Südzucker : Q3 Quarterly statement 2022/23

Q3 Quarterly Statement

First to third quarter 2022/23

1 March to 30 November 2022

Consolidated group revenues

€ 7,106

[5,639] million

EBITDA

€ 805

[519] million

Consolidated group operating result

€ 536

[261] million

Full year fiscal 2022/23 forecast adjusted

on 2 November 2022

Consolidated group revenues

now € 9.7 to10.1

(previous forecast: 9.4 to 9.8;

2021/22: 7.6) billion

EBITDA

€ 890 to990

(previous forecast: 810 to 910;

2021/22: 692) million

Consolidated group operating result

€ 530 to630

(previous forecast: 450 to 550;

2021/22: 332) million

CONTENTS

Overview

First to third quarter 2022/23

Full-year fiscal 2022/23 forecast

OVERVIEW

First to third quarter 2022/23

Group figures as of 30 November 2022	1
Economic report	2
Group results of operations	2
Group financial position	3
Group assets	5
Employees	6
Sugar Segment	7
Special products segment	10
CropEnergies segment	12
Starch segment	14

Revenues by segment

€ million

Sugar

Special products

CropEnergies

Starch

Fruit

Group total

1st - 3rd quarter

2022/23		2021/22		+ / - in %
2,366		1,969	20.2
1,633		1,314	24.3
1,105		731	51.1
907		686	32.2
1,095		939	16.6
7,106		5,639	26.0

Fruit segment	16
Outlook	18
Corporate Governance	20

TABLE 01

Operating result by segment

FINANCIAL CALENDAR

€ million

Sugar

Special products

CropEnergies

Starch

Fruit

Group total

1st - 3rd quarter

2022/23		2021/22		+ / - in %
132		- 10	-
71		94	- 23.7
235		94	> 100
60		44	38.4
38		39	- 0.5
536		261	> 100

Preliminary figures

Fiscal 2022/23

28 April 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

Q 3 - Quarterly statement

1st to 3rd quarter 2023/24

11 January 2024

TABLE 02

Full-year fiscal 2022/23 forecast

• Full-yearfiscal 2022/23 forecast was increased on
• 2 November 2022 and confirmed on 15 December 2022. Consolidated group revenues expected in a range of
  € 9.7 to 10.1 (previous forecast: 9.4 to 9.8;
• 2021/22: 7.6) billion.
  EBITDA anticipated in a range of € 890 to 990 (previous
• forecast: 810 to 910; 2021/22: 692) million. Consolidated group operating result expected to be in a range of € 530 to 630 (previous forecast: 450 to 550;
• 2021/22: 332) million.
  Capital employed moderately above previous year's level; ROCE expected to increase significantly (2021/22: 5.3 %).

OVERVIEW

Group figures as of 30 November 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 30 November	€ million
Closing price on 30 November	€
Earnings per share on 30 November	€
Average trading volume / day	thousands of shares
Performance Südzucker share 1 March to 30 November	%
Performance SDAX® 1 March to 30 November	%
Employees

1 Including intangible assets.

				1st - 3rd quarter
2022/23		2021/22		+ / - in %

7,106	5,639	26.0
805	519	55.0
11.3	9.2
- 269		- 258	4.1
536	261	> 100
7.5	4.6
375	122	> 100
659	415	58.7
263	199	32.2
57	4	> 100
320	203	58.1
3,279	3,174	3.3
700	733		- 4.5
2,700	2,093	29.0
6,724	6,113	10.0
9,733	8,225	18.3
4,265	3,612	18.1
1,653	1,252	32.0
43.8	43.9
38.8	34.7
2,872	2,605	10.2
14.07	12.76	10.3
1.30	0.33	> 100
541	525	3.0

15.2- 2.1

- 14.5		7.4
19,369		19,134		1.2

TABLE 03

SÜDZUCKER AGQUARTERLY STATEMENT Q3 2022/23

2 Economic report

ECONOMIC REPORT

Group results of operations

Revenues, EBITDA and operating result

Group revenues rose by about 26 % to € 7,106 (5,639) million in the reporting period. All segments contributed to this increase.

2022/23. In the sugar segment, this was offset in especially by income from the reversal of provisions in the current financial year. The prior year's amount in the fruit segment included expenses relating to a loss event and for reorganization measures.

Group EBITDA climbed significantly to € 805 (519) million.

Group operating result also improved significantly to € 536

1. million. Operating result in the special products segment declined sharply on a cumulative basis and was on par with the prior year in the fruit segment, but the other segments contributed to the significant increase in results.

Result from companies consolidated at equity

The result from companies consolidated at equity was almost entirely attributable to the sugar and starch segments and amounted to € 29 (- 42) million.

Financial result

The financial result of € - 38(- 31) million includes net interest result of € - 24(- 23) million and other financial result of € - 14(- 8) million.

Result from operations

Result from operations of € 520 (217) million includes operating result of € 536 (261) million, the result from restructuring and special items of € - 45(- 2) million and earnings from companies consolidated at equity of € 29 (- 42) million.

