InteRIm RepoRt financial yeaR 2014/2015 9 m o n t h s / 1 m a R C h to 3 0 n o v e m B e R 2 0 1 4
2
N o r d z u c k e r I n t e r i m R e p o r t 9 m o n t h 2014/2015
K e y fi g u r e s nine months 2014/2015
O p e r at i n g b u s i n e s s 1/3/2014 – 30/11/2014
1/3/2013 – 30/11/2013
Change
Revenues
EUR m
1,458
1,850
– 392
EBIT
EUR m
95
334
– 239
Net income
EUR m
74
258
– 184
Cash flow from operating activities
EUR m
234
352
– 118
Investment in property, plant and equipment and intangible assets
EUR m
62
62
0
B a l a n c e s h e e t r at i o 30/11/2014
30/11/2013
Change
Total assets*
EUR m
2,267
2,477
– 210
Equity*
EUR m
1,361
1,432
– 71
%
60
58
2
Debt capital*
EUR m
907
1,045
– 138
Financial liabilities
EUR m
6
4
2
Cash and cash equivalents
EUR m
164
142
22
Net debt (Cash and cash equivalents less financial liabilities)
EUR m
– 158
– 138
– 20
Equity ratio
* Figures for 1/3/2013 – 30/11/2013 have been adjusted compared with the Interim Report for the first nine months of the financial year 2013/2014.
Structure figures 1/3/2014 – 30/10/2014
1/3/2013 – 30/11/2013
Change
Sugar plants
5
5
–
Sugar refineries
2
2
–
Sugar plants
5
5
–
Liquid sugar plants
2
2
–
Bioethanol plants
1
1
–
Sugar plants
3
3
–
Sugar refineries
1
1
–
Northern Europe
Central Europe
Eastern Europe
N o r d z u c k e r I n t e r i m R e p o r t 9 m o n t h 2014/2015
Content
Development s in the fir s t n i n e m o n t h s 2 0 1 4 / 2 0 1 5
5 L e t t e r fr o m t h e executive Board
7 E a r n i n g s a n d fi n a n ci a l position and net assets
10 C o n s o li d a t e d i n c o m e s tat e m e n t
10 C o n s o li d a t e d s t a t e m e n t o f comprehensive income
11 C o n s o li d a t e d c a s h fl o w s tat e m e n t
12 C o n s o li d a t e d b a l a n c e s h e e t
14 C o n s o li d a t e d s t a t e m e n t of changes in shareholders’ equity
15 F i n a n ci a l c a l e n d a r
R e v e n u e s a n d e a r n i n g s fa l l s h a r p ly
In the first nine months of the 2014/2015 financial year, Nordzucker generated revenues of EUR 1,457.6 million. With much lower prices and somewhat reduced sales volumes, this was well below the revenues of EUR 1,849.7 million for the same period in the previous year. Lower prices for quota and non-quota sugar in particular meant that net income for the period also declined from EUR 257.8 million to EUR 74.4 million. 2 0 1 4 / 2 0 1 5 c a m pa i g n
Sowing started very early in almost every growing region this year, with the vegetation period seeing very good weather (plenty of sun and suffi cient rain), meaning that Germany, Scandinavia, Lithuania, Slovakia and most areas of Poland reported excellent growing conditions. It was only around the plant in Chełmża, Poland, that a longer dry period in the summer held back beet growth, but this was largely made up for by the beet’s very high sugar content. Yields in many regions are therefore forecast to break previous records. Beet supplies are also of good quality. Together with the focused investments in Nordzucker sites, this has resulted in a largely straightforward campaign so far. With up to 140 campaign days in the German and Swedish plants, this year’s campaign will be much longer than last year’s. Looking ahead to the 2015/2016 campaign and the market environment for sugar, Nordzucker has recommended that beet farmers considerably reduce their cultivation areas in order to avoid further surpluses of sugar. Accordingly, next year’s campaign is expected to be notably shorter. Sugar prices continue their slide
The negative price trend on the global market, which has been persisting for more than a year now, continued in the third quarter, too. The fall in prices is primarily due to continued overproduction and high stocks. There are no signs of an improvement in the market situation at present. The EU reference price for sugar fell again sharply, most recently to EUR 453 per tonne. Prices are forecast to decline further in the fourth quarter, too. The main reasons for the erosion of prices in the EU are high stock levels – caused by the measures taken in recent years by the European Commission to address the market situation – as well as much greater competition. Although it appears that EU prices have bottomed out, it will be well into 2015 before a positive effect on the price reporting becomes visible, and a positive effect on the result will not be seen before 2016/2017.
