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Group Management Report 2017 | 2018

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Group Management Report 2017 | 2018 30 DETAILED INDEX GROUP MANAGEMENT REPORT 2017 | 2018 32 NORDZUCKER AT A GLANCE 35 MACROECONOMIC SITUATION 36 THE SUGAR MARKET 40 MARKET FOR ANIMAL FEED AND MOLASSES 41 MARKET FOR BIOETHANOL 42 MARKET FOR SWEETENERS 43 BEET CULTIVATION AND SUGAR PRODUCTION 45 EARNINGS AND FINANCIAL POSITION AND NET ASSETS 50 CAPITAL EXPENDITURE 51 FINANCING 52 DIVIDEND 52 EMPLOYEES 57 OPPORTUNITIES AND RISKS 68 FORECAST Nordzucker AG ANNUAL REPORT 2017 | 2018 31 ANNUAL REPORT 2017 | 2018 Nordzucker AG 32 GROUP MANAGEMENT REPORT NORDZUCKER AT A GLANCE CONSOLIDATED FINANCIAL STATEMENTS GROUP MANAGEMENT REPORT OF NORDZUCKER AG NORDZUCKER products are also used for purposes other than human AT A GLANCE consumption, such as in the chemical industry, for example. The company sells some 80 per cent of its sugar to customers in the food industry. The remain- BUSINESS ACTIVITIES ing 20 per cent is supplied to consumers via the retail industry. Nordzucker sells these retail sugar products NordzucKer is one of the largest sugar producers in the to consumers in many diferent product categories 12% European Union (EU). In the 2017/2018 fnancial year, and packaging sizes, primarily under the brand name market share Europe the company produced 2.7 million tonnes of sugar SweetFamily and, in the Nordic countries, under the from sugar beet in 13 sugar plants in seven European brand name DansuKKer. Standard products are also countries. On average over the year, the Group had sold to consumers under white-label brands. The 3,234 employees. portfolio includes other products of the sugar-maKing process, especially dried pulp pellets, pressed pulp Our customers include the confectionery industry as and molasses as animal feed – the latter also for the well as producers of dairy and bakery products, jams, yeast and alcohol industries. ice cream and drinks. To a lesser extent, Nordzucker’s Nordzucker AG NORDZUCKER GmbH & Co. KG, NORDIC SUGAR A/S, NORDZUCKER POLSKA S.A., Braunschweig/Germany 100% Copenhagen/Denmark 100% Opalenica/Poland 99.87% For the sites see NORDDEUTSCHE FLÜSSIGZUCKER NORDIC SUGAR AB, POVAŽSKÝ CUKOR A.S., also front cover page GMBH & CO. KG, Malmö/Sweden 100% Trencianska Tepla/Slovakia 96.80% Braunschweig/Germany 70% NORDZUCKER IRELAND LIMITED, NORDZUCKER SERVICES Dublin/Ireland 100% GMBH & CO. KG, Braunschweig/Germany 100% SUCROS OY, Säkvlä/Finland 80% SUOMEN SOKERI OY, Kantvik/Finland 80% AB NORDIC SUGAR KĖDAINIAI, Kėdainiai/Lithuania 70.60% Nordzucker AG ANNUAL REPORT 2017 | 2018 33 STRATEGY responsibility, courage and appreciation. These values unite our employees in a manner that transcends Since the company was founded in 1997, Nordzucker national borders and they enable them to perform to has driven growth in its core sugar marKet. Consoli- the very best of their ability. dation of the North German sugar industry was followed by several acquisitions in Eastern Europe. Nordzucker works continuously to improve efciency Nordzucker pursued its growth strategy with the pur- along the entire value chain. Eforts are particularly chase of the Nordic Sugar Group in 2009 and is now focused on steps to achieve lasting increases in the the second largest sugar producer in Europe. After yields from beet farming. The vision behind the restructuring its investment portfolio in 2010 and 2011, 202020 project is for the top 20 per cent of beet the Nordzucker Group now mainly concentrates on the growers to achieve a yield of 20 tonnes of sugar per production and distribution of sugar. It benefts from hectare by 2020. This project aims to make sugar More about the project 20·20·20 at a strong market position in the EU and a solid fnancial beet even more competitive in comparison with sustainability. structure. With the end of the sugar marKet regime in other crops, thereby safeguarding beet cultivation in nordzucker.com its existing form as of 30 September 2017, competition the catchment areas of the plants for the long term. in the EU has intensifed further Nordzucker adjusted Alongside elements of research worK and cultivation to this development early on and is continuing to techniques, the 202020 project also includes com- systematically work on boosting its productivity. munication of the fndings, especially by means of cultivation-related advisory work. Nordzucker ofers high-quality products and frst-class service at a reasonable price. NordzucKer therefore sets Another efciency programme called FORCE was great store by customer orientation, individual solu- launched at the beginning of 2015. This programme tions, great fexibility and dependability of supplies. aimed for substantial cost savings in all areas of the Its broad product range, which includes a wide assort- company. Through various sub-projects, annual ment of speciality products, adds value for customers. savings of roughly EUR 47 million were thus achieved in the NordzucKer Group up to the end of the 2017/2018 Sustainable business determines all of the workfows fnancial year. The focus was on purchasing, pro- throughout the