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For a New Era

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For a New Era FOR A NEW ERA ANNUAL REPORT 2016 | 2017 WE ARE READY TO GO! The liberalization of the sugar market in the EU on 1 October 2017 will lead to a fundamental change in Nordzucker’s world. We are starting the next chapter in our company’s history with a mixture of respect and confidence, as we have spent the last number of years carefully preparing our company for the challenges ahead – organizationally, financially and culturally. Whatever happens: Nordzucker is well prepared for the new era. WEB REFERENCE PAGE REFERENCE Title: Filling area of the sugar in the sugar-drying drum at the Uelzen plant. NORDZUCKER AT A GLANCE Sugar has been produced from sugar beet in Europe for more than 200 years. Nordzucker is part of this tradition, having manufactured the highest quality sugar since 1838, and is now Europe’s second-largest sugar producer. Our 3,200 employees at 18 sites in Europe provide the food industry, retailers and consumers with reliable supplies of top-quality products. As a food manufac- turer, thinking and acting in a sustainable manner is something we do as a matter of course. Ecological and social factors are an explicit part of our decision-making. 26 13 12 25 22 SITES IN EUROPE 23 11 GROUP HEADQUARTERS 10 14 2 8 24 D 1 Braunschweig 9 5 27 15 1 REGIONAL 18 6 ADMINISTRATION 3 7 16 4 DK 2 Copenhagen 21 19 20 SUGAR PLANTS 17 AND REFINERIES D 3 Clauen 11 Örtofta 4 Nordstemmen FIN 12 Porkkala 5 Uelzen 13 Säkylä 6 Klein Wanzleben LT 14 Kèdainiai 7 Schladen PL 15 Chełmża DK 8 Nakskov 16 Opalenica 9 Nykøbing SK 17 Trenč ianska Teplá S 10 Arlöv 28 LIQUID SUGAR PLANTS OTHER SITES SALES SITES D 4 Nordstemmen DK 2 NP Sweet. Copenhagen EE 22 Tallinn 18 Groß Munzel D 6 Bioethanol. Kl, Wanzleben LV 23 Riga S 10 Arlöv B 21 Brussels office LT 24 Vilnius FIN 12 Porkkala NO 25 Oslo IS 26 Reykjavík IE 27 Dublin SUGAR PLANTS – NON-CONSOLIDATED GR 28 Athens MINORITY HOLDINGS CZ 19 Dobrovice 20 Ceské Meziříčí KEY FIGURES Nordzucker at a glance YIELD RATIO 2012/13 2013/14 2014/15 2015/16 2016/17 RoCE1 % 18.4 17.2 1.5 1.0 8.5 EBIT margin2 % 20.7 12.7 1.4 1.0 7.7 Total operating profitability3 % 24.3 20.0 7.5 5.6 13.2 Return on revenues4 % 14.7 8.5 1.1 1.0 5.6 Return on equity5 % 27.8 14.5 1.6 1.2 7.0 Redemption period6 years 0.1 – 0.1 –0.3 –1.8 –1.4 Cash flow from operating activities per share EUR 6.49 5.90 2.79 4.11 5.54 Earnings (Group) per share7 EUR 7.44 4.17 0.43 0.32 2.00 Dividend per share8 EUR 1.80 1.30 0.10 0.10 1.109 Total dividend EUR m 86.9 62.8 4.8 4.8 53.19 1 EBIT / Average capital employed 6 Net debt / EBITDA 2 EBIT / Revenues 7 Total income / Number of shares 3 EBITDA / Revenues 8 Total dividend / Number of shares 4 Net income / Revenues 9 Proposal 5 Net income / Equity KEY FINANCIAL FIGURES 2012/13 2013/14 2014/15 2015/16 2016/17 Revenues EUR m 2,443 2,361 1,866 1,607 1,708 EBITDA EUR m 594 472 140 90 226 EBIT EUR m 506 1 299 26 16 131 Net income for the period EUR m 369 1 209 20 15 99 Cash flow from operating activities EUR m 313 285 135 199 268 Cash flow from investing activities EUR m –72 –75 –79 –65 –119 Free cash flow2 EUR m 241 210 56 134 149 Investment in property, plant and equipment and intangible assets EUR m 74 79 82 60 84 1 Adopted 2 Cash flow from operating activities + Cash flow from investing activities BALANCE SHEET RATIO AT THE END OF THE FINANCIAL YEAR 2012/13 2013/14 2014/15 2015/16 2016/17 Total assets EUR m 2,403 2,337 2,144 2,013 2,117 Shareholders’ equity EUR m 1,291 1,386 1,272 1,278 1,375 Equity ratio % 54 59 59 64 65 Debt capital EUR m 1,112 951 872 734 742 Capital employed EUR m 1,777 1,701 1,660 1,600 1,500 Financial liabilities EUR m 71 6 7 7 14 Cash and cash equivalents EUR m 11 58 45 172 322 Net debt (cash and cash equivalents less financial liabilities)1 EUR m –59 52 37 164 308 1 Cash and cash equivalents – Financial liabilities BEET CULTIVATION AND CAMPAIGN 2012/13 2013/14 2014/15 2015/16 2016/17 Sugar yield t/ha 11.7 11.3 13.2 11.6 12.5 Sugar content % 17.9 18.0 17.3 17.5 17.7 Campaign length days 125 106 125 88 103 millions Sugar production of tonnes 2.80 2.50 2.91 2.00 2.50 VALUES: THE MARKET: SUCCESS IS WE ARE READY! IN OUR GENES PAGE 6 PAGE 24 FINANCE: COMPANY: FUNDAMENTALLY SHARING KNOWLEDGE SOLID PAGE 20 PAGE 12 CONTENTS 2 