3
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N o r d z u c k e r I n t e r i m R e p o r t 9 m o n t h 2014/2015
Dr Michael Noth, Dr Lars Gorissen, Hartwig Fuchs (Chief Executive Officer), Axel Aum端ller and Mats Liljestam (left to right)
N o r d z u c k e r I n t e r i m R e p o r t 9 m o n t h 2014/2015
Dear shareholders, The current situation on the EU market is characterised by very low prices and high stock levels. The EU reference price for supplied sugar is still falling – most recently to EUR 453 in October – and it is expected to continue falling over the coming months. In the long run, these prices will not cover costs. The ruinous competition for markets and customers sparked by this price erosion is continuing. In the first nine months of the 2014/2015 financial year, Nordzucker generated revenues of EUR 1,457.6 million, which was well below the figure of EUR 1,849.7 million for the same period last year, as a result of much lower prices and lower sales volumes. In line with this price trend, net income for the period fell considerably from EUR 257.8 million to EUR 74.4 million. It now appears that prices for new orders in the EU have bottomed out, however a recovery will not be reflected in the results immediately. The floor prices are expected to lead to negative net income in 2015/2016. It is now up to us to take immediate steps to address these developments, and we have launched an efficiency programme across the Group during the course of the current campaign. With the help of precise analysis and optimisation, it will lead to comprehensive cost savings in both the short term and the long term. We have also postponed a number of investments planned for 2015/2016 and significantly reduced the area under cultivation for the coming campaign in order to avoid further surpluses of sugar. As far as the long-term development of our company is concerned, we are standing by our internationalisation strategy. It was with regret that we had to withdraw from a project in Africa because the conditions no longer offered an adequate fit. However, this does not alter our general intention to expand internationally. The next two years will be very tough, and the year 2015/2016 could well be the most difficult in Nordzucker’s entire history. But over the past few years, we have reduced our debt to almost zero and are therefore in a better position than many of our competitors. We are a solid company that will reposition itself in light of the changes in the market. Day by day, we are working to achieve this across all areas. With the full support of our Supervisory Board, we as Nordzucker will emerge stronger from this challenging period. We aim to make Nordzucker faster, leaner, more efficient and above all more market-focused. And we are working flat out to do so. Yours sincerely, Nordzucker AG The Executive Board
Hartwig Fuchs
Mats Liljestam
Axel Aumüller
Dr. Lars Gorissen
Dr. Michael Noth
5
6
N o r d z u c k e r I n t e r i m R e p o r t 9 m o n t h 2014/2015
Si t e s i n E u r o p e
Group H e a d q u a rter s D
1
Braunschweig
R egi o n a l H e a d O f f ice DK
2
Copenhagen
S u g a r P l a nt s a n d re f inerie s D
DK
S
FIN
3
Clauen
4
Nordstemmen
5
Uelzen
6
Klein Wanzleben
7
Schladen
8
Nakskov
9
Nykøbing
10
Arlöv
11
Örtofta
12
Porkkala
13
Säkylä
LT
14
Kèdainiai
PL
15
Chełmża
16
Opalenica
SK
17
Trenč ianska Teplá
D
18
Liquid sugar plant Groß Munzel
19
Liquid sugar plant Nordstemmen
s u g a r p l a nts – n o n - c o ns o lid a ted M in o rit y s t a k e CZ
20
Dobrovice
21
Ceské Meziříčí
29
northern europe
13 12
30
28
26
2 24
31
11
14
10 23
8
9
1
6 22
27
5 18 25
4 19
3
15
16
7
20
central europe
21 17
o ther l o c a ti o n s D
22
Bioethanol plant, Klein Wanzleben
S
23
Köpingebro (Fibrex)
DK
24
NP Sweet, Copenhagen
B
25
Office Brussels
Eastern europe
s a l e s o f f ice s LV
26
Riga
LT
27
Vilnius
EE
28
Tallinn
IS
29
Reykjavik
NO
30
Oslo
IE
31
Dublin
GR
32
Athens
32
N o r d z u c k e r I n t e r i m R e p o r t 9 m o n t h 2014/2015
Earnings and financial position and net assets
General remarks
Revenues and earnings
The interim financial statements as of 30 November 2014 for Nordzucker AG (Küchenstrasse 9, 38100 Braunschweig, Germany) have been prepared in accordance with the International Financial Reporting Standards (IFRS) adopted and published by the International 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 subsidiaries and joint ventures (hereinafter known as “Nordzucker Group” or “Group”).
