Nordzucker AG Interim Report Financial Year 2013/2014

Nordzucker AG Interim Report Financial Year 2013/2014 Nine months / March 1 November 30, 2013 Hartwig Fuchs, Chief Executive Officer, Nordzucker AG

Group figures and ratios 2 Group figures and key ratios nine months 2013/2014 Operating business 9 M 2013/2014 9 M 2012/2013 Change absolute Revenues EUR m 1,850 1,872-22 Gross profit EUR m 523 635-113 EBITDA EUR m 397 504-107 EBIT EUR m 334 439-105 Net income EUR m 258 316-58 Cash flow from operating activities EUR m 352 351 1 Investments in property, plant and equipment and intangible assets EUR m 62 58 4 Balance sheet as of November 30 30/11/2013 30/11/2012 Change absolute Balance sheet total EUR m 2,467 2,302 165 Equity EUR m 1,458 1,266 192 Equity ratio % 59 55 4 Debt capital EUR m 1,009 1,036-27 Financial liabilities EUR m 4 13-9 Cash and cash equivalents EUR m 142 7 135 Net debt (Financial liabilities less cash and cash equivalents) EUR m -138 6-144 Structure figures 9 M 2013/2014 9 M 2012/2013 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

Highlights 3 Highlights of the first nine months 2013/2014 Contents Living our values. Creating growth. 4 Letter from the Management Board 5 Sites in Europe 6 Management Report 7 Earnings and financial position and net assets 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 Business performance In the first nine months of the 2013/2014 financial year, Nordzucker generated revenues of EUR 1,849.7 million, slightly lower than the figure of EUR 1,871.9 million reported in the same period of the previous year. Although sugar sales were up overall, weaker prices for both quota and non- quota sugar were the main reason behind this fall in revenues. Consolidated net income for the period came to EUR 257.8 million, after EUR 315.5 million in the same period of the previous year. This decrease was primarily due to the reduced sale price and higher cost of sales. Campaign 2013/2014 The growing year was characterised by strong regional variations in weather conditions. By adapting farming practices, however, it was possible to achieve average sugar yields for beet even in regions with comparably poor growing conditions. For example, a relatively cold and damp spring in Germany had a considerable adverse effect on beet vegetation. The beets that were delivered were of a good quality, which, combined with targeted capital expenditure in Nordzucker s facilities, has resulted in a largely trouble-free campaign so far. The last production facilities to complete the campaign are not expected to do so until the fourth calendar week of 2014. However, in spite of this, the campaign will be significantly shorter overall than in the previous year.

The Management Board 4 Living our values. Creating growth. Hartwig Fuchs, Chief Executive Officer Axel Aumüller, Chief Operating Officer Dr Michael Noth, Chief Financial Officer Mats Liljestam, Chief Marketing Officer

Letter from the Management Board 5 Dear Shareholders, The 2013/2014 financial year has so far been a special year and, in particular, an eventful one. We have been looking back at our company s 175-year history while also turning our attention to current and future challenges. Sugar prices on the global market have decreased noticeably in recent months. This had an increasing effect over the course of the financial year. And this trend is set to continue. We have known since 2013 that the quota system will no longer apply after 2017. The next few years will therefore be about adapting to change, until such time as market equilibrium without quotas has been restored. Despite this, we look to the future with confidence as we started preparing for a market without quotas in good time. We concentrated on our core business of sugar and turned ourselves into a strong European sugar company. This involved launching numerous projects to further boost efficiency in production and administration, even if we still want to do more as pertains to costs. We are using our strength and size to position ourselves even better for the years ahead and we have a solid financial basis to overcome more challenging market situations with greater price volatility and tougher competition. Thanks to the dedication of our employees and the confidence shown by you, our investors, we are in a good position today. Between now and 2017, we will face further important decisions and tasks, which we will tackle together with you. Yours sincerely, Nordzucker AG The Executive Board Hartwig Fuchs Axel Aumüller Mats Liljestam Dr Michael Noth

