investments in fixed assets and intangible assets | 149 |
Working Capital | |
Capital Employed | |
Net financial debt | |
Employees |
quarter | ||
2023/24 | + / - in % | 2024/25 |
2.701 | -12,1 | 7.466 |
385 | -78,7 | 502 |
14,3% | 6,7% | |
-117 | -1,7 | -266 |
268 | - | 236 |
9,9% | 3,2% | |
-17 | > 100 | -72 |
3 | -100,0 | 4 |
254 | - | 168 |
171 | - | 23 |
0,80 | - | -0,01 |
325 | -92,3 | 368 |
129 | 15,5 | 417 |
2.541 | ||
6.833 | ||
1.713 | ||
19.853 |
st | rd |
1 | -3 |
quarter | |
2023/24 | + / - in % |
7.779 | -4,0 |
1.124 | -55,3 |
14,4% | |
-264 | 0,8 |
860 -72,6
11,1%
-18 | > 100 |
1 | > 100 |
843 | -80,1 |
531 | -95,7 |
2,49 | - |
917 | -59,9 |
328 | 27,1 |
3.142 | -19,1 |
7.273 | -6,0 |
1.620 | 5,7 |
19.655 | 1,0 |
4 | Südzucker Audio Webcast Q3 2024/25, 14 January 2025 | FINANCIAL TRANSPARENCY |
Financial Highlights - 9M 2024/25
Revenues | 7.5 (7.8) bn € |
Sugar: | 3.1 (3.1) bn € |
Non-sugar: | 4.4 (4.7) bn € |
EBITDA | 502 (1,124) mn € | |
Sugar: | 81 | (629) mn € |
Non-sugar: | 421 | (495) mn € |
Operating Result | 236 (860) mn € |
Sugar: | -23 (525) mn € |
Non-sugar: | 259 (335) mn € |
Cash flow | 368 (917) mn € |
Working Capital | 2,541 (3,142) mn € |
Net Financial Debt | 1,713 (1,620) mm € |
Equity ratio | 44 (46) % |
5 | Südzucker Audio Webcast Q3 2024/25, 14 January 2025 | FINANCIAL TRANSPARENCY |
Overview segments - 9M 2024/25
Group | |
Sugar | |
Non- | sugar |
Special | products |
Crop- | Energies |
Starch | |
Fruit |
(mn €)
Revenues EBITDA Operating result
Revenues EBITDA Operating result
Revenues EBITDA Operating result
Revenues EBITDA Operating result
Revenues EBITDA Operating result
Revenues EBITDA Operating result
Revenues EBITDA Operating result
rd 3
2024/25 2.374 82 -33
970 -36 -95
1.404 118 62
559 66 44
227 2 -9
219 16 4
399 34 23
quarter | ||
2023/24 | % | 2024/25 |
2.701 | -12,1 | 7.466 |
385 | -78,7 | 502 |
268 | - | 236 |
1.155 | -16,0 | 3.104 |
206 | - | 81 |
145 | - | -23 |
1.546 | -9,2 | 4.362 |
179 | -34,1 | 421 |
123 | -49,6 | 259 |
609 | -8,2 | 1.704 |
76 | -13,2 | 216 |
55 | -20,0 | 152 |
283 | -19,8 | 711 |
38 | -94,7 | 42 |
27 | - | 8 |
266 | -17,7 | 724 |
31 | -48,4 | 59 |
19 | -78,9 | 24 |
388 | 2,8 | 1.223 |
34 | - | 104 |
22 | 4,5 | 75 |
st | rd |
1 | -3 |
quarter | |
2023/24 | % |
7.779 | -4,0 |
1.124 | -55,3 |
860 | -72,6 |
3.106 | -0,1 |
629 | -87,1 |
525 | - |
4.673 | -6,7 |
495 | -14,9 |
335 | -22,7 |
1.818 | -6,3 |
212 | 1,9 |
150 | 1,3 |
848 | -16,2 |
94 | -55,3 |
61 | -86,9 |
828 | -12,6 |
92 | -35,9 |
58 | -58,6 |
1.179 | 3,7 |
97 | 7,2 |
66 | 13,6 |
6 | Südzucker Audio Webcast Q3 2024/25, 14 January 2025 | FINANCIAL TRANSPARENCY |
Agenda
Financial Highlights 9M 2024/25
Development of Segments
Income statement
Cash flow statement
Balance sheet
Outlook FY 2024/25
Appendix
7 | Südzucker Audio Webcast Q3 2024/25, 14 January 2025 | FINANCIAL TRANSPARENCY |
Sugar balance world*
(mn t)
Production | Consumption | Ending Stock | ||
186.2 | 187.4 | 190.4 | 192.9 | 195.1 |
183.9 | 189.0 | 193.1 | 192.9 | 191.9 | |
65.5 | 66.5 | 69.2 | 69.2 | 67.4 |
2021/22 | 2022/23 | 2023/24 | 2024/25e | 2025/26e | |||
35.2 % | 36.4 % | 35.9 % | 34.6 % | ||||