In the first nine months of the financial year 2014/2015, the Nordzucker Group generated revenues of EUR 1,457.6 million, approximately 20 per cent less than in the previous year. The fall in revenues was mainly due to lower prices for quota sugar and non-quota sugar, but also partly because of declining sales volumes in sugar and animal feed. Prices fell in all regions compared with both the same period a year ago and with the last half of the previous year. Revenues from animal feed and bioethanol were also down.
No changes have been made to the accounting policies used for the preparation of the annual IFRS consolidated financial statements as of 28 February 2014. These can be found in the Annual Report 2013/2014 (www.nordzucker.de). 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 financial year. This should be taken into consideration accordingly when interpreting the results of the first nine months.
Production costs came to EUR 1,188.1 million, compared with the figure of EUR 1,327.0 million in the same period of the previous year. However, this fall in production costs was only able to partly compensate for the drop in revenues. Sales costs decreased slightly due to lower sales volumes to EUR 121.4 million (prior-year period: EUR 124.0 million). Administrative expenses were roughly the same as last year at EUR 62.1 million. Other income increased to EUR 33.8 million (prior-year period: EUR 18.7 million). Other expenses came to EUR 24.4 million (prior-year period: EUR 18.1 million). At EUR 141.6 million, personnel expenses were roughly the same as last year (EUR 143.2 million). Depreciation, amortisation and impairment were down slightly on last year (EUR 59.6 million compared with EUR 63.0 million).
Con s olidated Rev en ues
in EUR m
2,000
1,850
1,800 1,458
1,500 1,200 900 600 300 0 9 month 2013/14
9 month 2014/15
7
8
N o r d z u c k e r I n t e r i m R e p o r t 9 m o n t h 2014/2015
Group bal ance sheet structure as of 30 November 2014
in EUR m
Co nso l idat e d EBIT
in EUR m 2,500 350
334
2,250
300
2,000
250
1,750
200
1,500
150 95
100 50 9 month 2013/14
9 month 2014/15
in EUR m
300 250
258
42%
60 %
39 %
15 %
1,000 500 250 0
Consolidated net income for the period
2,267
1,250 750
0
2,267
25 % 19 %
Assets
Equity & liabilities
Non-current assets
Equity
Inventories
Non-current liabilities
Other current assets
Current liabilities
200 150
C ash flow and bal ance sheet
100
74
50 0 9 month 2013/14
9 month 2014/15
The operating result (EBIT) of the Nordzucker Group totalled EUR 95.4 million in the first nine months of the 2014/2015 financial year, compared with EUR 334.3 million in the same period of the previous year. Financial income of EUR 6.8 million was below the previous year’s figure of EUR 14.5 million. This is due to a lower dividend from the investment in Tereos TTD compared with the pre vious reporting period. The Group was able to cut its financial expenses to EUR 6.9 million from EUR 8.1 million in the previous year. Overall, consolidated net income for the period fell sharply year on year to EUR 74.4 million before minority interests (prioryear period: EUR 257.8 million). The sharp fall in prices was primarily responsible for the decline.
Cash flow from operating activities of EUR 234.2 million in the first nine months of the financial year 2014/2015 was lower than the previous year’s figure (EUR 352.2 million). This decline was largely due to a fall of EUR 245.4 million in pretax earnings against the previous year. This drop in earnings was partly offset by a sharper reduction in working capital in the reporting period and by significantly lower tax payments. Net cash flow from investing activities came to EUR – 61.1 million compared with EUR – 58.5 million for the same period last year. The change stems largely from lower proceeds on the disposal of property, plant and equipment compared with the previous year. Cash flow from financing activities came to EUR – 66.9 million, and was primarily due to the payment of the dividend for the previous year (previous year: EUR – 163.1 million). Cash and cash equivalents rose by EUR 22.2 million, from EUR 142.3 million in the previous year to EUR 164.5 million at the end of the first nine months of the financial year 2014/2015. Total consolidated assets came to EUR 2,267.3 million as of the reporting date of 30/11/14 (30/11/13: EUR 2,477.3 million).
