The change in the sugar market means we need to ... - Nordzucker AG

Concentrating on our work
– and looking ahead
2009/2010 Annual Report

Nordzucker at a glance
Development of revenues
million Euro
1,296
2005/2006
1,234
2006/2007
1,300
2007/2008
1,192
2008/2009
Consolidated revenues 2009/2010
by region
Central Europe
46 %
Northern Europe
40 %
1,806
2009/2010
Eastern Europe
14 %

Concentrating on our work
– and looking ahead
With the acquisition of Nordic Sugar, the size of the
Nordzucker Group increased considerably. Since March
2009, Nordic Sugar has been contributing a share of
some 40 per cent to Group revenues. Our task now is
to stimulate further integration within the Group and
sustainably boost profitability.

Group figures and ratios
Structure figures
June 2009
March 2009
Acquisition of Nordic Sugar
completed.
Operating business
Mats Liljestam strengthens Nordzucker's
management team as the new
Chief Marketing Officer.
July 2009
Nordstemmen factory: the first
thick juice campaign ends a success.
August 2009
Dr Michael Noth takes up his role
as the new Chief Financial Officer.
September 2009
2005/2006 2006/2007 2007/2008 2008/2009 2009/2010
Northern Europe
Number of sugar plants – – – – 5
Number of employees average for the year – – – – 1,694
Central Europe
Number of sugar plants 8 7 6 5 5
Number of employees average for the year 1,797 1,647 1,433 1,360 1,350
Eastern Europe
Number of sugar plants 5 9 9 7 7
Number of employees average for the year 1,023 1,959 1,852 1,484 1,302
Beet farmers 15,917 14,239 13,636 11,430 16,292
Beet cultivation area ha 198,810 198,862 226,893 174,225 287,245
Beet processing t/day 118,048 129,000 116,954 98,681 143,392
Sugar production millions of tonnes 1.77 1.60 1.91 1.68 2.87
Revenues EUR m 1,296 1,234 1,300 1,192 1,806
of which abroad % 40 42 43 39 54
Total revenues EUR m 1,178 1,271 1,377 1,086 1,718
Gross income EUR m 376 398 370 261 536
EBITDA EUR m 159 225 255 165 166
EBIT EUR m 128 175 110 79 66
Net income EUR m 69 115 80 44 -10
Cash flow from/for operating activities EUR m 90 149 -3 167 328
The campaign begins
at 16 Nordzucker factories.
2005/2006 2006/2007 2007/2008 2008/2009 2009/2010
Investments in property, plant and equipment
and intangible assets EUR m 52 52 125 67 62

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
October 2009
Dr Niels Pörksen starts work as
the new Chief Agricultural Officer.
1 Gross income/revenues
2 EBITDA/total revenues
3 Net income/revenues
4 Net income/equity
5 EBITDA/net interest
Unterkapitel
November 2009
Nordzucker appoints
Axel Aumüller as the new
Chief Operating Officer.
Yield ratios
2005/2006 2006/2007 2007/2008 2008/2009 2009/2010
Gross margin 1 % 29.0 32.3 28.5 21.9 29.7
Total operating profitability 2 % 13.5 17.7 18.6 15.2 9.7
Return on revenues 3 % 5.3 9.3 6.2 3.7 -0.7
Return on equity 4 % 13.3 16.8 10.9 6.1 -1.3
Interest coverage ratio 5 8.0 13.4 23.1 10.5 2.8
Redemption period 6 years 1.2 0.6 1.4 1.8 4.0
Cash flow from operating activities per share EUR 1.86 3.08 – 3.46 6.78
Earnings (Group) per share 7 EUR 1.43 2.38 1.66 0.91 -0.21
Dividend per share 8 EUR 0.26 0.48 0.48 0.22 –
Total dividend EUR m 12.6 23.2 23.2 10.6 –
Balance sheet ratios as of 29/2/28/2
January 2010
Nordzucker reintegrates sales.
The campaign finishes on 22 January
after an average of 117 days.
February 2010
Hartwig Fuchs becomes the new Chief Executive Officer.
Nordzucker launches a raft of measures to strengthen
profitability.
2005/2006 2006/2007 2007/2008 2008/2009 2009/2010
Balance sheet total EUR m 1,343 1,651 1,804 1,879 2,456
Equity EUR m 518 683 731 718 744
Equity ratio % 39 41 41 38 30
Debt capital EUR m 825 968 1,072 1,160 1,712
Financial liabilities EUR m 241 217 392 497 778
Cash and cash equivalents EUR m 46 87 29 201 114
Net debt 9 EUR m 195 130 363 295 664
6 Net debt/EBITDA
7 Net income/number of shares
8 Total dividend/number of shares
9 Cash and cash equivalents – financial liabilities

2 Annual Report Nordzucker 2009/2010
Nordzucker Market and Company
Highlights of the year 2009/2010
Market Company
Sugar market reform implemented
The opening of the market for sugar from ACP and LDC
countries1, the EU-wide reduction in the volume of quota
sugar by nearly 6 million tonnes and – as a consequence –
the drop in production capacities have all changed the EU
sugar market for good. At the same time, the last reduction
in the reference price for sugar was made in October 2009,
taking it from its original figure of EUR 631.90 to EUR 404.40
per tonne of sugar.
No ”final cut“
The current sugar market regime forms the framework for
the European sugar industry up to 30 September 2015.
A general reform of the EU's agricultural policy is already
planned for 2013. However, the EU has ruled out a further
reduction in the current sugar quotas (”final cut“) prior to
2015.
1 ACP countries: Organisation of countries from Africa, Caribic and Pacific regions;
LDC countries: Least Developed Countries of the world
Acquisition of Nordic Sugar
The acquisition of the new Nordzucker subsidiary, Nordic Sugar,
was completed on 2 March 2009. The 2009/2010 Annual
Report is the first for the greatly expanded Nordzucker Group.
With the acquisition, Nordzucker grew its revenues by some
52 per cent to EUR 1.8 billion. As the strong number two
supplier in Europe, Nordzucker has added a coherent North
European market to its sales area.
Reintegration of sales
Up to 31 December 2009, Nordzucker had pooled its sales
for Central and Eastern Europe in Eurosugar, a joint venture
with two partners – one English and one French. However,
the collaboration between Eurosugar and the sales division of
Nordic Sugar was not approved under competition law. On
1 January 2010, Eurosugar ceased its operating activities.
Nordzucker now carries out sales directly again.
Ertragskraft plus
In the reporting year, a package of measures known as Ertrags -
kraft plus (Profitability plus) was initiated to permanently safeguard
profitability. 400 targeted measures have been devised
to continuously increase efficiency as part of an ongoing improvement
process.

Campaign
117 campaign days
After 117 days, the 2009/2010 sugar beet campaign concluded
on 22 January 2010. Some 17.5 million tonnes of beet
were processed at Nordzucker's 16 factories. In the previous
year – prior to the acquisition of Nordic Sugar – the throughput
totalled 10.3 million tonnes during the 103-day campaign.
Above-average yields
Above-average beet yields and sugar content prompted a
record harvest throughout the Group. Overall, the average
beet yield was 60.9 tonnes per hectare (previous year: 58.9
tonnes). The sugar content was 18.0 per cent on average
and thus well above the long-term mean. The average sugar
yield was 10.9 tonnes per hectare (previous year: 10.6 tonnes).
Nordic Sugar also experiences record year
In Denmark, top yields of 12.6 tonnes of sugar per hectare
were attained during the 2009/2010 campaign. In Sweden,
Finland and Lithuania, yields were also significantly higher
than in the previous year.
Contents
The Management Team 4
Letter from the
Management Board 5
Concentrating on our work
– and looking ahead 8
Challenges in the sugar market 9
An interview with Hartwig Fuchs 13
Focus on our profitability 16
Staff portraits 20
Our customers 24
Portraits of beet farmers 30
Group management report 38
Nordzucker at a glance 39
Economic environment
and market developments 41
Earnings, net assets
and financial position 45
Employees 51
Risk report 51
Supplementary report 54
Forecast report 55
Consolidated financial
statements 56
Consolidated
income statement 56
Statement of
comprehensive income 56
Consolidated
cash flow statement 57
Consolidated balance sheet 58
Consolidated statement of
changes in shareholders’ equity 60
Notes to the consolidated
financial statements 61
Auditors’ report 105
Report of the Supervisory Board 106
Corporate governance report 108
Declaration on the
German Corp. Gov. Code 109
Glossary 110
Financial calendar inside cover
3

4
Dr. Michael Noth
(born in 1962)
● Member of the Executive
Board of Nordzucker AG
since 2009
● Responsible for:
– Central finances,
controlling, taxes
– Central financing and
cash management
– Central insurance, risk
management
– Central IT
Annual Report Nordzucker 2009/2010
The Management Team
Mats Liljestam
(born in 1959)
● Member of the Executive
Board of Nordzucker AG
since 2009
● Responsible for:
– Sales and marketing
in Central Europe,
Northern Europe and
Eastern Europe
Hartwig Fuchs
(born in 1959)
● Chief Executive Officer
of Nordzucker AG
since 2010
● Responsible for:
– Central human resources
– Central public relations
– Central communications
– Group legal
– Central corporate
development
– Internal auditing
– Central and Northern
Europe regions
Axel Aumüller
(born in 1957)
● Member of the Executive
Board of Nordzucker AG
since 2009
● Responsible for:
– Production in Central
Europe, Northern Europe
and Eastern Europe
– Central procurement
– Central innovation and
technology, sustainable
development
Dr. Niels Pörksen
(born in 1963)
● Member of the Executive
Board of Nordzucker AG
since 2009
● Responsible for:
– Beet procurement in
Central Europe, Northern
Europe and Eastern Europe
– Central beet procurement
strategy
– Eastern Europe region

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Dear Shareholders,
In the past three years, comprehensive measures for the reform of the sugar market regime
have been implemented. The reform has forced both beet farmers and us to make extensive
structural changes – these included closing factories, reducing quotas, limiting exports
and lowering both the minimum beet price and the sugar reference price. A ”final cut“,
i.e. a further reduction in sugar quotas by the EU, is no longer expected. We nevertheless
have to assume that price pressure on the EU sugar market will continue. As a long-term
consequence, it will become more difficult to pass cost increases on to the market. Further
market consolidation is therefore likely in the medium term. Over the past few years, we
have purposely grown the company in preparation for this situation.
A long record of mergers and acquisitions, first in Northern Germany, then in Eastern
Europe and finally in the Nordic and Baltic states makes our strategic direction clear: since
Nordzucker AG was established in 1997 the company has focussed sharply on international
growth in the EU sugar market. Each step completed has its roots in our strategy to become
more efficient and more competitive through growth. We do not wish to grow simply for
the sake of size, but rather as a way to achieve effective cost structures and a high market
presence in an ever more difficult competitive environment.
Productivity Nordzucker
Productivity in sugar production per employee
(adjusted for Serbia and Nordic Sugar)
1,200
1,000
800
600
400
200
0
2001/2002 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10
5

6 Annual Report Nordzucker 2009/2010
Therefore productivity, as measured by sugar production per employee, has more than
doubled since 2001, an essential condition for the long-term success of our business in the
market.
The acquisition of Nordic Sugar completed in March 2009 has positioned our company as
strong number two in the European sugar market and thereby given us a strong market
position that can also be used for further growth.
Nordic Sugar contributed around 40 per cent of Group revenues in the financial year
2009/2010 and also fulfilled a very successful campaign. On the other hand, a whole series
of non-recurring factors depressed earnings. These include clearing out the investment
portfolio to improve profitability of the sugar business, reintegrating sales activities from
Eurosugar and accounting effects from the acquisition of Nordic Sugar. As a result,
Nordzucker had to show a net loss of around EUR 10 million.
This makes it all the more important to keep consistently improving operating processes in
production and administration. As part of our current efficiency programme Ertragskraft plus
(Profitability plus), we have identified 400 steps in various areas of the company. These
measures relate to optimising logistics, for example, and pooling purchasing for the entire
Group. They also include staff cuts – also in administrative areas. With the help of this
package, we intend to save a total of EUR 67 million per annum as of the 2014/2015 year.
Integrating Nordic Sugar, realising the benefits of our size and safeguarding sustainable
profitability are the focus of our endeavours in the current financial year.
Ertragskraft plus: Cost savings in four areas
in per cent
Production
38%
Procurement
30%
Sales and marketing
7%
Human resources
25%

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
We derive our strength from concentrating on our core business. Our market strength and
our profound expertise, the high quality of our products and closeness to our customers are
important conditions for our success, but so are constant improvements to our cost base.
Nordzucker came about as a result of growth and mergers. For the future, we are also
working intensively to continue our company's strategic development.
Our thanks go to all our staff for their great commitment and their efforts in changeable
times. As a relatively young Executive Board team – at least young in terms of years in
office – we want to develop the company together with you, our shareholders. Thank you
for your confidence.
Nordzucker AG
Management Board
Hartwig Fuchs
Dr Michael Noth
Axel Aumüller Mats Liljestam
Dr Niels Pörksen
7

8 Annual Report Nordzucker 2009/2010
Concentrating on our work
– and looking ahead

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
The sugar market reform in 2006 permanently changed Europe's sugar industry. Factory
closures, decreasing volumes and prices along with rising restructuring fund levies have
dominated developments in recent years. Nordzucker has spent a total of approximately
EUR 450 million on restructuring levies in Germany. The whole sector has had to make
radical cutbacks; in total, the European sugar industry has shrunk by a third. And that's not
all: the EU has become a net importer. The domestic market can only be reliably supplied
by an experienced and innovative domestic sugar industry.
Agricultural markets in flux
Challenges in the sugar market
Challenges in the sugar market
Organised by the World Trade Organisation (WTO), negotiations regarding new international
trade agreements commenced in the Qatari desert city of Doha in 2001. The objective of
the ”Doha Round“ was – and remains – to grant developing countries better market access,
especially for agricultural products, and increase the global trade volume at the same time.
In return, the industrialised nations should be able to ramp up their exports of industrial
goods. Although the negotiations have not yet resulted in a satisfactory outcome, a ”spirit
of Doha“ has developed which places the welfare of all countries at the heart of the global
market economy. Following a transitional period, any conclusion to the WTO negotiations
will also affect the European sugar market.
Sowing 2010: Hartwig Fuchs talking with Klaus Hölemann, employee of Salzgitter-Güterverwaltung Nörtenhof.
9

10
Annual Report Nordzucker 2009/2010
Changing sugar industry
Prompted by the sugar market reform, 79 sugar factories have been closed in the EU since
2005. Since then, the EU production volume of quota sugar alone has plummeted by six
million tonnes. The industry can no longer cater for domestic demand with this volume.
Previously a sugar exporter, the European Union is now a net importer. Approximately 20
per cent of the sugar consumed in the EU is imported, predominantly from poorer African
countries. Another of the reform's objectives was to help European sugar consumers by reducing
sugar prices. Producer revenue has been slashed by a total of some EUR 3.5 billion.
However, although the preferential treatment of sugar supplied to the EU market from ACP
and LDC countries was intended to improve their income, these countries are also suffering
from the price cuts. Ultimately, the challenge for the sugar industry is to safeguard supplies
to the EU, using imports where necessary.
2013 agricultural reform
In this context, the EU is planning to conduct a far-reaching agricultural reform in 2013 and
postulating the following key objectives:
1. EU budgetary stability
2. Security of supply and food safety within the EU
3. Maintaining natural resources in Europe
4. Further developing rural areas and regional economic strength within the EU
Sugar production in the EU and worldwide
Global market (in millions of tonnes)* 2008/2009 2009/2010
Supply 153.0 159.9
Demand 164.3 167.1
EU (in millions of tonnes)** 2008/2009 2009/2010
Consumption 16.5 16.5
Exports (quota and non-quota sugar) 1.1+ 0.8 1.0 + 2.0
Production (quota)*** 13.9 13.8
in per cent of consumption 84.2 83.6
Production (non-quota) 2.9 4.1
Imports ACP/LDC/other 3.4 3.7
* Source: F. O. Licht's Second World Sugar Balance
** Source: Management Committee of the European Commission, Balance Sheet February 2010
*** Incl. isoglucose (0.8 million tonnes in 2008/2009, 0.7 million tonnes in 2009/2010)

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Challenges in the sugar market
A comparison of these specifications with the reformed sugar market regime which is currently
valid and the real sugar trade in the EU makes one thing clear: the current system
fulfils every single one of these objectives. The sugar market regime does not entail any
intervention or export refunds for sugar. There are no subsidies for sugar draining the EU
budget. Furthermore, domestic production is capable of supplying 80 per cent of the population
in the case of potential international crises and ensuing fluctuations in prices on the
global sugar market. The environment, climate and natural resources also benefit from sugar.
Beet produces more oxygen than other plants and has a highly positive effect on the soil's
fertility. Sugar factories also utilise it in full as sugar is not the only sought-after industry
product – beet pellets and molasses are also in great demand. In recent years, we have also
made every effort to optimise our energy consumption and slashed CO2 emissions.
Sugar market reform
79 factory closures in the EU-27 since 2005
Sugar factory in 2008
Sugar refinery
Closure
Portugal
Ireland
Great Britain
Spain
France
The Netherlands
Norway
Denmark
Germany
Belgium
Luxembourg
Switzerland
Italy
Sweden
Austria
Slovenia
Malta
Finland
Lithuania
Poland
Czech Republic Slovakia
Hungary
Estonia
Latvia
Romania
Greece
Bulgaria
11

12
Annual Report Nordzucker 2009/2010
All in all, sugar production therefore complies with extremely high environmental standards.
The social standards for industry workers are also much better than conditions in
other regions. Like many other companies, Nordzucker has long since been prioritising
health and safety at work. We also make a major contribution towards regional economic
strength. Most of our sugar factories are located in rural, structurally weak regions, where
we create jobs and safeguard beet cultivation. In short, the European sugar industry already
complies with all the key political objectives. We expect that there will be no significant
changes to the current sugar market regime after 2015.
Strengthening beet cultivation in Europe
Nordzucker has a key economic responsibility: we safeguard domestic sugar production for
human food. In 2009, we consciously adopted a growth strategy in the EU sugar market –
proof that we still take this responsibility seriously, even though the 2006 sugar market
reform caused conditions on the EU sugar market to deteriorate for us. We will continue
to pursue this path in future, respecting the objectives of an EU-wide agricultural policy,
caring for the environment, our staff and our beet suppliers, and ensuring that our clients
always have a reliable supply of high-quality sugar.
CO2 emissions and total energy consumption at Nordzucker AG
in per cent, 1998/1999 = 100
100
96
93
96
97
92
86 83 85
82 80
1998/1999 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10
77

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
An interview with Hartwig Fuchs
» At the moment, 80 per cent of the sugar consumed in the EU is
produced from domestic beet and about 20 per cent is imported.
Current forecasts – for example by the International Sugar
Organization – anticipate that this will remain the case in future.
Hartwig Fuchs, CEO, Nordzucker AG
An interview with Hartwig Fuchs
Mr Fuchs, you worked in the grain trade for many years. This sector – like all agricultural
markets – has also experienced major changes in recent years. What steps did
you take as a result?
It is a fact that markets change – there's no way of preventing that. Lamenting it is futile.
Instead, it is crucial that we take action, adjust our corporate structures and, above all,
actively face the market challenges. We have to become more commercial and leaner –
that is critical to our ongoing success.
In what way do you believe sugar differs from other agricultural products?
Unlike other agricultural products, sugar is used directly as human food. This means it is
immensely important to take the utmost care during production. For that reason, our
many certified systems constantly test our products to ensure excellent quality.
«
13

14 Annual Report Nordzucker 2009/2010
However, there is another major difference between beet and other agricultural products.
With wheat, for example, there are many different varieties which are used for different
products and are therefore marketed to different clients. By contrast, quota beet can only
be sold via the sugar industry. This gives rise to a mutual dependency between beet farmers
and factories. Every year, farmers face the decision of which crop to grow based on the
income it is expected to generate. Due in part to the volatility of the agricultural markets,
quota beet is still superior to other arable crops. In addition to this, beet cultivation offers
farmers a high degree of budgetary security.
How do you believe the global sugar market will develop in future?
Global sugar consumption has risen continuously in recent years, by almost three per cent
per annum. This is primarily due to growing sugar consumption in highly populated Asian
countries such as China and India, where sugar is one of the classic indicators of increasing
wealth.
However, sugar production has been unable to match consumption on a global scale in
the past two years. Especially last year, this resulted in a sharp rise in global market prices.
All in all, I don't believe that prices will plummet. However, we will see a considerable increase
in fluctuations.
What role do imports from the ACP and LDC countries play?
Since 1 October 2009, ACP and LDC countries have been permitted to export virtually
unlimited quantities of sugar to the EU. However, in actual fact the volume is dependent
on both the global market price and the production capacities in the relevant developing
countries. At the moment, 80 per cent of the sugar consumed in the EU is produced from
domestic beet and about 20 per cent is imported. Current forecasts – for example by the
International Sugar Organization – anticipate that this will remain the case in future.
Can Brazilian sugar jeopardise Nordzucker?
It is true that production costs for cane sugar are much lower in Brazil than they are for
beet sugar here. But we must not forget to factor in freight and logistics costs: shipping
prices are extremely volatile at present. As a consequence, prices can quickly fluctuate by
as much as 40 dollars per tonne of sugar. And that's not all: when global market prices are
high, the market outside Europe is much more attractive. In addition to this, a large proportion
of Brazilian sugar cane is used to produce ethanol. In this way, Brazil maintains an
independent energy supply system. However, there is no question that we still need reliable
external protection to safeguard the EU markets.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
An interview with Hartwig Fuchs
The current sugar market regime is valid until the 2014/2015 sugar marketing year.
How do you expect underlying conditions to develop?
I am confident that the fundamental aspects of the existing market regime will be retained
beyond 2015. After all, the EU's political and economic objectives include developing rural
areas, protecting the climate and conserving resources. For this reason, sugar beet will
continue to play an essential role in crop rotation in Europe.
What are the greatest challenges for Nordzucker?
Our company has to become more profitable and we must instil a stronger commercial
element in the way we think and act. Together with our beet farmers, we will convince
policymakers and the general public that there needs to be a sugar market regime in the
EU even after 2015. I am very confident that we will succeed in doing this. Nevertheless,
we will still have to tackle market challenges in the future – such as growing competition
within the EU. Nordzucker also has a responsibility to help ensure security of supply in
the EU, by importing raw cane sugar when necessary. This means it is crucial for our future
success that we establish Nordzucker as a company which acts commercially, where staff
also think in commercial terms. We need to become a company with an even faster, leaner
and more flexible structure than before. Our objective must be to keep paying attractive
prices for beet while consistently maintaining the company's growth path.
Hartwig Fuchs on developments in the sugar market.
15

16 Annual Report Nordzucker 2009/2010
Focus on our profitability
» The history of sugar production from beet is all about change
and constant improvement. We're still working on it, day by day.
Axel Aumüller, Chief Production Officer, Nordzucker AG
«
Business has always brought with it change, renewal, challenges – but also progress rather
than a state of standstill. Although it is often painful, structural change is ultimately the
force which drives business and markets. The same applies to the sugar market.
However, the pace has picked up in recent years. The EU sugar market has seen a great
deal of upheaval. Although the EU countries used to be major sugar exporters, they now
import more sugar in net terms. At the same time, market liberalisation and the resulting
lower reference price have upped the market pressure. This trend will continue in the years
to come.
As a consequence, the sugar price and sugar sales are considerably more volatile than they
were just a few years ago – and companies' incomes have become harder to forecast and
more uncertain. All of this has made our industry riskier and more complex. It is also a sector
facing completely new challenges.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Change as an opportunity
Focus on our profitability
Nordzucker has already felt the effect of the market changes: our earnings in the
2009/2010 financial year were significantly lower than in the previous year. It is clear that
we are at the beginning of a long process which will pose major challenges for the management
team and every individual employee. It is also clear that we must substantially
improve our profitability by the end of this process so that we can continue to operate
successfully on the market. We have to counteract shrinking margins with growing cost
consciousness. This will inevitably mean making painful cutbacks. However, it is the only
way we can take our company forwards into a economically bright future.
Tackling the challenge, boosting profitability
The Ertragskraft plus (Profitability plus) package of measures which we adopted and initiated
for the whole Group in February 2010 sets out our goal. As of the 2014/2015 financial
year, we want to save EUR 67 million per annum and thereby sustainably improve our
profitability. Despite the medium to long-term perspective, this will be achieved in realistic,
Uelzen evaporation plant: an energy pioneer
Saving energy is one of our prime objectives – for the sake of the environment but also
to cut costs and make our business more efficient. As part of its energy-saving efforts,
Nordzucker launched an energy efficiency project at its largest plant in late October 2008.
The project centres on a huge increase in the heating areas at the Uelzen evaporation plant.
This increases the amount of solid material in the thick juice even before it undergoes crystallisation
at the sugar factory. As less water has to be evaporated at the sugar factory, this
directly reduces the amount of primary energy needed. This has already proved a real success:
85 per cent of the potential energy savings were already achieved during the 2009 campaign.
56 kilowatt-hours less energy are now used per tonne of sugar. That is equivalent to 2,700
tonnes of hard coal in 66 lorries or three barges.
The modern evaporation plant in Uelzen: energy savings
were already achieved during the 2009 campaign.
17

18 Annual Report Nordzucker 2009/2010
» The change in the sugar market means we need to change the way we
think – and that goes for every single one of us. Above all, we need to
act in a more cost-conscious manner to strengthen our profitability!
Dr Michael Noth, Chief Financial Officer, Nordzucker AG
manageable steps, with concrete, quantifiable measures and clearly defined responsibilities.
But above all: every individual company division is involved in the programme and
every individual member of staff is called on to play their part.
400 measures in four areas
«
Realistic yet ambitious – some 400 measures are currently planned in the four areas of production,
procurement, human resources and marketing and sales. This action is being taken
systematically and consistently. Above all, we want to reduce our energy consumption to
counteract rising energy costs. We will also optimise our distribution logistics and pool
procurement processes in the purchasing department. Even the Group structure is being
re-assessed in the light of unprofitable investments. The reintegration of Eurosugar and the
disposal of our Serbian sugar operations are the first steps towards optimising our investment
portfolio.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Focus on our profitability
To achieve our profitability targets for the sake of the company, we also need to raise the
issue of job cuts. In concrete terms, this means Nordzucker will shed some 300 jobs by the
2014/2015 financial year. We will, of course, ensure that these job losses have the minimum
social impact possible. At the same time, we also aim to create new jobs where necessary
to safeguard our company's future.
Nordzucker is tackling the challenges raised by the changing sugar market. More than this
– the company is viewing them as an opportunity to emerge from the current situation as
a stronger, more profitable business which is better prepared for the future.
Greater efficiency in logistics too
This is the aim of the new sugar silo being constructed by Nordic Sugar in the Danish
town of Nykøbing. The newbuild has a capacity of 60,000 tonnes and replaces the small
silos scattered throughout the country. This allows sugar to be transported straight from
the factory to the client without the detours and intermediate storage previously needed.
Packaging systems are also integrated into the facility, enabling the sugar to be packed on
site. This generates permanent savings by reducing transportation, logistics and maintenance
costs.
The new silo in Nykøbing pools sugar storage and
improves logistics.
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Annual Report Nordzucker 2009/2010
Strength through diversity:
portraits of Nordzucker staff
What are you proud of?
André Pollex: ”Nordstemmen is Nordzucker's
fastest-growing site. In 2009 we processed two million
tonnes of beet. That is 800 tonnes a day more
than before.“
What is your favourite product?
André Pollex: ”I use the brown sugar to bake
delicious biscuits and cakes, and the brown tea
sugar also tastes great in cocktails like the Hot
Caipirinha. I co-developed both types of sugar
for Nordzucker.“
Where do Nordzucker's strengths lie?
André Pollex: ”We are one of Europe's leading sugar
producers. Our factories are among the most up to
date in the world. Nordzucker produces high-quality
sugar at market-driven prices.“
Ann Marie Pedersen works as a laboratory
assistant, and during the off-season she is
also attached to the canteen and cleaning
team. She has been employed with the
company since 1996.
What are you especially proud of?
Ann Marie Pedersen: ”I see Nordic Sugar as a company
that is committed to social responsibility and
that cares about its employees. That is something I
appreciate. Also, we have a good sickness policy and
we help provide good training opportunities for young
people for instance.“
André Pollex began his career in 1999 as a scientist;
today he is the Production and Technology
Manager at the factory in Nordstemmen for
Nordzucker AG.
What is your favourite Nordic Sugar product?
Ann Marie Pedersen: ”Gelling sugar – it is easy to use
and it makes my blackberry tarts look like something
that comes straight from the bakery!“
What do you consider to be the company’s main
strength?
Ann Marie Pedersen: ”Quality – we supply products
of superb quality. We are really top of the pops in that
area! I see proof of that all the time in my quality
control work at the laboratory. This is an area where
we really excel.“
What recommendation would you give to make
improvements?
Ann Marie Pedersen: ”For the past few years we have
been working with projects where we have become
increasingly involved in the decision-making processes,
but I think we could take that even further. I would like
us to have an even greater level of influence for instance
on how we solve our various tasks at our factory.“

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Staff portraits
Małgorzata Żurawska has been with the company since
the Polish Nordzucker subsidiary was established and
works at the factory in Chełmża as a raw materials
inspector.
What are you especially proud of?
Małgorzata Żurawska: ”That Nordzucker navigated
successfully through the sugar market reform, because
that is something only a few sugar producers have
managed!“
What are you especially proud of?
Marion Schaefer: ”Our high quality standards that
we refine continuously, and the fact that have implemented
new standards such as ISO 22000 and PAS
220 (product safety standards) very quickly and with
great success.“
What is your favourite product from Nordzucker/
Nordic Sugar?
Marion Schaefer: ”I love the preserving sugar 1:1
because it even sets unusual jams like my current
favourite, red wine and fig, which is delicious with
cheese.
I'm afraid I haven't tried all the products from Nordic
Sugar yet, but the cane syrup is great, for savoury
dishes like curries as well.“
What do you see as the company's outstanding
strength?
Marion Schaefer: ”That's easy: the great colleagues
and the good working atmosphere. That makes
Nordzucker Group a very special company.“
What is your favourite Nordzucker product?
Małgorzata Żurawska: ”The brown sugar from
SweetFamily! Its caramel aroma is a delicious addition
to drinks and desserts and the colour makes cakes
look even better. Even the packaging is elegant!“
Where do you see the company's strengths?
Małgorzata Żurawska: ”Nordzucker has a strong
position on the international sugar market and an
effective investment strategy, not to mention highquality
products and an extensive assortment.“
Where do you see room for improvement?
Małgorzata Żurawska: ”We should deploy more
new technology in order to make better use of
capacities and increase our profitability. It is also
important for us to open up new sugar markets and,
above all, tap the market for biofuels.“
Your vision for Nordzucker in 2020?
Małgorzata Żurawska: ”Nordzucker will remain a
leading company and continue to shape the European
sugar market. For the employees that means
having a secure job in future too.“
Marion Schaefer has been working at
Nordzucker since 1999. Since early 2010
she has been based in Copenhagen for
Nordzucker.
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22 Annual Report Nordzucker 2009/2010
What are you especially proud of?
Andreas Tollkühn: ”Being part of such an innovative
company for more than two decades now! I started
at Zucker AG in Uelzen in 1988, and after the merger
that created Nordzucker AG I moved to Brauschweig.”
What is your favourite product from Nordzucker?
Andreas Tollkühn: ”As I come from the animal feed
department I'm obviously very attached to those
products and their marketing.“
What do you see as the company's outstanding
strength?
Andreas Tollkühn: ”Its well-trained, experienced
and committed staff as well as the close collaboration
with the farms.“
Niklas Hanner has been at Nordic Sugar in
Örtofta, Sweden, since 2004. As Head of
Production, he is responsible for operating
the lime kiln, juice purification and the
evaporation plant.
Andreas Tollkühn has been working for
Nordzucker and its predecessor companies since
1988 and is responsible for sales and distribution
of animal feed and molasses at Nordzucker.
What are you proud of?
Niklas Hanner: ”The commercial acumen of our
staff, their team spirit and our successful 2009/2010
campaign. I'm also proud of the Group's business
operations, the efficient factories and our expertise.“
What is your favourite product from the
assortment?
Niklas Hanner: ”Preserving sugar, which I use to
make heavenly desserts.“
Where do you see the company's strengths?
Niklas Hanner: ”We are the number two in Europe,
our sites are close to our markets, we have a well-
defined core business. All this, combined with our skills
and the love we bring to our work, means our company
has everything to make a success of the future.“
What improvements would you recommend?
Niklas Hanner: ”Sharpening our corporate profile!
We are Europe's second largest sugar producer –
that's something everyone should know. We have to
improve our communications: say what we stand
for, where we want to go and how we intend to get
there.“

