FINANCIAL YEAR 2015/2016 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 5
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 s 2015/2016
Key figures nine months 2015/2016
O p e r at i n g b u s i n e s s 1/3/2015 – 30/11/2015
1/3/2014 – 30/11/2014
Change
Revenues
EUR m
1,204
1,458
– 254
EBIT
EUR m
0
95
– 95
Net income
EUR m
0
74
– 74
Cash flow from operating activities
EUR m
177
234
– 57
Investment in property, plant and equipment and intangible assets
EUR m
41
62
– 21
Bal ance sheet figures 30/11/2015
30/11/2014
Change
Total assets
EUR m
2,137
2,267
– 130
Shareholders’ equity
– 73
EUR m
1,288
1,361
Equity ratio
%
60
60
0
Debt capital
EUR m
850
907
– 57
Financial liabilities
EUR m
8
6
2
Cash and cash equivalents
EUR m
168
164
4
Net debt (Cash and cash equivalents less financial liabilities)
EUR m
– 161
– 158
– 3
1/3/2015 – 30/11/2015
1/3/2014 – 30/11/2014
Change
13
13
–
Sugar refineries
3
3
–
Liquid sugar plants
2
2
–
Bioethanol plants
1
1
–
Structure figures
Sugar plants
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 s 2015/2016
Content
Highlights of the first nine months 2015/2016
5 Letter from the executive Board
7 Earnings and financial position and net assets
10 C o n s o l i dat e d i n c o m e s tat e m e n t
10 C o n s o l i dat e d s tat e m e n t o f comprehensive income
11 C o n s o l i dat e d c a s h f lo w s tat e m e n t
12 C o n s o l i dat e d b a l a n c e s h e e t
14 C o n s o l i dat e d s tat e m e n t of changes in shareholders’ equity
15 Financial c alendar
Revenues and earnings down
In the first nine months of the 2015/2016 financial year, Nordzucker generated revenues of EUR 1,204.2 million. This was again well below the revenues of EUR 1,457.6 million for the same period in the previous year. In particular, steep declines in prices for quota sugar meant that net income for the period fell from EUR 74.4 million to EUR 0.4 million. It was possible to avert a loss, however. C a m pa i g n c o m p l e t e d i n a n a v e r a g e o f 8 8 d a y s
The Nordzucker Group ended the 2015/2016 beet campaign on 1 January 2016 with average sugar yields – albeit with large regional variation. The 13 plants were operating for an average of 88 days, which was considerably shorter than in the previous years. In order to counter market pressure due to oversupply, the acreage for the cultivation of sugar beet was reduced significantly in all of Nordzucker’s growing regions in 2015. Across the Group, some 12.5 million tonnes of beet were processed in the 13 plants (previous year: 18.3 million tonnes). Clauen in Germany was the last plant to finish the campaign after almost 102 days.
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4
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 s 2015/2016
Dr Lars Gorissen
Hartwig Fuchs (Chief Executive Officer)
Dr Michael Noth
Axel Aum端ller
The E xecu ti v e Boa rd of Nordzucker ag
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 s 2015/2016
Dear shareholders, The first nine months of the financial year 2015/2016 were very challenging for Nordzucker. The tense situation on the sugar market had a significant impact on our business. However, we were able to avoid the expected loss thanks to comprehensive cost-cutting measures and the slowly emerging recovery of sugar prices. Altogether the figures are better than expected. In the first nine months, the Nordzucker Group generated revenues of EUR 1,204 million. This is around 17 per cent less than in the previous year. The drop in revenues was the result of the sharp fall in prices for quota sugar and lower sales volumes of non-quota sugar. The operating result (EBIT) amounted to EUR 0.1 million, compared with EUR 95.4 million in the same period of the previous year. Net income for the period was EUR 0.4 million, having been at EUR 74.4 million in the same period of the previous year. Overall, we were able to avoid a loss in the first nine months of the financial year. For the full year, the aim is now to continue doing everything possible to avoid slipping into the red on an operational level. However, we still have to assume that this goal will be hard to achieve. Our comprehensive FORCE efficiency programme, which we launched at the beginning of the 2015 calendar year, has already delivered initial cost savings and will make a substantial contribution to improving our performance in the years ahead. Our aim is to achieve annual savings of at least EUR 50 million. The focus is on reducing costs in purchasing, production and all administrative areas. However, we are well aware that a mere savings programme is not enough to prepare for the new demands of the market when the quota system expires. We have to ensure that the company is oriented to both customers and the market. To do so, we intend to optimize many of our workflows, not only to make them faster and more cost-effective, but also to improve the quality of our products and services. The campaign that has just been completed was characterized by a stable processing output at all of the plants. This was the result of targeted maintenance and of preparation for longer campaigns intended to run as smoothly as possible. This year’s campaign clearly bears the hallmark of the market and demonstrates that we can do both: extremely long campaigns as in the previous year, but also relatively short ones, such as this year. We are able to deal with fluctu ations in the market flexibly, because we have the appropriate technologies at our disposal. In the long-term, we are in a very strong position both technically, financially and in terms of our market strength, and we are therefore confident that we will soon return to profitability. Nordzucker will remain a strong company in the European sugar market after 2017. We are counting on your support and your confidence in our company and its development.