N o r d z u c k e r I n t e r i m R e p o r t 9 m o n t h 2014/2015
Ou t l o o k
Co nso l idat e d N e t d e b t
in EUR m
0 – 25 – 50 – 75 – 100 – 125 – 150
– 138
– 175
– 158
– 200 – 225 9 month 2013/14
9 month 2014/15
On the assets side, the decrease was primarily due to the impairment of goodwill from the acquisition of the Nordic Sugar Group. This goodwill was recognised under intangible assets. It was matched on the liabilities side primarily by significantly lower trade payables. Shareholders’ equity came to EUR 1,360.7 million as of the reporting date of 30/11/14, which was EUR 71.6 million less than in the previous year’s period (30/11/2013: EUR 1,432.3 million), primarily as a result of the reduced value of the business or company after the acquisition of the Nordic Sugar Group in the previous financial year. The fall in the balance sheet total increased the equity ratio from 57.8 per cent to 60.0 per cent. Cash and cash equivalents exceeded financial liabilities by EUR 158.0 million at the end of the reporting period as of 30/11/14. At the end of the same period in the previous year (30/11/13), the excess amount was EUR 137.9 million.
Su p p l e m e n t a r y r e p o r t There have been no significant changes to the situation of the company for the current year since the reporting date of the interim financial statements.
Global market prices remain very low on a long-term scale, while at the same time, stocks of quota and non-quota sugar in the EU remain high. Following the EU decision to let the current sugar market regime expire on 30 September 2017, all sugar companies have already begun intensive preparations for the new commercial environment. With regard to price, a floor is now being established for new contracts, however. At these now very low prices, there is increasing interest from customers in securing volumes at a favourable price level. As the markets remain highly volatile, it is nonetheless very difficult to give a forecast for their future direction. Under these circumstances, all the sugar manufacturers are fighting hard for market share, and Nordzucker is working systematically to boost its competitiveness. In 2014/2015, the focus is on realigning organisational structures and business processes, which will be of great help to the company in pursuing its continued development in the years ahead. A new efficiency programme was launched at the beginning of 2015 and will speed up the optimisation of cost structures further. At the end of the first nine months, we are standing by our forecast that revenues and earnings will be down significantly in the 2014/2015 financial year. The full impact of the much lower prices will only be felt in the 2015/2016 financial year, however. The current market situation means that it will be very difficult to avoid a loss in the financial year ahead. Since the markets are extremely volatile, medium-term – and indeed long-term – forecasts can only be made with a significant degree of uncertainty. In the medium-term, the global and European sugar markets will recover, however. In view of the weak price level at present, we are assuming that sugar production will fall, both in the EU and worldwide, and that, as a consequence, global consumption will exceed production. As demand continues to rise, this will eventually lead to an increase in prices once more. Nordzucker is adhering to its strategy of examining growth opportunities in the sugar market outside Europe and of maintaining a substantial level of capital expenditure in its European core business. These projects will not have any significant effect on revenues and income in 2014/2015, but may result in additional capital expenditure. Nordzucker is financially very well positioned and so has the ability to make these kinds of investments in the future.
9
10
N o r d z u c k e r I n t e r i m R e p o r t 9 m o n t h 2014/2015
C o n s o li dat e d fi n a n ci a l s tat e m e n t s N o r d z u ck e r AG
C o n s o li d a t e d i n c o m e s t a t e m e n t Nordzucker AG, Braunschweig, Germany, for the period from 1 March 2014 to 30 November 2014
in EUR thousands Revenues Production costs
1/3/2014 – 30/11/2014
1/3/2013 – 30/11/2013
Change
1,457,550
1,849,739
– 392,189
– 1,188,112
– 1,326,970
138,858
Gross profit
269,438
522,769
– 253,331
Sales costs
– 121,419
– 124,047
2,628
– 62,076
– 64,949
2,873
33,808
18,666
15,142
Administrative expenses Other income Other expenses Operating result (EBIT) Financial income Financial expenses Result from companies accounted for using the equity method Earnings before taxes Income taxes Consolidated net income of which attributable to non-controlling interests of which attributable to shareholders of the parent company
– 24,400
– 18,091
– 6,309
95,351
334,348
– 238,997
6,837
14,473
– 7,636
– 6,899
– 8,076
1,177
– 251
– 264
13
95,038
340,481
– 245,443
– 20,671
– 82,639
61,968
74,367
257,842
– 183,475
3,056
6,426
– 3,370
71,311
251,416
