Price slump pushes nordzucker into the red
The year before, the balance sheet showed a profit of 118 million euros. Sales slumped by 18 percent year on year to 1.35 billion euros. A dividend is not to be poured out this time. The company also expects to make a loss in the new fiscal year, but is counting on prices rising again in the medium term.
In the first full year after the end of the EU quota system, the market situation was characterized by significant overproduction within the EU and on the world market as well as fierce competition at historically low prices, the company announced on thursday. The company sees production increases in india and thailand, in particular, as a result of government subsidies.
At the end of last year, it became known that a cost-cutting program at nordzucker would also lead to job cuts, especially in administration. According to its own information, nordzucker currently employs around 3200 people at 18 locations in europe. The group reports a solid net asset and financial position and considers itself well positioned with an equity ratio of 66 percent.
