Interim Report Nordzucker AG Nine Months 2015/2016 - January 2016

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

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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

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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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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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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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

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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

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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 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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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

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