InteRIm RepoRt finanCial Year 2014/2015 3 m o n t h s / 1 m a R C h to 3 1 m ay 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 3 m o n t h 2014/2015
K e y fi g u r e s three months 2014/2015
O p e r at i n g b u s i n e s s 1/3/2014 – 31/5/2014
1/3/2013 – 31/5/2013
Change absolute
Revenues
EUR m
501
580
– 79
EBIT
EUR m
39
109
– 70
Net income
EUR m
24
87
– 63
Cash flow from operating activities
EUR m
– 17
– 59
42
Investment in property, plant and equipment and intangible assets
EUR m
20
19
1
31/5/2014
31/5/2013
Change absolute
B a l a n c e s h e e t r at i o
Total assets*
EUR m
2,048
2,212
– 164
Equity*
EUR m
1,395
1,369
26
%
68
62
6
Debt capital*
EUR m
653
843
– 190
Financial liabilities
EUR m
8
148
– 140
Cash and cash equivalents
EUR m
25
14
11
Net debt (Cash and cash equivalents less financial liabilities)
EUR m
– 17
134
– 151
1/3/2014 – 31/5/2014
1/3/2013 – 31/5/2013
Change absolute
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
–
Equity ratio
* Figures for 1/3/2013–31/5/2013 have been adjusted compared with the Interim Report for the first three months of the financial year 2013/2014.
Structure figures
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 3 m o n t h 2014/2015
Content
Hi g h li g h t s o f t h e fir s t t h r e e m o n t h s 2014/2015
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
Course of business
In the first three months of the 2014/2015 financial year, Nordzucker generated revenues of EUR 500.8 million. Despite higher sales volumes, this was well below the revenues of EUR 579.8 million for the same period in the previous year. Lower prices for quota and non-quota sugar meant that net income for the period also declined from EUR 87.2 million to EUR 23.5 million. Beet development 2014
In a five-year comparison, sowing took place much earlier in spring 2014 in all of Nordzucker’s growing regions. The unusually mild winter allowed beet farmers across the Group to get the seed into the ground exceptionally early. In Northern Germany, around 90 per cent of beet had already been sown by the end of March. A warm, dry April was followed by a comparatively cool May with sufficient rainfall, and all rows were fully closed by the beginning of June, which is very early. Good growing conditions in Slovakia and Poland also produced an early row closure in June, meaning that the beet there was about 14 days ahead. This is one important condition for above-average yields. In all NE countries the beet growth has continued on a good level. Row closure was at least one week earlier than normal in all countries, indicating a sugar yield above normal. F i r e at t h e p l a n t i n U e l z e n
On 26 June 2014, a fire broke out at the Uelzen plant on the conveyor bridge to silo 9, which was only built last year. The blaze spread rapidly to other parts of the bridge and to the roof of the silo, causing them both to collapse. The fire was brought under control in the course of the day, and no one was hurt. The cause of the fire is still unclear. Some 24,500 tonnes of sugar were stored in the silo at the time of the fire.