Sites in Europe 6 Locations in Europe 29 Group headquarters D 1 Braunschweig Regional head office DK 2 Nordic Sugar, Copenhagen Northern Europe 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 Kėdainiai PL 15 Chełmża 16 Opalenica SK 17 Trenčianska Teplá D 18 Liquid sugar plant Groß Munzel 19 Liquid sugar plant Nordstemmen Sugar plants non-consolidated minority stake CZ 20 Dobrovice 21 České Meziříčí 31 25 18 4 19 Central Europe 5 30 3 1 2 10 24 23 8 9 7 11 6 22 20 21 16 13 12 28 26 14 27 15 17 Eastern Europe Other locations D 22 fuel 21, bioethanol S 23 Köpingebro (Fibrex) DK 24 NP Sweet, Copenhagen B 25 Office Brussels Sales offices LV 26 Riga LT 27 Vilnius EE 28 Tallinn IS 29 Reykjavik NO 30 Oslo IE 31 Dublin GR 32 Athens 32

Management report 7 Earnings and financial position and net assets Consolidated revenues in EUR m 1,872 1,850 9M 2012/2013 9M 2013/2014 The nine-month financial report of the Nordzucker Group as of 30 November 2013 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 earnings and financial position and net assets of Nordzucker AG and its consolidated subsidiaries as well as its associated companies and joint ventures. In view of the increasing internationalisation of the Nordzucker Group s business and changes to its internal reporting system, the income statement has been prepared using the cost-ofsales method for the first time. Besides these, no other changes have been made to the accounting methods used for the preparation of the consolidated annual financial statements as of 28 February 2013. Consolidated EBIT in EUR m 439 334 For more information please see the Notes section of the 2012/2013 Annual Report. The production of sugar is a seasonal business. The production stage, 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 results of the first nine months. Revenues and earnings In the first nine months of the 2013/2013 financial year, the Nordzucker Group generated revenues of EUR 1,849.7 million; a year-on-year decrease of only EUR 22.2 million. Lost income from non-quota sugar was partly offset by higher revenues from quota sugar. 9M 2012/2013 9M 2013/2014 Sales of quota sugar increased compared to the same period in the previous year, while prices were below the previous year s level. It was not possible to repeat the high sales volumes of non-quota sugar in the previous year. Combined with a significant decrease in prices, this resulted in a corresponding drop in revenues. At the end of the period, the cost of sales amounted to EUR 1,327.0 million (previous year: EUR 1,236.5 million). This rise of EUR 90.5 million was due to the higher sales volumes for quota sugar, on the one hand, and the year-on-year increases in both beet costs and purchasing volumes for sugar, on the other. Cost of sales, distribution costs and administrative expenses include EUR 143.2 million in personnel expenses (previous year: 143.3 million) and EUR 62.8 million in depreciation of property, plant and equipment (previous year: EUR 64.4 million); both items are therefore almost the same as in the previous year.

Management report 8 Consolidated net income in EUR m 316 258 Distribution costs rose by EUR 9.9 million to EUR 124.0 million. This increase was essentially due to higher warehousing and transport costs. Administrative expenses fell by EUR 2.5 million to EUR 65.0 million. The previous year s figure had included higher project costs for IT projects. Other expenses normalised from EUR 31.6 million to EUR 18.1 million. 9M 2012/2013 9M 2013/2014 Consolidated balance sheet structure as of November 30, 2013 in EUR m 2,467 2,467 42% 39% 19% Assets 59% 13% 28% Equity & liabilities The operating result (EBIT) of the Nordzucker Group totalled EUR 334.3 million in the first nine months, compared with EUR 439.2 million in the same period of the previous year. The higher cost of sales and lower prices led to a sharp fall in earnings, which nonetheless remained at a strong level. Financial income includes interest and similar income as well as the earnings contribution from investment companies. This figure was up sharply on the previous year by EUR 8.9 million. The Nordzucker Group received a significantly higher dividend from its Czech investment Tereos TTD a.s. due to the adjustment of its financial year. Financial expenses are largely made up of interest and similar expenses. A further improvement in the financing structure meant that financing costs decreased. Overall, consolidated net income for the period fell year on year by EUR 57.7 million to EUR 257.8 million before minority interests (previous year: EUR 315.5 million). Non-current assets Inventories Other current assets Equity Non-current liabilities Current liabilities Cash flow and balance sheet Cash flow from operating activities of EUR 352.2 million in the first nine months of the financial year was almost the same as in the previous year (previous year: EUR 350.6 million). The decrease of EUR 92.0 million in earnings before taxes and the rise in tax payments (EUR +22.1 million) were offset by a reduction in working capital. Consolidated net debt in EUR m 6 Capital expenditure on property, plant and equipment and intangible assets of EUR 61.8 million was counteracted by proceeds of EUR 3.6 million from the disposal of land and buildings. The resulting cash flow from investing activities came to EUR -58.5 (previous year: EUR -57.0 million.) -138 The cash flow from financing activities was EUR -163.1 million, as against EUR -294.2 million in the previous year. After paying out dividends to shareholders of EUR 96.4 million (previous year: EUR 50.7 million), a net amount of EUR 66.7 million was used to repay current loans. Cash and cash equivalents at the end of the period totalled EUR 142.3 million (previous year: EUR 6.8 million). 30/11/2012 30/11/2013

