Nordzucker AG Interim Report Financial Year 2012/2013 Nine months March 1 – November 30, 2012
Group figures and ratios
Nordzucker nine months 2012/2013
Group figures and key ratios nine months 2012/13
Operating business
9 months 2012/2013
9 months 2011/2012
Change absolute
Revenues
EUR m
1,872
1,477
395
Total revenues
EUR m
1,905
1,557
348
Gross income
EUR m
783
537
246
EBITDA
EUR m
504
272
232
EBIT
EUR m
439
207
232
Net income
EUR m
316
139
177
Cash flow from operating activities
EUR m
351
291
60
Investments in property, plant and equipment and intangible assets
EUR m
56
43
13
9 months 2012/2013
9 months 2011/2012
Change absolute
Balance sheet as of November 30
Balance sheet total
EUR m
2,302
2,091
211
Equity
EUR m
1,266
912
354
%
55
44
Debt capital
EUR m
1,036
1,179
-143
Financial liabilities
EUR m
13
195
-182
Cash and cash equivalents
EUR m
7
33
-26
Net debt (Cash and cash equivalents less financial liabilities)
EUR m
6
162
-156
9 months 2012/2013
9 months 2011/2012
Change absolute
Northern Europe Sugar factories
5
5
–
Sugar refineries
2
2
–
Equity ratio
Structure figures
Central Europe Sugar factories
5
5
–
Liquid sugar factories
2
2
–
Bioethanol plants
1
1
–
Eastern Europe Sugar factories
3
3
–
Sugar refineries
1
1
–
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2
Facts and trends
Nordzucker nine months 2012/2013
|
Highlights of the first nine months 2012/2013 Content We are all Nordzucker
4
Letter from the Management Board
5
Sites in Europe
6
Management Report
7
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Income statement
10
Statement of comprehensive income
10
Cash flow statement
11
Balance sheet
12
Statement of changes in shareholders’ equity
14
Financial calendar
15
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We are all Nordzucker
Nordzucker nine months 2012/2013
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Letter from the Management Board
Nordzucker nine months 2012/2013
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Mats Liljestam
Axel Aumüller
Hartwig Fuchs
Dr Michael Noth
Dr Niels Pörksen
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5
Sites in Europe
Nordzucker nine months 2012/2013
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6
6LWHV LQ (XURSH Headquarters Nordzucker D
1
Braunschweig
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2
Nordic Sugar, Køpenhavn
Sugar factories D
DK S
3
Clauen
4
Nordstemmen
5
Uelzen
6
Klein Wanzleben
7
Schladen
8
Nakskov
9
Nykøbing
10
Säkylä
LT
12
Kedainiai
PL
13
Opalenica
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6.
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D
Liquid sugar factory
16
Northern Europe
Örtofta
FIN 11
11 19
Groß Munzel 17
Liquid sugar factory Nordstemmen
5HīQHULHV S
18
Arlöv
FIN
19
Porkkala
3/
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2
24
8
Sugar factories –
CZ
21
Dobrovice
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23
DK
24
fuel 21, Klein Wanzleben NP Sweet, Køpenhavn
12
9
14
20
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16
13
4
Eastern Europe 21
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18
5
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Central Europe
22
15
Management report
Nordzucker nine months 2012/2013
Earnings and financial position and net assets Consolidated revenues
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1,477
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9 months 2012/2013
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Consolidated EBIT in EUR m
439