3
4
N o r d z u c k e r I n t e r i m R e p o r t 3 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 3 m o n t h 2014/2015
Dear shareholders, After three outstanding financial years, we felt the full force of lower prices in the first three months of the current 2014/2015 financial year. High sugar stocks have been amassed in the EU due to surplus production in recent years, and together with the fall in global market prices, this increased the pricing pressure in the EU, too. Revenues and earnings fell sharply. We were able to mitigate the pricing effect somewhat by higher sales, however. Revenues sank by a total of 14 per cent to EUR 500.8 million in the first three months of 2014/2015. Consolidated net income for the period fell sharply from EUR 87.2 million in the first quarter of the previous year to EUR 23.5 million. Pricing pressure and the increasing influence of the global market are the first signs of the tougher market conditions that will apply when the former sugar market regime expires in 2017. Part of our strategy and preparation for these changes are the extensive investments in our plants, which will increase market and customer focus, improve efficiency and strengthen environmental protection. We intend to expand our investment budget once again in the current financial year. Having achieved the savings targets in our Profitability plus efficiency programme a year earlier than planned, we will also be taking other steps to boost our productivity. In conjunction with yield increases in the field, we intend to make our beet cultivation even more competitive. The market liberalisation confronts us with new challenges in terms of sourcing raw materials. We are therefore working on contractual models that offer both the farmers and Nordzucker planning security, but that also increasingly include market-linked components. We are a strong company built on sound foundations, at both a financial and a technical level. But strength also means thinking ahead. It means thinking from a market perspective. We are therefore looking to the growth regions of Africa and Asia, where demand for sugar will rise steeply in the years ahead, and are looking closely at concrete investment projects. However, our message is clear: beet farming in our regions has prospects, and we are confident that you, our shareholders, will stay with us in future and keep Nordzucker strong. Yours sincerely, Nordzucker AG The Executive Board
Hartwig Fuchs
Mats Liljestam
Axel Aum端ller
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 3 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 Office DK
2
Nordic Sugar, Copenhagen
29
S u g a r P l a nt s a n d refinerie s D
DK
S
FIN
LT PL
3
Clauen
4
Nordstemmen
5
Uelzen
6
Klein Wanzleben
7
Schladen
8
Nakskov
9
Nykøbing
10
Arlöv
11
Örtofta
12
Porkkala
13
Säkylä
14
Kèdainiai
15
Chełmża
16
Opalenica
SK
17
Trenč ianska Teplá
D
18
Liquid sugar plant Groß Munzel
19
Liquid sugar plant Nordstemmen
northern europe
13
CZ
20
Dobrovice
21
Ceské Meziříčí
28
26
2 24
31
11
14
10 23
8
9
1
6 22
27
5 18 25
sugar plants – n o n - c o ns o lid a t ed M in o rit y s t a k e
12
30
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 ffice 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 3 m o n t h 2014/2015
E a r n i n g s a n d fi n a n ci a l position and net assets
General remarks
Revenues and earnings
The quarterly financial statements as of 31 May 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 consolidated subsidiaries, joint ventures and associated companies (hereinafter known as “Nordzucker Group” or “Group”). The quarterly financial statements have not been audited or reviewed by auditors.
In the first three months of the financial year 2014/2015, the Nordzucker Group generated revenues of EUR 500.8 million, EUR 79.0 million less than in the previous year. The fall in revenues was due to lower prices for quota sugar and non-quota sugar, which could only be offset to a limited extent by higher sales volumes of quota and non-quota sugar. Prices fell in all regions compared with both the same period a year ago and with the last quarter of the previous year. Revenues from animal feed and bioethanol were also down. Sales volumes fell slightly in both areas and, as in the previous year, prices for bioethanol declined further.
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 when interpreting the first quarter earnings.
Production costs came to EUR 407.0 million, compared with the figure of EUR 415.8 million in the same period of the previous year. Sales costs rose slightly due to higher sales volumes to EUR 37.9 million (prior-year period: EUR 36.3 million). Administrative expenses were roughly the same as last year at EUR 20.3 million. The increase in other income to EUR 8.4 million (prior-year period: EUR 5.9 million) was accompanied by an increase in other expenses to EUR 5.0 million (prior-year period: EUR 3.9 million). At EUR 44.8 million, personnel expenses were down slightly on last year (EUR 46.0 million). The same applies to depreciation, amortisation and impairment of EUR 20.0 million (prior-year period: EUR 21.0 million).
