In terim Report - suedzucker.de€¦Contents Overview Annual general meeting for fiscal 2011/12 July 19, 2012 Q2 – 1st half year report 2012/13 October 11, 2012 Q3 rd– 1st to 3

Consolidated group revenues climb 15 % to € 1,887 (1,639) million

Consolidated group operating profit rises sharply, up 43 % to € 263 (184) million

Forecast for fiscal 2012/13 overall: consolidated group revenues over € 7.0 (7.0) billion; consolidated group operating profit over € 800 (751) million

First quarter 2012/13March 1 to May 31, 2012Release date: July 12, 2012

Interim ReportQ12012/13

➥Contents Overview

Annual general meeting for fiscal 2011/12 July 19, 2012

Q2 – 1st half year report 2012/13 October 11, 2012

Q3 – 1st to 3rd quarter report 2012/13 January 10, 2013

Press and analysts’ conference fiscal 2012/13 May 16, 2013

Q1 – 1st quarter report 2013/14 July 11, 2013

Annual general meeting for fiscal 2012/13 August 1, 2013

Q2 – 1st half year report 2013/14 October 10, 2013

This interim report is available in German and English. This trans-lation is provided for convenience and should not be relied upon exclusively. PDF files of the interim report can be downloaded from the company’s homepage at www.suedzucker.de/de/Investor-Relations/Publikationen/Berichte/Berichte_2012_13/ and/orwww.suedzucker.de/en/Investor-Relations/Publikationen/Berichte/Berichte_2012_13/

On the following pages, the numbers in brackets represent the corresponding previous year’s figures or items. Südzucker AG’s financial year is not aligned with the calendar year. The first quar-ter covers the period March 1 to May 31.

Numbers and percentages stated are subject to differences due to rounding.

Financial calendar

Contents

Interim management report �� 4

Economic policy, general framework _________________ 4

Market developments ____________________________ 6

Business performance ____________________________ 9

Risk management ______________________________ 18

Events after the balance sheet date _________________ 18

Outlook ______________________________________ 19

Interim financial statements �� 20

Consolidated statement of comprehensive income ______ 20

Consolidated cash flow statement __________________ 21

Consolidated balance sheet _______________________ 22

Consolidated statement of changes in

shareholders’ equity ____________________________ 23

Development of income and expenses recognized

directly in group equity___________________________ 24

Notes to the interim financial statements �� 24

Contents Group figures

to May 31, 2012

1st quarter2012/13 2011/12 +/- in %

Revenues and earningsRevenues € million 1,887 1,639 15.1EBITDA € million 312 231 34.8EBITDA margin % 16.5 14.1Depreciation € million -49 -47 3.4Operating profit € million 263 184 43.0Operating margin % 13.9 11.2Net earnings for the year € million 263 130 > 100

Cash flow and investmentsCash flow € million 252 191 32.0Investments in fixed assets1 € million 58 49 19.4Investments in financial assets/acquisitions € million 181 2 > 100Total investments € million 239 51 > 100

PerformanceFixed assets1 € million 2,606 2,608 -0.1Goodwill € million 1,141 1,132 0.8Working Capital € million 2,235 1,672 33.7Capital Employed € million 6,095 5,533 10.2

Capital structureTotal assets € million 7,921 7,389 7.2Shareholders’ equity € million 4,166 3,810 9.3Net financial debt € million 1,223 932 31.3Equity ratio % 52.6 51.6Net financial debt as % of equity (Gearing) % 29.4 24.4

SharesMarket capitalization € million 4,656 4,144 12.4Total shares issued as of May 31 million of shares 189.4 189.4 0.0Average price € 23.24 20.47 13.5Highest price € 24.81 22.27 11.4Lowest price € 21.84 18.61 17.4Closing price on May 31 € 24.59 21.89 12.3Average trading volume/day million of shares 726 663 9.5MDAX® closing price on May 31 10,148 10,884 -6.8Performance Südzucker share March 1 to May 31 % 13 10Performance MDAX® March 1 to May 31 % 3 6

Employees 17,829 17,463 2.11 Including intangible assets.

3Overview

First quarter 2012/13

•Consolidatedgrouprevenuesclimb15%to€1,887(1,639)million

•Consolidatedgroupoperatingprofitrisessharply,up43%to€263(184)million

•Sugarsegment’soperatingprofitrises,primarilybecauseofhighersalesrevenuesinWesternEuropesincefallof2011,drivenbyhigherworldmarketprices:

•Revenues:+21%to€998(827)million

•Operatingprofit:€193(111)million

•Specialproductssegmentstartsfiscalyearonhighnote:



•CropEnergiessegment’srevenuesupsharply,drivenbyhigherethanolvolumes:



•Highercostsdrivefruitsegment’soperatingprofitdownfromlastyear’shighlevel:



Forecast for the 2012/13 financial year

•Consolidatedgrouprevenuesexpectedtoexceed€7.0(7.0)billion

•Consolidatedgroupoperatingprofitexpectedtobeabove€800(751)million.

Overview

Revenues by segment€ million 1st quarter

2012/13 2011/12 +/-in%

Sugarsegment 998 827 20.5

Specialproductssegment 460 450 2.3

CropEnergiessegment 153 124 23.7

Fruitsegment 276 238 16.0

Group 1,887 1,639 15.1

53%

24%

8%

15%

Operating profit by segment€ million 1st quarter

2012/13 2011/12 +/-in%



CropEnergiessegment 15 15 -2.6

Fruitsegment 12 18 -30.1

Group 263 184 43.0

73%

16%

6%

5%

4 Interim management reportEconomic policy, general framework

Economic policy, general framework

EU sugar market

TheEUCommissiondoesnotexpectimportsfrompreferrednationstorisesignificantlyduringthecurrent2011/12sugarmarketingyear(October1toSeptember30).Inordertoensureacontinuoussupplyforthemarket,0.4milliontonnesofnon-quotasugarwerereleasedformarketingintheEUfoodmarketinDecember2011andafurther0.25milliontonnesinApril2012,forwhichsugarproducersarerequiredtopayasurpluslevyof85and211€/t.Inaddition,theEUCommissionlaunchedatenderofferingforimportsforthe2011/12sugarmarketingyear,towhichabout0.4milliontonnesofimportswereallocatedinseveralstepsforimportatreducedduties.Duetotheimprovedsupplysituation,theEU’sinventorieswillinfactbehigherasofSeptember30,2012.

Licensestoexport0.65milliontonnesofnon-quotasugarasofJanuary2012hadalreadybeenallocatedforthe2011/12sugarmarketingyearbyMarch2011.InNovember2011,afurther0.7milliontonneswereapprovedforexport.Fortheupcoming2012/13sugarmarketingyear,0.65milliontonneswereinitiallyapprovedforexport.

Aduty-freeworldmarketimportquotaof0.4milliontonnesperannumhasalsobeenregularlygrantedfornon-quotasugarforusebythechemical,pharmaceuticalandfer-mentationindustries,aswellasforbioethanolproduction,sincethe2008/09sugarmar-ketingyear;however,thisquotahasbeenlittleusedtodate.Inviewofthehighworldmarketpricesforsugarandhighlogisticscosts,itisnotlikelythatmuchusewillbemadeofthisquotaforthe2011/12sugarmarketingyeareither.

EU sugar policies

KeysectionsofthedomesticEUsugarmarketregulationswillexpireonSeptember30,2015.VariousoptionsregardingEUsugarmarketregulationsasofthe2015/16sugarmarket-ingyeararealsobeingexploredwithinthecontextofcurrentdiscussionsonthefuturedirectionofEUagriculturalpolicyasof2014.TheEUCommissionsubmittedalegislativeproposaltotheCouncilofAgriculturalMinistersandtheEUParliamentinOctober2011,inwhichitrecommendedthattheexistingquotasandminimumbeetpriceregulationsbeterminatedeffectiveSeptember30,2015.However,MichelDantin,therapporteuroftheEuropeanParliament’sagriculturalcommitteeforthereformofthecommonmarketorganization,calledforanextensionofthesugarquotaandminimumbeetpriceregula-tionstoSeptember30,2020.

