Südzucker : Q1 Quarterly statement 2023/24

Q1 Quarterly Statement

First quarter 2023/24

1 March to 31 May 2023

Consolidated group revenues

€ 2,518

[2,275] million

EBITDA

€ 356

[236] million

Consolidated group operating result

€ 282

[163] million

F U L L - Y E A R F I S C A L 2 0 2 3 / 2 4 F O R E C A S T I N C R E A S E D

Consolidated group revenues of

€ 10.4 to 10.9

[2022/23: 9.5] billion

EBITDA

€ 1.2 to 1.4

[previous forecast: 1.1 to 1.3;

2022/23: 1.1] billion

Consolidated group operating result of

• 850 to 950

[previous forecast: 725 to 875;

2022/23: 704] million

CONTENTS		OVERVIEW

Overview

First quarter 2023/24

Full-year fiscal 2023/24 forecast

First quarter 2023/24

Group figures as of 31 May 2023	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	11
Starch segment	13

Revenues by segment

€ million

Sugar

Special products

CropEnergies

Starch

Fruit

Group total

				1st Quarter
2023/24		2022/23		+ / - in %
924		727		27.1
611		515		18.6
289		377		- 23.3
293		295		- 0.7
401		361		11.1
2,518		2,275		10.7

Fruit segment	14
Outlook	15

TABLE 01

Operating result by segment

FINANCIAL CALENDAR

Annual general meeting

Fiscal 2022/23

13 July 2023

Q 2 - Half-year financial report

€ million

Sugar

Special products

CropEnergies

Starch

Fruit

Group total

				1st Quarter
2023/24		2022/23		+ / - in %
169		1		> 100
52		30		73.3
14		87		- 83.9
23		25		- 8.0
24		20		20.0
282		163		73.0

1st half year 2023/24 12 October 2023

Q 3 - Quarterly statement

1st to 3rd quarter 2023/24 11 January 2024

Preliminary figures

Fiscal 2023/24

26 April 2024

Press and analysts' conference

Fiscal 2023/24

16 May 2024

Q 1 - Quarterly statement

1st quarter 2024/25 11 July 2024

Annual general meeting

Fiscal 2023/24

18 July 2024

Q 2 - Half-year financial report

1st half year 2024/25 10 October 2024

TABLE 02

Full-year fiscal 2023/24 forecast

The 2023/24 full-year forecast was first published on 15 De- cember 2022 and increased on 18 April 2023. With this quarterly statement, the forecast is raised as follows:

• Consolidated group revenues of € 10.4 to 10.9 (2022/23:
• 9.5) billion
  EBITDA now in a range of € 1.2 to 1.4 (previous forecast:
• 1.1 to 1.3; 2022/23: 1.1) billion
  Consolidated group operating result now expected to range between € 850 to 950 (previous forecast: 725 to
• 875; 2022/23: 704) million
  Capital employed moderately above last year's level; significant increase in ROCE (2022/23: 9.9 %)

OVERVIEW

Group figures as of 31 May 2023

Revenues and earnings

Revenues	€ million
EBITDA	€ million
EBITDA margin	%
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	%
Shares
Markt capitalization on 31 May	€ million
Closing price on 31 May	€
Earnings per share 31 May	€
Cash flow per share 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
2023/24		2022/23	+ / -  in %

2,518	2,275	10.7
356	236	50.8
14.1	10.4
282	163	73.0
11.2	7.2
198	132	50.0
295	183	61.2
79	65	21.5
1	49		- 98.0
80	114		- 29.8
3,371	3,237	4.1
696	756		- 7.9
3,312	2,343	41.4
7,424	6,423	15.6
9,561	8,511	12.3
4,343	4,068	6.8
1,952	1,358	43.7
45.4	47.8
3,282	2,531	29.7
16.08	12.40	29.7
0.80	0.43	86.0
1.45	0.90	61.1
416	604		- 31.1
0.1	1.6
- 2.0		- 4.7
19,087		18,819	1.4

TABLE 03

SÜDZUCKER AGQUARTERLY STATEMENT Q1 2023/24

2 Economic report

ECONOMIC REPORT

Group results of operations

Revenues, EBITDA and operating result

Consolidated revenues rose about 11 % to € 2,518 (2,275) million. Although the CropEnergies segment's revenues were down sharply and the starch segment's were on par with the previous year, all other segments' revenues were up significantly.

