Investor Roadshow - suedzucker.de · Sugar page 20 Special Products page 30 CropEnergies page 40...

Südzucker Group, page 1

Investor RoadshowPrague, 12 March 2018

Bernhard Juretzek (Manager Investor Relations)


FINANCIAL TRANSPARENCY

Agenda

1. Overview and strategy page 3

2. Capital Market and Financing page 14

3. Development of Segments Sugar page 20 Special Products page 30 CropEnergies page 40 Fruit page 49

4. Financial Highlights 9M 2017/18 page 55

5. Outlook 2017/18 page 67

6. Appendix Long-term development and key figures page 74 Additional information page 81



Südzucker Group at a glance

Global operating German food group with long-standing corporate history and diversified business model: 1837: Foundation of first sugar company 1926: Foundation of Süddeutsche Zucker-AG ~ 100 production facilities* ~ 17.000 employees, worldwide*

Majority shareholder / Key shareholders: Süddeutsche Zuckerrübenverwertungs-

Genossenschaft eG: 56 % Zucker Invest GmbH: 10 %

Stock exchange listing in Germany MDAX-member Trading volume*: ~ 0.8 mn shares/day

Sustainable investment grade rating

* Financial year 2016/17

Special Products

(28%)

Sugar(43%)

Fruit(18%)

CropEnergies (11%)

Group Revenues 6.5 bn €*



Südzucker Group: Key ratios 2016/17

EBITDA

709 mn €

prev. year: 518 mn €

Revenues

6,5 bn €

prev. year: 6,4 bn €

Operating Result

426 mn €


Cash flow

634 mn €


Net Financial Debt/Cash flow

0,65x

prev. year: 1,16x

Cash flow/Revenues

9,8 %

prev. year: 7,5 %



Fruit preparations

Strong market positions in all business areas

One of the leading producers in Europe

# 1 in Europe

# 1 globally forfunctionalChicoree-/

Riceproducts, Isomalt/

Palatinose

Functional Food

# 1 in Europe and USA (private label)

Frozen pizza

# 1 worldwide

# 1 in Europe

Fruit juice concentrates

Bioethanol

Specialty starches and Isoglucose

Portion packs

# 1 in EuropeSugar

# 1 in Europe



Diversified and strong cashflow base*

72

98

184

72

283

709

Depreciaton EBITDA

Cash flow

Net Financial

Debt

Fruit

CropEnergies

SpecialProducts

Sugar 634

413

* Financial year 2016/17 in mn €

operating result segments

17 %

23 %43 %

17 %

operating result share in %



Return on Capital Employed (RoCE)

2012/13 2013/14 2014/15 2015/16 2016/17 Ø 5 years

Sugar 22.4 % 13.7 % 0.2 % -2.6 % 2.3 % ~7.2 % Special Products 9.5 % 6.3 % 8.7 % 11.9 % 12.2 % ~9.7 % CropEnergies 17.3 % 6.4 % -2.2 % 17.7 % 20.4 % ~11.9 % Fruit 5.0 % 8.1 % 8.4 % 7.5 % 8.3 % ~7.5 %

Gro

upRo

CE

Capital Employed

(mn €)

RoCE (%)

5,9505,873 5,877

5,791

6,0125,901

16.3 % 10.6 % 3.1 % 4.2 % 7.1 % 8.3 %



Group strategy

take benefit of megatrends

support and stipulateemployees

focus on core competences

advancediversificationsynergy usage strengthen

market position

continue solid financingstrategy / target value-oriented investments

increaseshareholder value

act sustainable



Synergy example: Zeitz site- five composite factories

CO2-Liquefaction

Starchfactory

Bioethanolfactory

Sugar factoryNeutral alcohol

factory



Portfolio benefits from long-term megatrends…

,200

,400

,600

,800

1,000

mn t

Source: USDA

global animal feed production

18,000

58,000

98,000

138,000

178,000

218,000

2,000

4,000

6,000

8,000

tmn

Sources: United Nations, F.O. Licht, ERS International Macroeconomic Data Set

population growth worldwide

sugar consumption worldwide

,0

4,000

8,000

12,000

USD

per capita income

Source: ERS International Macroeconomic Data Set

emerging markets

worldwide

0

20

40

60

80

100

120

0

20

40

60

80

100

USD / barrelmn barrel / day

Source: BP, EIA

oil consumption

crude oil price



… with volatile and cyclical market conditions and …

400

450

500

550

600

650

700

750

800Ethanol (€ / m³)

0

50

100

150

Brent (USD/barrel)

1,00

1,10

1,20

1,30

1,40

1,50

1,60

1,70EUR/USD

-1,0

0,0

1,0

2,0

3,0

4,0

5,0

6,0 3M-Euribor (%)

100

200

300

400

500

600

700

White sugar (€/t)

50

100

150

200

250

300

350Wheat / Maize (€/t)



…environment influenced by political decisions

Brasil

Petrobras Ethanol-blending

EU

Sugar marketregime

Ethanol-blending

Global trade

NAFTA CETA TTIP …



Agenda









Three strong anchors in the capital market

* Süddeutsche Zuckerrübenverwertungs-Genossenschaft eG** Z&S Zucker und Stärke Holding AG (~50% Südzucker, ~50% ZBG (Zucker-Beteiligungsgesellschaft m.b.H.))

Market Cap

3.2 bn €

SZVG* (6%)

Freefloat (34%)

SZVG* (56%)

Zucker Invest GmbH (10%)

Südzucker (69%)

Freefloat (25%)

Südzucker direct (3%)

Z&S** (78%)

Freefloat (19%)

Südzucker indirectvia Z&S (39%)

Market Cap

1.5 bn €

Market Cap

0.5 bn €

Südzucker AG

CropEnergies AGAGRANA Beteiligungs-AG



0%

10%

20%

30%

40%

50%

60%

70%Standard & Poor's

Long‐term rating FFO / NFD adj. S&P

BBB‐

BBB

BBB+

A‐

Investment Grade Rating

Rating agency

Long-term rating

Short-term rating

BBB *StableOutlook *

Baa 2 **StableOutlook ***

A – 2 *

P – 2 **

* since 23 June 2017** since 17 June 2014*** since 20 May 2016

0%

10%

20%

30%

40%

50%

60%

70%Moody's

Long‐term rating RCF / NFD adj. Moody'sBaa 1

Baa 2

Baa 3

Aaa1

Baa3

Baa2

Baa1

A3

Outlook Stable

Outlook stable



Unchanged high liquidity

(mn €) 28.02.2014 28.02.2015 29.02.2016 28.02.2017Net financial debt -536 -593 -555 -413

Cash & Cash equivalents / securities 648 681 604 725

Gross financial debt -1.183 -1.274 -1.158 -1.138

Long-term financial debt -681 -774 -731 -914

Short-term financial debt -502 -500 -427 -224

Bank credit l ines: 759 807 798 786undrawn 313 364 433 464

Syndicated loan fac ility 600 600 600 600undrawn 600 600 600 600

Syndicated loan fac ility Agrana 450 450 450 450undrawn 373 371 339 450

Commercial paper program 600 600 600 600undrawn 510 400 475 600

= Total l iquidity reserves 2.444 2.417 2.451 2.839



36 7

500300400

2018 2019 2020 2021 2022 2023 2024 2025

EUR-Bond4.125 %

EUR-Bond1.25 %

EUR-Bond1.00 %

PromissoryNotes

Commercial Paper Programm 600 mn € (permanent)

Favourable financing maturity profile* (mn€ asof 30 November 2017)

