4 q 1112 presentation

Tereos Internacional Fourth Quarter and Annual 2011/12 Results Conference Call Presentation

São Paulo – June 13th, 2012

Quarter and FY Highlights

Q4 and FY 2011/12 Financial Results

Operating Segment Review

Cash Flow and Debt Position

Outlook

Quarter and FY Highlights

Record revenues: R$6.9 billion (Y-o-Y: +18.8%, at constant currency)

• Favorable pricing across all segments drove revenue growth

Adjusted EBITDA: R$959 million (Y-o-Y: +12.8%, at constant currency)

• Strong performance in Indian Ocean business and recovery in the ethanol in Europe

Net Profit: R$156.7 million (Y-o-Y: +24.8% on recurring net profit at constant currency, and –20% including non-recurring item in 2010/11)

• Stable dividends : R$ 0.066 per share

Tereos announces a new corporate structure resulting in the free float increase from 10.7% to 30.4%

• Cereal cooperatives to become individual shareholders of Tereos Internacional

Tereos Internacional will proceed with a share capital increase from R$252.2 million to R$369.2 million to finance its expansion plan

• Tereos will subscribe all its proportional participation in the capital increase, for an amount of R$252.2 million

4

FY 2011/12 – Financial Highlights Product portfolio and geographical diversification provided resilience

Tereos and 11 cereal cooperatives announced an agreement on June 12th to simplify the shareholding structure of Tereos Internacional

The new shareholding structure will be:

• Tereos – through Tereos Agro-Industrie and Tereos do Brasil – to own 68.3% of Tereos Internacional

• 11 cereal cooperatives - previously minority shareholders of Tereos Agro-Industrie – to own directly a total of 19.7% of Tereos Internacional

• Free float to increase from 10.7% to 30.4%. Controlling shareholders to own 69.6% - including Tereos and 1.33% owned by historical shareholders

Shares owned by cereal cooperatives not subject to any shareholders agreement nor to any lock-up

A New Shareholder Structure Free float up from 10.7% to 30.4%

5

6

A New Shareholder Structure Free float up from 10.7% to 30.4%

Historical Shareholders

Tereos

UCA

Tereos

Agro-Industrie

Tereos

Participations

Tereos do Brasil

92.7%

30.4%

99%

1.3% 63.8%

New Free Float

10.7%

100.0%

C.A. d’Hochefelden

Theal

Noralliance Dév.

Axereal

Noriap

Agrial

Uneal

Agralys

Epis-Centre

Acolyance

Thémis Agro-Industrie

0.5%

0.3%

0.5%

0.4%

0.8%

7.9% 1.2%

2.7%

1.2%

3.2%

1.3%

Current Minority

Shareholders

Sugarcane: Enhancing production and efficiency

• Renewing sugarcane fields: completion in 2011 of the 50,000 hectares renovation and expansion plan and in May 2012 of the 36,000 hectares 18 months sugarcane planting

• Enhancing productivity: acquisition of a 35% stake in Teapar terminal; improvement mill’s flexibility with the inauguration of the São José distillery and second phase of the cogeneration investment, funded by the BNDES

• Maximizing synergies: acquisition of remaining minority participation in Andrade and share capital increase in Sena, Mozambique for a 99% stake in the company

Cereals: diversification of product mix & geography

• Entering in fast growing markets: the Brazilian starch market, with Halotek’s

acquisition (68% stake) and Chinese market, with a partnership with Wilmar

• Improving product mix: acquisition of 75% stake of Haussimont, a potato starch producer in France; start up of Selby potable alcohol plant and gluten investments in Lillebonne

FY 2011/12 – Key Takeaways

7

Tereos Internacional’s Board of Directors approved on June 12th a share capital increase of minimum of R$252.2 million to a maximum of R$369.2 million

Indicative use of proceeds :

• 1/3 to Brazilian starch investment in Halotek and in corn greenfield project

• 1/3 to Asian starch investment in 2 plants in China with Wilmar

• 1/3 to European starch investment for diversification of Lillebonne plant

Subscription period from June 15th to July 17th. Subscription price: R$2,60/share

Tereos to subscribe 97.000.000 shares (R$252.2 million), corresponding to its proportional participation in the Company

Tereos Internacional to Proceed with a Capital Increase

8

Subscription price: R$2.60/share Average share price until June 11, 2012 (trading days)

9

-20%

-13%

-4%

-18%

Key Conditions of the Capital Increase (Offering)

