INTERIM REPORT FINANCIAL YEAR 2017/18 6 MONTHS / 1 MARCH TO 31 AUGUST 2017

Transcription

1 INTERIM REPORT FINANCIAL YEAR 2017/18 6 MONTHS / 1 MARCH TO 31 AUGUST 2017

2 2 INTERIM REPORT KEY FIGURES 6 MONTHS 2017/18 HIGHLIGHTS OF THE FIRST SIX MONTHS 2017/2018 KEY FIGURES 6 MONTHS 2017/18 EARNINGS AND RETURNS 1/3/ /8/2017 1/3/ /8/2016 Change Revenues EUR m EBITDA EUR m EBITDA margin 1 % EBIT EUR m EBIT margin 2 % Net income before minority interests EUR m Return on sales 3 % Return on equity 4 % EBITDA / revenues 2 EBIT / revenues 3 Net income (after minority interests) / revenues 4 Net income (after minority interests) / equity CASH FLOW AND INVESTMENTS 1/3/ /8/2017 1/3/ /8/2016 Change Cash flow from operating activities EUR m Cash flow from investing activities EUR m Free cash flow 1 EUR m Investment in property, plant and equipment and intangible assets EUR m Cash flow from operating activities + cash flow from investing activities BALANCE SHEET FIGURES 1/3/ /8/2017 1/3/ /8/2016 Change Total assets EUR m 1,988 1, Shareholders equity EUR m 1,413 1, Equity ratio % Debt capital EUR m Financial liabilities EUR m Cash and cash equivalents EUR m Net debt (cash and cash equivalents less financial liabilities) 1 EUR m Cash and cash equivalents financial liabilities INTERIM REPORT 6 MONTHS 2017/18

3 3 CONTENTS 4 LETTER FROM THE EXECUTIVE BOARD 7 EARNINGS AND FINANCIAL POSITION AND NET ASSETS 9 EVENTS AFTER THE BALANCE SHEET DATE 9 OUTLOOK 10 CONSOLIDATED INCOME STATEMENT 10 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 11 CONSOLIDATED CASH FLOW STATEMENT 12 CONSOLIDATED BALANCE SHEET 14 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY 15 FINANCIAL CALENDAR/ ONLINE PUBLICATIONS HIGHLIGHTS OF THE FIRST SIX MONTHS 2017/2018 REVENUES AND NET INCOME RISE SHARPLY In the first six months of the 2017/2018 financial year, Nordzucker generated revenues of EUR million. This was EUR 12.4 million higher than in the same period the previous year. In comparison with the first six months of the financial year 2016/2017, the prices for quota sugar and non-quota sugar were higher, while sales volumes were lower. A profit of EUR 87.7 million was generated for the period (comparative period: EUR 36.8 million). CAMPAIGN BEGINS: GOOD YIELDS EXPECTED The Nordzucker plants gradually began processing beet on 5 September. While April was much too cold in almost all the Group s regions for the small beets to develop well, an increase in temperatures in May and sufficient rainfall in summer in many places boosted growth significantly. In some regions, however, rainfall at the start of the campaign disrupted the normal start-up process, in some cases considerably so. Individual plants were even forced to postpone the scheduled start of their campaign. Nevertheless, yields have been good overall in the first few weeks of the campaign. The campaign is expected to end in the second half of January. PRICES CONTINUE TO COME UNDER PRESSURE The world market price for sugar recently fell sharply once again. The world market price (London No. 5) was only EUR 407 per tonne in May 2017 and EUR 321 per tonne in August In February, i.e. at the close of the financial year 2016/2017, the world market price was still EUR 513 per tonne. Anticipated global production surpluses, rising stock levels and good harvests in key cultivation regions including in Europa are also continuing to put pressure on sugar prices. An increase in the share of ethanol production to the detriment of sugar production in Brazil and growing consumption in China signal a possible change in this price trend. INTERIM REPORT 6 MONTHS 2017/18

4 4 INTERIM REPORT LETTER FROM THE EXECUTIVE BOARD DR LARS GORISSEN Chief Agricultural Officer HARTWIG FUCHS Chief Executive Officer AXEL AUMÜLLER Chief Operating Officer DR MICHAEL NOTH Chief Financial Officer INTERIM REPORT 6 MONTHS 2017/18

