Nordzucker AG Interim Report- Financial Year 2012/2013

Transcription

1 Nordzucker AG Interim Report- Financial Year 2012/2013 First Quarter March 1 May 31, 2012

2 Group figures and ratios 2 Group figures and ratios first quarter 2012/2013 Operating business Q1 2012/2013 Q1 2011/2012 Change absolute Revenues EUR m Total revenues EUR m Gross income EUR m EBITDA EUR m EBIT EUR m Net income EUR m Cash flow from operating activities EUR m Investments in property, plant and equipment and intangible assets EUR m Balance sheet as of May 31 Q1 2012/2013 Q1 2011/2012 Change absolute Balance sheet total EUR m 2,142 1, Equity EUR m 1, Equity ratio % Debt capital EUR m 1, Financial liabilities EUR m Cash and cash equivalents EUR m Net debt (Cash and cash equivalents less financial liabilities) EUR m Structure figures Q1 2012/2013 Q1 2011/2012 Change absolute Northern Europe Sugar factories 5 5 Sugar refineries 2 2 Central Europe Sugar factories 5 5 Liquid sugar factories 2 2 Bioethanol plants 1 1 Eastern Europe Sugar factories 3 3 Sugar refineries 1 1

3 Highlights 3 Highlights of the first quarter 2012/2013 Contents We are all Nordzucker 4 Letter from the Management Board 5 Sites in Europe 6 Management Report 7 Earnings, net assets and financial position 7 Supplementary report 9 Outlook 9 Income statement 10 Statement of comprehensive income 10 Cash flow statement 11 Balance sheet 12 Statement of changes in shareholders equity 14 Financial calendar 15 Excellent quarterly earnings In the first quarter of the 2012/2013 financial year, Nordzucker achieved revenues of EUR million, an increase of EUR million on the previous year. Good market conditions were crucial for this 27 per cent increase, which were also reflected in earnings of EUR 89.6 million more than double the earnings of the previous year, which reported quarterly earnings of EUR 34.5 million. A good year for beet in prospect Early beet sowing and good initial conditions suggest that 2012 will be a good year for beet. In Central Europe, Eastern Europe, Denmark and Sweden in particular, the current level of beet development indicates that yields will be above-average.

4 We are all Nordzucker 4 Dr Niels Pörksen Hartwig Fuchs Axel Aumüller Mats Liljestam WE ARE ALL NORDZUCKER. Daniel Bigalke Dr Ulf Wegener Dr Thordis Möller Dr Andreas Windt Ralf Brunkow Katja Millnat Benjamin Stein Denise Ahlgrimm Jennifer Haase-Holz Dr Michael Noth Anna Marijke Goedeke- Huitema Anja Kirschbaum- Marheine

5 Letter from the Management Board 5 Dear Shareholders, The positive situation on the European sugar market continues to bolster our company s business development. The first quarter of the 2012/2013 financial year closed with a significant rise in revenues and earnings compared to the previous year. We can be very satisfied with this development. At the same time, however, we can clearly see the economic downturn, not just in Europe as a whole, but now in Germany as well. This is reflected in the slowdown of sugar sales, among other things. This trend strengthens our desire to make Nordzucker more streamlined, faster and more efficient. In addition to continuing our Profitability plus cost-cutting programme, we will also be harmonising our processes and sustainably improving the competitiveness of the sugar beet ( ). We are on the right path and are gathering additional strength for future growth in our core business sugar. We must be prepared in case the volatility of sugar prices increases further and forecasts become more difficult. And we must also be prepared for a further consolidation in the European sugar market. We want to play an active part in this and make use of any opportunities for profitable growth as and when they arise. Yours sincerely, Nordzucker AG The Executive Board Hartwig Fuchs Axel Aumüller Mats Liljestam Dr Michael Noth Dr Niels Pörksen

6 Sites in Europe 6 Sites in Europe Headquarters Nordzucker D 1 Braunschweig Head Office A 2 Nordzucker Eastern Europe GmbH, Vienna DK 3 Nordic Sugar, Køpenhavn Sugar factories D 4 Clauen 5 Nordstemmen 6 Uelzen 7 Klein Wanzleben Northern Europe 8 Schladen DK 9 Nakskov Nykøbing S 11 Örtofta 20 FIN 12 Säkylä LT 13 Kedainiai PL 14 Opalenica 15 Chełmża SK 16 Trenčianska Teplá D 17 Liquid sugar factory Groß Munzel 18 Liquid sugar factory Nordstemmen Refineries S 19 Arlöv FIN 20 Porkkala PL 21 Chełmża Sugar factories non-consolidated minority stake Eastern Europe CZ 22 Dobrovice 23 České Meziříčí Other locations Central Europe 16 D 24 fuel 21, Klein Wanzleben 2 DK 25 NP Sweet, Køpenhavn

