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Group Management Report 2016 | 2017

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Group Management Report 2016 | 2017 42 DETAILED INDEX GROUP MANAGEMENT REPORT 2016 | 2017 44 NORDZUCKER AT A GLANCE 47 MACROECONOMIC SITUATION 48 THE SUGAR MARKET 52 MARKET FOR ANIMAL FEED AND MOLASSES 53 MARKET FOR BIOETHANOL 54 MARKET FOR SWEETENERS 55 BEET CULTIVATION AND SUGAR PRODUCTION 57 EARNINGS AND FINANCIAL POSITION AND NET ASSETS 63 CAPITAL EXPENDITURE 64 FINANCING 65 DIVIDEND 66 EMPLOYEES 70 OPPORTUNITIES AND RISKS 80 FORECAST Nordzucker AG ANNUAL REPORT 2016 | 2017 43 ANNUAL REPORT 2016 | 2017 Nordzucker AG 44 GROUP MANAGEMENT REPORT NORDZUCKER AT A GLANCE CONSOLIDATED FINANCIAL STATEMENTS GROUP MANAGEMENT REPORT OF NORDZUCKER AG NORDZUCKER ice cream and drinks. To a lesser extent, Nordzucker’s AT A GLANCE products are also used for purposes other than human consumption, such as in the chemical industry, for example. The company sells some 80 per cent of its BUSINESS ACTIVITIES sugar to customers in the food industry. The remain- ing 20 per cent is supplied to consumers via the retail Nordzucker is the second largest sugar producer in industry. Nordzucker sells these retail sugar products 15% the European Union, with a market share of more than to consumers in many different product categories market share 15 per cent, as measured by the EU sugar quota. In and packaging sizes, primarily under the brand names the 2016/2017 financial year, the company produced SweetFamily in Germany, Poland and Slovakia and Dan- 2.5 million tonnes of sugar from sugar beet in 13 sugar sukker in Northern Europe. Standard products are also plants in seven European countries. On average over sold to consumers under white-label brands. The port- the year, the Group had 3,236 employees. folio includes other products of the sugar-making pro- cess, especially dried pulp pellets, pressed pulp and Our customers include the confectionery industry as molasses as animal feed – the latter also for the yeast well as producers of dairy and bakery products, jams, and alcohol industries. 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/Schweden 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 KEDAINIAI, Kedainiai/Lithuania 70.60 % Nordzucker AG ANNUAL REPORT 2016 | 2017 45 STRATEGY As the Sugar market regime expires in 2017 and the limit on export volumes is lifted, the sugar trade will Since the company was founded in 1997, Nordzucker become more important in future. This means that it has systematically driven growth in its core sugar mar- will be important for the company to build up addition- More about the new ket. Consolidation of the North German sugar indus- al expertise in European sugar exports and to establish sugar market regime on page 48 et seq. try was followed by several acquisitions in Eastern the logistics required for this in order to ensure its fur- Europe. Nordzucker pursued its growth strategy with ther development. In light of this, Nordzucker acquired the purchase of the Nordic Sugar Group in 2009 and a stake of 25 per cent in August Töpfer Zucker- is now the second largest sugar producer in Europe. handelsgesellschaft mbH & Co. KG, Hamburg, in the After restructuring its investment portfolio in 2010 and 2015/2016 financial year. This move to strengthen the 2011, the Nordzucker Group now concentrates on the company does not, however, mean compromising production and distribution of sugar. It benefits from existing relationships with international partners. a strong market position in the EU and a solid financial structure. In addition, Nordzucker reviews growth opportuni- ties outside Europe. The focus is on attractive growth Nordzucker’s aim is to offer high-quality products and regions where demand and/or production is likely to first-class service at a reasonable price. Nordzucker grow significantly – in contrast to the EU. The company therefore sets great store by customer orientation, aims to produce and market sugar outside of Europe individual solutions, great flexibility and dependabili- within the framework of cooperation initiatives with ty of supplies. Its broad product range, which includes local, national or international partners. Adjacent agri- a wide assortment of speciality products, adds value cultural markets in which Nordzucker can apply its out- for customers. standing expertise in the processing of, logistics for and distribution of agricultural products offer a further SuStainable buSiness determines all of the workflows potential growth area. throughout the company and includes the entire val- sustainability. ue chain, from the beet to the customer. Environmen- To prepare for the challenges it will face after the sys- nordzucker.com/en tal protection, energy efficiency and social aspects are tem of EU quotas expires in 2017, Nordzucker embarked taken into account in all business decisions. Product on a wide-ranging programme of change that involved safety and occupational