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
What are you especially proud of?
Staff portraits
Jaroslav Belak: ”I'm very proud of the company's general stability,
its dominance of the Slovakian market and the opportunities for
personal development that we have as employees of Nordzucker.“
What is your favourite product from the Nordzucker/Nordic
Sugar assortment and why?
Jaroslav Belak: ”My favourite product is the granulated sugar.
I work in the Service Centre, and the classic 1 kg bag of granulated
sugar is the most popular product there. I also love the brown
Sweet Family cane sugar, which I like to use for sweetening my
coffee because it emphasises the mildness of the coffee so well.“
What do you see as the company's main strengths?
Jaroslav Belak: ”In my view, the company's main strength lies in its
continuous, long-term competitiveness.“
Do you have any recommendations for improvements?
Jaroslav Belak: ”I think there are definitely reserves, or rather a lack
of storage space at Považský Cukor, and for this reason I would
recommend investing in warehousing operations and storage
capacities.“
Daniel Beneke has been at fuel 21 in Klein Wanzleben
since October 2007, becoming a head production
assistant in autumn 2009.
When did you start working for fuel 21 and what do
you do?
Daniel Beneke: ”I started work at fuel 21 in October
2007 as a plant operator. In spring 2008, five employees
Jaroslav Belak has worked for Považský
Cukor in the Service Centre since 1992.
were made shift supervisors and I was one of them. In
October 2009, I started my new job as head production
assistant.“
What are you especially proud of?
Daniel Beneke: ”The fact that I've been able to carry
out all the jobs I've been given so far and that the
workforce has succeeded in making fuel 21 an established
part of Nordzucker AG in such a short space of
time.“
What is your favourite product from Nordzucker
and why?
Daniel Beneke: ”A good cup of coffee isn't complete
without a sugar lump from Nordzucker.“
What do you see as the company's outstanding
strength?
Daniel Beneke: ”Despite the difficult situation, fuel 21
has always maintained a consistently high product
quality on the market and to this date has fulfilled all
its delivery contracts.“
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Annual Report Nordzucker 2009/2010
A far-sighted approach:
focusing on our customers
» The sugar world has changed. We have to internalise these
changes and re-adjust to our clients' needs every day.
Mats Liljestam, Chief Marketing Officer, Nordzucker AG
«
Close customer relationships, often built up over years, are one of Nordzucker's key strengths.
The following customer interviews clearly show the value of close contacts founded on trust,
especially in times when markets are changing and posing new challenges for us. Maintaining
close relationships and dialogue with our clients means we pick up on such trends in good
time. Our long-standing, experienced staff have extensive industry expertise and help our
customers to find individual and extraordinary solutions.
Given that the sugar market is expected to become even more volatile over the next few
years, it is all the more important for our customers to have a reliable, experienced partner
such as Nordzucker.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Industry, Hungary
Bonbonetti
Our customers
Tamás Sarkadi, Head of Purchasing Department
How long have you been a client of Nordzucker?
Tamás Sarkadi: ”Bonbonetti – formerly Stollwerck Budapest – has been using
Nordzucker for 15 years.“
What is so good about working with Nordzucker?
Tamás Sarkadi: ”We value the high level of professionalism and good communication.“
What do you see as the company's strengths?
Tamás Sarkadi: ”Nordzucker is reliable and always supplies top-quality products.
The sound financial background and good service are also important.“
What would you like Nordzucker to do in future?
Tamás Sarkadi: ”We would like Nordzucker to identify changes in prices for
imported sugar sooner and react to them faster.“
Retail, Germany
Edeka C+C
Karsten Hoffmann, Product Group Manager
How long has Edeka C+C been a client of Nordzucker?
Karsten Hoffmann: ”Over 15 years.“
What is so good about working with Nordzucker?
Karsten Hoffmann: ”The two companies have a reliable partnership which has stood the
test of time.“
What do you see as the strengths of Nordzucker AG?
Karsten Hoffmann: ”The sugar supplied by Nordzucker meets the very highest standards
of quality. We hardly ever have reason to complain. The staff also react very quickly to our
queries.“
What would you like Nordzucker to change in the future?
Karsten Hoffmann: ”Nordzucker has already picked up on and implemented all the
suggestions we've made in the past!“
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Annual Report Nordzucker 2009/2010
Retail, Poland
Centrala POLOmarket Sp. z o.o.
Adam Gubański, Category Manager
How long have you been a Nordzucker client?
Adam Gubański: ”I have worked with Nordzucker for six years, and buy sugar for REWE
(mini MAL), Tengelmann (Plus Discount) and POLOmarket, a Polish supermarket chain.“
What do you rate highly in your dealings with Nordzucker?
Adam Gubański: ”The aspects of co-operation I value most highly are sincerity, flexibility
and comprehensive product availability. We also make plans for massive price changes in
the market such as those we experienced when Poland joined the EU, so that such situations
do not hit us unexpectedly, and I can always rely on the professionalism of the flow of information
– which considerably reduces our risk with respect to low-turnover products.“
What are the company’s main strengths?
Adam Gubański: ”I think Nordzucker’s main strengths are the comprehensive and varied
range of products, and the quality of the goods that they supply. I value the sugar products
very highly, as well as the fact that Nordzucker has preserving sugar in its product line,
because this is gaining increasingly in popularity in Poland.“
If you had a request concerning Nordzucker – what would it be?
Adam Gubański: ”With so many attractive products I would recommend that Nordzucker
invest in a big way in the visualisation of its products in shops, and especially, to set up POS
product presentation stands. Another thing is that products for diabetics are missing from
the SweetFamily brand.“
Retail, Germany
Zeisner Feinkost
Thomas Zeisner, Managing Director
What do you like about working with Nordzucker?
Thomas Zeisner: ”Our collaboration is professional and also rests on a spirit of partnership.
You can't ask for more than that!“
What do you see as Nordzucker's strengths?
Thomas Zeisner: ”Nordzucker has maintained its high level of quality for as long as
we've known them. We can always rely on that. The staff have in-depth knowledge of
their products and Nordzucker always processes orders reliably.“
Do you have a recommendation for Nordzucker?
Thomas Zeisner: ”Keep up the good work!“

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Our customers
Retail Finland
Tuko Logistics Oy
Paula Suutari, Category Manager
How long have you been a Suomen Sokeri / Finnsugar client?
Paula Suutari: ”Relations between our companies date back more than four
decades.“
What do you rate highly in your dealings with Suomen Sokeri / Finnsugar?
Paula Suutari: ”High delivery reliability is our number 1 priority, but friendly
customer service as well as sugar market and product knowledge rank high, too.“
What are the company’s main strengths?
Paula Suutari: ”Delivery reliability and speed of deliveries, also for large quantities,
are among Nordic Sugar’s strong points, although for jam sugar the 2009 season
was not fully up to scratch. We also appreciate the service mindedness we meet with
the company’s team, who are for instance helpful in reminding us of upcoming high
seasons and the planning for that.“
If you had a request concerning Suomen Sokeri / Finnsugar – what would it be?
Paula Suutari: ”Lower prices are a constant request.“
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Annual Report Nordzucker 2009/2010
Industry, Germany
Herza Schokolade
Maike Hintzer-Riedl, Managing Assistant
How long has your company been using Nordzucker?
Maike Hintzer-Riedl: ”Herza has been using Nordzucker products to make its chocolate
for more than 20 years.“
Why does Herza particularly like working with Nordzucker?
Maike Hintzer-Riedl: ”Because Nordzucker only uses domestically produced beet to make
its sugar.“
What do you see as Nordzucker's strengths?
Maike Hintzer-Riedl: ”Nordzucker processes our orders quickly and flexibly, supplies the
sugar reliably and on time, and offers us products of outstanding quality.“
What do you expect of Nordzucker in future?
Maike Hintzer-Riedl: ”That we will keep working together as usual! We hope to keep
receiving the good, friendly and flexible service which Nordzucker has been providing for
years.“
Industry, Slovakia
Kraft Foods Slovakia, a. s.
Daniel Široň , Material Management Specialist
How long have you been working with Nordzucker?
Daniel Široň: ”Kraft Foods Bratislava has been working with Nordzucker for over five
years. We buy standard granulated sugar wholesale. Sometimes we also buy palletised
icing sugar and ultra fine caster sugar.“
What do you like about Nordzucker?
Daniel Široň: ”Nordzucker reacts very flexibly and supplies sugar whenever we need it –
even though our production plan often changes at short notice. Nordzucker is always
very accommodating and offers an outstanding service. That even goes for deliveries on
Sundays and public holidays or standing in as a substitute supplier. In short: we're more
than happy!“
Where do you see the company's strengths?
Daniel Široň: ”The quality of the sugar products they supply is outstanding. We've never
had to complain about anything.“

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Industry Denmark
Novozymes
Our customers
Michael Beran, Category Manager
How long have you been a Nordic Sugar client?
Michael Beran: ”Novozymes has been a customer with Nordic Sugar for many years.“
What do you rate highly in your dealings with Nordic Sugar?
Michael Beran: ”Sugar is a large product in our enzyme production, both in terms of
volume and value. This means that it is key to us that the quality is right, that logistics are
smooth and effective and that the price is competitive.“
What are Nordic Sugar’s main strengths?
Michael Beran: ”Nordic Sugar is strong in logistics. Our production facilities are based
close to each other, which ensures high supply reliability. CSR is another top priority for
us, and Nordic Sugar is showing good performance in this area. Generally, we have a wellrunning
and uncomplicated collaborative relationship.“
If you had a request concerning Nordic Sugar – what would it be?
Michael Beran: ”The company should continue to focus on and invest in Operational
Excellence, so that they remain competitive on price. That is particularly important for a
company like Novozymes which operates in the global market. We see sugar as a commodity
that we could in principle source elsewhere.“
Industry, Germany
IGLO
Anita Buckstegge, Buyer – Ingredients
What do you like about Nordzucker?
Anita Buckstegge: ”We appreciate the good collaboration with Nordzucker and the fast
feedback to our queries.“
What are Nordzucker's strengths?
Anita Buckstegge: ”First and foremost, the high sugar quality. But punctuality is also
important. Whenever we call off sugar, Nordzucker always delivers on time.“
What recommendations do you have for Nordzucker for the future?
Anita Buckstegge: ”They could react to customer requests even better and even faster.“
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Annual Report Nordzucker 2009/2010
A fruitful relationship:
our beet farmers and Nordzucker
» It is essential to maintain close ties between Nordzucker and the
beet suppliers. The process of further developing and boosting
productivity begins in the farmer's field.
Dr Niels Pörksen, Chief Agricultural Officer, Nordzucker AG
«
Ever since Nordzucker's first predecessor companies were established, we have been working
with farmers in a spirit of partnership. Following in this tradition, many of our current
shareholders are still active beet farmers. The changes brought about by the 2006 sugar
market reform have had a major impact on our business. Nevertheless, quota beet remains
superior to other arable crops in financial terms. To ensure that this does not change, we
support our beet farmers with in-depth cultivation advice to increase yields and cut costs.
We believe that working together is the only way to sustainably boost productivity in sugar
production.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Portraits of beet farmers
Göran Olsson, Southern Sweden
Where is your farm and how many hectares have you planted with sugar beet?
What percentage of your land is given over to sugar beet?
My farm has 175 hectares and is situated in Southern Sweden, in a region with a very high
proportion of sugar beet farming. I plant sugar beet on 20 per cent of my arable land –
both quota and industrial beet.
How long have you and your family been farming sugar beet?
Only since 1996. I started as a part-time farmer and beet grower. I've worked on my farm
full-time since 2000 and have been extending my beet cultivation area continuously since
then.
What do you see as the main advantages of growing sugar beet?
Sugar beet has lots of advantages: above all it's a plant that rewards care and detailed
knowledge. By permanently monitoring crop standards and the plants' development I
achieve good results – both in the harvest and financially.
What has changed for you personally since the reform of the sugar regime?
The lower beet price means that I now plan and monitor cultivation even more carefully.
This has enabled me to increase my yields and continue to earn reasonable profits.
What developments do you foresee for Nordic Sugar and your business in the period
up to 2020?
I will still be growing sugar beet in 2020. Sugar beet is a valuable soil-improving crop. But
farmers and industry should swap their knowledge and experience and share both the risks
and the rewards.
What did you think about Nordzucker's acquisition of Nordic Sugar?
I think it's a very good solution, because together we now have an optimal size. I'm also very
pleased that the working relationship has continued smoothly and without any problems –
everything works as well as before between me and the local Nordic Sugar Agricentre.
Göran Olsson, Southern Sweden
Södra Åby
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32 Annual Report Nordzucker 2009/2010
Søllested
Flemming Rasmussen, Denmark
Where is your farm and how many hectares have you planted with sugar beet?
What percentage of your land is given over to sugar beet?
My farm is on the Danish island of Lolland. I plant 90 hectares with sugar beet –
that's about one third of all my land under cultivation.
How long have you and your family been farming sugar beet?
My family? For as long as I can remember! I personally have also been growing beet
for 30 years now. Today I run the farm with my son, so I can pass the traditions and
knowledge on to him.
What do you see as the main advantages of growing sugar beet?
Stable yields are the biggest advantage: beet can tolerate dry weather much better than
cereals can. High, stable harvests in turn mean a good income for us.
What has changed for you personally since the common organisation of the sugar
market was introduced?
The conditions for growing beet in my fields are good, so I went on the offensive and
invested: I set up a harvesting collective with four other farmers and together we bought a
new six-row harvester. That means I now have access to the latest harvesting technology
at a reasonable cost.
What developments do you foresee for Nordic Sugar and your business in the period
up to 2020?
I expect sugar beet will still play a role in my business in 2020. Our region has excellent
conditions for growing it. As long as all of us – farmers and industry – can operate efficiently,
we will be able to offer a competitive and sustainable product.
What did you think about Nordzucker's acquisition of Nordic Sugar?
It's a very good sign that Nordic Sugar now has a strong, active owner.
Flemming Rasmussen, Lolland

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Portraits of beet farmers
Thomas Heuer, Varendorf
Thomas Heuer, Germany
Where is your farm and how many hectares have you planted with sugar beet?
Our farm is to the West of Uelzen. We have a total of 420 hectares and plant sugar beet on
around 85 hectares: that is about 20 per cent of the crop rotation. On 10 hectares we produce
what we call ethanol beet for fuel 21.
How long have you and your family been farming sugar beet?
Our company goes back a long way. Sugar beet has been cultivated on our farm since the
Uelzen sugar factory was founded and the first campaign was completed in 1885. Over the
last 50 years, we have continuously extended the land under cultivation by purchasing and
letting new fields.
What do you see as the main advantages of growing sugar beet?
Sugar beet makes a very important and continuous contribution to the total income of our
business. But as well as these financial benefits there are also agricultural advantages: sugar
beet plays an important role in crop rotation – it is what is known as a ”soil-improving crop“
and is ideal for planting before winter wheat. Of course, it also has very stable yields and is
not complicated to produce. Then there is the high degree of mechanisation, combined with
a low time investment per hectare.
What has changed for you personally since the reform of the sugar regime?
Sugar beet's contribution to our operating income has fallen considerably since the reform.
On the other hand, we at least made up for some of the lower prices in recent years with
sustainably higher yields. But even the Joint Beet Farming programme, the loyalty bonuses
and the successful search for alternative ways of using the beet are primarily the result of the
changes to the sugar market regime – these positive developments would not have been
achieved without the reform.
Varendorf
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Annual Report Nordzucker 2009/2010
Uehrde
What developments do you foresee for Nordzucker and your business in the period
up to 2020?
Both we and Nordzucker need to grow in future to stay competitive. At the same time,
I'm convinced that we have done our homework properly and on time: Nordzucker will
continue to operate stably and successfully on the market in 2020 and beet will still contribute
an important portion of our income – all on condition only that a certain level of
protection is retained for the EU market.
What did you think about Nordzucker's acquisition of Nordic Sugar?
The takeover was the right step and an important one in order to optimise the Group
structure even further and to expand our sales markets at the same time.
Friedrich Heins, Germany
Where is your farm and how many hectares have you planted with sugar beet?
Klostergut Uehrde is in South-East Lower Saxony, in the district of Wolfenbüttel, so we are
in a traditional sugar beet region. Uehrde is five kilometres from the site of the former sugar
factory in Schöppenstedt. Our arable land currently consists of around 65 hectares.
How long have you and your family been farming sugar beet?
My great-grandfather grew sugar beet on his farm near Kyritz in the Margraviate of
Brandenburg. Then, after the war, my grandfather worked for the Strube seed business
alongside his own farm work until he retired. Even today there are still close links to the
company and the Strube family.
What do you see as the main advantages of growing sugar beet?
The major advantage is definitely still the good, dependable contribution to the bottom
line. The tough cuts that came with the sugar market reform reduced our earnings,
however, and we can only make up for them to a limited extent by constant progress
in growing crops.
What has changed for you personally since the reform of the sugar regime?
The earnings contribution from sugar beet has fallen sharply since then. In the next three
years our top-ups will melt away and then we will start losing considerable amounts of
money. For us as farmers, that means we have keep on adapting ever more quickly. The
main challenge for large operations is to farm a bigger area with fewer machines and less
labour. In any event, the pressure on beet farmers is set to increase.
What developments do you foresee for Nordzucker and your business in the period
up to 2020?
Despite the advance of cane sugar, I reckon sugar beet will continue to be cultivated for as
long as it offers advantages compared with other arable crops. This means that growers,
farmers and Nordzucker have to adjust permanently. I also believe that sugar beet will
continue to have a political dimension after 2015. I can't imagine that Europe will want
to be completely dependent on cane sugar.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Portraits of beet farmers
Friedrich Heins, Klostergut Uehrde
What did you think about Nordzucker's acquisition of Nordic Sugar?
My main question is whether we need this regional production in the Nordic and Baltic
countries in order to supply what is basically a pretty small market with a commoditised
product. I also wonder whether growing sugar beet in Nordic Sugar's climate zone will still
be competitive in the period after 2015. But of course I'm certain that Nordzucker's management
discussed and evaluated precisely this and other questions beforehand – and obviously
answered in the affirmative. In all events, Nordzucker will need to grow accordingly
as well if it is to remain competitive.
Ryszard Zukierski, Poland
Where is your farm and how many hectares have you planted with sugar beet?
My farm is in Bogusławki in Kuyavia-Pomerania, an agricultural area that supplies the
sugar factory in Chełmża. At present, I grow sugar beet on nine hectares, which is around
25 per cent of my arable land.
How long have you and your family been farming sugar beet?
For as long as I can remember! I personally started twenty years ago, when I took over the
farm from my parents.
What do you see as the main advantages of growing sugar beet?
Growing sugar beet is very demanding and sometimes difficult as well – but very rewarding
and satisfying at the same time. The advantages are definitely in the crop rotation and the
opportunities for using it as animal fodder, in my particular case for beef cattle. The proximity
to the sugar factory – it's just seven kilometres away – as well as their logistical support and
dependable payments are good arguments for my sugar beet production, which I would
certainly like to expand even further.
Bogusławki
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Annual Report Nordzucker 2009/2010
What has changed for you personally since the reform of the sugar regime?
For me personally, when Poland joined the EU I had to take some far-reaching decisions
concerning the future of my farm. That meant we stopped producing tomatoes and cucumbers
– they were just too labour-intensive and not profitable enough. Instead, my wife and I
have bought or acquired more land on long leases in order to expand our total area to 40
hectares and concentrate solely on agricultural production. Ultimately. the reform of the
sugar market regime confirmed my belief that sugar beet farming can only deliver good
yields and a satisfactory income on large areas and with modern technology.
What developments do you foresee for Nordzucker and your business in the period
up to 2020?
I hope that Nordzucker is interested in doing business with us in the near future and that it
will be to the benefit of both parties! Of course I know that the sugar beet market will be
exceptionally dynamic in future. I hope that Nordzucker will respond flexibly, but also in the
interests of its beet farmers.
Personally, I intend to further increase the amount of land we farm over the next ten years,
modernise my machinery and build a new cattle shed. And I hope that I can convince my
son that modern agriculture is an attractive occupation – because I would like him to take
over the farm one day.
What did you think about Nordzucker's acquisition of Nordic Sugar?
I believe Nordzucker has the right development strategy and will become an even stronger
player in the EU sugar industry. And that would be good for the beet farmers too!
Ryszard Zukierski, Bogusławki

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Portraits of beet farmers
Rudolf Nádaský, Slovakia
Where is your farm and how many hectares have you planted with
sugar beet?
Our farm is not far from Trnava, a typical beet growing area. We plant sugar
beet on 167 hectares, which is around 12 per cent of the total arable land.
How long have you and your family been farming sugar beet?
Sugar beet farming goes back a long way here, to the 1950s. But we have only seen yields
improve dramatically in recent years.
What do you see as the main advantages of growing sugar beet?
In our region, the favourable climate is the main reason for growing sugar beet. But beet
is also a very good crop to plant before other arable crops. And then there are the good
financial yields and stable prices, of course! In short: we believe in the future of sugar beet.
That is one reason why we have invested EUR 350,000 to EUR 400,000 in new technology
in the last few years.
What has changed for you personally since the reform of the sugar regime?
The new sugar market regime forced us to reduce the area under cultivation and increase
our productivity at the same time. We also had to buy an available sugar beet quota in
order to make up for the lost income.
Dipl. Ing. Rudolf Nádaský, PD Špačince
What developments do you foresee for Nordzucker and your business in the period
up to 2020?
The acquisition of Nordic Sugar is a forward-looking investment in order to win new markets
in Northern Europe.
Trnava
37

38
Annual Report Nordzucker 2009/2010
Group management report –
Consolidated financial statements –
Notes

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Group Management report of Nordzucker AG
Nordzucker at a glance
Business activities
The Nordzucker Group is the second largest sugar producer in
the EU – with a market share of more than 15 per cent. In the
reporting year Nordzucker produced around 2.9 million tonnes
of sugar from 17.5 million tonnes of sugar beet in eight countries.
Nordzucker had an average of 4,346 employees in the
reporting year.
Our customers mostly come from the confectionery industry
and also include producers of dairy products, jams, ice-cream
and drinks. Around 20 per cent of sugar sales stem from individual
consumers via retailers. This sugar is distributed in various
product categories and packet sizes under the brand names
SweetFamily and Dansukker. In addition Nordzucker sells other
products from sugar production: dried pulp pellets as animal
feed, molasses for the yeast and alcohol industry and carbolime
for use as fertiliser. Furthermore, Nordzucker produces bioethanol
from upstream sugar products (raw juice and thick juice) at
the fuel 21 plant in Klein Wanzleben.
Group structure
Nordzucker has grown considerably thanks to the acquisition
of Nordic Sugar in March 2009. As a result, the Group has been
reorganised and divided into three regions: Central, Northern
Corporate structure of Nordzucker Group
as of: April 2010
Central Europe region
Nordzucker GmbH & Co. KG
Braunschweig/Germany, 100 %
fuel 21 GmbH & Co. KG
Klein Wanzleben/Germany, 100 %
Anton Hübner GmbH & Co. KG
Ehrenkirchen/Germany, 100 %
Medopharm Arzneimittel
GmbH & Co. KG
Ehrenkirchen/Germany, 100 %
Nordzucker AG
Nordzucker at a glance
Nordic Sugar A/S,
Copenhagen/Denmark, 100 %
and Eastern Europe. This guarantees the regional links to suppliers
and sales markets on the one hand and enables efficient
management on the other.
Central Europe
With five sugar factories and more than 1,000 staff, Nordzucker
AG accounts for the major share of business in Central Europe.
It is one of the big three sugar producers in Germany. The
factories in Lower Saxony and Saxony-Anhalt produce around
one million tonnes of quota sugar a year for industrial and retail
customers – primarily for the domestic market. Nordzucker
AG also markets by-products from sugar production. Its business
accounts for around 46 per cent of Group revenues.
Also part of the Central Europe region are fuel 21 GmbH & Co.
KG, the Hübner Group companies and Nordzucker GmbH &
Co. KG. Since late 2007 fuel 21 has produced and marketed
bioethanol from sugar beet (raw juice and thick juice). In the
reporting year fuel 21 accounted for around four per cent of
Group revenues.
Nordzucker KG operates two liquid sugar factories in Nordstemmen
and Groß Munzel. Industrie- und Handelsunion
Dr Wolfgang Boettger GmbH & Co. KG is due to take a stake
of 49 per cent in the liquid sugar business on the basis of a
call option granted previously.
Northern Europe region Eastern Europe region
Nordic Sugar AB,
Malmö/Sweden, 100 %
Suomen Sokeri OY,
Kantivik/Finland, 80 %
Sucros OY,
Säkvlä/Finland, 80 %
AB Nordic Sugar
Kèdainiai, Wilna/Lithuania, 71 %
Sugarpartners Partnership,
Dublin/Ireland, 100 %
Považský cukor a.s.,
Trenčianska Teplá/Slovakia, > 97 %
Nordzucker Polska S.A.,
Przeżmierowo/Poland, > 99 %
Mátra Cukor Zrt.,
Hatvan/Hungary, > 99 %
39

40 Annual Report Nordzucker 2009/2010
The Hübner Group primarily manufactures products for health
food shops. It accounts for around one per cent of Group revenues.
The sale of the Hübner Group is already underway. The
reason for the sale is the optimisation of the investment portfolio
in order to concentrate on the core business.
Up to 31 December 2009 Nordzucker had pooled its sales for
Central and Eastern Europe in Eurosugar, a joint venture with
an English and a French partner. However, the collaboration
between Eurosugar and the sales division of Nordic Sugar
was not approved under competition law. On 1 January 2010
Eurosugar ceased its operating activities. Nordzucker now carries
out all sales again directly.
Northern Europe
The Northern Europe region combines the activities of the
Nordic Sugar subgroup. The Northern European companies
were consolidated for the first time in the reporting year.
Sites in Europa
Headquarters Nordzucker
D 1 Braunschweig
Head office
A 2 Nordzucker Eastern
Europe, Vienna
DK 3 Nordic Sugar,
Copenhagen
Sugar factories
D 4 Clauen
5 Nordstemmen
6 Uelzen
7 Klein Wanzleben
8 Schladen
DK 9 Nakskov
10 Nykøbing
S 11 Örtofta
FIN 12 Säkylä
LT 13 Kedainiai
PL 14 Opalenica
15 Chełmza
SK 16 Trenčianska Teplá
SRB 17 Bac
18 Vrbas
19 Pecinci
20 Kovacica
D 21 Liquid sugar factory
Groß Munzel
22 Liquid sugar factory
Nordstemmen
Refineries
S 23 Arlöv
FIN 24 Porkkala
PL 25 Chełmza
Sugar factories –
non-consolidated
minority stake
CZ 26 Dobrovice
27 České Meziříčí
Other locations
D 28 fuel 21
29 Hübner-Medopharm
DK 30 Maribo Seed
Nordic Sugar has five sugar factories in Denmark, Sweden,
Finland and Lithuania as well as two refineries (one of which
refines raw cane sugar) and its head office is in Copenhagen.
Nordic Sugar contributes around 40 per cent of Group revenues.
Nordzucker also acquired the Nordic Sugar subsidiary Maribo
Seed, which produces and distributes seeds, focussing on beet
seed. As Maribo Seed does not fit with Nordzucker's core business
a process to sell the subsidiary has been started.
Eastern Europe
In the 2009/2010 campaign Poland, Serbia and Slovakia produced
around 200,000 tonnes of quota sugar. This gave the
Eastern European companies a share of some 14 per cent of
Group revenues. At the site in Chelmza (Poland) around 14,000
tonnes of raw cane sugar and 18,000 tonnes of raw beet sugar
from Sweden were also refined into white sugar last year.
29
6
21 4
5
22
9
10
30
1
8
7
28
3
11
23
26
27
14
2
15
25
16
12
18
17
20
19
24
13

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Nordzucker at a glance
Economic environment and market developments
In the financial year 2009/2010 a new service holding company
for the Eastern European region (Nordzucker Eastern Europe
GmbH) was established in Vienna. Following the return of the
entire quota in Hungary, Nordzucker continues to use the site
in Hatvan to supply the Hungarian market. Imported quota
sugar, primarily from Germany and Slovakia, is packaged and
delivered from here.
Nordzucker Group's indirect 51 per cent stake in the Serbian
companies was sold to the minority shareholder in March 2010.
Shareholder structure of Nordzucker AG
The shares in Nordzucker AG are held by Nordzucker Holding
Aktiengesellschaft (76.2 per cent), Union-Zucker Südhannover
GmbH (10.8 per cent) and Nordharzer Zucker Aktiengesellschaft
(7.8 per cent). A small portion of capital (5.2 per cent) is held
by other shareholders. The Nordzucker AG share is not traded
on the stock exchange. Shareholders are to a large extent also
active beet suppliers of Nordzucker AG.
Shareholders‘ structure Nordzucker AG
EUR 123.7m share capital
Nordzucker Holding Aktiengesellschaft
76.2 %, EUR 94.3m
Union-Zucker Südhannover GmbH
10.8 %, EUR 13.4m
Nordharzer Zucker AG
7.8 %, EUR 9.7m
Direct shareholders‘
5.2 %, EUR 6.3m
Strategy and management
Nordzucker has grown systematically since it was established
in 1997. The company first expanded within Northern Germany
and later into other European countries. By acquiring Nordic
Sugar in 2009 Nordzucker continued on its growth track.
Nordzucker concentrates on its core business: the production
and sale of sugar from beet. The objective is to supply the
population with products grown in the region and at the same
time to secure beet cultivation in Northern Germany and the
EU for the long-term.
The company's strengths are its high, certified quality standards,
logistical proximity to its customers, a high level of flexibility
and dependability, a broad product range with customised
product solutions, customer relations going back many years
and a wide assortment of specialities.
Furthermore, the productivity of sugar production has been
increased considerably in recent years. The modifications to
factory structures resulted in much-improved capacity utilisation
for the plant.
Optimising the investment portfolio is currently a particular
focus. It is planned to dispose of activities that are not part of
the core business or do not enable sustainable value creation.
The new five-person Executive Board of Nordzucker reports to
the 21 members of the Supervisory Board, which is made up of
14 shareholder representatives and 7 employee representatives.
The internal management of the company is carried out by
means of financial indicators. The following targets have been
set: a return on revenues of five per cent, total operating profitability
of 15 per cent, a return on equity of 10 per cent and an
equity ratio of 30 per cent. In the reporting year a package
of measures known as Ertragskraft plus (Profitability plus) was
initiated in order to achieve these targets over the long-term.
Implementing the nearly 400 targeted measures is intended to
increase efficiency by a continuous and sustainable process of
improvements.
Economic environment and market developments
Macroeconomic situation
Last year the financial crisis led to the most severe recession since
the Second World War. Gross domestic product in Germany fell
by around five per cent as a result.
In these difficult conditions the food industry in Germany was hit
by an overall slump of around four per cent in sales. Confectioners,
one of the sugar producers' main customer groups, were
only faced with the comparatively modest decline of 0.6 per
cent, however.
Sector developments
World sugar market
The world sugar market in 2009/2010 was affected by massive
crop failure in India due to bad weather and relatively low production
volumes in Brazil. The world market price rose sharply,
reaching a high of EUR 536 per tonne before returning to
EUR 488 per tonne in late February 2010.
41

42
Annual Report Nordzucker 2009/2010
The sugar market in the EU
World market prices for sugar, 2005 – 2010
Source: LIFFE white sugar trading, London No. 5, as of May 2010
800
700
600
500
400
300
200
100
In the financial year 2009/2010 the EU sugar market continued
to feel the effects of the reform of the sugar market regime
that took place in 2006. The reform increased sugar imports
into the EU market by opening up the market even further for
imports from ACP countries (African, Caribbean, Pacific) and
from LDCs (least developed countries). The volume of quota
sugar was also reduced by nearly six million tonnes. This has
meant that the European sugar industry has been forced to
reduce its production capacities considerably in recent years.
At the same time the final stage of the reduction in the reference
price for sugar from its original level of EUR 631.90 to its current
figure of EUR 404.40 per tonne of sugar took place in October
2009. This price cut resulted in lower revenues from the quota
sugar business.
Good weather conditions for beet cultivation produced an
above-average beet harvest throughout the EU. According to
estimates by the European Commission, sugar production in
the 2009/2010 campaign (including volumes brought forward
from the previous year) came to 16.9 million tonnes, or 3.8
million tonnes more than provided for in the EU-wide quotas.
At the same time, however, a deficit of five to six million tonnes
was predicted for the world market due to crop failures, especially
in Brazil and India, which drove the world market price
well above the EU reference price of EUR 404.40 per tonne.
White sugar USD/t FOB
White sugar EUR/t FOB
2005 2006 2007 2008 Mar 2009 Jun 2009 Sep 2009 Dec 2009 Mar 2010
Under these circumstances the European Commission made
special arrangements for 2009/2010, issuing additional export
licences for 500,000 tonnes of sugar in excess of the limit of
1.37 million tonnes set by the WTO.
Nordzucker also exported considerable quantities of non-quota
sugar to countries outside the EU and enjoyed additional income.
Market for bioethanol
Bioethanol prices hit a low in spring 2009 before recovering
slightly over the second half of 2009. Political support at federal
German and EU level for the development of biofuel markets is
decisive for the future performance of the market.
Market for animal feed and molasses
After two very turbulent years on the cereal and animal feed
markets with sharp fluctuations in cereal prices between EUR
130 per tonne and around EUR 300 per tonne, the market
price for dried pulp pellets settled down at around EUR 130
per tonne in 2009, roughly the level of the years before 2008.
As dried pulp pellets can be replaced with cereals for various
applications, sales prices fell here too. In contrast to the two
preceding years, they were nevertheless much in demand, being
used for up to 20 per cent of mixed feed, especially as the
competing product citrus pellets had only limited availability
at stable prices. The high demand ensured strong sales even
during the campaign and contributed to stabilising prices
afterwards.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
The molasses market was characterised by scarcity of supply in
2009, and therefore by slightly rising prices. The large Asian
exporters Pakistan and India reported lower sugar yields due to
the weather and therefore also supplied lower volumes of cane
molasses. Cane molasses were also increasingly used in the
countries of origin for producing bioethanol.
Market developments: Central Europe region
The global economic crisis affected private consumption in
Germany in 2009/2010. Sugar consumption remained largely
stable. A slight fall in demand was visible for industrial customers.
This was nevertheless almost fully offset by positive developments
in the retail segment. Nordzucker was able to benefit
from this positive trend, increasing its sales of household sugar.
Overall, sales of quota sugar in the Central Europe region came
to 1.0 million tonnes, slightly down on the previous year's 1.1
million tonnes. Price movements in Germany were particularly
influenced by the drop in the reference price to EUR 404.40 per
tonne. The current competitive situation in the retail market
resulted in particular pricing pressure. In the reporting year
around 190,000 tonnes of non-quota sugar (previous year:
58,000 tonnes) were also sold in addition to the quota sugar.
Some of this volume went to the EU chemical industry. Further
volumes were exported to countries outside the EU.
Market developments: Northern Europe region
Nordic Sugar sold a total of around 810,000 tonnes of quota
sugar to industrial and retail customers in the reporting period.
There was a slight shift in sales from industrial to retail products.
Export volumes were also increased sharply to 196,000 tonnes
due to the good harvest and additional export licences.
The cut in the reference price put pressure on prices in Northern
Europe as well in 2009/2010. Although markets in the Nordic
countries (Denmark, Sweden and Finland) stayed relatively stable,
competition intensified in the Baltic states. Both retail and
industrial customers were very price-sensitive in their purchasing.
Polish suppliers also crowded into the Baltic market. In markets
outside the EU – Norway and Iceland – prices rose due to the
situation on the world market.
Market developments: Eastern Europe region
Quota sugar sales for Nordzucker's Polish subsidiary amounted
to 148,000 tonnes. Of the total, 19,000 tonnes were sold outside
Poland. The Slovakian subsidiary sold a total of around
77,000 tonnes of quota sugar, of which some 26,000 tonnes
were exported to EU countries. The Serbian interest sold around
178,000 tonnes of sugar on the market, of which 40 per cent
went to the EU.
Economic environment and market developments
Overall, market and price pressure was greater in the Eastern
European region than in Northern and Central Europe. Market
prices were under pressure for the whole year. This was due in
particular to tougher competition and the global economic crisis.
Beet cultivation and campaign
The 2009/2010 sugar beet campaign ended on 22 January
2010 with very good results. Some 17.5 million tonnes of beet
were processed in an average of 117 campaign days in the 16
Nordzucker factories (previous year without Nordic Sugar: 10.3
million tonnes in 103 days). Above-average beet yields and
sugar content enabled a record harvest throughout the Group.
Overall, the average beet yield was 60.9 tonnes per hectare
(previous year: 58.9 tonnes). The sugar content was 18.0 per
cent on average and thus well above the long-term mean. The
average sugar yield was 10.9 tonnes per hectare (previous
year: 10.6 tonnes).
Average sugar yield
tonnes per hectar
9.4
8.6
9.5
10.6
10.9
2005/2006 2006/2007 2007/2008 2008/2009 2009/2010
Sugar production Nordzucker Group
in millions of tonnes
1.77
1.60
1.91
1.68
2.87
2005/2006 2006/2007 2007/2008 2008/2009 2009/2010
43