Yours sincerely, Nordzucker AG The Executive Board
Hartwig Fuchs
Axel AumĂźller
Dr Lars Gorissen
Dr Michael Noth
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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 s 2015/2016
Sites in Europe
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
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
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
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 s 2015/2016
Earnings and financial position and net assets
General remarks
Revenues and earnings
The interim financial statements as of 30 November 2015 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 consolidated subsidiaries, joint ventures and associated companies (hereinafter known as “Nordzucker Group” or “Group”).
In the first nine months of the 2015/2016 financial year, the Nordzucker Group generated revenues of EUR 1,204.2 million, approximately 17 per cent less than in the previous year. The fall in revenues was mainly due to much lower prices for quota sugar, but also partly to declining sales volumes of non-quota sugar. Revenues from animal feed were down slightly on the previous year, but higher sales volumes here almost made up for the fall in prices. Bioethanol revenues were up on the same period of the previous year thanks to a significant increase in prices.
No changes have been made to the accounting policies used for the preparation of the annual IFRS consolidated financial statements as of 28 February 2015. These can be found in the Annual Report 2014/2015 (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 1,028.6 million, compared with the figure of EUR 1,188.1 million in the same period of the previous year. Sales in the first nine months of the current financial year were mainly of sugar from the 2014/2015 campaign. This sugar from the outstanding harvest in 2014/2015 was measured at comparatively low production costs due to the fall in beet costs. However, this reduction was only able to partly compensate for the drop in revenues. Sales costs decreased slightly due to somewhat lower sales volumes to EUR 119.5 million (prior-year period: EUR 121.4 million). Administrative expenses came to EUR 58.8 million, or EUR 3.3 million less than the previous year; this is largely thanks to particularly strict cost controls. Other income decreased to EUR 24.2 million (prior-year period: EUR 33.8 million). Other expenses came to EUR 21.5 million (prior-year period: EUR 24.4 million).
Co n s o lidated R ev en ues
Co n s olidated EBIT
in EUR m
in EUR m
1,500
1,458
120 1,204
1,250
100
1,000
80
750
60
500
40
250
20
0
0 9 months 2014/15
9 months 2015/16
95
0 9 months 2014/15
9 months 2015/16
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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 s 2015/2016
At EUR 135.2 million, personnel expenses were down significantly on last year (EUR 141.6 million). Depreciation, amortization and impairment were also much lower than last year (EUR 55.2 million compared with EUR 59.6 million). The operating result (EBIT) of the Nordzucker Group totalled EUR 0.1 million in the first nine months of the 2015/2016 financial year, compared with EUR 95.4 million in the same period of the previous year. Financial income of EUR 6.4 million was somewhat below the previous year’s figure of EUR 6.8 million. Financial expenses of EUR 5.9 million were down on the previous year’s figure of EUR 6.9 million. Overall, consolidated net income for the period fell sharply compared with the same period of the 2014/2015 financial year to EUR 0.4 million before minority interests (prior-year period: EUR 74.4 million). A loss for the first nine months of the financial year was therefore avoided.