5 5 DEAR SHAREHOLDERS, The time has come. Following the end of the sugar market regime on 1 October this year, the new age of open competition has begun. For us, however, this is little more than a date. Our planning is already based strictly on the market. In Europe as a whole, the volume of sugar produced during this campaign is expected to significantly exceed demand. In some countries, land under cultivation has increased by up to 25 per cent. Much of the resulting surplus volume must now be exported directly to the global market, against a backdrop of less than satisfactory prices at present. In line with our market-based approach, we have already highlighted the risks associated with such an increase in the amount of land under cultivation, and we are only producing as much as our market estimates permit. Nevertheless, the overall weak sugar market will be clearly reflected in our future quarterly results, too. Our financial result for the first six months of the financial year 2017/2018 is good. We increased our revenues by EUR 12.4 million to EUR million and recorded a profit of EUR 87.7 million, compared with EUR 36.8 million in the same period of the previous year. However, for the remaining six months of the current financial year we expect the earnings situation to deteriorate considerably. Sugar prices have fallen sharply as a result of the expected production surpluses in Europe and the very low world market prices being seen at present. The lower prices will have a negative impact on results in the second half of the year. Nevertheless, the very successful first half means that we expect overall earnings in 2017/2018 to be at least at the previous year s level. We have to prepare for a market situation whereby the considerable fall in prices will lead to consolidation within the market. We will benefit from this development, as we have a solid financial base, well-equipped plants and strong partners in beet cultivation. Our catchment areas have some of the strongest yields in Europe. We firmly believe that there will be an upward trend again following this low price phase. After some of our competitors have left the market and a shortage of volumes has arisen, there will be a new market equilibrium which will sustain our beet growers, our shareholders and us as a company. However, we must be clear about one thing here: Europe is a saturated market. Growth is occurring in Africa and Asia, where the demand for sugar is rising as a result of population growth and increasing prosperity. This means that Nordzucker must not just rely on consolidation but also enter into and develop global markets whether through partnerships, acquisitions or exports. This is the key to success in the long term. We would like to thank you for your trust and for continuing to support our company even when times are challenging. Yours sincerely, The Executive Board Hartwig Fuchs Axel Aumüller Dr. Lars Gorissen Dr. Michael Noth INTERIM REPORT 6 MONTHS 2017/18

6 6 INTERIM REPORT SITES IN EUROPE EARNINGS AND FINANCIAL POSITION AND NET ASSETS SITES IN EUROPE GROUP HEADQUARTERS D 1 Braunschweig REGIONAL ADMINISTRATION DK 2 Copenhagen SUGAR PLANTS AND REFINERIES D 3 Clauen 4 Nordstemmen 5 Uelzen 6 Klein Wanzleben 7 Schladen DK 8 Nakskov 9 Nykøbing S 10 Arlöv 11 Örtofta FIN 12 Porkkala 13 Säkylä LT 14 Kèdainiai PL 15 Chełmża 16 Opalenica SK 17 Trenč ianska Teplá 28 LIQUID SUGAR PLANTS OTHER SITES SALES SITES D 4 Nordstemmen 18 Groß Munzel S 10 Arlöv FIN 12 Porkkala SUGAR PLANTS NON-CONSOLIDATED MINORITY HOLDINGS DK 2 NP Sweet. Copenhagen D 6 Bioethanol. Kl, Wanzleben B 21 Brussels office EE 22 Tallinn LV 23 Riga LT 24 Vilnius NO 25 Oslo IS 26 Reykjavík IE 27 Dublin GR 28 Athens CZ 19 Dobrovice 20 Ceské Meziříčí INTERIM REPORT 6 MONTHS 2017/18

