InteRIm RepoRt financial yeaR 2014/2015 6 months / 1 maRCh to 31 augus t 2014
2
N o r d z u c k e r I n t e r i m R e p o r t 6 m o n t h 2014/2015
K e y fi g u r e s six months 2014/2015
O p e r at i n g b u s i n e s s 1/3/2014 – 31/8/2014
1/3/2013 – 31/8/2013
Change
Revenues
EUR m
975
1.223
– 248
EBIT
EUR m
68
229
– 161
Net income
EUR m
53
185
– 132
Cash flow from operating activities
EUR m
259
296
– 37
Investment in property, plant and equipment and intangible assets
EUR m
44
43
1
B a l a n c e s h e e t r at i o 31/8/2014
31/8/2013
Change
Total assets*
EUR m
1,986
2,048
– 62
Equity*
EUR m
1,349
1,368
– 19
%
68
67
1
Debt capital*
EUR m
636
680
– 44
Financial liabilities
EUR m
5
4
1
Cash and cash equivalents
EUR m
211
108
103
Net debt (Cash and cash equivalents less financial liabilities)
EUR m
– 205
– 104
– 101
1/3/2014 – 31/8/2014
1/3/2013 – 31/8/2013
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
–
Equity ratio
* Figures for 1/3/2013–31/8/2013 have been adjusted compared with the Interim Report for the first six 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 6 m o n t h 2014/2015
Content
Development s in the first six months 2014/2015
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
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 six months of the 2014/2015 financial year, the Nordzucker Group generated revenues of EUR 975.4 million. Due to a significant decrease in prices and lower sales volumes, there was a sharp drop in revenues. The lower prices for quota and non-quota sugar meant that net income for the period also declined from EUR 184.6 million to EUR 53.1 million. R e c o r d h a r v e s t a n t i c i pat e d
The Nordzucker Group launched this year’s sugar beet campaign on 10 September. The campaign ran smoothly in all plants. Forecasts indicate that there will be a very good harvest throughout the Group. Following early sowing, growth conditions in Germany, Denmark, Sweden, Finland, Lithuania and Slovakia were very good in many regions. Only the Polish growing regions experienced suboptimal conditions due to a lack of rainfall at the start of the vegetation period around the Chełmża plant. The campaign is expected to last for around 130 days due to the large harvest anticipated. Sugar prices continue to plummet
The price of sugar on the global market has continued to fall sharply in recent weeks. Significant production surpluses cumulated in a global market price of EUR 335 per tonne for white sugar at the end of July, following a price of EUR 370 per tonne in the previous year. The EU price also decreased further. Apart from the expiration of the sugar market regime in 2017, the principle causes behind the negative price trend within the EU are high sugar stocks in Europe and the European Commission’s generous importation policies in recent years. Even when we believe that we see a bottoming out of the current price level within the EU that will be accompanied by increased buying interest, the price development will disrupt earnings in the 2014/2015 financial year and in 2015/2016 in particular.
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 6 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 6 m o n t h 2014/2015
Dear shareholders, Once again in the second quarter of the 2014/2015 financial year, we were keenly aware of the price pressure dominating the sugar market. Revenues were down approximately EUR 247 million by around 20 percent compared with the previous year’s period, coming in at EUR 975 million. Consolidated net income for the period also fell sharply from EUR 185 million in the same period of the previous year to EUR 53 million. The current market situation is unsatisfactory. The stronger correlation between prices in the European and global markets, considerable sugar surpluses in the EU market – as a result of good harvests and increasing imports – as well as stiffer competition for market shares, were factors that result in a sharp drop in prices. The expiration of the current sugar market regime in 2017 is already casting its shadow and confronting us with a new market and sales environment today. Furthermore, the global market has an increasingly stronger influence on the EU market, leading to a higher level of volatility. We have used the preceding years to build up our equity and reduce our debt as much as possible so that we are well positioned for the future. Nevertheless, we too will have to do our homework if we are to succeed in this market environment. We need to continue turning Nordzucker into a lean, fast, market and customer-focused company and improve our efficiency and productivity. At the same time, we have to maintain a good sense of judgement in pursuing the strategic development of the company and investing in our core business. Our aim is to create a secure foundation for sugar production in the period after 2017. Together with our beet farmers and shareholders, we will agree on new approaches to contracts for beet cultivation. 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. And this includes being open to other markets outside of the EU, where we are diligently paving the way for further growth. Nordzucker will change in the coming years – and we will have to plan and act in line with the market and our customers’ perspectives as a matter of priority. We ask you, our valued shareholders, to continue on this journey with us to become a stronger Nordzucker. 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 6 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 6 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 interim financial statements as of 31 August 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 interim financial statements have not been audited or reviewed by auditors.
