Südzucker adapts forecast for financial year 2013/14
Südzucker AG Mannheim/Ochsenfurt, Mannheim, now expects for financial year 2013/14 group revenues of about EUR 7.6 (previous year: 7.9) billion and a stronger than expected decrease in group operating profit to about EUR 650 (previous year: 974) million. The adaption of the forecast is based upon the marketing result of sugar produced in campaign 2013 missing the expectations and a further decline in business development since the end of the first half year 2013/14. Against this background Südzucker also expects group operating profit for the third quarter of the current financial year 2013/14 to come in significantly below previous year’s level.
In spite of the reduced earnings expectation for financial year 2013/14 Südzuckers cash flow strength – with high investments into the growth of Südzucker Group at the same time – will lead to a further reduction of net financial debt to a level of EUR 300 to 400 (previous year: 464) million.
The annualized effect out of the reduced sugar marketing result and the higher fix costs following the lower sugar production volume of sugar campaign 2013 will burden operating result of segment sugar in financial year 2014/15.
The interim report for the first three quarters of 2013/14 will be published on 13 January 2014.