7 7 EARNINGS AND FINANCIAL POSITION AND NET ASSETS GENERAL REMARKS The interim financial reports as of 31 August 2017 for (Küchenstrasse 9, 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 and its consolidated subsidiaries, joint ventures and associated companies (hereinafter known as Nordzucker Group or Group ). No changes have been made to the accounting policies used for the preparation of the annual IFRS consolidated financial statements as of 28 February These can be found in the Annual Report 2016/2017 (w w w.n o r d zu cker.d e/en). the financial year 2017/2018. Revenues from bioethanol decreased substantially compared with the previous period, due in particular to the fact that no bioethanol was produced from the start of May until the end of July Revenues from by-products were marginally higher than in the comparative period, primarily as a result of sustainable prices for animal feed pellets. Production costs came to EUR million, well below the figure of EUR million in the same period of the previous year. The decrease was due to lower sales volumes in sugar, a year-on-year decline in the use of purchased sugar, and lower sales volumes in bioethanol. CONSOLIDATED REVENUES in EUR m 1, SEASONAL SUGAR PRODUCTION months 2016/17 6 months 2017/18 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 second quarter earnings. REVENUES AND EARNINGS In the first six months of the financial year 2017/2018, the Nordzucker Group generated revenues of EUR million, approximately 1.5 per cent more than in the previous year. Revenue growth was mainly due to higher prices for quota sugar and non-quota sugar, despite lower sales volumes for quota sugar and much lower sales volumes for non-quota sugar, particularly with regard to exports. Sales volumes for quota sugar in the first six months of the financial year 2017/2018 were down slightly on the same period of the pre vious year, when market prices had recorded an increase. Prices for quota sugar also fell significantly on the spot markets in the course of the first six months of Sales costs decreased to EUR 71.8 million, mainly due to lower freight costs alongside lower sales volumes and to lower expenses for external storage (prior-year period: EUR 75.9 million). Administrative expenses came to EUR 39.2 million, higher than the figure of EUR 38.1 million in the same period of the previous year. Other income increased slightly to EUR 8.5 million (prior-year period: EUR 8.0 million), with other expenses up significantly to EUR 9.5 million (prior-year period: EUR 6.6 million). At EUR 89.3 million, personnel expenses were roughly the same as last year (EUR 88.8 million). Depreciation, amortization and impairment was down from the same period of the previous year at EUR 34.6 million (prioryear period: EUR 37.1 million). The operating result (EBIT) of the Nordzucker Group totalled EUR million in the first six months of the 2017/2018 financial year, compared with EUR 53.4 million in the same period of the previous year. INTERIM REPORT 6 MONTHS 2017/18

8 8 INTERIM REPORT EARNINGS AND FINANCIAL POSITION AND NET ASSETS EVENTS AFTER THE BALANCE SHEET DATE OUTLOOK CONSOLIDATED EBIT in EUR m months 2016/17 6 months 2017/18 Financial income of EUR 0.1 million was slightly below the previous year s figure of EUR 0.4 million. Financial expenses of EUR 4.6 million were a little higher than the previous year s figure of EUR 4.1 million. In the first six months of the 2017/2018 financial year, the Nordzucker Group reported net income before minority interests of EUR 87.7 million, well above the net income of EUR 36.8 million in the same period of the previous year. The positive earnings were caused in particular by the significant price increase for quota sugar as well as for non-quota sugar. All of the statements made in this section refer to the first six months of the financial year; the market situation will change significantly when the current sugar market regime ends. CONSOLIDATED NET INCOME FOR THE PERIOD in EUR m months 2016/17 6 months 2017/18 NET DEBT ( )/ INVESTMENT (+) in EUR m CASH FLOW AND BALANCE SHEET Cash flow from operating activities of EUR million in the first six months of the financial year 2017/2018 was slightly higher than the previous year s figure (EUR million). This is because Nordzucker s earnings before taxes were EUR 66.9 million higher than in the same period a year ago. By contrast, in the second quarter of the financial year 2017/2018, significantly more trade payables were paid, particularly for beet. Net cash flow from investing activities came to EUR 89.8 million, much higher than the EUR 39.1 million of the same period last year. In the reporting period, Nordzucker invested cash and cash equivalents with a net amount of EUR 45.0 million in current securities. Cash flow from financing activities came to EUR 61.8 million (prior-year period: EUR 0.6 million); the cash outflow resulted primarily from dividend payments to the shareholders of. Total consolidated assets came to EUR 1,987.9 million as of the end of the reporting period on 31 August 2017 (31 August 2016: EUR 1,901.1 million). Current financial assets went up significantly by EUR 81.6 million to EUR 89.9 million due to cash being invested in current securities. Cash and cash equivalents also rose by EUR 47.0 million. By contrast, inventories declined considerably by EUR 43.3 million to EUR million. Non-current provisions for pensions and similar obligations decreased by EUR 29.9 million to EUR million. This was due to a substantial rise in the discount BREAKDOWN OF THE ASSETS AND LIABILITIES MAKING UP THE 31/8/2017 BALANCE SHEET TOTAL in EUR m ,200 1,988 1, months 2016/17 6 months 2017/18 1,800 1,400 45% 71% 1,000 17% % Assets 18% 11% Equity & liabilities Non-current assets Equity Inventories Non-current liabilities Other current assets Current liabilities INTERIM REPORT 6 MONTHS 2017/18

