1. Tereos Internacional
First Quarter 2013/14 Results
São Paulo – August 15th, 2013

2. Major Reporting Changes
2
Beginning on April 1st, 2013, Tereos Internacional’s financial statements and results presentation will be
adjusted for the following practices and, for comparability purposes, prior year results will be presented on a
pro-forma basis, applying the new practices retrospectively.
Accounting
 Adoption of IFRS 11 (Joint Arrangements): all joint ventures are no longer consolidated proportionally in
Tereos Internacional’s balance sheet, income statement and cash flow statement. JVs are now
consolidated under the equity method and the impact on the income statement will be limited to the share
of profit in associates line.
Operational
 Intersegment elimination: Segmental information, in the appendix to the accounts, is now presented on
a stand-alone basis (ie. including intra-group sales) as well as on a contributive basis (ie. only external
sales). Revenues presented in this document and in the external communication remain on a contributive
basis.
 Change of segmental classification due to Lillebonne’s diversification: given the beginning of the
dextrose line at Lillebonne and considering that this plant’s profile is moving towards the production of
food-related applications, all operational (e.g. volumes grinded) and financial figures (excluding alcohol &
ethanol sales volumes) are now accounted for under the Starch & Sweeteners segment. Therefore,
cereals grinded (and related co-products) in the Alcohol & Ethanol division are only made up of the DVO
plant volumes.

3. R$ Million
Q1 13/14 Q1 12/13
Equity Method
Proportional
Consolidation
Equity Method
Proportional
Consolidation
Revenue 1,908 1,960 1,622 1,678
Adjusted EBITDA 210 224 134 156
Adj. EBITDA Margin 11.0% 11.4% 8.3% 9.3%
EBIT 47 55 (19) (13)
EBIT Margin 2.5% 2.8% -1.2% -0.8%
Net Debt 4,050 4,219 3,335 3,428
Net Debt including
Related Parties
4,101 4,306 3,592 3,702
List of JVs
Sedalcol France, Sedalcol UK, Sedalcol EU, Sedamyl, Sedamyl Services, Uniglad, Magnolia, Dongguang and Vertente
3
Equity Accounting vs. Proportional Consolidation Method
(Reported vs. Pro-forma)

4. Q1 2013/14 Highlights
4
 Operational
 Guarani: Progress in co-generation (Cruz Alta/São José) and capacity expansion (Vertente/Mandu).
2013/14 planting program with c. 30,000 hectares already achieved
 Syral Europe:
 Lillebonne volumes progressively increasing (capacity utilization: over 80% in Q1 13/14 and
over 90% in July)
 Progressive dextrose production ramp-up at Lillebonne
 Syral Brazil:
 Satisfactory start of commercial production at Palmital corn-based starch facility
 Strategic
 Syral China: Most government approvals of Tieling acquisition obtained
 Finance
 Dividends: R$37.8 million distributed on June 25th, R$0.0462 per share and a dividend yield of
1.4% (as of March 31, 2013)
 Governance
 Fiscal Board: Reelection of the current members of fiscal board was approved at AGM
 Guarani’s new CEO: Alberto Pedrosa was appointed as Guarani’s CEO replacing Jacyr Costa, who
was previously appointed member of Guarani’s Board of Directors, and member of the Executive
Committee of Tereos, representing the group’s sugarcane division

5. Sugar:
 Sugar prices remained under pressure as a consequence of a
fourth consecutive world surplus (5.1 million tonnes, LMC) and
a promising crop in Center-South of Brazil (590 million tonnes,
as per UNICA’s last estimates)
 Raw sugar prices declined (-6.7%) in the quarter, from 17.7 to
16.4 USD cents/lb. Nevertheless, as of July prices started to
rebound
Starch:
 Markets remain bearish for cereal prices due to high productivity
prospects in USA and the start of the harvest period in Europe
 Starch volumes are trending up even though prices are under
pressure (especially industrial starches) with new capacity coming
on stream in Europe
Ethanol:
 In Brazil, prices remained stable Y-o-Y, despite an increase in
production, due to competitive parity (vs. gasoline) in the quarter.
 April/2013 to July/2013 ethanol sales volumes in the Center-
South of Brazil improved 28% Y-o-Y to 8.5 billion m3 due to
higher anhydrous blend (25% as of May 1st).
 Rotterdam prices improved substantially Y-o-Y (+7.9%)
but remained largely stable sequentially5 Source: Bloomberg
Market Highlights
300
400
500
600
700
800
Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13
NY#11 LIFFE #5
US$/MT
170
190
210
230
250
270
Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13
Corn Matif Wheat Matif
€/MT
400
500
600
700
800
700
1000
1300
1600
1900
Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13
Brazil ESALQ Europe Rotterdam
R$/m³ €/m³