44
Annual Report Nordzucker 2009/2010
In the last three weeks of the campaign the wintry weather
made beet deliveries difficult in some regions.
While all the other countries achieved very good harvests, Serbia
experienced a significant degree of dry rot. This meant that
Group campaign results
Sweden
Beet yield (t/ha)
Sugar content (%)
Sugar yield (t/ha)
Campaign length (d)
Denmark
Beet yield (t/ha)
Sugar content (%)
Sugar yield (t/ha)
Campaign length (d)
Germany
Beet yield (t/ha)
Sugar content (%)
Sugar yield (t/ha)
Campaign length (d)
2009
60.4
17.9
10.6
133
2009
65.8
19.2
12.6
118
2009
66.9
18.1
12.1
128
2008
53.7
17.4
9.3
114
2008
64.2
17.8
11.4
116
2008
62.5
18.2
11.4
116
Copenhagen
Braunschweig
Berlin
Malmö
Serbia
Beet yield (t/ha)
Sugar content (%)
Sugar yield (t/ha)
Campaign length (d)
Serbia only achieved a sugar yield of 7.6 tonnes per hectare
(previous year: 9.0 tonnes).
Nordzucker produced 2.9 million tonnes of sugar in the campaign,
including some 230,000 tonnes of thick juice and 48,000
tonnes of raw juice – expressed as their sugar equivalent.
Poznan
Bratislava
2009
46.5
16.3
7.6
97
Stockholm
Warsaw
2008
52.2
17.1
8.9
73
Finland
Beet yield (t/ha)
Sugar content (%)
Sugar yield (t/ha)
Campaign length (d)
Belgrade
Helsinki
Lithuania
Beet yield (t/ha)
Sugar content (%)
Sugar yield (t/ha)
Campaign length (d)
Vilnius
Poland
Beet yield (t/ha)
Sugar content (%)
Sugar yield (t/ha)
Campaign length (d)
Slovakia
Beet yield (t/ha)
Sugar content (%)
Sugar yield (t/ha)
Campaign length (d)
2009
37.4
17.1
6.4
77
2009
47.1
17.3
8.1
112
2009
60.4
17.4
10.5
88
2009
59.8
17.0
10.2
102
2008
34.4
16.5
5.7
65
2008
39.4
18.3
7.2
66
2008
45.0
16.9
7.6
78
2008
61.5
17.8
10.9
83

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Earnings, net assets and financial position
The 2009/2010 annual financial statements for the Nordzucker
Group were influenced to a considerable extent by the first-time
consolidation of Nordic Sugar. For the sake of greater transparency,
a ”pro-forma“ figure has therefore been provided for
some items of the income statement and balance sheet, in order
to present the situation for the Group as if the acquisition of
Nordic Sugar had not taken place.
A purchase price allocation was carried out for Nordic Sugar as
of the acquisition date as required by IFRS. This entails allocating
the purchase price to the assets acquired and liabilities and
contingent liabilities assumed, as measured at fair value.
Earnings position
In the financial year 2009/2010 Nordzucker reported an operating
result (EBIT) of EUR 66.1 million, as against EUR 79.0 million
the previous year. Without Nordic Sugar the operating
result for the reporting year would have come to just EUR 57.7
million. After deducting interest and taxes this resulted in a net
loss after minority interests of EUR 12.9 million (previous year:
net income of EUR 43.6 million).
Adjusted for some non-recurring factors, the operating business
developed very positively. The non-recurring factors related to
the optimisation of the investment portfolio, the reintegration
of the sales function, the costs of the Nordic Sugar acquisition
and the purchase price allocation as well as other positive and
negative one-off effects.
Acquisition financing for Nordic Sugar meant that the net financial
loss came to EUR 54.0 million, following a loss of EUR 11.3
million the previous year.
Due to the net loss the return on revenues, which is derived
from the ratio of net income to revenues for the year, was negative
at minus 0.7 per cent. The target is 5 per cent.
To calculate total operating profitability EBITDA (operating
result before depreciation, amortisation and impairment) is
divided by total revenues (revenues plus own work capitalised
and changes in finished goods and work in progress). The figure
for 2009/2010 was 9.7 per cent (previous year: 15.2 per cent),
which was also well below the target of 15 per cent.
Economic environment and market developments
Earnings, net assets and financial position
Group revenues rose from EUR 1,191.7 million the previous
year to EUR 1,805.7 million. Nordic Sugar accounted for
around 40 per cent of total consolidated revenues. Without
Nordic Sugar total revenues would have declined by some
eight per cent year on year to EUR 1,080.9 million.
This was due to the fall in revenues from quota sugar as a
result of the final cut in the reference price that took place on
1 October 2009. Sales volumes sank at the same time, largely
due to the return of quotas in Hungary. Quota sugar revenues
for the Group as a whole came to EUR 1,244.5 million. Without
Nordic Sugar the figure would have been EUR 719.6 million,
which represents a decline of 13.8 per cent in revenues from
the quota sugar business.
The good harvest and exports to non-EU countries had a positive
impact on revenues in the reporting year. They enabled
revenues from export sugar to be increased in both Central
and Northern Europe.
Bioethanol revenues from its own production at fuel 21 came
to EUR 60.3 million, an increase of EUR 17.6 million on the
previous year. Nordzucker also marketed bioethanol produced
externally for the first time, generating revenues of EUR 11.5
million. Prices for bioethanol remained well below expectations
and revenue development in the bioethanol business was not
adequate. Nordzucker expects the situation to improve significantly
in future, however.
Consolidated revenues
in EUR m
1,296 1,234
1,300
1,192
1,806
2005/2006 2006/2007 2007/2008 2008/2009 2009/2010
45

46
Annual Report Nordzucker 2009/2010
Overall, molasses revenue amounted to EUR 51.4 million compared
with EUR 34.4 million the previous year. Without the
Nordic Sugar share, molasses revenue would have remained
roughly unchanged year on year at EUR 31.1 million.
Revenues from animal feed went up from EUR 80.8 million to
EUR 99.3 million thanks to the additional volumes from Nordic
Sugar. Without Nordic Sugar revenues would have come to
EUR 62.9 million, as lower prices depressed the animal feed
business.
The reintegration of sugar sales as of 1 January 2010 had a
number of different effects on the income statement. On the
one hand personnel expenses, freight costs and other costs of
sales are now recognised directly in the income statement for
Nordzucker AG. On the other, revenues increased by roughly
the same amount as no sales margin is paid to Eurosugar.
The carrying amount of capitalised inventories went down by
EUR 90.3 million. This was largely due to the fact that a restructuring
levy of EUR 113.30 per tonne had been capitalised as
part of inventories the previous year. Lower energy prices compared
with the previous year also reduced the amount of inventories.
The carrying amount of inventories increased compared with
the original cost of production by EUR 34.3 million to EUR 310.0
million in the course of the purchase price allocation. The sale of
inventories in the reporting year 2009/2010 led to an increase
of the same amount in the cost of materials and services.
The aggregate of higher revenues, lower inventories and own
work capitalised resulted in higher total revenues of EUR
1,718.1 million compared with EUR 1,086.0 the previous year.
Without Nordic Sugar total revenues would have been EUR
989.3 million, or EUR 96.7 down on the previous year.
Other operating income for 2009/2010 came to just EUR 39.4
million, as against EUR 170.9 the previous year. Without Nordic
Sugar the figure would have been EUR 29.8 million. This sharp
fall is largely due to the compensation of EUR 90.2 million
claimed from the EU the previous year for the return of sugar
quotas. High insurance payments for losses suffered in the 2008
campaign also increased the figure for 2008/2009.
Total revenues
in EUR m
1,178
1,271
1,377
1,086
1,718
2005/2006 2006/2007 2007/2008
2008/2009 2009/2010
The cost of materials and services increased by EUR 356.3 million
or 43 per cent from EUR 825.2 million the previous year
to EUR 1,181.5 million. Without Nordic Sugar the figure would
have been EUR 654.5 million, a considerable year-on-year decline.
The reasons for the fall in the cost of materials and services
were in particular the absence of the restructuring levy, which
came to EUR 113.30 per tonne of sugar the previous year, and
slightly lower energy costs. The increase in beet volumes due
to the good harvest had the opposite effect.
Personnel expenses rose from EUR 109.0 million in the previous
year to EUR 199.9 million. The change resulted primarily from
the first-time consolidation of personnel expenses for the Northern
Europe region. Without Nordic Sugar the figure would have
been EUR 114.3 million. The increase in personnel expenses
without Nordic Sugar stems primarily from non-recurring factors
at Nordzucker AG such as provisions for phased early retirement
and severance pay as well as higher contributions to the pension
insurance scheme.
Depreciation, amortisation and impairment in the financial year
came to EUR 101.2 million, compared with EUR 88.7 million
the previous year. This includes depreciation, amortisation and
impairment of assets capitalised in the course of the purchase
price allocation. Without Nordic Sugar depreciation, amortisation
and impairment would have been EUR 52.7 million. The
previous year this item included impairment losses of EUR 39.6
million, of which EUR 20.0 million was for winding down sugar

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Consolidated EBIT
in EUR m
128
175
production in Hungary and EUR 15.9 million for adjusting
goodwill in Serbia. Impairment losses of EUR 11.0 million were
recognised in the reporting year. These mainly relate to the
Hübner Group as well as to Matra Cukor in Hungary. Apart from
these non-recurring factors, depreciation and amortisation without
Nordic Sugar was EUR 7.3 million lower than the previous
year.
Other operating expenses went up from EUR 157.9 million to
EUR 209.8 million. Without Nordic Sugar other operating
expenses would have been EUR 142.9 million. A number of
one-off expenses resulted in an increase in the Central Europe
region. Greater sugar production in the 2009/2010 campaign
led to significantly higher costs for the use of external storage
capacities for instance. The acquisition of Nordic Sugar and the
reintegration of the sales function also resulted in additional
expenses. Other operating expenses in the Eastern Europe region
were down, however, and more than made up for the rise in
Central Europe. High costs were incurred here the previous
year for demolition work in Hungary and significant foreign
exchange losses in Serbia.
110
2005/2006 2006/2007 2007/2008 2008/2009 2009/2010
In total, Nordzucker reported an operating result (EBIT) of EUR
66.1 million for the financial year 2009/2010, as against EUR
79.0 million the previous year. This was due to the optimisation
of the investment portfolio, the reintegration of the sales
function, the costs of the Nordic Sugar acquisition and the
purchase price allocation as well as other one-off effects.
79
66
Earnings, net assets and financial position
Consolidated EBITDA
in EUR m
159
225
255
165 166
2005/2006 2006/2007 2007/2008 2008/2009 2009/2010
The operating result before depreciation, amortisation and impairment
came to EUR 166.1 million (previous year: EUR 164.9
million).
The net financial loss came to EUR 54.0 million compared with a
loss of EUR 11.3 million the previous year. Net interest amounted
to EUR -59.4 million, having been EUR -15.7 million. The
sharp rise in interest expense is due to borrowing to finance the
Nordic Sugar transaction. Other net financial income of EUR 4.4
million (previous year: loss of EUR 2.1 million) resulted largely from
exchange rate differences in connection with Group financing.
Tax expenses on pre-tax earnings of EUR 12.0 million (previous
year: EUR 67.7 million) totalled EUR 22.2 million (previous
year: EUR 23.9 million).
The unusually high tax ratio is primarily due to non-deductible operating
expenses, especially in connection with the acquisition of
Nordic Sugar, to tax back-payments resulting from a now completed
tax inspection and to the non-capitalisation of deferred tax
assets for tax loss carry-forwards for certain Group companies.
This resulted in a net loss before minority interests of EUR 10.2
million, compared with net income of EUR 43.8 million the
previous year. After subtracting the loss of EUR 2.7 million
attributable to minority interests, this results in a loss for the
year of EUR 12.9 million (previous year: net income of EUR
43.6 million).
47

48
Annual Report Nordzucker 2009/2010
Consolidated net income
in EUR m
69
Net assets position
115
Total assets for the Nordzucker Group amounted to EUR 2,456.5
million as of 28 February 2010, a significant increase compared
with the previous year's figure of EUR 1,878.6 million. The reason
for this increase was the first-time consolidation of Nordic Sugar.
Non-current assets rose from EUR 734.3 million in the previous
year to EUR 1,162.4 million. Intangible assets in particular went
up to EUR 187.9 million (previous year: EUR 43.7 million). This
includes goodwill of EUR 89.2 million from the acquisition of
Nordic Sugar. Other intangible assets of EUR 98.7 million relate
principally to the capitalised sugar quota and to assets from the
Nordic Sugar acquisition capitalised for the first time.
Property, plant and equipment comes to EUR 921.9 million
(previous year: EUR 630.0 million). Without Nordic Sugar property,
plant and equipment would have declined to EUR 526.5
million. In the Central Europe region in particular, property,
plant and equipment was down as new investment was lower
than depreciation. The reclassification of property, plant and
equipment in Serbia and at the Hübner Group also contributed
to the decrease.
Financial investments were roughly the same as the previous
year at EUR 30.8 million.
80
2005/2006 2006/2007 2007/2008
2008/2009 2009/2010
44
-10
Deferred tax assets went up from EUR 8.4 million to EUR 10.8
million.
Current assets rose from EUR 1,144.3 million to EUR 1,294.1
million.
Assets held for sale amounted to EUR 244.0 million. These consist
of the operations in Serbia, the Hübner Group and Maribo
Seed. The Serbian business was sold on 10 March 2010. The
sales process for the Hübner Group and Maribo Seed is underway.
Inventories rose from EUR 517.6 million to EUR 691.5 million.
Without Nordic Sugar inventories would have come to EUR
350.2 million, or considerably below the figure for the previous
year. Quota sugar stocks, which account for the majority of inventories
as of the reporting date, fell due to the lower valuation
in the absence of a restructuring levy and because energy prices
were lower than the previous year.
Current receivables and other assets were EUR 244.5 million
compared with EUR 424.1 million the previous year.
The acquisition of Nordic Sugar and the reintegration of the
sales function resulted in considerable changes in receivables.
Receivables from related parties declined to EUR 9.2 million
(previous year: EUR 76.7 million), while trade receivables increased
to EUR 137.4 million (previous year: EUR 57.4 million).
Income tax receivables of EUR 21.4 million stem largely from
changes in the tax treatment of restructuring aid, which for tax
purposes is now spread over the remaining period of the EU
sugar market regime, in contrast to the accounting method
used for the consolidated financial statements.
Other assets and receivables fell sharply. The previous year this
included an entitlement to EU restructuring aid of EUR 213.9
million, which resulted in other assets of EUR 271.9 million. In
the reporting year the figure was just EUR 44.4 million due to
payments made in the interim.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Breakdown of the assets and liabilities
making up the 2009/2010 balance
sheet total
in EUR m
2,456 2,456
47%
28%
25%
Assets Equity &
liabilities
Non-current
assets
Inventories
Other current
assets
30%
38%
32%
Equity
Non-current
liabilities
Current
liabilities
Nordzucker's equity went up to EUR 744.0 million compared
with EUR 718.1 million the previous year. The increase is largely
due to minority interests acquired as part of the Nordic Sugar
transaction and to exchange rate fluctuations. As total assets
increased, the equity ratio fell from 38.2 per cent the previous
year to 30.3 per cent. This figure is in line with the target for
the Group and indicates a solid capital structure.
Non-current provisions and liabilities rose to EUR 934.0 million
(previous year: EUR 438.4 million). Non-current provisions of
EUR 171.2 million (previous year: EUR 123.2 million) mainly
relate to pension provisions.
Other non-current financial liabilities of EUR 74.0 million consist
of the outstanding liability for the acquisition of Nordic Sugar.
Deferred tax liabilities stood at EUR 158.9 million as against EUR
54.2 million the previous year. The change results largely from
additional deferred tax liabilities from the Nordic Sugar Group
in connection with the purchase price allocation and from the
different tax treatment of restructuring aid that was recognised in
profit and loss in prior years in line with commercial accounting
regulations.
Earnings, net assets and financial position
Current provisions and liabilities declined slightly overall to EUR
664.8 million (previous year: EUR 722.0 million). Other current
liabilities the previous year also included the restructuring levy of
EUR 154.7 million payable to the EU. The obligation was settled
during the reporting year. Liabilities of EUR 113.7 million from
assets held for sale stem from the planned disposals of operations
at Maribo Seed, the Hübner Group and the company's Serbian
interest.
Non-current financial liabilities rose from EUR 233.7 million to
EUR 497.8 million and current financial liabilities from EUR 262.9
million to EUR 279.8 million. Nordzucker's debt financing is
based on a syndicated loan. The credit facility was originally for
EUR 1,360.0 million and ran until August 2013. It is drawn down
by the different companies in the Group in various tranches. As
of the reporting date Nordzucker had drawn down EUR 814.4
million of this credit facility.
Cash and cash equivalents totalled EUR 113.9 million as of
28 February 2010, compared with EUR 201.2 million the previous
year. As of the reporting date net debt came to EUR 663.7
million (previous year: EUR 295.4 million), not including the
operations held for sale. Including the operations held for sale,
net debt comes to EUR 714.9 million.
Consolidated net debt
in EUR m
-195
-130
-363
-295
-664
2005/2006 2006/2007 2007/2008 2008/2009 2009/2010
49

50
Annual Report Nordzucker 2009/2010
Cash flow from/for operating activities
in EUR m
Financial position
Cash flow from operating activities rose by EUR 160.8 million
from EUR 166.9 million to EUR 327.7 million. The main reasons
for the rise are the receipt of around EUR 214.0 million in restructuring
aid in July 2009 and the reduction of inventories.
Payment of the restructuring levy reduced cash flow from oper -
ating activities on the other hand.
Cash flow used for investing activities of EUR 720.2 million was
essentially composed of net investment in property, plant and
equipment of EUR 44.3 million and the purchase of Nordic
Sugar for EUR 671.6 million.
Cash flow from financing activities amounted to EUR 313.3
million. It results from a dividend payment of EUR 10.6 million
to the shareholders of Nordzucker AG and EUR 3.2 million to
non-controlling shareholders and from the balance of EUR
327.1 million for the borrowing and repayment of financial
liabilities.
90
149
-3
Cash and cash equivalents fell by EUR 87.3 million. This includes
a net change of EUR -8.0 million, made up of cash and cash
equivalents acquired together with consolidated companies less
those reclassified together with other assets to the category
held for sale.
167
328
2005/2006 2006/2007 2007/2008
2008/2009 2009/2010
Responsibilities and objectives of financial management
The main responsibilities of Nordzucker's financial management
are to determine and control flows of funds for the entire Group
on the basis of clearly defined criteria. The focus here is on
ensuring that there is adequate liquidity as well as maintaining
profitability and managing risks. By far the most important objective
is to ensure that the Group has sufficient funds to cover
its requirements at all times.
The responsibilities of financial management include determining
the volume of funding required for operations, presenting
alternative financing options and defining financing strategies.
This entails both preparing and taking out loans, continuously
optimising the capital structure, maintaining good relations to
banks and preparing ongoing reports.
Covenants
The syndicated loan agreement between Nordzucker and the
banking syndicate for the acquisition of Nordic Sugar contains
what are known as financial covenants. These consist of obligations
to maintain certain financial ratios over the entire term
of the loan. The covenants are an important part of the loan
agreement and help the banks to identify and avoid risks at an
early stage. The resulting risk classification of the company forms
the basis for calculating the terms of the loan. The covenants
reflect the company's financial performance in relation to the
net assets and earnings position.
Nordzucker AG is obliged to demonstrate that it meets the
covenants in the syndicated loan agreement on certain dates in
the reporting year.
As a breach of the financial covenants could not be ruled out
as of 28 February 2010 in particular, Nordzucker negotiated a
waiver ahead of the reporting date. The company has since
successfully concluded the negotiations begun with its lenders
on adjusting the thresholds and the terms of the agreement.
On the basis of the planning currently available for the Group
the Executive Board assumes that the agreed limits will be
adhered to in future.
Capital expenditure
Nordzucker invested EUR 61.8 million in property, plant and
equipment and intangible assets (previous year: EUR 66.8 million).
These were aimed in particular at reducing energy consumption
in the factories, meeting environmental requirements
and optimising warehousing and logistics, especially in the
Nordic countries.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Capital expenditure in property, plant and equipment
and intangible assets
in EUR m
New assets from the first-time consolidation of Nordic Sugar,
offset by disposals from the reclassification of the Serbian
interest and the Hübner Group assets held for sale, result
in an addition of EUR 437.8 million to non-current assets.
Dividend
52
52
As Nordzucker AG reported a net loss for the year there will be
no proposal for appropriating net profit at the Annual General
Meeting. In the previous year a dividend of EUR 0.22 per share
of ordinary share capital was paid. This corresponded to a total
dividend distribution of EUR 10.6 million.
Average number of employees in the Nordzucker Group
for the year
(in Germany/foreign countries)
125
2005/2006 2006/2007 2007/2008 2008/2009 2009/2010
2009/2010 1,350 2,996
4,346
2008/2009 1,360 1,484 2,844
2007/2008 1,433 1,852
3,285
2006/2007 1,657 1,959
3,616
2005/2006 1,797 1,023 2,820
Germany Foreign countries
67
62
Earnings, net assets and financial position
Employees
Risks
Total dividends, Nordzucker AG
in EUR m
Employees
The average number of employees in the Nordzucker Group
rose over the year from 2,844 to 4,346. Of the total, 1,350
were employed in Central Europe, 1,302 in Eastern Europe and
1,694 in Northern Europe.
The efficiency programme Ertragskraft plus (Profitability plus)
started in February 2010 and will lead to job cuts over the
years ahead. The workforce will be reduced by around 300
across the Group by 2014/2015. The jobs will be shed in as
socially responsible a manner as possible.
Risks
13
Risk management
23
Nordzucker works with a risk management system for the
whole Group that identifies risks at an early stage, monitors
and evaluates them and so helps to manage risk. This integrated
risk management system is used to identify risks, opportunities
and the appropriate steps fully, quantitatively and consistently
and to include them in operational and strategic planning.
Potential risks are continuously assessed as part of this risk
management process in order to develop and apply efficient
counter-measures. Operating and strategic decisions always
take risk aspects into account as well.
23
2005/2006 2006/2007 2007/2008 2008/2009 2009/2010
Thanks to the Group-wide reporting and controlling system, all
decision makers are informed continually and quickly.
11
0
51

52
Annual Report Nordzucker 2009/2010
Internal auditing
The Group's internal audit department is also involved in risk
management. Its responsibility is to provide independent and
objective auditing and advisory services. Risk management,
controlling, management and supervisory systems are evaluated
and improved.
The internal audit department works independently on behalf
of the Executive Board, it does not receive instructions and its
remit extends throughout the Group, irrespective of processes.
Political and legal risks
Imports from LDCs and ACP countries
Since 1 October 2009 the ACP countries (African, Caribbean,
Pacific) and the LDCs (least developed countries) have been
able to export sugar to the EU duty free.
The International Sugar Organisation (ISO) estimates that the
total volume of sugar supplies from ACP countries and LDCs will
rise to around 3.2 million tonnes per annum by the marketing
year 2014/2015. These forecast imports plus the current EU sugar
quota of around 14 million tonnes – including about one million
tonnes from free-trade treaties – roughly correspond to sugar
demand in the EU of some 17 million tonnes. Market distortions
are therefore not expected.
Sugar market regime
The current sugar market regime forms the framework for the
European sugar industry up to 30 September 2015. A general
reform of the EU's common agricultural policy is already planned
for 2013. In the course of this reform the stage could be set
for future regulation of the sugar market. At present the EU
has ruled out a further reduction of the existing sugar quotas
(a “final cut“) during the current period of the sugar market
regime.
WTO negotiations
The Doha round of negotiations for the agricultural sector began
in 2001. Its aim was to give developing countries better access
to world markets for their products. Along the way, import quotas
and duties were to be abolished and industrialised countries
were to reduce their subsidies to the agricultural sector. The plan
was to complete the Doha round by 2005, but the negotiations
were held up again and again by a wide variety of conflicts of
interest.
Today, neither a final deadline nor concrete results can be foreseen
for the Doha round.
Risks of CO 2 emissions trading
The third phase of the CO2 emissions trading scheme that has
been in place in the EU since 2005 begins in 2013. At this
juncture the scope of application is due to be harmonised
throughout Europe. In the third phase the distribution of certificates,
which was carried out by national authorities according
to individual allocation plans in the first two phases, is to be
performed centrally by the European Commission. The most
important change, however, is the phased introduction of auctions
for emissions rights for industrial facilities as well.
With this in mind, the European Commission is currently
evaluating various scenarios for allocating emissions rights. The
allocation models will also have a financial impact on the sugar
industry, as in two of the possible scenarios the European sugar
industry could be short of up to 50 per cent of the necessary
certificates. This would represent an annual burden of around
four million tonnes of CO2 or EUR 160 million in additional
costs for the entire sugar industry.
Legal risks
As mentioned in the 2008/2009 management report, competition
authorities are carrying out investigations into possible
breaches of competition law in the sugar industry. Generally
speaking, breaches of competition law can give rise to risks for
companies in the sugar industry in the form of fines or claims
for compensation by third parties. Nordzucker nevertheless still
assumes that no adverse effects on the company are to be expected
from the proceedings.
Market risks
Securing raw materials
In the reporting year the final phase of cuts in minimum beet
prices and sugar reference prices passed as part of the sugar
market reform came into effect.
The prices of competing alternative crops, especially maize and
wheat, have remained at a persistently low level throughout.
If prices fluctuate in future, other arable crops may become
more attractive in comparison with sugar beet, however.
In order to secure its supply of raw materials Nordzucker is
therefore
1. signing beet contracts at an early stage
2. operating a bonus system in order to obtain contractual
amounts in full
3. providing focused cultivation advice to increase yields from
beet farming and cut costs at the same time.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
In parallel Nordzucker will continue to support beet farmers with
cultivation advice to increase yields and cut costs at the same
time. Together with the beet farmers the focus is on developing
cost-optimised organisational structures for beet cultivation
and logistics.
Quota beet remains superior to other arable crops in financial
terms. Beet cultivation also combines highly stable yields with
positive effects for crop rotation. In the medium-term differences
in the competitiveness of the sugar beet could nevertheless lead
sugar beet farming to migrate within regions and then between
growing regions.
Energy prices
The energy market has been very volatile in recent years. Current
forecasts assume that energy prices will rise over the long-term.
This could have a significant impact on profitability, as sugar
production consumes a considerable amount of energy. In order
to improve energy efficiency the evaporation plant in Uelzen
was extended for instance, which reduced primary energy consumption
considerably. Since the 2009/2010 campaign the site
in Clauen has been able to use biogas from the factory's wastewater
treatment plant to provide energy in the boiler house.
This is a further measure to reduce the use of fossil fuels. In the
last campaign the factory in Nordstemmen launched a two-year
project to substitute some of its natural gas requirement with
lignite dust. This is expected to substantially reduce the energy
costs of drying pulp in the next campaign.
Further steps to cut energy consumption are planned as part of
the Ertragskraft plus (Profitability plus) programme.
Sugar sales and sugar prices
Nordzucker and analysts agree in their assessment that there is
no great risk of demand for sugar declining due to substitution
with alternative sweeteners or changes in consumer behaviour.
Instead, sugar consumption in the EU is expected to be stable
in the years ahead.
Price risks in the quota sugar business arise in particular from
possible further concentration and increasing price competition
amongst retailers.
Fluctuations in the world market price are only relevant to the
EU market to the extent that they affect imports and exports. If
world market prices are high, the incentive for ACP countries
and LDCs to export their sugar to the EU is low. Imports could
increase, however, if prices on the world market go down.
Risks
Operating risks, certification, insurance
The management system in place across the Nordzucker Group
manages, secures and monitors five different core areas: product
quality and customer satisfaction, product safety, health and
safety at work, energy and environmental protection, and business
integrity and social responsibility.
Regular audits and certifications are carried out in order to satisfy
internal standards and all statutory requirements and norms.
All sites comply with DIN EN ISO 9001 and the product safety
standards DIN EN ISO 22000 in conjunction with PAS 220
(FSSC 22000). As a result of different local requirements some
sites are also certified under the following standards and norms:
DIN EN ISO 18001, DIN EN ISO 14001, EU Eco-Audit Directive
761/2001 (EMAS II), the International Food Standard (IFS) for
food retailing, EU Eco-Directive as well as GMP B2 and Q&S
standard for animal feed.
The international insurance concept for Nordzucker and all its
investments includes uniform insurance standards and premiums
and takes individual national requirements into account. They
consist mainly of all-risk, technical and third-party liability policies
for as wide a coverage as possible. Risks at former sites are also
included and covered by appropriate insurance.
In the course of redeveloping former sites risks can arise which
require recognition in the financial statements. These mostly
relate to environmental or other restrictions on the use of land
which depress the planned sales price as well as previously
unknown contamination for which provisions are required to
cover the cost of disposal. Nordzucker reviews these risks on a
regular basis.
Financial risks
The key risks in this area – in addition to solvency risk – are
interest rate, currency and market risks. They are monitored
regularly. Changes in interest rates and foreign exchange rates
give rise to operating risks for Nordzucker. They are managed
for the Group as a whole by the treasury department.
Nordzucker uses financial instruments, such as commodity
futures, currency futures, currency swaps and interest rate
swaps, to limit these risks.
Nordzucker has a conservative investment policy regarding the
investment of its cash reserves. Liquid funds are invested solely
in money market products – particularly due to the financial
crisis. The company does not invest in securities exposed to
price or default risks.
53