9 9 rate (31 August 2017: 2.0 per cent; 31 August 2016: 1.3 per cent), which is calculated from current market interest rates. By contrast, consolidated equity increased by EUR million to EUR 1,413.1 million. Cash and cash equivalents exceeded financial liabilities by EUR million at the end of the reporting period as of 31 August At the end of the same period in the previous year (31 August 2016), the excess amount was EUR million. In the reporting period, a net amount of EUR 45.0 million was invested in liquid current securities, which are presented as current financial assets. As a result, liquidity has improved significantly. EVENTS AFTER THE BALANCE SHEET DATE On 27 September 2017, Nordzucker announced that Hartwig Fuchs, CEO of since February 2010, would be stepping down from his post for personal reasons with effect from 28 February The Supervisory Board has reviewed all options for the future composition of the Executive Board, and will soon be putting its decision into action. OUTLOOK The key figures for the Nordzucker Group for the first six months of the financial year 2017/2018 confirm the positive outlook for the full year 2017/2018 given at the end of the last financial year and at the end of the first three months of the current financial year 2017/2018. Nonetheless, the financial year 2017/2018 is a transitional period due to the current sugar market regime expiring in October This will mean that there is much more competition in Europe and world market prices will have an even greater influence on sugar prices in the EU. It is therefore very difficult to forecast the earnings for the full financial year 2017/2018 and beyond. World market prices for sugar fell sharply from EUR 513 per tonne of sugar in February 2017 to EUR 321 per tonne of sugar in August 2017, based on London No. 5. Despite this trend, Nordzucker continues to believe that the financial year 2017/2018 will be positive due to the good results (EBIT and net income) in the first six months. Although a significant deterioration is expected in the second half of the financial year 2017/2018, we anticipate that results will be at least the same as in the financial year 2016/2017. Accordingly, the Executive Board expects that RoCE will at least cover the cost of capital for the financial year 2017/2018. RoCE is also expected to improve compared with the previous year, as are the other key financial indicators. In the financial year 2018/2019, the effects of the price pressure in Europe will be felt in full, which will lead to a significant reduction in earnings based on current expectations. In the medium term, the European sugar market should show positive development. The high economic potential of sugar beet enables European sugar producers to supply their customers on competitive terms and, after a transitional period, the market will consolidate further, driven by the competitive pressure. The influence of the global market is expected to increase further. The rising demand for sugar, especially in Asia and Africa, is likely to provide a boost to prices on the global market. As sugar is highly volatile, however, there will be years with fairly high prices as well as years with fairly low prices. Nordzucker is a strong provider in Europe that will make use of the opportunities on the markets and that is preparing intensively to do so. The company is well set up to play an active role in the market consolidation and to further expand its position in Europe. Its capital structure is so solid that the company can also strengthen its core business further by means of investments. Growth opportunities outside of Europe can also be considered. Nordzucker has successfully dealt with all of the changes in Europe to date and has emerged from them even stronger. Even in a world without sugar quotas, the company will continue on this successful path. INTERIM REPORT 6 MONTHS 2017/18

