Suedzucker’s Revenues for H1 2021 Stay at Last Year’s Level Despite the Negative Effects of COVID-19

Picture of sugar cubes stacked on top of one another

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 originCompany nameFiscal period
United KingdomManchester United PLCFourth quarter of 2020

Tuesday, October 13th 2020

Country of originCompany nameFiscal period
USAInteractive Brokers Group IncThird quarter of 2020
USAOmnicom Group IncThird quarter of 2020
USAGoldman Sachs Group IncThird quarter of 2020
USAJPMorgan Chase & CoThird quarter of 2020
USABlackRock IncThird quarter of 2020
USAJohnson & JohnsonThird quarter of 2020
USACitigroup IncThird quarter of 2020
USAFastenal CoThird quarter of 2020
IndiaWipro LtdHalf year 2021
GermanyGerresheimer AGThird quarter of 2020

Wednesday, October 14th 2020

Country of originCompany nameFiscal period
USAUnited Airlines Holdings IncThird quarter of 2020
USAAlcoa CorpThird quarter of 2020
USAUnitedHealth Group IncThird quarter of 2020
USAProgressive CorpEarnings report for September 2020
USAU.S. BancorpThird quarter of 2020
USAWells Fargo & CoThird quarter of 2020
USAPNC Financial Services Group IncThird quarter of 2020
USABank of America CorpThird quarter of 2020
Kingdom of the NetherlandsASML Holding NVThird quarter of 2020

Thursday, October 15th 2020

Country of originCompany nameFiscal period
USAIntuitive Surgical IncThird quarter of 2020
USAHoneywell International IncThird quarter of 2020
USAMorgan StanleyThird quarter of 2020
USATruist Financial CorpThird quarter of 2020
GermanyHochtief AGThird quarter of 2020
USAWalgreens Boots Alliance IncFourth quarter of 2020
TaiwanTaiwan Semiconductor Manufacturing Co LtdThird quarter of 2020

Friday, October 16th 2020

Country of originCompany nameFiscal period
USABank of New York Mellon CorpThird quarter of 2020
USAState Street CorpThird quarter of 2020
USASchlumberger NVThird quarter of 2020
SwedenSandvik ABThird quarter of 2020
United KingdomJ D Wetherspoon PLCFull year 2020

Saturday, October 17th 2020

Country of originCompany nameFiscal period
IndiaHDFC Bank LtdSecond quarter of 2021


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