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Annual Report 2019/20 Südzucker AG Titel En GB19 20.Indd 3 FUTURE THINK WE Annual Report Südzucker AG Südzucker AG Südzucker 2019/20 Südzucker AG Annual Report 2019/20 Annual Report 2019/20 WE THINK FUTURE Südzucker AG Maximilianstraße 10 68165 Mannheim, Germany Phone: + 49 621 421 - 0 Titel_en_GB19_20.indd 1 08.05.20 15:42 Titel_en_GB19_20.indd 3 05.05.20 08:48 Contents 14 TO OUR SHAREHOLDERS 120 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 15 Letter from the executive board 120 Segment report 20 Executive board 125 General explanatory notes 22 Supervisory board 125 ( 01) Principles of preparation of the consolidated 23 Report of the supervisory Board financial statements 28 Südzucker shares and capital market 129 ( 02) Companies included in consolidation 132 (03) Consolidation methods 31 CONSOLIDATED MANAGEMENT REPORT 133 ( 04) Foreign currency translation 32 About the Group 135 (05) Accounting policies 32 Group structure 140 Notes to the statement of comprehensive income 32 Group management 140 (06) Revenues 34 Business model 141 (07) Change in work in progress and finished 34 Group strategy goods inventories and internal costs capitalized 37 Sustainability 141 (08) Other operating income 40 Environment 142 (09) Cost of materials 45 Employees 142 (10) Personnel expenses 49 Society 144 (11) Depreciation 52 Research and development 145 ( 12) Other operating expenses 56 Business report 145 ( 13) Result from companies consolidated at equity 56 Overall summary of business development 146 ( 14) Result from operations 56 Overall economic situation and framework 146 ( 15) Financial income and expense 58 Group consolidated earnings 147 ( 16) Taxes on income 60 Group financial position 149 (17) Research and development costs 61 Group assets 149 ( 18) Earnings per share 63 Value added, capital structure and dividend 149 ( 19) Other comprehensive income 65 Sugar segment 150 Cash flow statement 74 Special products segment 150 ( 20) Notes to the cash flow statement 79 CropEnergies segment 152 Notes to the balance sheet 84 Fruit segment 152 ( 21) Intangible assets 88 Actual and forecast business performance 156 ( 22) Property, plant and equipment (including leasing) 89 Outlook 159 ( 23) Shares in companies consolidated at equity, other investments 92 Risk and opportunity report 160 ( 24) Inventories 92 Risk management 160 ( 25) Trade receivables and other assets 93 Summary of the risk and opportunity situation 162 ( 26) Shareholders’ equity 94 Summary of short-term opportunities and risks 164 ( 27) Provisions for pensions and similar obligations 99 Summary of medium to long-term opportunities and risks 171 ( 28) Other provisions 100 Internal control and risk management system as it applies to 173 (29) Trade payables and other liabilities accounting systems 174 ( 30) Financial liabilities, securities and cash and 102 Corporate governance and responsibility cash equivalents (net financial debt) 102 Supervisory board and executive board 178 Other explanatory notes operating procedures 178 (31) Risk management within Südzucker Group 104 Corporate governance report 186 (32) Additional disclosures on financial instruments 106 Compliance 189 ( 33) Contingent liabilities and other financial commitments 107 Disclosures on takeovers 190 (34) Fees for services by the group’s external auditors 108 Non-financial statement 190 (35) Declarations of compliance per section 161 AktG 111 CONSOLIDATED FINANCIAL STATEMENTS 190 (36) Related parties 112 Statement of comprehensive income 193 (37) Supervisory board and executive board 114 Cash flow statement 196 (38) List of shareholdings in accordance with section 313 (2) HGB 116 Balance sheet 205 ( 39) Proposed appropriation of earnings 118 Statement of changes in shareholders’ equity 205 (40) Events after the balance sheet date 206 RESPONSIBILITY STATEMENT 207 INDEPENDENT AUDITOR’S REPORT 214 ADDITIONAL INFORMATION 215 Global Reporting Initiative 219 Assurance about the non-financial statement 221 Contacts Annual Report 2019/20 1 March 2019 – 29 February 2020 CONTENTS published on 14 May 2020 Südzucker AG Südzucker Annual Report 2019/20 On this report The annual report is also available in German. This translation is provided for convenience only and should not be relied upon exclusively. The German version of the annual report is definitive and takes precedence over this translation. The annual report (in German and English) and the Südzucker AG financial statements can be downloaded as a PDF file from Südzucker‘s web- site at www.suedzucker.de. Südzucker AG‘s fiscal year is not aligned with the calendar year. It covers the period from 1 March to 28/29 February. The numbers in parentheses in the report represent the corresponding prior year’s figures or item. Numbers and percentages stated are subject to differences due to rounding. Financial calendar Q1 – Quarterly statement 1st quarter 2020/21 9 July 2020 Annual general meeting Fiscal 2019/20 16 July 2020 Q2 – Half year financial report 1st half year 2020/21 8 October 2020 Q3 – Quarterly statement 1st to 3rd quarter 2020/21 14 January 2021 Press and analysts’ conference Fiscal 2020/21 20 May 2021 Q1 – Quarterly statement 1st quarter 2021/22 8 July 2021 Annual general meeting Fiscal 2020/21 15 July 2021 Published by: Südzucker AG Südzucker AG Maximilianstraße 10 68165 Mannheim Phone: +49 621 421-0 Maximilianstraße 10 68165 Mannheim, Germany Phone: + 49 621 421 - 0 Titel_en_GB19_20.indd 1 08.05.20 15:42 Südzucker Group Company profile We are a reliable producer and supplier of high-quality food, animal feed and ethanol, which we produce on a large scale from various agricultural raw materials. We focus on our customers’ requirements and supply them with safe and innovative products. Our aim is to grow profitably, meet our ecological and social responsibilities and sustainably boost shareholder value. Südzucker is a multinational corporation whose sugar, special products and fruit segments are key food industry players, while its CropEnergies segment is the leading ethanol producer in Europe. In the traditional sugar business, the group is currently operating 23 sugar factories 1 and two refineries in Europe. The special products segment conducts business in high-growth dynamic markets consisting of the functional food ingredients for food and animal feed (BENEO) division, as well as chilled/frozen products (Freiberger), starch and portion packs (PortionPack Europe) divisions. CropEnergies produces ethanol and animal food from renewable raw materials in Germany, Belgium, France and Great Britain. The group’s fruit segment operates globally, is the world market leader for fruit preparations and is a leading supplier of fruit juice concentrates in Europe. Our core competencies comprise our broad-based expertise in the large-scale conversion of different agricultural raw materials into high-quality products, especially into food for industrial customers and end consumers but also animal feed and other products for the food and non-food industries. Our marketing focuses on business- to-business clients. A strong ownership structure provides a reliable framework for the company’s development. 1 Number of sugar factories 2020/21 campaign. Key Figures Annual Report 2019/20 2018/19 2017/18 2016/17 2015/16 Revenues and earnings Revenues € million 6,671 6,754 6,983 6,476 6,387 Südzucker AG Südzucker 2019/20 EBITDA € million 478 353 758 709 518 EBITDA margin % 7.2 5.2 10.8 10.9 8.1 Operating result € million 116 27 445 426 241 Operating margin % 1.7 0.4 6.4 6.6 3.8 Südzucker AG Net earnings € million – 55 – 805 318 312 181 Cash flow and investments Cash flow € million 372 377 693 634 480 Investments in fixed assets 1 € million 335 379 361 329 371 Annual Report 2019/20 Investments in financial assets / acquisitions € million 13 15 432 164 0 Total investments € million 348 394 793 493 371 Performance Fixed assets 1 € million 3,322 3,221 3,260 2,972 2,869 Goodwill € million 740 730 1,390 1,191 1,145 Working capital € million 2,213 2,008 1,888 1,737 1,665 Capital employed € million 6,388 6,072 6,650 6,012 5,791 Return on capital employed % 1.8 0.4 6.7 7.1 4.2 Capital structure Total assets € million 8,415 8,188 9,334 8,736 8,133 Shareholders‘ equity € million 3,673 4,018 5,024 4,888 4,473 Net financial debt € million 1,570 1,129 843 413 555 Net financial debt to cash flow ratio 4.2 3.0 1.2 0.7 1.2 Equity ratio % 43.6 49.1 53.8 56.0 55.0 WE Net financial debt as % of equity (gearing) % 42.7 28.1 16.8 8.4 12.4 THINK Shares Market capitalization € million 2,873 2,625 3,014 4,921 3,834 FUTURE Total shares issued as of 28/29 February millions of shares 204.2 204.2 204.2 204.2 204.2 Closing price on 28/29 February € 14.07 12.86 14.76 24.10 13.88 Earnings per share € – 0.60 – 4.14 1.00 1.05 0.53 Dividend per share 2 € 0.20 0.20 0.45 0.45 0.30 Yield as of 28/29 February % 1.4 1.6 3.0 1.9 2.2 Employees 19,188 19,219 18,515 16,908 16,486 1 Including intangible assets. 2 2019/20: Proposal. TABLE 001 Revenues by segment Operating result by segment € million 2019/20 2018/19 + / – in % € million 2019/20 2018/19 + / – in % Sugar 2,258 2,588 – 12.8 Sugar – 236 – 239 – 1.3 Special products 2,409 2,294 5.0 Special products 190 156 21.8 CropEnergies 819 693 18.2 CropEnergies 104 33 > 100 Fruit 1,185 1,179 0.5 Fruit 58 77 – 25.0 Group total 6,671 6,754 – 1.2 Group total 116 27 > 100 TABLE 002 TABLE 003 Titel_en_GB19_20.indd 3 05.05.20 08:48 OVERVIEW 2019/20 Südzucker Group Sugar segment P. 58 P. 65 € 6,671 [6,754] million 1.8 [0.4] % € 2,258 [2,588] million CONSOLIDATED GROUP REVENUES ROCE REVENUES € 116 [27] million € 6.4 [6.1] billion € – 236 [−239] million GROUP CONSOLIDATED OPERATING CAPITAL EMPLOYED OPERATING RESULT RESULT € 1,570 [1,129] million € 372 [377] million NET FINANCIAL DEBT € 2,815 [2,653] million CASH FLOW CAPITAL EMPLOYED 19,188 € 348 [394] million EMPLOYEES – 8.4 [−9.0] % INVESTMENTS, thereof ROCE € 335 [379] million INVESTMENTS IN FIXED ASSETS E U R O P E A N MARKET LEADER 28.4 million tonnes BEETS PROCESSED 4.5 million tonnes SUGAR PRODUCED (incl.
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