INTERIM REPORT - Nordzucker...2018/01/12 · strated to us once again that our growers, logistics partners and employees can work together to overcome even the greatest difficulties

INTERIM REPORT

FINANCIAL YEAR 2017/20189 MONTHS / 1 MARCH TO 30 NOVEMBER 2017

KEY FIGURES NINE MONTHS 2017/2018

THE SUGAR MARKET

CASH FLOW AND INVESTMENTS1/3/2017 –

30/11/20171/3/2016 –

30/11/2016 Change

Cash flow from operating activities EUR m 299 268 31

Cash flow from investing activities EUR m –177 –58 –119

Free cash flow1 EUR m 122 210 –88

Investment in property, plant and equipment and intangible assets EUR m 68 57 11

1 Cash flow from operating activities + cash flow from investing activities

BALANCE SHEET FIGURES 1/3/2017 –

30/11/20171/3/2016 –

30/11/2016 Change

Total assets EUR m 2,254 2,191 63

Shareholders’ equity EUR m 1,461 1,347 114

Equity ratio % 65 61 4

Debt capital EUR m 793 844 –51

Capital employed EUR m 1,409 1,450 –41

Financial liabilities EUR m 7 13 –6

Cash and cash equivalents EUR m 381 382 –1

Net debt (-)/ Investment (+)1 EUR m 374 369 5

1 Cash and cash equivalents – financial liabilities

NET INCOME AND RATE OF RETURN1/3/2017 –

30/11/20171/3/2016 –

30/11/2016 Change

Revenues EUR m 1,284 1,307 –23

EBITDA EUR m 235 163 72

EBITDA margin1 % 18.3 12.5 5.8

EBIT EUR m 184 107 77

EBIT margin2 % 14.3 8.2 6.1

Consolidated net income before minority interests EUR m 143 82 61

Return on sales3 % 10,9 6,0 4,9

Return on equity4 % 9.5 5.9 3.6

1 EBITDA / revenues2 EBIT / revenues

3 Consolidated net income (after minority interests) / revenues

4 Consolidated net income (after minority interests) / shareholders’ equity

100

300

400

600

200

500

700

800

420 €/t

332 €/t

EU PRICES AND WORLD MARKET PRICES FOR SUGAR, 2006 – 2017Euro

Source: EU-Price-Reporting, 21 December 2017 and for the world market, London No. 5

EU market price Euro/t Global market price Euro/t

JUL 06

DEC06

JUN07

DEC07

JUN08

DEC08

JUN 09

DEC09

JUN10

DEC10

JUN11

JUN12

JUN13

DEC13

JUN14

DEC14

JUN15

DEC15

JUN17

DEC16

JUN16

NOV17

DEC12

DEC11

Nordzucker AG INTERIM REPORT 9 MONTHS 2017/2018

2 INTERIM REPORT KEY FIGURES NINE MONTHS 2017/2018

THE SUGAR MARKET

CORNERSTONES OF THE FIRST NINE MONTHS 2017/2018

CONTENTS

4 LETTER FROM THE EXECUTIVE BOARD

7 EARNINGS AND FINANCIAL POSITION

AND NET ASSETS

9 EVENTS AFTER THE BAL ANCE SHEET DATE

9 OUTLOOK

10 CONSOLIDATED INCOME STATEMENT

CORNERSTONES OF THE FIRST NINE MONTHS 2017/2018

GOOD EARNINGS – DIFFICULT MARKET SITUATION

In the first nine months of the 2017/2018 financial year,

Nordzucker generated revenues of EUR 1,284.4 mil-

lion. This was EUR 22.6 million lower than in the same

period of the previous year. The decline in revenues

was mainly due to lower revenues for bioethanol and

by-products. Lower sales volumes in sugar were offset

by higher prices in the first nine months of the financial

year 2017/2018. Overall, Nordzucker generated profit

for the period of EUR 143.5 million (prior-year period:

EUR 81.7 million) with the help of cost reductions.

However, the market situation became much worse

as a result of the former sugar market regime coming

to an end, meaning that the anticipated fall in prices

in the fourth quarter are not expected to be offset by

further cost reductions.

QUOTA REGIME FOR SUGAR IN THE EU IS OVER

The end of the old sugar market regime means that

quotas no longer apply to sugar as of 1 October 2017.

