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Fiscal year 2016/17

Consolidated balance sheet

Non-current assets
Non-current assets rose € 246 million to € 4,780 (4,534) million. The Main Process S.A. and Terra e.G. acquisitions increased goodwill, which caused intangible assets to rise to € 1,240 (1,189) million. The carrying amount of fixed assets was up € 97 million to € 2,922 (2,825) million, driven by investments and changes to the scope of consolidation. The increase of € 98 million in other assets brought the total to € 618 (520) million, and was primarily driven by the increased share of at equity consolidated companies to € 433 (333) million due to the larger stake in ED&F Man Holdings Ltd., London, Great Britain, and the prorated associated income.
Current assets
Non-current assets rose € 357 million to € 3,956 (3,599) million. The main drivers were an increase of € 156 million in inventories, especially in the sugar segment, bringing the total to € 2,053 (1,897) million, an increase of € 98 million in trade receivables, which rose to € 881 (783) million, and a € 103 million increase in other assets, which climbed to € 1,022 (919) million, primarily because of higher cash and cash equivalents.
Shareholders' equity
Shareholders' equity rose to € 4,888 (4,473) million. The equity ratio was slightly higher than last year at 56 (55) %, as total assets climbed to € 8,736 (8,133) million. Südzucker AG shareholders' equity rose € 189 million to € 3,347 (3,158) million. In parallel, other minority interests were up € 226 million to € 888 (662) million, mainly due to the capital measures at AGRANA.
Non-current liabilities
Non-current liabilities rose € 229 million to € 2,040 (1,811) million. Provisions for pensions and similar obligations were up € 25 million to € 823 (798) million due to valuation using a lower discount rate, which fell to 1.90 % on 28 February 2017 from 1.95 % on 29 February 2016. Financial liabilities rose € 183 million to € 917 (734) million, driven mainly by the 2016/2023 bond placed in the third quarter, which has a carrying amount of about € 300 million. Other liabilities rose € 21 million to € 300 (279) million.
Current liabilities
Current liabilities declined € 41 million to € 1,808 (1,849) million. Current financial liabilities fell € 204 million to € 221 (425) million, while trade payables were up € 116 million to € 917 (801) million. The latter include liabilities to beet growers totaling € 442 (354) million. Other debt, consisting of other provisions, taxes owed and other liabilities, rose € 47 million to € 670 (623) million.
Net financial debt
Net financial debt was cut by € 142 million to € 413 (555) million as of 28 February 2017. The ratio of net financial debt to equity was 8.4 (12.4) %.
The group's long-term financing requirements as of 28 February 2017 were covered by € 697 (399) million in bonds, € 43 (126) million in promissory notes and € 174 (207) million in bank loans.
The group’s short term financing needs as of the balance sheet date were covered by promissory notes totaling € 83 (0) million, bank loans of € 138 (261) million and bonds valued at € 0 (164) million. As of the record date, Südzucker Group had access to adequate liquidity reserves of € 1.6 (1.4) billion, consisting of non-utilized syndicated credit lines and other bilateral bank credit lines. In addition, the company had cash and cash equivalents and securities totaling € 0.7 (0.6) billion.
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