Management report 9 The Nordzucker Group s consolidated balance sheet total rose by EUR 164.9 million year on year to EUR 2,466.8 million. The main reason for this was a rise in cash and cash equivalents (EUR +135.5 million) and in inventories (EUR +49.9 million), which was partly offset by a reduction in non-current assets (EUR -12.0 million) and in receivables and other assets (EUR -9.7 million). This positive development increased equity from EUR 1,265.8 million at the end of the same period in the previous year to the current figure of EUR 1,458.0 million. Despite the rise in the balance sheet total, the equity ratio therefore went up from 55.0 per cent to 59.1 per cent. Net debt (financial liabilities less cash and cash equivalents) was reduced to zero. Altogether, cash and cash equivalents exceeded financial liabilities by EUR 137.9 million at the end of the period. As of the same period in the previous year, net debt amounted to EUR 6.1 million. Supplementary report WTO Bali Declaration On 7 December 2013 in Bali, 160 member states of the WTO (World Trade Organization) approved a declaration on the areas of trade facilitation, agriculture and development. With regard to the dismantling of export subsidies in particular, there will not be any legally binding ramifications for the European sugar industry. Only a declaration of intent was issued in this area, which covers sugar quotas for Europe. Outlook The previous financial year 2012/2013 was a record year with an exceptional earnings performance. The current financial year 2013/2014 has also developed well in the first nine months, though slightly below the previous year as a result of lower prices and higher cost of sales. Lower prices on the global market and higher stocks in the EU continue to put pressure on prices for quota and non- quota sugar. As many customer supply contracts are renegotiated at the beginning of the new sugar marketing year as well as the new calendar year, it is expected that sugar prices will fall further in the fourth financial quarter. It can therefore be assumed that results will decrease further in the remainder of the financial year, although the earnings position will remain satisfactory overall. The full effect of lower sales prices will only be felt in the next financial year 2014/2015.

Consolidated nine-month financial statements 10 Consolidated nine-month financial statements Consolidated income statement for the period from March 1 to November 30, 2013, Nordzucker AG, Braunschweig 1/3/2013-30/11/2013 1/3/2012-30/11/2012 Change Revenues 1,849,739 1,871,897-22,158 Cost of sales 1,326,970 1,236,531 90,439 Gross profit 522,769 635,366-112,597 Distribution costs 124,047 114,136 9,911 Administrative expenses 64,949 67,414-2,465 Other income 18,666 16,998 1,668 Other expenses 18,091 31,589-13,498 Operating result (EBIT) 334,348 439,225-104,877 Financial income 14,473 5,603 8,870 Financial expenses 8,076 12,667-4,591 Net income/loss from associated companies accounted for under the equity method -264 283-547 Profit before taxes 340,481 432,444-91,963 Income taxes 82,639 116,941-34,302 Consolidated net income 257,842 315,503-57,661 Consolidated net income attributable to minority interests 6,426 7,806-1,380 Consolidated net income attributable to shareholders of the parent company 251,416 307,697-56,281 Statement of comprehensive income Consolidated net income 257,842 315,503-57,661 Currency conversion for foreign operations -13,997 1,930-15,927 Net result of cash flow hedges -4,863 769-5,632 Income taxes 1,699-220 1,919 Other net income/loss after taxes -17,161 2,479-19,640 Total net income/loss after taxes 240,681 317,982-77,301 Consolidated total net income attributable to minority interests 6,402 7,806-1,404 Consolidated total net income attributable to shareholders of the parent company 234,279 310,176-75,897