Revenues and earnings ,Q WKH Ä«UVW QLQH PRQWKV RI WKH Ä«QDQFLDO \HDU WKH 1RUG]XFNHU *URXS JHQHUDWHG UHYHQXHV RI (85 PLOOLRQ D \HDU RQ \HDU LQ FUHDVH RI (85 PLOOLRQ 6DOHV RI TXRWD VXJDU GHFOLQHG VOLJKWO\
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9 months 2011/2012
9 months 2012/2013
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Management report
Nordzucker nine months 2012/2013
Consolidated net income in EUR m
316
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139
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9 months 2012/2013
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Consolidated balance sheet structure as of November 30, 2012 in EUR m
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2,302
2,302
46%
55%
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39% 15% Assets
15% 30%
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Equity & liabilities
Non-current assets
Equity
Inventories
Non-current liabilities
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Consolidated net debt In EUR m
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162
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9 months 2011/2012
9 months 2012/2013
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Nordzucker nine months 2012/2013
Management report
Supplementary report 2Q 1RYHPEHU 1RUG]XFNHU $* DQG ,QGXVWULH XQG +DQGHOVXQLRQ 'U :ROIJDQJ %RHWWJHU *PE+ &R .* %HUOLQ WKH %RHWWJHU *URXS DJUHHG WR FROODERUDWH PRUH FORVHO\ RQ WKH SURGXF WLRQ RI OLTXLG VXJDU $V RI -DQXDU\ WKH %RHWWJHU *URXS WKHUHIRUH DFTXLUHG D WKLUW\ SHU FHQW VWDNH LQ WKH 1RUG]XFNHU VXEVLGLDU\ 1RUGGHXWVFKH )OĘVVLJ]XFNHU *PE+ &R .* 1)= ZKLFK RSHUDWHV WZR OLTXLG VXJDU IDFWRULHV LQ *URĎ 0XQ]HO DQG 1RUGVWHPPHQ
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9
Nordzucker nine months 2012/2013
Consolidated nine-month financial statements
|
Consolidated nine-month financial statements Consolidated income statement for the period from March 1 to November 30, 2012, Nordzucker AG, Braunschweig
Revenues &KDQJHV LQ ÄŤQLVKHG JRRGV DQG ZRUN LQ SURJUHVV Own work capitalised 7RWDO UHYHQXHV Other operating income Cost of materials and services Personnel expenses Depreciation of property, plant and equipment, amortisation and impairment of intangible assets Appreciation of property, plant and equipment, amortisation and impairment of intangible assets
1/3/2012 TEUR
1/3/2011 - 30/11/2011 TEUR
Change
1,871,897
1,476,947
394,950
32,861
78,309
-45,448
330
1,606
-1,276
1,905,088
1,556,862
348,226
17,996
18,144
-148
1,121,793
1,020,184
101,609
143,312
135,976
7,336
64,446
65,040
-594
TEUR
0
4
-4
Other operating expenses
154,308
147,268
7,040
2SHUDWLQJ UHVXOW (%,7
439,225
206,542
232,683
Net interest a) Interest income and similar income b) Interest expenses and similar expenses Net income/loss from investments a) Net income/loss from associated companies and joint ventures accounted for under the equity method
2,700
3,067
-367
12,886
30,187
-17,301
-10,186
-27,120
16,934
283
283
0
4,713
3,774
939
4,996
3,774
1,222
2WKHU QHW ÄŤQDQFLDO LQFRPH ORVV D 2WKHU ÄŤQDQFLDO LQFRPH
15,148
7,095
8,053
E 2WKHU ÄŤQDQFLDO H[SHQVHV
16,739
7,863
8,876
-1,591
-768
-823
b) Other net income from investments
1HW ÄŤQDQFLDO LQFRPH ORVV (DUQLQJV EHIRUH WD[HV Income taxes &RQVROLGDWHG QHW LQFRPH Consolidated net income attributable to minority interests Consolidated net income attributable to shareholders of the parent company
432,444
182,428
250,016
116,941
43,439
73,502
315,503
138,989
7,806
2,840
4,966
136,149
315,503
138,989