In the first six months of the financial year 2014/2015, the Nordzucker Group generated revenues of EUR 975.4 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 when interpreting the first half earnings.
Production costs came to EUR 793.6 million, compared with the figure of EUR 874.3 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 74.7 million (prior-year period: EUR 75.9 million). Administrative expenses were roughly the same as last year at EUR 41.3 million. Other income increased to EUR 17.7 million (prior-year period: EUR 12.0 million). Other expenses were almost the same as the previous year at EUR 15.0 million (prior-year period: EUR 14.8 million). At EUR 88.0 million, personnel expenses were roughly the same as last year (EUR 87.4 million). Depreciation, amortisation and impairment were down slightly on last year (EUR 39.9 million compared with EUR 41.0 million).
Co n s o lidated R ev en ues
Co n s olidated EBIT
in EUR m
in EUR m
1,200
1,223
240 975
1,000 800
160
600
120
400
80
200
40
0 6 month 2013/2014
6 month 2014/2015
229
200
0
68
6 month 2013/2014
6 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 6 m o n t h 2014/2015
The operating result (EBIT) of the Nordzucker Group totalled EUR 68.5 million in the first half of the 2014/2015 financial year, compared with EUR 229.3 million in the same period of the previous year. Financial income of EUR 7.4 million was below the previous year’s figure of EUR 15.6 million. This is due to the fact that last year, dividends had already been received from the investment in Tereos TTD. The Group was able to cut its financial expenses to EUR 5.6 million from EUR 6.4 million in the previous year. Overall, consolidated net income for the period fell sharply year on year to EUR 53.1 million before minority interests (prioryear period: EUR 184.6 million). The sharp drop in prices had a major impact here.
Co n s o lidated N et debt
in EUR m Consolidated net income for the period
in EUR m
180
0 – 25 – 50
185
– 75
150
– 100
120
– 125 – 150
90 60
– 104
53
– 175 – 200
30
– 205
– 225
0 6 month 6 month 2013/2014 2014/2015
6 month 2013/2014
6 month 2014/2015
C ash flow and bal ance sheet Group bal ance sheet s tructure as of 31 Augus t 2014
in EUR m
2,500 2,250 2,000
1,986
1,986
1,750 1,500 1,250
48 %
68 %
1,000 750
28 % 17 %
500 250 0
24 %
Assets
15 %
Equity & liabilities
Non-current assets
Equity
Inventories
Non-current liabilities
Other current assets
Current liabilities
Cash flow from operating activities of EUR 259.5 million in the first six months of the financial year 2014/2015 was lower than the previous year’s figure (EUR 295.9 million). This decline was largely due to a fall of EUR 168.2 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 – 44.0 million compared with EUR – 40.4 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 of EUR – 63.1 million was significantly better than last year’s figure of EUR – 158.9 million, as the capital requirement was much lower. Cash and cash equivalents amounted to EUR 210.6 million at the end of the half-year. Total consolidated assets came to EUR 1,985.8 million as of the reporting date of 31 August 2014 (31 August 2013: EUR 2,047.9 million).
N o r d z u c k e r I n t e r i m R e p o r t 6 m o n t h 2014/2015
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. On the liabilities side, the reduction in pension obligations following their partial transfer in the last financial year was the principle cause behind the fall in total liabilities. Shareholders’ equity came to EUR 1,349.4 million as of the reporting date of 31 August 2014, which was EUR 18.4 million less than in the previous year’s period (31 August 2014: EUR 1,367.7 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 66.8 per cent to 68.0 per cent. Cash and cash equivalents exceeded financial liabilities by EUR 205.3 million at the end of the reporting period as of 31 August 2014. At the end of the same period in the pre vious year (31 August 2013), the excess amount was EUR 104.0 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 reporting date of the interim financial statements.
