Fiscal year 2017/18
Investments and financing – financial position
Cash flow statement (PDF, 52.33 KB)
Cash flow came in at € 693 million versus € 634 million last year. This corresponds to 9.9 (9.8) % of revenues.
The cash outflow associated with the € 183 million increase in working capital was driven mainly by higher trade receivables in the sugar segment and volume-related additional funds required by the special products segment.
Investments in fixed assets
Investments in fixed assets (including intangible assets) totaled € 361 (329) million. The sugar segment invested € 171 (153) million, mainly for replacements, but also on efficiency and logistics improvements. The special products segment invested € 121 (126) million, most of which was for the creation of new production capacities by the starch division and plant expansion and optimization by BENEO and Freiberger. The CropEnergies segment invested € 20 (16) million for replacements and to improve the efficiencies of its production systems. The fruit segment’s investments of € 49 (34) million were mainly for the installation of additional production capacity in the fruit preparations division.
Investments in financial assets
Investments in financial assets totaling € 432 (164) million were mainly attributable to the special products segment, which paid € 384 million for the 100 % acquisition of pizza producer Richelieu Foods Inc., Braintree, Massachusetts and € 46 million for the 100 % purchase of frozen pizza producer HASA GmbH in Burg, Germany.
Profit distributions throughout the group in the fiscal year just ended totaled € 164 (115) million and included € 92 (61) million paid out to Südzucker AG’s shareholders and € 72 (54) million to other shareholders.
Development of net financial debt
The cash flow of € 693 million was primarily used to finance the € 183 million increase in working capital, investments in fixed assets of € 361 million and the dividend distribution of € 164 million. The € 432 million acquisition was mainly financed using borrowed funds. Net financial debt thus went from € 413 million to € 843 million as of 28 February 2018, up € 430 million.