Syndicated loans 1,050 mn € *

Hybrid Bond 700 mn € (perpetual)5.25 % p.a. before June 2015 payout annually /

since June 2015 3M-Euribor + 310 bp payout quarterly

* Maturity: 2019/150 mn €, 2020/600 mn €, 2021/300 mn €



Strong balance sheet ratios

mn € 28.02.2015 29.02.2016 28.02.2017

Net Financial Debt 593 555 413Gearing (NFD : Equity) 13,3% 12,4% 8,4%Cash flow 389 480 634NFD / Cash flow 1,5x 1,2x 0,7x

Total assets 8.474 8.133 8.736Shareholders' equity 4.461 4.473 4.888Equity ratio 52,6% 55,0% 56,0%

Capital Employed 5.877 5.791 6.012RoCE 3,1% 4,2% 7,1%



Agenda









Segment Sugar

(mn €) 2016/17 2015/16 ΔRevenues 2.776 2.855 -79 -2,7%EBITDA 201 48 153 > 100EBITDA-Margin 7,3% 1,7%Operating Result 72 -79 151Operating Margin 2,6% -2,7%Restructuring and special items -12 4 -16Result from companies consolidated at equity 7 32 -25 -79,4%Result from operations 67 -43 110

Investments 271 181 90 49,8%Fixed Assets 153 181 -28 -15,5%Financial Assets / Acquisitions 118 0 118 > 100

Capital Employed 3.169 3.041 128 4,2%RoCE 2,3% -2,6%



EU production base*

* Display from October 2017 and incl. UK

European market leader (Market share > 25 %) Increase in production utilization to >120 days:

Production and distribution increase to5.2 to 5.4 mn t

Efficient Pan-European distribution andlogistic structure

Sustainable production in most productiveEuropean beet areas

Cost savings throughout the whole value chain

Secure and enforce competitiveness andmarket position

Usage of growth opportunities outside of Europe Exports outside of EU Partnership with ED&F Man

(~ 35 % participation) Acquisitions

Distribution activitiesBeet sugar factoriesSugar refineries

Poland

France

Germany

Spain

Portugal

Greece

Italy

Autstria

CzechRepublic

RomaniaHungary

SlovakiaMoldova

Bulgaria

Ireland

Great Britain

Bosnia/Herze-govina

Nether-lands

Belgium

Israel



Sugar balance EU and world

* F.O. Licht estimates for 2017/18e, January 2018** EU-Commission

World* EU**

%: Ending stock in % of consumption

mn t 13/14 14/15 15/16 16/17 17/18e

Production EU 17.6 20.3 15.7 17.6 21.5

from beet 16.8 19.5 14.9 16.8 20.6

from maize 0.7 0.8 0.8 0.8 0.9

Import 3.2 2.8 2.9 2.5 1.3

Import white sugar 0.8 0.7 0.7 0.8 1.3

EU Refining of imported raw sugar 2.4 2.1 2.2 1.7 n.a.

Export 1.4 1.5 1.4 1.4 3.2

Consumption 20.0 20.2 19.3 18.5 19.6

Ending stocks 2.6 4.0 1.9 2.2 2.2

181,5 180,6174,2 179,5

189,7175,8 178,7 180,0 180,7 183,9

79,3 80,771,6 67,2 71,1

2013/14 2014/15 2015/16 2016/17e 2017/18e

45,1% 45,1% 39,8% 37,2% 38,7%

Production Consumption Ending Stock



Price environment

* World market price ex works: without transportationand other costs

World market*: 2015/16: significant inventory decline

first time since 6 years 2016/17: further inventory decrease

leads to low inventory level 2017/18e: despite inventory increase,

still low inventory level But price decrease since end

of CY 2016

EU: Massive reduction until December

2014 Followed by bottoming out until

H2 2015 2016: Increase follows increased

world market price level 2017: Since beginning of new

SMY 2017/18, price decrease followsworld market development

Sugar price development (€/t)

-100

0

100

200

300

400

500

600

700

800

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

World market price EU price ex works Δ EU- vs. World market price



Demand EU~ 19 mn t

Supply EU~ 23 mn t

Global demand~ 184 mn t

EU Refining

Indu

stria

l

Local marketing

Global marketing

Beverages

Retail

EU HFCS/Isoglucose

Non-Food

Chocolate and confectionery

Bakery

Dairy and fruit products

Impo

rts White sugar

EU beet sugar

Imports**

EU sugar market: Market structure from October 2017* (I)

* Schematic display: beyond October 2017 (incl. Great Britain)** only from LDC, ACP, CXL, Andean, Balkans, Central America and from other preferential agreements



EU sugar market: Market structure from October 2017* (II)

Sugar and isoglucose quota

Quota sugar: Minimum beet price

Exports limited to about 1.4 mn t p.a.

Elimination of sugar and isoglucose quota

No minimum beet price

No export restrictions

Always influenced from two sugar marketing years:

Production volumes with and without quota

Prices from quota and post-quota time

EU to structurally change substainably from import to export market

Oct. 17

* Schematic display

Oct. 18

Border Protection: unchanged

Import duty 419 €/t (white sugar) resp. 339 €/t (raw sugar) from non-preferential countries

Preferential agreements with LDC-/ACP- and other countries: unchanged

Sugar maketing year (Oct. - Sept.) 2016/17

Sugar marketing year (Oct. - Sept.) 2017/18

Sugar marketing year (Oct. - Sept.) 2018/19

Business year (Mar. - Feb.) 2017/18

Business year (Mar. - Feb.) 2018/19



Participation in ED&F Man offers a global footprint

Sugar only

Liquid Products only

Coffee only

Multiple businesses

Participation ~ 35 % Long standing successful history (founded 1783) Truely global footprint (~ 6,500 employees

in 60 countries) Beneficiary of long-term growth in global

sugar demand Approx. 10 mn t global sugar trading volume; one of

the largest sugar trader with significant presence in Central and South America, Far East, South East Asiaand Africa

Participations in sugar production and refining capacities amongst others in the Ukraine, Mexico, Chile and India

Well positioned in further complementary key product categories Trading of coffee (incl. roasting) and molasses (Man liquid products) Further business activities in divisions shipping and financial services



Defend and extendEU market position

Strategy Segment Sugar

Usage of ED&F Man

participation potential

Maximum utilization

Factory capacity

Extend productionand distribution

volumes

Advance internationalization/

open up new markets

Sugar

Cost savingsacross the whole

value chainFurther

centralization of administration



Segment Sugar: Outlook 2017/18

Revenues

Operating Result

Increase in volumes since October 2017

End of quota and mimimum beet price system in EU sugarmarket since 1 October 2017 makes outlook difficult

Volume increase, especially exports Increase in production and distribution volumes lead to

significant improvement in capacity utilization and respectivecost degression effects since October 2017

Significant operating result increase expected(prev. year: 72 mn €)

Moderate increase in revenues (prev. year: 2,776 mn €)



Agenda









Segment Special Products

(mn €) 2016/17 2015/16 ΔRevenues 1.819 1.791 28 1,5%EBITDA 263 246 17 6,5%EBITDA-Margin 14,4% 13,7%Operating Result 184 171 13 7,4%Operating Margin 10,1% 9,5%Restructuring and special items -4 -2 -2 54,5%Result from companies consolidated at equity 28 23 5 23,1%Result from operations 208 192 16 8,7%

Investments 126 131 -5 -4,0%Fixed Assets 126 131 -5 -4,0%Financial Assets / Acquisitions 0 0 0

