2009 NAFTA Mexico Sugar Update & Prospects for Growth Pedro L. Figueroa ED&F MAN SUGAR, INC.

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Presentation transcript:

2009 NAFTA Mexico Sugar Update & Prospects for Growth Pedro L. Figueroa ED&F MAN SUGAR, INC.

E. D. & F. MAN – At a glance….  British company originating back - Established 1783  Global leading supplier Sugar, Coffee, Cocoa, Molasses, Cane Ethanol, Bio-Fuels  Recognized branded Industrial client base  Logistical and marketing link for growers  Reliable uninterrupted supply of high quality product for manufacturers  +5,000 employees worldwide in over 75 countries  British company originating back - Established 1783  Global leading supplier Sugar, Coffee, Cocoa, Molasses, Cane Ethanol, Bio-Fuels  Recognized branded Industrial client base  Logistical and marketing link for growers  Reliable uninterrupted supply of high quality product for manufacturers  +5,000 employees worldwide in over 75 countries  Annual Revenues: US$ 8B

Sugar Investments / Market Participation - Mexico

Source: WASDE - USDA, Office of the Chief Economist NAFTA 2009: The Current Picture, Part I (US)

NAFTA 2009: The Apparent Picture, Part II (Mexico) Beginning Stocks: 940k MT Production: 5,350k MT Imports: 140k MT Total Supply: 6,430k MT Consumption: 4,900k MT Exports: 750k MT Ending Stocks: 780k MT Total: 6,430k MT

MXN Demise – The Peso Story  Relative stability trading between 10 – 11 during 07/08  Significant USD strength Q4 08 through 1Q 09 – 30% devaluation  USD expected to remain strong against other currencies on the back of USD repatriation and Euro/Sterling weakness

Mexican Sugar Exports & Projections  Exports to US for 07/08 at 0.5MMT  Exports projected to rise to between 700KMT – 800KMT in 08/09  Sales to US driven by stronger returns in Pesos

 Increase in domestic prices on the back of weaker Peso  Export Refined Values app. $510-$520, Estandar $385-$395/MT Ex Mill MXN/50kgUSD/Mt Refined Estandar Mexican Domestic Prices (Aug 08) Ex-Mill Purchase MXN/50kgUSD/Mt Refined Estandar Ex-Mill Purchase Mexican Domestic Prices (Feb 09)

Logistics & Q.C. – Key to the Export Program Bulk Rail Transfer Capabilities – Fixed Asset Investment (Mexico) Foodservice Packaging Format, Specialty Sugars, Blends Health & Food Safety/Accreditations Rail vs. Maritime Freight Flexibility Warehousing/Carry/Distribution

2009 Summary: What to expect….  Exports: +750k MT forecasted  Refined vs. Non-refined imports  Further consolidation in Mexico  √ - Currency volatility  Improved Logistics  Enhanced QC Methods  Closer to production marketing  Wider array - products  Closer transparency between Mexican & US standards  Reliable & continued consistency in supply