Eastern Europe - Nordzucker AG

Nordzucker AG Interim Report
Financial Year 2012/2013
First Half-Year
March 1 – August 31, 2012

Nordzucker Half-Year Report 2012/2013 Group figures and ratios | 2
Group figures and ratios first half-year 2012/2013
Operating business
Structure figures
H1
2012/2013
H1
2012/2013
H1
2011/2012
H1
2011/2012
Change
absolute
Revenues EUR m 1,188 900 288
Total revenues EUR m 806 584 222
Gross income EUR m 487 306 181
EBITDA EUR m 316 155 161
EBIT EUR m 273 112 161
Net income EUR m 199 73 126
Cash flow from operating activities EUR m 314 291 23
Investments in property, plant and
equipment and intangible assets EUR m 41 32 9
Balance sheet as of August 31, 2012
H1
2012/2013
H1
2011/2012
Change
absolute
Balance sheet total EUR m 1,942 1,689 253
Equity EUR m 1,157 855 302
Equity ratio % 60 51
Debt capital EUR m 785 834 -49
Financial liabilities EUR m 118 222 -104
Cash and cash equivalents
Net debt
EUR m 93 74 19
(Cash and cash equivalents less financial liabilities) EUR m 25 148 -123
Change
absolute
Northern Europe
Sugar factories 5 5 –
Sugar refineries 2 2 –
Central Europe
Sugar factories 5 5 –
Liquid sugar factories 2 2 –
Bioethanol plants 1 1 –
Eastern Europe
Sugar factories 3 3 –
Sugar refineries 1 1 –

Nordzucker Half-Year Report 2012/2013 Highlights
Highlights of the first half-year 2012/2013
Contents
We are all Nordzucker 4
Letter from the
Management Board 5
Sites in Europe 6
Management Report
Earnings and financial position
7
and net assets 7
Supplementary report 9
Outlook 9
Income statement 10
Statement of comprehensive income 10
Cash flow statement 11
Balance sheet 12
Statement of changes in
shareholders’ equity 14
Financial calendar 15
Success continues: earnings more than doubled
The ongoing positive market situation resulted in a substantial increase in revenues and earnings. In
the first half of the 2012/2013 financial year, Nordzucker generated revenues of EUR 1,187.9 million,
which equates to a year-on-year increase of more than 30 per cent. Net income for the period meanwhile
rose to EUR 199.5 million, thus more than doubling the earnings of EUR 72.6 million generated
in the first six months of the previous year.
Promising outlook: campaign under way
Nordzucker launched this year’s sugar beet campaign on 8 September following a period of
intensive preparation. The beet processing period started well at all the factories. As before, this
campaign is likely to last for approximately 130 days. Nordzucker will therefore be producing
sugar and animal feed from sugar beet in seven countries in Europe provisionally until the end of
January.
We are expecting lower sugar yields per hectare this year than in the record-breaking year
2012/2013, but our yields should at least match our five-year average. However, there have been
significant differences in beet growth and sugar development in the different countries
due to varying weather conditions.
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Nordzucker Half-Year Report 2012/2013
WE ARE ALL
NORDZUCKER.
Dr Niels
Pörksen
Katja
Millnat
Daniel
Bigalke
Benjamin
Stein
Hartwig
Fuchs
Dr Ulf
Wegener
Axel
Aumüller
Denise
Ahlgrimm
Jennifer
Haase-Holz
We are all Nordzucker | 4
Dr Thordis
Möller
Dr Michael
Noth
Dr Andreas
Windt
Anna Marijke
Goedeke-
Huitema
Mats Liljestam
Ralf Brunkow
Anja
Kirschbaum-
Marheine

Nordzucker Half-Year Report 2012/2013 Letter from the Management Board
Dear Shareholders,
The first half of 2012/2013 went very well for our Company. Both our revenues and our profit for the period increased
considerably year-on-year, and our balance sheet suggests that Nordzucker is extremely healthy! We have
substantially more than EUR one billion in equity and we have systematically reduced our debt.
We are, however, observing the development of the European and the global economies with an increasing degree
of concern. There have been growing signs of the economy slowing down in the past few months. And while the
overall situation in the European sugar market can be said to still be good, the first effects on the economy are nonetheless
already being felt, for example with our customers slowing down their sugar purchasing.
The steps that have been taken to make Nordzucker faster, leaner and more efficient bolster our ability to compete in
the long-term in a sugar market that is becoming more and more global. We also need to exploit the benefits of our
size and our strength in the market. We have increased our investment budget by a large margin this year in order to
implement further measures to achieve sustainable increases in efficiency. In particular, we are focusing on projects
designed to lower our energy consumption in the long-term.
We continue to resolutely take important steps to safeguard our Company’s sustainability, such as our Profitability plus
efficiency programme, the ongoing harmonisation of Group-wide processes and 20 ·20 ·20, our project which aims
to sustainably boost the competitiveness of sugar beet. With the European sugar market continuing to consolidate
and in view of the increasing volatility of sugar prices, drawing on our solid financial basis, we will continue to play
an active part in the market and will resolutely exploit the opportunities for growth that present themselves.
Yours sincerely,
Nordzucker AG
The Executive Board
Hartwig Fuchs
Dr Michael Noth
Axel Aumüller Mats Liljestam
Dr Niels Pörksen
| 5

