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  16/05/2019 | Industry

Südzucker reports drop in results in fiscal 2018/19 as expected

Südzucker AG’s consolidated group revenues fell to € 6.754 (previous year: 6.983) bn in fiscal 2018/19 (1 March 2018 to 28 February 2019). According to the company, the sugar and CropEnergies segments’ revenues fell sharply, whereas the special products segment’s rose substantially. The fruit segment’s revenues were slightly above last year’s.

As expected, the consolidated group operating result was down sharply to € 27 (previous year: 445) m. The previously announced decline was driven mainly by the sugar segment’s substantial losses in the second half of the fiscal year. The CropEnergies segment’s operating result was also down sharply. The special products segment’s operating result was comparable to last year’s, while the fruit segment’s was slightly higher. In light of the reassessment of the sugar market environment, restructuring expenses as well as goodwill impairment in the sugar segment led to a substantial group consolidated loss of € 805 (previous year: net earnings of 318) m. According to Südzucker, the vast majority of these one-time charges do not impact liquidity.