Conferência Morgan Stanley - Londres

42
London – November 11 th 2014 Morgan Stanley Latin America Mid-Cap Conference

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TEREOS - Conferência Morgan Stanley - Londres

Transcript of Conferência Morgan Stanley - Londres

Page 1: Conferência Morgan Stanley  - Londres

London – November 11th 2014

Morgan Stanley Latin America Mid-Cap Conference

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Disclaimer

This document was prepared by Tereos Internacional for the sole purpose of this presentation. Information contained in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed upon, the fairness, accuracy, completeness or correctness of the information or opinions contained in this document and Tereos Internacional and its subsidiaries (together, “Tereos Internacional”) as well as their directors, advisors, employees and representatives accept no responsibility in this respect. This presentation contains information about Tereos Internacional's markets, including its competitive positions. Unless otherwise specified, this information is based on estimates prepared by the group and is purely indicative. These estimates are based on information obtained from customers, suppliers, business organizations and other market participants. Tereos Internacional considers that these estimates are reasonable as of the date of this presentation; however, the completeness and accuracy of the data underlying the estimates is not guaranteed and the group can offer no assurance that it has applied the same market definitions as its competitors. This document contains certain statements that are forward-looking. These statements refer in particular to Tereos Internacional management’s business strategies, its expansion and growth of operations, forecasts, future events, trends or objectives which are naturally subject to risks and contingencies that may lead to actual results materially differing from those explicitly or implicitly included in these statements and generally all statements preceded by, followed by or that include the words “believe”, “expect”, “project”, “anticipate”, “seek”, “estimate” or similar expressions. Such forward-looking statements are not guarantees of future performance. Tereos Internacional as well as its directors, advisors, employees and representatives, expressly disclaim any liability whatsoever for such forward-looking statements. Information relating to such risks and contingencies are included in the documents filed by Tereos Internacional with the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários, or the “CVM”). Tereos Internacional does not undertake to update or revise the forward-looking statements that may be presented in this document to reflect new information, future events or for any other reason and any opinion expressed in this presentation is subject to change without notice. A detailed description of the business and financial position of Tereos Internacional as well as of the risk factors related to Tereos Internacional is included in the registration document (Formulario de Referencia) filed with the CVM which may be obtained on the website of Tereos Internacional (www.tereosinternacional.com). Tereos Internacional’s latest annual, semi-annual and quarterly financial statements are also available on this website. This document does not constitute an offer or invitation to sell or purchase, or a solicitation of any offer to purchase or subscribe for, any rights or shares of Tereos Internacional. Neither this document, nor any part of it, shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.

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Profile Overview

Development

Positioning

Corporate Structure

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Sugar group

Sugarcane Division

Our Financials and Priorities

Appendix Profile Cereal Division

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Tereos Internacional at a glance

✔ Leader producer of sweeteners and bioenergy

✔ Diversified raw material processor with light asset model (low capital employed)

✔ B-to-B company delivering mainly food ingredients (more than 50% of revenues)

✔ Global footprint with presence in fast growing regions (11 countries divided into 4 continents)

✔ Long-standing commitment and support of our controlling shareholder

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Sugar group

Sugarcane Division

Our Financials and Priorities

Appendix Profile Cereal Division Tereos Group’s

development

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FRANCE EUROPE BRAZIL AFRICA

INDIAN OCEAN

ASIA

1950 BEET

2012 POTATOES & MANIOC

1996 CEREAL

2000 SUGARCANE

Tereos Internacional Scope

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Our Financials and Priorities

Appendix Profile Cereal Division

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Our key figures

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INDUSTRIAL SITES

23 STARCH & DERIVATIVES PRODUCER IN EUROPE

3rd largest SUGAR PRODUCER

IN BRAZIL

3rd largest IN REVENUES

bn R$

IN EBITDA

962 mn R$

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Sugar group

Sugarcane Division

Our Financials and Priorities

Appendix Profile Cereal Division Our sites

around the world

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Europe France Belgium Spain Italy United Kingdom

