Source: Dreamstime
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On Thursday, Suedzucker – the largest sugar producer in Europe, reported better-than-expected revenues for its first half of fiscal 2021 totalling €3.349 billion (last year’s profits totalled at €3.314 billion).
Although the Group’s revenues from its subsidiary CropEnergies fell sharply, this was more than offset by the improved performance of the sugar and special products segments.
Below are the highlights from Suedzucker’s financial report:
– Investments in financial assets and acquisitions totalled at €11 million (last year’s figure was €7 million).
– The consolidated group operating result climbed significantly to €129 million (last year’s figure was €74 million).
– The number of employees working for the Group shrank from last year’s 19,606 to 18,723.
– Suedzucker’s sugar segment reported lower sales volume due to the impact of COVID-19 (€1.112 billion in revenues compared to last year’s €1.121 billion). In addition, any short-term benefits gained from certain loopholes in the retail sector at the start of the fiscal year were negated as the year progressed due to the lower demand from the sugar processing industry as it grappled with the coronavirus.
– For the period, Suedzucker saw steady volume growth in its special products segment, with revenues climbing further to €1.262 billion (last year’s revenues totalled at €1.192 billion).This growth was also supported by the starch segment’s capacity expansions.
– CropEnergies’ revenues initially fell to €373 million. However, sales recovered sharply and, by the end of the reporting period, had reached a new record high following the steep ethanol price drop at the beginning of the fiscal year due to the lower fuel demand caused by COVID-19.
– The fruit segment reported revenues of €602 million, comparable to last year. Despite improving in the second quarter, the operating result dropped significantly to €31 million (operating result for previous year was €36 million) due to weaker growth at the beginning of the fiscal year.
Financial outlook for the remainder of fiscal 2021
Suedzucker expects consolidated group revenues to remain unchanged (between €6.9 billion and 7.2 billion), as well as Q3 operating results “significantly above the previous year’s level”. The Group also anticipates a slight increase in revenues in the sugar segment and a moderate increase in the special products and fruits segments. CropEnergies revenues are expected to range between €790 million and €840 million.
Upcoming reports
See the full list of upcoming earnings reports for 12 – 17 October in the tables below.
Monday, October 12th 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| United Kingdom | Manchester United PLC | Fourth quarter of 2020 |
Tuesday, October 13th 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | Interactive Brokers Group Inc | Third quarter of 2020 |
| USA | Omnicom Group Inc | Third quarter of 2020 |
| USA | Goldman Sachs Group Inc | Third quarter of 2020 |
| USA | JPMorgan Chase & Co | Third quarter of 2020 |
| USA | BlackRock Inc | Third quarter of 2020 |
| USA | Johnson & Johnson | Third quarter of 2020 |
| USA | Citigroup Inc | Third quarter of 2020 |
| USA | Fastenal Co | Third quarter of 2020 |
| India | Wipro Ltd | Half year 2021 |
| Germany | Gerresheimer AG | Third quarter of 2020 |
Wednesday, October 14th 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | United Airlines Holdings Inc | Third quarter of 2020 |
| USA | Alcoa Corp | Third quarter of 2020 |
| USA | UnitedHealth Group Inc | Third quarter of 2020 |
| USA | Progressive Corp | Earnings report for September 2020 |
| USA | U.S. Bancorp | Third quarter of 2020 |
| USA | Wells Fargo & Co | Third quarter of 2020 |
| USA | PNC Financial Services Group Inc | Third quarter of 2020 |
| USA | Bank of America Corp | Third quarter of 2020 |
| Kingdom of the Netherlands | ASML Holding NV | Third quarter of 2020 |
Thursday, October 15th 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | Intuitive Surgical Inc | Third quarter of 2020 |
| USA | Honeywell International Inc | Third quarter of 2020 |
| USA | Morgan Stanley | Third quarter of 2020 |
| USA | Truist Financial Corp | Third quarter of 2020 |
| Germany | Hochtief AG | Third quarter of 2020 |
| USA | Walgreens Boots Alliance Inc | Fourth quarter of 2020 |
| Taiwan | Taiwan Semiconductor Manufacturing Co Ltd | Third quarter of 2020 |
Friday, October 16th 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | Bank of New York Mellon Corp | Third quarter of 2020 |
| USA | State Street Corp | Third quarter of 2020 |
| USA | Schlumberger NV | Third quarter of 2020 |
| Sweden | Sandvik AB | Third quarter of 2020 |
| United Kingdom | J D Wetherspoon PLC | Full year 2020 |
Saturday, October 17th 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| India | HDFC Bank Ltd | Second quarter of 2021 |
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