54
Annual Report Nordzucker 2009/2010
As of 28 February 2010 Nordzucker had a medium-term credit
facility of EUR 1,074.0 million. The remaining term of this syndicated
loan is three and a half years. It is used to finance the
Nordic Sugar acquisition and operating activities. This means
that Nordzucker AG's financing requirements are covered, despite
the financial crisis. From a current perspective, its cash reserves
and unused lines of credit enable Nordzucker to meet its payment
obligations at all times.
As part of the syndicated loan Nordzucker has undertaken to
adhere to the agreed covenants (financial ratios). Breaching
the covenants would give the banks the option of cancelling
the existing credit lines or increasing interest rates and lending
margins.
As of 28 February 2010 a breach of the covenants could not be
ruled out and so the parties agreed on a pre-emptive waiver
ahead of the reporting date in order to continue the syndicated
loan agreement.
At the same time Nordzucker began negotiations with the banks
in order to establish a new basis for the financing arrangements
required in later years by adjusting the terms. These negotiations
were completed on 12 May 2010.
On the basis of current budgets for the whole Group and the
adjustments expected to be made to the agreement, Nordzucker
assumes that there will be no further infringements of the renegotiated
thresholds for the covenants in later years.
In line with the assessments of respected rating agencies
Nordzucker is not exposed to a significant risk from its depen -
dence on individual lenders. The general credit risk from the
derivative financial instruments used is considered to be
insignificant.
Derivative financial instruments are used solely to hedge spe -
cific transactions against interest rate and currency risks. As of
28 February 2010 Nordzucker had currency hedges with a total
volume of EUR 139.6 million. The existing currency hedges
generally run for less than one year and match the maturity
profile of the hedged transactions exactly. As of the end of the
financial year interest rate hedges for financial liabilities were in
place for EUR 69.3 million (previous year: EUR 118.0 million).
They served solely as protection against a rise in interest rates
on capital markets.
IT risks
The main IT risks are system failure and the possibility of unauthorised
access. The Nordic Sugar acquisition has also created
different system landscapes which need to be harmonised for
reasons of efficiency.
Both the central and decentralised IT departments are integrated
into Nordzucker AG's risk management system, which monitors
IT risks and works continuously to improve risk monitoring, risk
prevention, early risk identification and emergency measures.
All measures focus on making the systems as fail-safe as possible
as well as on verifying access rights and ensuring that they are
applied throughout. This also includes monitoring unauthorised
access attempts using service tools.
Supplementary report
Nordzucker withdraws from activities in Serbia
Nordzucker disposed of its Serbian interest Sunoko with effect
from 10 March 2010. The Group sold its 51 per cent stake to
the previous minority shareholder. Nordzucker held these shares
via NordAgri N.V., an intermediate holding company for the
Serbian group. The sale was motivated by the lack of economic
prospects for the investment.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Forecast report
Declining production and sales volumes accompanied by a
slight fall in revenues are to be expected in comparison with the
reporting year. The sale of the Serbian interest will also result in
lower revenues. In 2011/2012 revenues are forecast to stabilise
at the level of 2010/2011.
The assumption is that increases in energy prices over the years
ahead will depress earnings to a greater extent than before.
For this reason, and due to the regular increase in costs from
inflation, it will be difficult to make up for declining revenues.
Despite this, Nordzucker launched a comprehensive set of
measures back in February 2010 in order to achieve sustainable
earnings improvements for the years ahead. Personnel expenses,
Braunschweig, Germany, 12 May 2010
Executive Board
Risks
Supplementary report
Forecast report
Axel Aumüller Mats Liljestam
Dr Michael Noth
Hartwig Fuchs
costs of materials and services and other operating expenses
throughout the Nordzucker Group are already being cut sharply
in the 2010/2011 financial year as part of the efficiency programme
Ertragskraft plus (Profitability plus).
After three years the reform of the sugar market regime has
now been fully implemented. It required adjustments in the
form of quota returns, modifications to factory structures, cuts
in the reference price and the payment of the restructuring levy.
Nevertheless, no further extraordinary expenses are expected
in this area for the years ahead.
Overall, the operating result is therefore expected to pick up
sharply. On current estimates, net income for the current financial
year is expected to reach the level of 2008/2009. Similar
earnings are forecast for the year 2011/2012.
Dr Niels Pörksen
55

56
Annual Report Nordzucker 2009/2010
Consolidated financial statements Nordzucker AG
Consolidated income statement
Nordzucker AG, Braunschweig, Germany, for the period from March 1, 2009 to February 28, 2010
Further details in Note
1/3/2009
- 28/2/2010
TEUR
1/3/2008
- 28/2/2009
TEUR
1. Revenues
2. Decrease
6 1,805,654 1,191,726
in finished goods and work in progress 90,336 106,821
3. Own work capitalised 2,714 1,082
4. Other operating income 7 39,373 170,937
5. Cost of materials and services 8 1,181,530 825,154
6. Personnel expenses
7. Depreciation of property, plant and equipment,
9 199,942 108,965
amortisation and impairment of intangible assets
8. Appreciation
10 101,211 88,659
of intangible assets and property, plant and equipment 1,154 2,750
9. Other operating expenses 11 209,810 157,900
10. Operating result (EBIT) 66,066 78,997
11. Net interest 12
a) Interest income and similar income 7,858 19,515
b) Interest expenses and similar expenses 67,257 35,188
-59,399 -15,673
12. Net income/loss from investments
a) Net income/loss from associated companies and joint ventures
13
accounted for under the equity method 140 6,492
b) Other net income from investments 834 0
974 6,492
13. Other net financial income/loss 14
a) Other financial income 28,640 -19
b) Other financial expenses 24,257 2,085
4,383 -2,104
14. Net financial income/loss -54,042 -11,285
15. Earnings before taxes 12,024 67,712
16. Income taxes 15 22,224 23,915
17. Consolidated net income -10,200 43,797
18. Minority interests 2,724 204
19. Consolidated net income attributable to shareholders of the parent company -12,924 43,593
Statement of comprehensive income
Consolidated net loss (previous year: consolidated net income) -10,200 43,797
Currency conversion for foreign operations 15,282 -19,727
Net result of cash flow hedges 1,443 -3,240
Income taxes -420 942
Other net income/loss after taxes 16,305 -22,025
Total net income/loss after taxes
Attributable to:
6,105 21,772
Shareholders of the parent company 526 21.599
Minority shareholders 5.579 173

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Consolidated cash flow statement
Consolidated income statement
Statement of comprehensive income
Consolidated cash flow statement
Nordzucker AG, Braunschweig, Germany, for the period from March 1, 2009 to February 28, 2010
For further details see Notes 36 et. seq.
1/3/2009
- 28/2/2010
EUR m
57
1/3/2008
- 28/2/2009
EUR m
Earnings before taxes +12.0 +67.7
Interest and similar income -7.9 -19.5
Interest and similar expenses +67.3 +35.2
Net depreciation, amortisation and impairment on non-current assets +99.9 +85.9
Changes in non-current provisions -3.3 -8.1
Other non-cash expenses 0.0 -91.1
Net loss/income from associated companies -0.1 -6.5
Changes in finished goods and work in progress +90.3 +106.8
Changes in current provisions -1.3 +7.4
Proceeds on disposal of non-current assets
Changes in inventories, trade receivables and other assets
+1.1 -0.9
not attributable to investing or financing activities
Changes in trade payables and other liabilities
+283.7 +75.3
not attributable to investing or financing activities -123.1 -49.2
Interest received in the financial year +7.9 +2.2
Interest paid in the financial year -61.9 -24.1
Taxes paid in the financial year -36.9 -14.2
Cash flow from operating activities +327.7 +166.9
Proceeds on disposal of property, plant and equipment +12.3 +19.5
Payments for investments in property, plant and equipment -56.6 -65.4
Proceeds on disposal of intangible assets +0.1 +6.6
Payments for investments in intangible assets -5.7 -1.4
Proceeds on disposal of financial assets
Payments for the acquisition
+1.3 +0.3
of consolidated companies and other business units -671.6 -23.6
Cash flow for investing activities -720.2 -64.0
Payments to shareholders (dividends) -13.8 -35.1
Proceeds from borrowing +651.0 +119.7
Loan repayments -323.9 -15.1
Cash flow from financing activities +313.3 +69.5
Changes in cash and cash equivalents -79.2 +172.4
Cash and cash equivalents at the beginning of the period
Cash from the acquisition of consolidated companies
+201.2 +28.8
and other business units and reclassifications in assets held for sale -8,0 0,0
Additions through mergers/other changes -0.1 0,0
Cash and cash equivalents at the end of the period +113.9 +201.2

58
Annual Report Nordzucker 2009/2010
Consolidated balance sheet
of Nordzucker AG, Braunschweig, Germany
Assets
Non-current assets
Fixed assets
Further details in Note
28/2/2010
TEUR
28/2/2009
TEUR
Intangible assets 16 187,888 43,735
Property, plant and equipment 17 921,935 629,943
Investment property 19 8,615 6,429
Financial investments
Shares in associated companies and joint ventures
20
accounted for under the equity method 20.1 10,405 10,299
Other financial investments 20.2 20,438 21,189
Receivables and other assets
30,843 31,488
1,149,281 711,595
Financial assets 24 646 584
Other assets 25 1,679 13,728
2,325 14,312
Deferred taxes 15 10,815 8,362
1,162,421 734,269
Current assets
Inventories 21
Raw materials, consumables and supplies 33,513 24,285
Work in progress 40,076 48,195
Finished goods and merchandise 617,951 445,119
Receivables and other assets
691,540 517,599
Trade receivables from external companies 22 137,416 57,452
Receivables from related parties 23 9,233 76,673
Current income tax receivables 15 21,438 2,159
Financial assets 24 32,025 15,923
Other current assets 25 44,390 271,912
244,502 424,119
Cash and cash equivalents 113,942 201,166
1,049,984 1,142,884
Assets held for sale 26 244,077 1,447
1,294,061 1,144,331
2,456,482 1,878,600

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Shareholders’ equity and liabilities
Further details in Note
Shareholders’ equity 27
Consolidated balance sheet
28/2/2010
TEUR
59
28/2/2009
TEUR
Subscribed capital 27.1 123,651 123,651
Capital reserves 27.2 127,035 127,035
Retained earnings 27.3 384,294 407,885
Other comprehensive income 27.4 19,521 6,072
Equity attributable to shareholders of the parent company 654,501 664,643
Minority interests 27.5 89,498 53,498
Non-current provisions and liabilities
743,999 718,141
Provisions for pensions and similar obligations 28 130,036 101,824
Other provisions 29 41,195 21,391
Financial liabilities 30 497,830 233,733
Liabilities towards related parties 32 5,500 0
Other financial liabilities 33 73,951 0
Other liabilities 34 26,514 27,322
Deferred taxes 15 158,939 54,157
Current provisions and liabilities
933,965 438,427
Provisions for pensions and similar obligations 28 5,268 5,108
Other provisions 29 34,239 38,599
Financial liabilities 30 279,789 262,924
Current income tax liabilities 15 15,513 8,597
Trade payables 31 263,757 216,375
Liabilities towards related parties 32 8,702 8,257
Other financial liabilities 33 5,862 6,508
Other liabilities 34 51,679 175,664
664,809 722,032
Liabilities from discontinued operations 35 113,709 0
2,456,482 1,878,600

60
Annual Report Nordzucker 2009/2010
Consolidated statement of changes in shareholders’ equity
of Nordzucker AG, Braunschweig, Germany
Equity
attributable to
Other shareholders
Subscribed Capital Retained comprehensive of the parent Minority
capital reserves earnings income company interests Total equity
TEUR TEUR TEUR TEUR TEUR TEUR TEUR
As of 1/3/2008 123,651 127,035 387,446 28,066 666,198 65,244 731,442
Net income 0 0 43,593 0 43,593 204 43,797
Other net income/loss 0 0 0 -21,994 -21,994 -31 -22,025
Consolidated net income 0 0 43,593 -21,994 21,599 173 21,772
Dividend payment 0 0 -23,185 0 -23,185 -11,919 -35,104
Others 0 0 31 0 31 0 31
As of 28/2/2009 123,651 127,035 407,885 6,072 664,643 53,498 718,141
Net income 0 0 -12,924 0 -12,924 2,724 -10,200
Other net income/loss 0 0 0 13,450 13,450 2,855 16,305
Consolidated net income 0 0 -12,924 13,450 526 5,579 6,105
Dividend payment 0 0 -10,626 0 -10,626 -3,143 -13,769
Others 0 0 -41 -1 -42 33,564 33,522
As of 28/2/2010 123,651 127,035 384,294 19,521 654,501 89,498 743,999
Changes in others of minority interests in financial year 2009/2010 are related to first-time consolidation of Nordic Sugar Group.
For further details see Note 27 to the consolidated financial statements.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Notes to the consolidated financial
statements for the financial year 2009/2010
for Nordzucker AG, Braunschweig, Germany
General Remarks
1. ACCOUNTING PRINCIPLES
The consolidated financial statements as of 28 February 2010
for Nordzucker AG have been prepared in accordance with
Sec. 315a HGB (German Commercial Code) in accordance with
the International Financial Reporting Standards (IFRS) adopted
and published by the International Accounting Standards Board
(IASB) as applicable in the European Union and with supplementary
provisions of German commercial law. The financial
statements comply fully with IFRS and give a true and fair view
of the net assets, financial and earnings position of Nordzucker
AG and its consolidated subsidiaries, associated companies and
joint ventures (hereinafter known as ”Nordzucker Group” or
”Group”).
Individual line items of the income statement and the balance
sheet have been aggregated to improve readability. These
items are explained in the notes. The income statement has
been classified according to the total cost method.
The consolidated financial statements have been prepared in
Euros. Unless otherwise stated all amounts are given in thousands
of Euros (EUR '000).
The consolidated financial statements will be approved by
the Executive Board of Nordzucker AG for presentation to
the Supervisory Board on 17 May 2010.
The consolidated financial statements and the Group management
report for 2008/2009 have been filed electronically with
and published by the operator of the electronic German Federal
Gazette (Elektronischer Bundesanzeiger).
2. CONSOLIDATION
2.1. Principles of consolidation
The consolidated financial statements of the Nordzucker
Group include the domestic and foreign subsidiaries in which
Nordzucker AG has direct or indirect control of financial and
operating policy.
In accordance with IFRS 1.15, all acquisitions made by the
Group prior to 1 March 2004 have been presented using the
methods applied in the HGB consolidated financial statements.
There were therefore no differences to the derived goodwill
offset against reserves in the HGB financial statements.
2.2. Business combinations and goodwill
Business combinations are presented using the purchase method.
This involves the recognition of the identifiable assets (including
intangible assets not previously recognised) and liabilities
(including contingent liabilities but not including future restructuring)
of the business acquired at fair value.
Goodwill arising from a business combination is initially recognised
at cost, which is the excess of the cost of the business
combination over the acquirer’s interest in the net fair value of
the identifiable assets acquired and the liabilities and contingent
liabilities assumed. Following initial recognition goodwill is measured
at cost less any accumulated impairment losses. For the
purposes of impairment testing, the goodwill acquired in a business
combination is allocated to the cash-generating units or
groups of cash-generating units which benefit from the synergies
of the business combination as of the acquisition date. This
applies irrespective of whether other assets or liabilities of the
acquiring company are assigned to those units or groups of
units. Each unit or group of units to which the goodwill is allocated
represents the lowest level within the entity at which the
goodwill is monitored for internal management purposes.
If goodwill has been allocated to a cash-generating unit (group
of cash-generating units) and the entity disposes of an operation
within that unit, the goodwill associated with the operation
disposed of shall be included in the carrying amount of the
operation when determining the gain or loss on disposal. The
value of the goodwill disposed of is measured on the basis of
the relative values of the operation disposed of and the portion
of the cash-generating unit retained. If a cash-generating unit
is disposed of, the difference between the sale price and the
net assets plus accumulated foreign exchange differences and
goodwill without impairment is recognised in profit and loss.
2.3. Group of consolidated companies
The consolidated companies in the Nordzucker Group are as
follows:
Group of consolidated companies
61
28/2/2010 28/2/2009
Fully consolidated companies
Domestic 9 9
Foreign
Companies accounted for
under the equity method
39 13
Domestic 2 2
Foreign 1 1

62
Annual Report Nordzucker 2009/2010
The list of investments is filed electronically with the operator
of the electronic German Federal Gazette (Elektronischer Bundesanzeiger).
Nordzucker AG, the companies in the Nordic Sugar Group,
Nordzucker Eastern Europe GmbH, Nordzucker Ireland Limited,
SUGARPartners Partnership and Sugarpartners Holdings Limited
are consolidated as of their reporting date 28 February 2010.
For all other consolidated companies the reporting date 31
December was used. The use of this reporting date had no
significant effect on the presentation of the Group's net assets,
financial and earnings position. Any significant transactions
that took place between the reporting date for subsidiaries
and the reporting date for the Group have been eliminated.
Associated companies and joint ventures are accounted for in
the consolidated financial statements under the equity method.
Associated companies are defined as companies in which the
Nordzucker Group can exercise a significant influence over
financial and operating policy. In applying the equity method,
the IFRS financial statements of these companies are used.
Losses from associated companies which exceed the carrying
amount or other non-current receivables from financing these
Foreign currency
companies are not recognised unless there is an obligation to
provide further capital. Intra-Group results did not need to be
eliminated as they were insignificant.
The financial statements of Nordzucker AG and the consolidated
subsidiaries, associated companies and joint ventures
are prepared on the basis of uniform accounting policies.
2.4. Conversion of financial statements
in foreign currencies
Assets and liabilities of subsidiaries whose functional currency
is not the Euro are converted at the exchange rate applicable
on the balance sheet date. Items in the income statement are
converted at the weighted average rate for the relevant year.
Equity components of subsidiaries are converted at the historical
rate for the date first recognised. Exchange differences
arising from the conversion are recognised as equalisation
amounts within other comprehensive income or in minority
interests.
The rates for the conversion of key financial statements in
foreign currencies into Euros have changed as follows:
Average rate Spot rate
for EUR 1.00 2009 2008 31/12/2009 31/12/2008
Polish Zloty 4.33740 3.5225 4.13200 4.1823
Slovakian Crown - 31.1331 - 30.1260
Hungarian Forint 280.5842 251.7600 272.6986 264.5050
Serbian Dinar 94.55577 82.7260 96.1557 89.9260
Average rate Spot rate
for EUR 1.00 2009/10 28/02/2010 28/02/2009
Danish Crown 7.44558 7.44270 7.4475
Swedish Crown 10.48703 9.72648
Norwegian Crown 8.04667 8.57405
Lithuanian Litas 3.45312 3.45273
3. EXPLANATION OF ACCOUNTING METHODS
3.1. Recognition of income and expense
Revenues are recognised when the goods or services are delivered
if the amount of revenue can be estimated reliably and
the flow of economic benefit is probable. Revenues are
reduced by sales discounts.
Operating expenses are recognised when the service is used
or as of the date they arise.
Interest is recognised as an expense or as income in the period
in which it arises. Interest expenses arising in connection with
the purchase or production of certain assets are only capitalised
in the Group if it concerns qualifying assets.
Dividends are recognised when distributed. The period of
distribution is generally equivalent to the period in which
entitlement is legally vested.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Expenses and income as well as receivables and liabilities
between consolidated companies are eliminated. Interim
results are reversed if significant.
3.2. Intangible assets
Internally generated intangible assets are recognised at the
costs arising in the development phase after technical and
economic feasibility has been determined and up to completion.
Capitalised production costs consist of the costs directly
attributable to the development phase.
Separately acquired intangible assets are recognised at cost.
Internally generated and separately acquired intangible assets
which have a finite useful life are amortised from the time
the asset is available for use on a straight-line basis over the
expected useful life of the asset as follows:
Intangible assets
Useful life
in years
Production quotas acquired against payment 9
ERP licences
Process control systems and
20
updateable Microsoft licence packages 15
Other software 3–15
Useful lives are reviewed regularly to ensure they are appropriate.
If necessary they are adjusted accordingly. Goodwill is not
subject to amortisation (see Note 2.2 above).
Gains or losses on the disposal of intangible non-current assets
are recognised under other operating income or expenses.
3.3. Property, plant and equipment
Items of property, plant and equipment are recognised at cost
and depreciated on a straight-line basis over their expected
useful lives. The costs of internally generated items of property,
plant and equipment include all direct costs as well as all indirect
costs incurred in connection with the production process.
Borrowing costs are capitalised when the internally generated
items of property, plant and equipment constitute qualifying
assets. Gains or losses on the disposal of non-current assets are
recognised in other operating income or expenses.
Rented or leased assets which are economically owned by Group
companies (finance leases) are capitalised at the lower of the
present value of the rental or lease payments and fair value of
the leased asset. They are depreciated on a straight-line basis.
The present value of payment obligations for future rental and
lease payments is recognised as a liability.
Depreciation takes place on a uniform basis for the Group over
the following useful lives:
Property, plant and equipment
Useful life
in years
Buildings 20–60
Technical plant and machinery 4–60
Railway track 70
Vehicles 4–15
Trailers and rolling stock 25
Other operating and office equipment 3–25
Useful lives are reviewed regularly to ensure they are appropriate.
If necessary they are adjusted accordingly.
As a rule, depreciation begins when the asset is made ready
for operation. Technical plant and machinery only used during
the campaign are depreciated for the full year.
For assets under finance leases where the transfer of title to
Group companies at the end of the lease term is sufficiently
certain, scheduled depreciation takes place over the useful
life of the assets.
Investment subsidies and public grants for the purchase or
production of items of property, plant and equipment are
accounted for by recognising an item of deferred income
under other liabilities. The deferred income item is then
reversed through profit and loss over the useful life of the
subsidised asset.
3.4. Investment property
Properties classified by the Nordzucker Group as available for
let to third parties are carried at historical cost in accordance
with the classification option defined in IAS 40. These properties
are depreciated on a straight-line basis over a useful life
of 20–60 years.
3.5. Impairment of intangible assets and items of
property, plant and equipment
Group companies test non-current assets for impairment if
events or changes in circumstances indicate that the asset
may be impaired (”impairment test”).
Impairment losses are recognised for intangible assets and
items of property, plant and equipment if due to particular
events the carrying amount of the asset is no longer covered
by the anticipated proceeds of disposal or the discounted net
cash flows from its continued use. If the recoverable amount
cannot be measured for individual assets because the cash
flows depend on other assets, the cash flow is determined for
the next higher group of assets (reporting unit, cash-generating
unit) for which such a cash flow can be determined. The
cash flows of the reporting units are discounted at a rate which
reflects current market assessments of the time value of money
and the specific risks of the asset. An impairment loss is recognised
when the present value of the cash flows is less than the
carrying amount of the non-current and net current assets of
the reporting unit.
63

64
Annual Report Nordzucker 2009/2010
An assessment is made as of each reporting date whether
there is any indication that an impairment recognised in prior
periods may no longer exist or may have decreased. Impairment
losses are reversed if the value in use has increased in
subsequent periods. The increased carrying amount of an
asset attributable to a reversal of an impairment loss shall not
exceed the carrying amount that would have been determined
(net of amortisation or depreciation) had no impairment loss
been recognised for the asset in prior years.
3.6. Investment subsidies and grants
Claims for investment subsidies and grants are recognised from
the time the Nordzucker Group is sufficiently certain that they
will be granted and that the conditions for receiving them will
be met. Grants and subsidies for purchasing assets are carried
as liabilities and reversed through profit and loss over the useful
life of the subsidised assets.
3.7. Emissions rights
The Nordzucker Group does not recognise emissions rights
received free of charge. The Nordzucker Group recognises the
corresponding obligations at cost if the emissions rights held by
the Group are not sufficient.
3.8. Financial instruments
The Nordzucker Group accounts for financial instruments in
accordance with IAS 39. All purchases or disposals of financial
assets within the Group are recognised on acquisition, i.e. as
of the settlement date, irrespective of their classification.
Financial assets and financial liabilities are initially recognised
at fair value. The transaction costs directly attributable to the
acquisition are also recognised and amortised over the duration
for all financial liabilities which are not subsequently measured
at fair value through profit and loss. The fair values carried
in the balance sheet are normally equivalent to the market
prices of the financial instruments. If these are not directly
available from an active market, measurement is made using
the discounted cash flow method (DCF method), i.e. based on
expected future cash flows using the reference interest rates
applicable at the balance sheet date.
IAS 39 stipulates that financial instruments are to be classified
as loans and receivables (L&R), available for sale (AFS), held to
maturity (HTM), held for trading (HFT), fair value option (FVO)
or financial liabilities measured at amortised cost (FLAC).
The Nordzucker Group has not used the option of designating
financial assets or financial liabilities upon initial recognition as
at fair value through profit and loss (FVO).
The Group measures financial assets and liabilities classified as
held for trading at fair value. Changes in fair value are recognised
in profit and loss.
Available-for-sale financial instruments are initially recognised
at fair value. The result of subsequent measurement at fair
value is recognised without effect on profit and loss in other
comprehensive income, having accounted for the effects of
tax. When the financial asset is sold, the accumulated results
of measurement changes recognised in equity are reversed and
the realised gain or loss is recognised in profit and loss. If the
asset is impaired, the revaluation surplus is corrected for the
amount of the impairment and the resulting amount recognised
in profit and loss.
If the fair value of financial instruments cannot be measured or
derived using appropriate valuation methods, they are carried
at amortised cost. For cash and other current primary financial
instruments, fair value is equivalent to the carrying amount on
each balance date.
Assets held to maturity are carried at amortised cost using the
effective interest method. An impairment loss is recognised on
these assets if the recoverable amount using the effective interest
originally determined is below the carrying amount.
In the financial year, no financial assets were reclassified from
being available for sale to being held to maturity. Available-forsale
financial instruments carried at fair value were also not
reclassified as being held at amortised cost. Reclassifications
in the opposite direction were also not applicable for the
Nordzucker Group.
The Nordzucker Group also made no disposals of financial
assets without derecognising them, either in the reporting
period or in the previous year.
The Nordzucker Group carries out regular impairment tests
on financial assets held in the balance sheet in the categories
loans and receivables, available for sale and held to maturity.
These are based on past experience and individual risk assessments.
The risk assessments include criteria such as severe
financial difficulties of the issuer or debtor, breach of contract,
concessions made to debtors for economic or legal reasons
in connection with the debtor’s financial difficulties and an
increased probability of the debtor’s insolvency. Other criteria
are the disappearance of an active market for the asset in question
or observable data which indicates a measurable reduction
in expected future cash flows from a group of financial assets
since their initial recognition.
Nordzucker AG was required to demonstrate compliance with
the financial ratios defined in the syndicated loan agreement
as of 28 February and 31 August of the reporting year. As a
breach of the financial covenants could not be ruled out as
of 28 February 2010 in particular, Nordzucker negotiated a
waiver ahead of the reporting date. The company has since
successfully closed the negotiations begun with its lenders
on adjusting the thresholds and the terms of the agreement.
Further information on financial instruments is given in Note 38.
3.9. Financial investments and securities
Other financial investments and securities are categorised in
line with IAS 39 according to type and purpose and classified
either as available for sale or as held to maturity.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
3.10. Assets held for sale
Non-current assets are classified as held for sale if the disposal
of the asset within the next 12 months is highly probable.
This classification is only made when the asset is available for
sale in its present condition and the marketing of the asset
has already begun. Assets held for sale are carried at the lower
of amortised cost and fair value less costs to sell. No further
depreciation or amortisation is recognised for assets from the
time they are classified as held for sale. If no sale has taken
place within twelve months, the assets concerned are reclassified
to the relevant balance sheet items and the necessary
depreciation or amortisation is made good.
3.11. Inventories
Inventories are recognised at cost.
Costs are determined using weighted averages. Costs include
all direct costs attributable to producing the asset as well as
indirect costs attributable to production.
Measurement of inventories at the reporting date is made at
the lower of cost and net realisable value. Net realisable value
is the estimated selling price less estimated costs to sell.
The net realisable value of work in progress is inferred from the
net realisable value of finished goods and services less the outstanding
costs of completion.
Semi-finished goods from production processes are measured
using the respective full cost approach. Indirect costs are allocated
according to production volume and the amount of production
work carried out in-house. If the recognised amounts
for finished products and goods is higher than fair value as of
the reporting date, the inventories are written down to net
realisable value.
Sugar stocks from internal production disclosed under finished
products are recognised at cost, unless they are recognised at
lower net realisable value in view of sales opportunities. Costs
include production costs, indirect costs attributable to the production
department and straight-line depreciation for wear and
tear. Costs for quota sugar in the previous year also include the
restructuring levy of EUR 113.30 per tonne of actual production
volume plus the factory portion of the production levy of EUR
6.00 per tonne for the reporting year and the previous year.
Borrowing costs are not included in costs as the Group's products
are not qualifying assets.
An impairment loss for inventories is reversed if the reasons for
recognising the loss no longer exist.
3.12. Receivables and other assets
Trade receivables and other assets are initially recognised at
fair value plus transaction costs. Subsequent recognition is at
amortised cost. For current financial assets in the loans and
receivables category, fair value is approximately equal to the
carrying amount.
Default risks are recognised by appropriate write-downs based
on past experience and individual assessments of risk.
3.13. Cash and cash equivalents
Cash and cash equivalents include bank balances and cash in
hand. Carrying amounts are equal to fair value.
3.14. Pension provisions
Provisions for pension obligations are determined in line with
IAS 19 using the projected unit credit method and taking future
developments in salaries and pensions into account. The measurement
of the pension obligations is made on the basis of
actuarial opinions and includes the assets available to cover
these obligations (plan assets). The present value of defined
benefit obligations is determined by discounting the estimated
future cash outflows. The discount rate is based on the rate
paid by high-quality corporate bonds which match the underlying
pension obligations in terms of currency and maturity.
If the actuarial gains and losses resulting from changes in the
actuarial parameters exceed 10% of the greater of the pension
obligations and plan assets at the beginning of the financial
year, the amount exceeding the 10% threshold is recognised
through profit and loss for the remaining term of service of
the entitled staff (corridor method).
Service cost and realised actuarial gains and losses are recognised
in personnel expenses. The interest component of pension
expenses and the expected income from plan assets is
disclosed as part of net financial income/loss.
3.15. Other provisions
Other provisions include all identifiable legal and constructive
obligations of the Group towards third parties if their settlement
is probable and the amount can be reliably estimated.
Provisions are recognised in line with IAS 37 as the best estimate
of the amount required to settle the obligation. Noncurrent
provisions are recognised as the present value of the
amount required to settle the obligation, discounted using
appropriate market interest rates.
Provisions for restructuring are only recognised if the planned
measures have been developed in sufficient detail as of the
reporting date and if the measures have been announced.
3.16. Liabilities
Liabilities are recognised initially at fair value including transaction
costs and any premiums and discounts. Subsequent recognition
is at amortised cost using the effective interest method.
3.17. Deferred taxes
Deferred taxes are recognised for future tax assets and liabilities
resulting from temporary differences between the value of assets
and liabilities for tax purposes and their carrying amount in the
IFRS financial statements, and for tax loss carry-forwards. Deferred
taxes are measured on the basis of the fiscal legislation enacted
at the end of each financial year for the financial years in which
the differences are expected to reverse or in which it
65

66
Annual Report Nordzucker 2009/2010
is likely that tax loss carry-forwards will be used. Deferred tax
assets for tax loss carry-forwards are only recognised if it is sufficiently
likely that they will be realised in the near future.
Deferred tax assets and liabilities are netted out if the conditions
for doing so are met.
3.18. Derivative financial instruments and hedge
accounting
Due to the nature of its business, the Nordzucker Group is
exposed to interest rate, exchange rate and other market risks.
Derivative financial instruments are used as a means of managing
these risks.
As a rule, derivative financial instruments are recognised at fair
value. The fair value of derivatives can be both positive and
negative. If a market value is not available, fair value is determined
using net present value and option pricing models. The
input parameters for these models are the relevant market
prices and interest rates observed on the balance sheet date
as derived from recognised sources.
Changes in the fair value of derivative financial instruments are
recognised directly in equity if they are part of effective hedging
relationships (hedge accounting). The principles of hedge
accounting are intended to capture as much as possible the offsetting
effects on profit or loss of changes in the fair values of
the hedging instrument and the hedged item. In addition
to documentation on the hedging relationship, IAS 39 requires
that the hedge be shown to be highly effective in order for
hedge accounting to be applied. The effectiveness of the hedge
is demonstrated by its ability to achieve offsetting changes to
alterations in the hedged item’s fair value in the case of fair
value hedges or to cash flows attributable to the hedged risk
in the case of cash flow hedges.
Changes in fair value of derivatives which are used to hedge
future cash flows (cash flow hedges) and are considered effective
are recognised directly in accumulated other comprehensive
income after accounting for tax effects. The amounts
recognised in other comprehensive income are derecognised
when the hedged item is recognised in the balance sheet or
in profit and loss.
Derivatives, which despite their effect as economic hedges
do not fulfil the criteria of IAS 39 for recognition as hedging
instruments, are classified as held for trading and carried at
fair value through profit and loss.
When closing hedge transactions, the Nordzucker Group clas -
sifies interest rate derivatives solely as cash flow hedges for
hedge accounting purposes. Furthermore, the Group uses
derivatives not designated as such to hedge exchange rate
and market risks.
3.19. Foreign currency transactions
Purchases and sales in foreign currencies are converted at the
exchange rate applicable at the time of the transaction. Assets
and liabilities in foreign currencies are translated into the functional
currency at the exchange rate on the reporting date.
Foreign currency gains and losses resulting from the conversion
are recognised in profit and loss.
3.20. Use of estimates
Preparing the consolidated financial statements in line with
IFRS requires the use of estimates and assumptions which affect
the carrying amounts of assets and liabilities, the disclosure of
contingent liabilities as of the reporting date and the recognition
of income and expenses. In particular, key estimates and
assumptions have been made in defining uniform periods of
depreciation and amortisation for the Group, the amount of
write-downs on receivables and the actuarial parameters for
measuring pension provisions. For deferred tax assets, the main
estimates relate to the taxable profits that will be generated in
future. Other significant estimates have been made in performing
the impairment test in accordance with IAS 36 concerning
the determination of cash flows in the forecast period and the
selection of a suitable capitalisation rate. The actual amounts
may vary from the amounts derived from the estimates and
assumptions. Please refer to the corresponding notes to the
consolidated balance sheet for the carrying amounts of balance
sheet items affected by significant estimates.
4. RECENTLY PUBLISHED IASB ACCOUNTING
REGULATIONS
The present financial statements for 2009/2010 have been prepared
on the basis of the uniform application of – and in compliance
with – all International Financial Reporting Standards
(IFRS) applicable in the European Union as of the reporting
date. Nordzucker does not apply standards already published
and interpretations by the International Financial Reporting
Interpretations Committee (IFRIC) for which application is
not yet mandatory for the reporting year. A distinction is made
between standards and interpretations already published by
the IASB and transposed into EU law via the comitology pro -
cedure (EU endorsement) and those which have not yet been
endorsed. The Group will only make use of the following
adopted financial reporting standards and IFRIC interpretations
when their application becomes mandatory:
IFRS endorsed by the EU as of 28 February 2010:
IAS 27 Consolidated and Separate Financial Statements: The
revised standard IAS 27 was published in January 2008 and is
applicable for the first time in the financial year beginning on
or after 1 July 2009. The standard stipulates that a change in
the level of ownership of a subsidiary that does not lead to a
loss of control is to be accounted for as a transaction with owners
in their capacity as owners. These transactions cannot therefore
give rise to goodwill or to a gain or loss. If control is lost
over a subsidiary, the remaining ownership interest is remeasured
at fair value and accounted for in the course of calculat-

