Financial position

Cash flow from operating activities of EUR 284.8 million was lower than in the previous year (EUR 313.3 million). The decline stemmed primarily from lower earnings of EUR 303.1 million, compared with EUR 493.3 million in the previous year, from the funding and transfer of pension obligations to a pension fund and from higher tax payments. An improvement in working capital had a positive effect, however.

Cash flow from operating activities
Cash flow from operating activities (bar chart)

Cash flow from investing activities of EUR –75.1 million was roughly on par with the previous year (EUR –72.2 million) and corresponded to the investment budget for the reporting year.

Cash flow from financing activities improved from EUR –237.2 million to EUR –163.2 million. Nordzucker again consistently reduced its net debt in the reporting year, repaying EUR 66.7 million in total. Dividend payments of EUR 96.5 million were also made to shareholders.

As of 28 February 2014, cash and cash equivalents amounted to EUR 58.3 million (previous year: EUR 11.3 million).