Group bal ance sheet s tructure as of 30 november 2015
in EUR m
2,500 2,250
2,137
2,137
2,000 1,750 1,500 1,250
42 %
60 %
39 %
16 %
19 %
24 %
1,000 750 500 250 0
Assets
Equity & liabilities
Non-current assets
Equity
Inventories
Non-current liabilities
Other current assets
Current liabilities
Co n s o lidated N et debt
in EUR m Consolidated net income
25
for the period
in EUR m
0
– 158
– 161
– 25 – 50
100 80
– 75
74
60
– 100
40
– 125
20
0
0 9 months 2014/15
9 months 2015/16
– 150 – 175 30/11/2014 30/11/2015
C ash flow and bal ance sheet
Cash flow from operating activities of EUR 176.6 million in the first nine months of the financial year 2015/2016 was lower than the previous year’s figure (EUR 234.2 million). This decline was largely due to a fall of EUR 94.8 million in pre-tax 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 – 46.4 million compared with EUR – 61.1 million for the same period last year. Lower cash outflows were largely due to lower capital expenditure on items of property, plant and equipment (EUR – 40.0 million compared with EUR – 60.1 million), although in 2015/2016 there were higher payments for investments in financial assets (EUR – 5.4 million compared with EUR – 0.5 million). In the 2015/2016 financial year, Nordzucker acquired a stake of 25 per cent in August Töpfer Zuckerhandels gesellschaft mbH & Co. KG, Hamburg. Cash flow from financing activities came to EUR – 6.8 million, and was primarily due to the payment of the dividend for the previous year (previous year: EUR – 66.9 million). Cash and cash equivalents rose by EUR 3.8 million, from EUR 164.5 million in the previous year to EUR 168.3 million at the end of the first nine months of the financial year 2015/2016.
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 s 2015/2016
Total consolidated assets came to EUR 2,137.3 million as of the reporting date of 30 November 2015 (30 November 2014: EUR 2,267.3 million). Non-current assets fell by EUR 46.3 million to EUR 895.1 million, primarily due to the impairment losses recognized at the end of the last financial year on intangible assets from the acquisition of the Nordic Sugar Group. Inventories declined by EUR 47.0 million to EUR 828.0 million. Receivables and other assets also contributed to the decline in total assets. They fell by EUR 31.1 million to EUR 239.1 million. The decline in total assets was mirrored on the liabilities side by a fall of EUR 50.9 million in trade payables to EUR 331.8 million. Shareholders’ equity came to EUR 1,287.8 million as of the reporting date of 30 November 2015, which was EUR 72.9 million less than in the previous year’s period (30 November 2014: EUR 1,360.7 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 60.0 per cent to 60.3 per cent. Cash and cash equivalents exceeded financial liabilities by EUR 160.7 million at the end of the reporting period as of 30 November 2015. At the end of the same period in the previous year (30 November 2014), the excess amount was EUR 158.0 million.
S u p p l e m e n ta 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 end of the reporting period covered by these interim financial statements.
Outlook A number of factors are depressing the European sugar markets in the current 2015/2016 financial year. Global market prices may have recovered somewhat now, but from a longterm perspective, they remain very low. Sugar stocks in the EU were high at the start of the financial year 2015/2016 and the reduction of land under cultivation by almost all European sugar producers will only have an effect over the course of the current financial year. All producers are fighting hard for market share in order to secure the best possible position for themselves when the sugar market regime expires in 2017. Sugar prices have stabilized over the course of the year, however, and bioethanol prices have risen significantly. Nordzucker is still working to strengthen the company. A new efficiency drive was launched at the beginning of the calendar year 2015, which should make a substantial contribution to greater performance in the years ahead. The aim is to make yearly savings of at least EUR 50 million. Although sugar prices are still very low, the lost income cannot be passed on to beet suppliers, because until 2017, the sugar market regime defines minimum prices for beet. Although the outlook has now improved slightly, we assume that it will be difficult for Nordzucker to close the current financial year 2015/2016 without reporting a loss. We continue to expect the global and European sugar markets to recover again in the medium term. A further rise in demand for sugar, combined with a flat supply, will ultimately result in higher sugar prices again. Prices for new contracts indeed seem to have reached a floor and customers are becoming more interested in longer-term contracts. Prices for quota sugar rose slightly in the last two quarters and those for bioethanol were up sharply. Nordzucker is adhering to its strategy of examining growth opportunities inside and 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 the current financial year 2015/2016, 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.
