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Letter to the shareholders

Dear shareholders,

We managed to complete the 2015/2016 financial year on a better note than expected: we generated moderately positive earnings of EUR 15 million. An incipient recovery in sugar prices and a good performance in the bioethanol segment, plus one-off effects secured in court which arose in connection with interest repayments from already-paid production levies, were the factors that made these earnings possible. These were augmented by the first cost savings from our FORCE efficiency programme that was launched at the beginning of 2015.

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