Capital Employed 1.499 1.436 63 4,4%RoCE 12,2% 11,9%



Segment Special Products: Overview

* incorporates AGRANA bioethanol and starch activities

Revenue split 2016/17

Freiberger29 %

BENEO (Functional Food)

25 %

PortionPack6 %

Starch*40 %

1,819mn €

Operating Result (mn €)

Leading market positions in all four divisions Sustainably high cashflow quality Very good fundamental development Growth based on global megatrends:

unchanged trend to alternative andfunctional food ingredients

further increase in demand for convenienceproducts

Unbroken global increase in demand foranimal feed (e.g. Gluten)

Continuous capacity adjustment followsmarket growth

85120

171 184

2013/14 2014/15 2015/16 2016/17



Segment Special Products: Division BENEO

Offstein

Sales OfficesRegional CentersProduction facility

BENEO bundles functional food activities 5 production sites globally and international

distribution network Main product categories:

Prebiotic fibres from chicory roots: Core productsInulin and Oligofructose

Functional carbohydrates from sugar beet: Core products Isomalt (sole sugar replacer made out of sugar) and Palatinose™ (functional sugar withprolonged energy allocation)

Functional ingredients from rice: e.g. ricestarches, rice flours and rice proteins

Distribution of functional wheat protein (Gluten), produced in Südzucker Group

World market leader for functional chicory- and rice products as well as for Isomalt/Palatinose™

Ongoing global increase in demand for functionalfood ingredients

Increasing awareness for healthy nutrition and growing per-capita income (emerging markets)



6 production sites and distribution within EU Main product categories:

Starch products: Specialty starches for paper, textile-, cosmetics-, pharmaceutical andconstruction industries; focus on organic and GM-free starches for food industries

Bioethanol production: Bioethanol production fromgrain and production of by-products (food andanimal feed)

Leading market position in main product categories Ongoing growth for speciality starches Worldwide strongly growing demand for animal feed Mandatory ethanol blending within EU

High investment volume (~ 400 mn €) in current cycle: New starch factory Pischelsdorf (2013) New starch factory Zeitz (2016) Extension starch factory Aschach (2017) Extension starch factory Pischelsdorf (2020)

Segment Special Products: Division Starch*

Zeitz

* incorporatesAGRANA bioethanoland starch activities

Production starch

Gmünd (A)Pischelsdorf(A)Aschach (A)

Szabadegyhaza(HU)Tandarei (RO)

Production bioethanol

Zeitz (DE)



Segment Special Products: Division Freiberger (I) – Market entry USA

USA largest frozen pizza market (5.2 bn USD) worldwide with further growth potential Private label market share EU >50 % Private label market share USA ~16 %

Acquisition of Richelieu Foods: Market leader in USA private label pizza segment („B2B“) Main product categories:

frozen and chilled pizza and pourables Revenues: ~ 300 mn € (2017e) 5 production sites across the USA;

distribution across the USA ~ 900 employees Purchase price: ~ 370 mn €

Wheeling, Illinois



Segment Special Products: Division Freiberger (II) -incl. acquisition Richelieu Foods 11 production sites* in EU (6) and in USA (5);

distribution in EU and USA Main product categories:

Deep frozen and chilled Pizza

Pasta dishes

Snacks & Baguettes

Pourables

Mostly own label business forfood retailing („B2B“)

Market leader private label pizza market in Europe and USA Employees: ~ 3,500 Pizzas per day: ~ 3.5 mn Revenues: ~ 1 bn €

Strong platform for further growth

* incl. acquisition of HASA and Richelieu Foods

# 1 Europe

# 1 USA

Public Warehouses – PourablesPublic Warehouses – PizzaProduction facility



Segment Special Products: Division PortionPack Europe

Oud Beijerland (NL)

Landgraaf (NL)

La Llagosta

PragueHerentals (B)

Oud-Beijerland(NL)

Nuremberg

Telford

Vienna

Production facility Trading companies

5 production sites in EU; distribution in EU Main product categories:

Coffee supplies (sugar, milk…)

Biscuits

Chocolates

Breakfast

Seasoning

Sweets & Snacks

Fruit purees

Other unit packed products (e.g. for hotels, etc.)

European market leader for portion packs for foodindustry

Unchanged trend for unit packed products and„out-of-home“ consumption



Strategy Segment Special Products

FreibergerFurther internal and

external growth; e.g. Richelieu Foods

BENEOUsage of global

platform, open up newmarkets; product

innovations

Portion Pack EuropeExtension of EU No. 1 position; expansion of

product portfolio

Special Products

StarchExtension of successfulniche strategy; increase

market share via continuous capacity

increase



Segment Special Products: Outlook 2017/18*

Revenues

Operating Result

Divisions Freiberger, Beneo, starch and PortionPack withoverall volume increase

Significant decrease in operating result expected(prev. year: 184 mn €)

Moderate increase in revenues (prev. year: 1,819 mn €)

Expected lower earnings takes into account higher rawmaterial costs and further start-up costs from new starchfactory Zeitz (installed in 2016/17)

* incl. acquisition of HASA and Richelieu Foods



Agenda









Segment CropEnergies

(mn €) 2016/17 2015/16 ΔRevenues 726 658 68 10,3%EBITDA 135 122 13 10,9%EBITDA-Margin 18,6% 18,5%Operating Result 98 87 11 12,6%Operating Margin 13,4% 13,2%Restructuring and special items -4 -18 14 -78,3%Result from companies consolidated at equity 0 0 0Result from operations 94 69 25 36,7%

Investments 16 17 -1 -4,2%Fixed Assets 16 17 -1 -4,2%Financial Assets / Acquisitions 0 0 0

Capital Employed 479 490 -12 -2,4%RoCE 20,4% 17,7%



Houston

São Paulo

DuisburgRotterdam

ZeitzWanzeLoon-Plage

Wilton

Santiago de Chile

Segment CropEnergies: Overview

Production facility Tank storage Distribution

4 production sites in EU; offices/distribution sites in EU, North and South America

Main product categories: Bioethanol as fuel and traditional applications

(1.3 mn m³ p.a.) Food and animal feed (>1 mn t p.a.)

EU market leader Megatrend renewable energy

EU target 2020 transport sector: 10 % from renewable energy sources

Reduction of greenhouse gas emissions Higher independency from imported oil

Sustainable raw materials from European agricultureand complete utilization



100

150

200

250

300

350

200

300

400

500

600

700

(€/t

)

(€/m

3 )

Euronext Paris Wheat No. 2

Nettorohertrag für Weizen‐EtOH

NYMEX Fuel EtOH T2 FOB Rdm.