Co n s o lidated R ev en ues
Co n s olidated EBIT
in EUR m
in EUR m
600
580 501
500
120 100
400
80
300
60
200
40
100
20
0
109
39
0 3 month 2013/2014
3 month 2014/2015
3 month 2013/2014
3 month 2014/2015
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 3 m o n t h 2014/2015
The operating result (EBIT) of the Nordzucker Group totalled EUR 39.0 million in the first quarter of the 2014/2015 financial year, compared with EUR 108.8 million in the same period of the previous year. Financial income of EUR 0.8 million was well below the previous year’s figure of EUR 9.2 million. This is due to the fact that last year, dividends had already been received from the investment in Tereos TTD. Financial expenses of EUR 4.3 million were slightly higher than the previous year’s figure of EUR 4.1 million. Overall, consolidated net income for the period fell sharply year on year to EUR 23.5 million before minority interests (prioryear period: EUR 87.2 million). C ash flow and bal ance sheet
Cash flow from operating activities can be negative in the first quarter if liabilities to suppliers have been paid before the end of the quarter. Cash flow from operating activities came to EUR – 16.8 million, but improved significantly compared with the same period in the previous year (EUR – 59.3 million). The fall in net income for the period was more than offset by comparatively lower tax payments and lower expenses for liabilities to suppliers compared with last year. Cash flow from investing activities came to EUR – 20.5 million compared with EUR – 16.5 million for the same period last year. The change stems largely from higher spending on property, plant and equipment and lower proceeds on the disposal of property, plant and equipment.
G roup bal an ce s h e e t s t ru c t u r e a s o f 3 1 M ay 2 0 1 4
in EUR m
2,500 2,250 2,000 1,750
2,048
2,048
47 %
68 %
39 %
16 %
14 %
16 %
1,500 1,250 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 Consolidated net income
in EUR m
for the period
in EUR m
140
134
120 120 100
100 87
80
80
60
60
40
40
24
20
20
– 17
0
0
– 20 3 month 2013/2014
3 month 2014/2015
3 month 201320/14
3 month 2014/2015
Cash flow from financing activities of EUR 4.0 million was well below last year’s figure of EUR 77.5 million, as the financing requirement was much lower. Cash and cash equivalents amounted to EUR 25.1 million at the end of the quarter. Total consolidated assets came to EUR 2,048.1 million at the end of the reporting period (prior-year period: EUR 2,212.4 million). The decline was largely the result of lower stocks of finished products and goods. It was matched primarily by significantly lower financial liabilities as well as lower provisions for pensions and similar obligations. Shareholders’ equity came to EUR 1,394.8 million at the end of the reporting period, which was EUR 25.8 million more than in the previous year’s period (EUR 1,369.0 million). The equity ratio rose from 61.9 per cent to 68.1 per cent. Cash and cash equivalents exceeded financial liabilities by EUR 16.8 million at the end of the reporting period. At the end of the same period in the previous year, the Group reported net debt of EUR 134.2 million.
N o r d z u c k e r I n t e r i m R e p o r t 3 m o n t h 2014/2015
S u p p l e m e n ta r y r e p o r t
Outlook
On 26 June 2014, there was a fire on the conveyor bridge to silo 9 at the Nordzucker plant in Uelzen. It spread rapidly to other parts of the bridge and to the roof of the silo, causing them both to collapse. The great height of the silo, which was only completed last year, made it difficult to extinguish the flames. With the help of fire brigade helicopters and a cantilever arm from the Airbus works fire brigade, the fire was nonetheless brought under control within the day. No one was hurt. Some 24,500 tonnes of sugar were stored in the silo at the time of the fire. When the conveyor bridge collapsed, it also damaged the roof of the adjacent silo 8. Some 9,500 tonnes of sugar were stored in this silo at the time of the fire. The cause of the fire and the losses incurred have not yet been determined. Deliveries of high-quality sugar to customers were not interrupted at any time, since other Nordzucker plants were able to take up the slack on a temporary basis. The Uelzen plant started shipping again the morning after the fire. Production at the Uelzen plant is not affected, either now or in the next campaign.
For the current 2014/2015 financial year, we expect pressure on prices to persist. Stocks of quota and non-quota sugar in the European Union (EU) are still high. Global market prices are still very low on a long-term scale. 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. The battle for market share has intensified as a result. Nordzucker is working systematically to boost its competitiveness. In 2014/2015, the focus will be on realigning organisational structures and processes, which will be of great help to the company in pursuing its continued development in the years ahead. We stand by our estimate that revenues and earnings will decline again in the financial year 2014/2015. As before, Nordzucker is reviewing growth opportunities outside of Europe and is increasing its investment in the core European business. These projects will not have any significant effect on revenues and income in 2014/2015, but may result in considerable additional capital expenditure. Its very solid financing arrangements will enable the company to cope well with this additional investment in its future. These factors will not only define the financial year 2014/2015, but also the year thereafter. As the markets are so volatile, all medium-forecasts are subject to considerable uncertainty, however.
