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Fiscal year 2018/19

Group assets

Non-current assets
Non-current assets were down € 682 million to € 4,471 (5,153) million. The € 673 million impairment of the sugar segment’s goodwill reduced intangible assets by € 658 million, bringing the total to € 1,001 (1,659) million. The carrying value of fixed assets fell by € 40 million to € 2,951 (2,991) million as planned depreciation and revaluations came in higher than investments. The € 16 million increase in other assets to € 519 (503) million relates mainly to the increase in the fair value of companies consolidated at equity to € 390 (370) million.
Current assets
Current assets declined € 464 million to € 3,717 (4,181) million. Inventories were down € 142 million to € 1,977 (2,119) million, primarily due to lower sugar segment inventories. Trade receivables were comparable to the year prior at € 973 (972) million. The € 323 million decline in other assets brought the total to € 767 (1,090) million and was mainly caused by reduced cash and cash equivalents and other assets. Last year the latter included receivables payable by the EU for excess production levies collected for sugar marketing years 1999/2000 and 2001/01.
Shareholders’ equity
Shareholders’ equity fell to € 4,018 (5,024) million and the equity ratio to 49 (54) percent. The decline of € 980 million in Südzucker AG shareholders’ equity to € 2,476 (3,456) million was driven mainly by the prorated losses for the fiscal year. Other non- controlling interests were down € 26 million to € 888 (914) million.
Non-current liabilities
Non-current liabilities rose € 147 million to € 2,398 (2,251) million. This was driven among other things by higher provisions for pensions and similar obligations, which rose € 51 million to € 832 (781) million due to revaluation at a lower discount rate, which fell from 2.20 % on 28 February 2018 to 1.95 % on 28 February 2019. Financial liabilities of € 1,126 (1,117) million were slightly higher than last year. Other liabilities were up € 87 million to € 440 (353) million due to an increase in other provisions and a concurrent decline in taxes.
Current liabilities
Current liabilities were cut € 287 million to € 1,772 (2,059) million. Financial liabilities rose € 45 million to € 501 (456) million. Trade payables dropped € 160 million to € 786 (946) million; included therein are lower liabilities toward beet farmers of € 196 (357) million. The decline was driven especially by volume and is in part also due to higher advance payments. Other debts, consisting of other provisions, taxes owed and other liabilities, were down € 172 million to € 485 (657) million.
Net financial debt
Net financial debt climbed € 286 million to € 1,192 (843) million as of 28 February 2019. The ratio of net financial debt to equity was 28.1 (16.8) %.