ThecurrentEUsugarmarketregulationsprotecttheEUsugarmarketfromvolumevola-tilityandguaranteeahighdegreeofsupplysecurityforprocessorsandconsumers.Thedevelopmentsofthepasttwoyears, includingthoseintheinternationalsugarmarket,haveshownhowimportantadequateself-sufficiencyis.Theexistingvolumemanagementsysteminconjunctionwithminimumbeetpricesthuscontinuestobeanindispensabletool.SüdzuckerconsidersanextensionofthecurrentEUsugarpoliciestoatleast2020necessarytoensuresupplyreliabilityforconsumersandprocessorsinEurope,indepen-dentofdevelopmentsontheworldmarket.

5Interim management reportEconomic policy, general framework

WTO/free-trade agreement

Todate,theongoingWTO-IInegotiations,whichhavebeenunderwaysince2001,havenotbeenconcluded.Because2012isapresidentialelectionyearintheUnitedStates,theDoharoundisnotexpectedtobeconcludedthisyeareither.

InparallelwiththeongoingWTO-IIround,theEUCommissionisalsonegotiatingpoten-tialfreetradeagreementswithvariousnationsandcommunities,suchasMERCOSUR.Intheeventsugarandsugaryproductsarenotdefinedassensitiveproducts–contrarytocurrenttradepractice–substantialadditionalduty-freesugarvolumescouldinfuturebeimportedintotheEuropeanUnion.

TheEUCommissiongrantedtheAndeannationsColombiaandPeruandCentralAmericannationssuchasCostaRica,Guatemala,Honduras,Nicaragua,PanamaandElSalvadoranannualduty-freeimportquotaof0.3milliontonnesofsugarandproductscontainingsubstantialamountsofsugar.Theseagreementsmustberatifiedbyallofthebeneficiarystates.TheagreementsarethentoberolledoutbeforetheyhavebeenratifiedbytheEUcommitteesandtheirmemberstates.Thisisexpectedtotakeplaceinthefirsthalfof2013.

Implementation of European climate and energy package

TheEU’s renewableenergyand fuelqualitydirectives formthe legislative frameworkforthemandatoryblendratioof10%renewableenergiesinthetransportationsectorby2020.TheEUrequirementsfornationalimplementation,particularlytheintroductionofsustainabilitycriteria,arenowlegallybindinginmemberstatessuchasGermany,GreatBritain,theNetherlands,Austria,SwedenandHungary.ThesustainabilitycriteriaensurethatonlysustainablyproducedbiofuelsareusedintheEU;amongotherthings,producersmustgenerateatleast35%lessbyweightofgreenhousegasemissionsthanfossilfuels.Todate,theEUCommissionhasapprovedeightcertificationsystems,validthroughouttheEU,thatcanbeusedtoverifyadherencetothesustainabilitycriteria.

OnDecember22,2010,theEUCommissionpresentedareportontheimpactofindirectland-usechange(iLUC)onbiofuelgreenhousegasemissions.Inviewofthehighdegreeofuncertaintyregardingthealgorithmsusedintherepresentativemodel,theEUCom-missionisreviewingtheneedtoimplementlegislation.TheCommissionplanstopresentsuggestedlegislationpriortothe2012summerbreak.OnMarch15,2012,theEuropeanParliamentaskedtheEUCommissiontointroduceadditionalsustainabilityconditions,es-peciallyregionalones,forcertainbiofuelcategoriesinordertohelpappropriatelyprotecttheenvironmentinnon-EUcountries.TheEuropeanParliamentthussharestheviewoftheGermanbiofuelindustry,whichduringtheiLUCdebateshadalreadyspokenoutearlyinfavorofhandlingland-usechangesregionallytoavoidundesirabledevelopmentsincountriesoutsidetheEU.

6 Interim management reportEconomic policy, general framework | Market developments

Progress on creating fair trade rules for bioethanol imports

OnNovember25,2011,theEUCommissionlaunchedanti-dumpingandanti-subsidycourtactionsrelatedtotheimportofbioethanoloriginatingintheUnitedStates.TheEuro-peanbioethanolassociationePURElaunchedbothcourtactions,becausesharplyhigherbioethanolimportsfromtheUnitedStateshavenegativelyimpactedbioethanolpricesinEuropeandcausedsignificanteconomicdisadvantagesfortheEuropeanbioethanolindustry.TheimportsweredriveninpartbyAmericangovernmentsubsidies,whichwereoriginallyintendedtopromotetheuseofbioethanolasafuelintheUnitedStates.Duty-relatedfactorsduetoinconsistenttreatmentofbioethanolimportsintotheEUalsohadanimpact.TheEUCommissioniscurrentlyinvestigatingwhetherthesepracticeshadaseriousnegativeimpactontheEuropeanbioethanol industryandwhetheritneedstointroduceoffsettingduties.TheEUCommissionwilldecidewhetherornottointroducepreliminaryoffsettingdutiesnolaterthanAugust24,2012.

TheEUCommissionhadalreadyadoptedlegislationthatwillhelptoharmonizetariffsre-latedtobioethanolimportsonMarch13,2012.TheEUCommissionmadeclearthatblendsofbioethanolandgasolinewithabioethanolcomponentofover70%aretobetreatedasdenaturedethanol.ThismakesitmucheasiertoapplytariffstobioethanolimportsintotheEuropeanUnioncorrectlyandconsistently.Inthepast,customsauthoritiesinvari-ousstateshadintroduceddifferentclassificationsofbioethanolblends,anddespitethehighpercentageofbioethanol,hadoftenincorrectlytreatedthemaschemicalproducts.Thisenabledimporterstocircumventexistingcustomsruleswhenimportingbioethanol.However,thenewbioethanolimportruleswillnotcontributetorestoringfairtradecondi-tionsuntilthesecondhalfof2012,afterthetransitionalphaseisover.MarketobserversthusexpectUSsupplierstoactivelycontinueexportingamountsofbioethanolforthetimebeing;attheendofMay2012,theirelevatedinventoriestotaledabout3.4millionm3.

Market developmentsWorld sugar market

F.O.Licht’ssecondestimateoftheworld’ssugarbalanceforthe2011/12campaignyear,releasedinMarch2012,forecaststhatproductionwill increaseto176.9(165.4)milliontonnesandconsumptionriseto164.9(160.4)milliontonnes.Basedontheseproductionandconsumptionforecasts,inventorieswillriseto70.5(62.8)milliontonnesofsugar,or42.8(39.1)%ofoneyear’sconsumption,stillalowlevel.

Pricesontheworldsugarmarketcontinuedtobevolatileduringthecurrentbusinessyear.WorldmarketpricesforwhitesugarinMarch2012startedat650USD/tor490€/t,butsubsequentlydeclinedto559USD/tor450€/tasoftheendofMay.

7Interim management reportMarket developments

Grain prices still high

According to theUSDepartmentofAgriculture’s (USDA) June12,2012estimate,globalgrainproduction(excludingrice)forthe2012/13harvestisexpectedtorise3.5%toabout1,903milliontonnes.TheincreasestemsprimarilyfromincreasedcorncultivationinChinaandtheEU,aswellasgoodcornyieldsintheUnitedStates.Grainproductionwillthusexceedestimatedgrainconsumptionof1,888milliontonnesby2.6%andconsequentlyinventorieswillrise4.4%toabout374milliontonnes.TheEUCommissionisexpectingaslightdeclineintheyieldforthe2012/13grainharvestyearduetoreducedwheatcultivationandfrostdamage.Thegrainyieldisexpectedtodecline0.6%andcomeinat283milliontonnes,slightlyaboveprojectedconsumptionofabout276milliontonnes.Ofthistotal,about61%isexpectedtobeusedforanimalfeedand3.7%toproducebioethanol.

Inspiteoftheabundantsupplyofgrain,one-monthfuturesformillingwheatontheNYSELiffeParisremainedhigh,forwhichamoremoderatedwheatharvestforecastfortheEUandtheRussianFederationwaspartlyresponsible.Theone-monthfuturescontractslippedfromabout217€/tatthebeginningofMarchtoabout213€/tattheendofMay.

European ethanol prices rise slightly

AftertheBraziliansugarcaneharvestshranklastyearforthefirsttimeintenyears,ana-lystsareexpectingaslightlybetterharvestthanlastyearforthe2012/13sugarmarketingyear.However,expertspredictthatethanolfuelproductionwillcontinuetobeaslowaslastyearat21.1millionm3.Despitetightsupplies,ethanolpricesfellfromabout700USD/m3atthebeginningofMarchtoabout600USD/m3attheendofMayduetodecliningdomesticdemandforethanolfuel.