Since then, there have been no volume limits in the

EU sugar market. The export limit imposed by the

WTO ended at the same time. A substantial produc-

tion surplus is expected in the EU for the 2017/2018

campaign. The regulation on the minimum beet prices

to be paid to beet growers was lifted along with the

quota regime.

2017/2018 CAMPAIGN: GOOD YIELDS – HEAV Y RAIN

The campaign should be finished in all Nordzucker

plants by mid- to late January 2018. Beet processing

was hampered in almost all regions by heavy rainfall.

Wet soil in the fields not only made harvesting more

difficult but also meant that the beet arrived at the

plants with unusually large amounts of soil tare. The

challenges posed by the weather also meant that work

at the plants was more demanding, but the campaign

ran without serious disruption.

SHARP FALL IN EU SUGAR PRICE

Current price reporting puts the sugar price in the EU

at just EUR 420 per tonne as of 31 October 2017. This

is a sharp decline in the price, since in prior months,

EU prices were very stable, at around the EUR 500

mark per tonne. The world market price for sugar also

fell significantly. In November, it came to EUR 332 per

tonne (London No. 5). In February 2017, i.e. at the

close of the financial year 2016/2017, the world market

price was still EUR 513 per tonne. Anticipated global

production surpluses, rising stock levels and good har-

vests in key culti vation regions – including in Europe –

are continuing to put pressure on sugar prices.

10 CONSOLIDATED STATEMENT OF

COMPREHENSIVE INCOME

11 CONSOLIDATED CASH FLOW STATEMENT

12 CONSOLIDATED BAL ANCE SHEET

14 CONSOLIDATED STATEMENT OF CHANGES

IN SHAREHOLDERS‘ EQUIT Y

15 FINANCIAL CALENDAR/

ONLINE PUBLICATIONS

INTERIM REPORT 9 MONTHS 2017/2018 Nordzucker AG

3

DR MICHAEL NOTHChief Financial Officer

AXEL AUMÜLLERChief Operating Officer

DR LARS GORISSENChief Agricultural Officer

HARTWIG FUCHSChief Executive Officer

ERIK BERTELSENChief Marketing Officer


4 INTERIM REPORT LETTER FROM THE EXECUTIVE BOARD

DEAR SHAREHOLDERS,

We closed the first nine months of the financial year 2017/2018 with pleasing earnings. Despite a slight fall in

revenues, we were able to increase profit for the period to around EUR 143 million. This demonstrates the

benefits we have reaped from our successful cost-saving programmes and our long-term contract portfolio

with customers and suppliers.

Current developments on the world market, with low prices and considerable overproduction in the EU, which

we have been critical of from the start, are now posing enormous challenges for the entire industry. In the

months ahead, we are reckoning with strong competition and declining sugar prices. In line with our forecast,

we are expecting earnings for 2017/2018 to be significantly higher than last year. However, in the following

year, we will have to cope with a substantial decline.

In this demanding market phase, it is more important than ever to convince our customers every single day

of the quality of our products and of the dependability of our supplies. Sugar production begins in the field,

where we ensure, together with our beet growers, that our plants continue to be well supplied with beet in the

future. The challenges posed by the weather, with unusually heavy rainfall during this campaign, have demon-

strated to us once again that our growers, logistics partners and employees can work together to overcome

even the greatest difficulties. Ultimately, we can look back on a campaign that brought us good yields and that

went off almost without a hitch, in technical terms.

Low prices and increased competition call for skilful handling of the market and dependability with regard to

our customers and beet growers. As a result, every single one of us at Nordzucker is called upon to confront

this situation. In the future, it will be even more crucial than in prior years to cut costs consistently, while pru-

dently identifying what customers expect from us. But that’s not all. Developing new services and products,

improving product properties, increasing efficiency and productivity and strengthening our sales channels

for exports are just some of the measures we will concentrate on in the future. A consolidation phase is about

to start in the EU sugar market. For us, as one of the largest sugar producers in Europe, with strong financial

resources, this tense market situation primarily presents opportunities: for growth and for success.

Let’s stand side by side to confront the challenges we expect in the phase ahead. Thank you for your support

and for your confidence.