Latin America Brazil

Indian Ocean Reunion Island Mozambique Tanzania

Asia China Indonesia (2014)

23 industrial sites in 11 countries

Sugarcane Cereals/Tubers

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Sugar group

Sugarcane Division

Our Financials and Priorities

Appendix Profile Cereal Division Simplified shareholder

structure

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Beet

12.000 beet producers

Tereos

Listed Company

Tereos Internacional

Sugarcane Cereal Others

69.6% 29.3%

1.1%

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Cereal Division

Assets

Starch operating flow

Customers

Pass-through business

Starch market

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Sugarcane Division

Our Financials and Priorities

Appendix Profile Cereal Division Cereal processing

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No. 3 in Europe for starch products

4.2 Mt of raw materials processed wheat, corn, potatoes and manioc

2 Mt of starch products

12 facilities France, Belgium, Italy, Spain, UK, Brazil and China

wheat, corn, potatoes and manioc

500,000 cu.m of alcohol & ethanol

Note: Production figures reflect 2013/14 annual figures on a full consolidation basis

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Cooperative group

Sugarcane Division

Our Financials and Priorities

Appendix Profile Cereal Division Producing starch &

sweeteners

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Starch milk

Operating flow

• Wheat • Corn • Potato • Manioc

Raw material

• Co-products • Native starch • Modified starch • Hydrolysates • Glucoses • Fuel Ethanol

Basic products • Proteins (Gluten)

• Dextrose • Maltodextrin • Polyols • Premium Alcohol

Specialties

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Cooperative group

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Our Financials and Priorities

Appendix Profile Cereal Division Our starch & sweeteners

customers

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• Major exposure to food & beverage markets

• Increasing demand for wheat protein worldwide

9% Paper Industry

13% Animal Nutrition

17% Green Chemistry 61%

Food, Beverage & Health Care

International and diversified customers • Delivering to 1,500

customers in 2,500 factories

• Diversified portfolio with more than 100 applications

• Long-term relationship with industrial customers

• R&D supporting leadership in starch products

Exposure to resilient end markets

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Cooperative group

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Our Financials and Priorities

Appendix Profile Cereal Division Starch market

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Source: Bloomberg

Wheat

100

120

140

160

180

200

220

240

260

280

300Cereal prices in Europe (€/ton)

Corn

Pass-through business on a volatile cereal market, but positive momentum for producers due to softness in cereal prices

Europe China and Indonesia Brazil

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Our activités et implantations

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Appendix Profile Cereal Division

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Cooperative group

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Appendix Profile Cereal Division Starch market

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Global consumption of starch products (million tons)

Strong potential for growth in Asia and South America Per capita starch consumption (kg, starch and syrup)

Source: LMC International 2011 - * Excluding isoglucoses Source: LMC International 2011

• Growth in emerging countries

Europe China and Indonesia Brazil

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Appendix Profile Cereal Division Starch market

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• High availability of raw material in Brazil - 7.6% CAGR in corn production since 2000

• Third largest corn producer (behind only the USA and China)

• Largest corn exporter in 2012 - 1/3 of all production exported

Brazilian Corn Supply & Demand (million tons)

Source: CONAB

Europe China and Indonesia Brazil

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Sugarcane Division

Assets in Africa/Indian Ocean

Assets in Brazil

Business model

Market

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Notre stratégie de development

Cooperative group

Sugarcane Division

Our Financials and Priorities

Appendix Profile Cereal Division Sugarcane processing in

Africa/Indian Ocean

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3.2 million tons of sugarcane

4 facilities Reunion Island (2), Mozambique, Tanzania1

350,000 tons of sugar

1 R&D center: eRcane

Africa/Indian Ocean

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Note: Tereos Internacional holds a minority stake (30%) in Tanganyika mill in Tanzania. The above-mentioned volumes reflect full production of the mill.