6. Q1 2013/14 – Revenues
Materially Up on Higher Volumes in Brazil and Higher Prices in Europe
6
Net Revenues (R$ MM)
+17.6%
 Revenue growth supported by:
 Higher sales volumes for the entire sugarcane segment and starch & sweeteners
 Higher prices for starch & sweeteners products and ethanol (Brazil and Europe)
 But partially offset by:
 Lower sugar prices in Brazil
 Reduced ethanol volumes in Europe, although capacity utilization at BENP Lillebonne is
progressively improving sequentially
279 240
800 1.016
152
191392
461
Q1
2012/13
Q1
2013/14
Brazil
Indian
Ocean /
Africa
Starch
Europe
Ethanol
Europe
1,622
1,908
1622
1908
+110 +47 +91 +38
Q1
2012/13
Volume Price & Mix Currency Others Q1
2013/14

7. 134
+87 +11
(12) (8) (1)
210
Q1
2012/13
Brazil Indian
Ocean /
Africa
Starch
Europe
Ethanol
Europe
Holding Q1
2013/14
-2 -3
15 9
67
51
16
27
38
125
Q1
2012/13
Q1
2013/14
Brazil
Indian
Ocean /
Africa
Starch
Europe
Ethanol
Europe
134
210
Q1 2013/14 - Adjusted EBITDA
Adjusted EBITDA Recovery on Weak Q1 12/13 Thanks to Sugarcane
7
 Adjusted EBITDA improved year-on-year as a consequence of:
 Significant recovery in volumes in Brazil and related cost dilution, together with positive
accounting effect due to late start of the crop
 Positive contribution of higher trading activity and favorable sugar sales timing in Indian
Ocean/Africa
 Adjusted EBITDA for the cereal division improving sequentially
 But partially offset by:
 Delayed impact of hedging position on cereal costs
 Higher energy and input costs in European Alcohol & Ethanol segment on lower volumes
Adjusted EBITDA (R$ MM)
Margin 11.0%Margin 8.3%
+56.7%

8. 107
134
Q1
12/13
Q1
13/14
Own Sales Trading
4,2
5,7
Q1
12/13
Q1
13/14
240
303
Q1
12/13
Q1
13/14
48
13743
10
Q1
12/13
Q1
13/14
Own Sales Trading
Ethanol Sales (‘000 m³)Sugarcane Crushing (MM t) Sugar Sales (‘000 t)
8
+26.2% YoY +25.2% YoY
Sugarcane Brazil – Production & Sales
Harvesting Favored by Renewal/Expansion Programs on Higher Number of Crushing Days
Energy Sales (‘000 MWh)
+61.8 YoY
 Crushing
 Recovery in sugarcane volume: 5.7 million tonnes processed (+34.9%) on higher crushing days (59
days vs. 44 days in Q1 12/13)
 Yields improving from 88 tonnes/ha to 95 tonnes/ha in Q1 13/14 (+8.0%) with higher sugar content
(+4.0%)
 Improvement in production
 Overall production (expressed in TRS) up 44% to 719,000 tonnes
 Mix: 63% sugar, 37% ethanol
 Sugar: 436,000 tonnes +51.9% YoY
 Ethanol: 155,000 m³ +32.6% YoY
 Progress on cogeneration
 Volumes (including trading) up 61.8% to 147 GWh, on slightly lower prices year-on-year
+34.9% YoY