Group EBITDA climbed significantly to € 356 (236) million.

The consolidated group operating result improved clearly to

• 282 (163) million. A significant decline in the CropEnergies segment and a moderate decline in the starch segment were offset by a substantial increase in all other segments.

Result from companies consolidated at equity

The result from companies consolidated at equity was almost exclusively attributable to the sugar and starch segments and amounted to € - 2 (17) million.

Financial result

The financial result for the first three months of € -27(-12) million includes a net interest result of € -23(-8) million and a result from other financing activities of € -4(-4) million. The increased interest expense is the result of a € 0.6 billion higher average debt compared to the previous year's quarter of around € 2.2 (1.6) billion. At the same time, average interest rates rose from the issuance of new long-term capital market instruments (5.125 % sustainability bond in October 2022, € 400 million) and promissory notes (4.2 % in Decem- ber 2022, € 235 million) along with short-term bank loans.

Result from operations

Result from operations of € 281 (182) million comprises an operating result of € 282 (163) million, the result from

restructuring­and special items of € 1 (2) million and the ­earnings from companies consolidated at equity of € - 2 (17) million.

Taxes on income

Earnings before taxes were reported at € 254 (170) million and taxes on income amounted to € - 56(- 38) million.

Business performance - Group

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

				1st quarter
2023/24		2022/23		+ / - in %
2,518		2,275	10.7
356		236	50.8
14.1		10.4
- 74	- 73	1.4
282		163	73.0
11.2		7.2
1		2		- 50.0
- 2	17		-
281		182	54.4
79		65	21.5
1		49		- 98.0
80		114		- 29.8
80		80		-
7,424		6,423	15.6
19,087		18,819	1.4

TABLE 04

SÜDZUCKER AGQUARTERLY STATEMENT Q1 2023/24

Economic report	3

Consolidated net earnings

Earnings per share

Of the consolidated net earnings totaling € 198 (132) mil- lion, € 164 (87) million were attributable to Südzucker­ AG shareholders, € 7 (3) million to hybrid equity and € 27 (42) million to other non-controlling interests, which mainly relate to the co-owners of AGRANA Group and the CropEnergies Group.

Earnings per share reached € 0.80 (0.43). The calculation is based on the time-weighted average of 204.1 (204.1) million shares outstanding.

Income statement

1st 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 (€)

2023/24

2,518

282

1

- 2

281

- 27

254

- 56

198

164

7

27

0.80

2022/23

2,275

163

2

17

182

- 12

170

- 38

132

87

3

42

0.43

+ / - in %

10.7

73.0

- 50.0

- 

54.4

• 100
  49.4
  47.4
  50.0
  88.5
• 100
  - 35.7

88.5

TABLE 05

Group financial position

Cash flow

Cash flow improved significantly in line with the operating ­result, reaching € 295 million compared to € 183 million last year. The cash flow as a percentage of sales revenues climbed to 11.7 (8.0) %.

Working capital

Cash outflow from the increase in working capital during the first quarter of 2023/24 of € 296 million resulted primarily from the decrease in liabilities - in particular due to beet cash payments made in March 2023 - and the decrease in trade receivables, which could only be partially offset by the cash inflow from the sale of sugar inventories. In the same period of the previous year, a cash inflow was generated from the

decrease­ in working capital of € 39 million, as beet cash ­payments were mainly made during the second quarter of 2022/23.

Investments in fixed assets

Investments in fixed assets (including intangible assets)

totaled­ € 79 (65) million. All segments are seeing an increase in the proportion of investments used to meet regulatory ­requirements and rising market demands. In addition, price increases and project delays due to long delivery times, among other things, were also observed in all segments. These trends will continue.

The sugar segment's investments of € 34 (23) million were mainly for replacements and compliance with legal or regulatory requirements. In addition, we implemented process ­optimization measures and initiated logistic improvements. In the special products segment, € 26 (31) million was spent mainly on expanding and optimizing production capacities at BENEO and Freiberger and on corresponding preparations.

Investments­in the CropEnergies segment totaled € 9 (4) million to replace production facilities or increase their efficiency,­

but we also focused on investment projects relating to

SÜDZUCKER AGQUARTERLY STATEMENT Q1 2023/24