One-monthfuturesforbioethanoldroppedfrom594USD/m3atthebeginningofMarchto528USD/m3attheendofMay2012ontheChicagoBoardofTrade(CBOT)andtheChicagoMercantileExchange(CME).Thepricedropreflectslowercommodityandenergycosts,aswellashigherinventories.

InEurope,pricesatthebeginningofMarch2012werequotedat570€/m3FOBRotterdamduetothelowdemandforfuelandrosetoabout590€/m3attheendofMay2012duetohighercommoditycosts.Europeanethanolpricesarethusrunningcountertotheinter-nationaldecliningtrend,butduringthereportingperiod,werealmostalwayslowerthangasolineprices.Bioethanolwasabout100€/m3cheaperthangasolineattimes.

TheEUmarketforethanolfuelexpanded1.5%to5.5millionm3in2011,andexpertsexpectethanolfueldemandtojumpanother7.8%to5.9millionm3in2012.BioethanolconsumptioninGermanyisexpectedtogrow2.0%to1.6millionm3.Withanoticeablyincreasedshareofover15%inApril2012,E10hasestablisheditselfasthesecondmostimportanttypeofgasolineinGermanyaheadofSuperPlus.

8 Interim management reportMarket developments

Fruit

Thelong-termgrowthpotentialoftheglobalfruityogurtmarketremainsintact,althoughcurrentlyconsumerdemand insomeEuropeanmarkets isquiteweak.Thishas ledtosharplylowerconsumptioninsomeareas,especiallyforproductcategoriessuchasfruityogurt,whicharenotconsideredastaple.OutsideofEurope,marketsseemtobegrowingagain,particularlyinNorthAmerica,LatinAmerica,ChinaandSouthAfrica,whererisingvolumesarebeingreported.

InEurope,growthintheconsumptionofbeverageswithahighpercentageoffruitjuicecanonlybedescribedasweak,notleastbecauseofhigherfruitjuiceconcentratespricesdrivenbycommoditypriceincreasesoverthepasttwoyears.Thisisprimarilybecausefoodretailersarenotheavilypromotingtheproducts,butnewproductdevelopmentsandmarketlauncheshavealsodeclinedsignificantly.ThetrendinGermany,theEU’slargestmarket,playsamajorrolehere.

Energy

SpeculationaboutsupplyshortagesresultingfromanimportembargoforIranianoilcata-pultedthepriceofBrentcrudetoafour-yearhighof128USD/barrelonMarch1,2012.Investorriskaversionrelatedtogrowingglobaleconomicwoes,reviseddemandestimatesfromEIA,theAmericanEnergyInformationAdministrationtogetherwithstatementsmadebytheinternationalenergyagency,IEA,aboutexcessoilsupplieshaveledtoadramaticslumpincrudeoilandAmericannaturalgaspricessincethen.Atwenty-oneyearhighinAmericancrudeoilinventoriesandweakerdemandfromChinafurtherweighedonprices.Amassivedeclineinnetlongpositionsbyfinancialinvestorsincreaseddownwardpressureoncrudeoilfuturesquotations.Brentcrudeclosedat102USD/barrelonMay31,2012.Incontrast,thespotpricefornaturalgasinEuropedeclinedonlyslightly.

9Interim management reportBusiness performance

Business performance

Revenues and operating profit | Group

Revenues

€ million 1st quarter

2012/13 2011/12 +/-in%




Fruitsegment 276 238 16.0

Group 1,887 1,639 15.1

Consolidatedgrouprevenuesgrewabout15%to€1,887(1,639)millioninthefirstthreemonthsofthe2012/13financialyear.Allsegmentscontributedtothisgrowth.

Operating profit


2012/13 2011/12 +/-in%





Group 263 184 43.0

Consolidatedgroupoperatingprofitrosesharply,to€263(184)million.Thisincreasewasdrivenprimarilybythesugarsegment.Thefruitsegmentwasunabletomatchtheprioryear’sresult,buttheCropEnergiesandspecialproductsegments’numberswereonoraboveprioryear’slevel.

10 Interim management reportBusiness performance

Revenues and operating profit | Sugar segment


2012/13 2011/12 +/-in%

Revenues 998 827 20.5EBITDA 206 123 65.8

Depreciationonfixedassetsandintangibleassets -13 -12 3.9

Operating profit 193 111 73.2Restructuringcosts/specialitems 0 0 -

Income from operations 193 111 72.6EBITDAmargin 20.7% 15.0%

Operatingmargin 19.3% 13.4%

Investmentsinfixedassets 30 23 33.8

Investmentsinfinancialassets/acquisitions 181 2 >100

Total investments 211 25 > 100Employees 7,590 7,497 1.2

Thesugar segment reportedsharplyhigher revenues than lastyear in thefirst threemonthsoffiscal2012/13,upabout21%to€998(827)million.Theincreasewasdrivenmainlybyhighersugarsalesrevenuesresultingfromhigherworldmarketprices.Theim-provedharvestin2011andtheavailableexportquotasalsoledtomoreexports.

Thesugarsegment’soperatingprofitsoaredto€193(111)million,drivenmainlybyhighersugarrevenues.Commoditycostswerealsoupsharply.WhilelastyearonlythepricelevelinEasternEuropetrackedworldmarketpricesonaccountofthetermsofvariouscon-tracts,infallof2011revenuesinWesternEuropebegantocatchup.


Revenues and operating profit | Special products segment


2012/13 2011/12 +/-in%

Revenues 460 450 2.3EBITDA 63 59 7.3


Operating profit 43 40 8.1Restructuringcosts/specialitems 0 0 -

Income from operations 43 40 8.6EBITDAmargin 13.7% 13.0%


Investmentsinfixedassets 17 12 38.8

Investmentsinfinancialassets/acquisitions 0 0 -

Total investments 17 12 38.8Employees 4,445 4,350 2.2

Thespecialproductsegment’sgrowthatthebeginningofthefiscalyearexceededourexpectations.Volumewassteady,buthighersalesrevenuesdroverevenuesto€460(450)million.

Operatingprofitroseto€43(40)million.Thestarchdivision’soperatingprofitwashigherthanlastyear,drivenbyhigherpricesforsweetenersandisoglucose.Together,theBENEO,FreibergerandPortionPackdivisionsalsocontributedtothehigherprofits.Thedivisionswereabletopassonhighercommoditycoststothemarketbyraisingprices.


Revenues and operating profit | CropEnergies segment


2012/13 2011/12 +/-in%

Revenues 153 124 23.7EBITDA 23 23 -0.9


Operating profit 15 15 -2.6Restructuringcosts/specialitems 0 0 -100.0

Income from operations 15 15 -2.0EBITDAmargin 14.9% 18.6%


Investmentsinfixedassets 5 6 -16.1


Total investments 5 6 -16.1Employees 315 307 2.6

TheCropEnergiessegmentagainreportedrobustgrowthduringthefirstquarteroffiscal2012/13.Revenuesrose24%to€153(124)million,primarilyduetohigherbioethanolvolumes.

TheCropEnergiessegment’soperatingprofitreachedthesamehighlevelas lastyear,cominginat€15(15)million.Thenegativeimpactofhighercommoditypriceswasoffsetbyimprovedcapacityutilizationandtheassociatedvolumegrowth.


Revenues and operating profit | Fruit segment


2012/13 2011/12 +/-in%

Revenues 276 238 16.0EBITDA 20 26 -20.9

Depreciationonfixedassetsandintangibleassets -8 -8 -1.3

Operating profit 12 18 -30.1Restructuringcosts/specialitems 0 0 -

Income from operations 12 18 -30.1EBITDAmargin 7.3% 10.7%


Investmentsinfixedassets 6 8 -28.2


Total investments 6 8 -28.2Employees 5,479 5,309 3.2

Thefruitsegmentwasabletoreversethetrendofthepastfewquarters.Revenuesgrewabout16%to€276(238)millioninthefirstthreemonthsoffiscal2012/13.Bothvolumeandsalesrevenueswerehigherthantheyearprior.

Thefruitsegment’soperatingprofitfell to€12millionfromthepreviousyear’shigh€18million.Highervolumeandsalesrevenueswerenotenoughtooffsetsharplyhighercosts.