Segment CropEnergies: Market environment

Quotation: Wheat €/t / Ethanol €/m3

Wanze

High ethanol price volatility Sept. 2016: All-time-low 427 €/m³ End of Q3 2017/18 (2016/17): 465 (466) €/m³ Several influencing factors

Grain supply/demand 2017/18 World harvest*: 2,079 mn t (-2 %) – near record High world ending stocks*: 501 (518) mn t

EU harvest 306 mn t (+3 %) exceedsconsumption of 285 mn t

* All grain qualities/-grades without rice


-50

-25

0

25

50

soybean meal

soybean

palm oil

coarse grains

wheat

59%

1%

33%

7%crops w/o ethanol

ethanol crops

permanent grassland

permanent crops

Sources: Eurostat (2017), ePURE

Agricultural area EUSource: EU-Commission, DG Agri

EU bioethanol is verifiable sustainable Raw material base: 99.7 % from EU

cultivation– „land grabbing“ a myth without base

EU: Grain surplus and protein deficit Without EU ethanol: Negative for climate

and agriculture More fossil fuel in transport sector Food supply: unchanged Unbalanced export/import: increase

EU bioethanol: more than climateprotection > 50,000 direct and indirect jobs > 8 bn € investments since 2008 > 2 bn € p.a. agricultural raw material

from rural European regions

EU bioethanol: Facts and myths

EU: Net exports (+) / -imports (-)


0

1.500

3.000

4.500

6.000

2016 2017 2018e

Other EU

France

UK

Germany

50%55% 57%

59%64% 66%

40%45%50%55%60%65%70%

2011 2012 2013 2014 2015 2016Source: ePURE

Source: F.O. Licht

Market development: EU fuel ethanol

EU: Consumption fuel ethanol (million m³)

Average GHG savings induced by ethanol fromEuropean producers

Key demand driver: blending obligations BE: 8.5 vol.-% (E10 market share: 80 % of petrol

market)

GER: 4.0 wt.-% GHG savings

FR: 7.5 cal.-% in petrol

UK: discussions on amendment of RTFO ongoing

Market size 2017 Consumption: 5.3 mn m3 +2 %

(+ 2.5 mn m³ non-fuel)

Production: 5.1 mn m3 +8 % (+ 2.2 mn m³ non-fuel)

Market size 2018e Consumption: 5.4 mn m3 +1 %

(+ 2.5 mn m³ non-fuel)

Production: 5.3 mn m3 +4 % (+ 2.3 mn m³ non-fuel)



EU Biofuel (BF) targets 2020 and draft for 2030

2020 transport target: 10 cal.-% renewables

Draft 2030 RED II*: More or less fossil fuel?

Overall 27 cal.-% renewable energies; transport: obligation only for advanced BF and other “low emission fuels”

Replacing crop-based BF by advanced BF

Climate and energy targets need both

“Advanced” BF and BF from arable, protein rich local crops

Dilemma: destroying investor confidence cuts off investments in advanced BF

*) EU COM, November 2016

Share renewable energy in transport sector

1,8 %

3,1 %

4,6 %

5,7 %6,4 %

7,1 %

0 %

2 %

4 %

6 %

8 %

10 %

2005 2007 2009 2011 2013 2015

physicalmultiple countingtarget

Source: Eurostat (2017)



Strategy Segment CropEnergies

EnforceR & D activities

Full usageof production

capacities

Further efficiency gains

Expandmulti-site approach

CropEnergies

Expanddiversification

Strengthen leadingmarket position



Segment CropEnergies: Outlook 2017/18

Revenues

Operating Result

Operating result expected in range 65 to 85 mn € (prev. year: 98 mn €)

Revenues expectation 800 bis 840 Mio. € (prev. year: 726 mn €)

Following efficiency gains at Ensus, flexible usage of total production capacity possible

Ongoing high capacity usage

Bioethanol prices expected below previous year‘s levelin light of ongoing volatility



Agenda









Segment Fruit

(mn €) 2016/17 2015/16 ΔRevenues 1.155 1.083 72 6,6%EBITDA 110 102 8 8,2%EBITDA-Margin 9,5% 9,4%Operating Result 72 62 10 16,0%Operating Margin 6,2% 5,7%Restructuring and special items 0 -3 3 -100,0%Result from companies consolidated at equity 0 0 0Result from operations 72 59 13 22,1%

Investments 80 42 38 90,2%Fixed Assets 34 42 -8 -18,9%Financial Assets / Acquisitions 46 0 46

Capital Employed 866 823 42 5,2%RoCE 8,3% 7,5%



Division fruit preparations26 production sites globally; distribution in more than 70 countries

Main product categories: Dairy products Ice cream Baking Food service industry

World market leader in fruit preparations (market share >30%)

Unique global structure for sourcing, production and distribution

Segment Fruit: Fruit preparations

Production facility



Division fruit juice concentrates14 production sites in Europe andone in China

Main product categories: Fruit juice concentrates Beverage compounds Fruit Wines Flavouring NFC-Juices

European market leader for fruit juice concentrates

Trend towards fruit juices and bio-products unchanged

Segment Fruit: Fruit juice concentrates

Production facility



Strategy Segment Fruit

Development of innovations

Usage of internal/externalgrowth options

Exploitation of shared groupcustomer base

Further costsaving measures

Further usageof global

growth trends

Fruit

Market entryIndia / secondfactory China



Segment Fruit: Outlook 2017/18

Revenues

Operating Result

Division fruit preparations with increase in revenues in light of higher volumes

Division fruit juice with revenues increase as well

Slightly higher revenues (prev. year: 1,155 mn €)

Operating result above previous year‘s level expected(prev. year: 72 mn €)

Division fruit preparations with earnings increase Division fruit juice concentrates with significantly lower

earnings contribution in light of significantly lower European apple harvest



Agenda









(mn €) 2017/18 2016/17 +/- in % 2017/18 2016/17 +/- in %Revenues 1.809 1.700 6,4 5.302 4.905 8,1EBITDA 208 230 -9,8 599 540 11,0

EBITDA margin 11,5% 13,5% 11,3% 11,0%Depreciation -105 -112 -6,2 -215 -213 1,2Operating result 103 118 -13,1 384 327 17,5

Operating margin 5,7% 6,9% 7,2% 6,7%Restructuring costs/special items -2 -4 -54,3 -6 -15 -57,7Result from companies consolidated at equity -15 19 - 2 44 -94,5EBIT 86 133 -35,5 380 356 6,9Net earnings attributable to shareholders 32 74 -57,4 161 182 -11,9Earnings per share (€) 0,16 0,36 -55,6 0,79 0,89 -11,2Cash flow 184 190 -3,6 532 458 16,2Investments in fixed assets 95 76 25,6 250 218 14,7Net financial debt 148 402 -63,2Employees 18.801 18.391 2,2

3rd quarter 1st-3rd quarter

Group income statement

* Including intangible assets

*



Group revenues increased 8 % to 5,302 (4,905) million € EBITDA increased 11 %, respectively by 59 million €,

to 599 (540) million € Operating result increased 18 %, respectively by 57 million €,

to 384 (327) million € Cash flow increased 16 % to 532 (458) million € Earnings per share decreased to 0.79 (0.89) € Net financial debt decreased by 254 million € to 148 (402) million €;

as % of equity 3 (9) % Acquisition of Richelieu Foods; largest private label chilled and frozen pizza

producer for US food retailing Successful issuance of 500 million € senior bond 2017/2025;

maturity 8 years, coupon 1.00 %

Financial Highlights – 9M 2017/18



Summary segments 9M 2017/18

Sugar

Special Prod.

CropEnergies

Fruit

Group

(mn €) 2017/18 2016/17 abs. % 2017/18 2016/17 abs. %3rd quarter 1st-3rd quarter

Revenues 831 761 70 9,2 2.349 2.143 206 9,6

Operating result 38 36 2 1,9 150 77 73 92,0

Revenues 499 468 31 6,7 1.447 1.372 75 5,5

Operating result 37 46 -9 -19,3 116 133 -17 -12,6

Revenues 195 193 2 0,8 622 507 115 22,9

Operating result 12 19 -7 -35,1 59 60 -1 -0,3

Revenues 284 278 6 2,2 884 883 1 0,1

Operating result 16 17 -1 -5,5 59 57 2 4,4

Revenues 1.809 1.700 109 6,4 5.302 4.905 397 8,1

Operating result 103 118 -15 -13,1 384 327 57 17,5



Segment Sugar: Development 9M 2017/18

(mn €) 2017/18 2016/17 +/- in % 2017/18 2016/17 +/- in %Revenues 831 761 9,2 2.349 2.143 9,6EBITDA 97 105 -8,7 240 174 36,9

EBITDA margin 11,7% 14,0% 10,2% 8,2%Depreciation -59 -69 -14,4 -90 -97 -7,2Operating result 38 36 1,9 150 77 92,0

Operating margin 4,6% 4,9% 6,4% 3,6%

1st-3rd quarter3rd quarter

Revenues: Increase mainly driven by higher export volumes. Cumulative sales revenues are still above previous year’s level.