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Notre stratégie de development

Cooperative group

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Our Financials and Priorities

Appendix Profile Cereal Division Sugarcane processing in

Brazil

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Brazil

Sao Paulo State

Paraná State

No. 3 for sugar production in Brazil 20 million tons processed

7 facilities in Sao Paulo State

1.6 million tons of sugar

600 cu.m of ethanol

750 GWh of energy

Note: Production figures reflect 2013/14 annual figures on a full consolidation basis

22.5 million tons of capacity

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Notre stratégie de development

Cooperative group

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Our Financials and Priorities

Appendix Profile Cereal Division Our business model in Brazil

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In Brazil

Sao Paulo State

Paraná State Paranaguá

Port

Santos Port

Vertente Mandu Sao José

Tanabi Cruz Alta

Severínia Andrade

Duque de Caxias

Sao Paulo

Palmital

Tereos Syral

Guarani facility

Distribution center

Road transport

Rail transport

State border

Focus on B-to-B •Production of high added value sugars

•2/3 of TRS sold in the domestic market to global clients

Asset light model •No owned land (2/3 third party sugarcane and 1/3 of leasing)

•Low risk, high ROA sugarcane supply model (more than 1,200 suppliers)

Premium location •Close to main domestic markets and ports

•Single cluster located in Brazil’s most competitive region (São Paulo)

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Appendix Profile Cereal Division Historical production

Sugarcane crushing

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Energy sales

c. 19-20 Mt +6% 1,000 GWh +41%

CAGR

CAGR

Note: Production figures reflect 2013/14 annual figures on a full consolidation basis

Sufficient to supply electricity for a city of almost 500 thousand habitants

Crushing boosted by 2 years of agricultural yields 15% higher than C/S average

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Notre stratégie de development

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Our Financials and Priorities

Appendix Profile Cereal Division Evolution of mechanical

harvesting

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Percentage of mechanical harvesting – Own sugarcane (%)

Almost 120 harvesters purchased over the last 8 years, which reduced rural workers doubling the productivity of field labour.

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Notre stratégie de development

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Our Financials and Priorities

Appendix Profile Cereal Division Global sugar market

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In USD in BRL

World raw sugar prices Market remained in a downtrend… • Raw sugar prices rallied close to 20 USD cents/lb in

Oct 2013, before dropping to 13.5 USD cents/lb in September 2014 (the lowest level since 2010)

…continuing to search for a price to uncover

the demand from destinations • Main drivers: higher production worldwide and

comfortable stocks in major importing countries

More recently, prices have rebounded slightly • Expected drop in Brazilian CS crop (~10%) starts to

weight on prices coupled with sugar imports picking up in China

Source: Bloomberg

10

12

14

16

18

20

22

25

30

35

40

45

50

Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14

In U

SD

In B

RL

Sugar Ethanol Energy

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Appendix Profile Cereal Division Global sugar market

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Sugar Ethanol

• In 2013, the sugar market experienced another comfortable supply/demand balance - 4th consecutive world surplus helped stock-to-

use ratio to recover to a 10-year high

• Dry weather in C/S Brazil during 1S favored crushing but should strongly impact yields for the rest of the crop

• 2014/15 world crop is still a question mark, but, as per LMC estimates, could result in a 2.4 Mt deficit, which would still keep stock ratio at high levels

World sugar surplus/(deficit) (million tons – raw sugar equivalent)

Surplus/(Deficit) Stock-to-use ratio

Source: LMC International

Energy

Est

.