10

Offering Structure

Minimum: 97 million stocks offered

Maximum: 142 million stocks offered

0,21 new stock for 1 existing stock of TERI3

Tereos’ commitment: R$252,2 million (~ EUR100 million)

Offering Size Up to R$369,2 million = 21% of Tereos Internacional’s share capital

Subscription Price R$2,60 per new stock

Shareholding structure

post-offering

Tereos: from a minimum of 68,3% to a maximum of 72,2%

Free float: from a minimum of 26,6% to a maximum of 30,5%

Use of Proceeds

1/3: Brazilian starch investment in Halotek and in corn greenfield project

1/3: Asian starch investment in 2 plants in China with Wilmar

1/3: European starch investment for diversification of Lillebonne plant

Indicative Transaction Timetable

Wednesday 13 June Relevant Fact

Documents Filing Date

Tuesday 17 July End of the Capital Increase Subscription Period

Wednesday 25 July Expected Transaction Closure

Friday 15 June Notice to Shareholders

Tuesday 12 June Tereos Internacional’s Board of Directors Meeting

11

Sugar:

Weakness in sugar prices in USD was offset by BRL

depreciation, from an exporter’s perspective (Guarani)

Better crops in the Northern hemisphere improving stock-to-

use levels

Price direction to be dictated by outlook for 2012/13 harvests

Starch:

Rally in wheat prices, as conditions deteriorate in Northern

hemisphere

Damage to corn in the Black Sea offset by improvements in

2011/12 production expectations in Brazil

Paper and corrugated board vulnerable to economic

downturn, while demand for food industry remain resilient

Ethanol:

Prices remained stable in Q4 11/12 in Brazil, changing in

regulation on the way

T2 FOB Rotterdam prices trended up at quarter-end, following

new European regulatory environment

Lower US corn prices and higher blending percentage to be

supportive for US producers

Q4 2011/12 – Market Fundamentals

12 Source: Bloomberg

400

470

540

610

680

750

Jan-11 May-11 Sep-11 Jan-12

NY#11 LIFFE #5

US$/MT

170

190

210

230

250

270


Corn Matif Wheat Matif

€/MT

400

500

600

700

800

700

1000

1300

1600

1900


Brazil ESALQ Europe Rotterdam

R$/m³ €/m³

Q4 and FY 2011/12 Financial Results

Q4 2011/12 – Revenues Higher revenues across all segments

14

+18.8% +20.9%

(1) Adjusted to reflect the actual contribution of the BENP co-products’

sales at BENP’s revenues and not at Syral’s revenues

Net Revenues (R$ MM)¹

Sugarcane Revenues: R$766 million (42.5% of total)

Brazil: R$518 million +20%, as reported stable prices and volume effect: +11%

Indian Ocean: R$248 million +104%, at constant currency price & mix effect:+5%, volume effect:+23% one-off

sugar trading transaction (R$87 MM)

Cereal Revenues: R$1,038 million (57.5% of total)

Starch Europe: R$784 million +11%, at constant currency price & mix effect:+7% and volume effect:+4%

Ethanol Europe: R$254 million +8%, at constant currency price & mix effect:-9% and volume effect:+18%

1492

1804

+27 +87

+123 +59 +16

Q42010/11

CC

Currency Brazil IndianOcean

StarchEurope

EthanolEurope

Q42011/12

Q4 2011/12 - Adjusted EBITDA Higher contribution from sugarcane segment

15

Sugarcane Adjusted EBITDA: R$116 million (51.0% of total)1

• Brazil: higher sugar & ethanol sales

• Indian Ocean: higher prices coupled with better volumes in Mozambique

Cereal Adjusted EBITDA: R$111 million (49.0% of total)1

• Starch Europe: stable EBITDA (positive impact of Haussimont acquisition)

• Ethanol Europe: increase in costs partially offset by higher sales volumes

Adjustments

• Biological assets (-R$27 MM), financial instruments (+R$6 MM) and non-recurring items (-R$16 MM)

Margin 12.0%

Adjusted EBITDA (R$ MM)

Margin 13.5%

+18.8%

(1) excluding holding

205

+11 +9 +3

(6) (5)

217

Q42010/11

Brazil IndianOcean

StarchEurope

EthanolEurope

Holding Q42011/12

FY 2011/12 – Revenues Revenue growth driven by higher prices for all key products

16

(1) Adjusted to reflect the actual contribution of the BENP co-products’

sales at BENP’s revenues and not at Syral’s revenues

+18.8%

Net Revenues (R$ MM)¹

Sugarcane Revenues: R$2,941 million (43% of total)