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
ing the sales proceeds. Losses sustained by the subsidiary are to
be divided among the owners of the parent company and noncontrolling
interests (previously known as minority interests)
even if this means that the non-controlling interests are on balance
negative. The transitional rules provide for the standard
to be applied to future financial statements. There are therefore
no changes for assets and liabilities resulting from such trans -
actions before the initial application of the new standard.
Amendment to IAS 32 – Classification of Subscription Rights: The
amendment to IAS 32 was published in October 2009 and is
applicable for the first time in the financial year beginning on
or after 1 February 2010. This amendment alters the definition
of a financial liability to enable certain subscription rights to
be classified as equity instruments. This applies when these
rights are issued pro rata to all a company's existing holders
of non-derivative equity instruments in the same class in order
to acquire a predetermined number of the company's equity
instruments for a fixed price in a given currency.
Amendments to IAS 39 – Exposures Qualifying for Hedge Accounting:
The amendment to IAS 39 was published in July 2008 and
is applicable retrospectively for the first time in the financial
year beginning on or after 1 July 2009. It is made clear that it
is permissible to designate just a portion of the change in fair
value or the cash flow fluctuation of a financial instrument as
a hedged item. This also includes the designation of inflation
as a risk or portion of a financial instrument in certain cases.
IFRS 1 First-time Adoption of IFRS: The revised standard IFRS 1
was published in November 2008 and is applicable for the first
time in the financial year beginning on or after 1 July 2009.
The revision only involved changes to the wording and structuring
of the standard. The revision does not change any
accounting standards for first-time adopters of IFRS.
IFRS 3 Business Combinations: The revised standard IFRS 3 was
published in January 2008 and is applicable for the first time in
the financial year beginning on or after 1 July 2009. The standard
underwent a comprehensive revision as part of the convergence
project between the IASB and the FASB. The main
changes relate to the introduction of an option for measuring
non-controlling interests (previously known as minority interests)
either at fair value or at their proportionate interest in the
identifiable net assets of the acquired entity. Of particular note
are also the revaluation through profit and loss of existing
interests when control is acquired for the first time (acquisition
by stages), the mandatory recognition of a payment contingent
on future events at the time of acquisition and the recognition
of transaction costs in profit and loss. These revisions
will affect the amount of goodwill recognised, earnings for the
reporting period in which a business combination occurs and
future earnings. The transitional rules provide for the standard
to be applied to future financial statements. There are no
changes for assets and liabilities resulting from business combinations
which took place before the initial application of the
new standard.
Amendment to IFRS 5 as part of the 2008 improvements to IFRS:
The amendments resulting from the Improvement Project 2008
were published in May 2008 and are applicable for the first
time in the reporting period beginning on or after 1 January
2009, with the exception of IFRS 5 (from 1 July 2009). The
amendment to IFRS 5 made it clear that all the assets and liabilities
of a subsidiary are to be classified as held for sale if its
planned sale would result in the loss of control over the subsidiary
and the parent is to retain a non-controlling interest in
the former subsidiary following the sale.
IFRIC 12 Service Concession Arrangements: IFRIC interpretation
12 was published in November 2006 and is applicable for the
first time in the financial year beginning on or after 1 January
2008. This interpretation was transposed into EU law in March
2009 with the proviso that it is applicable in the EU from the
first financial year beginning after 30 June 2009 at the latest. It
governs the accounting treatment of rights and duties agreed
as part of service concessions.
IFRIC 15 Agreements for the Construction of Real Estate: IFRIC
Interpretation 15 was published in July 2008 and is applicable
for the first time in the financial year beginning on or after 1
January 2009. This interpretation was transposed into EU law in
July 2009 with the proviso that it is applicable in the EU from
the first financial year beginning after 31 December 2009 at
the latest. This interpretation provides guidance on the timing
and scope of revenue recognition for real estate construction
projects.
IFRIC 16 Hedges of a Net Investment in a Foreign Operation:
IFRIC Interpretation 16 was published in July 2008 and is applicable
for the first time in the financial year beginning on or
after 1 October 2008. This interpretation was transposed into
EU law in March 2009 with the proviso that it is applicable in
the EU from the first financial year beginning after 30 June
2009 at the latest. IFRIC 16 provides guidance for identifying
foreign currency risks which can be hedged by hedging net
investments, for defining which group companies can hold the
hedging instruments for a net investment, and for determining
the foreign currency gain or loss to be reclassified from equity
to profit or loss on the disposal of the hedged foreign operation.
This interpretation is to be applied to future financial
statements.
IFRIC 17 Distribution of Non-cash Assets to Owners: IFRIC Interpretation
17 was published in November 2008 and is applicable
for the first time in the financial year beginning on or after
1 July 2009. This interpretation gives guidance on the recognition
and measurement of obligations to distribute non-cash
dividends to shareholders. The interpretation deals in particular
with the timing for recognising an obligation, the measurement
of the obligation and the assets concerned, and the date
on which the assets and obligation are to be derecognised.
This interpretation is to be applied to future financial statements.
67

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IFRIC 18 Transfers of Assets from Customers: IFRIC Interpretation
18 was published in January 2009 and is applicable for the first
time to transfers taking place on or after 1 July 2009. This interpretation
provides guidance on the treatment of agreements
by which a company receives items of property, plant or equipment
or cash from a customer, which the company must use
to connect the customer to a network and/or to provide the
customer with ongoing access to a supply of goods or services.
The interpretation deals primarily with the criteria for recognising
customer contributions and the timing and scope of revenue
recognition from such transactions. This interpretation is
to be applied to future financial statements.
With the exception of the amendments to IFRS 3, the application
of the amendments to IFRS described above will have no
significant effect on the presentation of the Group's net assets,
financial and earnings position, as the circumstances referred
to do not exist. The voluntary application of the revised IFRS 3
would have meant that incidental acquisition costs of EUR
16,467,000 for the acquisition of the Nordic Sugar Group
would not have been capitalised.
IFRS still to be endorsed by the EU:
Amendment to IFRS 1 – Additional Exemptions for First-time
Adopters: The amendment to IFRS 1 was published in July 2009
and is applicable for the first time in the financial year beginning
on or after 1 January 2010. IFRS 1 was amended to provide
further exemptions from full retrospective application of
the standard for measuring oil and gas assets and leases.
Amendment to IFRS 2 – Group Cash-settled Share-based Payment
Transactions: The amendment to IFRS 2 was published in June
2009 and is applicable for the first time in the financial year
beginning on or after 1 January 2010. The amendment to IFRS
2 altered the definition of share-based payment and the scope
of IFRS 2 and provided additional guidance on accounting for
share-based payment within a group. The rule states that a
company must account for goods or services received in accordance
with the provisions for share-based payment settled by
means of equity instruments if the company's own equity
instruments are given in consideration or if the company has
no obligation to settle the share-based payment agreement. In
all other cases, the agreement is accounted for as a cash-settled
share-based payment. These principles apply irrespective
of any repayment agreements in place between group companies.
In the course of the amendment, the provisions of IFRIC 8
Scope of IFRS 2 and IFRIC 11 Group and Treasury Share Transactions
were included in IFRS 2 and both interpretations were
withdrawn.
2009 improvements to IFRS: The 2009 improvements to IFRS
are a collection of amendments to various standards published
in April 2009. The effective dates and transitional rules are
defined for each standard. Unless otherwise stated, individual
rules are applicable for the first time in financial years beginning
on or after 1 January 2010. The Group has not yet applied the
following amendments:
IFRS 2 Share-based Payment: It was made clear that the contribution
of operations to establish a joint venture and business
combinations between companies under joint control do not
fall within the scope of IFRS 2. The revised standard is applicable
for financial years beginning on or after 1 July 2009.
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations:
It was made clear that only the disclosure obligations
defined in IFRS 5 are applicable to non-current assets and disposal
groups classified as held for sale and to discontinued
operations. The disclosure obligations defined in other IFRS are
only applicable if these standards or interpretations explicitly
state that these disclosures should be made for assets under
IFRS 5 and discontinued operations.
IFRS 8 Operating Segments: It was made clear that segment
assets and segment liabilities only need to be presented as
such when they are the subject of regular reports to the relevant
level of the company.
IAS 1 Presentation of Financial Statements: Assets and liabilities
classified as held for trading in accordance with IAS 39 Financial
Instruments: Recognition and Measurement must not automatically
be shown in the balance sheet as current.
IAS 7 Statement of Cash Flows: It was decided that only outgoings
which result in the recognition of an asset qualify as cash
flows from investing activities.
IAS 17 Leases: The special guidelines for classifying leases for
land were withdrawn. From now on, the general guidelines
apply.
IAS 18 Revenue: The IASB issued additional guidance on the
question of whether a company is acting as a principal or an
agent. No timeframe was given for applying this amendment
in the Annexe to IAS 18, which does not form part of the standard
itself. It therefore took effect on publication.
IAS 36 Impairment of Assets: It was made clear that a cash-generating
unit to which goodwill acquired in the course of a business
combination is attributed may not be larger than an operating
segment within the meaning of IFRS 8, before aggregation
according to the criteria defined therein.
IAS 38 Intangible Assets: If an intangible asset acquired as part
of a business combination is only identifiable together with
another intangible asset, the acquirer may also recognise the
group of intangible assets as a single asset if individual assets
in the group have the same useful lives. It was further made
clear that the methods mentioned in the standard for measuring
the fair value of intangible assets acquired as part of a business
combination are only examples. Companies are at liberty
to use other methods. These amendments are applicable for
the first time in the financial year beginning on or after 1 July
2009.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
IAS 39 Financial Instruments: Recognition and measurement:
a loan prepayment option is considered to be closely related to
the underlying contract if the exercise price of the prepayment
option is calculated so as to reimburse the lender approximately
the present value of the foregone interest for the remaining
term of the underlying contract. It was also determined that
the exception for agreements between a buyer and a seller to
acquire or dispose of a company at a future date only apply to
binding forward contracts, not to derivative contracts for which
further steps are still required. The third revision states that
gains or losses on a cash flow hedge of a forecast transaction
which subsequently results in the recognition of a financial
instrument, or on the cash flow hedge of a recognised financial
instrument, are to be reclassified to the period in which the
hedged forecast cash flows affect earnings.
IFRIC 9 Reassessment of Embedded Derivatives: IFRIC 9 is not
applicable to any reassessment at the acquisition date of
embedded derivatives in contracts acquired in the course of
mergers between companies or business units under joint
control or on establishment of a joint venture. This amendment
is applicable for the first time in the financial year
beginning on or after 1 July 2009.
IFRIC 16 Hedges of a Net Investment in a Foreign Operation:
Hedging instruments may be held by any company within a
group as long as the conditions defined in IAS 39 for designating
and documenting the instruments and their effectiveness
are met. This amendment is applicable for the first time in the
financial year beginning on or after 1 July 2009.
IFRS 9 – Financial Instruments: Classification and Measurement:
The standard IFRS 9 was published in November 2009 and is
applicable for the first time in the financial year beginning on
or after 1 January 2013. The standard was developed by IASB
as the first part of a project for the comprehensive revision of
accounting for financial instruments and contains new rules on
classifying and measuring financial assets. It provides for financial
assets to be accounted for either at amortised cost or at
fair value through profit or loss, depending on their characteristics
and the business model or models. Equity instruments
must always be accounted for at fair value, but fluctuations in
the value of equity instruments may be recognised in other
comprehensive income as an option which may be exercised
for specific instruments on initial recognition. In this case, only
certain dividend income from the equity instruments is recognised
in profit or loss.
Amendment to IFRS 1 – Limited Exemptions from Comparative
IFRS 7 Disclosures for First-time Adopters: The amendment to
IFRS 1 was published in January 2010 and is applicable for
the first time in the financial year beginning on or after 1 July
2010. The amendment permits first-time adopters of IFRS
to make use of the transitional rules for the amendment to
IFRS 7 Improving Disclosures, published in March 2009.
Amendment to IAS 24 – Related Party Disclosures: The revised
standard IFRS 24 was published in November 2009 and is
applicable for the first time in the financial year beginning on
or after 1 January 2011. This alters the definition of related parties
and also releases state-controlled entities from the obligation
to disclose transactions with the state and with other entities
controlled by this same state. The standard is to be applied
retrospectively.
Amendment to IFRIC 14 – Prepayments of a Minimum Funding
Requirement: The amendment to IFRIC 14 was published in
November 2009 and is applicable for the first time in the
financial year beginning on or after 1 January 2011. The application
of IFRIC Interpretation 14 published in July 2007 that
was intended to limit a defined benefit asset to its realisable
value had unintended consequences for companies in some
countries. The amendment is intended to allow companies
to recognise prepayments of a minimum funding requirement
as an asset.
IFRIC 19 – Extinguishing Financial Liabilities with Equity Instruments:
IFRIC Interpretation 19 was published in November
2009 and is applicable for the first time in the financial year
beginning on or after 1 July 2010. This interpretation makes it
clear that if equity instruments are issued to a creditor for the
purpose of extinguishing a financial liability, the equity instrument
is to be treated as consideration paid for the liability. The
equity instruments are measured either at fair value or at the
fair value of the liability extinguished, depending on which
can be determined more reliably. Any difference between the
carrying amount of the financial liability extinguished and the
fair value of the equity instruments issued is recognised in the
profit or loss for the period.
The application of the amendments to IFRS described above
will have no significant effect on the presentation of the
Group's net assets, financial and earnings position, as the
circumstances referred to do not exist.
Amendments to accounting methods resulting from the
application of new standards
IAS 23 Borrowing Costs: The amendments to IAS 23 have no
effect on the Nordzucker Group as Nordzucker does not currently
own any qualifying assets.
Amendment to IAS 32 (2008) Financial Instruments: Presentation/IAS
1 Presentation of Financial Statements: This has no
effect on accounting methods at the Nordzucker Group as no
financial liabilities are disclosed that represent a residual claim
on the Group's net assets. The presentation of the consolidated
financial statements is affected, as for the 2009/2010 financial
year they have been expanded to include a statement of comprehensive
income.
IFRS 2 Share-based Payment: The Nordzucker Group does not
make share-based payments.
69

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Annual Report Nordzucker 2009/2010
IFRS 8 Operating Segments: As the Group is not publicly listed,
it does not prepare segment reporting.
The amendments to IFRS 1 and IAS 27 – Cost of an Investment
in a Subsidiary, Jointly Controlled Entity or Associate – are not
expected to have any significant effect on the net assets, financial
and earnings position of the Group.
IAS 16 Property, Plant and Equipment: The amendments to this
standard will have no effect on the presentation of the consolidated
financial statements as items of property, plant and
equipment held for rental in the Nordzucker Group are not
sold as part of routine operations.
IAS 20 Accounting for Government Grants and Disclosure of Government
Assistance: The Group does not hold any interest-free
government loans or government loans at below-market rates
of interest.
IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures:
The application of the amendments to this standard have
no effect on the presentation of the Group's net assets, financial
and earnings position.
IAS 38 Intangible Assets: The Group does not intend to introduce
the units-of-production method of amortisation for intangible
assets.
IAS 39 Financial Instruments: Recognition and Measurement:
The application of the amendments to this standard have no
effect on the presentation of the Group's net assets, financial
and earnings position.
IAS 40 Investment Property: The Group does not currently
acquire property for investment purposes.
IAS 41 Agriculture: The application of the amendments to this
standard have no effect on the presentation of the Group's net
assets, financial and earnings position.
IFRIC 12 Service Concession Arrangements: The provisions of this
interpretation do not apply to the Group's business.
IFRIC 13 Customer Loyalty Programmes: The application of the
amendments to this interpretation have no effect on the presentation
of the Group's net assets, financial and earnings position.
The following amendments are only clarifications and will not
affect the net assets, financial and earnings position of the
Group:
● IFRS 5 Non-current Assets Held for Sale and Discontinued
Operations:
● IAS 10 Events After the Balance Sheet Date
● IAS 19 Employee Benefits
● IAS 27 Consolidated and Separate Financial Statements
● IAS 29 Financial Reporting in Hyperinflationary Economies
● IAS 34 Interim Financial Reporting
Business combinations
5. ACQUISITIONS
With effect from 2 March 2009 the Group acquired Nordic
Sugar Group in full from Danisco A/S, Copenhagen, Denmark,
via its wholly owned subsidiary Nordic Sugar Holding A/S (formerly:
TitoConcerto A/S), Copenhagen, Denmark.
Nordic Sugar Group produces, refines and sells sugar via several
companies, primarily in Denmark, Sweden, Finland, Norway
and the Baltic countries. The company acquired also produces
and sell beet seeds. The Group intends to dispose of the
beet seed operations.
The fair values of the identifiable assets and liabilities of the
Nordic Sugar Group at the acquisition date and the corresponding
carrying amounts immediately before the acquisition date
are as follows:
Fair value
as of the Carrying
TEUR acquisition date amount
Intangible assets* 61,309 28,713
Property, plant and equipment 397,617 291,989
Financial investments 53 53
Deferred tax assets 570 570
Inventories 325,446 291,080
Cash and cash equivalents 10,806 10,806
Trade receivables 67,247 67,247
Other assets 109,152 104,586
972,200 795,044
Provisions -42,347 -42,347
Deferred tax liabilities -91,531 -45,991
Financial liabilities -8,042 -8,042
Tax liabilities -5,385 -5,385
Trade liabilities -64,401 -64,401
Other liabilities -80,541 -80,541
-292,247 -246,707
Net assets 679,953 548,337
Group share of net assets 640,679
Goodwill from acquisition 89,150
Total acquisition costs 729,829
*Excluding sugar quotas and goodwill previously recognised by the seller

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Acquisition costs include incidental acquisition costs of EUR
16,467,000. EUR 671.6 million of these costs were paid in the
reporting year 2009/2010. The acquisition costs reflect the market
opportunities and earnings potential that the Group has
opened up by making the acquisition. Goodwill is the difference
between the acquisition cost and the identifiable Group
share of net assets. An impairment test for this goodwill showed
that, based on current business plans, it is not impaired.
In the reporting year the Nordic Sugar Group contributed EUR
724,736,000 to revenues and EUR 9,544,000 to the net loss
for the year.
A production site acquired in Germany as part of the acquisition
was resold directly on competition grounds. The acquisition
and the immediate sale of this production site are therefore
not included in the above list.
Sugarpartners Partnership Dublin, Ireland was acquired in full
in the reporting year in addition to the Nordic Sugar Group
and included in the consolidated financial statements for the
first time. The transaction is not significant for the Group.
Notes to the consolidated income statement
All items in the consolidated income statement were affected
significantly by the full consolidation of the Nordic Sugar Group
in the reporting year. Significant changes have therefore been
reported in revenues, cost of materials and services, personnel
expenses, depreciation and amortisation in comparison with
the previous year.
6. REVENUES
Revenues are made up as follows:
Revenues
1/3/2009 1/3/2008
TEUR
Sugar revenues from
-28/2/2010 -28/2/2009
own production 1,395,640 850,899
Other 410,014 340,827
1,805,654 1,191,726
Regions
Germany 840,045 870,309
Northern Europe 724,736 0
Eastern Europe 240,873 321,417
1,805,654 1,191,726
Miscellaneous revenues include sales of merchandise,
bioethanol and other products such as animal feed.
7. OTHER OPERATING INCOME
Other operating income is made up as follows:
Other operating income
1/3/2009 1/3/2008
TEUR -28/2/2010 -28/2/2009
Proceeds from disposal
of non-current assets
Proceeds from disposal
1,521 6,357
of current assets
Reversals of write-downs
165 210
(or write-backs) on receivables
Income from the reversal
128 215
of provisions
Insurance and other compensation
6,737 5,935
for damages
Income from the reversal
of investment subsidies, grants
1,698 16,904
and other receivables 943 2,050
Rental and leasing income 3,006 1,632
Foreign exchange gains 6,107 19,897
Income from the restructuring fund 0 90,223
Miscellaneous operating income 19,068 27,514
Other operating income 39,373 170,937
Income from the restructuring fund the previous year included
compensation under EU directive VO No. 320/2006 in connection
with the closure of production sites and the return of quotas.
The compensation payment was made in July 2009 and is
subject to the demolition of production facilities in line with
the restructuring plans. The indemnity from the restructuring
fund was recognised in full in profit and loss in accordance
with IAS 20. All expenses anticipated in connection with the
closure of production sites have been recognised in these consolidated
financial statements.
Foreign currency gains and the foreign currency losses disclosed
under other operating expenses are mainly due to the movement
of the relevant national currencies against the Euro.
8. COST OF MATERIALS AND SERVICES
The cost of materials and services is made up as follows:
Cost of materials and services
1/3/2009 1/3/2008
TEUR
Cost of raw materials, consumables
and supplies and of purchased
-28/2/2010 -28/2/2009
merchandise 1,108,390 651,489
Cost of purchased services 73,140 173,665
Cost of materials and services 1,181,530 825,154
The previous year's costs for purchased services include restructuring
and production levies set at EUR 147,263,000.
71

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Annual Report Nordzucker 2009/2010
9. PERSONNEL EXPENSES
Personnel expenses are made up as follows:
Personnel expenses
1/3/2009 1/3/2008
TEUR -28/2/2010 -28/2/2009
Wages and salaries
Social security contributions
180.831 90.271
and other social expenses 12.494 11.101
Expenses for defined benefit plans
Expenses for defined
1.520 2.102
contribution plans 5.097 5.491
Personnel expenses 199.942 108.965
Expenses for defined benefit and defined contribution plans
relate to Group expenses for defined benefit and defined contribution
pension plans and similar obligations. The interest
portion of defined benefit obligations included in the pension
expenses is recognised in net financial income/loss.
In 2009/2010 and in the previous year the average number
of employees in the Group was as follows:
Average number of employees
1/3/2009 1/3/2008
-28/2/2010 -28/2/2009
Germany 1,350 1,360
Northern Europe 1,694 0
Other countries 1,302 1,484
Average number of employees 4,346 2,844
10. DEPRECIATION, AMORTISATION AND IMPAIRMENT
Depreciation, amortisation and impairment are made up as
follows:
Depreciation, amortisation
and impairment
1/3/2009 1/3/2008
TEUR
Depreciation and amortisation
of intangible assets and property,
-28/2/2010 -28/2/2009
plant and equipment
Impairment of intangible assets
90,182 49,014
and property, plant and equipment
Depreciation, amortisation
11,029 39,645
and impairment 101,211 88,659
Impairment losses on property, plant and equipment and
intangible assets with a finite useful life are recognised in line
with IAS 36 if the recoverable amount for an asset is lower
than the carrying amount, whereby the recoverable amount is
defined as the higher of net realisable value and value in use.
Impairment losses in the reporting year stem mainly from the
valuation of the Hübner Group's operations and from plant closures
in Hungary. The goodwill for Sunoko d.o.o. was also written
down by EUR 15,926,000 in the previous year. Impairment
losses were also recognised in the previous year for the factory
closure in Güstrow.
Amortisation and impairment of financial investments is part of
net financial income/loss.
11. OTHER OPERATING EXPENSES
Other operating expenses are made up as follows:
Other operating expenses
1/3/2009 1/3/2008
TEUR -28/2/2010 -28/2/2009
Cost of sales 87,769 30,660
Research and development expenses
Expenses for leasing, rent,
3,169 761
land leases and other hire costs 6,548 3,432
Administrative expenses 59,036 45,714
Other taxes 5,114 4,991
Foreign exchange losses 10,414 20,521
Miscellaneous expenses 37,760 51,820
Other operating expenses 209,810 157,899
The increase in the cost of sales relates to the first-time consolidation
of the Nordic Sugar Group and in particular to the reintegration
within the Group of sales activities previously carried
out by Eurosugar S.A.S.
12. NET INTEREST
Net interest is made up as follows:
Net interest
1/3/2009 1/3/2008
TEUR
Interest and similar income
-28/2/2010 -28/2/2009
Interest income on bank balances 1,950 1,967
Income from securities and loans 3 186
Other interest and similar income 5,905 17,363
7,858 19,516
Interest and similar expenses
Interest expense on bank balances
Interest expense
49,461 24,116
on pension provisions (net) 4,806 4,692
Other interest and similar expenses 12,990 6,381
67,257 35,189
Net interest -59,399 -15,673

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Net interest includes interest income and interest expense from
financial instruments not held at fair value through profit and
loss. Further details can be found in Note 38.
Other interest and similar income primarily includes accrued
interest on the entitlement to restructuring aid. Other interest
and similar expenses mainly include interest on tax liabilities
and accrued interest on non-current liabilities.
13. NET INCOME/LOSS FROM INVESTMENTS
Net income/loss from investments is made up as follows:
Net income/loss from investments
1/3/2009 1/3/2008
TEUR -28/2/2010 -28/2/2009
Net income/loss
from associated companies
Net income/loss
140 6,492
from other investments
Net income/loss
834 0
from investments 974 6,492
Additional information on the earnings contributions of financial
instruments can be found in Note 38.
14. OTHER NET FINANCIAL INCOME/LOSS
Other net financial income/loss consists largely of price effects
from financing arrangements and net gains/losses on futures
transactions.
15. INCOME TAXES
Income taxes include taxes on income paid or owed in the
individual countries and deferred taxes. Income taxes consist of
trade tax, corporation tax, solidarity surcharge and the equivalent
foreign income taxes.
Income tax expense is made up by origin as follows:
Income taxes
1/3/2009 1/3/2008
TEUR
Current taxes
-28/2/2010 -28/2/2009
Current domestic taxes -13,174 13,045
Current foreign taxes 27,864 1,128
14,690 14,173
Deferred taxes
Deferred domestic taxes 27,498 7,251
Deferred foreign taxes -19,964 2,491
7,534 9,742
Income taxes 22,224 23,915
Current domestic tax includes tax income from other periods
of EUR 20,451,000 (previous year: tax expense from other periods
of EUR 62,000). This income consists mainly of the capitalisation
with effect on profit or loss of claims for tax rebates for
prior years, less the additional taxes payable as a result of the
tax inspection for the years 2001 to 2004. The claims for tax
rebates result principally from a retroactive change in the tax
accounting treatment of restructuring aid received in the past.
Deferred domestic taxes include tax expenses from other periods
of EUR 26,971,000 (previous year: EUR 560,000). This
amount stems mainly from the change in the tax accounting
treatment of restructuring aid mentioned above. The capitalised
current claims for tax rebates are matched by corresponding
deferred tax liabilities.
As of the balance sheet date the reimbursement of a corporation
tax credit gave rise to a non-current tax receivable of EUR
1,828,000 (previous year: EUR 1,503,000) for Nordzucker AG.
A non-current tax liability of EUR 311,000 (previous year: EUR
311,000) also exists towards the German tax authorities resulting
from the obligation to pay taxes on the remaining EK 02
capital reserves. The distribution of potential dividends to the
shareholders of Nordzucker AG does not have any income tax
consequences at the level of Nordzucker AG.
The expected income tax expense which would have been
payable if the tax rate for the parent company Nordzucker AG
of 29.00 per cent (previous year: 29.00 per cent) were applied
to the consolidated net income under IFRS before taxes and
minority interests can be reconciled with the income taxes in
the income statement as follows:
Tax reconciliation
1/3/2009 1/3/2008
TEUR -28/2/2010 -28/2/2009
IFRS net profit before income taxes 12.023 67.712
Group tax rate in % 29,00 29,00
Expected tax expense
Differences due to different
3.487 19.636
foreign and domestic tax rates -2.332 -1.243
Change in Group tax rate
Non-capitalised deferred tax
0 0
assets on tax loss carry-forwards 5.093 366
Current taxes for prior years -21.827 153
Deferred taxes for prior years 27.391 -6
Tax loss carry-forwards used -481 -183
Tax-free income
Permanent differences from
impairment of goodwill
-2.647 -5.268
and equity valuation 7.178 7.453
Restructuring levy Poland
Non-deductible operating
-3.015 -4.415
expenses for tax purposes 6.323 5.579
Non-offsettable income tax 1.401 1.629
Additions/deductions for trade tax 2.298 424
Other effects -645 -210
Tax expense 22.224 23.915
73

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Annual Report Nordzucker 2009/2010
The item ”restructuring levy Poland” results from the claim for
retroactive tax relief on expenses incurred in 2009 for the 2008
restructuring levy in Poland.
The corporation tax rate for stock corporations based in Germany
is 15 per cent plus 5.5 per cent solidarity surcharge on
the corporation tax liability.
Companies based in Germany are also liable for trade tax at a
rate determined by multipliers set by the local council.
Deferred taxes
28/2/2010 28/2/2009
Deferred Deferred Deferred Deferred
TEUR tax tax tax tax
assets liabilities assets liabilities
Intangible assets 189 13,064 0 1,600
Investment property 0 2 5 3
Other property, plant and equipment 6,174 135,241 7,464 65,854
Financial investments 609 10 0 3
Inventories 3,536 10,023 2,739 1,633
Other assets 2,351 898 612 9,710
Pension provisions 6,281 -754 6,214 0
Other provisions 6,233 -1,276 5,580 0
Liabilities to banks -1,386 0 62 93
Trade payables 4 3 0 1
Other liabilities 1,871 29,471 5,175 1,992
Leasing 14 0 24 0
Deferred taxes on temporary differences 25,876 186,682 27,875 80,889
Deferred tax assets on tax loss carry-forwards 12,682 0 7,219 0
Gross amount 38,558 186,682 35,094 80,889
Netting -27,743 -27,743 -26,732 -26,732
Carrying amount 10,815 158,939 8,362 54,157
The significant increase in deferred tax liabilities results primarily
from the acquisition of the Nordic Sugar Group that took
place in the reporting year, the ensuing purchase price allocation
and the retroactive change in the tax accounting treatment
of restructuring aid.
Deferred tax assets and liabilities are netted out for each company
or taxable entity. To the extent that deferred taxes relate
The effects of different tax rates for private partnerships and
between foreign income tax rates and those of the Nordzucker
AG are disclosed in the reconciliation statement under differences
due to different foreign and domestic tax rates.
Deferred tax assets and liabilities result from the capitalisation
of tax loss carry-forwards and primarily from temporary valuation
differences between the IFRS financial statements and the
financial statements of the individual Group companies for
local tax purposes for the following items:
to private partnerships, netting out only takes place at the level
of Nordzucker AG for corporation tax purposes. Deferred trade
taxes are netted out at the level of the individual private partnerships.
The recognition of deferred taxes resulted in the following
restatements of balance sheet items with effect on profit and
loss:

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Deferred taxes
It is not possible to reconcile the effects on carrying amounts
recognised in profit or loss with the change in carrying amounts
for deferred taxes due to the consolidation of the opening balance
sheet for Nordic Sugar Group without effect on profit or
loss and the reclassification of the Serbian group and Hübner.
The deferred tax assets include EUR 470,000 (previous year:
EUR 890,000) for temporary differences from derivatives in
cash flow hedges. As these items are not recognised in profit
and loss, the corresponding deferred taxes are also recognised
directly in other comprehensive income.
With regard to the surplus of deferred tax assets over deferred
tax liabilities in the balance sheet and the capitalised tax loss
carry-forwards at the level of individual Group companies, the
value of the deferred tax assets is considered to be sufficiently
certain, based on the current earnings situation and/or business
planning.
Deferred tax assets for corporation tax loss carry-forwards of
EUR 0 (previous year: EUR 0) and for trade tax loss carry-forwards
of EUR 25,976,000 (previous year: EUR 21,958,000)
have been recognised. Under current legislation tax losses in
Germany can be carried forward indefinitely.
1/3/2009 – 28/2/2010 1/3/2008 – 28/2/2009
Deferred Deferred Deferred Deferred
TEUR tax tax tax tax
assets liabilities assets liabilities
Intangible assets -191 -2,382 50 8
Investment property 4 -1 -5 -3
Other property, plant and equipment 1,664 1,450 5,728 2,495
Financial investments -609 7 4 -54
Inventories 0 -6,250 -356 -2,010
Other assets -1,626 -7,469 1,644 4,141
Pension provisions -330 147 686 0
Other provisions 1,265 114 881 0
Liabilities to banks -560 -93 -62 -456
Trade payables -293 1 25 -13
Other liabilities 2,918 27,480 1,196 386
Leasing 10 0 19 0
Deferred taxes on temporary differences 2,252 13,004 9,810 4,494
Deferred tax assets on tax loss carry-forwards -7,722 -5,969
Total -5,470 13,004 3,841 4,494
Deferred tax assets of EUR 42,792,000 (previous year: EUR
25,772,000) have also been recognised for tax loss carry-forwards
abroad. In certain cases the tax losses carry-forwards can
only be used for a limited period abroad (Poland and Slovakia:
5 years, Finland: 10 years).
In the financial year no deferred tax assets were recognised for
domestic business for corporation tax loss carry-forwards of
EUR 341,000 (previous year: EUR 317,000) and for trade tax
loss carry-forwards of EUR 23,817,000 (previous year: EUR
5,744,000) as sufficient taxable income is not likely to be generated
for these amounts in the near future.
No deferred taxes have been recognised for retained earnings
and exchange rate differences at subsidiaries and the resulting
temporary differences between the net assets of subsidiaries
in the IFRS consolidated financial statements and the carrying
amount of the investment for tax purposes as there are currently
no plans to distribute these profits to Nordzucker AG
or to sell the subsidiaries concerned. As of the balance sheet
date the temporary differences for which deferred tax liabilities
could be recognised came to EUR 87,598,000 (previous year:
EUR 43,800,000). If deferred taxes were to be recognised for
these temporary differences, only 5 per cent of the gain on
disposal or of the dividends, plus any foreign withholding tax,
would be relevant for their measurement under German tax
law.
75