Nordzucker Half-Year Report 2012/2013
Sites in Europe
Headquarters Nordzucker
D 1 Braunschweig
Head Office
DK 2 Nordic Sugar, Køpenhavn
Sugar factories
D 3 Clauen
4 Nordstemmen
5 Uelzen
6 Klein Wanzleben
7 Schladen
DK 8 Nakskov
9 Nykøbing
S 10 Örtofta
FIN 11 Säkylä
LT 12 Kedainiai
PL 13 Opalenica
14 Chełmża
SK 15 Trenčianska Teplá
D 16 Liquid sugar factory
Groß Munzel
17 Liquid sugar factory
Nordstemmen
Refineries
S 18 Arlöv
FIN 19 Porkkala
PL 20 Chełmża
Sugar factories –
non-consolidated
minority stake
CZ 21 Dobrovice
22 České Meziříčí
Other locations
D 23 fuel 21,
Klein Wanzleben
DK 24 NP Sweet,
Køpenhavn
16 3
4
17
5
1
8 9
7
6
23
2
24
Central Europe
10
18
21
Northern Europe
22
13
14
20
15
Sites in Europe | 6
11
19
12
Eastern Europe

Nordzucker Half-Year Report 2012/2013 Management report
Earnings and financial position and net assets
Consolidated revenues
in EUR m
900
Consolidated EBIT
in EUR m
112
1,188
H1 2011/2012 H1 2012/2013
273
H1 2011/2012 H1 2012/2013
The half-year financial report of the Nordzucker Group as of 31 August
2012 has been prepared in accordance with the International Financial
Reporting Standards (IFRS) adopted and published by the International
Accounting Standards Board (IASB). The financial statements comply
fully with IFRS and give a true and fair view of the earnings and
financial position and net assets of Nordzucker AG and its consolidated
subsidiaries as well as its associated companies and joint
ventures. No changes have been made to the accounting methods
used for the preparation of the consolidated annual financial statements
as of 29 February 2012.
For more information please see the Notes section of the
2011/2012 Annual Report.
The production of sugar is a seasonal business. The production
stage, from the beginning of September until January, is entirely
in the second half of the financial year. This should be taken into
consideration when interpreting the results of the first half-year.
Revenues and earnings
In the first half of the 2012/2013 financial year, Nordzucker generated
revenues of EUR 1,187.9 million, which is approximately a third more
than the previous year’s total of EUR 900.3 million. Quota sugar reported
a higher year-on-year price, which more than compensated for the
slight decline in sales volumes. By contrast, the revenue increase in
non-quota sugar was due to significantly higher sales volumes, which
more than offset the lower prices when compared to the previous year.
The reduction in stocks was greater year-on-year (EUR -382.0 million;
previous year: EUR -317.6 million) due to production costs that were
higher than in the previous financial year and because of additional
sales of non-quota sugar. The cost of materials and services rose from
EUR 278.0 million to EUR 319.0 million, above all due to higher yearon-year
sugar imports.
Personnel expenses amounted to EUR 86.0 million, up from EUR 81.2
million in the same period of the previous year. This figure was affected in particular by wage increases
and by a slightly higher number of employees.
Depreciation, amortisation and impairment remained essentially unchanged year-on-year at EUR 42.4
million (previous year: EUR 43.1 million). Other operating expenses rose from EUR 80.3 million to
EUR 99.0 million. This was due, among other things, to an increase in maintenance and repair work,
greater sales-related transport and removal costs as well as other sales costs.
The operating result (EBIT) of the Nordzucker Group more than doubled in the first half of 2012/2013
in comparison with the previous year. It rose to EUR 273.2 million, up from EUR 112.0 million in the
previous year’s period.
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Nordzucker Half-Year Report 2012/2013 Management report
Consolidated net income
in EUR m
199
73
H1 2011/2012 H1 2012/2013
Consolidated balance sheet
structure as of August 31, 2012
in EUR m
1,942 1,942
55%
25%
20%
Non-current
assets
Inventories
Other current
assets
60%
18%
22%
Assets Equity &
liabilities
Consolidated net debt
in EUR m
148
25
Equity
Non-current
liabilities
Current
liabilities
H1 2011/2012 H1 2012/2013
Further repayment of financial liabilities and more favourable con ditions
for the loan agreement renegotiated in June 2011 resulted in a marked
reduction in interest expense from EUR 25.5 million to EUR 8.2 million.
Net income from investments amounted to EUR 4.7 million and essentially
came from a dividend from Nordzucker’s stake in the Czech company
TTD.
Overall the net income for the period more than doubled for the Group
when compared with the previous year and totalled EUR 199.5 million
before minority interests (previous year: EUR 72.6 million).
Cash flow and balance sheet
Cash flow from operating activities increased by EUR 22.9 million to
EUR 314.4 million in the first half of the year. In comparison to the
previous year, the positive effects of the higher net income for the
period were largely offset by contrary working capital effects.
Cash flow from investing activities improved significantly from
EUR -101.3 million to EUR -41.0 million. The previous year’s figure
included payment of the final purchase price instalment for Nordic
Sugar amounting to EUR 73.7 million. Investment in property, plant
and equipment rose by EUR 10.9 million year-on-year to EUR 40.3
million.
In terms of cash flow from financing activities, there was a cash outflow
of EUR 188.0 million (previous year: EUR 166.4 million) due
to the repayment of short-term loans (EUR -138.2 million) and as a
result of the dividend paid (EUR -49.9 million). At the end of the
first six months of the year, cash and cash equivalents amounted
to EUR 92.8 million (previous year: EUR 73.6 million).
The Nordzucker Group’s consolidated balance sheet total increased
by EUR 253.0 million year-on-year to EUR 1,941.5 million (previous
year: EUR 1,688.5 million). This was above all due to an increase in
stocks, among other reasons because of the previous year’s very
good campaign, and also as a result of higher trade receivables
caused by the increase in revenues.
Thanks to the very pleasing development of business, equity rose
from EUR 854.6 million at the end of the first half of the 2011/2012
year to EUR 1,157.4 million. Despite the rise in the balance sheet
total, the equity ratio went up from 50.6 per cent to 59.6 per cent.
Net debt (financial liabilities less cash and cash equivalents) was
reduced considerably compared to the previous year, falling to
EUR 25.2 million compared to EUR 148.0 million at the end of the
first six months of 2011/2012.
| 8