Operating Result: Still positive effects from increase in sales revenues in H1. Sincestart of SMY 2017/18 in October 2017, significant decrease ofEU and export sales revenues. Leading to burden despite lowerproduction costs. Q3 operating profit still slightly aboveprevious year due to partial compensation via higher exportvolumes.



Segment Special Products: Development 9M 2017/18

(mn €) 2017/18 2016/17 +/- in % 2017/18 2016/17 +/- in %Revenues 499 468 6,7 1.447 1.372 5,5EBITDA 62 68 -8,1 184 192 -3,9

EBITDA margin 12,5% 14,5% 12,8% 14,0%Depreciation -25 -22 15,0 -68 -59 15,8Operating result 37 46 -19,3 116 133 -12,6



Revenues: Steadily positive volume development in all divisions. Ethanol sales revenues still higher than last year.

Operating result: Still on a high level, but expected decline in comparison toextraordinary strong previous year‘s level; especially in light of increase in raw material prices and higherdepreciations of new factories.



Segment CropEnergies: Development 9M 2017/18

(mn €) 2017/18 2016/17 +/- in % 2017/18 2016/17 +/- in %Revenues 195 193 0,8 622 507 22,9EBITDA 22 29 -22,5 88 88 1,3

EBITDA margin 11,1% 14,5% 14,2% 17,2%Depreciation -10 -10 2,1 -29 -28 4,7Operating result 12 19 -35,1 59 60 -0,3



Revenues: Significant increase mainly due to higher production andsales volumes in light of restart of the production plant Wilton, Great Britain, in the second quarter last year. Ethanol salesrevenues were also still higher than last year.

Operating result: 9M earnings on last year‘s level, but significant decrease in ethanol sales revenues and higher net raw material costs lead to strong decrease in Q3. Additional burden frominspection and maintenance work at all sites.



Segment Fruit: Development 9M 2017/18

(mn €) 2017/18 2016/17 +/- in % 2017/18 2016/17 +/- in %Revenues 284 278 2,2 884 883 0,1EBITDA 27 28 -5,1 87 86 1,6

EBITDA margin 9,3% 10,0% 9,8% 9,7%Depreciation -11 -11 -4,5 -28 -29 -3,8Operating result 16 17 -5,5 59 57 4,4



Revenues: Revenues on prior year‘s level. Lower sales revenues for apple juice concentrates and lower fruit juice concentrates volumes compensated by higher volumes and sales revenues in division fruit preparations.

Operating result: Despite Q3 decline, still above previous year on 9M basis. Mainly due to higher margins through sales revenues andvolume increase in divisions fruit preparations facing lowermargins and volumes in divisions fruit juice concentrates.



Income statement (I)

(mn €) 2017/18 2016/17 +/- in % 2017/18 2016/17 +/- in %Revenues 1.809 1.700 6,4 5.302 4.905 8,1Operating result 103 118 -13,1 384 327 17,5Restructuring costs/special items -2 -4 -54,3 -6 -15 -57,7Result from companies consolidated at equity -15 19 - 2 44 -94,5Result from operations 86 133 -35,5 380 356 6,9Financial result -9 -8 12,5 -27 -26 3,8Earnings before income taxes 77 125 -38,7 353 330 7,3


Result from companies consolidated at equity: Sugar segment -25 (24) million € related to its share of ED&F Man, Studen Group and

the joint-venture distributor Maxi. Special products segment 27 (20) million € for its share of earnings from Hungrana Group's starch and bioethanol businesses.

Financial result: Financial result -27 (-26) million €; contains net interest result of -21 (-19) million €

and other financial result of -6 (-7) million €.



Income statement (II)

Taxes on income: Tax rate was 26 % (23 %)

Minority interests:Mainly attributable to the co-owners of AGRANA Group and CropEnergies Group

Earnings per share (EPS): Decreased to 0.79 € (0.89 €)

(mn €) 2017/18 2016/17 +/- in % 2017/18 2016/17 +/- in %Earnings before income taxes 77 125 -38,7 353 330 7,3Taxes on income -22 -25 -11,0 -93 -75 25,9Net earnings for the year 55 100 -45,5 260 255 1,8of which attributable to Südzucker AG shareholders 32 74 -57,4 161 182 -11,9of which attributable to hybrid capital 3 3 -3,0 10 10 -3,0of which attributable to minority interests 20 23 -13,1 89 63 42,8

Earnings per share (€) 0,16 0,36 -55,6 0,79 0,89 -11,2




(mn €) 2017/18 2016/17 +/- in % 2017/18 2016/17 +/- in %Cash flow 184 190 -3,6 532 458 16,2Increase (- )/ Decrease (+) in working capital 10 74 -86,5 186 150 24,0Investments in fixed assets

Sugar segment -46 -38 20,1 -121 -109 9,8Special products segment -32 -26 24,4 -85 -82 4,4CropEnergies segment -3 -6 -45,5 -15 -11 38,7Fruit segment -14 -6 > 100 -29 -16 85,3

Total investments in fixed assets -95 -76 25,6 -250 -218 14,7Investments in financial assets/acquis itions 0 -87 -100,0 -48 -118 -59,5Total investments -95 -163 -41,7 -298 -336 -11,4

Dividends paid -6 -6 -3,5 -159 -110 44,4

3r d quarter 1st-3rd quarter

Cash flow statement

* incl. investments in intangible assets

Cash flow: Cash flow came in at 532 (458) million €, hence at 10.0 (9.3) % of revenues.

Working Capital: Cash inflow of 186 million € was mainly due to sell-off inventories of the 2016 campaign. Inventory accumulated during the

new 2017 campaign is offset by a concurrent increase in liabilities toward beet farmers.

Investments in fixed assets: Continuation of already communicated projects

Investments in financial assets: Contains mainly acquisition of pizza producer HASA in Q2 2017

*



Balance sheet(mn €) 30 November 2017 30 November 2016 +/- in %

AssetsNon-current assets 4.790 4.709 1,7Current assets 4.527 4.181 8,3Total assets 9.317 8.890 4,8

Liabilities and shareholders ' equityShareholders' equity 4.962 4.606 7,7Non-current liabilities 2.147 2.116 1,5Current liabilities 2.208 2.168 1,8Total l iabilities and shareholders ' equity 9.317 8.890 4,8

Net financial debt 148 402 -63,2Equity ratio 53% 52%Net financial debt in percent of equity (gearing) 3% 9%

Current assets: Increase of 346 million € mainly due to the cash proceeds from the 2017/2025 bond issued in November

2017. On 1 December 2017, Südzucker paid cash to acquire the chilled and frozen pizza producer for the private label segment Richelieu Foods Inc., Braintree, Massachusetts, USA.

Net financial debt: Reduction by 254 million €. Investments in fixed and financial assets and earnings distribution were fully

financed by cash flow and cash inflow from working capital.