Brazil: R$2,115 million +8%, as reported price & mix effect:+12% and volume effect:-3%

Indian Ocean: R$826 million +47%, at constant currency price&mix effect: +7% and volume effect:+11%

Cereal Revenues: R$3,935 million (57% of total)

Starch Europe: R$3,042 million +20%, at constant currency price & mix effect:+20% and stable volumes

Ethanol Europe: R$893 million +21%, at constant currency price&mix effect:+6% and volume effect:+16%

5786

6876

(98)

+159 +286

+644 +100

FY 2010/11CC

Currency Brazil IndianOcean

StarchEurope

EthanolEurope

FY 2011/12

FY 2011/12 - Adjusted EBITDA Improved performance across key segments offset lower volumes in Brazil

17

Sugarcane Adjusted EBITDA: R$581 million (60% of total)1

• Brazil: higher prices offset lower production

• Indian Ocean: better production levels in Mozambique and perimeter effect (acquisition of GQF)

Cereal Adjusted EBITDA: R$397 million (40% of total)1

• Starch Europe: stable Adjusted EBITDA due to pass-through of cereal costs

• Ethanol Europe: higher Adjusted EBITDA driven by better volumes vs. lower production in 2010/11

Adjustments

• Biological assets (-R$11 MM), financial instruments (+R$35 MM) and non-recurring items (-R$16 MM)

+12.8 %

Margin 13.9%

Adjusted EBITDA (R$ MM)

Margin 14.9%

(1) excluding holding

850

(4)

+64 +10 +44

(5)

959

FY 2010/11 Brazil IndianOcean

StarchEurope

EthanolEurope

Holding FY 2011/12

Operating Segment Review

Sugarcane

Brazil - Indian Ocean

Ethanol Sales (‘000 m³) Energy Sales (‘000 MWh) Sugarcane Crushing (MM t) Sugar Sales (‘000 t)

20

Sugarcane crushing: 16.3 million tons in 2011/12 (2/3 from sugarcane suppliers)

• Agricultural yield: 67 tons/ha in 2011/12 vs. 83 tons/ha in previous crop due to drought during last

crop and frost & flowering during this crop

Production mix: 62% sugar and 38% ethanol in 2011/12 crop

Production:

• Sugar: 1,344 thousand tons

• Ethanol: 504,000 m³

Mechanical harvesting: 88% of own sugarcane crushed in 2011/12

Cogeneration: annual increase in volume sold to 365 GWh (+27.0%)

+6.9% YoY +15.8% YoY +68.6% YoY

Sugarcane Brazil – Production & Sales Lower crushing volumes due to weather-related issues

5.8 7.8

2.6

Q4

10

/11

Q1

11

/12

Q2

11

/12

Q3

11

/12

Q4

11

/12

233 305

374 375

249 Q

410

/11

Q1

11

/12

Q2

11

/12

Q3

11

/12

Q4

11

/12

165 140

99 91

151

40

40

Q4

10

/11

Q1

11

/12

Q2

11

/12

Q3

11

/12

Q4

11

/12

51

84 106

90 86

Q4

10/1

1

Q1

11/1

2

Q2

11/1

2

Q3

11/1

2

Q4

11/1

2

Sugarcane Brazil – Q4 Financials Higher volumes drive 20.2% increase in revenues

* includes Cogeneration, Agricultural Products and Hedging

Key Figures

In R$ Million

Q4

2011/12

Q4

2010/11 Change

Revenues 518 431 20%

Gross Profit 121 127 -5%

Gross Margin 23.4% 29.4%

EBITDA 73 132 -45%

EBITDA Margin 14.2% 30.7%

Adjusted EBITDA 90 79 14%

Adjusted EBITDA Margin 17.4% 18.3%

CAPEX 280 205 37%

Gross Profit: R$121 million

• Decline of 5% mainly due to higher leasing and

maintenance costs

Adjusted EBITDA: R$90.4 million

• Fair value of biological assets: -R$17.2 million

• Financial instruments: R$0.2 million

• Adjusted EBITDA Margin1 including tilling as

depreciation & excluding ethanol resale: 19.3%

CAPEX: R$280 million (plantation R$47 MM;

cogeneration & industry: R$191 MM and

maintenance: R$43 MM)

Sugar: 51.8% of total net revenues

• Volumes increased 6.9% to 249,000 tons

• Sugar prices were 1.4% lower to 1,077.2 R$/ton

Ethanol: 42.7% of total net revenues

• Volume sold increased 15.8% to 191,000 m3

• Prices were at 1,157.3 R$/m3

Cogeneration: energy revenues amounted R$9.0

million

21

(1) Tereos Internacional allocates tilling expenses as cost. If tilling expenses were allocated as investment &

ethanol resales excluded, Adjusted EBITDA would have reached R$ 90.6 million.