Nordzucker Half-Year Report 2012/2013 Management report
Supplementary report
Outlook
There have been no significant changes to the situation of the Company for the current year since
the reporting date of the interim financial statements.
The good market situation, last year’s high-yield campaign, our efforts to boost our efficiency and
lower interest expenses resulted in a very pleasing first half of the 2012/2013 financial year. We
expect our revenues to continue to develop positively in the second half of the year, in particular
thanks to additional sales of non-quota sugar.
Even with the possibility of cost burdens in some countries, our earnings in the second half-year
2012/2013 will remain high, but will not match the highs seen in the first six months of this fiscal
year. Overall, we will comfortably outstrip the previous year’s revenue and earnings figures in
2012/2013.
| 9

Nordzucker Half-Year Report 2012/2013 Consolidated half-year financial statements
Consolidated half-year financial statements
Consolidated income statement
for the period from March 1 to August 31, 2012, Nordzucker AG, Braunschweig, Germany
Statement of comprehensive income
1/3/2012
- 31/8/2012
TEUR
1/3/2011
- 31/8/2011
TEUR
Change
TEUR
Revenues 1,187,900 900,316 287,584
Decrease in finished goods and work in progress -382,018 -317,614 -64,404
Own work capitalised 268 1,406 -1,138
Total revenues 806,150 584,108 222,042
Other operating income 13,392 10,576 2,816
Cost of materials and services 318,993 278,010 40,983
Personnel expenses 86,001 81,182 4,819
Depreciation of property, plant and equipment,
amortisation and impairment of intangible assets 42,388 43,143 -755
Other operating expenses 98,974 80,301 18,673
Operating result (EBIT) 273,186 112,048 161,138
Net interest
a) Interest income and similar income 1,710 1,217 493
b) Interest expenses and similar expenses 8,229 25,496 -17,267
Net income/loss from investments
a) Net income/loss from associated companies and joint ventures
-6,519 -24,279 17,760
accounted for under the equity method -145 0 -145
b) Other net income from investments 4,844 3,779 1,065
Other net financial income/loss
4,699 3,779 920
a) Other financial income 10,258 3,637 6,621
b) Other financial expenses 12,143 3,268 8,875
-1,885 369 -2,254
Net financial income/loss -3,705 -20,131 16,426
Earnings before taxes 269,481 91,917 177,564
Income taxes 70,029 19,308 50,721
Consolidated net income 199,452 72,609 126,843
Consolidated net income attributable to minority interests 4,656 2,234 2,422
Consolidated net income attributable to shareholders of the parent company 194,796 70,375 124,421
Consolidated net income 199,452 72,609 126,843
Currency conversion for foreign operations 8,320 -12,925 21,245
Net result of cash flow hedges 1,287 -1,976 3,263
Income taxes -322 664 -986
Other net income/loss after taxes 965 -1,312 2,277
Total net income/loss after taxes 208,737 58,372 150,365
Consolidated net income attributable to minority interests 4,656 2,234 2,422
Consolidated net income attributable to shareholders of the parent company 204,081 56,138 147,943
| 10