Consolidated nine-month financial statements 11 Consolidated cash flow statement for the period from March 1 to November 30, 2013, Nordzucker AG, Braunschweig 1/3/2013-30/11/2013 1/3/2012-30/11/2012 Change Profit before taxes 340,481 432,444-91,963 Interest and similar income -732-2,700 1,968 Interest and similar expenses 6,728 12,886-6,158 Net depreciation, amortisation and impairment on non-current assets 62,753 64,446-1,693 Net depreciation on financial assets 4 0 4 Changes in non-current provisions -15,436-1,154-14,282 Other non-cash expenses -16-105 89 Net income/loss from associated companies 264-283 547 Changes in current provisions 379-913 1,292 Proceeds on disposal of non-current assets -1,745 901-2,646 Changes in inventories, trade receivables and other assets not attributable to investing or financing activities 45,995-58,673 104,668 Changes in trade payables and other liabilities not attributable to investing or financing activities 48,285 20,226 28,059 Interest received in the financial year 698 322 376 Interest paid in the financial year -2,962-6,317 3,355 Taxes paid in the financial year -132,534-110,467-22,067 Cash flow from operating activities 352,162 350,613 1,549 Proceeds on disposal of property, plant and equipment 3,557 948 2,609 Payments for investments in property, plant and equipment -60,600-56,314-4,286 Proceeds on disposal of intangible assets 0 10-10 Payments for investments in intangible assets -1,167-1,655 488 Proceeds on disposal of financial assets 2 570-568 Payments for investments in financial assets -266-587 321 Cash flow for investing activities -58,474-57,028-1,446 Payments to shareholders (dividends) -96,373-50,713-45,660 Proceeds from borrowing 110,003 0 110,003 Loan repayments -176,733-243,481 66,748 Cash flow from financing activities -163,103-294,194 131,091 Changes in cash and cash equivalents 130,585-609 131,194 Cash and cash equivalents at the beginning of the period 11,297 7,406 3,891 Currency-related changes in cash and cash equivalents 444-13 457 Cash and cash equivalents at the end of the period 142,326 6,784 135,542

Consolidated nine-month financial statements 12 Consolidated balance sheet as of November 30, 2013, Nordzucker AG, Braunschweig Assets 28/2/2013 30/11/2013 30/11/2012 Non-current assets Fixed assets Intangible assets 165,337 157,155 165,473 Property, plant and equipment 853,050 850,846 859,796 Investment property 5,676 4,945 5,739 Financial investments Shares in associated companies and joint ventures accounted for under the equity method 3,068 2,757 3,928 Other financial investments 23,536 23,824 20,392 26,604 26,581 24,320 1,050,667 1,039,527 1,055,328 Receivables and other assets Other assets 9 9 46 9 9 46 Deferred taxes 7,827 7,646 3,335 1,058,503 1,047,182 1,058,709 Current assets Inventories Raw materials, consumables and supplies 46,885 75,714 55,238 Work in progress 50,491 46,976 24,136 Finished goods and merchandise 930,387 825,846 819,310 1,027,763 948,536 898,684 Receivables and other assets Trade receivables from external companies 212,425 243,909 255,434 Receivables from related parties 4,263 116 4,278 Current income tax receivables 1,470 11,562 7,566 Financial assets 12,597 11,172 8,311 Other current assets 62,376 59,688 60,517 293,131 326,447 336,106 Cash and cash equivalents 11,297 142,326 6,784 1,332,191 1,417,309 1,241,574 Assets held for sale 2,497 2,340 1,686 1,334,688 1,419,649 1,243,260 2,393,191 2,466,831 2,301,969