76
Annual Report Nordzucker 2009/2010
Notes to the consolidated balance sheet
The consolidated balance sheet to the end of the financial year
is affected significantly by the full consolidation of the Nordic
Sugar Group. This relates in particular to intangible assets, property,
plant and equipment, current assets and current liabilities,
and to liabilities to banks.
16. INTANGIBLE ASSETS
Changes in individual intangible assets for the Group are
shown in the fixed asset schedule beginning on page 78.
With the exception of goodwill there were no intangible assets
with an indefinite useful life in the reporting period.
In the financial year 2009/2010 intangible assets purchased for
EUR 7,450,000 (TEUR 7,476,000) were still in use, although
they had already been fully amortised.
Additions from the initial consolidation of the Nordic Sugar
Group and disposals from the reclassification to assets held for
sale are shown in the separate ”Group of consolidated companies”
column of the fixed assets schedule. This involves additions
of EUR 61,309,000 to purchased rights and licenses and
of EUR 89,150,000 to goodwill.
17. PROPERTY, PLANT AND EQUIPMENT
For changes in property, plant and equipment please refer to
the fixed assets schedule for the Nordzucker Group beginning
on page 78.
Assets which fulfil the criteria of IAS 17 for a finance lease are
mainly a storage reservoir in Stöcken and various lease agreements
for IT equipment.
As of 28 February 2010, items of property, plant and equipment
with acquisition and/or production costs of EUR 142,212,000
(previous year: EUR 151,597,000) were in use although they
had already been fully depreciated.
In the reporting period expenses of EUR 2,714,000 (previous
year: EUR 1,082,000) were capitalised for internally generated
items of property, plant and equipment.
In the financial year 2009/2010 the Nordzucker Group received
compensation of EUR 2,886,000 (previous year: EUR 13,415,000)
for the loss or impairment of items of property, plant and equipment
from third parties, e.g. insurance companies.
Net carrying amounts of capitalised leased items are as follows:
Finance-Leases
TEUR 28/2/2010 28/2/2009
Technical plant and machinery
Other plant, operating
471 2,423
and office equipment 60 79
Finance leases 531 2,502
Additions from the initial consolidation of the Nordic Sugar
Group and Sugarpartners as well as disposals from the reclassification
to assets held for sale are shown in the separate ”Group
of consolidated companies” column of the fixed assets schedule.
This involves additions of EUR 120,606,000 to land and
buildings, EUR 268,184,000 to technical plant and machinery,
EUR 6,742,000 to other plant, operating and office equipment
and EUR 2,845,000 to advance payments made, plant under
construction.
18. IMPAIRMENT TEST FOR INTANGIBLE ASSETS AND
ITEMS OF PROPERTY, PLANT AND EQUIPMENT
Impairment tests for intangible assets and items of property,
plant and equipment are mainly performed on the basis of the
values in use for cash-generating units. The cash-generating
units have been determined according to the business activities
of the Nordzucker Group and taking regional aspects into
account.
An impairment test was carried out for the goodwill of the
Nordic Sugar Group recognised for the first time in the reporting
year (calculation of value in use). The cash flows for this
cash-generating unit were calculated for the next five years
based on financial forecasts. The pre-tax interest rate used to
discount the cash flows for this cash-generating unit was 8.28
per cent. A growth rate of 0 per cent was assumed for the
long-term earnings component of the discounted cash flow
calculation. No impairment charges were necessary for this
goodwill.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
The assets and liabilities attributable to the Hübner Group were
also tested for impairment in the reporting year. The impairment
test for the Hübner Group is based on management estimates
regarding expected fair value less costs to sell. An impairment
loss of EUR 3,500,000 was recognised based on this estimate.
The impairment loss was attributed to items of property,
plant and equipment in proportion to their carrying amounts.
The assets and liabilities attributable to the Hübner Group were
then designated as held for sale.
In addition to the impairment tests at the level of the reporting
units, individual items of property, plant and equipment were
written down to their recoverable amount, e.g. in the case of
factory closures (see Note 10) and written back if the reasons
for the impairment no longer existed. In the reporting year EUR
1,154,000 (previous year: EUR 2,750,000) was written back.
19. INVESTMENT PROPERTY
Investment property in the Nordzucker Group mainly consists
of flats and land not required for operating purposes.
In the financial year 2009/2010 rental income of EUR 48,000
(previous year: EUR 162,000) was generated, offset by expenses
of EUR 65,000 (previous year: EUR 75,000). There were also
expenses of EUR 1,000 (previous year: EUR 221,000) for which
there was no corresponding rental income.
As of 28 February 2010, the fair value of properties held for
rent was EUR 13,097,000 (previous year: EUR 9,296,000).
Fair value was determined on the basis of internal estimates
of market values using comparable properties.
No acquisition costs were capitalised retroactively in the financial
year 2009/2010 or in the previous year.
20. FINANCIAL INVESTMENTS
For changes in financial investments please refer to the fixed
assets schedule for the Nordzucker Group beginning on
page 78.
20.1. Companies accounted for under the equity method
In the financial year associated companies and joint ventures
accounted for under the equity method reported total net profit
of EUR 1,924,000 (previous year: EUR 18,479,000), revenues of
EUR 1,448,728,000 (previous year: EUR 1,589,504,000), assets
of EUR 159,653,000 (previous year: EUR 220,593,000) and liabilities
of EUR 135,383,000 (previous year: EUR 193,215,000)
in their financial statements.
The share of profit/loss from associated companies attributable
to the Nordzucker Group in the reporting period was EUR
52,000 (previous year: EUR 8,053,000).
In applying the equity method, losses from an associated company
which exceed the carrying amount of the investment or
other non-current receivables relating to the financing of the
associated company are not recognised as there is no requirement
to invest further equity.
20.2. Other financial investments
Available-for-sale financial instruments included in other noncurrent
financial assets are carried at fair value at the reporting
date or at amortised cost if fair value cannot be reliably determined
by other valuation methods or because there is no
active market.
The shares in Cukrovary TTD a.s. are disclosed here, despite a
stake of 33.5 per cent, because the company’s articles do not
permit the Group to exercise significant influence over its operating
and financial policy.
77

78
Annual Report Nordzucker 2009/2010
Consolidated fixed assets schedule for the previous year (2008/09)
Nordzucker AG, Braunschweig, Germany
Intangible assets
Purchased rights and licences 79,803 -842 1,363 46 4,094 76,276
Internally produced software 2,588 0 0 0 0 2,588
Goodwill 44,426 0 0 0 4,500 39,926
Advance payments made 1 0 1 0 2 0
Property, plant and equipment
126,818 -842 1,364 46 8,596 118,790
Land and buildings 448,259 -8,540 5,679 -163 15,116 430,119
Technical plant and machinery 1,359,731 -11,643 42,818 16,754 103,914 1,303,746
Other plant, operating
and office equipment 55,184 -455 2,552 53 5,096 52,238
Advance payments made
and plant under construction 20,796 -108 13,839 -17,073 13,205 4,249
1,883,970 -20,746 64,888 -429 137,331 1,790,352
Investment property 14,703 27 595 383 1,401 14,307
Financial investments
Cost or fair value
As of Currency Additions Reclassifi- Disposals As of
1/3/2008 effects cations 28/2/2009
TEUR TEUR TEUR TEUR TEUR TEUR
Other loans 872 0 10,000 0 10,050 822
Shares in associated companies and joint ventures
accounted for under the equity method 8,212 -63 3,142 0 0 11,291
Investments in other companies 29,569 -3 19 0 12 29,573
Other financial investments 757 -44 523 0 294 942
39,410 -110 13,684 0 10,356 42,628
2,064,901 -21,671 80,531 0 157,684 1,966,077
The disposals in the category ”Land and buildings” relate to assets purchased for EUR 809,000 and residual carrying amounts of EUR 436,000 which have
been reclassified as held for sale.
Additions and reversals in the category ”Shares in associated companies and joint ventures accounted for under the equity method” relate to net
income/loss from investments accounted for under the equity method.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Accumulated depreciation, amortisation and impairment Carrying amounts
As of Currency Depreciation, Impairment Reversals of Reclassifi- Disposals As of As of As of
1/3/2008 effects amortisation impairment cations 28/2/2009 28/2/2009 28/2/2008
TEUR TEUR TEUR TEUR TEUR TEUR TEUR TEUR TEUR TEUR
27,690 -652 7,606 742 0 0 2,015 33,371 42,905 52,113
1,684 -1 75 0 0 0 0 1,758 830 904
24,000 0 0 15,926 0 0 0 39,926 0 20,426
0 0 0 0 0 0 0 0 0 1
53,374 -653 7,681 16,668 0 0 2,015 75,055 43,735 73,444
266,505 102 6,555 6,934 0 -33 14,778 265,285 164,834 181,754
911,243 -1,471 31,619 15,001 2,650 50 100,274 853,518 450,228 448,488
42,926 -214 3,118 117 5 -33 4,450 41,459 10,779 12,258
147 0 0 0 0 0 0 147 4,102 20,649
1,220,821 -1,583 41,292 22,052 2,655 -16 119,502 1,160,409 629,943 663,149
7,610 15 41 925 95 16 634 7,878 6,429 7,093
0 0 0 0 0 0 0 0 822 872
4,351 0 0 0 3,359 0 0 992 10,299 3,861
9,877 -1 0 4 0 0 0 9,880 19,693 19,692
284 -1 0 0 0 0 15 268 674 473
14,512 -2 0 4 3,359 0 15 11,140 31,488 24,898
1,296,317 -2,223 49,014 39,649 6,109 0 122,166 1,254,482 711,595 768,584
79

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Annual Report Nordzucker 2009/2010
Consolidated fixed assets schedule for the financial year 2009/10
Nordzucker AG, Braunschweig, Germany
Intangible assets
Purchased rights and licences 76,276 3,356 59,515 3,773 3 653 142,270 33,371
Internally produced software 2,588 0 -4 1,862 0 0 4,446 1,758
Goodwill 39,926 0 89,218 0 0 0 129,144 39,926
Advance payments made 0 0 0 12 0 6 6 0
118,790 3,356 148,729 5,647 3 659 275,866 75,055
Property, plant and equipment
Land and buildings 430,119 3,996 78,887 2,220 998 43,749 472,471 265,285
Technical plant and machinery
Other plant, operating
1,303,746 13,208 208,309 22,445 16,415 74,005 1,490,118 853,518
and office equipment
Advance payments made
52,238 292 -62 2,142 540 7,976 47,174 41,459
and plant under construction 4,249 156 1,965 27,726 -20,526 4,083 9,487 147
1,790,352 17,652 289,099 54,533 -2,573 129,813 2,019,250 1,160,409
Investment property 14,307 -26 -376 1,660 2,570 5,454 12,681 7,878
Financial investments
Cost or fair value
As of Currency
Change in
the group of
consolidated Additions Reclassifi- Disposals As of As of
1/3/2009 effects companies cations 28/2/2010 1/3/2009
TEUR TEUR TEUR TEUR TEUR TEUR TEUR TEUR
Other loans
Shares in associated companies
and joint ventures accounted for
822 0 0 1 0 776 47 0
under the equity method 11,291 -39 5 500 0 360 11,397 992
Investments in other companies 29,573 -1 0 10 0 16 29,566 9,880
Other financial investments 942 2 39 0 0 16 967 268
42,628 -38 44 511 0 1,168 41,977 11,140
1,966,077 20,944 437,496 62,351 0 137,094 2,349,774 1,254,482
The disposals in the category ”Land and buildings” relate to assets purchased for EUR 795,000 and residual carrying amounts of EUR 70,000 which have
been reclassified as held for sale.
Additions and reversals in the category ”Shares in associated companies and joint ventures accounted for under the equity method” relate to net
income/loss from investments accounted for under the equity method.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Accumulated depreciation, amortisation and impairment Carrying amounts
Currency
Change in
the group of
consolidated Depreciation Impairment Reversals of Reclassifi- Disposals As of As of As of
effects companies amortisation impairment cations 28/2/2010 28/2/2010 28/2/2009
TEUR TEUR TEUR TEUR TEUR TEUR TEUR TEUR TEUR TEUR
6 -1,785 13,209 0 0 0 631 44,170 98,100 42,905
0 0 491 1,566 0 0 0 3,815 631 830
-1 0 0 68 0 0 0 39,993 89,151 0
0 0 0 0 0 0 0 0 6 0
5 -1,785 13,700 1,634 0 0 631 87,978 187,888 43,735
-157 -12,466 12,501 4,649 0 -1,300 38,811 229,701 242,770 164,834
-207 -12,477 59,303 3,034 357 0 70,598 832,216 657,902 450,228
46 -5,657 4,637 1,002 2 0 6,234 35,251 11,923 10,779
0 0 0 0 0 0 0 147 9,340 4,102
-318 -30,600 76,441 8,685 359 -1,300 115,643 1,097,315 921,935 629,943
-3 -39 41 710 795 1,300 5,026 4,066 8,615 6,429
0 0 0 0 0 0 0 0 47 822
0 0 0 0 0 0 0 992 10,405 10,299
0 0 0 0 0 0 6 9,874 19,692 19,693
0 0 0 0 0 0 0 268 699 674
0 0 0 0 0 0 6 11,134 30,843 31,488
-316 -32,424 90,182 11,029 1,154 0 121,306 1,200,493 1,149,281 711,595
81

82
Annual Report Nordzucker 2009/2010
21. INVENTORIES
Inventories are made up as follows:
Inventories
TEUR
Raw materials, consumables
28/2/2010 28/2/2009
and supplies 33,513 24,285
Work in progress 40,076 48,196
Finished goods and merchandise 617,951 445,118
Inventories 691,540 517,599
Unfinished goods include the thick juice required to produce
bioethanol.
Inventories of EUR 2,820,000 (previous year: EUR 92,654,000)
are carried at net realisable value. Write-downs on inventories
amounted to EUR 2,719,000 (previous year: EUR 3,596,000).
22. TRADE RECEIVABLES
Trade receivables are made up as follows:
Trade receivables
TEUR 28/2/2010 28/2/2009
Gross trade receivables (gross) 142,534 63,478
Write-downs on trade receivables
Trade receivables
5,118 6,026
(from external companies) 137,416 57,452
Information on the default risks and the term structure of trade
receivables is given in Note 39. Write-downs on trade receivables
in the financial year amounted to EUR 4,385 (previous
year: EUR 3,308).
23. RECEIVABLES FROM RELATED PARTIES
Receivables from related parties are made up as follows:
Receivables from related parties
TEUR
Receivables from associated
28/2/2010 28/2/2009
companies and joint ventures 9,229 76,260
Receivables from affiliated companies 0 233
Receivables from other related parties 4 180
Receivables from related parties 9,233 76,673
Receivables from associated companies and joint ventures relate
to Eurosugar S.A.S., Paris, France, which supplied the majority
of the Nordzucker Group's end customers until 31 December
2009.
The receivables from related parties remaining after consolidation
are classified as financial assets and other receivables.
Details on the default risks and the term structure for this
category can be found in Note 39.
24. FINANCIAL ASSETS
Financial assets are made up as follows:
Financial assets
TEUR 28/2/2010 28/2/2009
Claims for damages 3,645 13,265
Positive fair value of derivatives 5,312 0
Available-for-sale securities 10 10
Other financial assets 23,704 3,232
Financial assets 32,671 16,507
With the exception of positive fair values of derivatives and
available-for-sale securities, the financial assets have been classified
in the financial assets and other receivables category of
financial instruments. Details on the default risks and the term
structure for this category can be found in Note 39.
Current securities are included in the financial investments
class, which is part of the available-for-sale category, and are
all held at fair value.
In the reporting year miscellaneous financial assets mainly consist
of a receivable from Danisco A/S from an adjustment to the
purchase price for the Nordic Sugar Group.
25. OTHER ASSETS
Other assets are made up as follows:
Other assets
TEUR 28/2/2010 28/2/2009
Receivables from other taxes 19,832 24,991
Miscellaneous other assets 26,237 260,649
Other assets 46,069 285,640
Miscellaneous other assets include the discounted amount of
the entitlement to restructuring aid from the restructuring fund
of EUR 213,863,000 (see Note 7).
26. ASSETS HELD FOR SALE
Assets classified in line with IFRS 5 as held for sale relate to the
following operations:

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Assets held for sale
TEUR 28/2/2010 28/2/2009
Serbia 181,904 0
Hübner Group 14,282 0
Seed operations 47,794 0
Land held for sale 97 1,447
Assets held for sale 244,077 1,447
Assets designated as held for sale comprise the entire business
operations, including production facilities, inventories, receivables
and other assets attributed to the activities in question.
Assets designated as held for sale for the activities in Serbia in -
clude in particular non-current assets (EUR 71.2 million), inventories
(EUR 63.6 million), receivables and other assets (EUR 28.0
million) and cash and cash equivalents (EUR 18.5 million).
Assets designated as held for sale for the Hübner Group include
in particular non-current assets (EUR 3.1 million), inventories
(EUR 6.1 million), receivables and other assets (EUR 4.6 million)
and cash and cash equivalents (EUR 0.2 million). The decision
to sell these operations in full over the course of the 2010/2011
financial year was taken in view of the Group's strategic alignment.
27. SHAREHOLDERS' EQUITY
Changes in consolidated shareholders’ equity are shown in the
statement of changes in shareholders’ equity (Annexe 4).
Capital management at Nordzucker Group is founded on a
strong equity base and a sustainable dividend policy in order to
secure current operations on the one hand and to enable a
reasonable dividend yield for the shareholders on the other.
As of 28 February 2010 the equity ratio came to 30 per cent
(previous year: 38 per cent). In view of the earnings situation
no dividend will be distributed for the reporting year (previous
year: dividend of EUR 0.22 per registered share).
Nordzucker AG’s Articles of Association do not stipulate any
particular capital requirements. The Executive Board manages
the Group with the aim of generating a profit. It does this
by means of capital market-oriented targets for the company
which are measured in terms of specific financial indicators.
The key financial indicators for the Group are total operating
profitability, return on sales, equity ratio and return on equity.
Targets have been set for each of these.
27.1. Subscribed capital
As of 28 February 2010, subscribed capital (ordinary share
capital) remained unchanged at EUR 123,651,328.00 and was
divided into 48,301,300 registered common shares. Subject
to the approval of the Supervisory Board, the Executive Board
is authorised to increase the share capital by up to EUR 32.0
million (authorised share capital).
The ordinary share capital is fully paid in and, as in the previous
year, has a nominal share of subscribed capital of EUR 2.56
per share.
As of the reporting date, Nordzucker Holding AG, Braunschweig,
Germany, had provided evidence that it held more
than 50 per cent of the shares, with 76.23 per cent.
27.2. Capital reserves
The capital reserves have been formed from share premiums
paid in the course of capital increases by Nordzucker AG.
27.3. Retained earnings
Retained earnings are made up of the net income earned in
prior financial years and the current period by the companies
included in the consolidated financial statements. Goodwill
arising on acquisitions made by the Group before 1 March
2004 has been offset against reserves. In the IFRS opening balance
sheet the balancing item from the conversion of financial
statements prepared in foreign currencies was offset against
retained earnings.
Retained earnings include statutory reserves of 10 per cent of
subscribed capital, amounting to EUR 12,365,000 which, in
line with statutory regulations (Sec. 150 AktG [German Stock
Corporation Act]), are not available for distribution to shareholders.
27.4. Other comprehensive income
Other comprehensive income is made up as follows:
Other comprehensive income
TEUR
Fair value adjustment to derivatives
28/2/2010 28/2/2009
in cash flow hedges
Currency differences from the
-1,161 -2,173
consolidation of foreign subsidiaries 20,682 8,245
Other comprehensive income 19,521 6,072
As of 28 February 2008 the reserve for fair value adjustments
to derivatives in cash flow hedges came to EUR 125,000 and
exchange rate differences from the consolidation of foreign subsidiaries
recognised in equity to EUR 27,941,000.
83

84
Annual Report Nordzucker 2009/2010
27.5. Non-controlling interests
Minority interests exist primarily in the following companies:
Minority interests
TEUR 28/2/2010 28/2/2009
Sunoko d.o.o. 50,074 51,996
Sucros OY 27,152 0
AB Nordic Sugar Kèdainiai 10,715 0
Považský cukor a.s. 1,203 1,156
Cukrownia Melno S.A., i.L. 207 205
Other companies 147 141
Non-controlling interests 89,498 53,498
28. PENSION OBLIGATIONS
Provisions for pension obligations are made for accrued and
current benefits of both currently active and former members
of staff of the Nordzucker Group and their surviving dependents.
Pension obligations are structured in line with the legal, fiscal
and economic conditions in each country.
The Group has both defined contribution plans and defined
benefit plans. Pension commitments are based on collective
agreements and in a few cases on individual agreements with
fixed benefit amounts. The defined benefit plans have commitments
both covered by provisions and funded by plan assets.
Pension provisions are determined in accordance with IAS 19
on the basis of actuarial assumptions. The following weighted
variables were used in the financial year 2009/2010 and the
previous year:
Parameters of pension obligations
1/3/2009 1/3/2008
-28/2/2010 -28/2/2009
Discount rate (%) 5.30 6.10
Salary increase (%) 2.00 2.50
Pension increase (%) 1.00 1.50
For domestic companies in the Nordzucker Group the assumptions
for life expectancy are taken from the actuarial tables
2005 G by Dr Klaus Heubeck.
Expenses of EUR 6,872,000 (previous year: EUR 6,653,000)
were incurred in 2009/2010 for defined benefit plans, which
are made up as follows:
Expenses for pensions
TEUR 28/2/2010 28/2/2009
Service cost
Effects of curtailments and
2,075 1,961
cancellations of pension plans
Amortisation of unrealised
-9 0
actuarial gains (-) and losses (+) 0 0
Personnel expenses
Interest expense for provisions for
2,066 1,961
pension obligations in the financial year 7,963 8,141
Return on plan assets -3,157 -3,149
Effects of changes in exchange rates 0 -300
Interest expense 4,806 4,692
Expenses for pensions 6,872 6,653
Provisions for pensions and similar obligations disclosed in the
balance sheet changed as follows:
Net pension obligations
TEUR
Change in present value of
pension entitlements
Present value of pension entitlements
28/2/2010 28/2/2009
at the beginning of the financial year
First-time consolidation
137,657 156,037
of the Nordic Sugar Group 32,051 0
Service cost in the financial year
Interest expense for pensions
2,075 1,961
in the financial year 7,963 8,141
Pension payments
Transfers of pension obligations
from other companies,
-10,942 -9,116
including intra-Group transfers
Transfers of pension obligations
to other companies,
1,219 178
including intra-Group transfers
Effects of curtailments and
-39 -233
cancellations of pension plans
Actuarial gain (-)/loss (+)
-9 0
in the financial year 6,324 -19,186
Effects of changes in exchange rates
Present value of pension
entitlements
882 -125
at the end of the financial year 177,181 137,657
Change in plan assets
Present value of plan assets
for funded pension obligations
at the beginning of the financial year
Contributions to pension funds/
41,667 43,438
plan assets 311 315
Income from plan assets -5,676 -4,615
Expected return on pension plan assets
Present value of plan assets
for funded pension obligations
3,033 2,529
at the end of the financial year 39,335 41,667
Net pension obligations 137,846 95,990
Unrealised actuarial gains (+)/ losses (-) -2,542 10,942
Pension provisions 135,304 106,932

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
The forecast return on pension plan assets is EUR 3,157,000
(previous year: EUR 2,529,000); the variation based on past
experience for the reporting year was EUR 496,000 (previous
year: EUR -620,000).
As of 29 February 2008 the present value of pension obligations
was EUR 156,037,000 (28 February 2007: EUR 159,925,000;
28 February 2006: EUR 174,364,000), the present value of
plan assets was EUR 43,438,000 (28 February 2007: EUR
44,980,000; 28 February 2006: EUR 46,677,000), the unre-
Other provisions
Provisions for recultivation obligations include the forecast
expenses for the demolition of buildings and recultivation of
land used for operations. These include the demolition obligations
for the former production site in Güstrow.
The provision for early retirement covers the Group’s forecast
obligations under existing collective early retirement agreements
as part of a redundancy settlement in connection with
changes to the sugar market regime that will come into effect
in subsequent years. These include the measures taken in connection
with the closure of the Güstrow site. This item also
includes obligations under other individual agreements. The
addition to this provision includes interest of EUR 602,000
from compounding at a rate of 5 per cent p.a.
alised actuarial losses amounted to EUR 7,055,000 (28 February
2007: EUR 10,752,000; 28 February 2006: EUR 25,706,000)
and the pension provisions to EUR 105,544,00 (28 February
2007: EUR 104,193,000; 28 February 2006: EUR 101,981,000).
No unrealised gains or losses were reported on plan assets in
this period.
29. OTHER PROVISIONS
Other provisions are made up as follows:
As of Exchange As of
TEUR 1/3/2009 rate effects Addition Utilisation Reversal 28/2/2010
Recultivation obligations 9,597 574 12,974 9,965 3,270 9,910
Expenses for anniversaries 2,639 -7 271 697 10 2,196
Partial early retirement 1,280 0 3,517 308 0 4,489
Profit sharing, bonuses and other gratuities 5,069 -14 797 1,363 165 4,324
Early retirement 16,880 -51 7,528 9,536 943 13,878
Miscellanous other provisions 24,525 -105 44,499 25,869 2,413 40,637
Other provisions 59,990 397 69,586 47,738 6,801 75,434
Liabilities to banks
Miscellaneous other provisions were made for bonuses and
commissions, imminent losses from pending transactions and
other anticipated expenses.
30. FINANCIAL LIABILITIES
Financial liabilities are made up as follows:
Financial liabilities
TEUR 28/2/2010 28/2/2009
Liabilities to banks 777.377 495.705
Liabilities from finance leases 242 952
Financial liabilities 777.619 496.657
As of 28 February 2010 liabilities to banks have the following
term structure:
Remaining term Remaining term Remaining term Total
TEUR of up to one year from one to five years more than five years
28/2/2010 279,622 497,755 0 777,377
28/2/2009 262,612 233,093 0 495,705
85

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Annual Report Nordzucker 2009/2010
Interest on bank loans partly depends on certain financial indicators,
such as the equity ratio and EBITDA in relation to debt
and interest expense. Currently unused non-current and current
lines of credit totalling EUR 311,552,000 (previous year:
EUR 111,046,000) have also been confirmed for Nordzucker
Group companies in the financial year.
In the financial year Nordzucker did not pledge any financial
assets within the meaning of IFRS 7.14 as collateral for financial
liabilities.
Nordzucker AG was required to demonstrate compliance with
the financial ratios defined in the syndicated loan agreement
as of 28 February and 31 August of the reporting year. As a
breach of the financial covenants could not be ruled out as
of 28 February 2010 in particular, Nordzucker negotiated a
waiver ahead of the reporting date. The company has since
successfully concluded the negotiations begun with its lenders
on adjusting the thresholds and the terms of the agreement.
31. TRADE PAYABLES
Trade payables are made up as follows:
Trade payables
TEUR
Liabilities towards
28/2/2010 28/2/2009
sugar beet suppliers 196,455 132,087
Other trade payables 67,302 84,288
Trade payables 263,757 216,375
32. LIABILITIES TOWARDS RELATED PARTIES
Liabilities towards related parties are made up as follows:
Liabilities towards related parties
TEUR
Liabilities towards associated
28/2/2010 28/2/2009
companies and joint ventures
Liabilities towards other
6,653 0
related parties 7,549 8,257
Liabilities towards related parties 14,202 8,257
Liabilities towards related parties have been classified under
other financial liabilities and liabilities towards related parties.
33. OTHER FINANCIAL LIABILITIES
Other financial liabilities are made up as follows:
Other financial liabilities
TEUR 28/2/2010 28/2/2009
Purchase price liabilities 73,951 0
Negative fair value of derivatives 4,065 3,063
Miscellaneous financial liabilities 1,797 3,445
Other financial liabilities 79,813 6,508
The purchase price liabilities stem mainly from the acquisition
of the Nordic Sugar Group.
With the exception of the derivatives the other financial liabilities
are classified as other financial liabilities and liabilities
towards related parties. The negative fair value of derivatives
belongs to the derivatives class of financial instruments.
34. OTHER LIABILITIES
Other liabilities are made up as follows:
Other liabilities
TEUR
Outstanding social security
28/2/2010 28/2/2009
contributions
Investment grants, subsidies
20,108 1,935
and other support payments 19,093 20,037
Deferrals
Advance payments received
9,792 14,857
for orders
Liabilities
38 618
for the restructuring levy 0 154,670
Miscellaneous other liabilities 29,162 10,869
Other liabilities 78,193 202,986
Liabilities from investment grants, subsidies and other support
payments derive from public subsidies in connection with the
purchase or production of subsidised property, plant and equipment.
They are reversed through profit and loss over the useful
life of the subsidised assets.
Liabilities from the previous year's restructuring levy were settled
in full in the reporting year. No further restructuring levies are
payable on the sugar production from the reporting year.
Miscellaneous other liabilities mainly consist of liabilities towards
staff for outstanding wages and salaries as well as unused holiday
entitlement. In the previous year this item also included a
payment liability for the purchase of production quotas.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
35. LIABILITIES IN CONNECTION WITH ASSETS
HELD FOR SALE
These liabilities relate mainly to the following operations:
Liabilities from discontinued
operations
TEUR 28/2/2010 28/2/2009
Serbia 97.946 0
Hübner Group 10.903 0
Seed operations
Liabilities in connection
4.860 0
with assets held for sale 113.709 0
The liabilities of the Serbian operations consist primarily of liabilities
to banks (EUR 69.4 million), trade payables (EUR 19.1
million), deferred taxes (EUR 4.3 million) and other current
liabilities (EUR 4.3 million). The liabilities of the Hübner Group
consist principally of pension provisions (EUR 7.0 million) and
other current liabilities (EUR 3.9 million).
Notes to the consolidated cash flow statement
36. COMPONENTS OF CASH AND CASH EQUIVALENTS
The components of cash and cash equivalents are the same as
in the balance sheet.
No cash or cash equivalents disclosed in the consolidated cash
flow statement were used for bank guarantees or escrow payments
for warranties.
37. NON-CASH TRANSACTIONS
The following non-cash transactions took place for financing
and investing purposes in the reporting year and the previous
year:
Non-cash transactions
TEUR 28/2/2010 28/2/2009
Finance lease agreements signed 82 117
Other Disclosures
38. OTHER DISCLOSURES ON FINANCIAL INSTRUMENTS
Financial instruments within the meaning of IFRS 7 are contracts
that give rise to a financial asset for one entity and a
financial liability or equity instrument for the counterparty.
In this context, financial assets include cash and cash equivalents,
contractual rights to receive cash or other financial assets
such as trade receivables, derivative financial instruments and
equity instruments of another company. Financial liabilities
include contractual obligations to deliver cash or other financial
assets. These include borrowing, current loans, trade payables
and derivatives.
The following presentation starting on page 90 provides information
on the carrying amounts for the individual measurement
categories. It also shows the fair value for each class of
financial instrument. The presentation enables a comparison
between carrying amounts and fair values.
For cash and other current non-current primary financial instruments,
i.e. trade receivables, financial assets, derivative financial
instruments, and other receivables and liabilities, the fair
value and the carrying amount on each balance sheet date are
the same.
The Nordzucker Group does not make use of the fair value
option. As of the balance sheet date there are also no financial
instruments in the category ”held to maturity”.
Net income from financial instruments (page 92) – classified
under the measurement categories defined in IAS 39 and listed
under Note 3.8 – results from changes in fair value, writedowns,
write-backs and disposals. Also included are interest
income and expense and other earnings components from
financial instruments not measured at fair value through profit
and loss.
Net interest includes interest income of EUR 3,351,000
(previous year: EUR 6,587,000) and interest expense of EUR
55,035,000 (previous year: EUR 29,653,000) from financial
instruments not measured at fair value through profit and loss.
Expenses for fees and commissions of EUR 246,000 (previous
year: EUR 292,000) were incurred in connection with these
financial instruments, which were recognised directly in profit
and loss and not included when calculating the effective interest
rate.
In the reporting period there was no interest income from
impaired financial assets.
87