Yours sincerely,

Nordzucker AG

The Executive Board

Hartwig Fuchs Axel Aumüller Erik Bertelsen Dr Lars Gorissen Dr Michael Noth


5

SITES IN EUROPE

2

3

5

67

89

10 14

15

16

17

13

1

11

18

19 20

21

4

12

24

22

23

25

27

28

26

GROUP HEADQUARTERS

REGIONAL ADMINISTRATION

SUGAR PLANTS AND REFINERIES

D 1 Braunschweig

D 3 Clauen

4 Nordstemmen

5 Uelzen

6 Klein Wanzleben

7 Schladen

DK 8 Nakskov

9 Nykøbing

S 10 Arlöv

DK 2 Copenhagen

11 Örtofta

FIN 12 Porkkala

13 Säkylä

LT 14 Kèdainiai

PL 15 Chełmża

16 Opalenica

SK 17 Trenč ianska Teplá

SALES SITES

SUGAR PLANTS – NON-CONSOLIDATED MINORITY HOLDINGS

CZ 19 Dobrovice

20 Ceské Meziříčí

LIQUID SUGAR PLANTS

D 4 Nordstemmen

18 Groß Munzel

S 10 Arlöv

FIN 12 Porkkala

EE 22 Tallinn

LV 23 Riga

LT 24 Vilnius

NO 25 Oslo

IS 26 Reykjavík

IE 27 Dublin

GR 28 Athens

OTHER SITES

DK 2 NP Sweet. Copenhagen

D 6 Bioethanol. Kl, Wanzleben

B 21 Brussels office


6 INTERIM REPORT SITES IN EUROPE

EARNINGS AND FINANCIAL POSITION AND NET ASSETS

GENERAL REMARKS

The interim financial statements as of 30 November

2017 for Nordzucker AG (Küchenstrasse 9, 38100

Braunschweig, Germany) have been prepared in accor-

dance with the International Financial Reporting Stan-

dards (IFRS) adopted and published by the Interna-

tional Accounting Standards Board (IASB) and the IFRS

Interpretations Committee (IFRS IC) as applicable in

the European Union (EU-IFRS). The financial statements

comply fully with EU-IFRS and give a true and fair view

of the net assets, financial and earnings position of

Nordzucker AG and its consolidated subsidiaries, joint

ventures and associated companies (herein after known

as ‘Nordzucker Group’ or ‘Group’).

No changes have been made to the accounting poli-

cies used for the preparation of the annual IFRS con-

solidated financial statements as of 28 February 2017.

These can be found in the Annual Report 2016/2017

(www.nordzucker.de/en).

SEASONAL SUGAR PRODUCTION

The production of sugar is a seasonal business. The

production phase, from the beginning of September

until January, is entirely in the second half of the finan-

cial year. This should be taken into consideration when

interpreting the third-quarter earnings.

REVENUES AND EARNINGS

In the first nine months of the 2017/2018 financial

year, the Nordzucker Group generated revenues of

EUR 1,284.4 million, approximately 1.7 per cent less

than in the previous year. The decline in revenues was

mainly due to lower sales volumes for bioethanol and

by-products. Revenues from bioethanol decreased

substantially compared with the previous period,

due in particular to the fact that no bioethanol was

produced from the start of May until the end of July

2017. Revenues from by-products were lower than in

the comparative period, primarily as a result of lower

sales volumes for pellets. Lower sales volumes for sug-

ar were offset by higher prices. Prices for sugar on the

spot markets did fall sharply over the first nine months

of the financial year 2017/2018 but long-term contracts

meant that prices were still higher than in the same

period of the previous year. Sales prices for sugar have

already sunk by considerably more than 10 per cent

since the end of the sugar market regime on 1 October

2017, in line with the entire sugar market.

Production costs came to EUR 921.5 million, well

below the figure of EUR 1,022.7 million in the same

period of the previous year. The decrease was due to

lower sales volumes in sugar, a year-on-year decline in

the use of purchased sugar and lower sales volumes in

bioethanol and by-products.

Sales costs decreased to EUR 117.9 million, mainly due

to lower freight costs alongside lower sales volumes

and lower expenses for external storage (prior-year

period: EUR 120.8 million). Administrative expenses

came to EUR 60.1 million, slightly higher than the figure

of EUR 58.3 million in the same period of the previous

year. Other income increased slightly to EUR 15.3 mil-

lion (prior-year period: EUR 12.9 million), with other

expenses up significantly to EUR 16.7 million (prior-year

period: EUR 10.9 million).