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 3 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 31 May 2014
1/3/2014 – 31/5/2014
1/3/2013 – 31/5/2013
Change
500,786
579,768
– 78,982
– 407,034
– 415,823
8,789
93,752
163,945
– 70,193
Sales costs
– 37,901
– 36,324
– 1,577
Administrative expenses
– 20,293
– 20,755
462
8,443
5,916
2,527
in EUR thousands Revenues Production costs Gross profit
Other income Other expenses
– 5,002
– 3,942
– 1,060
Operating result (EBIT)
38,999
108,840
– 69,841
763
9,163
– 8,400
– 4,316
– 4,050
– 266
0
– 97
97
35,446
113,856
– 78,410
– 11,944
– 26,645
14,701
23,502
87,211
– 63,709
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
951
2,803
– 1,852
22,551
84,408
– 61,857
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 – 31/5/2014
1/3/2013 – 31/5/2013
Change
Consolidated net income
23,502
87,211
– 63,709
Remeasurement of defined benefit plans
– 10,138
– 474
– 9,664
3,041
131
2,910
in EUR thousands
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
– 7,097
– 343
– 6,754
Exchange differences on translating foreign operations
– 6,083
– 6,768
685
Net result of cash flow hedges
– 2,006
– 2,374
368
571
738
– 167
– 7,518
– 8,404
886
8,887
78,464
– 69,577
Deferred taxes on items of other comprehensive income reclassified to the income statement 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
953
2,793
– 1,840
7,934
75,671
– 67,737
N o r d z u c k e r I n t e r i m R e p o r t 3 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 31 May 2014
in EUR thousands Earnings before taxes
1/3/2014 – 31/5/2014
1/3/2013 – 31/5/2013
Change
35,446
113,856
– 78,410
Interest and similar income
– 760
– 823
63
Interest and similar expenses
3,979
2,806
1,173
19,927
20,874
– 947
Depreciation, amortisation and impairment/reversals of impairment of non-current assets Amortisation and impairment/reversals of impairment of non-current financial investments Changes in non-current provisions Other non-cash expenses/income Net income/loss from associated companies 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 Interest paid in the financial year Taxes paid 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 Proceeds on disposal of intangible assets Payments for investments in intangible assets Proceeds on disposal of financial assets
– 4
4
– 8
9,616
– 13,281
22,897
– 27
– 4
– 23
0
97
– 97
8,907
21,229
– 12,322
164
– 2,000
2,164
250,305
199,855
50,450
– 325,261
– 353,436
28,175
155
160
– 5
– 2,062
– 880
– 1,182
– 17,194
– 47,762
30,568
– 16,809
– 59,305
42,496
152
2,412
– 2,260
– 20,082
– 18,491
– 1,591
22
0
22
– 340
– 437
97
3
– 5
8
– 245
– 11
– 234
– 20,490
– 16,532
– 3,958
3,957
144,217
– 140,260
0
– 66,732
66,732
Cash flow from financing activities
3,957
77,485
– 73,528
Changes in cash and cash equivalents
– 33,342
1,648
– 34,990
58,339
11,303
47,036
86
1,234
– 1,148
25,083
14,185
10,898
Payments for investments in financial assets Cash flow for/from investing activities Proceeds from borrowing Loan repayments
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
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 3 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 31 May 2014, Nordzucker AG, Braunschweig, Germany
ASSETS in EUR thousands
28/2/2014
31/5/2014
31/5/2013
Non-current assets Fixed assets Intangible assets Property, plant and equipment Investment property
67,068
64,435
162,171
847,872
847,711
850,154
4,515
4,471
5,077
Financial investments Shares in companies accounted for using the equity method Other financial investments
2,538
2,788
2,674
23,818
23,808
23,843
26,356