88
Annual Report Nordzucker 2009/2010
Overview by category and by class of financial instruments
for the previous year (2008/09)
Nordzucker AG, Braunschweig, Germany
Assets
Valuation
Valuation category
Total 28/2/2009 Nominal value
Cash & cash equivalents/
cash reserve
TEUR Carrying Carrying
amount Fair value amount Fair value
Financial investments 21,190 10 0 0
Financial assets and other receivables 93,169 0 0 0
Trade receivables 57,863 0 0 0
Derivatives 0 0 0 0
Cash and cash equivalents 201,166 0 201,166 0
Total 373,387 10 201,166 0
Equity and liabilities
Valuation
Valuation category
Total 28/2/2009
Amortised
cost
Financial liabilities valued at
amortised cost
TEUR Carrying Carrying
amount Fair value amount Fair value
Financial liabilities 496,657 0 496,657 0
Trade payables 216,378 0 216,378 0
Other financial liabilities and liabilities towards related parties 11,702 0 11,702 0
Derivatives 0 3,063 0 0
Total 724,737 3,063 724,737 0

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Amortised cost
Loans and receivables
Derivatives in hedging
relationships under IAS 39
Available-for-sale
financial assets (AFS)
Held-for-trading
(FVTPL-HFT)
Held-for-trading
(FVTPL-HFT)
Fair value
Fair value option
(FVTPL-FVO)
Fair value
89
Derivatives in hedging
relationships under IAS 39
Carrying Carrying Carrying Carrying
amount Fair value amount Fair value amount Fair value amount Fair value
842 0 20,348 10 0 0 0 0
93,169 0 0 0 0 0 0 0
57,863 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
151,873 0 20,348 10 0 0 0 0
Carrying Carrying Carrying
amount Fair value amount Fair value amount Fair value
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 3,063 0 0 0 0
0 3,063 0 0 0 0

90
Annual Report Nordzucker 2009/2010
Overview by category and by class of financial instruments
for the financial year 2009/10
Nordzucker AG, Braunschweig, Germany
Assets
Valuation
Valuation category
Total 28/2/2010 Nominal value
Cash & cash equivalents/
cash reserve
TEUR Carrying Carrying
amount Fair value amount Fair value
Financial investments 20,437 10 0 0
Financial assets and other receivables 36,582 0 0 0
Trade receivables 137,622 0 0 0
Derivatives 0 5,312 0 0
Cash and cash equivalents 113,942 0 113,942 0
Total 308,584 5,322 113,942 0
Equity and liabilities
Valuation
Valuation category
Total 28/2/2010
Amortised
cost
Financial liabilities valued at
amortised cost
TEUR Carrying Carrying
amount Fair value amount Fair value
Financial liabilities 777,619 0 777,619 0
Trade payables 263,757 0 263,757 0
Other financial liabilities and liabilities towards related parties 89,950 0 89,950 0
Derivatives 0 4,065 0 0
Total 1,131,327 4,065 1,131,327 0

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Amortised cost
Loans and receivables
Derivatives in hedging
relationships under IAS 39
Available-for-sale
financial assets (AFS)
Held-for-trading
(FVTPL-HFT)
Held-for-trading
(FVTPL-HFT)
Fair value
Fair value option
(FVTPL-FVO)
Fair value
91
Derivatives in hedging
relationships under IAS 39
Carrying Carrying Carrying Carrying
amount Fair value amount Fair value amount Fair value amount Fair value
101 0 20,337 10 0 0 0 0
36,582 0 0 0 0 0 0 0
137,622 0 0 0 0 0 0 0
0 0 0 0 0 0 0 5,312
0 0 0 0 0 0 0 0
174,305 0 20,337 10 0 0 0 5,312
Carrying Carrying Carrying
amount Fair value amount Fair value amount Fair value
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 4,065 0 0 0 0
0 4,065 0 0 0 0

92
Annual Report Nordzucker 2009/2010
Overview of the net earnings from financial instruments
Nordzucker AG, Braunschweig, Germany
28/2/2010
TEUR From
interest
Cash and cash equivalents/cash reserve 1,950
Loans and receivables 1,401
Available-for-sale financial assets (AFS) -2,569
Held-for-trading financial instruments (FAHFT and FLHFT) 0
Held at amortised cost (FLAC) -55,035
Total -54,253
28/2/2009
TEUR From
interest
Cash and cash equivalents/cash reserve 1,967
Loans and receivables 3,399
Available-for-sale financial assets (AFS) 1,424
Held-for-trading financial instruments (FAHFT and FLHFT) 0
Held at amortised cost (FLAC) -29,855
Total -23,066

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
From subsequent valuation
From At Currency Net income/loss
dividends fair value conversion Write-down Write-back Disposal 2009/20010
0 0 0 0 0 0 1,950
0 0 2,104 -8,853 128 0 -5,220
834 1,443 0 0 0 0 -293
0 2,809 0 0 0 0 2,809
0 0 0 0 0 0 -55,035
834 4,252 2,104 -8,853 128 0 -55,788
From subsequent valuation
From At Currency Net income/loss
dividends fair value conversion Write-down Write-back Disposal 2007/2008
0 0 0 0 0 0 1,967
0 0 -624 -3,308 215 0 -319
0 -3,239 0 0 0 0 -1,815
0 0 0 0 0 0 0
0 0 0 0 0 0 -29,855
0 -3,239 -624 -3,308 215 0 -30,022
93

94
Annual Report Nordzucker 2009/2010
39. RISK MANAGEMENT
39.1. General remarks
The financial policy framework is defined by senior management.
Implementing financial policy and ongoing risk management
is the responsibility of the Nordzucker Group’s Finance
department, whereby financing and hedging operations are
carried out and monitored by the companies in the Group.
Operational cash and liquidity management and management
of credit risks and receivables are also decentralised, i.e. organised
at the level of Group companies and carried out in coordination
with Nordzucker AG.
By the nature of its business Nordzucker Group is exposed to
default and credit risks, liquidity and exchange rate risks and
interest rate risks. These are controlled by means of suitable
risk management processes. Nordzucker Group uses derivative
financial instruments to hedge against interest and exchange
rate fluctuations and to hedge costs of raw materials. The
use of these derivatives is governed by Group guidelines and
restricted to the hedging of existing transactions or those which
are sufficiently likely to take place. The guidelines define the
individuals responsible, the limits and reporting, and stipulate
a strict separation between trading and clearing. This transparent
and functional manner of organising risk management
processes applies to all types of risk.
39.2. Default risk
Credit or default risk is the risk that business partners do not
meet their contractual payment obligations, causing the
Nordzucker Group to suffer a loss as a result. As part of credit
risk management, business partners are subject to a credit
scoring in order to reduce credit risk. Identifiable default risks
are accounted for by write-downs, whereby the risk of default
on receivables is in part limited by trade credit insurance.
The Nordzucker Group does not see itself as exposed to a significant
credit risk from any individual counterparty. As the
customer structure for the Nordzucker Group is diverse there
is only a limited concentration of credit risk. There is therefore
no special monitoring and management on the basis of specific
risk categories to avoid a concentration of risk.
The maximum default risk is equal to the carrying amounts
for the individual categories of financial assets, less all writedowns,
and irrespective of any agreements to reduce risk. (See
overview of classes and categories of financial instruments
starting on page 54 under Note 38).
In the reporting period there were no financial assets which
would have become overdue and/or impaired had the contractual
terms not been renegotiated.
For the portion of the receivables portfolio which has neither
been written down nor is overdue there is no indication as of
the reporting date that the Nordzucker Group’s debtors will
not fulfil their payment obligations.
The following table shows total carrying amounts, the carrying
amounts for financial assets which are neither overdue nor
impaired and the term structure of financial assets which are
not impaired but overdue, for the relevant classes of financial
instruments:
Term structure of financial assets
Not written-down as of the reporting date
and overdue as follows:
TEUR Total
Neither writtendown
nor
carrying overdue as of the Less than Between 31 Between 61 Between 91 More than
As of 28/2/2010 amount reporting date 30 days and 60 days and 90 days and 180 days 181 days
Financial investments
Financial assets and
20,448 20,448 0 0 0 0 0
other receivables 36,582 36,582 0 0 0 0 0
Trade receivables 137,622 127,023 6,380 2,712 245 1,048 172
Total 194,652 184,053 6,380 2,712 245 1,048 172
As of 28/2/2009
Financial investments
Financial assets and
21,200 21,200 0 0 0 0 0
other receivables 93,169 93,004 0 4 4 12 66
Trade receivables 57,863 43,901 5,329 3,556 874 252 744
Total 172,232 158,105 5,329 3,560 878 264 810

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
The total carrying amount of financial instruments in the classes
financial investments, financial assets, and other receivables and
trade receivables before impairment is EUR 199,770,000 (previous
year: EUR 178,247,000). Impairments of EUR 5,118,000
(previous year: EUR 6,026,000) were made.
In the current and previous reporting period the Nordzucker
Group has neither pledged nor sold collateral within the meaning
of IFRS 7.15.
Term to maturity
The term to maturity analysis includes all instruments held for
which payments have been contractually agreed as of the
reporting date. Forecast payments on expected future liabilities
are not included. Floating-rate interest payments on financial
instruments are determined using the last interest rates set
before the balance sheet date. Financial liabilities repayable at
any time are categorised according to their estimated repayment
dates. The interest rate hedges accounted for as cash
flow hedges will be recognised in profit or loss within the next
twelve months.
39.4. Market risks
Market risks arise from potential changes in risk factors, which
lead to fluctuations in market values or alterations in future
cash flows. The relevant risk factors for the Nordzucker Group
are exchange rate and interest rate fluctuations.
39.3. Liquidity risk
Liquidity risk is the risk that the company cannot meet its payment
obligations at the contractually agreed time. To ensure
the Nordzucker Group’s liquidity, the liquidity needs are monitored
and planned decentrally at the level of the Group companies
in coordination with Nordzucker AG. Sufficient cash is
held to be able to meet all obligations when they are due. Current
lines of credit, which can be drawn down as needed, provide
additional liquidity.
The following table shows contractually agreed (undiscounted)
interest and capital repayments for the primary financial liabilities
and for derivative financial instruments.
TEUR Carrying Gross inflow/ Term to maturity Term to maturity Term to maturity
amount outflow(-) up to from one to more than
28/2/2010 one year five years five years
Financial liabilities 777,619 -835,183 293,867 532,880 8,436
Trade liabilities
Other financial liabilities and liabilities
263,757 -263,757 263,757 0 0
towards related parties 89,950 -92,670 -92,670 0 0
Derivative financial assets 5,312 0 0 0 0
Derivative financial liabilities 4,065 -1,710 1,710 0 0
Total 1,140,704 -1,193,321 466,664 532,880 8,436
29/2/2009
Financial liabilities 496,657 -507,869 275,113 232,756 0
Trade liabilities
Other financial liabilities and liabilities
216,378 -216,378 216,378 0 0
towards related parties 11,702 -11,702 11,702 0 0
Derivative financial assets 0 0 0 0 0
Derivative financial liabilities 3,063 -57 57 0 0
Total 727,800 -736,066 503,250 232,756 0
a. Exchange rate risk
Due to its business operations in different countries which are
not part of the Eurozone, Nordzucker Group is exposed to an
exchange rate risk.
IFRS 7 requires the disclosure of a sensitivity analysis to illustrate
the dimensions of exchange rate risks. A sensitivity analysis
shows the effects which changes in given exchange rates
would have on profit and loss and equity for the Nordzucker
Group as of the reporting date. The effects are determined by
applying a hypothetical change of 10 per cent in the exchange
rates to the amount of the relevant items in foreign currencies
(the net risk position in the foreign currency) as of the reporting
date. It is assumed that the exposure at year-end is representative
of the whole year.
95

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Annual Report Nordzucker 2009/2010
The net risk position is adjusted for planned transactions within
the next twelve months and for existing hedging instruments
(even if no hedge accounting takes place in accordance with
IAS 39).
Sensitivity analysis: currencies
Assuming an increase/decrease in the value of the Euro to the
Polish Zloty as of the reporting date 28 February 2010, the
profit or loss for the financial year 2009/2010 would have been
EUR -5,163,000 (previous year: EUR -3,754,000) higher/lower
and other comprehensive income would have increased/declined
by EUR 0 (previous year: EUR 0). This interpretation applies
accordingly to the other foreign currencies shown in the table.
Foreign currency positions in Danish Crowns, Lithuanian Litas
and Estonian Crowns are only exposed to an insignificant
exchange rate risk as these states are part of the European
Union's exchange rate mechanism. The exchange rate risk from
foreign currency positions in US Dollars is also insignificant as
the amounts are minor.
b. Interest rate risk
Due to its borrowing activities the Nordzucker Group is
exposed to interest rate risk. Borrowing is carried out in various
currencies. The relevant currencies are Euro, Polish Zloty and
Danish Crown. Interest rate risks from financing activities
denominated in Hungarian Forints, Swedish Crowns, Norwegian
Crowns and Lithuanian Litas are insignificant as the
amounts involved are minor.
Polish Zloty Swedish Crown Hungarian Forint Norwegian Crown
2009/10 2008/09 2009/10 2008/09 2009/10 2008/09 2009/10 2008/09
Spot rate for EUR 1 (31/12)
Net risk position in foreign currency
4.1320 4.1823 9.7265 272.699 264.505 8.5740
(in million currency units) -213 -157 -13 3,901 19,812 -36
Decrease in value (EUR vs. foreign
currency) effect on earnings -5,163 -3,754 -135 1,431 7,490 -418
Increase in value (EUR vs. foreign
currency) effect on earnings 5,163 3,754 135 -1,431 -7,490 418
Sensitivity analysis: interest rates
TEUR Euro Polish Zloty Danish Crown
2009/2010 +50 BP -50 BP +50 BP -50 BP +50 BP -50 BP
Effect on earnings -3,692 3,754 -135 135 -67 67
Effect on equity 244 -244 0 0 0 0
As of the reporting date Group companies hold a total of EUR
851,570,000 (previous year: EUR 495,705,000) in interestbearing
or interest rate-sensitive instruments. Of these EUR
766,788,000 (previous year: EUR 458,277,000) are at floating
rates and EUR 84,782,000 (previous year: EUR 37,428,000) at
fixed rates of interest.
In accordance with IFRS 7 interest rate risks are illustrated using
sensitivity analyses. The sensitivity analysis determines the
effect of a change in market interest rates on profit and loss
and equity as of the reporting date. An interest rate risk can
arise as a fair value risk or a cash flow risk. The sensitivity analysis
for the Nordzucker Group shows the effect on profit and loss
and equity of a parallel movement in the relevant yield curve
of +/- 50 basis points.
A hypothetical change in the interest rates applicable to the
Nordzucker Group’s financial instruments over the reporting
year would have had the following effects:
TEUR Euro Polish Zloty Slovakian Crown Hungarian Forint Serbian Dinar
2008/2009 +50 BP -50 BP +50 BP -50 BP +50 BP -50 BP +50 BP -50 BP +50 BP -50 BP
Effect on earnings -2,206 1,684 -152 152 -12 12 -61 61 -19 19
Effect on equity 783 -783 0 0 0 0 0 0 0 0

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
c. Hedging transactions
The Nordzucker Group uses derivative financial instruments
solely to hedge exchange rate and interest rate risks as well as
price risks for raw materials.
In addition to the natural hedge approach, derivative spread
hedges for less than a year are carried out to reduce exchange
rate risk for beet payments by the Eastern European companies.
Exchange rate risks are also hedged by means of appropriate
derivatives such as currency futures – also for periods
of less than a year.
The existing interest rate risk for floating rate loans is reduced
by means of interest rate derivatives. All interest rate derivatives
are designated as cash flow hedges for hedge accounting
purposes in line with IAS 39.
Derivative financial instruments
To hedge the interest rate risk from borrowing, two interest
rate swaps with a total nominal value of EUR 100 million have
been closed. A forward swap with a nominal value of EUR 50
million matured on 28 February 2010. Interest was exchanged
quarterly (31 May, 31 August, 30 November, 28 February) in
arrears. In addition an amount of EUR 50 million was hedged
for the period 1 December 2007 to 28 February 2011 by
means of a forward swap. Interest is exchanged quarterly in
arrears on 31 May, 31 August, 30 November and 28 February.
At the end of the reporting period the negative market value
of the interest rate swap was EUR 1,620,000.
The nominal values and market values of derivatives are made
up as follows:
28/2/2010 28/2/2009
TEUR Nominal amount Fair value Nominal amount Fair value
Forward interest rate swaps 50,000 -1,620 100,000 -3,037
Interest rate swaps 0 0 15,000 -26
The effective portion of changes in the market value of cash
flow hedges is recognised in equity without effect on profit
and loss. In the reporting period EUR 1,443,000 (previous year:
EUR -3,240,000) was recognised in equity. The amount transferred
from equity to the income statement during the period
was EUR 0 (previous year: EUR 0). The ineffective portion of
the change in market value is recognised directly in profit or
loss, however. The ineffective portion of the cash flow hedges
came to EUR 0 in the reporting year (previous year: EUR 0).
Interest rate hedges
It is generally assumed that the hedged transactions will actually
take place. If a hedging transaction is cancelled, the amounts
accumulated in other comprehensive income during the term
of the transaction are reversed when the hedged item is recognised
in profit and loss or if it no longer takes place. The following
table shows when the cash flows from cash flow hedges
take place and what effects on profit and loss are expected:
TEUR Begin End Nominal Interest
28/2/2009 amount rate
Forward interest rate swap 01/12/2007 28/02/2011 50,000 3 month Euribor
28/2/2009 amount
Forward interest rate swap 01/03/2005 28/02/2010 50,000 3 month Euribor
Forward interest rate swap 01/12/2007 28/02/2011 50,000 3 month Euribor
Interest rate swap 11/03/2005 30/12/2009 7,500 6 month Euribor
Interest rate swap 11/03/2005 30/12/2009 7,500 6 month Euribor
97

98
Annual Report Nordzucker 2009/2010
As of the balance sheet date the Group holds derivatives aimed
at hedging currency risks and price risks for sugar and energy
in addition to the interest rate hedges. No sensitivity analysis
has been carried out for the price hedges due to the lack of
significance.
The net amount covered by currency hedges was EUR
135,514,000 as of the reporting date. The derivatives generally
mature in less than one year.
The Group does not measure the derivatives itself. The fair
value calculation (mark-to-market) is carried out by the contracting
banks using recognised mathematical models and
existing market data.
40. SIGNIFICANT SUBSIDIARIES AND JOINT VENTURES
Significant subsidiaries
and joint ventures
Group stake
Central Europe region
NORDZUCKER GmbH & Co. KG, Braunschweig 100 %
fuel 21 GmbH & Co. KG, Klein Wanzleben 100 %
Anton Hübner GmbH & Co. KG, Ehrenkirchen 100 %
Medopharm Arzneimittel GmbH & Co. KG, Ehrenkirchen 100 %
Northern Europe region
Nordic Sugar A/S, Copenhagen, Denmark 100 %
Nordic Sugar AB, Malmö, Sweden 100 %
Suomen Sokeri OY, Kantivik, Finland 80 %
Sucros OY, Säkvlä, Finland 80 %
AB Nordic Sugar Kèdainiai, Vilnius, Lithuania 71 %
Maribo Seed Holding A/S, Copenhagen, Denmark 100 %
Sugarpartners Partnership, Dublin, Ireland 100 %
Eastern Europe region
Považský cukor a.s., Trencianska Teplá, Slovakia >97 %
Nordzucker Polska S.A., Przeżmierowo, Poland >99 %
Mátra Cukor Zrt., Hatvan, Hungary >99 %
Sunoko d.o.o., Novi Sad, Serbia 51 %
Joint ventures
Eurosugar S.A.S., Paris, France 50 %
The list of Nordzucker AG’s and the Group’s shareholdings is
filed with and published in the electronic edition of the German
Federal Gazette (Elekronischer Bundesanzeiger).
The following trading companies structured as limited partnerships
(GmbH & Co. KG)
● NORDZUCKER GmbH & Co. KG, Braunschweig
● fuel 21 GmbH & Co. KG, Klein Wanzleben
● Medopharm Arzneimittel GmbH & Co. KG, Ehrenkirchen
● Anton Hübner GmbH & Co. KG, Ehrenkirchen
are exempt from the obligation to prepare annual financial
statements in accordance with the regulations applicable to
companies with limited liability pursuant to Sec. 264b HGB
(German Commercial Code).
41. RELATED PARTY TRANSACTIONS
For the Nordzucker Group related parties within the meaning
of IAS 24 are individuals and companies which control the
Group or exercise significant influence over it or are controlled
or significantly influenced by the Group. The first category
includes the active members of the Executive Board and Supervisory
Board of Nordzucker AG and its majority shareholder
Nordzucker Holding Aktiengesellschaft. The subsidiaries, parent
company, associated companies and joint ventures in the
Nordzucker Group are also defined as related parties.
Receivables from and liabilities towards related parties are
based on arm’s length transactions.
The following commercial relationships existed with related
parties in addition to those existing with fully consolidated
subsidiaries:
Related party transactions
TEUR
Balance sheet
Receivables
28/2/2010 28/2/2009
from related parties
Liabilities
9,234 76,672
towards related parties 14,203 8,257
1/3/2009 1/3/2008
TEUR
Income statement
-28/2/2010 -28/2/2009
Revenues 1,395,640 850,899
Services provided to related parties -59 397
Net financial income/loss 140 6,492

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Receivables from related parties result almost exclusively from
trade in goods and services. Of these EUR 9,229,000 (previous
year: EUR 76,259,000) relate to the joint venture Eurosugar
S.A.S., Paris, France. No write-downs were necessary for the
receivables listed.
Liabilities towards related parties consist of EUR 5,500,000
(previous year: EUR 115,000) owed to MEF Melasse-Extraktion
Frellstedt GmbH, Frellstedt, EUR 2,645,000 (previous year: EUR
2,381,000) to Union Zucker Südhannover GmbH, Nordstemmen,
EUR 1,686,000 (previous year: EUR 1,982,000) to Nordharzer
Zucker-AG, Schladen, and EUR 2,913,000 (previous
year: EUR 535,000) to Nordzucker Holding AG, Braunschweig.
These companies are shareholders of Nordzucker AG and the
liabilities relate to current settlement accounts. The remaining
liabilities relate to other related parties and largely stem from
trade in goods and services.
Revenues of EUR 1,395,640,000 (previous year: TEUR
850,899,000) were generated with Eurosugar S.A.S., Paris,
France. The provision of services for related companies con -
cerns Nordzucker Holding AG, Braunschweig, and net financial
income/loss results from associated companies and joint ventures.
42. CONTINGENT LIABILITIES
The Group has the following contingent liabilities:
Contingent liabilities
TEUR 28/2/2010 28/2/2009
Liabilities for securities 0 220
As of 28 February 2010 items of property, plant and equipment
held at EUR 42,833,000 (previous year: EUR 41,932,000) have
been pledged as collateral for
liabilities.
43. OTHER FINANCIAL OBLIGATIONS
The Group's other financial obligations are made up as follows:
Other financial obligations
TEUR 28/2/2010 28/2/2009
Purchase commitments
for property, plant and equipment 14,287 4,491
Operating leases/rent 6,542 367
Other financial obligations 20,829 4,858
As of 28 February 2010, total future payment obligations from
rental and lease contracts are made up as follows:
Rental and leasing agreements
Remaining term Remaining term Remaining term Total
of up to one year term of 1-5 years of more than
TEUR 5 years
Future payments
for finance leases
Future payments
367 436 0 803
for operating leases 3,253 2,372 917 6,542
As of 28 February 2010, future payments under finance leases
are as follows:
Finance-lease
Remaining term Remaining term Remaining term Total
of up to one year term of 1-5 years of more than
TEUR 5 years
Principal 351 394 0 745
Interest 16 42 0 58
Payment 367 436 0 803
99

100
Annual Report Nordzucker 2009/2010
44. SUPERVISORY BOARD AND EXECUTIVE BOARD
In the financial year 2009/2010 the Supervisory Board was
made up as follows:
Representing the shareholders
Dr Harald Isermeyer,
farmer, Vordorf,
Chairman
Helmut Meyer,
farmer, Betheln,
Deputy Chairman
Henning Hansen-Hogrefe,
farmer, Ingeleben
Gerhard Borchert,
farmer, Brome
Albrecht Hertz-Eichenrode,
CEO HANNOVER Finanz-Gruppe, Hanover
(until 3 September 2009)
Michael Gerlif,
CFO Lekkerland AG & Co. KG, Cologne
(since 4 September 2009)
Rainer Knackstedt,
farmer, Dedeleben
Hans-Christian Koehler,
farmer, Eppensen
Hans-Heinrich Prüße,
farmer, Lehrte-Ahlten
Hans Jochen Bosse,
farmer, Ohrum
Dr Karl-Heinz Engel,
Managing Director of Hochwald Nahrungsmittel-Werke GmbH and
Chairman of the Management Board of Erbeskopf Eifelperle e.G., Riol
Dr Clemens Große Frie,
Chairman of the Management Board of AGRAVIS Raiffeisen AG, Telgte
Dr Hans Theo Jachmann,
Managing Director of Syngenta Agro GmbH and
Syngenta Germany GmbH, Limeshain-Himbach
Jochen Johannes Juister,
farmer, Nordhastedt
Andreas Scheffrahn,
farmer, Cramme
Representing the employees
Rolf Huber-Frey,
business studies graduate, Freiburg
Wolfgang Wiesener,
metalworker, Uelzen,
Deputy Chairman
Gerd von Glowczewski,
metalworker, Schladen
Sigrun Krussmann,
chemical-technical assistant, Lauenau
Dr Andreas Schwarz,
project manager E85, Mühl Rosin
Dieter Woischke,
electrician, Algermissen
Marina Strootmann,
Chairwoman of the Works Council, Nordzucker AG, Braunschweig
The members of the Executive Board in the financial year
2009/2010 were as follows:
Hartwig Fuchs,
Klein Pampau, Chief Executive Officer
(since 1 February 2010)
Hans-Gerd Birlenberg,
Braunschweig, Chief Executive Officer
(until 31 January 2010)
Axel Aumüller,
Oelber a.w.W., Chief Operating Officer
(since 9 November 2009)
Dr Martin Wienkenhöver,
Leverkusen, Chief Operating Officer
(until 31 October 2009)
Mats Liljestam,
Höllviken, Sweden, Chief Marketing Officer
(since 23 June 2009)
Dr Niels Pörksen,
Limburger Hof, Chief Agricultural Officer
(since 1 October 2009)
Dr Henrik Einfeld,
Braunschweig, Chief Agricultural Officer
(until 30 September 2009)
Dr Michael Noth,
Braunschweig, Chief Financial Officer
(since 16 August 2009).
45. REMUNERATION REPORT
In the following section the principles of remuneration for
members of the Executive Board and Supervisory Board of
Nordzucker AG are described and the amount of their remuneration
disclosed, together with disclosures on shares held
by members of the Executive Board and Supervisory Board.
45.1. Remuneration of the Management Board
The Human Resources Committee of the Supervisory Board is
responsible for setting the remuneration of members of the
Executive Board.
The remuneration of members of the Executive Board of
Nordzucker AG is based on the size and business of the company,
its economic and financial position, and the level and
structure of Executive Board remuneration in comparable
companies.
Executive Board remuneration is performance-related and
made up of two components in the financial year 2009/2010:
a fixed salary and a variable bonus. There are no share-based
remuneration components.
The fixed remuneration is paid as a monthly salary. The variable
component is set by the Human Resources Committee
of the Supervisory Board based on the targets met by the
Executive Board and can be up to 50 per cent of total salary.
This results in the following remuneration for individual members
of the Executive Board for the financial year 2009/2010:

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Remuneration of members of the Management Board 2009/10
Variable
EUR Salary annual bonus
1) Non-cash benefit for tax purposes, e.g. for company car, etc.
2) Hartwig Fuchs was appointed to the Executive Board as of 1 February 2010.
3) Hans-Gerd Birlenberg left the Executive Board on 31 January 2010.
4) Axel Aumüller was appointed to the Executive Board as of 9 November 2009.
5) Dr Martin Wienkenhöver left the Executive Board on 31 October 2009.
6) Mats Liljestam was appointed to the Executive Board as of 23 June 2009.
7) Dr Niels Pörksen was appointed to the Executive Board as of 1 October 2009.
8) Dr Henrik Einfeld left the Executive Board on 30 September 2009.
9) Dr Michael Noth was appointed to the Executive Board as of 16 August 2009.
For the financial year 2008/2009 the members of the Executive
Board were remunerated as follows:
Pension commitments for members of the Executive Board
were given in the form of defined benefit commitments and
defined contribution commitments. Nordzucker AG recognised
provisions of EUR 0 (previous year: EUR 398,000) for pension
commitments to members of the Executive Board based on
defined benefit commitments.
Cash payments Pensions Other 1) Total
Hartwig Fuchs 2) 18,750 0 6,667 1,410 26,827
Hans-Gerd Birlenberg 3) 442,803 0 177,000 20,788 640,591
Axel Aumüller 4) 94,048 23,500 40,833 8,114 166,495
Dr. Martin Wienkenhöver 5) 262,500 0 135,000 15,132 412,632
Mats Liljestam 6) 206,938 51,700 74,400 29,892 362,930
Dr. Niels Pörksen 7) 125,000 58,800 52,083 8,663 244,546
Dr. Henrik Einfeld 8) 175,000 147,761 0 9,581 332,342
Dr. Michael Noth9) 162,719 40,700 67,355 27,708 298,482
Total 1,487,758 322,461 553,338 121,288 2,484,845
Remuneration of members of the Management Board 2008/09
Variable
EUR Salary annual bonus
Cash payments Pensions Other 1) Total
Hans-Gerd Birlenberg 444,022 218,700 178,487 23,116 864,325
Günter Jakobiak 2) 58,333 96,078 40,738 9,268 204,417
Dr. Henrik Einfeld 300,000 147,760 25,353 23,316 496,429
Dr. Martin Wienkenhöver3) 320,833 188,430 165,000 26,405 700,668
Total 1,123,188 650,968 409,578 82,105 2,265,839
1) Non-cash benefit for tax purposes, e.g. for company car, etc.
2) Günter Jakobiak left the Executive Board on 30 April 2008.
3) Dr Martin Wienkenhöver was appointed to the Executive Board as of 1 April 2008.
101
Former Executive Board members received pension and severance
payments of EUR 1,839,000. Nordzucker AG recognised
provisions of EUR 7,449,000 (previous year: EUR 6,731,000) for
pension commitments to former Executive Board members.
Members of the Executive Board do not receive loans from the
company.