Agenda









Outlook 2017/18 (I)*: Revenues and Operating Result

Sugar

Special Products

CropEnergies

Fruit

Group

Revenues (in €) Operating Result (in €)

2016/17 2017/18e 2016/17 2017/18e

2.8 bn 72 mn

1.8 bn 184 mn

726 mn 800-840 mn 98 mn 65-85 mn

1.2 bn 72 mn > prev. year

6.5 bn 6.9-7.1 bn 426 mn 425-500 mn

*incl. Richelieu Foods; transaction closing 1st December 2017



Outlook 2017/18 (II)*: Other key figures

EBITDA

Depreciation

Investments Fixed Assets

Net Financial Debt

* incl. Richelieu Foods

2016/17 2017/18e

709 mn € 725–800 mn €

283 mn € > prev. year

329 mn € ~ 350 mn €

413 mn € 800-900 mn €



Outlook 2017/18 (III)*: Other key figures

* inkl. Richelieu Foods

2016/17 2017/18e

7.1 % > prev. year

634 mn € > prev. year

9.8 % > prev. year

56.0 % > prev. year

RoCE

Cash flow

Cash flow/Revenues

Equity ratio



Outlook 2017/18 (IV)*: Further improvement of financial key figures

* IFRS 11 adjusted since 2013/14; incl. Richelieu Foods

1,632

1,065

854791

464536 593 555

413504 553606

823

996

697

389480

634

2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18e

mn

€

Net Financial Debt

Cash Flow

800 -900 >prev. year

NFD/CF

EquityRatio

1.9x 1.4x 1.0x 0.5x 0.8x 1.5x 1.2x 0.7x 1.2-1.4x3.2x

47 % 51 % 48 % 54 % 53 % 53 % 55 % 56 % > prev. year42 %



Summary (I)

Sugar

SpecialProducts

CropEnergies

Fruit

From October 2017: Volume increase and cost degression effects Good starting point: Leading market position and flexible raw material price model FY 2017/18: Significant earnings increase expected (prev. year: 72 mn €)

FY 2017/18: Further revenues and earnings increase expected(prev. year: 72 mn €)

Raw material price increase and further start-up costs factory Zeitz Further growth options via acquisition of Richelieu Foods FY 2017/18: Significant earnings decrease (prev. year: 184 mn €), against very

high level in 2016/17, still high cashflow quality

Despite ongoing volatile ethanol prices, still high earnings level expected FY 2017/18: Expected earnings range 65-85 mn € (prev. year: 98 mn €)

Group Well diversified portfolio Increasing profitability Confirmation of high cashflow quality Strong financial and rating ratios



Südzucker Portfolio benefits from global megatrends, leading toincrease in demand for food and animal feed products

Strengthening of market position on domestic and export markets Focus on core competences of large scale processing of agricultural

raw material and the associated logistics Well balanced risk profile via diversified portfolio and usage of

synergies, e.g. multi-site approach Strengthening of sustainable cashflow power via solid financing

strategy Assurance of future growth via targeted value-oriented investments

Summary (II)

Sustainable increase of shareholder value



Agenda









(mn €) 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18e

Revenues 5.780 5.871 5.718 6.161 6.992 7.879 7.533 6.778 6.387 6.476 6.9-7.1EBITDA 489 489 645 775 1.015 1.246 889 453 518 709 725-800

EBITDA-Margin 8,5% 8,3% 11,3% 12,6% 14,5% 15,8% 11,8% 6,7% 8,1% 10,9%Operating Result 233 258 403 521 751 972 622 181 241 426 425-500

Operating Margin 4,0% 4,4% 7,0% 8,5% 10,7% 12,3% 8,3% 2,7% 3,8% 6,6%Income from operations (EBIT) 189 345 392 513 759 955 554 159 277 441Earnings before income taxes (EBT) 120 232 348 443 660 866 491 127 227 407Net earnings 100 183 276 346 515 734 387 74 181 312

thereof to SZ AG shareholders 19 162 200 252 377 592 280 20 109 214

Market capitalization 2.746 2.587 3.230 3.768 4.117 6.850 4.114 2.782 2.834 4.921Closing price on February 28/29 14,50 13,66 17,06 19,90 21,75 33,55 20,15 13,63 13,88 24,10Earnings per share (€) 0,10 0,86 1,06 1,33 1,99 3,08 1,37 0,10 0,53 1,05Dividend per share (€) 0,40 0,40 0,45 0,55 0,70 0,90 0,50 0,25 0,30 0,45

Cash flow 498 504 553 606 823 996 697 389 480 634 >prev. YearInvestments total 550 424 233 251 286 521 399 387 371 493 ~ 350

Capital Employed 5.005 4.923 5.374 5.314 5.707 5.950 5.873 5.877 5.791 6.012 >prev. YearRoCE 4,7% 5,2% 7,5% 9,8% 13,2% 16,3% 10,6% 3,1% 4,2% 7,1% >prev. Year

Total Assets 7.917 7.709 7.398 7.260 8.289 8.806 8.663 8.474 8.133 8.736Equity 3.299 3.230 3.443 3.687 3.970 4.731 4.625 4.461 4.473 4.888Equity Ratio 41,7% 41,9% 46,5% 50,8% 47,9% 53,7% 53,4% 52,6% 55,0% 56,0% >prev. YearNet Financial Debt (NFD) 1.508 1.632 1.065 854 791 464 536 593 555 413 800-900Gearing (NFD/Equity) 45,7% 50,5% 30,9% 23,2% 19,9% 9,8% 11,6% 13,3% 12,4% 8,4%NFD/Cash flow 3,0x 3,2x 1,9x 1,4x 1,0x 0,5x 0,8x 1,5x 1,2x 0,7x 1.2-1.4x

Long-term development (I)*: Group

* IFRS 11 adjusted; since 2013/14 income from companies consolidated at equity included in EBIT; incl. Richelieu Foods since Q4 2017/18 ** Extraordinary impact from Goodwill impairment loss*** Investments in Fixed Assets

**

***



Long-term development (II)*: SegmentsSegment Sugar

(mn €) 2012/13 2013/14 2014/15 2015/16 2016/17Revenues 4.232 3.901 3.228 2.855 2.776EBITDA 830 558 133 48 201EBITDA-Margin 19,6% 14,3% 4,1% 1,7% 7,3%Operating Result 708 437 7 -79 72Operating Margin 16,7% 11,2% 0,2% -2,7% 2,6%Restructuring and special items 6 -113 -7 4 -12Income from operations (EBIT) 714 344 -5 -43 67

Investments 384 219 186 181 271Fixed Assets 203 197 186 181 153Financial Assets 181 22 0 0 118

Capital Employed 3.158 3.186 3.199 3.041 3.169RoCE 22,4% 13,7% 0,2% -2,6% 2,3%

Segment Special Products

(mn €) 2012/13 2013/14 2014/15 2015/16 2016/17Revenues 1.862 1.740 1.724 1.791 1.819EBITDA 214 156 192 246 263EBITDA-Margin 11,5% 9,0% 11,2% 13,7% 14,4%Operating Result 132 85 120 171 184Operating Margin 7,1% 4,9% 7,0% 9,5% 10,1%Restructuring and special items -4 4 -3 -2 -4Income from operations (EBIT) 128 118 144 192 208


Capital Employed 1.390 1.343 1.377 1.436 1.499RoCE 9,5% 6,3% 8,7% 11,9% 12,2%

Segment CropEnergies

(mn €) 2012/13 2013/14 2014/15 2015/16 2016/17Revenues 645 720 764 658 726EBITDA 119 69 25 122 135EBITDA-Margin 18,5% 9,5% 3,3% 18,5% 18,6%Operating Result 87 35 -11 87 98Operating Margin 13,5% 4,9% -1,5% 13,2% 13,4%Restructuring and special items 0 -6 -28 -18 -4Income from operations (EBIT) 87 28 -39 69 94