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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 s 2015/2016
C o n s o l i dat e d f i n a n c i 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 l i dat e d i n c o m e s tat e m e n t Nordzucker AG, Braunschweig, Germany, for the period from 1 March 2015 to 30 November 2015
in EUR thousands Revenues Production costs
1/3/2015 – 30/11/2015
1/3/2014 – 30/11/2014
Change
1,204,229
1,457,550
– 253,321
– 1,028,645
– 1,188,112
159,467
Gross profit
175,584
269,438
– 93,854
Sales costs
– 119,463
– 121,419
1,956
– 58,769
– 62,076
3,307
24,240
33,808
– 9,568
– 21,539
– 24,400
2,861
53
95,351
– 95,298
6,353
6,837
– 484
– 5,887
– 6,899
1,012
– 239
– 251
12
280
95,038
– 94,758
95
– 20,671
20,766
375
74,367
– 73,992
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
343
3,056
– 2,713
32
71,311
– 71,279
C o n s o l i 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 1/3/2015 – 30/11/2015
1/3/2014 – 30/11/2014
Change
375
74,367
– 73,992
Remeasurement of defined benefit plans
28,655
– 30,655
59,310
Deferred taxes on items of other comprehensive income not reclassified to the income statement
– 8,491
9,196
– 17,687
Other comprehensive income from items not reclassified to the income statement
in EUR thousands Consolidated net income
20,164
– 21,459
41,623
Exchange differences on translating foreign operations
1,705
– 7,109
8,814
Net result of cash flow hedges
1,063
232
831
Deferred taxes on items of other comprehensive income reclassified to the income statement
– 318
– 92
– 226
2,450
– 6,969
9,419
22,989
45,939
– 22,950
Other comprehensive income from items reclassified to the income statement Consolidated comprehensive income after taxes of which attributable to non-controlling interests of which attributable to shareholders of the parent company
342
3,080
– 2,738
22,647
42,859
– 20,212
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 s 2015/2016
11
C o n s o l i dat e d c a s h f lo w s tat e m e n t Nordzucker AG, Braunschweig, Germany, for the period from 1 March 2015 to 30 November 2015
1/3/2015 – 30/11/2015
1/3/2014 – 30/11/2014
Change
280
95,038
– 94,758
Interest and similar income
– 395
– 1,027
632
Interest and similar expenses
4,642
5,516
– 874
55,122
59,444
– 4,322
Changes in non-current provisions
288
33,919
– 33,631
Other non-cash expenses/income
989
– 70
1,059
Net income from joint ventures
239
251
– 12
– 2,416
– 5,418
3,002
285
784
– 499
118,618
180,596
– 61,978
1,347
– 94,201
95,548
395
1,024
– 629
Interest paid in the financial year
– 1,552
– 1,606
54
Taxes paid in the financial year
– 1,284
– 40,046
38,762
176,558
234,204
– 57,646
275
757
– 482
– 40,001
– 60,118
20,117
– 1,335
– 2,036
701
12
828
– 816
– 5,383
– 500
– 4,883
– 46,432
– 61,069
14,637
0
– 5
5
– 6,760
– 68,919
62,159
in EUR thousands Earnings before taxes
Depreciation, amortization and impairment/reversals of impairment of non-current assets
Changes in current provisions Proceeds on disposal of non-current assets Changes in inventories, trade receivables and other assets not attributable to investing or financing activities Changes in trade payables and other liabilities not attributable to investing or financing activities Interest received in the financial year
Cash flow from operating activities 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) Loan repayments
– 2
– 2
0
0
2,030
– 2,030
Cash flow from financing activities
– 6,762
– 66,896
60,134
Changes in cash and cash equivalents
123,364
106,239
17,125
44,989
58,339
– 13,350
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
– 71
– 98
27
168,282
164,480
3,802
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 s 2015/2016
C o n s o l i dat e d b a l a n c e s h e e t as of 30 November 2015, Nordzucker AG, Braunschweig, Germany
ASSETS in EUR thousands
28/2/2015
30/11/2015
30/11/2014
Non-current assets Fixed assets Intangible assets Property, plant and equipment Investment property
25,323
22,718
60,560
848,848
837,707
850,444
3,521
2,982
3,715
Financial investments Shares in companies accounted for using the equity method Other financial investments
2,568
7,712
2,788
23,931
23,927
23,801
26,499
31,639