7 Management report 7 Earnings, net assets and financial position Consolidated revenues In EUR m Q1 2011/2012 Q1 2012/2013 The quarterly financial report of the Nordzucker Group as of 31 May 2012 has been prepared in accordance with the International Financial Reporting Standards (IFRS) adopted and published by the International Accounting Standards Board (IASB). The financial statements comply fully with IFRS and give a true and fair view of the net assets, financial and earnings position of Nordzucker AG and its consolidated subsidiaries as well as its associated companies and joint ventures. All subsidiaries have been included in the consolidated financial statements of Nordzucker AG with their financial reports as of 31 May No changes have been made to the accounting methods used for the preparation of the consolidated annual financial statements as of 29 February For more information please see the Notes section of the 2011/2012 Annual Report. Consolidated EBIT In EUR m 121 The production of sugar is a seasonal business. The production stage, from the beginning of September until the middle of January, is entirely in the second half of the financial year. This should be taken into consideration when interpreting first quarter earnings. 44 Q1 2011/2012 Q1 2012/2013 Revenues and earnings In the first quarter of the 2012/2013 financial year, the Nordzucker Group generated revenues of EUR million, a 27 per cent increase on the previous year. Quota sugar reported a higher yearon-year price, which more than compensated for the slight decline in sales volumes. By contrast, the revenue increase in non-quota sugar was due to significantly higher sales volumes, which more than offset the lower prices when compared to the previous year. The reduction in stocks was down slightly on the previous year, whilst the cost of materials and services rose from EUR million to EUR million. This increase was primarily due to the higher sugar import volumes compared to the previous year. Nordzucker s personnel expenses went up to EUR 45.7 million compared with EUR 41.6 million the previous year, mainly due to higher earnings-related remuneration components. Depreciation, amortisation and impairment remained almost constant at EUR 21.1 million (previous year: EUR 21.8 million). Other operating expenses went up from EUR 37.7 million in the previous year to EUR 49.1 million. This rise was due in part to higher volume-related transport, removal and other sales costs.

8 Management report 8 Consolidated net income In EUR m 90 The operating result (EBIT) of the Nordzucker Group totalled EUR million in the first quarter of the 2012/2013 financial year, compared to EUR 43.7 million in the previous year. 35 Q1 2011/2012 Q1 2012/2013 Consolidated balance sheet structure as of May 31, 2012 In EUR m 2,142 2,142 49% 33% 18% Assets Non-current assets Inventories Other current assets 50% 20% 30% Equity & liabilities Consolidated net debt In EUR m 320 Equity Non-current liabilities Current liabilities Further repayment of the utilisation of financial liabilities and more favourable conditions for the loan agreement renegotiated in June 2011 resulted in a reduction in interest expense from EUR 7.3 million to EUR 4.2 million. A dividend from Czech subsidiary TTD in the amount of EUR 4.7 million was recognized in net income/loss from investments. Overall the net income for the period more than doubled for the Group when compared with the previous year and totalled EUR 89.6 million before minority interests (previous year: EUR 34.5 million). Cash flow and balance sheet Cash flow from operating activities rose by EUR 98.6 million to EUR million in the first three months of the financial year. This was mainly as a result of the rise in net income for the period. Cash flow from investing activities improved significantly from EUR million to EUR million, as the previous year s figure included payment of the final purchase price instalment for Nordic Sugar (EUR million). Capital expenditure on items of property, plant and equipment accounted for EUR 9.8 million, slightly below the previous year (EUR 10.5 million). Cash flow from financing activities reported a cash outflow of EUR million (previous year: EUR million) due to the reduced utilisation of current loans. Cash and cash equivalents amounted to EUR 72.5 million at the end of the quarter. The Nordzucker Group s consolidated balance sheet total increased on the same period in the previous year and amounted to EUR 2,141.6 million at the end of the quarter (previous year: EUR 1,809.6 million). This change is primarily due to the excellent campaign in 2011/2012, which resulted in an increase in stocks and higher trade receivables along with increased revenues. Thanks to this positive development, equity rose from EUR million at the end of the first quarter of the previous year to EUR 1,079.3 million. Despite the rise in the balance sheet total, the equity ratio went up from 47.0 per cent to 50.4 per cent. 83 Net debt (financial liabilities less cash and cash equivalents) was reduced considerably compared to the previous year, totalling EUR 83.2 million after EUR million in the previous year. Q1 2011/2012 Q1 2012/2013

9 Management report 9 Sugar beet development Sowing began exceptionally early in the 2012 beet year and laid an excellent foundation for long growth and high beet yields. Precipitation after sowing ensured sufficient field emergence. Cool and changeable temperatures in April and May, combined with isolated incidences of frost and a lack of precipitation did not inhibit positive development overall. Row closure, an important indicator for the condition of the beet, was observed on the first crops as early as the end of May. In mid-june development was extremely positive and indicated a good year for beet in Overall, Nordzucker is expecting above-average yields in Central and Eastern Europe as well as Denmark and Sweden, and average development in Lithuania and Finland, based on current findings. Supplementary report 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 first quarter of 2012/2013 ended with strong earnings, again significantly outperforming the already positive earnings from the same quarter of the previous year, due in particular to the good market environment. It is currently expected that prices for the year as a whole will stabilise at the level reached to date, whilst revenues and earnings will exceed 2011/2012 levels.

