Annual Report 2019/2020 the Sugar Company

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Annual Report 2019/2020 the Sugar Company THE Sugar Company Annual Report 2019/2020 CONTENTS KEY FIGURES ����������������������������������������������������������������������������������������������������������������������������� 03 NORDZUCKER: IN EUROPE AND AUSTRALIA �������������������������������������������������������������������������� 04 LETTER FROM THE EXECUTIVE BOARD ����������������������������������������������������������������������������������� 05 GROUP MANAGEMENT REPORT ������������������������������������������������������������������������������������������������� 9 PRELIMINARY REMARKS ON THE CORONAVIRUS SITUATION ������������������������������������������������������ 10 NORDZUCKER AT A GLANCE ������������������������������������������������������������������������������������������������������ 10 MACROECONOMIC SITUATION �������������������������������������������������������������������������������������������������� 14 THE SUGAR MARKET ������������������������������������������������������������������������������������������������������������������� 14 MARKET FOR ANIMAL FEED AND MOLASSES ������������������������������������������������������������������������������ 16 MARKET FOR BIOETHANOL ��������������������������������������������������������������������������������������������������������� 17 BEET CULTIVATION AND SUGAR PRODUCTION ������������������������������������������������������������������������� 17 EARNINGS AND FINANCIAL POSITION AND NET ASSETS ������������������������������������������������������������ 19 CAPITAL EXPENDITURE ��������������������������������������������������������������������������������������������������������������� 25 FINANCING ��������������������������������������������������������������������������������������������������������������������������������� 26 DIVIDEND ����������������������������������������������������������������������������������������������������������������������������������� 27 EMPLOYEES ��������������������������������������������������������������������������������������������������������������������������������� 27 OPPORTUNITIES AND RISKS �������������������������������������������������������������������������������������������������������� 28 OUTLOOK ����������������������������������������������������������������������������������������������������������������������������������� 38 CONSOLIDATED FINANCIAL STATEMENTS ����������������������������������������������������������������������������� 40 CONSOLIDATED INCOME STATEMENT �������������������������������������������������������������������������������������� 41 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ���������������������������������������������������� 41 CONSOLIDATED CASH FLOW STATEMENT ��������������������������������������������������������������������������������� 42 CONSOLIDATED BALANCE SHEET ����������������������������������������������������������������������������������������������� 43 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY ���������������������������������� 45 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ���������������������������������������������������� 46 GENERAL REMARKS ��������������������������������������������������������������������������������������������������������������������� 46 NOTES TO THE CONSOLIDATED INCOME STATEMENT ������������������������������������������������������������� 69 NOTES TO THE CONSOLIDATED BALANCE SHEET ��������������������������������������������������������������������� 78 FIXED-ASSET MOVEMENT SCHEDULE 2018/2019 ����������������������������������������������������������������������� 83 FIXED-ASSET MOVEMENT SCHEDULE 2019/2020 ����������������������������������������������������������������������� 84 NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT �������������������������������������������������������� 93 OTHER DISCLOSURES ����������������������������������������������������������������������������������������������������������������� 94 LIST OF INVESTMENTS �������������������������������������������������������������������������������������������������������������� 108 REPORT BY THE SUPERVISORY BOARD ��������������������������������������������������������������������������������� 110 INDEPENDENT AUDITOR’S REPORT �������������������������������������������������������������������������������������� 117 FINANCIAL CALENDAR ����������������������������������������������������������������������������������������������������������� 121 IMPRINT ������������������������������������������������������������������������������������������������������������������� BACK COVER Nordzucker AG | Annual Report 2019/2020 2 KEY FIGURES YIELD RATIO 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 RoCE 1 % 1.0 8.5 10.2 -3.8 -0.9 EBIT margin 2 % 1.0 7.7 9.3 -4.3 -1.0 Total operating profitability 3 % 5.6 13.2 13.8 0.7 4.1 Return on revenues 4 % 1.0 5.6 7.0 -2.4 -1.1 Return on equity 5 % 1.2 7.0 8.0 -2.5 -1.2 Redemption period 6 years -1.8 -1.4 -1.3 -28.9 0.1 Cash flow from operating activities per share EUR 4.11 5.54 4.53 0.20 -0.8 Earnings (Group) per share 7 EUR 0.32 2.00 2.38 -0.69 -0.32 Dividend per share 8 EUR 0.10 1.10 1.20 0.00 0.00 Total dividend EUR m 4.8 53.1 58.0 0.0 0.0 1 EBIT/Average capital employed 5 Net income/Equity 2 EBIT/Revenues 6 Net debt/EBITDA 3 EBITDA/Revenues 7 Total income/Number of shares 4 Net income/Revenues 8 Total dividend/Number of shares KEY FINANCIAL FIGURES 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 Revenues EUR m 1,607 1,708 1,650 1,354 1,439 EBITDA EUR m 90 226 227 9 60 EBIT EUR m 16 131 154 -58 -15 Net income for the period EUR m 15 99 118 -36 -15 Cash flow from operating activities EUR m 199 268 219 10 -40 Cash flow from investing activities EUR m -65 -119 -169 11 -130 Free cash flow 1 EUR m 134 149 50 21 -170 Investment in property, plant and equipment and intangible assets EUR m 60 84 89 106 100 1 Cash flow from operating activities + Cash flow from investing activities BALANCE SHEET RATIO AT THE END OF THE FINANCIAL YEAR 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 Total assets EUR m 2,013 2,117 2,183 2,010 2,219 Shareholders’ equity EUR m 1,278 1,375 1,429 1,316 1,280 Equity ratio % 64 65 66 66 58 Debt capital EUR m 734 742 754 694 940 Capital employed EUR m 1,600 1,500 1,511 1,541 1,723 Financial liabilities EUR m 7 12 4 6 95 Cash and cash equivalents EUR m 172 322 307 266 139 Net debt (–)/deposit (+) 1 EUR m 164 308 301 260 8 1 Cash and cash equivalents – Financial liabilities BEET CULTIVATION AND CAMPAIGN 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 Sugar yield t/ha 11.6 12.5 12.2 11.4 12.1 Sugar content % 17.5 17.7 17.3 18.9 17.4 Campaign length days 88 103 117 102 113 Sugar millions production of tonnes 2.00 2.50 2.70 2.40 2.49 Nordzucker AG | Annual Report 2019/2020 3 NORDZUCKER: IN EUROPE AND AUSTRALIA Finland Iceland Norway Estonia Sweden Latvia Denmark Ireland Lithuania Poland Belgium Germany Czech Republic Slovakia Greece Australia New Zealand Administration Sugar plants / refineries Germany Head Quarters Braunschweig (Group) non-consolidated minority stakes Denmark Administration Nordic Sugar, Copenhagen Czech-Republic Sugar factory Dobrovice Sugar factory České Meziříčí Plants Australia Refinery Racecourse Germany Sugar factory Clauen Refinery Yarraville Sugar factory / Liquid sugar plant Nordstemmen New Zealand Refinery Auckland Sugar factory Uelzen Sugar factory Klein Wanzleben Other locations Bioethanol Klein Wanzleben Latvia Riga Sugar factory Schladen Lithuania Kaunas, Nordzucker Business Services Liquid sugar plant Groß Munzel Vilnius Denmark Sugar factory Nakskov Ireland Dublin Sugar factory Nykøbing Sweden Sugar factory Örtofta Representation Refinery / Liquid sugar plant Arlöv Belgium Office Brussels Finland Sugar factory Säkylä Refinery / Liquid sugar plant Porkkala Estonia Tallinn Lithuania Sugar factory Kėdainiai Norway Oslo Poland Sugar factory Opalenica Iceland Reykjavík Sugar factory / Refinery Chełmża Greece Athens Slovakia Sugar factory Trenčianska Teplá Australia Brisbane Australia Sugar factory Farleigh Sugar factory Marian Sugar factory / Refinery Racecourse Nordzucker AG | Annual Report 2019/2020 4 THE EXECUTIVE BOARD Axel Aumüller » Chief Operating Officer (COO) We will now seek to improve the efficiency and reliability of our three plants in Australia by means of a targeted investment package� Dr Lars Gorissen » Chief Executive Officer (CEO) With our competitive cost structures and our long-term strategy we will return to ensure positive results� Alexander Bott » Chief Financial Officer (CFO) Positive results are realistic for 2020/2021. Erik Bertelsen » Chief Marketing Officer (CMO) We have reliably met the increased demand by panic buying in March� Nordzucker AG | Annual Report 2019/2020 5 Letter from the Executive Board DEAR SHAREHOLDERS, The 2019/2020 financial year was an eventful and extraordinary year: we entered the field of cane sugar production and we achieved a better earnings figure than had been expected following the extreme drop of prices seen in the previous year� Realignment of our sales strategy, significant streamlining of our organizational structure and extensive and long-term cost reductions have resulted in earnings which were still negative but were considerably better than in the previous year� Overall, the Nordzucker Group achieved an operating result (EBIT) of EUR –14�6 million, as against EUR –58�1 million in the previous year� In late July 2019, we acquired a 70 per cent majority shareholding in Australia’s second-largest sugar producer, Mackay Sugar Ltd�
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