10 10 INTERIM REPORT CONSOLIDATED FINANCIAL STATEMENTS NORDZUCKER AG CONSOLIDATED FINANCIAL STATEMENTS NORDZUCKER AG CONSOLIDATED INCOME STATEMENT, Braunschweig, Germany, for the period from 1 March 2017 to 31 August 2017 in EUR thousands 1/3/ /8/2017 1/3/ /8/2016 Change Revenues 845, ,103 12,406 Production costs 612, ,967 54,447 Gross profit 232, ,136 66,853 Sales costs 71,811 75,947 4,136 Administrative expenses 39,234 38,132 1,102 Other income 8,507 7, Other expenses 9,527 6,635 2,892 Operating result (EBIT) 120,924 53,386 67,538 Financial income Financial expenses 4,626 4, Result from companies accounted for using the equity method Earnings before taxes 116,269 49,350 66,919 Income taxes 28,604 12,581 16,023 Consolidated net income 87,665 36,769 50,896 of which attributable to non-controlling interests 2, ,406 of which attributable to shareholders of the parent company 85,380 35,890 49,490 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME in EUR thousands 1/3/ /8/2017 1/3/ /8/2016 Change Consolidated net income 87,665 36,769 50,896 Remeasurement of defined benefit plans 7,102 19,813 26,915 Deferred taxes on items of other comprehensive income not reclassified to the income statement 2,131 5,879 8,010 Other comprehensive income from items not reclassified to the income statement 4,971 13,934 18,905 Exchange differences on translating foreign operations 2,596 3,226 5,822 Net result of cash flow hedges 1,071 1,941 3,012 Deferred taxes on items of other comprehensive income reclassified to the income statement Other comprehensive income from items reclassified to the income statement 1,732 1,887 3,619 Consolidated comprehensive income after taxes 94,368 20,948 73,420 of which attributable to non-controlling interests 2, ,408 of which attributable to shareholders of the parent company 92,082 20,070 72,012 INTERIM REPORT 6 MONTHS 2017/18

11 11 CONSOLIDATED CASH FLOW STATEMENT, Braunschweig, Germany, for the period from 1 March 2017 to 31 August 2017 in EUR thousands 1/3/ /8/2017 1/3/ /8/2016 Change Earnings before taxes 116,269 49,350 66,919 Interest and similar income/expenses 2,927 2, Depreciation, amortization and impairment/reversals of impairment of non-current assets 34,534 36,991 2,457 Change in provisions 20,469 7,764 12,705 Change in inventories 355, ,145 19,945 Change in trade receivables 55,170 64,837 9,667 Change in trade payables 156, ,915 38,848 Change in other operating assets/liabilities 10,688 11,298 21,986 Gains/losses on disposal of non-current assets 193 1,258 1,065 Other non-cash expenses/income Interest received in the financial year 105 6,828 6,723 Interest paid in the financial year Result of companies accounted for using the equity method Taxes paid in the financial year 19,210 11,125 8,085 Cash flow from operating activities 267, ,786 9,924 Proceeds on disposal of property, plant and equipment Payments for investments in property, plant and equipment 44,877 38,996 5,881 Proceeds on disposal of intangible assets Payments for investments in intangible assets 1, Proceeds on disposal of financial assets 1, ,056 Proceeds from disinvestments in current securities 4, ,996 Payments for investments in current securities 49, ,998 Cash flow for/from investing activities 89,795 39,051 50,744 Payments to shareholders (dividend) 55,763 4,963 50,800 Proceeds from borrowing 14 5,592 5,578 Loan repayments 6, ,010 Cash flow from financing activities 61, ,388 Changes in cash and cash equivalents 116, , ,208 Cash and cash equivalents at the beginning of the period 321, , ,033 Effect of foreign exchange rate changes Cash and cash equivalents at the end of the period 438, ,120 47,054 INTERIM REPORT 6 MONTHS 2017/18

12 12 INTERIM REPORT CONSOLIDATED FINANCIAL STATEMENTS NORDZUCKER AG CONSOLIDATED BALANCE SHEET as of 31 August 2017,, Braunschweig, Germany ASSETS in EUR thousands 31/8/ /8/2016 NON-CURRENT ASSETS Fixed assets Intangible assets 19,296 19,937 Property, plant and equipment 834, ,271 Investment property 4,421 4,471 Financial investments Shares in companies accounted for using the equity method 6,343 7,053 Other financial investments 23,033 23,897 29,376 30, , ,629 Receivables and other assets Financial assets Other assets 802 2,383 1,581 2,383 Deferred taxes 2,768 5, , ,034 CURRENT ASSETS Inventories Raw materials, consumables and supplies 60,909 57,102 Work in progress 113, ,852 Finished goods and merchandise 160, , , ,692 Receivables and other assets Trade receivables 204, ,316 Receivables from related parties 1,191 2,626 Current income tax receivables Financial assets 89,852 8,295 Other assets 27,328 32, , ,295 Cash and cash equivalents 438, ,120 Current assets 1,096,074 1,004,107 Assets held for sale ,096,170 1,004,107 1,987,916 1,901,141 INTERIM REPORT 6 MONTHS 2017/18