9. 392 461
(47)
+65 +11
+31 +10
Q1
2012/13
Price &
Mix
Volume Price &
Mix
Volume Others Q1
2013/14
Sugarcane Brazil – Financials
Improvement in Adjusted EBITDA Favored by Higher Production Volumes
Key Figures
In R$ Million
Q1
2013/14
Q1
2012/13
Change
Revenues 461 392 18%
Gross Profit 93 -6 18x
Gross Margin 20.2% -1.6%
EBIT 18 (68) -127%
EBIT Margin 4.0% -17.5%
Adjusted EBITDA 125 38 227%
Adjusted EBITDA Margin 27.2% 9.8%
CAPEX 122 147 -17%
9
(1) Tereos Internacional allocates tilling expenses as
cost. If tilling expenses were allocated as investment,
Adjusted EBITDA for Q1 13/14 would have reached
R$153.0 million.
Net Revenues (R$ MM)
Sugar Ethanol
 Sugar: 57% of total net revenues
 Volumes increased +26.2% to 303,000 tonnes
 Average selling price & mix -15.2% Y-o-Y at
870.9 R$/tonne
 Ethanol: 36% of total net revenues
 Volume sold up +25.2% to 134,000 m3
 Prices up 7.3% Y-o-Y at 1,221.4 R$/m3
 Cogeneration (ex-trading): R$20.3 million vs.
R$7.2 million in Q1 12/13
 Adjusted EBITDA: R$125 million
 Increase driven by higher volumes,
positive effect of dilution of fixed costs and
a positive accounting effect of COGS
partially related to the delayed start of the
crop
 Adjusted EBITDA Margin1 for Q1 13/14
including tilling as depreciation: 33.2%
Note: Figures for Brazil now exclude JVs

10. 67 77
Q1
12/13
Q1
13/14
117
90
Q1
12/13
Q1
13/14
-22.7% YoY
Sugarcane Indian Ocean/Africa – Production and Financials
Overall Segment Improvement
10
Sugarcane Crushing (’000 t) Sugar sales (‘000 t)
+16.3% YoY
Key Figures
In R$ Million
Q1
2013/14
Q1
2012/13
Change
Revenues 191 152 26%
Gross Profit 41 35 17%
Gross Margin 21.6% 23.1%
EBIT 16 11 55%
EBIT Margin 8.6% 7.0%
Adjusted EBITDA 27 16 67%
Adjusted EBITDA Margin 14.0% 10.6%
CAPEX 37 37 -
Revenue Breakdown by Product
 Sugarcane crushing
 Indian Ocean: no production in this quarter
 Africa: c. 90,000 tonnes crushed (-22.7% Y-o-Y)
due to lower yields but production volume only
slightly down
 Revenues: +26% Y-o-Y
 Revenues improvement in both operations on
higher volumes tied to positive timing effect in
Indian Ocean and better prices in Africa
 Adjusted EBITDA: +67% Y-o-Y
 Positive contribution of Indian Ocean
Sugar Indian
Ocean
61%
Sugar Africa
7%
Trading and
others
32%

11. 305 320
Q1
12/13
Q1
12/13
159
125
Q1
12/13
Q1
13/14
450 462
Q1
12/13
Q1
12/13
Cereal Segment - Production and Sales
Slightly Higher Sales Volumes, Except for Ethanol
11
Cereal Grinding
(‘000 t)
Starch & Sweeteners
Sales (‘000 t)
+2.9% YoY +2.6% YoY
Co-products Sales
(‘000 t)
+6.2% YoY
Alcohol & Ethanol
Sales (‘000 m3)
-21.3% YoY
 Grinding in Q1 13/14: +2.9% Y-o-Y, on additional capacity in Palmital factory in Brazil and Marckolsheim
in Europe. Sequentially, Lillebonne factory is improving capacity utilization to over 80% in Q1 13/14
 Starch & Sweeteners sales: +2.6% Volumes growth in most product categories,
notably functional sweeteners, starches and co-products
 Alcohol & Ethanol sales: -21.3% Lower ethanol sales due to factory diversification
(liquid dextrose production start-up) and
Lillebonne gluten ramp-up
808
831
Q1
12/13
Q1
12/13

12. Starch & Sweeteners – Financials
Positive Volume and Price Effect, but Profitability Still Impacted by High Cereal Input Prices
12
Net Revenues (R$ MM)
 Revenues: R$1,016 million, up 27%
 Better mix and prices in all product categories (+9.7% Y-o-Y, of which +5.6% in Starch & Sweeteners),
reflecting partially increase in grain prices
 Growth in volumes (+7.9%) due to higher sales of functional sweeteners, starches and co-products
(impact from recent investments notably Lillebonne and Marckolsheim)
 Adjusted EBITDA: R$51 million, down 25% Y-o-Y, but up sequentially (+36.7%)
 Delayed effect of hedging positions on cereals impacted profitability, although improved sequentially
 Increase in energy prices and consumption
Key Figures
In R$ Million
Q1
2013/14
Q1
2012/13
Change
Revenues 1,016 801 27%
Gross Profit 164 171 -4%
Gross Margin 16.1% 21.3%
EBIT 15 37 -59%
EBIT Margin 1.5% 4.6%
Adjusted EBITDA 51 67 -25%
Adjusted EBITDA Margin 5.0% 8.4%
CAPEX 77 75 2.7%
801
1,016
+63
+77
+60 +15
Q1
2012/13
Volume Price & Mix Currency Others Q1
2013/14