At EUR 145.9 million, personnel expenses were roughly

the same as last year (EUR 145.4 million). Depreciation,

amortization and impairment was down from the same

period of the previous year at EUR 51.8 million (prior -

year period: EUR 55.8 million).

The operating result (EBIT) of the Nordzucker Group

totalled EUR 183.5 million in the first nine months of the

2017/2018 financial year, compared with EUR 107.1 mil-

lion in the same period of the previous year.

EARNINGS AND FINANCIAL POSITION AND NET ASSETS


7

Financial income of EUR 8.8 million was significantly

above the previous year’s figure of EUR 4.3 million.

Financial expenses of EUR 8.1 million were also higher

than the previous year’s figure of EUR 6.1 million.

In the first nine months of the 2017/2018 financial year,

the Nordzucker Group reported net income before

minority interests of EUR 143.5 million, well above the

net income of EUR 81.7 million in the same period of

the previous year. The positive earnings were caused

in particular by declining production costs, mainly due

to the successful cost-saving programme. The positive

earnings are also attributable to our long-term con-

tract portfolio with customers and suppliers. All of

the statements made in this section refer to the first

nine months of the financial year; the market situation

changed significantly when the sugar market regime

ended. Expected price falls will no longer be offset by

cost reductions, especially in the fourth quarter.

CASH FLOW AND BALANCE SHEET

Cash flow from operating activities of EUR 299.2 million

in the first nine months of the 2017/2018 financial year

was higher than the previous year’s figure (EUR 267.8

million). This is because Nordzucker’s earnings before

tax were EUR 78.9 million higher than in the same peri-

od a year ago. By contrast, working capital was deplet-

ed by much less in the first nine months of 2017/2018

than in the same period last year.

020406080

100120

160180200

140

CONSOLIDATED EBITin EUR m

9 months 2016/17 9 months 2017/18

184

107

Net cash flow from investing activities came to

EUR –176.8 million, much higher than the EUR –57.7 mil-

lion of the same period last year. In the reporting peri-

od, Nordzucker invested cash and cash equivalents

with a net amount of EUR 110.0 million in current securi-

ties. Net investments in property, plant and equipment

and in intangible assets (not including net investments

in securities and other changes in financial assets) came

to EUR 67.7 million (2016/2017: EUR 58.3 million).

Cash flow from financing activities came to

EUR –63.5 million (prior-year period: EUR 0.8 million);

the cash outflow resulted primarily from dividend pay-

ments to the shareholders of Nordzucker AG.

Total consolidated assets came to EUR 2,254.1 million

as of the end of the reporting period on 30 November

2017 (30 November 2016: EUR 2,191.0 million).

Current financial assets went up significantly by

EUR 149.6 million to EUR 155.5 million due to cash

being invested in current securities. On the other

hand, inventories fell sharply by EUR 80.7 million to

EUR 586.2 million, as did trade receivables, which were

down by EUR 9.8 million to EUR 182.7 million.

Trade payables decreased by EUR 22.8 million to

EUR 280.5 million. By contrast, consolidated equity

increased by EUR 114.0 million to EUR 1,461.2 million.

Cash and cash equivalents exceeded financial liabilities

by EUR 373.8 million at the end of the reporting peri-

od as of 30 November 2017. At the end of the same

period in the previous year (30 November 2016), the

BREAKDOWN OF THE ASSETS AND LIABILITIES MAKING UP THE 30/11/2017 BALANCE SHEET TOTALin EUR m

Non-current assets

Inventories

Other current assets

Equity

Non-current liabilities

Current liabilities

0Assets Equity & liabilities

2,254 2,254

40%

26%

34%

65%

15%

20%

2,400

2,000

1,600

1,200

800

400

020

40

60

80

160

140

120

100

CONSOLIDATED NET INCOME FOR THE PERIODin EUR m

9 months 2016/17 9 months 2017/18

82

143


8 INTERIM REPORT EARNINGS AND FINANCIAL POSITION AND NET ASSETS

EVENTS AFTER THE BALANCE SHEET DATE

OUTLOOK

NET DEBT (–)/ INVESTMENT (+) in EUR m

0

100

200

300

400

500

9 months 2016/17 9 months 2017/18

369 374

excess amount was EUR 369.3 million. In the reporting

period, a net amount of EUR 110.0 million was invest-

ed in liquid current securities, which are presented as

current financial assets. As a result, liquidity has again

improved significantly.