Nordzucker Half-Year Report 2012/2013 Consolidated half-year financial statements
Consolidated cash flow statement
for the period from March 1 to August 31, 2012, Nordzucker AG, Braunschweig, Germany
1/3/2012
- 31/8/2012
TEUR
1/3/2011
- 31/8/2011
TEUR
Change
TEUR
Earnings before taxes 269,481 91,917 177,564
Interest and similar income -1,710 -1,217 -493
Interest and similar expenses 8,229 25,496 -17,267
Net depreciation, amortisation and impairment on non-current assets 42,388 43,143 -755
Changes in non-current provisions 2,118 12,202 -10,084
Other non-cash expenses -103 -2 -101
Net loss/income from associated companies 145 0 145
Changes in finished goods and work in progress 382,018 317,614 64,404
Changes in current provisions 8,678 -18,094 26,772
Proceeds on disposal of non-current assets 753 -543 1,296
Changes in inventories, trade receivables and other assets
not attributable to investing or financing activities 11,674 -33,160 44,834
Changes in trade payables and other liabilities
not attributable to investing or financing activities -348,104 -126,075 -222,029
Interest received in the financial year 125 1,217 -1,092
Interest paid in the financial year -3,854 -9,566 5,712
Taxes paid in the financial year -57,434 -11,439 -45,995
Cash flow from operating activities 314,404 291,493 22,911
Proceeds on disposal of property, plant and equipment 521 3,290 -2,769
Payments for investments in property, plant and equipment -40,323 -29,457 -10,866
Payments for investments in intangible assets -1,062 -2,327 1,265
Proceeds on disposal of financial assets 37 4 33
Payments for investments in financial assets -172 -3 -169
Proceeds from the sale
of consolidated companies and other business units 0 834 -834
Payments for the acquisition
of consolidated companies and other business units 0 -73,637 73,637
Cash flow for investing activities -40,999 -101,296 60,297
Payments to shareholders (dividends) -49,852 -22,879 -26,973
Proceeds from borrowing 0 40,552 -40,552
Loan repayments -138,183 -184,036 45,853
Cash flow from financing activities -188,035 -166,363 -21,672
Changes in cash and cash equivalents 85,370 23,834 61,536
Cash and cash equivalents at the beginning of the period 7,406 50,289 -42,883
Additions through mergers/other changes -10 -496 486
Cash and cash equivalents at the end of the period 92,766 73,627 19,139
| 11

Nordzucker Half-Year Report 2012/2013 Consolidated half-year financial statements
Consolidated balance sheet
as of August 31, 2012, Nordzucker AG, Braunschweig, Germany
Assets
29/2/2012
TEUR
31/8/2012
TEUR
31/8/2011
TEUR
Non-current assets
Fixed assets
Intangible assets 174,066 168,999 174,910
Property, plant and equipment 861,059 867,016 887,017
Investment property 6,785 5,840 8,022
Financial investments
Shares in associated companies and joint ventures
accounted for under the equity method 3,593 3,611 3,838
Other financial investments 20,428 20,400 20,474
1,065,931 1,065,866 1,094,261
Receivables and other assets
Financial assets 7 0 0
Other assets 1,369 46 1,442
1,376 46 1,442
Deferred taxes 11,883 912 4,283
Current assets
Inventories
1,079,190 1,066,824 1,099,986
Raw materials, consumables and supplies 44,451 63,738 60,864
Work in progress 43,373 106,999 82,588
Finished goods and merchandise 810,414 310,126 141,927
898,238 480,863 285,379
Receivables and other assets
Trade receivables from external companies 194,423 226,185 182,868
Receivables from related parties 233 4,330 32
Current income tax receivables 5,084 4,581 1,501
Financial assets 13,185 12,945 9,035
Other current assets 61,971 51,237 36,056
274,896 299,278 229,492
Cash and cash equivalents 7,406 92,766 73,627
Assets held for sale 1,867 1,773 27
1,182,407 874,680 588,525
2,261,597 1,941,504 1,688,511
| 12

