Interim Report Nordzucker AG Three Months 2014/2015 - July 2014

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

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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 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.

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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 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

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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 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

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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 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.

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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 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

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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 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.

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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 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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Nordzucker has produced this interim report in the interests of sustainable environmental protection. It was printed in a climate-neutral manner in accordance with the Arktik process. All CO2 emissions which occur directly or indirectly during printing were calculated and offset by investments in renowned climate-protection projects.

15

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