Fiscal year 2016/17
Consolidated statement of comprehensive income
Income statement (PDF, 66.98 KB)
Result from operations
The result from operations of € 441 (277) million for fiscal 2016/17 breaks down into the operating result of € 426 (241) million, the result from restructuring and special items of € -20 (-19) million and the result from companies consolidated at equity of € 35 (55) million.
Result of restructuring and special items
The result of restructuring and special items of € -20 (-19) million was driven by expenses for a new part-time retirement program, value added and excise tax risks and costs related to the testing phase of the new wheat starch plant in Zeitz. CropEnergies reversed accruals related to the shutdown of the bioethanol factory in Wilton, Great Britain in February 2015 after it was restarted.
Result from companies consolidated at equity
The result from companies consolidated at equity totaled € 35 (55) million. The sugar segment (ED&F Man Holdings Limited, AGRANA-Studen Group, Maxi S.r.l.) accounted for € 7 (32) million and the special products segment (Hungrana Group) for € 28 (23) million.
The financial result improved to € -34 (-50) million. The interest expense was comparable to last year at € -27 (-27) million. The change in the other financial results item to € -7 (-23) million is due mainly to the foreign exchange result and the revaluation of a funds balance at AGRANA Fruit in Ukraine.
Taxes on income
Earnings before taxes of € 407 (227) million resulted in taxes on income of € - 95 (-46) million. The tax rate was 23 (20) %.
Consolidated net earnings
Of the consolidated net earnings of € 312 (181) million, € 214 (109) million were allocated to Südzucker AG shareholders, € 13 (18) million to hybrid bondholders and € 85 (54) million to other non-controlling interests, mainly the co-owners of AGRANA Group and CropEnergies Group.
Earnings per share
Earnings per share came in at € 1.05 (0.53). The calculation is based on the time-weighted average of 204.2 (204.2) million shares outstanding.