Net Revenues (R$ MM)

+20.2%

431 518

(4)

+17 +3 +27 +44

4T2010/11

Preço &Mix

Volume Preço &Mix

Volume Outros * 4T2011/12

Sugar Ethanol

Sugarcane Brazil – FY Financials Higher prices for sugar and ethanol partially offset by lower volumes

* includes Cogeneration, Agricultural Products and Hedging

Key Figures

In R$ Million

FY

2011/12

FY

2010/11 Change

Revenues 2,115 1,957 8%

Gross Profit 369 456 -19%

Gross Margin 17.5% 23.3%

EBITDA 453 381 19%


Adjusted EBITDA 424 428 -1%


CAPEX 675 378 79%

Gross Profit: R$369 million

• Decline of 19% mainly due to drop in volumes and

higher unitary costs

Adjusted EBITDA: R$424 million

• Fair value of biological assets: -R$4 million

• Financial instruments: R$33 million

• Adjusted EBITDA Margin1 including tilling as

depreciation & excluding ethanol resale: 26.1%

CAPEX: R$675 million (plantation R$189 MM;

cogeneration & industry: R$363 MM and

maintenance: R$123 MM)

Sugar: 64.7% of total net revenues

• Volumes decreased 4.2% to 1.3 million tons

• Sugar prices were 15.4% higher to 1,053 R$/ton

Ethanol: 32.8% of total net revenues

• Volume sold decreased 8.1% to 560,000 m3

• Prices were up 30.1% to 1,242 R$/m3

Cogeneration: energy revenues increased 45.6%

to R$44.7 million

22 (1) Tereos Internacional allocates tilling expenses as cost. If tilling expenses were allocated as investment & ethanol resales

excluded, Adjusted EBITDA would have reached R$525 million.

Net Revenues (R$ MM)

+8.1%

Sugar Ethanol 1,957 2,115

+183

(52)

+161

(47) (87)

FY2010/11

Price &Mix

Volume Price &Mix

Volume Others * 2011/12

Sugarcane Indian Ocean – Production and Q4 Financials Adjusted EBITDA increased 70% on an annual basis

23

La Réunion

Sugarcane Crushing (’000 t)

Mozambique

Sugarcane Crushing (‘000 t)

+152.9% YoY

17 65

315 275

43

Q4

10/1

1

Q1

11/1

2

Q2

11/1

2

Q3

11/1

2

Q4

11/1

2

Key Figures

In R$ Million

Q4

2011/12

Q4

2010/11

FY

2011/12

FY

2010/11

Revenues 248 124 826 540

Gross Profit 24 54 146 80

Gross Margin 9.8% 43.7% 17.7% 14.8%

EBITDA 16 37 151 108

EBITDA Margin 6.4% 29.8% 18.3% 20.1%

Adjusted EBITDA 26 16 158 93

Adjusted EBITDA Margin 10.3% 13.2% 19.1% 17.2%

CAPEX 30 30 87 101

Reunion Island

Sugarcane crushing: 1.9 million tons, stable on YTD

basis & sugar production: 208,000 tons

Revenues

• Q4 2011/12¹: R$229.0 million & FY 2011/12: R$732.8

million

Adjusted EBITDA

• Q4 2011/12: R$23.7 million & FY 2011/12: R$132.3 million

• Adjusted EBITDA margin 18.0% for FY 2011/12,

Excluding trading operation, adjusted EBITDA margin

20.5%, 210 bps increase vs.2010/11 margin

CAPEX: R$68 MM in 2011/12 allocated for maintenance

costs and regular replacement of industrial equipment

Mozambique

Sugarcane crushing: 700,000 tons & sugar production:

