Interim Report Nordzucker AG Six Months 2014/2015 - October 2014

InteRIm RepoRt financial yeaR 2014/2015 6 months / 1 maRCh to 31 augus t 2014

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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 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.

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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 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

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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 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

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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 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.

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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 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

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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 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.

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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 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

15

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Printed copies of this interim Report for the Nordzucker Group are also available in German.

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