Outlook The ongoing price pressure will continue in the current 2014/2015 financial year. Stocks of quota and non-quota sugar in the European Union (EU) are still high. At the same time, global market prices are 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. Within this context, competition for market shares in the EU sugar market has significantly intensified. Nordzucker has already been working systematically for a number of years on boosting its own competitiveness and heading off these challenges. The Profitability plus efficiency programme, which has already been implemented very successfully, and the realignment of organisational structures and business processes are notable examples in this case. Both initiatives form an important basis for the further development of the company in the coming years. Revenues and earnings will be considerably lower in the 2014/2015 financial year than in the previous year. Since the markets are extremely volatile, medium-term – and indeed long-term – forecasts can only be made with a significant degree of uncertainty. Nevertheless, the global and European sugar markets are expected to recover again in the medium term. In view of the weak price level at present, supply is predicted to stagnate in the near future. 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 outside Europe and maintaining a substantial level of capital expenditure in its European core business. Thanks to a solid financial policy during previous years, Nordzucker has been able to secure scope for future investments. According to the current forecast, such projects will, however, have no significant impact on the net assets and earnings position.
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 6 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 August 2014
1/3/2014 – 31/8/2014
1/3/2013 – 31/8/2013
Change
975,417
1,222,705
– 247,288
Production costs
– 793,588
– 874,334
80,746
Gross profit
181,829
348,371
– 166,542
Sales costs
– 74,677
– 75,866
1,189
Administrative expenses
– 41,295
– 40,430
– 865
17,683
11,996
5,687
in EUR thousands Revenues
Other income Other expenses Operating result (EBIT) Financial income Financial expenses Result from companies accounted for using the equity method Earnings before taxes
– 15,048
– 14,783
– 265
68,492
229,288
– 160,796
7,444
15,646
– 8,202
– 5,564
– 6,416
852
– 177
– 122
– 55 – 168,201
70,195
238,396
Income taxes
– 17,141
– 53,793
36,652
Consolidated net income
53,054
184,603
– 131,549
of which attributable to non-controlling interests of which attributable to shareholders of the parent company
969
5,706
– 4,737
52,085
178,897
– 126,812
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 – 31/8/2014
1/3/2013 – 31/8/2013
Change
53,054
184,603
– 131,549
– 24,395
– 948
– 23,447
7,318
261
7,057
– 17,077
– 687
– 16,390
– 6,082
– 10,385
4,303
874
– 3,756
4,630
– 282
1,147
– 1,429
Other comprehensive income from items reclassified to the income statement
– 5,490
– 12,994
7,504
Consolidated comprehensive income after taxes
30,487
170,922
– 140,435
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 Net result of cash flow hedges Deferred taxes on items of other comprehensive income reclassified to the income statement
of which attributable to non-controlling interests of which attributable to shareholders of the parent company
– 430
605
– 1,035
30,917
170,317
– 139,400
N o r d z u c k e r I n t e r i m R e p o r t 6 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 August 2014
1/3/2014 – 31/8/2014
1/3/2013 – 31/8/2013
Change
Earnings before taxes
70,195
238,396
– 168,201
Interest and similar income
– 1,640
– 1,873
233
4,815
5,808
– 993
39,755
40,920
– 1,165
4
– 4
22,917
– 14,215
37,132
Other non-cash expenses/income
– 27
– 20
– 7
Net income/loss from associated companies
177
122
55
11,297
13,038
– 1,741
235
– 1,982
2,217
497,143
432,646
64,497
– 364,586
– 330,604
– 33,982
425
513
– 88
– 987
– 1,966
979
Taxes paid in the financial year
– 20,263
– 84,902
64,639
Cash flow from operating activities
259,456
295,885
– 36,429
269
2,965
– 2,696
– 43,017
– 42,433
– 584
– 696
– 90
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 Changes in non-current provisions
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
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
44 – 786
44
4
1
3
– 500
– 266
– 234
– 43,986
– 40,429
– 3,557
– 92,152
28,176
874
110,002
– 109,128
– 2
– 176,733
176,731
Cash flow from financing activities
– 63,110
– 158,883
95,773
Changes in cash and cash equivalents
152,360
96,573
55,787
58,339
11,297
47,042