Consolidated nine-month financial statements 13 Consolidated balance sheet as of November 30, 2013, Nordzucker AG, Braunschweig Shareholders equity and liabilities 28/2/2013 30/11/2013 30/11/2012 Shareholders equity Subscribed capital 123,651 123,651 123,651 Capital reserves 127,035 127,035 127,035 Retained earnings 954,501 1,116,550 912,323 Other comprehensive income 58,901 41,764 54,159 Equity attributable to shareholders of the parent company 1,264,088 1,409,000 1,217,168 Minority interests 51,880 48,989 48,676 1,315,968 1,457,989 1,265,844 Non-current provisions and liabilities Provisions for pensions and similar obligations 151,944 150,841 136,776 Other provisions 32,541 16,094 20,825 Financial liabilities 4,575 4,338 4,462 Liabilities towards related parties 5,500 5,500 5,511 Other financial liabilities 294 2,264 930 Other liabilities 12,555 10,852 14,783 Deferred taxes 136,238 130,578 150,742 343,647 320,467 334,029 Current provisions and liabilities Provisions for pensions and similar obligations 5,283 5,283 5,281 Other provisions 73,683 73,425 67,181 Financial liabilities 66,108 102 8,463 Current income tax liabilities 62,882 22,559 60,387 Trade payables 465,425 478,520 485,655 Liabilities towards related parties 16,245 35,464 12,912 Other financial liabilities 6,383 4,428 5,642 Other liabilities 37,567 68,594 56,575 733,576 688,375 702,096 2,393,191 2,466,831 2,301,969

Consolidated nine-month financial statements 14 Consolidated statement of changes in shareholders equity 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 1/3/2012 123,651 127,035 653,604 51,682 955,972 43,259 999,231 Consolidated net income 0 0 307,697 307,697 7,806 315,503 Other net income/loss 0 0 0 2,479 2,479 0 2,479 Total net income / loss after taxes 0 0 307,697 2,479 310,176 7,806 317,982 Dividend payment 0 0-48,301 0-48,301-2,412-50,713 Others 0 0-677 -2-679 23-656 As of 30/11/2012 123,651 127,035 912,323 54,159 1,217,168 48,676 1,265,844 As of 1/3/2013 123,651 127,035 954,501 58,901 1,264,088 51,880 1,315,968 Consolidated net income 0 0 251,416 0 251,416 6,426 257,842 Other net income/loss 0 0 0-17,137-17,137-24 -17,161 Total net income / loss after taxes 0 0 251,416-17,137 234,279 6,402 240,681 Dividend payment 0 0-86,942 0-86,942-9,431-96,373 Others 0 0-2,425 0-2,425 138-2,287 As of 30/11/2013 123,651 127,035 1,116,550 41,764 1,409,000 48,989 1,457,989 Shareholders structure Nordzucker AG EUR 123.7m share capital Nordzucker Holding Aktiengesellschaft 84.1 %, EUR 104.0 m Union-Zucker Südhannover Gesellschaft mit beschränkter Haftung 10.8 %, EUR 13.4m Direct shareholders 5.1 %, EUR 6.3m

Financial calendar 15 Important dates Financial calendar Publications January 15, 2014 Release 9M Interim Report 2013/2014 June 03, 2014 Publication of the Annual Report 2013/2014 and Annual Results Press Conference Online publications The following publications can be downloaded from www.nordzucker.de Annual Report Interim Reports Declaration of compliance Sustainability report

Nordzucker AG Küchenstrasse 9 38100 Braunschweig Germany Telephone: +49 (0)531 2411 0 Fax: +49 (0)531 2411 100 info@nordzucker.de www.nordzucker.de Corporate Communications Klaus Schumacher Telephone: +49 (0)531 2411 366 pr@nordzucker.de Investor Relations Bianca Deppe-Leickel Telephone: +49 (0)531 2411 335 ir@nordzucker.de Shares register Claus-Friso Gellermann Telephone: +49 (0)531 2411 118 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 www.nordzucker.de from the download center as a PDF.