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Appendix Profile Cereal Division Domestic ethanol market

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Source: CEPEA, CMA, UDOP, Kingsman

Sugar & ethanol equivalent prices (USD cents/lb – NY FOB)

Sugar Ethanol Energy

Ethanol is paying better than sugar (NY11) since the beginning of the season

Sugar Exports Hydrous Domestic Anhydrous Domestic

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Appendix Profile Cereal Division Domestic ethanol market

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Positive developments expected for the sugarcane industry

• Ethanol Blend Increase? - Increase the anhydrous ethanol blend in gasoline to 27.5%

from current 25%

• CIDE Tax on Gasoline? - Could trigger a rise in pump prices by 5-10%, favoring ethanol

over gasoline

Sugar Ethanol Energy

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Appendix Profile Cereal Division Domestic energy market

Power Matrix – 2004

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83% Hydro

5% Others

4% Biomass

5% Natural Gas

3% Oil Derivatives

Power Matrix – 2013

Source: EPE Source: EPE

69% Hydro

8% Others

12% Natural Gas

4% Oil Derivatives

Note: Others include nuclear, coal and wind power

7% Biomass

Sugar Ethanol Energy

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Our Financials and Priorities

Appendix Profile Cereal Division Domestic energy market

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Source: UNICA

Energy production from sugarcane bagasse (‘000 GWh)

Strong potential for new investments pending on segregated power auctions

Sugar Ethanol Energy

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Our Financials and Priorities

Results

Efficiency Programs

Strenghts

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Our Financials and Priorities

Appendix Profile Cereal Division Revenues breakdown

March 2013 – 12 Months

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March 2014 – 12 Months

32% Starch & Sweeteners

12% Others (incl. energy)

18% Alcohol & Ethanol 22%

Sugar

16% Co-products

31% Starch & Sweeteners

13% Others (incl. energy)

20% Alcohol & Ethanol 24%

Sugar

12% Co-products

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Appendix Profile Cereal Division Our results

Revenues

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EBITDA

R$8,339 M +7% R$962 M +7%

CAGR

CAGR

Note: (1) Figures are in accordance with IFRS 11 (JV contribution)

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Appendix Profile Cereal Division Our results

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631

1154 1111

885

418290

2010/11 2011/12 2012/13(1) 2013/14(1) H1 13/14(1) H1 14/15(1)

Capital Expenditures (R$ million)

Almost R$4 billion spent on CAPEX over the last 4 years, with continuous downward trend moving forward as multi-year programs near completion

Note: (1) Figures are in accordance with IFRS 11 (JV contribution)

CAPEX

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Appendix Profile Cereal Division Our results

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Note: All figures are in accordance with IFRS 11 (JV contribution)

Key Performance Indicators In R$ Million

2013/14 2012/13 ∆ H1 14/15 H1 13/14 ∆

Net Revenues 8,339 7,402 +12.7% 3,792 4,116 -7.9%

Adjusted EBITDA 962 786 +22.3% 446 551 -19.1%

Margin 11.5% 10.6% - 11.8% 13.4% -

Net Debt 3,566 3,322 +7.34% 4,144 4,148 -0.1%

Net Debt/Adjusted EBITDA 3.7x 4.2x - 4.8x 4.5x -

CAPEX 885 1,111 -20.3% 290 418 +30.6%

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Appendix Profile Cereal Division

Operational Sugarcane Brazil: H1 crushing volumes up +5% YoY. Tonnes of ATR/ha at Guarani 26% above

average of C/S region, thanks to improvements in agricultural performance Own energy sales up 35% YoY to 344 GWh in Q2 14/15, due to start of

cogeneration in Tanabi and the ramp-up of Mandu and São José mills Inventories up on last year (+7% in sugar and +34% in ethanol, in volume) Efforts continue on “Guarani 2016” program

Sugarcane Indian Ocean/Africa: Lower volumes on delayed shipments in Indian Ocean, and slower progress on crushing in Mozambique due to rainfall Cereal Europe: Improved profitability thanks to “Performance 2015” benefits

on track, despite continuously soft demand in Europe Cereal Brazil: Ramp-up progressing satisfactorily, with corn grinding up 32%

sequentially. Plant reached nominal capacity level in August Cereal Asia: Improvements on corn grinding and stability of production at

Tieling. Performance improvements at Redwood

Highlights for H1 14/15 results

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Appendix Profile Cereal Division