Taxes on income

Earnings before taxes were reported at € 482 (186) million and taxes on income amounted to € - 107(- 64) million.

Result of restructuring and special items

The result from restructuring and special items of € - 45(- 2) million related in particular to the fruit segment totaling

• - 48(- 3) million mainly due to the impairment of goodwill and property, plant and equipment in the second quarter of

Business performance - Group

Revenues	€ million
EBITDA	€ million
Depreciation on fixed assets and intangible assets	€ million
Operating result	€ million
Result from restructuring / special items	€ million
Result from companies consolidated at equity	€ million
Result from operations	€ million
EBITDA margin	%
Operating margin	%
Investments in fixed assets 1	€ million
Investments in financial assets / acquisitions	€ million
Total investments	€ million
Shares in companies consolidated at equity	€ million
Capital employed	€ million
Employees

1 Including intangible assets.

				3rd quarter
2022/23		2021/22		+ / - in %
2,482		2,043	21.5
339		241	40.9
- 119	- 114	4.7
220		127	73.5
- 1	- 1		-
5		- 36		-
224		90	> 100
13.7		11.8
8.8		6.2
106		75	42.5
2		0		-
108		75	44.8

1st - 3rd quarter

2022/23	2021/22		+ / - in %
7,106		5,639	26.0
805		519	55.0
- 269	- 258	4.1
536		261	> 100
- 45	- 2	> 100
29		- 42		-
520		217	> 100
11.3		9.2
7.5		4.6
263		199	32.2
57		4	> 100
320		203	58.1
91		96		- 5.3
6,724		6,113	10.0
19,369		19,134	1.2

TABLE 04

SÜDZUCKER AG

  QUARTERLY STATEMENT Q3 2022/23

Economic report	3

Income statement

3rd quarter		1st - 3rd quarter

€ million

Revenues

Operating result

Result from restructuring / special items Result from companies consolidated at equity

Result from operations

Financial result

Earnings before income taxes

Taxes on income

Net earnings

of which attributable to Südzucker AG shareholders of which attributable to hybrid capital

of which attributable to other non-controlling interests

Earnings per share (€)

2022/23

2,482

220

- 1

5

224

- 16

208

- 38

170

139

5

26

0.68

2021/22	+ / - in %
2,043		21.5
127		73.5
- 1	-
- 36	-
90		> 100
- 11	45.5
79		> 100
- 37	4.4
42		> 100
18		> 100
3		50.0
21		24.1

0.09 > 100

2022/23

7,106

536

- 45

29

520

- 38

482

- 107

375

265

11

99

1.30

2021/22	+ / - in %
5,639		26.0
261		> 100
- 2	> 100
- 42	-

217 > 100

- 31 22.6

186 > 100

- 64 66.9

122	> 100
67	> 100
9	19.8
46	> 100

0.33 > 100

TABLE 05

Consolidated net earnings

Of the consolidated net earnings totaling € 375 (122) million,

• 265 (67) million were allocated to Südzucker AG shareholders,
• 11 (9) million to hybrid equity and € 99 (46) million to other non-controlling interests, mainly the co-owners of AGRANA and the CropEnergies Group.

Earnings per share

Earnings per share came in at € 1.30 (0.33) for the first to the third quarter of 2022/23. The calculation was based on the time-weighted average of 204.1 (204.2) million shares out- standing.

Group financial position

Cash flow

Cash flow reached € 659 million compared to € 415 million during the same period last year. This translates into 9.3 (7.4) % of sales revenues.

Working capital

The cash outflow from the increase in working capital of

• - 368million - following a cash inflow from the decrease in working capital of € 151 million in the same period of the pre- vious year - was mainly attributable to increased trade receiv- ables and the buildup of inventories as a result of higher raw material and energy costs, which could not be fully offset by the increase in liabilities to beet growers.

Investments in fixed assets

Investments in fixed assets (including intangible assets) totaled € 263 (199) million. The sugar segment's investments of € 95 (81) million were largely for replacements and compliance with legal or regulatory requirements. In addition, we made logistics improvements and individual process opti- mizations. In the special products segment, € 106 (70) million was spent mainly on plant expansion and optimization at BENEO and Freiberger. Investments of € 30 (16) million in the CropEnergies segment related to the replacement or efficiency improvement of production facilities. The starch segment invested € 13 (14) million, most of which was for optimization work and to comply with regulatory requirements. Investments of € 19 (18) million in the fruit segment were mostly for capacity expansions, process optimization and market requirements. The proportion of investments to meet legal requirements and increased market demands is rising in all segments.

Investments in financial assets

Investments in financial assets of € 57 (4) million related in particular to the special products segment. The full acquisition of Meatless Holding B.V., Goes, Netherlands, by the BENEO division in May 2022 aims to further expand activities in the area of plant-based proteins as part of the Group's 2026 PLUS strategy.

SÜDZUCKER AGQUARTERLY STATEMENT Q3 2022/23