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Oct2018

First half of the year sees sharp fall in earnings – losses anticipated

  • Revenues fall from Euro 845.5 million to Euro 689.6 million
  • Net income for the period drops to Euro 11.6 million
  • A loss can no longer be avoided in 2018/2019
  • Significant losses expected for 2019/2020

 

In the first six months of the 2018/2019 financial year, the Nordzucker Group generated revenues of Euro 689.6 million. This was 18 per cent below the revenues generated in the same period a year ago (previous year: Euro 845.5 million). At the same time, the company’s profit for the period was significantly lower at Euro 11.6 million (prior-year period: Euro 87.7 million).

The main reason for the decline in business was a significant drop in selling prices for sugar. We expected prices to fall. The extent of this decline was driven by overproduction and subsidies - particularly in India - and was not foreseeable in its form. A loss is now inevitable for the Nordzucker Group in the current financial year due to the low sugar prices. Given the anticipated prices, an even more substantial loss is to be expected in the 2019/2020 financial year.

 

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Bianca Deppe-Leickel

Bianca Deppe-Leickel

Investor Relations & Projects
Nordzucker Group

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