Nordzucker achieves slightly positive earnings despite challenging market situation
Third quarter: earnings better than expected
At the end of the third quarter of the current financial year, Nordzucker generated revenues of EUR 1,204 million, a figure 17 percent lower than in the previous year (EUR 1,458 million). The main causes of this development were considerably lower prices for quota sugar as well as lower sales volumes of non-quota sugar. Revenues for bioethanol benefited in the same period from a noticeable recovery in prices.
In total, the net income for the period of EUR 74.4 million in the previous year fell sharply to EUR 0.4 million, nevertheless a loss was avoided due to comprehensive cost-cutting measures and gradually improving sugar prices.
Chairman of the Executive Board Hartwig Fuchs said of the development, “We have reacted to the tense situation on the sugar market in previous months. Our comprehensive efficiency programme is already having an effect and will significantly improve our cost structure in the future.” Nordzucker is planning to save a minimum of EUR 50 million a year, especially in the areas of purchasing, production and administration.
Fuchs emphasized, “A simple savings programme is not enough to be able to stay afloat on the free market. We have to continue to ensure that the company is oriented towards both the market and customers. We have to be faster and more cost-effective and continue to increase the quality of our services and products.”
The 2015/2016 campaign, which bears the hallmark of the market, ended with average sugar yields, albeit with major regional differences. The 13 plants were operating for an average of 88 days, which was shorter than in the previous years.
Nordzucker is expecting the global and European sugar markets to recover in the medium term with increasing prices. Nordzucker is firmly sticking to the forecast for the current financial year that a loss will simply be unavoidable.
Nordzucker’s financial year begins on 1 March and closes at the end of February. The interim report for the first nine months covers all commercial activities from 1 March 2015 to 30 November 2015.
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