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  09/07/2020 | Industry

Südzucker off to good start in fiscal 2020/21

Südzucker`s consolidated revenues in the first quarter of fiscal 2020/21 (1 March to 31 May 2020) amounted to € 1.669 bn (previous year: € 1.680 bn), thus remaining at the previous year's level. While the CropEnergies segment's revenues declined sharply and those of the sugar and fruit segments were slightly lower, revenues in the special products segment rose moderately. According to the company, group EBITDA rose significantly by € 17 m to € 134 m (previous year: € 117 m). The consolidated group operating result climbed substantially to € 61 m (previous year: € 47 m). The decline in operating result reported in the CropEnergies and fruit segments was more than offset by the reduction of the loss in the sugar segment and improved results by the special products segment.
In the first quarter the sugar segment's revenues fell slightly to € 565 m (previous year: € 581 m). The revenue decline was driven by a significantly lower sales volume. This is partly due to reduced sugar production during the 2019 campaign. Furthermore, lower demand from the sugar processing industry as a result of measures to contain the coronavirus pandemic is increasingly overshadowing the positive short-term impetus from panic buying in the retail sector at the beginning of the fiscal year.
The segment was able to significantly trim its operating loss to - € 15 m (previous year: - € 36 m) as budgeted. The improvement was driven mainly by higher sugar sales revenues due to price increases since the beginning of the 2019/20 sugar marketing year, which more than offset lower sales volumes and higher production costs.