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
- 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
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Südzucker AG published this content on 12 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2023 08:59:07 UTC.