26,596
26,517
945,811
943,213
1,043,919
Financial assets
0
0
0
Other assets
9
9
1
9
9
1
Receivables and other assets
Deferred taxes*
1,629
6,215
33,498
947,449
949,437
1,077,418
Raw materials, consumables and supplies
61,770
58,613
51,011
Work in progress
53,707
53,371
46,391
896,649
692,037
738,631
1,012,126
804,021
836,033
186,282
208,832
218,915
977
154
4,411
Current income tax receivables
12,504
10,067
2,203
Financial assets
33,442
17,991
11,725
Other assets
84,070
31,023
44,954
317,275
268,067
282,208
Current assets Inventories
Finished goods and merchandise Receivables and other assets Trade receivables Receivables from related parties
Cash and cash equivalents Assets held for sale
58,339
25,083
14,185
1,387,740
1,097,171
1,132,426
1,532
1,500
2,547
1,389,272
1,098,671
1,134,973
2,336,721
2,048,108
2,212,391
* Figures as of 31/5/2013 have been adjusted compared with the Interim Report for the first three 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 3 m o n t h 2014/2015
Equit y and liabilities in EUR thousands
28/2/2014
31/5/2014
31/5/2013
Subscribed capital
123,651
123,651
123,651
Capital reserves
127,035
127,035
127,035
1,077,009
1,099,637
1,048,749
Shareholders’ equity
Retained earnings* Other comprehensive income* Equity attributable to shareholders of the parent company Non-controlling interests*
8,528
– 6,089
15,091
1,336,223
1,344,234
1,314,526
49,595
50,548
54,506
1,385,818
1,394,782
1,369,032
Non-current provisions and liabilities Provisions for pensions and similar obligations*
144,730
154,802
187,729
Other provisions*
27,610
26,377
18,144
Financial liabilities
5,836
4,569
4,754
Liabilities towards related parties
5,500
5,500
5,500
20
18
2,689
Other liabilities
10,788
11,278
11,999
Deferred taxes
116,335
115,797
150,382
310,819
318,341
381,197
Provisions for pensions and similar obligations*
11,432
11,336
5,283
Other provisions*
78,368
98,208
94,304
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
3,733
143,592
8,410
5,156
57,886
399,325
121,673
95,273
35,537
33,984
17,174
9,859
7,981
3,996
97,050
52,914
44,654
640,084
334,985
462,162
2,336,721
2,048,108
2,212,391
* Figures as of 31/5/2013 have been adjusted compared with the Interim Report for the first three 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 3 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 in shareholders’ equity 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
Consolidated comprehensive income
84,408
Dividend payment* Other* As of 31/5/2013
123,651
As of 1/3/2014 Net income
84,408
2,803
87,211
– 8,737
– 8,737
– 10
– 8,747
– 8,737
78,464
75,671
2,793
0
0
0
– 817
– 817
117
– 700
127,035 1,048,749
15,091
1,314,526
54,506
1,369,032
1,077,009
8,528
1,336,223
49,595
1,385,818
22,551
951
23,502
– 14,617
– 14,617
2
– 14,615
– 14,617
8,887
22,551
Dividend payment Other 123,651
1,291,268
0
Other comprehensive income
As of 31/5/2014
51,596
22,551
Consolidated comprehensive income
Total equity
1,239,672
84,408
Other comprehensive income*
NonEquity attributable to shareholders of controlling interests the parent company
7,934
953
0
0
0
0
77
77
0
77
1,344,234
50,548
1,394,782
127,035 1,099,637
– 6,089
* Figures have been adjusted as necessary compared with the Interim Report for the first three 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 3 m o n t h 2014/2015
Financial c alendar
15 October 2014 Publication of the Interim Report for the first six months of 2014/2015 15 January 2015 Publication of the Interim Report for the first nine months of 2014/2015
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