Income statement | Group


2012/13 2011/12 +/-in%

Revenues 1,887 1,639 15.1Operatingprofit 263 184 43.0

Resultfromrestructuringandspecialitems 0 0 -33.3

Income from operations 263 184 42.8Incomefromcompaniesconsolidatedatequity 1 1 -23.1

Financialresult -26 -20 30.0

Earnings before income taxes 238 165 44.1Taxesonincome 25 -35 -

Net earnings for the year 263 130 > 100ofwhichattributabletoSüdzuckerAGshareholders 220 91 >100

ofwhichattributabletohybridcapital 7 7 0.0

ofwhichattributabletominorityinterests 36 32 13.0

Earnings per share (€) 1.17 0.48 > 100

Income from operationsinthefirstthreemonthsoffiscal2012/13wasinlinewiththesubstantiallyhigheroperatingprofitthanayearearlierof€263(184)million.Therewerenospecialitemsorchargesagainstprofitsfromrestructuring.

Income from companies consolidated at equitywasaboutthesameaslastyearat€1(1)millionandincludesthecompany’sshareofearningsfromajoint-venturedistributor.

Thefinancial result deterioratedinthefirstthreemonthsoffiscal2012/13from€-20millionto€-26million.Despitehigheraveragedebt,netinterestexpenseimprovedsig-nificantly,goingfrom€-22millionto€-17million,becauseoflowershort-terminterestratesontherefinancingofthethe€500millionbondredeemedinFebruary2012andcommercialpaperstofinancetheMarch2012installmentsforbeets.Income/lossfromfinancingactivitieswentfrom€2millionto€-9million,mainlybecauseofunrealizednon-cashcurrencyexchangelossesrelatedtoeurofinancingoftheEasternEuropeansubsidiariesasthevalueofthePolishzlotyandRomanianleuslidfurther.

The tax resultfollowinghigherearnings before taxesof€238(165)millionwasposi-tiveandtotaled€25million(deferredtaxincome),whichcomparestotaxexpensesof€35millioninthefirstquarterof2011/12.Thepositivetaxbalanceinthefirstquarterof2012/13resultedfromthesuccessfulconclusionofalong-standingappealbeforethefinancialcourtsregardingtaxationissuessurroundingtheForeignTaxAct.One-timede-ferredtaxincomeinthisconnectiontotaled€76million;theassociatedcurrentincometaxexpenseis€51million.


Oftheconsolidated net earningsof€263(130)million,€220(91)millionwereallo-catedtoSüdzuckerAGshareholders,€7(7)milliontohybridbondholdersand€36(32)milliontoothernon-controllinginterests,mainlytheco-ownersofAGRANAGroupandCropEnergiesGroup.

Earnings per sharecameinat€1.17(0.48).Thecalculationisbasedonthetime-weightedaverageof188.8(189.3)millionsharesoutstanding.

Cash flow | Group


2012/13 2011/12 +/-in%

Cash flow 252 191 32.0

Increase (-) in working capital -430 -218 97.7

Investments in fixed assets Sugarsegment 30 23 33.8




Total investments in fixed assets 58 49 19.4

Investments in financial assets/acquisitions 181 2 > 100

Dividends paid 0 0 -50.0

Theincreaseincash flow of€61millionto€252(191)millionwasdrivenbythegrowthinoperatingprofit.

Asexpected,theincreaseinworking capitalcausedcommittedcapitaltoriseto€430millionfrom€218milliontheyearprior.Theresultingincreasedfinancingrequirementscomparedtolastyearareattributabletothesignificantlyhigherfinal installmentsforbeetsforthe2011campaigninMarchandApril2012,drivenbyhigherpricesandvolumes.

Thegroup’sinvestments in fixed assets(includingintangibleassets)intheperiodfromMarch1toMay31,2012totaled€58(49)million.Investmentsof€30(23)millionbythesugarsegmentweremainlyforreplacements.Thespecialproductssegmentinvested€17(12)million;amongotherthings,ontheconstructionofawheatstarchsystematthePischelsdorffacilityinAustria.TheCropEnergiessegmentinvested€5(6)milliontofurtheroptimizeitsproductionsystems.Thefruitsegmentinvested€6(8)million,mainlyinthefruitpreparationsarea.

Investments in financial assetstotaling€181(2)millionwerefortheacquisitionofa25%stakeminusoneshareintheBritishtradingcompanyED&FManbasedinLondon.


Balance sheet | Group

€ million 31.05.2012 31.05.2011 +/- in %

AssetsNon-currentassets 4,242 4,039 5.0

Currentassets 3,679 3,350 9.8

Total assets 7,921 7,389 7.2

Liabilities and shareholders’ equityShareholders’equity 4,166 3,810 9.3

Non-currentliabilities 1,876 1,764 6.4

Currentliabilities 1,879 1,815 3.5

Total liabilities and shareholders’ equity 7,921 7,389 7.2

Netfinancialdebt 1,223 932 31.3

Equityratio 53% 52%

Netfinancialdebtas%ofequity(Gearing) 29% 24%

Non-current assetsrose€203millionto€4,242(4,039)million,€181millionofwhichwasfortheacquisitionofaninterestinED&FMan,basedinLondon,England,andisre-portedundersharesofcompaniesconsolidatedatequity.

Theincreaseincurrent assetsof€329million,bringingthetotalto€3,679(3,350)mil-lion,islargelyduetothepriceandvolume-drivenincreaseof€425millionininventories,whichendedat€1,867(1,442)million,inadditiontothemainlyprice-drivenincreaseof€140millionintradereceivables,whichtotaled€922(782)million.Currenttaxreceiv-ablesof€77(28)millionincludeareimbursementrightof€59millionfrompre-paidtaxesfollowingthesuccessfulconclusionofalong-standingfinancialcourtappealregardingtaxationissuessurroundingtheForeignTaxAct.

Shareholders’ equity rose€356millionto€4,166(3,810)million;totalassetswerehigherthantheyearprior,aswastheequityratioatabout53(52)%.SüdzuckerAGheld600,000treasurysharesonMay31,2012.Thetotalacquisitioncostsof€12.8millionwerereportedundershareholderequity.

Non-current liabilities rose€112millionto€1,876(1,764)million.Thisisprimarilytheresultofhigherprovisionsforpensionsandsimilarobligationsduetovaluationadjust-ments.Thediscountratefordeterminingobligationsforpensionsandsimilarobligationswasadjustedto4.00%asofMay31,2012.ForMay31,2011,ithadbeensetat5.00%.Thediscountratehadtobecorrectedto4.50%asofthelastbalancesheetdate.Thevalu-ationadjustmentsareallocatedandrecognizeddirectlyinequitytakingintoconsiderationdeferredtaxes.

The€64millionincreaseincurrent liabilitiesto€1,879(1,815)millionistheresultofanincreaseincurrenttaxliabilities,whichrose€66millionto€108(42)million.


Net financial debtcameinat€1,223(932)millionasexpected,€291millionhigherthantheyearprior.TheincreaseresultedfromhigherworkingcapitalfinancingrequirementsandthecostofacquiringastakeinED&FMan.Theratioofnetfinancialdebttoequitythusincreasedfrom24%to29%.

Thestrongfinancialindicatorsarenowalsoreflectedinthecompany’srating.AttheendofJanuary2012,Moody’sratingagencyraisedSüdzucker’slong-termratingfrom“Baa2”to“Baa1”andonJune5,2012,Standard&Poor’sratingagencyupgradeditsratingofthecompanyfrom“BBB”to“BBB+”,alsowithastableoutlook.

Employees | Group

1st quarter

2012/13 2011/12 +/-in%

Sugarsegment 7,590 7,497 1.2

Specialproductssegment 4,445 4,350 2.2


Fruitsegment 5,479 5,309 3.2

Group 17,829 17,463 2.1

Theaveragenumberofpersonsemployedbythegroupinthefirstthreemonthsoffiscal2012/13roseto17,829(17,463).Thesugarsegmentadded93employees.Theincreaseof95employeesinthespecialproductsegmentwaspartlydrivenbytheconstructionofthenewwheatstarchproductionplantinPischelsdorf,Austria.The170workershiredbythefruitsegmentwereaddedtosatisfytheneedforseasonalworkersduringtheharvestingcampaign.