EVENTS AFTER THE BALANCE SHEET DATE

There have been no events of particular importance

after the end of the interim reporting period.

OUTLOOK

The key figures for the Nordzucker Group for the first

nine months of the financial year 2017/2018 confirm the

positive outlook for the full financial year. Nonetheless,

2017/2018 is a transitional period, because the current

sugar market regime expired on 1 October 2017. Com-

petition in Europe has already increased significantly as

a result, and the influence of world market prices on EU

sugar prices is stronger. Overproduction in the EU in

the 2017/2018 campaign will spur competition again,

which is bound to have an impact on sugar prices.

World market prices are also still under pressure and

the US dollar has fallen considerably against the euro.

Overall, the world market price has fallen very sharp-

ly from EUR 513 per tonne of sugar in February 2017

to EUR 332 per tonne of sugar in November 2017,

based on London No. 5. Based on the good earn-

ings in the first nine months (EBIT and net income), it

can be assumed that the performance for the full year

2017/2018 will be very positive. We expect to exceed

the earnings of the financial year 2016/2017 significant-

ly. However, earnings will decline considerably in the

fourth quarter of 2017/2018; further price falls since

1 January 2018 can no longer be offset by price reduc-

tions. Earnings in the fourth quarter of 2017/2018 are

expected to stay positive, but well below the first three

quarters of the financial year 2017/2018 and all the

quarters in the previous year. But since the other quar-

ters were successful, the Executive Board expects RoCE

for the full year 2017/2018 to at least cover the cost of

capital. RoCE is also expected to improve compared

with the previous year, as are the other key financial

indicators. In the financial year 2018/2019, the effects

of the price pressure will, however, be felt in full, which

will lead to a significant reduction in earnings based on

current expectations. According to current estimates,

the Nordzucker Group will report slightly positive

earnings that are well below the cost of capital.

In the medium term, the expectation is that the Europe-

an sugar market will stabilize again, after a market shake-

out resulting from tough competition. The high eco-

nomic potential of sugar beet enables European sugar

producers to supply their customers on competitive

terms. The influence of the world market is expected to

increase further. The rising demand for sugar, especially

in Asia and Africa, could nevertheless support prices on

the global market in the long term. As sugar is highly

volatile, however, there will be years with fairly high

prices as well as years with fairly low prices.

Nordzucker is a strong provider in Europe that will

make use of the opportunities on the markets and

that is preparing intensively to do so. The company is

well set up to play an active role in the market consoli-

dation and to further expand its position in Europe.

Its capital structure is so solid that the company can

also strengthen its core business further by means of

investments. Growth opportunities outside of Europe

can also be considered. Nordzucker has successfully

dealt with all of the changes in Europe to date and has

emerged from them even stronger. Even in a world

without sugar quotas, the company will continue on

this successful path.


9

in EUR thousands1/3/2017 –

30/11/20171/3/2016 – 30/11/2016 Change

Revenues 1,284,404 1,306,973 –22,569

Production costs –921,516 –1,022,736 101,220

Gross profit 362,888 284,237 78,651

Sales costs –117,893 –120,844 2,951

Administrative expenses –60,087 –58,276 –1,811

Other income 15,315 12,896 2,419

Other expenses –16,691 –10,918 –5,773

Operating result (EBIT) 183,532 107,095 76,437

Financial income 8,776 4,301 4,475

Financial expenses –8,107 –6,107 –2,000

Result from companies accounted for using the equity method –245 –254 9

Earnings before tax 183,956 105,035 78,921

Income taxes –40,499 –23,316 –17,183

Consolidated net income 143,458 81,719 61,739

of which attributable to non-controlling interests 3,942 2,855 1,087

of which attributable to shareholders of the parent company 139,516 78,864 60,652


30/11/20171/3/2016 – 30/11/2016 Change

Consolidated net income 143,458 81,719 61,739

Remeasurement of defined benefit plans 7,102 15 7,087

Deferred taxes on items of other comprehensive income not reclassified to the income statement –2,104 3 –2,107

Other comprehensive income from items not reclassified to the income statement 4,998 18 4,980