42.6% higher at 66,000 tons

Improved yields to 73 tons/ha vs. 53 tons/ha in 2010/11

Revenues


Adjusted EBITDA


• Adjusted EBITDA margin 2011/12 : 27.3%

CAPEX: R$19 MM in 2011/12 allocated for ongoing

irrigation and planting programs

(1) Including one off trading operation for R$ 88 million

989 898

Q4

10/1

1

Q1

11/1

2

Q2

11/1

2

Q3

11/1

2

Q4

11/1

2

Cereal

Starch Europe - Ethanol Europe

Starch Europe - Production and Sales Slight increase in volumes sold

Cereal grinding: 710,000 tons +2.0% vs. Q4 2010/11

• Stable level of operations and perimeter impact from Haussimont acquisition

Sales volumes

• Starch & Sweeteners: better volumes for food industry, but industrial demand below historical levels

• Alcohol & Ethanol: better production levels

• Co-products: lower co-product sales, as a consequence of a modestly lower demand

25

Cereal Grinding (‘000 t)

Starch & Sweeteners Sales (‘000 t)

Ethanol & Alcohol Sales (‘000 m3)

Co-products Sales (‘000 t)

+2.0% YoY +5.9% YoY +5.7% YoY -2.8% YoY

696 739 720

678 710

Q4

10

/11

Q1

11

/12

Q2

11

/12

Q3

11

/12

Q4

11

/12

409 440

424 392

433 Q

410

/11

Q1

11

/12

Q2

11

/12

Q3

11

/12

Q4

11

/12

258 262 262 242 248

61 68 59 66 62

Q4

10

/11

Q1

11

/12

Q2

11

/12

Q3

11

/12

Q4

11

/12

44 43 48

44 47

Q4

10

/11

Q1

11

/12

Q2

11

/12

Q3

11

/12

Q4

11

/12

Starch Europe – Q4 Financials Higher revenues driven by better prices for S&S and increased sales volumes for ethanol

Key Figures

In R$ Million

Q4

2011/12

Q4

2010/11 Change

Revenues* 784 725 +8%

Gross Profit* 179 120 +49%

Gross Margin* 22.8% 16.6%

EBITDA 99 72 +37%


Adjusted EBITDA 92 88 +3%


CAPEX 64 39 +64%

* Excludes the R$26.2 million in Q4 11/12 and R$26.5 million in

Q4 10/11 related to financial impact of the sales of co-products

produced by Tereos BENP and sold by Tereos Syral 26

Net Revenues* (R$ MM)

+8.2%

Revenue* Breakdown by Product

Revenues*: +8.2% • Due to higher prices for starch & sweeteners and

better volumes for ethanol & potable alcohol

Gross Profit*: R$179 million, gross margin of 22.8%

Adjusted EBITDA: R$92 million, up R$4 MM


• Non-recurring items: R$2 million

CAPEX: R$64 MM allocated for Marckolsheim, Saragossa and Selby in Europe and Syral-Halotek in Brazil

725 784

(20)

+26 +45 +8

Q42010/11

Currency Volume Price &Mix

Others Q42011/12

Starch & Sweeteners

65%

Alcohol and Ethanol 11%

Co-products and others

24%

Starch Europe – FY Financials Better results driven by higher prices

Key Figures

In R$ Million

FY

2011/12

FY

2010/11 Change

Revenues* 3,042 2,472 +23%

Gross Profit* 647 556 +16%

Gross Margin* 21.3% 22.5%

EBITDA 305 289 +5%


Adjusted EBITDA 302 292 +3%


CAPEX 230 124 +85%

* Excludes the R$113.9 million in FY 11/12 and R$25.2 million in

FY 10/11 related to financial impact of the sales of co-products

produced by Tereos BENP and sold by Tereos Syral 27


+23.1%

Revenue* Breakdown by Product Revenues*: +23.1%

• Due to higher prices across all products’ range

Gross Profit*: R$647 million, gross margin of 21.3%

Adjusted EBITDA: R$302 million, up R$10 MM


• Non-recurring items: R$2 million

CAPEX: R$230 MM mainly allocated for Selby plant in Europe

2,472

3,042

+59 +11

+543

(43)

FY2010/11


Others FY2011/12

Starch & Sweeteners

65%

Alcohol and Ethanol 11%

Co-products and others

24%

Ethanol Europe – FY Financials Results boosted by the recovery of processing levels and higher prices

Key Figures

In R$ Million

Q4 2011/12

Q4 2010/11

FY 2011/12

FY 2010/11

Revenues* 255 239 893 719

Gross Profit* 26 33 120 54

Gross Margin* 10.0% 13.8% 13.4% 8.0%

EBITDA 20 26 95 51

EBITDA Margin 8.7% 12.3% 12.2% 7.6%

Adjusted EBITDA 20 26 95 51

Adjusted EBITDA Margin 8.7% 12.3% 12.2% 7.6%

CAPEX 40 10 162 28

Higher production resulting from recovery in utilization ratios vs. last year (factory stoppage)