18 Interim management reportRisk management | Events after the balance sheet date

Risk management

Südzuckerusesanintegratedsystemfortheearlyidentificationandmonitoringofgroup-specificrisks.Successfulriskmanagementisbasedonachievinganappropriatebalancebetweenopportunitiesandrisks.Thecompany’sriskcultureischaracterizedbyrisk-awaremanagement,clearlyassignedresponsibilities,independenceinriskcontrollingandbytheimplementationofinternalcontrols.

Currentlytherearenorisksthatthreatentheorganization’scontinuedexistence,nordoweforeseeanysuchrisks.

Detailedinformationaboutthegroup’sriskmanagementsystemanditsopportunitiesandriskscanbefoundinthe2011/12annualreportundertheriskssectiononpages74–81.

Inviewofthecurrentconfidencecrisisinthecapitalmarkets,theoverallriskofreceiv-ablesdefault,productpricingandcurrencyfluctuationshasincreased.Theriskmanage-mentsystemiscontinuouslybeingenhancedtomitigatetheserisks.

Events after the balance sheet date June1,2012wastheclosingdateforthesigningofthejointventuredealcomprisingAGRANA Juice Holding GmbH, Gleisdorf, Austria, and Ybbstaler Fruit Austria GmbH,Kröllendorf,Austria.

ThenewlyfoundedjointventureYBBSTALERAGRANAJUICEGmbHisheadquarteredinKröllendorf,Austria,andhasfourteenproductionplantsinAustria,Denmark,Hungary,Poland,Romania,UkraineandChina.Thejointventure,whichgeneratesannualrevenuesofabout€350million,willbefullyconsolidatedbyAGRANAasofthesecondquarterof2012/13.ThetwomanufacturingcompaniesYbbstalerFruitAustriaGmbH,Kröllendorf,andYbbstalerFruitPolskasp.zoo,Chelm,Poland,havealsobeenfullyconsolidatedintotheAGRANAgroupasofthebeginningofthesecondquarter.

Themergerisexpectedtogeneratesynergiesandimproveaccesstointernationalmarkets,aswellascreateadditionalgrowthopportunities.

AGRANAInternationalVerwaltungs-undAsset-ManagementGmbH,Viennaholds50.01%ofthe jointventure’sparentcompany,YBBSTALERAGRANAJUICEGmbH,Kröllendorf,whileRWARaiffeisenWareAustria,Vienna,holds49.99%.

19Interim management reportOutlook

Outlook1

Infiscal2012/13wecontinuetoexpectallsegmentstogeneratehigherrevenuesandthusconsolidatedrevenuestoriseslightlytoover€7.0billion.

Wecontinuetoexpectconsolidatedoperatingprofittorisetoover€800million,mostofwhichwillcomefromthesugarsegment.Weexpectthespecialproductssegmenttore-peatlastyear’sstrongresultsandtheCropEnergiessegmenttobuildonlastyear’srecordprofits.Weexpectthefruitsegment’soperatingprofittoimprove.

Thisforecastcontinuestobebasedontheassumptionthateconomicconditionswillnotdeteriorateinspiteoftheeuroandstatedebtcrises.

Sugar segmentFiscal2012/13willbedominatedbyconcertedeffortstoselltheabove-averagesugarvolumefromthe2011harvest.Atthesametime,maintainingabalancebetweensupplyanddemandisofcrucialimportance.Aslongasworldmarketpricelevelsremainhigh,weexpectEuropeanpricesforquotasugartoremainstable.Ourforecastcallsforquotasugarvolumestobethesameaslastyearandnon-quotasugarvolumestoincrease.Overall,weexpectrevenuesandoperatingprofittoagainrisesubstantially.

Special products segmentWecontinuetoexpectthespecialproductssegment’srevenuestorisemoderately.Weexpectthestarchdivision’srevenuestodeclineslightly,andhigherrevenuesfromallotherdivisions.Weexpectoperatingprofittobeatthesamehighlevelastheyearprior.HerethemaincontributorswillbetheFreiberger,BENEOandPortionPackEuropedivisions.Volumegrowthisexpectedtoagainpartiallyoffsettheimpactofthehighercommoditycostswehavealreadyexperienced.Despitetheexcellentstartintothecurrentbusinessyear,weexpectthestarchdivision’soperatingprofittobelowerthantheunusuallyhighlevelitreachedlastyear.

CropEnergies segmentHigherbioethanolproductionandvolumesareexpectedtofurtherincreaserevenuesintheCropEnergiessegmentdespiteslightlylowersalesrevenues.Assuch,operatingprofitshouldbebackabove€50millionandthusclosetotherecordresultsreportedlastyear.

Fruit segmentWeexpectthefruitsegmenttogeneratehigherrevenuesforbothfruitpreparationsandfruit juiceconcentrates.Operatingprofitinthefirstquarterwashigherthaninprevi-ousquarters.Weexpectthispositivetrendtocontinuefortheremainderoftheyear,incontrasttothesignificantdeclineinoperatingprofitexperiencedlastyear.Wethereforeexpectoperatingprofitfortheyearoveralltobehigherthanattheendofthepriorfiscalyear.Theimprovementwillbedrivenbycontinuingrecoveryoflastyear’sweakvolumedevelopmentforfruitpreparations.

1TheforecastforconsolidatedgrouprevenuesandconsolidatedgroupoperatingprofitincludedinthisreportcorrespondtotheconfirmedforecastdatedJune25,2012.

20 Interim financial statementsConsolidated statement of comprehensive income


2012/13 2011/12 +/-in%

Income statement

Revenues 1,886.6 1,639.0 15.1Changeinworkinprogressandfinishedgoodsinventoriesandinternalcostscapitalized -428.3 -304.8 40.5

Otheroperatingincome 25.9 13.9 86.3

Costofmaterials -764.6 -767.9 -0.4

Personnelexpenses -185.5 -173.3 7.0

Depreciation -49.0 -47.4 3.4

Otheroperatingexpenses -222.0 -175.3 26.6

Income from operations 263.1 184.2 42.8Incomefromcompaniesconsolidatedatequity 1.0 1.3 -23.1

Financialincome 12.2 12.3 -0.8

Financialexpense -37.9 -32.4 17.0

Earnings before income taxes 238.4 165.4 44.1Taxesonincome 24.3 -35.7 -

Net earnings for the year 262.7 129.7 > 100ofwhichattributabletoSüdzuckerAGshareholders 220.5 91.6 >100

ofwhichattributabletohybridcapital 6.5 6.5 0.0

ofwhichattributabletominorityinterests 35.7 31.6 13.0

Earnings per share (€) 1.17 0.48 > 100Dilusioneffect -0.07 -0.02 >100

Dilutedearningspershare(€) 1.10 0.46 >100

Statement of income and expenses recognized directly in equity Net earnings for the year 262.7 129.7 > 100Marketvalueofhedginginstruments(cashflowhedge)afterdeferredtaxes 0.2 5.3 -96.2

Marketvalueofsecurities(availableforsale)afterdeferredtaxes -0.2 -0.1 >100

Exchangedifferencesonnetinvestmentsinforeignoperationsafterdeferredtaxes -3.9 0.4 -

Foreigncurrencydifferencesfromconsolidation -19.4 -4.0 >100

Income and expenses to be recognized in the income statement in the future -23.3 1.6 -Acturialgainsandlossesofdefinedbenefitpensionplansandsimilarobligationsafterdeferredtaxes -31.8 0.0 -

Other comprehensive income -55.1 1.6 -

Comprehensive income 207.6 131.3 58.1ofwhichattributabletoSüdzuckerAGshareholders 170.6 91.3 86.9

ofwhichattributabletohybridcapital 6.5 6.5 0.0

ofwhichattributabletominorityinterests 30.5 33.5 -9.0

Consolidated statement of comprehensive income

21Interim financial statementsConsolidated cash flow statement


2012/13 2011/12 +/-in%

Netearningsfortheyear 262.7 129.7 >100

Depreciationandamortizationofintangibleassets,fixedassetsandotherinvestments 49.0 47.5 3.2

Decrease(-)/Increase(+)innon-currentprovisionsanddeferredtaxliabilitiesandincrease(-)/decrease(+)indeferredtaxassets -6.0 14.3 -

Otherincome(-)/expenses(+)notaffectingcash -53.9 -0.8 >100

Cash flow 251.8 190.7 32.0Gain(-)/Loss(+)ondisposalofitemsincludedinnon-currentassetsandofsecurities -1.6 -0.7 >100

