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Annual Report 2018/19 Südzucker AG

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Annual Report 2018/19 Südzucker AG Südzucker AG Südzucker AG Südzucker Annual Report 2018/19 Südzucker AG Annual Report 2018/19 Annual Report 2018/19 Südzucker AG Maximilianstraße 10 68165 Mannheim Phone: + 49 621 421 - 0 Contents 07 TO OUR SHAREHOLDERS 118 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 08 Letter from the executive board 118 Segment report 12 Executive board 123 General explanatory notes 14 Supervisory board 123 ( 01) Principles of preparation of the consolidated 15 Report of the Supervisory Board financial statements 20 Südzucker shares and capital market 129 ( 02) Companies included in consolidation 133 (03) Consolidation methods 27 CONSOLIDATED MANAGEMENT REPORT 134 ( 04) Foreign currency translation 28 About the Group 136 (05) Accounting policies 28 Group structure 141 Notes to the statement of comprehensive income 29 Group management 141 (06) Revenues 30 Business model 142 (07) Change in work in progress and finished 31 Strategy goods inventories and internal costs capitalized 33 Sustainability 142 (08) Other operating result 36 Environment 143 (09) Cost of materials 40 Employees 143 (10) Personnel expenses 44 Society 144 (11) Depreciation 47 Research and development 145 ( 12) Other operating expenses 51 Business report 145 ( 13) Result from companies consolidated at equity 51 Overall summary of business development 146 ( 14) Result from operations 51 Overall economic situation and framework 146 ( 15) Financial income and expense 53 Group consolidated earnings 147 ( 16) Taxes on income 54 Group financial position 149 (17) Research and development costs 55 Group assets 149 ( 18) Earnings per share 57 Value added, capital structure and dividend 149 ( 19) Other comprehensive income 59 Sugar segment 150 Cash flow statement 67 Special products segment 150 ( 20) Notes to the cash flow statement 72 CropEnergies segment 152 Notes to the balance sheet 77 Fruit segment 152 ( 21) Intangible assets 81 Actual and forecast business performance 156 ( 22) Property, plant and equipment 82 Outlook 158 ( 23) Shares in companies consolidated at equity, 84 Risk management securities and other investments 84 Risk management system 159 ( 24) Inventories 85 Risks 159 ( 25) Trade receivables and other assets 93 Opportunities 161 ( 26) Shareholders’ equity 95 Summary of the risk and opportunity situation 163 ( 27) Provisions for pensions and similar obligations 95 Internal control and risk management system as it applies to 170 ( 28) Other provisions accounting systems 172 (29) Trade payables and other liabilities 97 Corporate Governance and Responsibility 173 ( 30) Financial liabilities, securities and cash and 97 Supervisory board and executive board cash equivalents (net financial debt) operating procedures 177 Other explanatory notes 97 Corporate governance report 177 (31) Risk management within Südzucker Group 100 Compliance 185 (32) Additional disclosures on financial instruments 101 Disclosures on takeovers 189 ( 33) Contingent liabilities and other financial commitments 103 Non-financial statement 190 (34) Fees for services by the group’s external auditors 190 (35) Declarations of compliance per section 161 AktG 109 CONSOLIDATED FINANCIAL STATEMENTS 190 (36) Related parties 110 Statement of comprehensive income 193 (37) Supervisory board and executive board 112 Cash flow statement 196 (38) List of shareholdings in accordance 114 Balance sheet with section 313 (2) HGB 116 Statement of changes in shareholders’ equity 205 ( 39) Proposed appropriation of earnings 205 (40) Events after the balance sheet date 206 RESPONSIBILITY STATEMENT 207 INDEPENDENT AUDITOR’S REPORT 218 ADDITIONAL INFORMATION 219 Global Reporting Initiative 223 Contacts Annual Report 2018/19 1 March 2018 – 28 February 2019 CONTENTS published on 16 May 2019 Südzucker AG Südzucker Annual Report 2018/19 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 in PDF format from Südzucker‘s website 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 parenthesis 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 2019/20 11 July 2019 Annual general meeting Fiscal 2018/19 18 July 2019 Q2 – Half year financial report 1st half year 2019/20 10 October 2019 Q3 – Quarterly