Capital Employed 502 544 518 490 479RoCE 17,3% 6,4% -2,2% 17,7% 20,4%

Segment Fruit

(mn €) 2012/13 2013/14 2014/15 2015/16 2016/17Revenues 1.140 1.172 1.062 1.083 1.155EBITDA 83 106 103 102 110EBITDA-Margin 7,3% 9,0% 9,8% 9,4% 9,5%Operating Result 45 65 65 62 72Operating Margin 4,0% 5,5% 6,1% 5,7% 6,2%Restructuring and special items -19 -1 -6 -3 0Income from operations (EBIT) 26 64 59 59 72


Capital Employed 900 801 782 823 866RoCE 5,0% 8,1% 8,4% 7,5% 8,3%

* IFRS 11 adjusted; since 2013/14 income from companies consolidated at equity included in EBIT



Financing maturity profile(as of 30 November 2017)

Hybrid Bond 2005/perpetual, 700 mn € Issuer call right since 30 June 2015 at the earliest. Pursuant to § 6 (5) and (6) of conditions of issue

the exercise of the call right is subject to having issued, within the twelve month preceding the redemption becoming effective, replacement capital (parity and/or junior securities and/or shares) against issue proceeds at least equal to the amounts payable upon redemption.

Perpetual

Commercial Paper-Program, permanent, 600 mn € Drawn lines: 0 mn €

Perpetual

Agrana promissory notes, 43 mn €April 2019/22

Syndicated loans, 1.050 mn € Drawn lines: 0 mn €2019/20/21

1.25 % Bond 2016/2023, 300 mn € November 2023

1.00 % Bond 2017/2025, 500 mn € November 2025

4.125 % Bond 2011/2018, 400 mn €March 2018



Hybrid bond: 2016/17 cash flow covenant* safely achieved

* IFRS 11 adjusted since 2013/14

(mn €) 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18e

Revenues 5.780 5.871 5.718 6.161 6.992 7.879 7.533 6.778 6.387 6.476 6,9 - 7,1

Cash flow 498 504 553 606 823 996 697 389 480 634 > prev. year

Cash flow / Revenues 8,6% 8,6% 9,7% 9,8% 11,8% 12,6% 9,3% 5,7% 7,5% 9,8% > prev. year

Cash flow covenant (cash flow / revenues >5 %) so far significantly exceeded Cash flow covenant fulfillment also expected in 2017/18

Options for hybrid bond 2005 (depending on continuous financial planning): Since 30 June 2015: quarterly variable interest payment, 3M Euribor plus 3.10 % p.a. Period from 29 December 2017 to 29 March 2018 (excl.), rate of remuneration fixed at 2.771 % p.a. Since 30 June 2015, bond can be called and redeemed on quarterly basis at nominal value

(according to § 6 (5) & (6) of the terms and conditions) Precondition to use issuer call right is replacement through new hybrid or equity capital

within 12 months A bond repurchase – also partially – is possible at any time Still preferred option: No call of hybrid bond



Liquidity profile end of period*

* IFRS 11 adjusted

(mn €) Q3 2017/18 Q2 2017/18 Q1 2017/18 Q4 2016/17 Q3 2016/17

Net financial debt -148 -248 -443 -413 -402

Cash & Cash equivalents / securit ies 1.339 827 729 725 861

Gross financial debt -1.487 -1.075 -1.172 -1.138 -1.263

Long-term financial debt -1.028 -539 -553 -914 -998

Short-term financial debt -459 -535 -619 -224 -265

Bank credit l ines 756 767 789 786 786undrawn 498 436 390 464 419

Syndicated loan 600 600 600 600 600undrawn 600 600 600 600 600

Syndicated loan Agrana 450 450 450 450 450undrawn 450 440 440 450 411

Commercial paper program 600 600 600 600 600undrawn 600 600 570 600 600

Bank credit l ines (undrawn) 498 436 390 464 419+ Cash & cash equivalents / securit ies 1.339 827 729 725 861+ Syndicated loan (undrawn) 1.050 1.040 1.040 1.050 1.011+ Commercial paper (undrawn) 600 600 570 600 600= Total l iquidity reserves 3.487 2.903 2.729 2.839 2.891



Group balance sheet

(mn €)Intangible assets 1.240 14,2% 1.189 14,6%Fixed assets 2.922 33,5% 2.825 34,7%Shares in companies consolidated at equity 433 5,0% 333 4,1%Other investments and loans 24 0,3% 22 0,3%Securities 19 0,2% 19 0,2%Receivables and other assets 10 0,1% 14 0,2%Deferred tax assets 132 1,5% 133 1,6%Non-current assets 4.780 54,7% 4.534 55,7%

Inventories 2.053 23,5% 1.897 23,3%Trade receivables and other assets 1.176 13,5% 1.081 13,3%Current tax receivables 21 0,2% 36 0,4%Securities 126 1,4% 126 1,5%Cash and cash equivalents 581 6,6% 459 5,6%Current assets 3.956 45,3% 3.599 44,3%

Total assets 8.736 100,0% 8.133 100,0%

28.02.2017 29.02.2016 (mn €)Equity attributable to shareholders of SZ AG 3.347 38,3% 3.158 38,8%Hybrid capital 653 7,5% 653 8,0%Other minority interest 888 10,2% 661 8,1%Shareholder's equity 4.888 53,4% 4.473 55,0%

Provisions for pensions and similar obligations 823 9,4% 798 9,8%Other provisions 92 1,0% 103 1,3%Non-current financial liabilities 917 10,5% 734 9,0%Other liabilities 24 0,3% 16 0,2%Tax liabilities 103 1,2% 99 1,2%Deferred tax liabilities 81 0,9% 62 0,8%Non-current liabilities 2.040 23,4% 1.811 22,3%

Other provisions 233 2,7% 209 2,6%Current financial liabilities 221 2,5% 425 5,2%Trade payables and other liabilities 1.304 14,9% 1.156 14,2%Current tax liabilities 49 0,6% 61 0,7%Current liabilities 1.807 20,7% 1.850 22,7%

Total liabilities and shareholders' equity 8.736 100,0% 8.133 100,0%

28.02.2017 29.02.2016



Agenda









Revenue by region 2016/17

Germany (23 %)

EU 15(45 %)

Rest of world(18 %)

6,476 mn €

EU 13(14 %)

Revenues share financial year 2016/17 by region in %:EU 15: EU-member states in Central-, Western- and Southern Europe (excl. Germany)EU 13: EU-member states in Eastern EuropeRest of the world: Europe (outside EU), America, Africa, Asia, Oceania



‐10

‐5

0

5

10

0

50

100

150

200

Surplus/Defict* (right scale) Total Production* (left scale) Consumption* (left scale)

World sugar market – unchanged sustainable growth

* Source: F.O. Licht** FAO-estimate

350

250 mn t**

300-350 mn t**


Global sugar market: Supply and demand

Egypt-1.24

Cuba+1.20

EU1.11

Brazil+25.10

Chile-0.56

Canada-1.11

USA-3.03

Mexico+1.26

Guatemala+2.04

Colombia+0.52

Surplus areas

Deficit areas

Morocco-0.98

Swaziland+0.65

Nigeria-1.67

Australia+3.50

Sudan-1.08

Japan-1.23

S. Korea-1.56

Algeria-1.51

Syria-0.56

Saudi Arabia-1.44

Thailand+7.97

Bangladesh-2.35

Malaysia-1.76

Indonesia-5.03

China-5.92

Pakistan+0.99

Iran-0.75

Israel-0.62

Only countries with deficits/surpluses above 500k tonnes are marked (2017/18e)Source: International Sugar Organisation (ISO)