Decrease(-)/Increase(+)incurrentprovisions -20.8 -17.6 18.2

Decrease(-)/Increase(+)ininventories,receivablesandothercurrentassets 366.5 168.0 >100

Decrease(-)/Increase(+)inliabilities(excludingfinancialliabilities) -776.1 -368.1 >100

Decrease (-)/Increase (+) in working capital -430.4 -217.7 97.7

I. Net cash flow from operating activities -180.2 -27.7 > 100Investmentsinfixedassetsandintangibleassets -58.4 -48.9 19.4

Investmentsinfinancialassets -180.5 -2.1 >100

Investments -238.9 -51.0 > 100Cashreceivedondisposalofnon-currentassets 2.6 3.3 -21.2

Cashpaid(-)/received(+)forthepurchase/saleofsecurities 69.2 -11.8 -

II. Cash flow from investing activities -167.1 -59.5 > 100

Capitaldecrease(-)/increase(+) -4.4 -1.7 >100

Dividendspaid -0.1 -0.2 -50.0

Repaiment(-)/Refund(+)offinancialliabilities 204.3 376.4 -45.7

III. Cash flow from financing activities 199.8 374.5 -46.6

IV. Change in cash and cash equivalents (total of I., II. und III.) -147.5 287.3 -Changeincashandcashequivalents duetoexchangeratechanges -47.0 0.1 -

duetochangesinentitiesincludedinconsolidation 0.0 0.0 -

Decrease (-)/Increase (+) in cash and cash equivalents -194.5 287.4 -Cashandcashequivalentsatthebeginningoftheperiod 537.4 250.0 >100

Cash and cash equivalents at the end of the period 342.9 537.4 -36.2


2012/13 2011/12 +/-in%

Dividendsreceivedfromcompaniesconsolidatedatequityandotherinvestments 0.9 0.4 >100

Interestreceipts 10.5 11.5 -8.7

Interestpayments -24.6 -18.8 30.9

Incometaxespaid -23.7 -22.4 5.8

Consolidated cash flow statement

22 Interim financial statementsConsolidated balance sheet

€ million 31.05.2012 31.05.2011 +/- in % 29.02.2012 +/- in %

AssetsIntangibleassets 1,188.7 1,185.8 0.2 1,191.6 -0.2

Fixedassets 2,557.4 2,554.3 0.1 2,554.1 0.1

Sharesincompaniesconsolidatedatequity 193.9 12.4 >100 12.3 >100

Otherinvestments 33.7 32.8 2.7 33.7 0.0

Securities 105.1 105.6 -0.5 105.1 0.0

Otherassets 34.6 28.5 21.4 9.0 >100

Deferredtaxassets 128.7 119.5 7.7 130.7 -1.5

Non-current assets 4,242.1 4,038.9 5.0 4,036.5 5.1Inventories 1,866.9 1,441.7 29.5 2,323.7 -19.7

Tradereceivables 921.9 781.5 18.0 805.8 14.4

Otherassets 428.5 398.8 7.4 496.8 -13.7

Currenttaxreceivables 77.4 28.3 >100 16.2 >100

Securities 41.2 162.6 -74.7 108.1 -61.9

Cashandcashequivalents 342.9 537.4 -36.2 501.5 -31.6

Current assets 3,678.8 3,350.3 9.8 4,252.1 -13.5

Total assets 7,920.9 7,389.2 7.2 8,288.6 -4.4

Liabilities and shareholders’ equityIssuedsubscribedcapital 189.4 189.4 0.0 189.4 0.0

Nominalvalueownshares -0.6 -0.1 >100 -0.4 50.0

Outstanding subscibed capital 188.8 189.3 -0.3 189.0 -0.1

Capitalreserves 1,189.3 1,189.3 0.0 1,189.3 0.0

Revenuereserves 1,404.2 1,122.8 25.1 1,237.9 13.4

Equity attributable to shareholders of Südzucker AG 2,782.3 2,501.4 11.2 2,616.2 6.3

Hybridcapital 683.9 683.9 0.0 683.9 0.0

Otherminorityinterests 699.7 624.7 12.0 669.1 4.6

Shareholders’ equity 4,165.9 3,810.0 9.3 3,969.2 5.0Provisionsforpensionsandsimilarobligations 593.9 479.3 23.9 546.1 8.8

Otherprovisions 155.2 167.6 -7.4 173.6 -10.6

Non-currentfinancialliabilities 980.4 941.9 4.1 931.4 5.3

Otherliabilities 13.1 14.0 -6.4 13.1 0.0

Deferredtaxliabilities 133.2 160.7 -17.1 140.5 -5.2

Non-current liabilities 1,875.8 1,763.5 6.4 1,804.7 3.9Otherprovisions 162.6 170.4 -4.6 183.6 -11.4

Currentfinancialliabilities 732.2 795.2 -7.9 574.0 27.6

Tradepayablesandotherliabilities 456.5 414.8 10.1 1,234.4 -63.0

Otherliabilities 419.4 392.9 6.7 437.8 -4.2

Currenttaxliabilities 108.5 42.4 >100 84.9 27.8

Current liabilities 1,879.2 1,815.7 3.5 2,514.7 -25.3

Total liabilities and shareholders’ equity 7,920.9 7,389.2 7.2 8,288.6 -4.4

Netfinancialdebt 1,223.4 931.5 31.3 790.7 54.7

Equityratio 52.6% 51.6% 47.9%

Netfinancialdebtas%ofequity(Gearing) 29.4% 24.4% 19.9%

Consolidated balance sheet1

23Consolidated statement of changes in shareholders’ equity

Interim financial statements

€ million

Issued subscribed

capital

Nominal valueown

sharesCapital

reservesRevenue reserves

Equity of Südzucker

share-holders

Hybrid capital

Other minority interests

Total share-

holders’ equity

March 1, 2011 189.4 0.0 1,189.3 1,033.6 2,412.3 683.9 590.5 3,686.7Marketvaluationsandexchangedifferencesonnetinvestments 3.5 3.5 0.0 2.1 5.6

Acturialgainsandlossesofdefinedbenefitpensionplansandsimilarobligationsafterdeferredtaxes 0.0 0.0 0.0 0.0 0.0

Foreigncurrencytransalationdifferencesfromconsolidation -3.8 -3.8 0.0 -0.2 -4.0

Income and expenses directly recognized in equity -0.3 -0.3 0.0 1.9 1.6

Netearnings 91.6 91.6 6.5 31.6 129.7

Comprehensive income 91.3 91.3 6.5 33.5 131.3Distributions 0.0 0.0 -6.5 -0.2 -6.7

Capitalincrease/decrease 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ownshares 0.0 -0.1 0.0 -1.6 -1.7 -1.7

Otherchanges -0.5 -0.5 0.0 0.9 0.4

May 31, 2011 189.4 -0.1 1,189.3 1,122.8 2,501.4 683.9 624.7 3,810.0

March 1, 2012 189.4 -0.4 1,189.3 1,237.9 2,616.2 683.9 669.1 3,969.2Marketvaluationsandexchangedifferencesonnetinvestments -5.6 -5.6 0.0 1.7 -3.9

Acturialgainsandlossesofdefinedbenefitpensionplansandsimilarob-ligationsafterdeferredtaxes -30.3 -30.3 0.0 -1.5 -31.8

Foreigncurrencytransalationdifferencesfromconsolidation -14.0 -14.0 0.0 -5.4 -19.4

Income and expenses directly recognized in equity -49.9 -49.9 0.0 -5.2 -55.1Netearnings 220.5 220.5 6.5 35.7 262.7

Comprehensive income 170.6 170.6 6.5 30.5 207.6Distributions 0.0 0.0 -6.5 -0.1 -6.6

Capitalincrease/decrease 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ownshares 0.0 -0.2 0.0 -4.2 -4.4 -4.4

Otherchanges -0.1 -0.1 0.0 0.2 0.1

May 31, 2012 189.4 -0.6 1,189.3 1,404.2 2,782.3 683.9 699.7 4,165.9

1Theprioryear’snumbershavebeenadjustedinaccordancewithIAS8;furtherdisclosuresareincludedinnote(1)ofthenotestotheconsolidatedfinancialstatements.