26,589
904,191
895,046
941,308
Receivables and other assets Financial assets
0
0
0
Other assets
6
37
5
6
37
5
Deferred taxes
4,792
5,318
14,443
908,989
900,401
955,756
Raw materials, consumables and supplies
53,512
67,734
74,284
Work in progress
47,175
33,354
27,946
885,429
726,936
772,757
986,116
828,024
874,987
138,889
178,335
185,719
67
1,273
70
6,820
2,832
17,009
Financial assets
13,197
11,620
6,092
Other assets
42,742
45,013
61,289
201,715
239,073
270,179
Current assets Inventories
Finished goods and merchandise Receivables and other assets Trade receivables Receivables from related parties Current income tax receivables
Cash and cash equivalents Current Assets Assets held for sale
44,989
168,282
164,480
1,232,820
1,235,379
1,309,646
1,703
1,500
1,926
1,234,523
1,236,879
1,311,572
2,143,512
2,137,280
2,267,328
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 s 2015/2016
Equit y and liabilities in EUR thousands
28/2/2015
30/11/2015
30/11/2014
123,651
123,651
123,651
Shareholders’ equity Subscribed capital Capital reserves Retained earnings Other comprehensive income Equity attributable to shareholders of the parent company Non-controlling interests
127,035
127,035
127,035
1,035,604
1,030,806
1,083,634
– 56,383
– 33,766
– 19,924
1,229,907
1,247,726
1,314,396
41,636
40,046
46,310
1,271,543
1,287,772
1,360,706
Non-current provisions and liabilities Provisions for pensions and similar obligations
219,334
194,345
176,251
Other provisions
33,603
34,029
28,480
Financial liabilities
7,407
7,325
6,385
Liabilities towards related parties
5,500
5,500
5,500
18
18
18
9,220
8,489
10,473
Other financial liabilities Other liabilities Deferred taxes
83,955
92,492
114,465
359,037
342,198
341,572
Provisions for pensions and similar obligations
11,308
11,213
11,241
Other provisions
66,845
64,551
72,530
248
250
102
16,269
11,887
6,236
327,348
331,804
382,666
39,777
33,722
39,658
6,035
8,298
3,971
45,102
45,585
48,646
512,932
507,310
565,050
2,143,512
2,137,280
2,267,328
Current provisions and liabilities
Financial liabilities Current income tax liabilities Trade payables Liabilities towards related parties Other financial liabilities Other liabilities
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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 s 2015/2016
C o n s o l i dat e d s tat e m e n t o f c h a n g e s in shareholders’ equity Nordzucker AG, Braunschweig, Germany
in EUR thousands
Subscribed capital
As of 1/3/2014
123,651
Net income
Retained earnings
Other comprehensive income
127,035 1,077,009
8,528
Capital reserves
71,311
Other comprehensive income
– 28,452
Consolidated comprehensive income
71,311
Dividend payment
– 28,452
– 62,792
Other
– 1,894
NonEquity attributable to shareholders of controlling interests the parent company
Total equity
1,336,223
49,595
71,311
3,056
1,385,818 74,367
– 28,452
24
– 28,428
42,859
3,080
45,939
– 62,792
– 6,128
– 68,920
– 1,894
– 237
– 2,131
As of 30/11/2014
123,651
127,035 1,083,634
– 19,924
1,314,396
46,310
1,360,706
As of 1/3/2015
123,651
127,035 1,035,604
– 56,383
1,229,907
41,636
1,271,543
32
343
375
22,617
22,617
– 3
22,614
22,617
22,649
340
22,989
– 4,830
– 1,930
– 6,760
1,247,726
40,046
1,287,772
Net income
32
Other comprehensive income Consolidated comprehensive income
32
Dividend payment As of 30/11/2015
– 4,830 123,651
127,035 1,030,806
– 33,766
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 s 2015/2016
Financial c alendar
24 May 2016 Publication of the Annual Report 2015/16
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 > Declaration of compliance > Letter to shareholders
Subscribe to the Interim Report at www.nordzucker.de
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Nordzucker AG K端chenstrasse 9 38100 Braunschweig Germany Telephone: +49 (0) 531 2411-0 Fax: +49 (0) 531 2411-100 info@nordzucker.de www.nordzucker.de Corporate Communications Christian Kionka Telephone: +49 (0) 531 2411-173 pr@nordzucker.de Investor Relations Bianca Deppe-Leickel Telephone: +49 (0) 531 2411-335 ir@nordzucker.de Shares register Nicole Riedel-Elias Telephone: +49 (0) 531 2411-163 aktien@nordzucker.de
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.