– 180,105
C o n s o li d at e d s tat e m e n t o f c o m p r e h e n s i v e i n c o m e 1/3/2014 – 30/11/2014
1/3/2013 – 30/11/2013
Change
74,367
257,842
– 183,475
– 30,655
– 1,421
– 29,234
9,196
392
8,804
– 21,459
– 1,029
– 20,430
– 7,109
– 13,978
6,869
Net result of cash flow hedges
232
– 4,551
4,783
Deferred taxes on items of other comprehensive income reclassified to the income statement
– 92
1,383
– 1,475
Other comprehensive income from items reclassified to the income statement
– 6,969
– 17,146
10,177
Consolidated comprehensive income after taxes
45,939
239,667
– 193,728
in EUR thousands Consolidated net income Remeasurement of defined benefit plans Deferred taxes on items of other comprehensive income not reclassified to the income statement Other comprehensive income from items not reclassified to the income statement Exchange differences on translating foreign operations
of which attributable to non-controlling interests
– 3,285
– 2,891
– 394
of which attributable to shareholders of the parent company
49,224
242,558
– 193,334
N o r d z u c k e r I n t e r i m R e p o r t 9 m o n t h 2014/2015
C o n s o li d a t e d c a s h fl o w s t a t e m e n t Nordzucker AG, Braunschweig, Germany, for the period from 1 March 2014 to 30 November 2014
1/3/2014 – 30/11/2014
1/3/2013 – 30/11/2013
Change
Earnings before taxes
95,038
340,481
– 245,443
Interest and similar income
– 1,027
– 732
– 295
5,516
6,728
– 1,212
59,444
62,753
– 3,309
in EUR thousands
Interest and similar expenses Depreciation, amortisation and impairment/reversals of impairment of non-current assets Amortisation and impairment/reversals of impairment of non-current financial investments
0
4
– 4
33,919
– 15,436
49,355
Other non-cash expenses/income
– 70
– 16
– 54
Net income/loss from joint ventures
251
264
– 13
– 5,418
379
– 5,797
Changes in non-current provisions
Changes in current provisions Proceeds on disposal of non-current assets
784
– 1,745
2,529
Changes in inventories, trade receivables and other assets not attributable to investing or financing activities
180,596
45,995
134,601
Changes in trade payables and other liabilities not attributable to investing or financing activities
– 94,201
48,285
– 142,486
1,024
698
326
– 1,606
– 2,962
1,356
Taxes paid in the financial year
– 40,046
– 132,534
92,488
Cash flow from operating activities
234,204
352,162
– 117,958
757
3,557
– 2,800
– 60,118
– 60,600
482
– 2,036
– 1,167
– 869
828
2
826
Interest received in the financial year Interest paid in the financial year
Proceeds on disposal of property, plant and equipment Payments for investments in property, plant and equipment Payments for investments in intangible assets Proceeds on disposal of financial assets Payments for investments in financial assets Cash flow for/from investing activities Inflows and outflows arising from changes in equity Payments to shareholders (dividends) Proceeds from borrowing Loan repayments
– 500
– 266
– 234
– 61,069
– 58,474
– 2,595
– 5
0
– 5
– 68,919
– 96,373
27,454
0
110,003
– 110,003 176,731
– 2
– 176,733
2,030
0
2,030
Cash flow from financing activities
– 66,896
– 163,103
96,207
Changes in cash and cash equivalents
106,239
130,585
– 24,346
58,339
11,297
47,042
Proceeds from finance leases
Cash and cash equivalents at the beginning of the period Effect of foreign exchange rate changes Cash and cash equivalents at the end of the period
– 98
444
– 542
164,480
142,326
22,154
11
12
N o r d z u c k e r I n t e r i m R e p o r t 9 m o n t h 2014/2015
C o n s o li d a t e d b a l a n c e s h e e t as of 30 November 2014, Nordzucker AG, Braunschweig, Germany
ASSETS in EUR thousands
28/2/2014
30/11/2014
30/11/2013
NON-CURRENT ASSETS Fixed assets Intangible assets Property, plant and equipment Investment property
67,068
60,560
157,155
847,872
850,444
850,846
4,515
3,715
4,945
Financial investments Shares in companies accounted for using the equity method Other financial investments
2,538
2,788
2,757
23,818
23,801
23,824
26,356
26,589
26,581
945,811
941,308
1,039,527
Financial assets
0
0
0
Other assets
9
5
9
9
5
9
Receivables and other assets
Deferred taxes*
1,629
14,443
18,139
947,449
955,756
1,057,675
Raw materials, consumables and supplies
61,770
74,284
75,714
Work in progress
53,707
27,946
46,976
896,649
772,757
825,846
1,012,126
874,987
948,536
186,282
185,719
243,909
977
70
116
Current income tax receivables
12,504
17,009
11,562
Financial assets
33,442
6,092
11,172
Other assets
84,070
61,289
59,688
317,275
270,179
326,447
CURRENT ASSETS Inventories
Finished goods and merchandise Receivables and other assets Trade receivables Receivables from related parties
Cash and cash equivalents Current assets Assets held for sale
58,339
164,480
142,326
1,387,740
1,309,646
1,417,309
1,532
1,926
2,340
1,389,272
1,311,572
1,419,649
2,336,721
2,267,328
2,477,324
* Figures as of 30/11/2013 have been adjusted compared with the Interim Report for the first nine months of the financial year 2013/2014.