Exchange differences on translating foreign operations –4,464 –9,148 4,684

Net result of cash flow hedges –509 1,542 –2,051

Deferred taxes on items of other comprehensive income reclassified to the income statement 83 –353 436

Other comprehensive income from items reclassified to the income statement –4,890 –7,959 3,069

Consolidated comprehensive income after taxes 143,566 73,778 69,788

of which attributable to non-controlling interests 3,945 2,853 1,092

of which attributable to shareholders of the parent company 139,621 70,925 68,696

CONSOLIDATED INCOME STATEMENT Nordzucker AG, Braunschweig, Germany, for the period from 1 March 2017 to 30 November 2017

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONSOLIDATED FINANCIAL STATEMENTS NORDZUCKER AG


10 INTERIM REPORT CONSOLIDATED FINANCIAL STATEMENTS NORDZUCKER AG


30/11/20171/3/2016 – 30/11/2016 Change

Earnings before tax 183,956 105,035 78,921

Interest and similar income/expenses 4,233 4,026 207

Depreciation, amortization and impairment/reversals of impairment of non-current assets 51,749 55,735 –3,986

Change in provisions –24,553 –6,496 –18,057

Change in inventories 100,445 81,188 19,257

Change in trade receivables –33,270 –67,101 33,831

Change in trade payables 58,691 121,542 –62,851

Change in other operating assets/liabilities –9,165 –5,236 –3,929

Gains/losses on disposal of non-current assets 122 1,299 –1,177

Other non-cash expenses/income 177 34 143

Interest received in the financial year 288 6,977 –6,689

Interest paid in the financial year –1,338 –1,451 113

Result from companies accounted for using the equity method 245 254 –9

Taxes paid in the financial year –32,370 –28,049 –4,321

Cash flow from operating activities 299,210 267,757 31,453

Proceeds on disposal of property, plant and equipment 157 767 –610

Payments for investments in property, plant and equipment –65,740 –57,727 –8,013

Proceeds on disposal of intangible assets 0 75 –75

Payments for investments in intangible assets –2,143 –1,375 –768

Proceeds on disposal of financial assets 1,056 565 491

Payments for investments in financial assets –150 –53 –97

Proceeds from disinvestments in current securities 34,996 0 34,996

Payments for investments in current securities –144,998 0 –144,998

Cash flow from investing activities –176,822 –57,748 –119,074

Inflows and outflows arising from changes in equity 0 1 –1

Payments to shareholders (dividends) –56,919 –4,963 –51,956

Proceeds from borrowing 0 5,726 –5,726

Loan repayments –6,589 0 –6,589

Cash flow from financing activities –63,508 764 –64,272

Changes in cash and cash equivalents 58,880 210,773 –151,893

Cash and cash equivalents at the beginning of the period 321,814 171,781 150,033

Effect of foreign exchange rate changes –55 –199 144

Cash and cash equivalents at the end of the period 380,639 382,355 –1,716

CONSOLIDATED CASH FLOW STATEMENT Nordzucker AG, Braunschweig, Germany, for the period from 1 March 2017 to 30 November 2017