102
Annual Report Nordzucker 2009/2010
45.2. REMUNERATION OF THE SUPERVISORY BOARD
The remuneration of the Supervisory Board was set at the
Annual General Meeting following a proposal from the Executive
Board and Supervisory Board. It is governed by the Articles
of Association.
The remuneration of the Supervisory Board is based on the size
of the company, the duties and responsibilities of the members
of the Supervisory Board and the economic situation of the
company. The remuneration includes a dividend-related component
in addition to a fixed payment. The Chairman and
Deputy Chairman and the Chairman of the Audit and Finance
Committee receive additional remuneration.
The current rules on remuneration for the Supervisory Board
are laid down in Sec. 14 of the Articles of Association.
Remuneration of members of the Supervisory Board 2009/2010
According to these rules members of the Supervisory Board
receive a fixed remuneration of EUR 13,000 and a dividendrelated
payment of EUR 500 for every per cent of dividend distributed
above 5 per cent. Subject to approval at the Annual
General Meeting, the dividend for the financial year 2009/2010
will be EUR 0.00 (previous year: EUR 0.22) per registered share,
or 0.00 (previous year: 8.59) per cent. The Chairman of the
Supervisory Board receives treble the fixed remuneration for a
normal member while the two Deputies and the Chairman of
the Audit and Finance Committee each receive one and a half
times the amount. Members of the Supervisory Board are also
reimbursed for all out-of-pocket expenses and value added
taxes incurred in the course of their duties.
Subject to the approval of the dividend proposal at the Annual
General Meeting the following payments will be made for the
financial year:
Fixed Variable Attendance
EUR remuneration remuneration fee Total
Dr. Harald Isermeyer 39,000.00 0.00 42,300.00 81,300.00
Henning Hansen-Hogrefe 19,500.00 0.00 13,050.00 32,550.00
Helmut Meyer 19,500.00 0.00 9,300.00 28,800.00
Wolfgang Wiesener 19,500.00 0.00 8,400.00 27,900.00
Hans-Christian Koehler 13,000.00 0.00 8,250.00 21,250.00
Hans-Heinrich Prüße 13,000.00 0.00 11,700.00 24,700.00
Gerhard Borchert 13,000.00 0.00 10,800.00 23,800.00
Rolf Huber-Frey 13,000.00 0.00 7,950.00 20,950.00
Dieter Woischke 13,000.00 0.00 10,350.00 23,350.00
Hans-Jochen Bosse 13,000.00 0.00 4,800.00 17,800.00
Albrecht Hertz-Eichenrode 6,660.27 0.00 2,100.00 8,760.27
Dr. Clemens Große Frie 13,000.00 0.00 3,000.00 16,000.00
Sigrun Krussmann 13,000.00 0.00 5,100.00 18,100.00
Dr. Andreas Schwarz 13,000.00 0.00 5,250.00 18,250.00
Dr. Karl-Heinz Engel 13,000.00 0.00 3,300.00 16,300.00
Dr. Hans Theo Jachmann 13,000.00 0.00 2,400.00 15,400.00
Jochen Johannes Juister 13,000.00 0.00 3,900.00 16,900.00
Andreas Scheffrahn 13,000.00 0.00 4,200.00 17,200.00
Gerd von Glowczewski 13,000.00 0.00 4,800.00 17,800.00
Rainer Knackstedt 13,000.00 0.00 4,800.00 17,800.00
Michael Gerlif 6,339.73 0.00 1,500.00 7,839.73
Marina Strootmann 10,827.41 0.00 5,400.00 16,227.41
Total 316,327.41 0.00 172,650.00 488,977.41

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
In the previous financial year the Supervisory Board members
were remunerated as follows:
Remuneration of members of the Supervisory Board 2008/2009
Fixed Variable Attendance
EUR remuneration remuneration fee Total
Dr. Harald Isermeyer 26,000.00 1,796.88 19,050.00 46,846.88
Henning Hansen-Hogrefe 19,500.00 1,796.88 5,700.00 26,996.88
Helmut Meyer 19,500.00 1,796.88 4,500.00 25,796.88
Wolfgang Wiesener 17,131.50 1,796.88 3,300.00 22,228.38
Hans-Christian Koehler 13,000.00 1,796.88 5,100.00 19,896.88
Hans-Heinrich Prüße 13,000.00 1,796.88 4,800.00 19,596.88
Gerhard Borchert 13,000.00 1,796.88 4,350.00 19,146.88
Rolf Huber-Frey 13,000.00 1,796.88 4,200.00 18,996.88
Dieter Woischke 13,000.00 1,796.88 2,850.00 17,646.88
Hans-Jochen Bosse 13,000.00 1,796.88 2,400.00 17,196.88
Albrecht Hertz-Eichenrode 13,000.00 1,796.88 2,250.00 17,046.88
Dr. Clemens Große Frie 13,000.00 1,796.88 2,100.00 16,896.88
Sigrun Krussmann 13,000.00 1,796.88 2,100.00 16,896.88
Dr. Andreas Schwarz 13,000.00 1,796.88 2,100.00 16,896.88
Dr. Karl-Heinz Engel 13,000.00 1,796.88 1,950.00 16,746.88
Dr. Hans Theo Jachmann 13,000.00 1,796.88 1,950.00 16,746.88
Jochen Johannes Juister 13,000.00 1,796.88 1,950.00 16,746.88
Andreas Scheffrahn 13,000.00 1,796.88 1,950.00 16,746.88
Gerd von Glowczewski 13,000.00 1,796.88 1,800.00 16,596.88
Rainer Knackstedt 13,000.00 1,796.88 1,500.00 16,296.88
Dieter Paschwitz 7,105.50 654.75 2,100.00 9,860.25
Marina Strootmann 6,090.41 841.82 600.00 7,532.23
Total 303,327.41 37,434.17 78,600.00 419,361.58
Members of the Supervisory Board are also reimbursed for
travel expenses, other out-of-pocket expenses and VAT in addition
to the amounts listed. The total amount of these reimbursements
was EUR 55,000 (previous year: EUR 109,000).
Members of the Supervisory Board do not receive loans from
the company.
45.3. Shares held by members of the Executive Board and
Supervisory Board
Members of the Executive Board hold no shares.
As of 28 February 2010, members of the Supervisory Board
and related parties held under 1 per cent of the issued share
capital of Nordzucker AG. The shares bear no relation to the
remuneration of the Supervisory Board.
103
45.4. Miscellaneous
Board members of Nordzucker AG are indemnified by
Nordzucker AG against third-party liability as allowed by law.
For this purpose the company takes out D&O insurance. The
insurance policy is taken out or renewed annually and covers
the personal liability of Board members for claims for damages
arising in the course of their work. It includes an excess as recommended
in Sec. 3.8 (2) of the German Corporate Governance
Code.
Companies in the Nordzucker Group purchased services for
EUR 446,000 from Ernst & Young GmbH in connection with
the statutory audit of financial statements for the Nordzucker
Group and Nordzucker AG, as well as other advisory services
for EUR 753,000, tax advisory services for EUR 54,000 and
other services for EUR 1,635,000.

104
Annual Report Nordzucker 2009/2010
46. STATEMENT ON THE GERMAN CORPORATE
GOVERNANCE CODE
The statement of compliance with the German Corporate Governance
Code given by the Executive Board and Supervisory Board
has been revised and adapted to the latest version of the German
Corporate Governance Code. The statement issued in March
2010 has been published on the Nordzucker website at
http://www.nordzucker.de/index.php?id=286.
47. DIVIDEND PROPOSAL
The dividends that can be distributed to shareholders are
defined in the German Stock Corporation Act (AktG) as the
net balance sheet profit as determined under German commercial
law and disclosed in the annual financial statements
of Nordzucker AG. The annual financial statements for the
financial year 2009/2010 show a net balance sheet loss of
EUR 16,680,642.21.
48. EVENTS AFTER THE REPORTING DATE
The Group disposed of its business operations in Serbia with
effect from 10 March 2010. The assets and liabilities assigned
to these business operations are recognised in the consolidated
financial statements as assets held for sale and liabilities from
discontinued operations.
Braunschweig, Germany, 14 May 2010
Executive Board
Fuchs
Aumüller Liljestam
Dr Noth Dr Pörksen

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Auditors’
report
Auditors’ report
We have given the following report on the consolidated financial
statements and the Group management report:
”We have audited the consolidated financial statements of
Nordzucker AG, Braunschweig, consisting of the balance sheet,
income statement, cash flow statement, statement of changes
in shareholders' equity and notes to the consolidated financial
statements, together with the Group management report for
the financial year from 1 March 2009 to 28 February 2010.
The preparation of the consolidated financial statements and
the Group management report in accordance with IFRS as
applicable in the EU and the supplementary German commercial
regulations applicable in accordance with Sec. 315a (1)
HGB (German Commercial Code) is the responsibility of the
legal representatives of the company. Our responsibility is to
express an opinion on the consolidated financial statements
and the Group management report on the basis of our audit.
We conducted our audit of the consolidated financial statements
in accordance with Sec. 317 HGB and German generally
accepted standards for the audit of financial statements as
determined by the German Institute of Auditors (Institut der
Wirtschaftsprüfer, IDW). Those standards require that we plan
and conduct the audit such that misstatements and irregularities
significantly affecting the presentation of the net assets,
financial and earnings position in the consolidated financial
statements, drawn up in accordance with accepted accounting
principles, and in the Group management report are detected
with reasonable certainty. Knowledge of the business activities
and the economic and legal environment of the company and
of expectations of possible misstatements are taken into account
when determining audit procedures. The effectiveness of the
105
accounting-based internal control system and the evidence
provided for the disclosures in the consolidated financial statements
and the Group management report are assessed principally
on a test basis within the framework of the audit. The audit
includes an assessment of the annual financial statements of the
companies included in the consolidated financial statements,
the definition of the group of consolidated companies, the consolidation
methods, the accounting principles applied and of
significant estimates made by the company’s legal representatives
as well as an evaluation of the overall presentation of the
consolidated financial statements and the Group management
report. We believe that our audit provides
a reasonable basis for our opinion.
Our audit has not given rise to any objections.
In our opinion, based on the findings of our audit, the consolidated
financial statements comply with IFRS as applicable in
the EU and the supplementary German commercial regulations
applicable in accordance with Sec. 315a (1) HGB and give a true
and fair view of the net assets, financial and earnings position
of the Group in accordance with these regulations. The Group
management report is in accordance with the consolidated
financial statements and gives a fair view of the situation of the
Group and of the risks and rewards of future development.”
Hanover, Germany, 14 May 2010
Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft
(Hentschel) (Lüpkes)
Wirtschaftsprüfer [Auditor] Wirtschaftsprüfer [Auditor]

106
Annual Report Nordzucker 2009/2010
Report by the Supervisory Board of Nordzucker AG
for the financial year 2009/2010
Dr Harald Isermeyer
Chairman of the Supervisory Board
The Supervisory Board of Nordzucker AG met ten times in the
financial year 2009/2010 to discuss the company's operating
and strategic development. The members of the Supervisory
Board advised the Executive Board and monitored its activities.
The Executive Board provided the Supervisory Board with regular,
prompt and comprehensive information on corporate and
commercial policy, company strategy and management, risk
management, the financial development of the company and
transactions of fundamental importance. Furthermore, all matters
requiring the authorisation of the Supervisory Board were
presented to us for approval. All of the Supervisory Board’s discussions
and decisions were aimed at protecting and increasing
the company’s assets.
In the financial year 2009/2010, the Supervisory Board focussed
its work on the systematic selection of new Executive Board
members and thus on the realignment of the Board. This had
become necessary in view of the company's new scale following
the Nordic Sugar acquisition and as a result of changes on the
sugar market and the challenges this created. The Executive Board
of Nordzucker AG now has five members: for Marketing & Sales,
Production, Agriculture and Finances respectively, plus the Chief
Executive Officer. Hartwig Fuchs was appointed to the position
of Chief Executive Officer as of 1 February 2010. Hartwig Fuchs
has nearly 30 years of experience in international agriculture.
Also highly experienced in the agricultural industry is Dr Niels
Pörksen, Chief Agricultural Officer since 1 October 2009. Mats
Liljestam and Axel Aumüller were recruited for Marketing & Sales
and Production respectively and both have many years of experience
of the sugar industry. The new Chief Financial Officer is
Dr Michael Noth, an experienced manager who was previously
with a group in the highly competitive automotive supplier industry.
Dr Henrik Einfeld, previously Chief Agricultural Officer, retired on
30 September 2009. Dr Martin Wienkenhöver left his position as
Chief Production Officer as of 30 November 2009 for personal
reasons at his own request. The former Chief Executive Officer of
Nordzucker AG, Hans-Gerd Birlenberg, resigned from his post as
a member of the Executive Board and as CEO in agreement with
the Supervisory Board with effect from 31 January 2010. His departure
was due to a difference of opinion regarding the future
management of the company. The Supervisory Board would like
to thank the former members of the Executive Board for their
work in the past.
Another focus of the Supervisory Board's work was the reorganisation
of sugar sales. At its meeting on 23 June 2009, the Supervisory
Board decided after extensive discussions to withdraw
from the investment in Eurosugar, the sales company founded in
Paris in October 2007, and thereby to reintegrate the sales function
into the organisation of the Nordzucker Group. The main
reason for retreating from the joint Eurosugar activities were
changes in the strategic environment. In contrast to the assumptions
made when Eurosugar was established, Germany did not
become a surplus area during the implementation phase of the
sugar market reform. This meant that the aim and purpose of
Eurosugar, namely to distribute sugar from Germany throughout
the EU, were only partially met. However, the acquisition of
Nordic Sugar was instrumental in the decision to dissolve Eurosugar.
For competition reasons, the liquidation of Eurosugar was
a condition for joint sales by Nordzucker and Nordic Sugar under
the mantle of the Nordzucker Group. Merging the sales functions
was necessary to realise the benefits of acquiring Nordic Sugar.
The Supervisory Board also looked closely at the development
of the joint venture in Serbia, in which Nordzucker held a 51 per
cent stake. Sunoko d.o.c., Novi Sad, operated four sugar factories
in Serbia. At the meeting held on 14 December 2009, the
Supervisory Board approved the termination of this joint venture
and the sale of the 51 per cent interest to the prior joint venture
partner. The reason for withdrawing from this investment was
primarily the recognition that Serbia is not as competitive in sugar
beet cultivation as was originally thought. This means that the
costs of purchasing sugar beet are relatively high but the quality
is mediocre. Furthermore, the political and legal environment in
Serbia is unusual and difficult to read.
Given the margin contraction exacerbated by the sugar market
reform and economic developments in the past financial year,
cost-effectiveness and efficiency are being given particularly
high priority. The Supervisory Board therefore agrees with the
Executive Board that the company must maintain strict cost
discipline. After careful preparation and deliberation, we therefore
began implementing specific measures to increase efficiency
in February 2010. The Supervisory Board will accompany and

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Report
by the
Supervisory
Board
monitor the implementation of these measures closely. In our
view, the planned measures to increase efficiency must be implemented
stringently.
The Supervisory Board dealt in detail with Group planning for
the financial years 2009/2010 and 2010/2011, including planned
investment for the financial year 2010/2011, mid-term planning
and with liabilities related to loan agreements. It also regularly
examined earnings forecasts for the financial year 2009/2010.
Furthermore, we discussed at length compliance with the
recommendations and suggestions of the German Corporate
Governance Code. To implement new statutory regulations and
new recommendations of the Code, the Supervisory Board
examined the remuneration system for the Executive Board in
the absence of Executive Board members. By changing the
rules of procedure for the Supervisory Board, we transferred
the authority to sign, amend and terminate service contracts
with Executive Board members to the full Supervisory Board.
The Executive Board and Supervisory Board have issued an up -
dated statement of compliance in accordance with Sec. 161 AktG
(Stock Corporation Act), which has been made permanently
available to shareholders on Nordzucker AG's website. In this
context, it should be mentioned that one member of the
Supervisory Board attended fewer than half the meetings in
the financial year 2009/2010.
Supervisory Board committees
The Supervisory Board Executive Committee met eight times
during the reporting period. The Supervisory Board Executive
Committee dealt with important topical matters on each occasion
and prepared the following ordinary and extraordinary
meetings of the Supervisory Board.
The Audit and Finance Committee met six times during the reporting
period. Representatives of the auditors also took part in
some meetings. Items on the agenda included the examination
and approval of the individual and consolidated financial statements
for the financial year 2008/2009, the proposal for the
election of the auditors for the financial year 2009/2010, their
remuneration, the scope of the audit, monitoring the auditors’
independence, Group and investment planning, loan covenants,
internal audit reports, quarterly financial reports, the half-year
financial statements for Nordzucker AG and the Nordzucker
Group to 31 August 2009, earnings forecasts for the financial
year 2009/2010 and Nordzucker AG's statement on the German
Corporate Governance Code. The examination and approval of
the individual and consolidated financial statements for the past
financial year as well as the proposal for election of the auditors
for the financial year 2010/2011 were prepared at an additional
meeting outside the period under review.
The Human Resources Committee met six times in the reporting
period. The meetings were concerned with Executive Board
matters. Particular attention was given to the realignment of
Nordzucker AG's Executive Board as described above. The variable
remuneration for Executive Board members for the financial
year 2009/2010 was determined at a Supervisory Board
meeting outside the period under review after preparation by
the Human Resources Committee.
Regular reports on the proceedings of committee meetings were
made to the Supervisory Board.
Annual financial statements
The individual financial statements of Nordzucker AG for
2009/2010 and the management report together with the
company accounts have been audited by Ernst & Young AG,
Wirtschaftsprüfungsgesellschaft, Hanover, who have given an
unqualified certificate of confirmation. This also applies to the
consolidated financial statements in accordance with IFRS and
the Group management report. Under Sec. 292a HGB (German
Commercial Code) these IFRS consolidated financial statements
exempt the company from the obligation to prepare consolidated
financial statements in line with German law. The auditors’ report
have been presented to the Supervisory Board. They have been
examined by the Audit and Finance Committee and by the
Supervisory Board and discussed in the presence of the auditors.
The Supervisory Board concurs with the result of the audit and
concluded from its own examination that it has no objections to
make.
Personnel matters concerning the Supervisory Board
On 3 September 2009, Albrecht Hertz-Eichenrode left the
Supervisory Board of Nordzucker AG upon entering retirement.
Michael Gerlif, CFO of Lekkerland AG & Co. KG, was elected to
succeed him on the Supervisory Board at the Annual General
Meeting held on 3 September 2009. The Supervisory Board
would like to thank Albrecht Hertz-Eichenrode for his work on
the Board over many years. In its constitutive meeting held
3 September 2009, the Supervisory Board appointed Dr Harald
Isermeyer as Chairman of the Supervisory Board of Nordzucker
AG. The employee representative Wolfgang Wiesener and the
shareholder representative Helmut Meyer were elected as Deputy
Chairmen. At its constitutive meeting, the Supervisory Board
also elected Gerhard Borchert, Helmut Meyer, Hans-Heinrich
Prüße, Wolfgang Wiesener and Dieter Woischke as members of
the Supervisory Board Executive Committee. The Supervisory
Board elected Dr Clemens Große-Frie and Dieter Woischke to
the Human Resources Committee. Dr Harald Isermeyer is Chairman
of the Executive Committee and the Human Resources
Committee. The Supervisory Board also elected Henning
Hansen-Hogrefe, Michael Gerlif, Hans-Christian Koehler and
Rolf Huber-Frey as well as Dr Andreas Schwarz as a proxy for
Rolf Huber-Frey to the Audit and Finance Committee. Henning
Hansen-Hogrefe was elected as Committee Chairman.
The Supervisory Board would like to thank the Executive Board
and all the staff for their considerable personal commitment.
The Supervisory Board
Braunschweig, Germany, 25 May 2010
Dr Harald Isermeyer
Chairman of the Supervisory Board
107

108
Annual Report Nordzucker 2009/2010
Corporate governance report for the financial year 2009/2010
Corporate governance covers the system of managing and
monitoring a company, including its organisational structure,
its corporate policies and guidelines as well as the internal and
external mechanisms of control and monitoring. Nordzucker
AG attaches great importance to well-structured, authentic
corporate governance as it ensures that the management of
the company is carried out in the spirit of long-term value
creation. It fosters the confidence of shareholders, financial
markets, business partners, staff and the general public in the
management and monitoring of the Nordzucker Group.
Corporate governance is the foundation for the decision-making
and control procedures at Nordzucker AG. The company's activities
are based on clearly defined guidelines. These guidelines ensure
that the company's actions are systematically aligned with the
interests and expectations of shareholders, customers, business
partners and staff. Nordzucker's actions are based on the values
of courage, focus on results, passion, sustainability, reliability
and respect.
The actions of all our staff are aimed at earning an appropriate
and sustainable profit, continually generating growth and increasing
our market share. Continuous improvement of all
business processes by competent, well-managed staff earning
performance-related pay secures the existence and the systematic
long-term development of the company in an ever-changing
competitive environment.
Meeting standards for food and animal feed quality and safety,
conserving resources, continuously minimising and preventing
environmental damage as well as safeguarding health and safety
at work are an integral part of all Nordzucker's activities. Particular
importance is attached to avoiding and preventing errors.
The Executive Board of Nordzucker AG is responsible for determining
company policy. It sets corporate strategy, plans and
approves company budgets, decides on the allocation of
resources and monitors company development. The Executive
Board is also responsible for preparing the quarterly and annual
financial statements for Nordzucker AG and the consolidated
financial statements.
The Supervisory Board of Nordzucker AG has twenty-one members.
Two thirds of the Supervisory Board members represent
the shareholders and one third represents the workforce. The
Supervisory Board monitors the Executive Board and advises it
on the management of the company. The Supervisory Board
regularly discusses the course of business and company planning
as well as corporate strategy and its implementation. It examines
and approves the annual financial statements of Nordzucker AG
and the consolidated financial statements for the Group, giving
due regard to the auditors’ report and the results of the examination
by the Audit Committee. Major Executive Board decisions
are subject to its approval.
The remuneration of the Executive Board and the Supervisory
Board as well as company shares held by members of the Executive
or Supervisory Board are dealt with in the notes to the
consolidated statements (Nos. 45.2 and 45.3). Neither members
of the Executive Board nor members of the Supervisory Board
bought or sold company shares for more than EUR 5,000 in the
calendar year.

Letter from the Management Board | Concentrating on our work | Management report | Consolidated financial statements | Notes
Corporate
governance
report
Declaration by Nordzucker AG on the German
Corporate Governance Code in line with Sec.
161 AktG (German Stock Corporation Act)
The Executive Board and Supervisory Board of Nordzucker AG,
Braunschweig, have examined the recommendations of the
German Corporate Governance Code (version: 18 June 2009) in
detail and agree with their provisions. Although the German
Corporate Governance Code is not binding for Nordzucker AG,
which is not publicly listed, the company has complied and
continues to comply with the recommendations and suggestions
it contains, with the following exceptions:
1. Recommendation 2.3.2 regarding the convening of the
Annual General Meeting to send the documents by electronic
means has not been implemented for economic reasons.
2. Recommendation 4.2.3 to cap severance payments in contracts
with Executive Board members is not adopted in full;
this has been taken into account in other significant elements
of the contracts.
3. 4.2.4 sentence 2 stipulates that payments made to a member
of the Executive Board on early or scheduled termination
of their Board activities should be disclosed along with
the executive's name. This practice has not been adopted
because the legal requirement only applies to publicly listed
companies.
4. It is particularly important for the company to be able to
draw on agricultural expertise. As a result, recommendation
5.5.3 to deal with personal conflicts of interest affecting
Supervisory Board members is of secondary importance.
5. Recommendation 6.3 to treat all shareholders equally in
terms of information is of secondary importance to the
information requirements of Nordzucker Holding AG as
Nordzucker AG is included in the consolidated financial
statements of Nordzucker Holding AG.
6. Recommendation 7.1.2 to publish the consolidated financial
statements within 90 days of the end of the financial year
and the interim reports within 45 days of the end of the
reporting period is not followed for organisational reasons.
Braunschweig, Germany, March 2010
Hartwig Fuchs Dr. Harald Isermeyer
Chairman of the Chairman of the
Management Board Supervisory Board
109

110
Annual Report Nordzucker 2009/2010
Glossary
Finance
Cash flow Net inflow of funds. Difference between receipts and spending
expenses within one accounting period. For the sake of simplicity,
the cash flow is determined on the basis of net income, plus nonspending
expenses, in particular write-downs and changes in noncurrent
provisions . The cash flow is available to the company for
investment, repayment of liabil ities and distribution of profits.
Consolidation The Group accounts are drawn up as if all Group
member companies formed one uniform company in law. All expenditures
and earnings as well as all interim trade results and other
transactions between the Group members are eliminated by way of
offsetting (expense and result as well as interim result consolidation).
Stakes held in Group companies are set off against their equity capital
(capital consolidation), and all intra-Group receivables and liabilities
are eliminated (debt consolidation) because such legal relationships
do not exist within a legal entity. Summation and consolidation of
the remaining items of the annual financial statements result in the
consolidated balance sheet and the consolidated income statement.
Declaration of compliance Annual declaration made and published
by the Management and Supervisory Boards of listed companies in
ac cordance with Sec. 161 German Stock Cor poration Act (AktG) stating
to which extent the company management complies with the
recommen dations of the Commission of the German Corporate
Governance Code and which recommendations are not applied.
Dividend The amount of a stock corporation’s net income apportioned
to each individual share. Dividends are either expressed as a percentage
of the par value or as a currency amount per share (earnings per
share). The Annual General Meeting votes on the distribution of the
dividends. Dividends are paid out on an annual basis in Germany.
EBIT (earnings before interest and taxes) This figure supplies information
on the results of current operations. Differences in capitalisation
are not accounted for, therefore the general interest rate level and
tax rates are not considered.
EBITDA (‚Earnings before interest, taxes depreciation and amortization’)
Stands for earnings before interest, taxes, depreciation and
amortisation. This key indicator is a way of measuring operating performance
before capital expenditure.
Equity method An accounting method in which shares in a company
are initially recognised at cost and subsequently adjusted to reflect
the shareholder’s interest in the net assets of the investee company.
Equity ratio A financial indicator describing the relationship between
shareholders’ equity and total assets.
Finance lease In contrast to an operating lease the lessor transfers the
risk of the investment and thereby the economic ownership of the
asset to the lessee.
Forward swap An agreement between two parties e.g. to swap future
interest rate payments at different fixed rates on an existing amount.
German Corporate Governance Code Guidelines formulated in 2002
on the management and supervision of German companies listed on
the stock exchange. The German Corporate Go v ernance Code outlines
nationally and inter nationally accepted standards of responsible
business management, which primarily aim at transparency and clarity.
The Code defines the responsibility of Management and Supervisory
Boards and sets forth or makes recommendations on how to protect
the rights of shareholders, how executive and supervisory bodies
should be filled and how their members should be remunerated .
Non-listed companies are also recommended to comply with the
Corporate Governance Code.
Hedge accounting under IAS 39 Refers to the way in which two or more
contracts (or financial instruments) between which hedging relationships
exist are recognised in the balance sheet. This method differs
from conventional accounting methods.
IFRS (International Financial Reporting Standards) and IAS (International
Accounting Standards) are accounting standards that render balance
sheet and disclosure methods comparable on a global scale. These
accounting standards have been compulsory for listed companies in
Germany and throughout the EU since the beginning of 2005.
Impairment test This test must be conducted regularly according to
IFRS in order to verify the valuation of non-current assets. It may
result in the recognition of impairment.
Interest rate swap Contractual agreement on the swap of interest cash
flows at specific points in time according to a basic notional principal.
Interest rate swaps enable variable interest rate agreements to be
converted to fixed interest rates.
Joint venture A cooperation between companies in which a new,
legally independent business unit is created in which the founding
companies (two or more) invest capital. In addition to capital the
founding companies generally contribute a sig nificant amount of
technology, intellectual property rights, technical or other expertise
and operating equipment.
Natural hedge approach Minimising currency risks by financing foreign
currency investments in the same currency, for example.
Net debt Financial liabilities minus cash and cash equivalents.
Operating lease A lease is classed as an operating lease under IFRS if it
does not transfer substantially all the risks and rewards incident to
ownership.
Purchase price allocation This term describes the allocation of procurement
costs for an investment and/or a merger at the time of
acquisition to the company's identifiable assets, liabilities and contingent
liabilities. The fair values of these line items are used to measure
value for this allocation in line with IFRS 3.37. In this context, the

unallocable difference arising after the purchase price has been allocated
to the identifiable line items is of particular importance. Any
such difference is recorded in the acquiring company's balance sheet
as goodwill.
Registered share The subscribed share capital of Nordzucker AG is
divided into registered shares with a nominal value of EUR 2.56 each.
Return on equity A figure which shows the profitability of capital employed
and is calculated by dividing net income for the year by
shareholders’ equity.
Return on revenues A financial indicator obtained by dividing net
income for the year by revenues and enabling an analysis of a com -
pany’s profitability .
Syndicated loan Lending by several banks (syndicate) on the basis of
standardised contract documents and identical terms and conditions.
Total profitability This indicator is calculated by dividing EBITDA
(earnings before interest, taxes, depreciation and amortisation) by
total output (revenues plus changes in inventories).
Volatility (‘unpredictable, liable to change’) A market is volatile if it is
subject to major price fluctuations. Volatility is the statistical means
of measuring market fluctuations.
Sugar and bioethanol
Bioethanol (agricultural alcohol) Ethanol produced from biomass
(renewable substances containing carbon). Starch (e.g. from wheat
or maize) is broken down by enzymes into glucose. Yeast is then
added and the glucose is fermented to create ethanol. When sugar
beet is used to produce ethanol, the raw juice or thick juice created
as a by-product of sugar extraction is fermented directly. Unlike fossil
fuels, bioethanol is CO 2-neutral and has long-term economic benefits.
In Germany, the Biofuel Quota Act has been in force since 2007,
which stipulates the amount of bioethanol to be blended with petrol.
Biogas Flammable gas produced by fermenting waste water or renewable
resources.
CO 2 (carbon dioxide, ‘greenhouse gas’) Chemical compound consisting
of carbon and oxygen which, like carbon monoxide, is a carbon
oxide. This colourless and odourless gas is a natural component of
air. It is created when substances containing carbon are burnt, and
during cellular respiration. Plants and some bacteria convert CO 2
into biomass.
Crystal sugar The term for standard grade sugar, used in industry and
the home for a variety of purposes, particularly for making deserts
and cakes. In a second processing step the crystal sugar is turned
into caster sugar, which retails under the name of household sugar
for instance.
Emission The release of substances into the environment.
Molasses Syrupy by-product of sugar production. Used to manufacture
yeasts and animal feed.
Pellets By-product of sugar production. These extracted, dried sugar
beet pellets are sold molassed or unmolassed as animal feed.
Raw cane sugar Sugar made from sugar cane. This can then be refined
to convert it into white sugar.
Raw juice Sugary juice extracted from sugar beet which can be
processed to make sugar or bioethanol.
111
Refining Used in a general sense to describe a process of cleaning or
purifying raw materials. For sugar this means bleaching brown raw
sugar (from sugar cane or sugar beet) by a (repeated) series of different
processes.
Thick juice Concentrated, purified sugar juice containing some 70 to
75 per cent solid material. Thick juice is produced at the end of the
steam dryer unit before the sugar undergoes the actual crystallisation
process in the sugar factory’s juice boilers.
White sugar is normal household sugar and is made from raw sugar.
Sugar industry
ACP countries (Africa, Caribbean and Pacific) This encompasses 77
states, most of them former French or British colonies. The EU has
granted these countries preferential access to the European market
and duty-free imports of 1.3 million tonnes of raw sugar since 1975
by means of the Cotonou Agreement. As of 2008, the EU wants to
replace this treaty with Economic Partnership Agreements (EPA) with
the ACP countries. In terms of sugar, this should place the countries
on an equal footing with the least developed countries (LDC).
Export licences The European Commission controls the export of EU
quota sugar and compliance with the value and volume stipulated
by WTO export restrictions by issuing export licences .
LDC/EBA (Least developed countries/Everything but arms) Both terms
relate to an EU resolution of 2001 according to which the 50 least
developed countries in the world may import any goods except
arms into the EU free of any duty. Sugar falls under a special transitional
arrangement until 2009. As of July 1, 2009, sugar can also be
imported into the EU free of duty and with no restriction of quantities.
Production levy Levy paid by beet farmers and sugar producers to
finance the export of quota sugar which cannot be marketed in the EU.
Reference price The reference price stipulated in the sugar market
regime for EU quota sugar serves as a basis for minimum beet prices.
In this way, the European Commission also provides orientation for
pricing sugar of the standard Category II supplied loose ex works in
the new market regulation period beginning July 1, 2006. Market
prices for sugar which are significantly above or below the EU reference
price may trigger market regulation measures.

112
Annual Report Nordzucker 2009/2010
Restructuring levy Beginning in the 2006/2007 marketing year, all sugar
producers in the EU are obliged to pay a levy to the restructuring
scheme for sugar based on their production quota. The levy is payable
regardless of the amount of sugar actually produced. EUR 126.4 was
payable per tonne of production quota for the 2006/2007 sugar
marketing year. In 2007/2008, the restructuring levy increased to
EUR 173.80. EUR 113.30 was payable to the scheme for the last time
in 2008/2009.
Sugar market regime A common market organ isation for sugar founded
in 1968 (active in the EEC/EC/EU) which regulates prices for sugar
and sugar beet, maximum production quantities for sugar, and import
safeguards. The previous regulation (EC) No. 1260/2001 was replaced
on July 1, 2006 by regulation (EC) No. 318/2006, which was passed
by the ministers of agriculture of the EU member states on February
20, 2006.
Sugar marketing year The reform also heralds a change in the marketing
year used by the common market organisation for EU sugar.
In the future, the year will begin on October 1 and end on September
30. This excludes the 2006/2007 marketing year, which begins
on July 1, 2006 and ends on September 30, 2007.
Sugar quota Sugar quotas were introduced in the EU to limit sugar
production and prevent surpluses. Volumes produced within these
quotas benefit from a sales and price guarantee.
SweetFamily SweetFamily is the Nordzucker Group’s international
umbrella brand. Beet sugar products for end consumers, bakers and
the food industry have been marketed in Germany, Poland, Slovakia
and Hungary under the SweetFamily brand since November 2004.
WTO (World Trade Organisation) Multinational organisation located in
Geneva, in which 150 member states negotiate world trade liberali -
sation.
Certification, quality assurance and
consumer protection
DIN EN ISO 9001 This standard is part of the EN ISO 9000 series,
which documents the principles of quality management activities.
EN ISO 9001 deals in particular with requirements of quality management
systems for which organ isations must show that they are
capable of supplying products which conform to customer and regulatory
demands.
DIN EN ISO 14001 This internationally valid standard lays down globally
acknowledged specifications for environmental management.
DIN EN ISO 18001 This norm defines standards for occupational
safety and health policy.
DIN EN ISO 22000 Covers rules for internationally accepted food
safety management standards.
EMAS II (Eco-Management and Audit Scheme) Voluntary system used
by the EU as an environmental management instrument and to promote
environmental action.
GMP B2 (Good Manufacturing Practice B2) Dutch standard of quality
control for animal feed from non-resident suppliers.
IFS Standard (International Food Standard) This standard is a means of
safeguarding food safety and consumer protection.
Q&S Standard German feed standard established by Q&S-GmbH,
Bonn, Germany, to guarantee feed quality.

Important dates
Financial calendar
Annual General Meetings
June 22, 2010 09.00 a.m. Union-Zucker Südhannover GmbH, Berghölzchen Hildesheim
July 6, 2010 10.00 a.m. Nordharzer Zucker Aktiengesellschaft, Stadthalle Braunschweig
July 7, 2010 10.00 a.m. Nordzucker Holding Aktiengesellschaft, Stadthalle Braunschweig
July 8, 2010 10.00 a.m. Nordzucker AG, Stadthalle Braunschweig
Online publications
The following publications can be downloaded from www.nordzucker.de
Annual Report
Declaration of compliance
Sustainability Report

114
GB Nordzucker 2009/10
Nordzucker AG
Küchenstraße 9
38100 Braunschweig
Germany
Telephone: +49 (0)531 2411 0
Fax: +49 (0)531 2411 100
info@nordzucker.de
www.nordzucker.de
Corporate Communications
Telefon: 0531/2411-348
Investor Relations
Bianca Deppe-Leickel
Telephone: +49 (0)531 2411 335
ir@nordzucker.de
Shares register
Wilhelm Just
Telephone: +49 (0)531 2411 160
aktien@nordzucker.de
Printed copies of this Annual Report for the Nordzucker Group are also available in German.
Alternatively, the report can be downloaded in German or English from the internet under
www.nordzucker.de from the download center as a PDF.