Consolidated statement of changes in shareholders’ equity1

24Development in income and expenses recognized directly in group equity Interim financial statements | Notes to the interim financial statements

€ million

Market value of hedging

instruments (cash flow

hedge)

Market value of

securities (available for sale)

Exchange differences

on net investments

in foreign operations

Market valuations

and exchange

differences on net

investments

Accumu-lated

exchange differences

Actuarial gains and

losses

Income and expenses

recognized directly in

equity

March 1, 2011 9.7 7.4 -7.6 9.5 -3.0 -62.3 -55.8Changesrecognizedinequity 22.2 -0.1 0.5 22.6 -4.0 0.0 18.6

Changesrecognizedinprofitorloss -14.3 -14.3 -14.3

Deferredtaxes -2.6 0.0 -0.1 -2.7 0.0 -2.7

May 31, 2011 15.0 7.3 -7.2 15.1 -7.0 -62.3 -54.2

March 1, 2012 -0.3 4.2 -10.3 -6.4 -13.3 -107.8 -127.5Changesrecognizedinequity 23.5 -0.2 -4.9 18.4 -19.4 -44.7 -45.7

Changesrecognizedinprofitorloss -22.2 -22.2 -22.2

Deferredtaxes -1.1 0.0 1.0 -0.1 12.9 12.8

May 31, 2012 -0.1 4.0 -14.2 -10.3 -32.7 -139.6 -182.6

1Theprioryear’snumbershavebeenadjustedinaccordancewithIAS8;furtherdisclosuresareincludedinnote(1)ofthenotestotheconsolidatedfinancialstatements.

Notes to the interim financial statements

Segment report | Group


2012/13 2011/12 +/-in%

Südzucker GroupGross revenues 1,969.8 1,703.8 15.6Consolidation -83.2 -64.8 28.4

Revenues 1,886.6 1,639.0 15.1

EBITDA 311.9 231.3 34.8EBITDAmargin 16.5% 14.1%


Operating profit 262.9 183.9 43.0Operatingmargin 13.9% 11.2%

Resultfromrestructuringandspecialitems 0.2 0.3 -33.3

Income from operations 263.1 184.2 42.8Investmentsinfixedassets 58.4 48.9 19.4

Investmentsinfinancialassets/acquisitions 180.5 2.1 >100

Total investments 238.9 51.0 > 100

Capital employed 6,094.5 5,532.7 10.2Averagenumberofemployees 17,829 17,463 2.1

Development in income and expenses recognized directly in group equity1

25 Notes to the interim financial statements

Segment report | Sugar, Special products


2012/13 2011/12 +/-in%

Sugar segment Gross revenues 1,064.4 868.2 22.6Consolidation -66.5 -40.2 65.4

Revenues 997.9 828.0 20.5




Resultfromrestructuringandspecialitems -0.1 0.4 -


Investmentsinfinancialassets/acquisitions 180.5 2.1 >100

Total investments 211.8 25.5 > 100


Special products segment Gross revenues 469.0 465.2 0.8Consolidation -8.7 -15.3 -43.1

Revenues 460.3 449.9 2.3




Resultfromrestructuringandspecialitems 0.3 0.0 -


Investmentsinfinancialassets/acquisitions 0.0 0.0 -

Total investments 16.8 12.1 38.8



Segment report | CropEnergies, Fruit


2012/13 2011/12 +/-in%

CropEnergies segment Gross revenues 160.5 132.1 21.5Consolidation -7.6 -8.5 -10.6

Revenues 152.9 123.6 23.7

EBITDA 22.8 23.0 -0.9EBITDAmargin 14.9% 18.6%


Operating profit 14.9 15.3 -2.6Operatingmargin 9.7% 12.4%

Resultfromrestructuringandspecialitems 0.0 -0.1 -100.0

Income from operations 14.9 15.2 -2.0Investmentsinfixedassets 4.7 5.6 -16.1


Total investments 4.7 5.6 -16.1

Capital employed 498.2 524.4 -5.0Employees 315 307 2.6

Fruit segment Gross revenues 275.9 238.3 15.8Consolidation -0.4 -0.8 -50.0

Revenues 275.5 237.5 16.0

EBITDA 20.0 25.3 -20.9EBITDAmargin 7.3% 10.7%

Depreciation -7.7 -7.8 -1.3

Operating profit 12.3 17.6 -30.1Operatingmargin 4.5% 7.4%

Resultfromrestructuringandspecialitems 0.0 0.0 -

Income from operations 12.3 17.6 -30.1Investmentsinfixedassets 5.6 7.8 -28.2


Total investments 5.6 7.8 -28.2

Capital employed 822.2 694.6 18.4Averagenumberofemployees 5,479 5,309 3.2

27Notes to the interim financial statements

(1) Principles of preparation of the interim consolidated financial statements

SüdzuckerGroup’sinterimfinancialstatementsasofMay31,2012werepreparedinaccor-dancewiththerulesoninterimfinancialreportingpursuanttoIAS34(InterimFinancialReporting), inconformancewiththeInternationalFinancialReportingStandards(IFRS)publishedbytheInternationalAccountingStandardsBoard(IASB).SüdzuckerAG’sgroupfinancialstatementdatedMay31,2012hasbeencondensedasperIAS34.SüdzuckerAG’sboardofdirectorsreleasedthisinterimreportforpublicationonJuly9,2012.

Thestandardsandinterpretationsthatcameintoeffectforthefirsttimeinthe2012/13fi-nancialyearwereappliedforthefirsttimeinpreparingtheseinterimfinancialstatements.Theamendedstandardhadnoimpactonthefinancialstatementsortheasset,financialandearningspositionofthegroup.Theprovisionsforpensionsandsimilarobligationswerediscountedby4.00%insteadofthe4.50%appliedasofFebruary29,2012.Thepreviousyear,thediscountrateonFebruary28,2011andMay31,2011was5.00%.Thesameaccountingandvaluationmethodsasthoseusedtopreparethegroupannualfi-nancialstatementsdatedFebruary29,2012wereappliedfortheremainderofthisinterimreport.Therelevantexplanatorynotesunderitem(5),pages104to110ofthe2011/12annualreportthusalsoapplyhere.Inordertoimprovecomparabilityofthereportingofpensionsandsimilarobligations,Südzuckerdecidedinthefourthquarteroffiscal2011/12torecognizeallactuarialgainsandlossesintheperiodinwhichtheyoccur.Thedisclosurefortheproratedprioryear’speriodwasadjustedaccordingly.Furtherdetailscanbefoundinthenotestothe2011/12annualreportunderitems(1)and(27).

Incometaxeswerecalculatedonthebasisoflocalcorporateincometaxratesincon-siderationoftheincometaxforecastfortheentirebusinessyear.Materialspecialitemsarefullyrecognizedneglectingthedeterminationoftheannualtaxrateintherespectivequarter.

SugarisprimarilyproducedfromSeptembertoDecember.Thisiswhydepreciationonsys-temsusedforthecampaignisprimarilyappliedtothethirdquarterresults.Thematerial,personnelandotheroperatingexpensesincurredpriortothesugarcampaigntoprepareforproductionareitemizedoverthecourseofthefiscalyearandcapitalizedasworkinprogressviachangesininventories.

SüdzuckerGroup’sannualreportfor2011/12canbeviewedordownloadedatwww.suedzucker.de/de/Investor-Relations/and/orwww.suedzucker.de/en/Investor-Relations/.

(2) Companies included in consolidation

Asoftheendofthefirstquarterof2012/13,thescopeofconsolidationincluded155companiesinadditiontoSüdzuckerAG(endoffiscal2011/12:156companies).Thede-consolidatedcom-panywasmerged.Proportionateconsolidationwasappliedtoeight(eight)companiesandtheequitymethodcontinuestobeappliedtotwo(one)companies.