Financial Guarani: R$240.2 million capital injection from Petrobras completed in

October, 2014 as planned. Tereos Internacional’s stake in Guarani now at 57.1% Indonesia: Results of Redwood fully consolidated from this quarter

Strategy Tereos Group: creation of Tereos Commodities, entity responsible for the

trading activity and distribution of white sugar in Europe

Highlights for H1 14/15 results

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Appendix Profile Cereal Division

Sugarcane Brazil:

H2 sales volume to benefit from higher starting inventory (sugar +26kt and ethanol + 71km3 vs. September 2013) Progress in co-generation, to reach over 1,000 GWh sales also boosted

by efforts to optimize own energy consumption Reintegra tax credit (3% of exports revenues) and a possible increase in

the ethanol blending ratio (from 25% to 27.5%) could be positive developments to support the S&E industry

Africa/Indian Ocean:

Indian Ocean crop volumes expected to be in line with last year despite drier than usual weather Yields in Africa to be better YoY as a result of improved agricultural

performance and favorable rain Impact of lower European sugar prices to be more pronounced in H2

Outlook for 2014/15 results

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Appendix Profile Cereal Division

Cereals: Europe:

Benefits of “Performance 2015” to continue Despite lower cereal prices, soft demand for starch and lower isoglucose

prices (following European sugar prices) somewhat hinder potential for margin restoration Gradual phasing out of raw material conventional price mechanism and

current lower ethanol prices to limit improvements in Alcohol & Ethanol segment’s profits in H2

International: Brazil: Focus on stability of plant performance at full capacity, and

customer portfolio optimization Asia: In China, Dongguan facility to start production in H1 2015 (500,000

tonnes/year wheat grinding capacity). In Indonesia, capacity expansion and product diversification plan for Redwood being developed

Outlook for 2014/15 results

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Appendix Profile Cereal Division Guarani2016

Sugarcane

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Continue strengthening our competitiveness and leadership in Brazil

Strategy

Vision, mission and 5-year strategic planning

Detailed mix of products and future operational strategy

Technical Performance

Agriculture Industry Purchasing Logistics CAPEX Comercial

Organization & Health

Organizational health

Performance management

New organizational structure

Guarani2016

Cargo

Program Management

PMO/coordination of several work fronts and measurement of effectiveness 64 initiatives detected in different areas

Communication activities

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Appendix Profile Cereal Division Performance 2015

Cereals

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Performance 2015

Adjustment of sales approach

A revised grain purchase process in

place

Cost reduction in supply-chain and

purchasing

Operational improvements in plants

A new ManCo Dashboard has been

implemented

Exclusive P15 project management office

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Our Financials and Priorities

Appendix Profile Cereal Division

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Our strengths

GROWTH EXPOSURE AND

SINERGIES AMONGST BUs

BALANCED BUSINESS

MODEL

SOLID COMMERCIAL

POSITION

LONG TERM VISION OF OUR

SHAREHOLDERS

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IR Contact Marcus Thieme Investor Relations Officer Felipe Mendes Investor Relations Manager

Phone: +55 (11) 3544 4900 Email: [email protected] www.tereosinternacional.com

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Our Financials and Priorities

Appendix Profile Cereal Division Our shareholder structure

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Others

Guarani

Petrobras

Petrobras Biocombustível

29.3% 56.4% 1.1%

57.1%

Tereos EU

100.0% 42.9%

Tereos Participations

Tereos Agro-Industrie(1)

99.0%

92.9%

Tereos Syral Tereos Ocean Indien

100.0% 89.9%

Sugarcane assets

Cereal assets

Syral do Brasil

99.0%

Syral Halotek

68.0%

Tereos Asia Investment

100.0%

Yihai Kerry Syral

49.0%

Wilmar

51.0%

13.2%

Partners

(1) consider 3.8% owned by Tereos do Brasil

Redwood FKS Group 50.0%

50.0%

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Appendix Profile Cereal Division Cereal-based starch process

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