11

ASSETSin EUR thousands 30/11/2017 30/11/2016

NON-CURRENT ASSETS

Fixed assets

Intangible assets 19,683 19,194

Property, plant and equipment 834,560 831,004

Investment property 4,397 4,447

Financial investments

Shares in companies accounted for using the equity method 6,422 7,053

Other financial investments 23,033 23,375

29,455 30,428

888,095 885,073

Receivables and other assets

Financial assets 679 439

Other assets 784 2,383

1,463 2,822

Deferred taxes 3,137 4,560

892,695 892,455

CURRENT ASSETS

Inventories

Raw materials, consumables and supplies 60,349 70,738

Work in progress 32,681 11,726

Finished goods and merchandise 493,192 584,455

586,222 666,919

Receivables and other assets

Trade receivables 182,686 192,483

Receivables from related parties 861 1,831

Current income tax receivables 6,460 8,993

Financial assets 155,511 5,890

Other assets 49,002 40,046

394,520 249,243

Cash and cash equivalents 380,639 382,355

Current assets 1,361,381 1,298,517

Assets held for sale 30 0

1,361,411 1,298,517

2,254,106 2,190,972

CONSOLIDATED BALANCE SHEET

as of 30 November 2017, Nordzucker AG, Braunschweig, Germany



EQUITY AND LIABILITIESin EUR thousands 30/11/2017 30/11/2016

Shareholders’ equity

Subscribed capital 123,651 123,651

Capital reserves 127,035 127,035

Retained earnings 1,221,872 1,120,366

Other comprehensive income –53,287 –65,782

Equity attributable to shareholders of the parent company 1,419,271 1,305,270

Non-controlling interests 41,888 41,903

1,461,159 1,347,173

Non-current provisions and liabilities

Provisions for pensions and similar obligations 211,802 222,439

Other provisions 48,025 45,934

Financial liabilities 1,380 7,061

Liabilities towards related parties 5,500 5,500

Other financial liabilities 563 0

Other liabilities 5,172 8,660

Deferred taxes 75,459 81,942

347,901 371,536

Current provisions and liabilities

Provisions for pensions and similar obligations 9,565 9,647

Other provisions 38,936 45,839

Financial liabilities 5,486 5,992

Current income tax liabilities 31,364 21,887

Trade payables 280,455 303,202

Liabilities towards related parties 33,768 27,821

Other financial liabilities 5,485 9,309

Other liabilities 39,987 48,566

445,046 472,263

2,254,106 2,190,972


13

in EUR thousandsSubscribed

capitalCapital

reservesRetained earnings

Other com-prehensive

income

Equity attribu-table to

sharehol-ders of

the parent company

Non- controlling

interestsTotal

equity

As of 1/3/2016 123,651 127,035 1,046,339 –57,844 1,239,181 39,186 1,278,367

Net income 78,864 78,864 2,855 81,719

Other comprehensive income –7,939 –7,939 –2 –7,941

Consolidated comprehensive income 78,864 –7,939 70,925 2,853 73,778

Dividend payment –4,830 –4,830 –133 –4,963

Other –7 –7 –3 –10

As of 30/11/2016 123,651 127,035 1,120,366 –65,782 1,305,270 41,903 1,347,173

As of 1/3/2017 123,651 127,035 1,135,496 –53,392 1,332,790 41,731 1,374,521

Net income 139,516 139,516 3,942 143,458

Other comprehensive income 105 105 3 108

Consolidated comprehensive income 139,516 105 139,621 3,945 143,566

Dividend payment –53,131 –53,131 –3,788 –56,919

Other –9 –9 0 –9

As of 30/11/2017 123,651 127,035 1,221,872 –53,287 1,419,271 41,888 1,461,159

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY Nordzucker AG, Braunschweig, Germany



FINANCIAL CALENDAR

ONLINE PUBLICATIONS

24 May 2018Publication of the annual report 2017/2018

26 June 2018Shareholders’ meeting Union-Zucker Südhannover GmbH

4 July 2018Annual General Meeting Nordzucker Holding AG

5 July 2018Annual General Meeting Nordzucker AG

ONLINE PUBLICATIONS

The following publications can be downloaded from

www.nordzucker.de/en

• Annual Reports and Interim Reports

• Declaration of compliance

• Letter to shareholders

Subscribe to the Interim Reports at

www.nordzucker.de/en.

FINANCIAL CALENDAR


15

IMPRINT

Nordzucker AGKüchenstrasse 9

38100 Braunschweig

Germany

Telephone: +49 (0) 531 2411-0

Fax: +49 (0) 531 2411-100

[email protected]

www.nordzucker.de

Communications & Public AffairsChristian Kionka

Telephone: +49 (0) 531 2411-173

[email protected]

Investor RelationsBianca Deppe-Leickel

Telephone: +49 (0) 531 2411-335

[email protected]

Share registerNicole Riedel-Elias

Telephone: +49 (0) 531 2411-163

[email protected]

Concept and designKirchhoff Consult AG, Hamburg, Germany

PhotographyNordzucker archive

PrintLeinebergland Druck, Alfeld, Germany

Printed copies of this Interim Report for the Nordzucker Group are also

available in German. Alternatively, the report is available online in German

or English and can be downloaded as a PDF at www.nordzucker.de from

the Download Centre.

Documents

INTERIM REPORT - Nordzucker...2018/01/12 · strated to us once again that our growers, logistics partners and employees can work together to overcome even the greatest difficulties