health and safety have top staff at all levels of the company. It aimed, in particular, priority. Nordzucker sets itself ambitious targets in to raise further awareness among all employees of the all areas of sustainability, which result in continuous changes in the market. Thanks to this project – entitled improvements. CHANGE – and to many other initiatives implemented in recent years, Nordzucker is more market- and cus- With the end of the quota system in 2017, competition tomer-oriented, efficient and effective today than ever will intensify further. The EU sugar market is therefore before. The transformation process is based on the four expected to undergo a renewed process of consolida- Nordzucker values, which have guided the company tion, in which Nordzucker aims to play an active role. for many years: dedication, responsibility, courage and Overall, Nordzucker has the best chances of being able appreciation. These valueS unite our employees in a More about the to exploit the resulting market opportunities. The com- manner that transcends national borders and they ena- company values on page 25 et seq. pany works continuously to achieve further efficiency ble them to perform to the very best of their ability. gains and makes targeted investments in its plants, in order to maintain their high level of productivity. ANNUAL REPORT 2016 | 2017 Nordzucker AG 46 GROUP MANAGEMENT REPORT NORDZUCKER AT A GLANCE CONSOLIDATED FINANCIAL STATEMENTS MACROECONOMIC SITUATION By 2020 Nordzucker works continuously to improve efficiency Since late 2014, Nordzucker has been managed and along the entire value chain. Efforts are particularly controlled purely in terms of functions. Within the focused on steps to achieve lasting increases in the Executive Board, the respective functions are the yields from beet farming. The aim of the 20·20·20 Chairman (responsible for HR, Legal, Business Devel- project is for the top 20 per cent of beet growers to opment, Internal Audit and Communications), Beet achieve a yield of 20 tonnes of sugar per hectare by Procurement, Production and Purchasing, Marketing 2020. This project aims to make sugar beet even more and Sales, and Finance. A business team, which con- competitive in comparison with other crops, thereby sists of five managers, is responsible for the operation- safeguarding beet cultivation in the catchment areas al management of the company at the level directly the top 20 per of the plants for the long term. Alongside elements of below the Executive Board and prepares decisions for cent of beet research work and cultivation techniques, the 20·20·20 the Board. Management is strictly by function, mean- growers project also includes communication of the findings, ing that each area of functional responsibility covers especially by means of cultivation-related advisory all the subsidiaries and plants and all the countries work. in which Nordzucker operates. The functional struc- ture pools professional expertise across the company Another efficiency programme called FORCE was and uses the existing knowledge to the benefit of the launched at the beginning of 2015. This programme company at all of its sites. Standardizing and harmoniz- achieve a yield of aims for substantial cost savings in all areas of the com- ing all processes facilitates international cooperation 20 tonnes of sugar pany. Various sub-projects are intended to deliver within the Nordzucker Group. As “One Company” per hectare. annual savings across the Nordzucker Group of at least (“One Nordzucker”), the business is much more pow- EUR 50 million. The focus is on purchasing, production erful; efficiency is thereby increased, process quality and all administrative areas. Furthermore, a team has improved, the transfer of knowledge enabled and cost been set up to establish lean management methods savings achieved thanks to clear responsibilities with- More information on at Nordzucker. The entire management at Nordzucker out overlaps. project 20·20·20 at as well as a large part of the workforce have since sustainability. nordzucker.com/en/ undergone training in these methods. Lean manage- The internal management of the Nordzucker Group is ment aims to simplify processes, prevent waste and cut carried out by means of financial and non-financial indi- costs in the long term. The approach is based on a con- cators. A new system of financial indicators was intro- sistent customer focus and on the systematic analysis duced in the reporting period, consisting of RoCE, EBIT of workflows. Various projects have already achieved margin, net income for the period, equity ratio, net substantial performance gains. debt and free cash flow. The key indicators used to Target: at least date (EBITDA margin, return on sales, return on equity 50 million Euro COMPANY MANAGEMENT and the equity ratio that is already used) will continue savings per year AND ORGANIZATION to be reported in parallel for the time being.
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