Fiscal year 2018/19
Group financial position
Cash flow statement (PDF, 52.59 KB)
Cash flow came in at € 377 million versus € 693 million last year. This corresponds to 5.6 (9.9) % of revenues.
The cash outflow from the increased working capital totaled € 113 million and is attributable to reduced inventories in the sugar segment because of lower volumes. It was more than offset by lower current accruals and reduced liabilities toward beet farmers.
Investments in fixed assets
Investments in fixed assets (including intangible assets) totaled € 379 (361) million. In the sugar segment, investments totaling € 145 (171) million were again mainly allocated toward replacement spending and investments in electronics, automation and logistics. The special products segment invested € 165 (121) million, largely related to new production capacities by the starch division and plant expansion and optimization by BENEO and Freiberger. The CropEnergies segment invested € 13 (20) million for replacements and to improve the efficiencies of its production systems. The fruit segment’s investments of € 56 (49) million were mainly for the installation of additional production capacities in the fruit preparations division.
Investments in financial assets
Investments in financial assets of € 15 (432) million relate primarily to the following acquisitions: 100 % of Hungarian fruit juice concentrates producer Brix Trade Kft., Nagykálló, 49 % of Algerian fruit preparations producer SPA AGRANA Fruit Algeria (previously: Elafruits SPA), Akbou and 100 % of British portion pack maker CustomPack Ltd, Telford. The year prior, the company acquired 100 % each of pizza producer Richelieu Foods Inc., Braintree, Massachusetts and frozen pizza maker Hasa GmbH based in Burg, Germany.
Profit distributions throughout the group in the fiscal year just ended totaled € 161 (164) million and included € 92 (92) million paid out to Südzucker AG’s shareholders and € 69 (72) million to other shareholders.
Development of net financial debt
The cash inflow from operating activities of € 262 million includes cash flow of € 377 million and a reduction in working capital with a cash outflow of € – 113 million. Investment financing of € 394 million and the profit distribution of € 161 million resulted in an increase in net financial debt of € 286 million, which boosted the total from € 843 million to € 1,129 million as of 28 February 2019.