1,930
-20,525
22,455
769
-3,406
4,175
-220
857
-1,077
Statement of comprehensive income &RQVROLGDWHG QHW LQFRPH Currency conversion for foreign operations 1HW UHVXOW RI FDVK ÄŹRZ KHGJHV Income taxes Other net income/loss after taxes 7RWDO QHW LQFRPH ORVV DIWHU WD[HV Consolidated net income attributable to minority interests Consolidated net income attributable to shareholders of the parent company
25,553
115,915
7,806
2,840
197,101
4,966
10
Nordzucker nine months 2012/2013
Consolidated nine-month financial statements
|
Consolidated cash flow statement for the period from March 1 to November 30, 2012, Nordzucker AG, Braunschweig
(DUQLQJV EHIRUH WD[HV
1/3/2012
1/3/2011 - 30/11/2011
TEUR
TEUR
432,444
182,428
Change
TEUR
250,016
Interest and similar income
-2,700
-3,067
367
Interest and similar expenses
12,886
30,187
-17,301
Net depreciation, amortisation and impairment on non-current assets
64,446
65,036
-590
0
4
-4
-1,154
15,957
-17,111
-105
185
-290
1HW GHSUHFLDWLRQ RQ ÄŤQDQFLDO DVVHWV Changes in non-current provisions Other non-cash expenses Net loss/income from associated companies &KDQJHV LQ ÄŤQLVKHG JRRGV DQG ZRUN LQ SURJUHVV Changes in current provisions Proceeds on disposal of non-current assets Changes in inventories, trade receivables and other assets QRW DWWULEXWDEOH WR LQYHVWLQJ RU ÄŤQDQFLQJ DFWLYLWLHV Changes in trade payables and other liabilities QRW DWWULEXWDEOH WR LQYHVWLQJ RU ÄŤQDQFLQJ DFWLYLWLHV ,QWHUHVW UHFHLYHG LQ WKH ÄŤQDQFLDO \HDU ,QWHUHVW SDLG LQ WKH ÄŤQDQFLDO \HDU
-283
0
-283
-32,861
-78,309
45,448
-913
-1,035
122
901
-1,214
2,115
-25,812
-89,999
64,187
20,226
237,752
-217,526
322
3,067
-2,745
-6,317
-17,126
10,809
7D[HV SDLG LQ WKH ÄŤQDQFLDO \HDU
-110,467
-52,933
-57,534
&DVK ÄŹRZ IURP RSHUDWLQJ DFWLYLWLHV
350,613
290,933
59,680
948
5,009
-4,061
-56,314
-42,739
-13,575
10
0
10
-1,655
-3,355
1,700
570
7
563
Proceeds on disposal of property, plant and equipment Payments for investments in property, plant and equipment Proceeds on disposal of intangible assets Payments for investments in intangible assets 3URFHHGV RQ GLVSRVDO RI ÄŤQDQFLDO DVVHWV 3D\PHQWV IRU LQYHVWPHQWV LQ ÄŤQDQFLDO DVVHWV
-587
-4
-583
Proceeds from the sale of consolidated companies and other business units
0
834
-834
Payments for the acquisition of consolidated companies and other business units
0
-73,676
73,676
56,896
-50,713
-22,367
-28,346
0
26,790
-26,790
-243,481
-197,140
-46,341
&DVK ÄŹRZ IRU LQYHVWLQJ DFWLYLWLHV Payments to shareholders (dividends) Proceeds from borrowing Loan repayments &DVK ÄŹRZ IURP ÄŤQDQFLQJ DFWLYLWLHV Changes in cash and cash equivalents
-609
-15,708
15,099
7,406
50,289
-42,883
Currency-related changes in cash and cash equivalents
-13
-1,926
1,913
&DVK DQG FDVK HTXLYDOHQWV DW WKH HQG RI WKH SHULRG
32,655
Cash and cash equivalents at the beginning of the period
11
Nordzucker nine months 2012/2013
Consolidated nine-month financial statements
|
Consolidated balance sheet as of November 30, 2012, Nordzucker AG, Braunschweig Assets
29/2/2012 TEUR
30/11/2012 TEUR
30/11/2011 TEUR
Intangible assets
174,066
165,473
172,470
Property, plant and equipment
861,059
859,796
876,468
6,785
5,739
7,510
1RQ FXUUHQW DVVHWV )L[HG DVVHWV
Investment property Financial investments Shares in associated companies and joint ventures accounted for under the equity method
2WKHU ÄŤQDQFLDO LQYHVWPHQWV
3,593
3,928
3,837
20,428
20,392
20,469
1,065,931
1,055,328
5HFHLYDEOHV DQG RWKHU DVVHWV Financial assets Other assets
'HIHUUHG WD[HV
7
0
16
1,369
46
1,437
46
1,453
11,883
3,335
4,836