statement 1st to 3rd quarter 2019/20 14 January 2020 Press and analysts‘ conference Fiscal 2019/20 14 May 2020 Q1 – Quarterly statement 1st quarter 2020/21 9 July 2020 Annual general meeting Fiscal 2019/20 16 July 2020 Published by: Südzucker AG Südzucker AG Maximilianstraße 10 68165 Mannheim Maximilianstraße 10 68165 Mannheim Phone: + 49 621 421 - 0 Südzucker Group Company profile “We are a reliable producer of high quality food and animal feed as well as bioethanol, all of which we produce for our customers in our large-scale factories from a wide variety of agricultural raw materials. Our aim is to grow profitably without compromising our ecological and social responsibilities as well as to 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 EU’s leading bioethanol producer. In the traditional sugar business, the group is currently operating 29 sugar factories 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), portion packs (PortionPack Europe) and starch divisions. CropEnergies is the leading producer of sustainably produced bioethanol in Europe, with business locations in Germany, Belgium, France and Great Britain. The group’s fruit segment operates internationally, 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 agricultural raw materials into high-quality products, especially into food for industrial customers and end users but also 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. Key Figures 2018/19 2017/18 2016/17 2015/16 2014/15 Revenues and earnings Revenues € million 6,754 6,983 6,476 6,387 6,778 EBITDA € million 353 758 709 518 453 EBITDA margin % 5.2 10.8 10.9 8.1 6.7 Operating result € million 27 445 426 241 181 Operating margin % 0.4 6.4 6.6 3.8 2.7 Südzucker AG Südzucker Annual Report Net earnings € million – 805 318 312 181 74 Cash flow and investments 2018/19 Cash flow € million 377 693 634 480 389 Investments in fixed assets 1 € million 379 361 329 371 386 Investments in financial assets / acquisitions € million 15 432 164 0 1 Südzucker AG Total investments € million 394 793 493 371 387 Performance Annual Report 2018/19 Fixed assets 1 € million 3,221 3,260 2,972 2,869 2,832 Goodwill € million 730 1,390 1,191 1,145 1,145 Working capital € million 2,008 1,888 1,737 1,665 1,787 Capital employed € million 6,072 6,650 6,012 5,791 5,877 Return on capital employed % 0.4 6.7 7.1 4.2 3.1 Capital structure Total assets € million 8,188 9,334 8,736 8,133 8,474 Shareholders‘ equity € million 4,018 5,024 4,888 4,473 4,461 Net financial debt € million 1,129 843 413 555 593 Net financial debt to cash flow ratio 3.0 1.2 0.7 1.2 1.5 Equity ratio % 49.1 53.8 56.0 55.0 52.6 Net financial debt as % of equity (gearing) % 28.1 16.8 8.4 12.4 13.3 Shares Market capitalization € million 2,625 3,014 4,921 3,834 2,782 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 € 12.86 14.76 24.10 13.88 13.63 Earnings per share € – 4.14 1.00 1.05 0.53 0.10 Dividend per share 2 € 0.20 0.45 0.45 0.30 0.25 Yield as of 28/29 February % 1.6 3.0 1.9 2.2 1.8 Employees 19,219 18,515 16,908 16,486 17,231 1 Including intangible assets. 2 2018/19: Proposal. TABLE 001 Revenues by segment Operating result by segment € million 2018/19 2017/18 + / – in % € million 2018/19 2017/18 + / – in % Sugar 2,588 3,017 – 14.2 Sugar – 239 139 – Special products 2,294 1,997 14.9 Special products 156 158 – 1.1 CropEnergies 693 808 – 14.2 CropEnergies 33 72 – 54.3 Fruit 1,179 1,161 1.5 Fruit 77 76 2.2 Group total 6,754 6,983 – 3.3 Group total 27 445 – 93.9 TABLE 002 TABLE 003 OVERVIEW 2018/19 Südzucker Group Sugar segment P. 51 P. 59 € 6,754 [6,983] € 394 [793] million € 6.1 [6.6] billion € 2,588 [3,017] million million CONSOLIDATED INVESTMENTS, thereof CAPITAL REVENUES GROUP REVENUES EMPLOYED € 379 [361] million € – 239 [139] million € 27 [445] million INVESTMENTS IN € 1,129 [843] OPERATING GROUP CONSOLIDATED FIXED ASSETS million NET FINANCIAL RESULT OPERATING RESULT DEBT 0.4 [6.7] % € 2,653 [3,299] million € 377 [693] million ROCE 19,219 CAPITAL EMPLOYED CASHFLOW EMPLOYEES – 9.0 [4.2] % ROCE OUTLOOK 2019/20 E U R O P E A N € to billion 6.7 7.0 MARKET LEADER CONSOLIDATED GROUP REVENUES expected 29.3 million tonnes BEETS PROCESSED € 0 to 100 million GROUP CONSOLIDATED million tonnes OPERATING RESULT expected 4.7 SUGAR PRODUCED CAPITAL EMPLOYED expected (incl.
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