13 13 EQUITY AND LIABILITIES in EUR thousands 31/8/ /8/2016 Shareholders equity Subscribed capital 123, ,651 Capital reserves 127, ,035 Retained earnings 1,167,736 1,077,397 Other comprehensive income 46,689 73,664 Equity attributable to shareholders of the parent company 1,371,733 1,254,419 Non-controlling interests 41,386 39,929 1,413,119 1,294,348 Non-current provisions and liabilities Provisions for pensions and similar obligations 212, ,415 Other provisions 49,439 47,529 Financial liabilities 1,410 7,090 Liabilities towards related parties 5,500 5,500 Other financial liabilities Other liabilities 5,253 8,812 Deferred taxes 75,947 77, , ,409 Current provisions and liabilities Provisions for pensions and similar obligations 10,470 10,498 Other provisions 40,607 42,073 Financial liabilities 6,077 5,857 Current income tax liabilities 26,151 18,963 Trade payables 66,014 65,189 Liabilities towards related parties 33,768 27,415 Other financial liabilities 5,617 6,987 Other liabilities 35,365 40, , ,384 1,987,916 1,901,141 INTERIM REPORT 6 MONTHS 2017/18

14 14 INTERIM REPORT CONSOLIDATED FINANCIAL STATEMENTS NORDZUCKER AG FINANCIAL CALENDAR ONLINE PUBLICATIONS CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY, Braunschweig, Germany in EUR thousands Subscribed capital Capital reserves Retained earnings Other comprehensive income Equity attributable to shareholders of the parent company Noncontrolling interests Total equity As of 1/3/ , ,035 1,046,339 57,844 1,239,181 39,186 1,278,367 Net income 35,890 35, ,769 Other comprehensive income 15,820 15, ,821 Consolidated comprehensive income 35,890 15,820 20, ,948 Dividend payment 4,830 4, ,963 Other As of 31/8/ , ,035 1,077,397 73,664 1,254,419 39,929 1,294,348 As of 1/3/ , ,035 1,135,496 53,392 1,332,790 41,731 1,374,521 Net income 85,380 85,380 2,285 87,665 Other comprehensive income 6,702 6, ,703 Consolidated comprehensive income 85,380 6,702 92,082 2,286 94,368 Dividend payment 53,131 53,131 2,631 55,762 Other As of 31/8/ , ,035 1,167,736 46,689 1,371,733 41,386 1,413,119 INTERIM REPORT 6 MONTHS 2017/18

15 15 FINANCIAL CALENDAR 15 January May June July July 2018 Puclication of the quarterly report 9 months 2017/18 Publication of the annual report 2017/2018 Shareholders meeting Union-Zucker Südhannover GmbH Annual General Meeting Nordzucker Holding AG Annual General Meeting ONLINE PUBLICATIONS The following publications can be downloaded from Annual Reports and Interim Reports Declaration of compliance Letter to shareholders Subscribe to the Interim Reports at INTERIM REPORT 6 MONTHS 2017/18

16 IMPRINT Küchenstrasse Braunschweig Germany Telephone: +49 (0) Fax: +49 (0) info@nordzucker.de Communications & Public Affairs Christian Kionka Telephone: +49 (0) pr@nordzucker.de Investor Relations Bianca Deppe-Leickel Telephone: +49 (0) ir@nordzucker.de Share register Nicole Riedel-Elias Telephone: +49 (0) aktien@nordzucker.de Printed copies of this Interim Report for the Nordzucker Group are also available in German. Alternatively, the report is available online in German or English and can be downloaded as a PDF at from the Download Centre.