Payments for investments in financial assets Cash flow for/from investing activities Inflows and outflows arising from changes in equity Payments to shareholders (Dividents) 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
– 6 – 63,976
– 6
– 89
439
– 528
210,610
108,309
102,301
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 6 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 August 2014, Nordzucker AG, Braunschweig, Germany
ASSETS in EUR thousands
28/2/2014
31/8/2014
31/8/2013
Non-current assets Fixed assets Intangible assets Property, plant and equipment Investment property
67,068
62,144
159,522
847,872
851,441
853,818
4,515
4,115
5,087
Financial investments Shares in companies accounted for using the equity method Other financial investments
2,538
2,862
2,899
23,818
23,804
23,836
26,356
26,666
26,735
945,811
944,366
1,045,162
Financial assets
0
0
Other assets
9
9
9
9
Receivables and other assets
Deferred taxes*
1,629
10,671
17,094
947,449
955,046
1,062,256
Current assets Inventories Raw materials, consumables and supplies
61,770
72,014
59,653
Work in progress
53,707
108,947
106,634
Finished goods and merchandise
896,649
382,601
409,403
1,012,126
563,562
575,690
186,282
198,692
237,421
977
90
5,690
Current income tax receivables
12,504
4,701
5,632
Financial assets
33,442
3,378
12,693
Other assets
84,070
47,752
37,835
317,275
254,613
299,271
Receivables and other assets Trade receivables Receivables from related parties
Cash and cash equivalents Assets held for sale
58,339
210,610
108,309
1,387,740
1,028,785
983,270
1,532
1,931
2,369
1,389,272
1,030,716
985,639
2,336,721
1,985,762
2,047,895
* Figures as of 31/8/2013 have been adjusted compared with the Interim Report for the first six 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 6 m o n t h 2014/2015
Equit y and liabilities in EUR thousands
28/2/2014
31/8/2014
31/8/2013
Subscribed capital
123,651
123,651
123,651
Capital reserves
127,035
127,035
127,035
1,077,009
1,063,567
1,054,696
Shareholders’ equity
Retained earnings* Other comprehensive income* Equity attributable to shareholders of the parent company Non-controlling interests*
8,528
– 14,062
10,160
1,336,223
1,300,191
1,315,542
49,595
49,165
52,201
1,385,818
1,349,356
1,367,743
Non-current provisions and liabilities Provisions for pensions and similar obligations*
144,730
169,548
187,758
Other provisions*
27,610
24,529
16,828
Financial liabilities
5,836
4,626
4,166
Liabilities towards related parties
5,500
5,500
5,500
Other financial liabilities
20
18
2,384
Other liabilities
10,788
10,835
11,432
Deferred taxes
116,335
114,984
129,463
310,819
330,040
357,531
Provisions for pensions and similar obligations*
11,432
11,289
5,283
Other provisions*
78,368
89,320
86,003
Current provisions and liabilities
Financial liabilities Current income tax liabilities Trade payables Liabilities towards related parties Other financial liabilities Other liabilities
103
649
102
8,410
6,436
34,581
399,325
112,264
113,947
35,537
39,793
29,291
9,859
3,820
3,017
97,050
42,795
50,397
640,084
306,366
322,621
2,336,721
1,985,762
2,047,895
* Figures as of 31/8/2013 have been adjusted compared with the Interim Report for the first six 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 6 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
NonEquity attributable to shareholders of controlling interests the parent company 1,239,672
51,596
178,897
5,706
184,603
– 13,668
– 13,668
– 13
– 13,681
– 13,668
178,897
Other comprehensive income*
Total equity 1,291,268
Consolidated comprehensive income
178,897
165,229
5,693
170,922
Dividend payment*
– 86,942
– 86,942
– 5,210
– 92,152
– 2,417
– 2,417
122
– 2,295
Other* As of 31/8/2013
123,651
127,035 1,054,696
10,160
1,315,542
52,201
1,367,743
As of 1/3/2014
123,651
127,035 1,077,009
8,528
1,336,223
49,595
1,385,818
52,085
969
53,054
– 22,590
23
– 22,567
Net income
52,085
Other comprehensive income
– 22,590
Consolidated comprehensive income
52,085
Dividend payment Other As of 31/8/2014
– 22,590
– 62,792 – 2,735 123,651
127,035 1,063,567
– 14,062
29,495
992
30,487
– 62,792
– 1,184
– 63,976
– 2,735
– 238
– 2,973
1,300,191
49,165
1,349,356
* Figures have been adjusted as necessary compared with the Interim Report for the first six 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 6 m o n t h 2014/2015
F i n a n ci a l c a l e n d a r
15 January 2015 Publication of the Interim Report for the first nine months of 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 > Decleration of compliance > Letter to shareholders > Akzente magazine > Sustainability reports Subscribe to the Interim Report at www.nordzucker.de
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