10 Consolidated quarterly financial statements 10 Consolidated quarterly financial statements Consolidated income statement Nordzucker AG, Braunschweig Germany, for the period from March 1 to May 31, /3/ /5/2012 1/3/ /5/2011 Change Revenues 586, , ,903 Decrease in finished goods and work in progress 182, ,575 2,900 Own work capitalised Total revenues 403, , ,237 Other operating income 6,170 4,566 1,604 Cost of materials and services 172, ,290 37,195 Personnel expenses 45,729 41,590 4,139 Depreciation of property, plant and equipment, amortisation and impairment of intangible assets 21,116 21, Other operating expenses 49,111 37,722 11,389 Operating result (EBIT) 121,470 43,701 77,769 Net interest a) Interest income and similar income 1, b) Interest expenses and similar expenses 4,164 7,255-3,091-2,294-6,295 4,001 Net income/loss from investments a) Net income/loss from associated companies and joint ventures accounted for under the equity method b) Other net income from investments 4,712 3, ,642 3, Other net financial income/loss a) Other financial income 3,056 2, b) Other financial expenses 7,372 1,281 6,091-4,316 1,036-5,352 Net financial income/loss -1,968-1, Earnings before taxes 119,502 42,206 77,296 Income taxes 29,950 7,692 22,258 Consolidated net income 89,552 34,514 55,038 Consolidated net income attributable to minority interests 1,960 1, Consolidated net income attributable to shareholders of the parent company 87,592 33,364 54,228 Statement of comprehensive income Consolidated net income 89,552 34,514 55,038 Currency conversion for foreign operations -9,015-3,804-5,211 Net result of cash flow hedges ,277-1,630 Income taxes Other net income/loss after taxes ,086-1,333 Total net income/loss after taxes 80,290 31,796 48,494 Consolidated net income attributable to minority interests 1,960 1, Consolidated net income attributable to shareholders of the parent company 78,330 30,646 47,684

11 Consolidated quarterly financial statements 11 Consolidated cash flow statement Nordzucker AG, Braunschweig, Germany, for the period from March 1 to May 31, /3/ /5/2012 1/3/ /5/2011 Change Earnings before taxes 119,502 42,206 77,296 Interest and similar income -1, Interest and similar expenses 4,164 7,255-3,091 Net depreciation, amortisation and impairment on non-current assets 21,116 21, Changes in non-current provisions 2,517 3,761-1,244 Other non-cash expenses Net loss/income from associated companies Changes in finished goods and work in progress 182, ,575-2,900 Changes in current provisions 13,323 12, Proceeds on disposal of non-current assets Changes in inventories, trade receivables and other assets not attributable to investing or financing activities -40,372-63,860 23,488 Changes in trade payables and other liabilities not attributable to investing or financing activities -115, ,253 7,247 Interest received in the financial year 1, Interest paid in the financial year -3,793-5,750 1,957 Taxes paid in the financial year -8,733-3,999-4,734 Cash flow from operating activities 176,191 77,615 98,576 Proceeds on disposal of property, plant and equipment Payments for investments in property, plant and equipment -9,849-10, Payments for investments in intangible assets Proceeds on disposal of financial assets Payments for investments in financial assets Proceeds from the sale of consolidated companies and other business units Payments for the acquisition of consolidated companies and other business units 0-73,634 73,634 Cash flow for investing activities -10,202-83,906 73,704 Payments to shareholders (dividends) Proceeds from borrowing 0 33,539-33,539 Loan repayments -100,280-63,424-36,856 Cash flow from financing activities -100,274-29,890-70,384 Changes in cash and cash equivalents 65,715-36, ,896 Cash and cash equivalents at the beginning of the period 7,406 50,289-42,883 Additions through mergers/other changes ,620-2,202 Cash and cash equivalents at the end of the period 72,539 15,728 56,811