company and includes the entire value duction and all administrative areas. Furthermore, a chain, from the beet to the customer. Environ mental team has been set up to establish LEAN management protection, energy efciency and social aspects are methods at NordzucKer. The entire management at taKen into account in all business decisions. Product NordzucKer as well as a large part of the worKforce safety and occupational health and safety have top have since undergone training in these methods. LEAN priority. Nordzucker sets itself ambitious targets in management aims to simplify processes, prevent waste all areas of sustainability, which result in continuous and cut costs in the long term. The approach is based 2017/2018: improvements. on a consistent customer focus and on the systematic savings of roughly 47 million Euro analysis of workfows. Various projects have already To prepare for the challenges it will face after the achieved substantial performance gains. In addition, system of EU quotas expires in 2017, Nordzucker the company is continuing to make targeted invest- embarKed on a wide-ranging programme of change ments in its plants in order to maintain their high level that involved staf at all levels of the company. It of productivity and to prepare them to fulfl future aimed, in particular, to raise further awareness requirements. among all employees of the changes in the mar- ket. Thanks to this project and many other initiatives These measures will enable NordzucKer to utilize implemented in recent years, Nordzucker is more strategic opportunities following the end of the sugar market- and customer-oriented, efcient and efective marKet regime (in its existing form). The EU sugar today than ever before. The transformation process marKet is expected to undergo a renewed process is based on the four Nordzucker values: dedication, of consolidation, in which Nordzucker aims to play ANNUAL REPORT 2017 | 2018 Nordzucker AG 34 GROUP MANAGEMENT REPORT NORDZUCKER AT A GLANCE CONSOLIDATED FINANCIAL STATEMENTS MACROECONOMIC SITUATION an active role. The expiry of the sugar market regime company at the level directly below the Executive in 2017 means that the maximum limits for export Board and prepares decisions for the Board. Standardiz- volumes now no longer apply. Accordingly, sugar ing and harmonizing all processes facilitates internation- exports will gain in signifcance in future. This means al cooperation within the Group. The “One Company” that it will be important for the company to build up (“One Nordzucker”) strategy will signifcantly increase additional expertise in European sugar exports and the level of efciency and efectiveness, improve pro- to establish the logistics required for this in order cess quality and lay the foundation for the transfer of to ensure its further development. In light of this, knowledge and cost savings. Nordzucker acquired a stake of 25 per cent in August Töpfer Zuckerhandelsgesellschaft mbH & Co. KG, The internal management of the NordzucKer Group is Hamburg, in the 2015/2016 fnancial year. carried out by means of fnancial and non-fnancial indi- cators. The fnancial indicators system comprises the In addition, Nordzucker reviews growth opportuni- following parameters: RoCE, EBIT margin, net income ties outside Europe. The focus is on attractive growth for the period, equity ratio, net debt and free cash fow. regions where demand and/or production is likely to The key indicators previously used (EBITDA margin, continue to grow – in contrast to the EU. The company return on sales, return on equity and the equity ratio aims to produce and marKet sugar outside of Europe that is already used) will continue to be reported in within the frameworK of cooperation initiatives with parallel for the time being. RoCE and the EBIT margin local, national or international partners. Adjacent agri- measure the proftability of the operating business, cultural markets in which Nordzucker can apply its while net income for the period measures proftability strong expertise in the processing of, logistics for and from the perspective of the owners. RoCE is an import- distribution of agricultural products ofer a further ant key indicator: it corresponds to the ratio of EBIT to potential growth area. the average capital employed. By comparing the RoCE actually achieved with the expectations of our share- COMPANY MANAGEMENT holders and lenders (known as the “cost of capital”), AND ORGANIZATION we can measure whether our lenders have generated a return on their capital employed that is in line with The Nordzucker Group is managed by an Executive market conditions. The other key fnancial indicators, Board made up of several members. The Executive equity ratio, net debt and free cash fow, measure the Board reports to the Supervisory Board, which has company’s fnancial stability, fnancing leeway and the 15 members, of which ten represent the shareholders generation of cash fow within the business. and fve the employees. At the same time, non-fnancial performance indicators Since late 2014, Nordzucker has been managed and are important for managing all areas of the company.
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