LETTER FROM THE EXECUTIVE BOARD 4 READY FOR A NEW ERA 28 REPORT BY THE SUPERVISORY BOARD 36 CORPORATE GOVERNANCE REPORT 42 GROUP MANAGEMENT REPORT 82 CONSOLIDATED FINANCIAL STATEMENTS 89 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS SUSTAINABILITY: 145 GLOSSARY AN EXTRA SOMETHING 149 FINANCIAL CALENDAR/ FOR OUR CUSTOMERS ONLINE PUBLICATIONS PAGE 16 150 IMPRINT 2 READY FOR A NEW ERA LETTER FROM THE EXECUTIVE BOARD READY FOR A NEW ERA DR LARS GORISSEN HARTWIG FUCHS AXEL AUMÜLLER DR MICHAEL NOTH Chief Agricultural Officer Chief Executive Officer Chief Operating Officer Chief Financial Officer Member of the Executive Chairman of the Executive Member of the Executive Member of the Executive Board of Nordzucker AG Board of Nordzucker AG Board of Nordzucker AG Board of Nordzucker AG since 1 March 2014 since 1 February 2010 since 9 November 2009 since 16 August 2009 Nordzucker AG ANNUAL REPORT 2016 | 2017 3 » WE HAVE PREPARED EXTENSIVELY FOR THE NEW ERA WHICH WILL BEGIN WHEN THE QUOTA SYSTEM COMES TO AN END. « ANNUAL REPORT 2016 | 2017 Nordzucker AG DEAR SHAREHOLDERS, In the 2016/2017 financial year, a positive price trend sparked an upswing in the market that we were able to exploit. Moves to step up our sales efforts on the one hand and extensive savings on the other helped us to continually increase our earnings over the twelve-month period. 99.1 million Euro This enabled us to report net income of EUR 99.1 million as against net income EUR 14.9 million in the previous year, a solid operating result of EUR 131.4 million compared with EUR 16.2 million for the comparative period, 6% and sales growth of 6 per cent, bringing total sales to EUR 1,708.2 million sales growth compared with EUR 1,607.4 million in the previous year. Together with the Supervisory Board, we are proposing that the dividend be lifted back up to 1.10 EUR 1.10 per share, compared with EUR 0.10 in the previous year. Euro dividend per share (proposal) Although the result is still down considerably on the outstanding level seen in the years prior to 2014, it is nonetheless pleasing because we were able to earn the cost of capital again and give our shareholders an appropriate share in our earnings. Shares in Nordzucker are worth the investment again. We have prepared for the new era starting on 1 October 2017 and the end of the quota system. In doing so, we have already been able to demonstrate how well we can adapt to new conditions. The preparation process was extremely labour-intensive and called for a change of mindset, as well as for ideas and courage, in a large number of areas. We are certainly not yet perfectly positioned, but we have already achieved a great deal, and we will continue to work on improving ourselves. FOR A NEW ERA Our business model is also fit for the future, which is why we are investing a considerable amount in our core business, primarily in the interfaces with our customers: logistics, loading, packaging and storage. After all, these are the areas in which we believe our particular expertise lie: in our ability to supply our customers reliably, flexibly and on time. The second focal point of our investment activity relates to measures to boost our energy efficiency. The sugar production process is an energy-intensive sustainability. one. Our energy consumption has a direct impact on our costs and our nordzucker.com/en/ CO2 emissions. Our sustainability strategy aims to reduce both. Overall, we invested a total of EUR 84 million in our plants in the 2016/2017 financial year, a figure that will rise to EUR 87 million this year. We are determined to continue optimizing our company so that it can deliver top performance. The targets we have set ourselves are ambitious: we want to boost our performance, cut costs, promote customer loyalty, increase unit sales, attract new customers, exploit export opportunities, improve our beet cultivation yields, and enhance and promote our attractiveness as an employer. In order to achieve this, we have launched numerous projects and measures and have a strong Nordzucker team that sticks together, maintains dialogue and is constantly developing – transcending national borders, factory fences and functional remits. Nordzucker builds bridges between beet cultivation and the sugar market – between growers and consumers.
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