12 Consolidated quarterly financial statements 12 Consolidated balance sheet as of May 31, 2012, Nordzucker AG, Braunschweig, Germany Assets 29/2/ /5/ /5/2011 Non-current assets Fixed assets Intangible assets 174, , ,192 Property, plant and equipment 861, , ,093 Investment property 6,785 6,117 8,921 Financial investments Shares in associated companies and joint ventures accounted for under the equity method 3,593 3,536 3,838 Other financial investments 20,428 20,407 20,476 24,021 23,943 24,314 1,065,931 1,042,542 1,105,520 Receivables and other assets Financial assets Other assets 1, ,442 1, ,480 Deferred taxes 11,883 2,692 9,057 1,079,190 1,045,282 1,116,057 Current assets Inventories Raw materials, consumables and supplies 44,451 48,187 53,531 Work in progress 43,373 47,123 40,929 Finished goods and merchandise 810, , , , , ,628 Receivables and other assets Trade receivables from external companies 194, , ,944 Receivables from related parties Current income tax receivables 5,084 3, Financial assets 13,185 16,444 17,683 Other current assets 61,971 47,157 35, , , ,190 Cash and cash equivalents 7,406 72,539 15,728 1,180,540 1,094, ,546 Assets held for sale 1,867 2, ,182,407 1,096, ,574 2,261,597 2,141,606 1,809,631

13 Consolidated quarterly financial statements 13 Consolidated balance sheet as of May 31, 2012, Nordzucker AG, Braunschweig, Germany Shareholders equity and liabilities 29/2/ /5/ /5/2011 Shareholders equity Subscribed capital 123, , ,651 Capital reserves 127, , ,035 Retained earnings 653, , ,918 Other comprehensive income 51,682 42,420 52,342 Equity attributable to shareholders of the parent company 955,971 1,034, ,946 Minority interests 43,260 45,202 42, ,231 1,079, ,712 Non-current provisions and liabilities Provisions for pensions and similar obligations 134, , ,776 Other provisions 23,415 25,525 22,659 Financial liabilities 88,473 86, ,099 Liabilities towards related parties 5,500 5,511 5,500 Other financial liabilities 1,181 1,071 1,342 Other liabilities 20,985 15,868 22,782 Deferred taxes 153, , , , , ,330 Current provisions and liabilities Provisions for pensions and similar obligations 5,281 5,281 5,277 Other provisions 68,059 80,437 61,083 Financial liabilities 167,852 69, ,852 Current income tax liabilities 60,000 70,080 34,870 Trade payables 455, ,901 95,453 Liabilities towards related parties 11,498 11,394 12,305 Other financial liabilities 15,900 13,837 13,348 Other liabilities 50,456 55,780 59, , , ,589 2,261,597 2,141,606 1,809,631

14 Consolidated quarterly financial statements 14 Consolidated statement of changes in shareholders equity for the consolidated quarterly financial statements as of May 31, 2012, Nordzucker AG, Braunschweig Subscribed capital Capital reserves Retained earnings Other comprehensive income Equity attributable to shareholders of the parent company Minority interests Total equity As of 1/3/ , , ,569 54, ,238 41, ,735 Consolidated net income , ,364 1,150 34,514 Other net income/loss ,718-2, ,718 Total net income / loss after taxes ,364-2,718 30,646 1,150 31,796 Dividend payment Others As of 31/5/ , , ,918 52, ,946 42, ,712 As of 1/3/ , , ,604 51, ,971 43, ,231 Consolidated net income , ,592 1,960 89,552 Other net income/loss ,262-9, ,262 Total net income / loss after taxes ,592-9,262 78,330 1,960 80,290 Dividend payment Others As of 31/5/ , , ,041 42,420 1,034,147 45,202 1,079,349 Shareholders structure Nordzucker AG EUR 123.7m share capital Nordzucker Holding Aktiengesellschaft 76.2 %, EUR 94.3m Union-Zucker Südhannover GmbH 10.8 %, EUR 13.4m Nordharzer Zucker AG 7.8 %, EUR 9.7m Direct shareholders 5.2 %, EUR 6.3m

15 Important dates Financial calendar Publications July 13, 2012 Release Q1 Interim Report 2012/2013 October 15, 2012 Release HY Interim Report 2012/2013 January 15, 2013 Release Q3/9M Interim Report 2012/2013 Online publications The following publications can be downloaded from Annual Report Interim Reports Declaration of compliance Sustainability report

16 Nordzucker AG Küchenstraße Braunschweig Telephone: +49 (0) Fax: +49 (0) info@nordzucker.de Corporate Communications Klaus Schumacher Telephone: +49 (0) pr@nordzucker.de Investor Relations Bianca Deppe-Leickel Telephone: +49 (0) ir@nordzucker.de Shares register Claus-Friso Gellermann Telephone: +49 (0) aktien@nordzucker.de This Interim Report for the Nordzucker Group is also available in German. The report can be downloaded in German or English from the internet under from the download center as a PDF.