N o r d z u c k e r I n t e r i m R e p o r t 9 m o n t h 2014/2015
EQUIT Y AND LIABILITIES in EUR thousands
28/2/2014
30/11/2014
30/11/2013
Subscribed capital
123,651
123,651
123,651
Capital reserves
127,035
127,035
127,035
1,077,009
1,083,634
1,127,207
Shareholders’ equity
Retained earnings* Other comprehensive income* Equity attributable to shareholders of the parent company Non-controlling interests*
8,528
– 19,924
5,662
1,336,223
1,314,396
1,383,555
49,595
46,310
48,705
1,385,818
1,360,706
1,432,260
Non-current provisions and liabilities Provisions for pensions and similar obligations*
144,730
176,251
187,852
Other provisions*
27,610
28,480
15,305
Financial liabilities
5,836
6,385
4,338
Liabilities towards related parties
5,500
5,500
5,500
20
18
2,264
Other liabilities
10,788
10,473
10,852
Deferred taxes
116,335
114,465
130,578
310,819
341,572
356,689
Provisions for pensions and similar obligations
11,432
11,241
5,283
Other provisions
78,368
72,530
73,425
Other financial liabilities
Current provisions and liabilities
Financial liabilities Current income tax liabilities Trade payables Liabilities towards related parties Other financial liabilities Other liabilities
103
102
102
8,410
6,236
22,559
399,325
382,666
478,520
35,537
39,658
35,464
9,859
3,971
4,428
97,050
48,646
68,594
640,084
565,050
688,375
2,336,721
2,267,328
2,477,324
* Figures as of 30/11/2013 have been adjusted compared with the Interim Report for the first nine months of the financial year 2013/2014.
13
14
N o r d z u c k e r I n t e r i m R e p o r t 9 m o n t h 2014/2015
C o n s o li d a t e d s t a t e m e n t o f c h a n g e s i n s h a r e h o l d e r s’ e q u i t y Nordzucker AG, Braunschweig, Germany
in EUR thousands Adjusted as of 1/3/2013
Subscribed capital
Capital reserves
Retained earnings
Other comprehensive income
123,651
127,035
965,158
23,828
Net income
Total equity
1,239,672
51,596
251,416
6,426
257,842
– 18,166
– 18,166
– 9
– 18,175
– 18,166
251,416
Other comprehensive income*
NonEquity attributable to shareholders of controlling interests the parent company
1,291,268
Consolidated comprehensive income
251,416
233,250
6,417
239,667
Dividend payment
– 86,942
– 86,942
– 9,431
– 96,373
– 2,425
– 2,425
123
– 2,302
Other* As of 30/11/2013
123,651
127,035 1,127,207
5,662
1,383,555
48,705
1,432,260
As of 1/3/2014
123,651
127,035 1,077,009
8,528
1,336,223
49,595
1,385,818
71,311
3,056
74,367
– 28,452
24
– 28,428
Net income
71,311
Other comprehensive income
– 28,452
Consolidated comprehensive income
71,311
Dividend payment Other As of 30/11/2014
– 28,452
– 62,792 – 1,894 123,651
127,035 1,083,634
– 19,924
42,859
3,080
45,939
– 62,792
– 6,128
– 68,920
– 1,894
– 237
– 2,131
1,314,396
46,310
1,360,706
* Figures have been adjusted as necessary compared with the Interim Report for the first nine months of the financial year 2013/2014.
N o r d z u c k e r I n t e r i m R e p o r t 9 m o n t h 2014/2015
F i n a n ci a l c a l e n d a r
03 June 2015 Publication of the Annual Report 2014/2015
o n l i n e p u b l i c at i o n s The following publications can be downloaded from www.nordzucker.de > Annual Reports and Interim Reports > Letter to shareholders > Akzente magazine > Sustainability reports Subscribe to the Interim Report at www.nordzucker.de
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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.