Nordzucker Half-Year Report 2012/2013 Consolidated half-year financial statements
Consolidated balance sheet
as of August 31, 2012, Nordzucker AG, Braunschweig, Germany
Shareholders’ equity and liabilities
Shareholders’ equity
29/2/2012
TEUR
31/8/2012
TEUR
31/8/2011
TEUR
Subscribed capital 123,651 123,651 123,651
Capital reserves 127,035 127,035 127,035
Retained earnings 653,603 799,422 520,077
Other comprehensive income 51,682 60,967 40,747
Equity attributable to shareholders of the parent company 955,971 1,111,075 811,510
Minority interests 43,260 46,374 43,066
Non-current provisions and liabilities
999,231 1,157,449 854,576
Provisions for pensions and similar obligations 134,727 137,566 133,036
Other provisions 23,415 22,702 30,723
Financial liabilities 88,473 11,741 188,959
Liabilities towards related parties 5,500 5,511 5,500
Other financial liabilities 1,181 960 1,362
Other liabilities 20,985 15,319 22,179
Deferred taxes 153,917 149,947 152,722
428,198 343,746 534,481
Current provisions and liabilities
Provisions for pensions and similar obligations 5,281 5,281 5,277
Other provisions 68,059 76,640 34,868
Financial liabilities 167,852 106,193 32,667
Current income tax liabilities 60,000 61,012 35,609
Trade payables 455,122 115,985 104,896
Liabilities towards related parties 11,498 9,797 12,689
Other financial liabilities 15,900 6,692 12,900
Other liabilities 50,456 58,709 60,548
834,168 440,309 299,454
2,261,597 1,941,504 1,688,511
| 13

Nordzucker Half-Year Report 2012/2013 Consolidated half-year financial statements
Consolidated statement of changes in shareholders’ equity
Nordzucker AG, Braunschweig, Germany
Subscribed
capital
Capital
reserves
Retained
earnings
Other
comprehensive
income
Equity
attributable to
shareholders
of the parent
company
Minority
interests Total equity
TEUR TEUR TEUR TEUR TEUR TEUR TEUR
As of 1/3/2011 123,651 127,035 471,569 54,983 777,238 41,497 818,735
Consolidated net income 0 0 70,375 0 70,375 2,234 72,609
Other net income/loss 0 0 0 -14,237 -14,237 0 -14,237
Total net income / loss
after taxes
0 0 70,375 -14,237 56,138 2,234 58,372
Dividend payment 0 0 -22,219 0 -22,219 -786 -23,005
Others 0 0 352 1 353 121 474
As of 31/8/2011 123,651 127,035 520,077 40,747 811,510 43,066 854,576
As of 1/3/2012 123,651 127,035 653,603 51,682 955,971 43,260 999,231
Consolidated net income 0 0 194,796 0 194,796 4,656 199,452
Other net income/loss 0 0 0 9,285 9,285 0 9,285
Total net income / loss
after taxes
0 0 194,796 9,285 204,081 4,656 208,737
Dividend payment 0 0 -48,301 0 -48,301 -1,551 -49,852
Others 0 0 -676 0 -676 9 -667
As of 31/8/2012 123,651 127,035 799,422 60,967 1,111,075 46,374 1,157,449
Shareholders‘ structure Nordzucker AG
EUR 123.7 m 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
| 14

Nordzucker Half-Year Report 2012/2013
Important dates
Financial calendar
Publications
October 15, 2012 Release H1 Interim Report 2012/2013
January 15, 2013 Release 9M Interim Report 2012/2013
Online publications
The following publications can be downloaded from www.nordzucker.de
• Annual Report
• Interim Reports
• Declaration of compliance
• Sustainability report

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
Klaus Schumacher
Telephone: +49 (0)531 2411 366
pr@nordzucker.de
Investor Relations
Bianca Deppe-Leickel
Telephone: +49 (0)531 2411 335
ir@nordzucker.de
Shares register
Claus-Friso Gellermann
Telephone: +49 (0)531 2411 118
aktien@nordzucker.de
This Interim Report for the Nordzucker Group is also available in German.
The report can be downloaded in German or English from the internet under
www.nordzucker.de from the download center as a PDF.