13. Alcohol & Ethanol Europe – Financials
Reduced Volumes Y-o-Y on Factory Diversification and Lower Capacity Utilization
 Revenues: R$240 million, down 14%
 Positive price impact in the segment: +4.3%
 Lower ethanol volumes Y-o-Y due to Lillebonne
diversification, but continued progress
sequentially
 Adjusted EBITDA: R$9 million, down 36% Y-o-Y,
but up sequentially (+R$9 million)
 Higher energy and input costs
13
Net Revenues (R$ MM)
Revenue Breakdown by Product
Key Figures
In R$ Million
Q1
2013/14
Q1
2012/13
Change
Revenues 240 279 -14%
Gross Profit 11 21 -47%
Gross Margin 4.6 % 7.5%
EBIT (0) 4 -111%
EBIT Margin -0.2% 1.4%
Adjusted EBITDA 9 15 -36%
Adjusted EBITDA Margin 3.8% 5.3%
CAPEX 1 73 -99%
Ethanol own
sales 50%
Ethanol
traded 43%
Co-products
and other
7%
Note: Figures for Alcohol & Ethanol segment now exclude JVs
279
240
(77)
+12
+21 +5
1T
2012/13
Volume Preço &
Mix
Moeda Outros 1T
2013/14

14. 14
Cash Flow Reconciliation
Cash Flow
In R$ Million
Q1 13/14
Adjusted EBITDA 210
Working capital variance (357)
Others (28)
Operating Cash Flow (175)
Financial interests (41)
Dividends paid and received (1)
Capex (239)
Others (16)
Free Cash Flow (473)
Forex impact (313)
Others 6
Net Debt Variation (779)
 Working Capital
Partially related to higher seasonal inventories,
currency impact on receivables and inventories, as
well as payables cycle
 CAPEX (-28.4% Y-o-Y)
Brazil: 51% of consolidated CAPEX (-16.6% Y-o-Y):
 Expansion/renewal planting program
 Capacity / cogen expansion program
 Higher intercrop maintenance
 75% of the investment program completed
Cereals: 32% of consolidated CAPEX (-47.3% Y-o-Y):
 Mostly related to starch project in Brazil
 Currency Effect on Debt
Devaluation of the Real against Euro (-10.7%) and
USD (-9.4%)

15. Debt
Working Capital and Currency Effect Impacted Net Debt
 Net Debt/Adjusted EBITDA: 4.7x vs. 4.4x on March 31st, 2013
15
Debt
In R$ Million
June 30th,
2013
March 31th,
2013 (Restated)
∆
Current 2,064 1,829 775
Non-current 2,595 2,399 196
Amortized cost (26) (26) -
Total Gross Debt 4,633 4,202 431
In € 1,828 1,596 232
In USD 1,832 1,688 144
In R$ 921 882 39
Other currencies 78 62 16
Cash and Cash Equivalent (583) (893) 310
Total Net Debt 4,050 3,309 741
Related Parties Net Debt 51 12 39
Total Net Debt + Related Parties 4,101 3,321 779

16.  Cereals
 Moving forward with expansion projects:
 China: Engineering and equipment purchases mostly done at Dongguan, while civil works are
underway. Most approvals from the Chinese authorities now received for Tieling acquisition
 Brazil: production of corn-based glucose at Palmital expected for Q2 13/14
 Positive impact of lower wheat purchase price to be felt progressively in Q2 13/14
 Benefit of diversification projects in Europe (Saragossa and Lillebonne) to come through progressively
in the year.
 Sugarcane
 Renewal/expansion program of previous years has reduced average age of sugarcane to 3.3 years
 No impact of frosts experienced in Center-South region of Brazil and crushing estimates maintained
at c. 18.5 million tonnes (adjusted for JVs, and equivalent to c. 20 million tonnes on a full
consolidation basis)
 Full benefit of higher industrial utilization rates to dilute fixed costs, despite lower sugar prices
 Positive contribution of higher cogeneration (expected to double Y-o-Y) and PIS/COFINS tax cut
 Guarani 2015/16 program led by recently appointed new CEO
16
Outlook

17. IR Contact
Marcus Thieme
Investor Relations Officer
Felipe Mendes
Investor Relations Manager
Phone: +55 (11) 3544 4900
Email: ir@tereosinternacional.com
www.tereosinternacional.com