Raw materials, consumables and supplies
44,451
55,238
47,263
Work in progress
43,373
24,136
17,748
810,414
819,310
603,467
898,238
898,684
194,423
255,434
218,037
233
4,278
294
5,084
7,566
12,609
13,185
8,311
14,133
&XUUHQW DVVHWV ,QYHQWRULHV
Finished goods and merchandise
5HFHLYDEOHV DQG RWKHU DVVHWV Trade receivables from external companies Receivables from related parties Current income tax receivables Financial assets Other current assets
61,971
60,517
57,184
336,106
&DVK DQG FDVK HTXLYDOHQWV
32,655
$VVHWV KHOG IRU VDOH
1,686
390
1,243,260
2,301,969
2,090,823
12
Nordzucker nine months 2012/2013
Consolidated nine-month financial statements
|
Consolidated balance sheet as of November 30, 2012, Nordzucker AG, Braunschweig Shareholdersâ&#x20AC;&#x2122; equity and liabilities
29/2/2012 TEUR
30/11/2012 TEUR
30/11/2011 TEUR
Subscribed capital
123,651
123,651
123,651
Capital reserves
127,035
127,035
127,035
Retained earnings
653,603
912,323
585,851
51,682
54,159
31,910
955,971
1,217,168
868,447
43,260
48,676
43,632
999,231
1,265,844
6KDUHKROGHUVĹ&#x192; HTXLW\
Other comprehensive income Equity attributable to shareholders of the parent company Minority interests
1RQ FXUUHQW SURYLVLRQV DQG OLDELOLWLHV Provisions for pensions and similar obligations
134,727
136,776
133,352
Other provisions
23,415
20,825
34,157
Financial liabilities
88,473
4,462
188,080
Liabilities towards related parties
5,500
5,511
5,500
2WKHU ÄŤQDQFLDO OLDELOLWLHV
1,181
930
1,161
Other liabilities
20,985
14,783
21,550
Deferred taxes
153,917
150,742
157,707
428,198
334,029
&XUUHQW SURYLVLRQV DQG OLDELOLWLHV Provisions for pensions and similar obligations
5,281
5,281
5,277
Other provisions
68,059
67,181
51,626
Financial liabilities
167,852
8,463
6,889
Current income tax liabilities
60,000
60,387
29,659
455,122
485,655
455,389
Liabilities towards related parties
11,498
12,912
12,441
2WKHU ÄŤQDQFLDO OLDELOLWLHV
15,900
5,642
16,414
Trade payables
Other liabilities
50,456
56,575
59,542
834,168
2,301,969
2,090,823
13
Consolidated nine-month financial statements
Nordzucker nine months 2012/2013
|
Consolidated statement of changes in shareholdersâ&#x20AC;&#x2122; equity Nordzucker AG, Braunschweig
As of 1/3/2011
(TXLW\ DWWULEXWDEOH to VKDUHKROGHUV RI WKH SDUHQW FRPSDQ\
0LQRULW\ LQWHUHVWV
7RWDO HTXLW\
6XEVFULEHG FDSLWDO
&DSLWDO UHVHUYHV
5HWDLQHG HDUQLQJV
Other FRPSUHKHQ VLYH LQFRPH
TEUR
TEUR
TEUR
TEUR
TEUR
TEUR
TEUR
123,651
127,035
471,569
54,983
777,238
41,497
818,735
136,149
0
136,149
2,840
138,989
Consolidated net income Other net income/loss
0
0
0
-23,074
-23,074
0
-23,074
Total net income / loss after taxes
0
0
136,149
-23,074
113,075
2,840
115,915
-22,219
0
-22,219
-786
-23,005
352
1
353
81
434
Dividend payment Others As of 30/11/2011
123,651
127,035
585,851
31,910
868,447
43,632
912,079
As of 1/3/2012
123,651
127,035
653,603
51,682
955,971
43,260
999,231
307,697
0
307,697
7,806
315,503
Consolidated net income Other net income/loss
0
0
0
2,479
2,479
0
2,479
Total net income / loss after taxes
0
0
307,697
2,479
310,176
7,806
317,982
-48,301
0
-48,301
-2,412
-50,713
-676
-2
-678
22
-656
912,323
54,159
1,265,844
Dividend payment Others As of 30/11/2012
123,651
Shareholdersâ&#x20AC;&#x2DC; structure Nordzucker AG EUR 123.7 m share capital
Nordzucker Holding Aktiengesellschaft 76.2 %, EUR 94.3 m
Union-Zucker SĂźdhannover GmbH 10.8 %, EUR 13.4 m
Nordharzer Zucker AG 7.8 %, EUR 9.7 m
Direct shareholdersâ&#x20AC;&#x2DC; 5.2 %, EUR 6.3 m
14
Nordzucker nine months 2012/2013
Important dates
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