Ethanol sales**: 542,000 m3

Gross profit: R$120 million and 13.4% margin

Improved Adjusted EBITDA margin 460 bps higher Y-o-Y

CAPEX: R$162 MM mainly allocated for the gluten project at BENP Lillebonne

** Includes sales of ethanol produced by Tereos 28


+24.2%

* Includes the R$113.9 million in FY 11/12 and R$25.2 million in

FY 10/11 related to financial impact of the sales of co-products

produced by Tereos BENP and sold by Tereos Syral

Revenue* Breakdown by Product

719

893

+17

+112 +78

(33)

FY2010/11


Others FY2011/12

Ethanol own sales 55% Ethanol

traded 32%

Co-products and other

13%

Cash Flow, Debt Position

30

Fair value of biological assets: - R$ 11 million

Fair value of financial instruments: +R$ 35 million

Non-recurring operating result: -R$ 16 million

959

From Adjusted EBITDA to Net Income – FY 2011/2012

AdjustedEBITDA

Adjustments EBITDA Depreciation &Amortization

OperatingIncome

Net FinancialExpenses

Net IncomeBefore Tax

Income Tax Share of Profit inAssociates

Net Income Minority Interest Net IncomeGroup Share

+8 967

(580)

387

(138) (103)

+11 138 157 249

(19)

Lower interest on debt Y-o-Y (-22.0%) due to debt refinancing in Brazil and Europe

Including -R$44 million related to a non-cash effect on tax losses carried forward

Cash Flow

In R$ Million Q4 2011/12

Adjusted EBITDA 217

Working capital variance 355

Other operating (including income tax paid) (28)

Operating Cash Flow 544

Financial interests (3)

Dividends paid and received -

Capex (384)

Others 30

Free Cash Flow 187

Forex impact 45

Acquisition & Perimeter impact 3

Net debt variation 235

31

Q4 Cash Flow Reconciliation Decrease due to seasonal working capital

Positive effect of seasonal

destocking

Main CAPEX:

Brazil: R$280.4 million

Cereals: R$103.6 million

Indian Ocean: R$29.9 million

Debt Leverage at 3.2x (Net Debt / Adj. EBITDA), declined sequentially

Net Debt dropped by 5.6% Q-o-Q

Net Debt / Adjusted EBITDA: 3.2x, lower compared to

3.4x last quarter

32

Gross Debt Breakdown by Currency

Leverage (R$ MM) (Net Debt/ Adjusted EBITDA)

Debt

In R$ Million

March 31, 2012

December 31, 2011

Change

Current 1,291 1,471 -12,2%

Non-current 2,384 2,399 -0,6%

Amortized cost (25) (30) -16,7%

Total Gross Debt 3,650 3,840 -4,9%

In € 1,402 1,600 -12,4%

In USD 1,652 1,676 -1,4%

In R$ 557 524 6,3%

Other currencies 64 70 -8,6%

Cash and cash Equivalent (624) (579) 7,8%

Total Net Debt 3,026 3,261 -7,2%

Related Parties Net Debt 17 (38) -144,7%

Total Net Debt + Related Parties

3,043 3,223 -5,6%

Real 15%

US Dollar 45%

Euro 38%

Others 2%

3.001

2.293 2.150

2.498

3.084 3.223

3.043

4.8x

3.0x

2.5x 2.6x

3.3x 3.4x 3.2x

0

500

1000

1500

2000

2500

3000

3500

2

4

6

08/09 09/10 10/11 Q111/12

Q211/12

Q311/12

11/12

Outlook

Sugarcane: Investing to enhance productivity and expand cogeneration

Brazil:

• Agricultural: focus on renewal of sugarcane planting and increasing

mechanization levels

• Industrial: improving sugarcane processing efficiency, while increasing

cogeneration

Mozambique:

• Investments in irrigation to further improve yields

Cereals: Increasing exposure to high-growth, emerging market economies

Brazil & China: greenfields expected for 2013/14

• Syral-Halotek corn plant

• First wheat plant in Canton with Wilmar in China

34

Outlook

35

Investor Relations

Phone: +55 (11) 3544-4900

[email protected]

mailto:[email protected]

4 q 1112 presentation

Business

Transcript of 4 q 1112 presentation