35.5 % | |||||||
Stocks to use ratio in % |
* accordingtos&pglobal, December 2024
2021/22: Market deficit (-5.7mn t)
- Third deficit year in a row
2022/23: Market with slight surplus (+1.0 mn t)
- Higher production, particularly in Brazil
- Low stock level remains
2023/24: Market with significant lower surplus
(+2.7 mn t; expected so far +5.2 mn t)
- Further production increase, particularly in Brazil, China and Europe
- Rising stock
2024/25e: Market now balanced
(+/- 0 mn t; expected so far +3.9 mn t)
- Further production increase (particularly Thailand)
- Stable stock on a low level
2025/26e: Market with deficit (-1.8mn t)
- Increase in consumption with stable production
8 | Südzucker Audio Webcast Q3 2024/25, 14 January 2025 | FINANCIAL TRANSPARENCY |
Sugar prices development
€/t |
1200 |
1100 |
1000 |
900 |
800 |
700 |
600 |
500 |
400 |
300 |
200 |
EU Price reporting (ex-works price) | EU Spot Price (delivered) | World market price (fob) | ||
Campaign 2023:
- Slight increase in cultivation area
- Sugar production ~ 16 mn t
- Largely stable prices
Campaign 2024:
- Moderate increase in cultivation area
- Sugar production ~ 17 mn t
- EU net-exporter
- Massive price decrease in light of higher harvest expectations
Campaign 2025e:
- Moderate cultivation area restriction expected
9 | Südzucker Audio Webcast Q3 2024/25, 14 January 2025 | FINANCIAL TRANSPARENCY |
Sugar segment - Development 9M 2024/25
3 | rd | quarter | st | rd | quarter | |||
1 | -3 | |||||||
(mn €) | 2024/25 | 2023/24 | +/- in % | 2024/25 | 2023/24 | + / - in % | ||
Revenues | 970 | 1.155 | -16,0 | 3.104 | 3.106 | -0,1 | ||
EBITDA | -36 | 206 | - | 81 | 629 | -87,1 | ||
EBITDA margin | -3,7% | 17,8% | 2,6% | 20,3% | ||||
Depreciation | -59 | -61 | -3,3 | -104 | -104 | - | ||
Operating result | -95 | 145 | - | -23 | 525 | - | ||
Operating margin | -9,8% | 12,6% | -0,7% | 16,9% | ||||
Revenues
On previous year's level. The significantly higher sales volumes were no longer able to offset the falling prices. Prices in the EU fell more and more sharply over the course of the fiscal year and dropped again significantly at the beginning of the new SMY 2024/25. Also the increased exports to the international market put pressure on our average sales prices.
Operating Result
Negative result. For the first time with an operating loss in Q3 and thus negative overall after nine months. The decline was mainly caused by the drastic price decline. The significant increase in production costs in the 2023 campaign has also had a negative impact since the beginning of the FY. In Q3, stocks with the high production costs from the 2023 campaign were still being sold at prices that had fallen significantly again at the beginning of the new sugar marketing year, which had an above-average impact on Q3.
© Shutterstock.com/Food Impressions
10 | Südzucker Audio Webcast Q3 2024/25, 14 January 2025 | FINANCIAL TRANSPARENCY |
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Südzucker AG published this content on January 14, 2025, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on January 14, 2025 at 06:31:03.470.