El Salvador+0.50

Taiwan-0.62



EU sugar balance

mn t 09/10 10/11 11/12 12/13 13/14 14/15 15/16 Ø 7years 16/17 17/18e

Production EU 18.2 16.2 19.4 18.1 17.6 20.3 15.7 17.9 17.6 21.5

• from beet 17.5 15.4 18.7 17.4 16.8 19.5 14.9 17.2 16.8 20.6

• from maize 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.7 0.8 0.9

Import 2.5 3.6 3.5 3.7 3.2 2.8 2.9 3.2 2.5 1.3

• Import white sugar 0.6 1.1 0.8 1.0 0.8 0.7 0.7 0.9 0.8 1.3

• EU Refining of imported raw sugar

1.9 2.5 2.7 2.7 2.4 2.1 2.2 2.3 1.7 n.a.

Export 2.2 0.8 2.1 1.4 1.4 1.5 1.4 1.5 1.4 3.2

Consumption 18.9 19.4 19.6 19.6 20.0 20.2 19.3 19.6 18.5 19.6

Ending stock 1.6 1.2 2.4 3.2 2.6 4.0 1.9 2.4 2.2 2.2

Source: EU-Commission



Ranking global sugar market Ø 10 yearsTop-

producer Vol. % Top-consumer Vol. % Top-net-

exporter Vol. % Top-net-importer Vol. %

Brazil 37,808 22.0 India 25,123 14.8 Brazil 25,493 52.4 Indonesia 3,304 7.0

India 24,454 14.8 EU 19,018 11.2 Thailand 6,440 13.2 China 3,211 6.8

EU 17,099 10.0 China 15,782 9.3 Australia 3,272 6.7 USA 2,804 6.0

China 12,568 7.3 Brazil 12,298 7.2 Guatemala 1,800 3.7 Bangladesh 1,792 3.8

Thailand 9,683 5.6 USA 10,465 6.1 Mexico 1,170 2.4 Malaysia 1,541 3.3

USA 7,650 4.5 Indonesia 5,991 3.5 Cuba 796 1.6 Nigeria 1,468 3.1

Mexico 5,940 3.5 Russia 6,000 3.5 Swaziland 629 1.3 EU 1,907 4.1

Russia 4,558 2.7 Pakistan 4,790 2.8 Pakistan 264 0.5 Algeria 1,293 2.8

Pakistan 5,045 2.9 Mexico 4,740 2.8 Colombia 574 1.2 Korea, South 1,410 3.0

Australia 4,570 2.7 Egypt 3,184 1.9 El Salvador 394 0.8 SaudiArabiia 1,242 2.6

Total 171,509 100 Total 170,323 100 Total 48,684 100 Total 47,004 100

Duty free access into EUSource: F.O. Licht



Segment Sugar: Campaign07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18e

Beet growers 59,200 47,600 46,000 44,600 43,000 42,600 42,100 41,300 40,300 39,000 37,900

Beet acreage 438,500 370,000 401,000 388,000 412,000 422,000 396,000 405,000 350,000 385,000 445,500

Sugar factories (incl. refineries) 41 33 32 32 32 32 32 32 31 31** 31**

Beet processing* 28.2 25.0 28.4 26.1 31.3 28.7 27.2 34.0 23.7 28.6 35.9

Campaignduration 88 96 116 103 123 112 102 127 89 107 132

Sugar production* 4.6 4.2 4.8 4.2 5.4 4.9 4.7 5.3 4.1 4.7 5.9

thereof from beets* 4.3 3.9 4.4 3.9 4.9 4.5 4.3 5.0 3.8 4.4 5.7

thereof raw sugar raffination*

0.3 0.3 0.4 0.3 0.5 0.4 0.5 0.3 0.4 0.2 0.2

*in mn t**incl. 2 refineries



Price development for raw and white sugar (ICE US, LIFFE)

100

200

300

400

500

600

700

Jan-

14M

ar-1

4M

ay-1

4Ju

l-14

Sep-

14N

ov-1

4Ja

n-15

Mar

-15

May

-15

Jul-

15

Sep-

15N

ov-1

5

Jan-

16M

ar-1

6M

ay-1

6Ju

l-16

Sep-

16

Nov

-16

Jan-

17M

ar-1

7M

ay-1

7

Jul-

17

Sep-

17N

ov-1

7Ja

n-18

Quo

tatio

n fo

r sug

ar in

€ /

ton

White sugar contract No. 5 LIFFE London (Future contract switching upon expiry)

Raw sugar contract No. 11 ICE US (Future contract switching upon expiry)

100

200

300

400

500

600

700

Feb-

11

Feb-

12

Feb-

13

Feb-

14

Feb-

15

Feb-

16

Feb-

17

Feb-

18

Quo

tatio

n fo

r sug

ar in

€ /

ton



Price development wheat and maize (Euronext)

100

120

140

160

180

200

220

240

260

280

300

Jan-

14M

ar-1

4

May

-14

Jul-

14

Sep-

14N

ov-1

4Ja

n-15

Mar

-15

May

-15

Jul-

15

Sep-

15N

ov-1

5Ja

n-16

Mar

-16

May

-16

Jul-

16

Sep-

16N

ov-1

6Ja

n-17

Mar

-17

May

-17

Jul-

17

Sep-

17N

ov-1

7Ja

n-18

€ /

ton

Wheat price (Future contract switching upon expiry)Price for maize (Future contract switching upon expiry)

100

120

140

160

180

200

220

240

260

280

300

Feb-

11

Feb-

12

Feb-

13

Feb-

14

Feb-

15

Feb-

16

Feb-

17

Feb-

18

€ /

ton



This presentation contains forward looking statements. The statements are based on current assumptions and estimates made by the executive board and information currently available to its members. The forward looking statements are not to be viewed as guarantees of the future developments and results presented therein. Future developments and results are in fact dependent on a variety of factors and are subject to various risks and imponderables. They are based on assumptions that could in fact prove to be invalid. The risk management report in the 2016/17 annual report on pages 88 to 99 presents an overview of the risks. We assume no obligation to update the forward-looking statements made in this presentation.

This presentation includes percentage and number rounding. Typing and printing errors reserved. IFRS 11 application as of financial year 2013/14.

Written and visual value statements are standardized as follows:

Disclaimer

± 1%stable

/± 4-10%moderate

/>/< 10%significant

/± 1-4%slight



ContactNikolai BaltruschatHead of Investor RelationsTel.: +49 (621) 421 – [email protected]

Bernhard JuretzekManager Investor RelationsTel.: +49 (621) 421 – [email protected]

Sandra KochnerAssistantTel.: +49 (621) 421 – [email protected]

Südzucker AGMaximilianstrasse 1068165 Mannheim, [email protected]

Financial calender

23 April 2018Preliminary figures financial year 2017/18

17 May 2018Press and analysts‘ conference fiscal 2017/18

12 July 2018Q1 – Quarterly Statement 2018/19

19 July 2018Annual general meeting for fiscal 2017/18

11 October 2018Q2 – 1st half year report 2018/19

10 January 2019Q3 – Quarterly Statement 2018/19

Investor Relations

Investor Roadshow - suedzucker.de · Sugar page 20 Special Products page 30 CropEnergies page 40...

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