Theincreaseforcompaniesconsolidatedatequityrelatestothe25%minusonesharestakeinBritishtradingcompanyED&FManHoldingsLtd.,London.ThecostofthisacquisitionwasUSD255millionandisreportedinitsentirety,includingincidentalacquisitioncosts,underthebal-ancesheetitem“Sharesofcompaniesconsolidatedatequity”.TheEuropeanCommissiongaveSüdzuckerapprovalforproceedingwiththeacquisitiononMay16,2012.Asaresult,thedealdidnotcloseuntiltheendofthefirstquarter.TheCommission’sinvestigationdeterminedthatinmostEuropeanmarketsthemergerwillhavenoadverseimpactoncompetition.ToalleviatepossibleconcernsinItaly,SüdzuckerandED&FManhavedeclaredthemselvespreparedtoacceptthatED&FManwillgiveupitsinterestinasugarrefineryinItaly.ED&FMan’sfiscalyearisnotthesameasSüdzucker’sandendsonSeptember30.ED&FManresultsproratedtoreflectSüd-zucker’sinterestinthecompanyanddatingbacktwomonthswillbeincorporatedonSüdzucker’skeyclosingdates.Materialeventsbetweenthesekeydateswillbeadjusted.

(3) Earnings per share

ThecalculationofearningspershareaccordingtoIAS33fromMarch1toMay31,2012wasbasedonatime-weightedaverageof188.8millionsharesoutstanding.Earningspersharecameinat€1.17.NoholdersoftheconvertiblebondissuedonJune30,2009exer-cisedconversionrightsduringthereportingperiod.Assumingtotalconversiontoshares,thedilutedearningspersharewere€1.10pershare.Thecalculationisbasedonthetheo-reticalconversionof15millionsharesoratotalof203.8millionshares.

(4) Inventories

€ million May 31 2012 2011Rawmaterialsandsupplies 406.0 381.2

Workinprogressandfinishedgoods

Sugarsegment 1,018.6 718.9

Specialproductssegment 191.7 166.0

CropEnergiessegment 30.0 24.8

Fruitsegment 107.2 67.7

Totalofworkinprogressandfinishedgoods 1,347.5 977.4

Merchandise 113.4 83.1

1,866.9 1,441.7

Inventorieswere significantlyhigher than theyearpriorat€1,866.9 (1,441.7)million,mainlyduetotheriseincommoditycosts,butalsotohigherstocks.Thesignificantriseinfinishedandunfinishedgoodsinthesugarsegmentcomparedtotheyearpriorisduetohigherbeetpricesandhighervolumeofsugarproducedduringthe2011campaign.Theincreaseinmerchandisefrom€83.1millionto€113.4millionismainlyattributabletothesugarsegmentandreflectstheincreasedtradingactivities.

29Notes to the interim financial statements

(5) Trade receivables and other assets

Remaining term Remaining term

€ million May 31 2012 to 1 year over 1 year 2011 to 1 year over 1 year

Trade receivables 921.9 921.9 0.0 781.5 781.5 0.0ReceivablesduefromtheEUfromexportrecoveries 5.3 5.3 0.0 9.3 9.3 0.0

Othertaxesrecoverable 114.4 114.4 0.0 83.4 83.4 0.0

Positivemarketvaluederivatives 24.4 24.4 0.0 40.2 40.2 0.0

Otherfinancialassets 234.0 199.6 34.4 188.9 174.0 14.9

Othernon-financialassets 85.0 84.8 0.2 105.5 91.9 13.6

Other assets 463.1 428.5 34.6 427.3 398.8 28.5

Tradereceivablesrose€140.4millionto€921.9(781.5)million,duetohighersalesrevenuesinthesugarsegmentdespitelowerpricerealizationtargets.

Theincreaseinotherfinancialassetsto€234.0(188.9)millionrelatesmainlytohigherreceivablesfromsugardeliveriestotheItaliansugardistributorMaxiS.r.L.,Bozen,whichisconsolidatedatequity.

(6) Trade payables and other liabilities


€ million May 31 2012 to 1 year over 1 year 2011 to 1 year over 1 year

Liabilitiestobeetgrowers 91.2 91.2 0.0 29.4 29.4 0.0

Liabilitiestoothertradetradepayables 365.3 365.3 0.0 385.4 385.4 0.0

Trade payables 456.5 456.5 0.0 414.8 414.8 0.0

Liabiliitiesforproductionlevy 0.9 0.9 0.0 0.0 0.0 0.0

Liabilitiesforpersonnelexpenses 120.3 119.7 0.6 103.3 102.8 0.5

Liabilitiesforothertaxesandsocialsecuritycontributions 60.5 60.5 0.0 55.8 55.8 0.0

Negativemarketvaluederivatives 35.5 35.5 0.0 15.3 15.3 0.0

Otherliabilities 207.3 194.8 12.5 228.0 214.5 13.5

On-accountpaymentsreceivedonorders 8.0 8.0 0.0 4.5 4.5 0.0

Other liabilities 432.5 419.4 13.1 406.9 392.9 14.0

LiabilitiestobeetfarmersonFebruary29,2012totaled€794.6million.Ofthistotal,€703.4millionwaspaidoffinthefirstquarterof2012/13.ThefinalinstallmentsforthesugarcampaignpaidoutinMarchandApril2012werethusabout€360millionhigherthanlastyear.Theoutstandingliabilitiesof€91.2millionasofMay31,2012areforthefinalinstallmentsforbeetsinFranceandBelgium.


(7) Financial liabilities, securities and cash and cash equivalents (net financial debt)


€ million May 31 2012 to 1 year over 1 year 2011 to 1 year over 1 yearBonds 1,049.4 396.8 652.6 1,170.0 526.6 643.4ofwhichconvertible 248.0 0.0 248.0 239.9 0.0 239.9

Liabilitiestobanks 662.9 335.3 327.6 566.8 268.5 298.3

Liabilitiesfromfinanceleasing 0.3 0.1 0.2 0.3 0.1 0.2

Financial liabilities 1,712.6 732.2 980.4 1,737.1 795.2 941.9Securities(non-currentassets) -105.1 -105.6

Securities(currentassets) -41.2 -162.6

Cashandcashequivalents -342.9 -537.4

Net financial debt 1,223.4 931.5

Financialliabilitiesof€1,712.6(1,737.1)millionarecomparabletolastyear’slevel.Thetotalvalueofbondsdeclined€120.6million.Ontheprioryear’srecorddate,thisitemstillincludedthe5.75%2002/2012bond(€500million),whichwasredeemedonFebruary27,2012.Instead,asofMay31,2012,theitemincludescommercialpaperstotaling€369.9(0.0)millionwithtermstomaturitybetweenoneandthreemonths.

Liabilities tobanksrose€96.1millionto€662.9 (566.8)million.The increasewasdrivenAGRANABeteiligungs-AG,Vienna,Austria’splacementonApril24,2012ofpromissorynotesintheamountof€110million.Thetermstomaturityarefive,sevenandtenyears.ThepriorquarterincludedthevariabletrancheofSüdzuckerAG’spromissorynote,intheamountof€105million.

(8) Related parties

The related parties described in the 2011/12 annual report under item (37) in the notes remain unchanged.

(9) Events after the interim reporting period

For information on events after May 31, 2012, please refer to the supplementary report in the interim management report. Mannheim, July 9, 2012Südzucker Aktiengesellschaft Mannheim/OchsenfurtThe executive board

Dr. Heer Dr. Kirchberg Kölbl Prof. Dr. Kunz Marihart

Forward looking statements/forecasts

This interim report contains forward looking statements based on assumptions and es-timates made by the executive board of Südzucker AG. Although the executive board may be convinced that these assumptions and estimates are reasonable the future ac-tual developments and future actual results may vary considerably from the assump-tions and estimates due to many external and internal factors. For example, matters to be mentioned in this connection include negotiations relating to the world trade agreement (WTA), changes to the overall economic situation, changes to EU sugar policies, consumer behavior and state food and energy policies. Südzucker AG assumes no responsibility and accepts no liability for future developments and future actual results achieved being the same as the assumptions and estimates included in this interim report.

Forward looking statements/forecasts31Notes to interim financial statements

südzucker ag

Contacts

Investor RelationsNikolai [email protected]: +49 621 421-240Fax: +49 621 421-321

Financial press Dr. Dominik [email protected]: +49 621 421-428Fax: +49 621 421-425

Südzucker on the Internet

For more information about Südzucker Group please go to our website: www.suedzucker.de

Published by

Südzucker AktiengesellschaftMannheim/OchsenfurtTheodor-Heuss-Anlage 1268165 Mannheim, GermanyPhone: +49 621 421-0

© 2012

Documents

In terim Report - suedzucker.de€¦Contents Overview Annual general meeting for fiscal 2011/12 July 19, 2012 Q2 – 1st half year report 2012/13 October 11, 2012 Q3 rd– 1st to 3