Annual Report 2011 - Dr. August Oetker KG

Annual Report 2011

Key Data
2009 2010 2011 Change
2010/2011
Net sales (Euro million) 7,956 9,457 10,011 5.9 %
– Food 2,139 2,318 2,337 0.8 %
– Beer and Non-Alcoholic Beverages 1,586 1,636 1,813 10.8 %
– Sparkling Wine, Wine and Spirits 628 644 671 4.2 %
– Shipping 3,193 4,430 4,752 7.3 %
– Other Interests 410 429 438 2.1 %
Investments (Euro million)
(excluding companies
consolidated for the fi rst time) 445 597 762 27.7 %
– Food 141 71 111 56.8 %
– Beer and Non-Alcoholic Beverages 76 63 91 45.8 %
– Sparkling Wine, Wine and Spirits 14 11 18 67.5 %
– Shipping 168 420 479 14.1 %
– Other Interests 46 33 63 91.2 %
Equity (Euro million) 2,072 2,391 2,549
As a percentage of
the balance sheet total 30.0 32.0 34.0
Balance sheet total (Euro million) 6,906 7,473 7,493
Employees 24,539 25,590 26,228 2.5 %
– Food 10,876 11,275 11,488 1.9 %
– Beer and Non-Alcoholic Beverages 5,291 5,943 5,907 –0.6 %
– Sparkling Wine, Wine and Spirits 2,126 2,073 2,023 –2.4 %
– Shipping 4,046 4,099 4,468 9.0 %
– Other Interests 2,200 2,200 2,342 6.5 %
– Banking (at equity) 604 592 574 –3.0 %

Contents
2 | Partnership and Management Structure of the Oetker Group
4 | The Oetker Group in Brief
Report on the consolidated companies of Dr. August Oetker KG
– Group Management Report –
6 | Food Division
16 | Beer and Non-Alcoholic Beverages Division
24 | Sparkling Wine, Wine and Spirits Division
32 | Shipping Division
44 | Other Interests
Non-consolidated interests of Dr. August Oetker KG and the partners
52 | Banking Division
57 | Personnel and Environmental Affairs
65 | Risk Report
67 | Consolidated Financial Statements
78 | List of Companies

The Oetker Group and its Management Structure
The Oetker Group is one of the major
German family enterprises. The owner
family exerts considerable infl uence on
the strategy and corporate policy of the
Oetker Group. It established the principle
of its entrepreneurial engagement
with the words: “The interests of the
company have priority over those of the
family”.
This commitment is the basis for a continuous
development of the company,
since it enables the Oetker Group to
combine sustainably sound profi tability
with a high earnings retention rate.
The management structure ensures that
close to the market decisions geared to
the needs of the respective lines of business
are taken locally and resources
simultaneously pooled centrally.
The management levels are the Stockholders’
Meeting, the Advisory Board,
Group Management and the Executive
Boards of the individual companies.
The companies of the Oetker Group operate
in different business fi elds. Under
the one common umbrella, and building
on the strategic potentials and core
competences of the Oetker Group, the
various lines of business are developed
and expanded independently. Dr. August
Oetker KG, as the managing parent
company, steers this process centrally by
means of organically developed struc-
tures, the management framework with
clearly defi ned responsibilities, the coordination
of fi nance and personnel, and
via central service departments. Groupwide
norms and values ensure the cultural
framework for effi cient cooperation
based on a high degree of entrepreneurial
continuity.
The Oetker Group will remain a close association
of companies which holds to
the cornerstones of diversifi cation and
risk sharing, and which focuses on core
competences within the individual business
divisions.
The Advisory Board of Dr. August Oetker
KG, which, under the Partnership Agreement,
consists of partners and a minority
of persons not belonging to the partner
families, has reconstituted itself:
on the part of the partners, Dr. Alfred
Oetker and – after the end of the 2011
fi nancial year – Mr. Rudolf Louis
Schweizer, as successor to Mr. Christian
Oetker, have joined the Advisory Board.
For Mr. Roland Oetker and Dr. Rolf
Kunisch (formerly Beiersdorf AG), who
have withdrawn from the Advisory
Board, Dr. Christoph von Grolman (TBG
Ltd.) and Carsten Spohr (Deutsche
Lufthansa AG) as well as – after the end
of the 2011 fi nancial year – Dr. Andreas
Jacobs (Jacobs Holding AG and Barry
Callebeut AG) have joined the Advisory
Board.
Stockholders’ Meeting
Advisory Board
Dr. h. c. August Oetker
Chairman of the Advisory Board Partner, Dr. August Oetker KG
Prof. Dr. Ulrich Lehner
Former Chairman of the Executive Board
and General Partner, Henkel KGaA
Dr. Alfred Oetker
Partner, Dr. August Oetker KG
Christian Oetker
Head of Market Research, Dr. Oetker GmbH
Partner, Dr. August Oetker KG
Carsten Spohr
Member of the Board of Management, Deutsche Lufthansa AG
Dr. Christoph von Grolman
Managing Director, TBG Ltd.
Group Management
Dr. Albert Christmann
General Partner, Dr. August Oetker KG
Chairman of the Executive Board, Radeberger Gruppe KG
Dr. Ottmar Gast
General Partner, Dr. August Oetker KG
Chairman of the Executive Board of Hamburg Südamerikanische
Dampfschifffahrts-Gesellschaft KG (Hamburg Süd)
Richard Oetker
General Partner, Dr. August Oetker KG
Chairman of the Executive Board, Dr. Oetker GmbH
Dr. Ernst F. Schröder
General Partner, Dr. August Oetker KG,
Finance, Management Accounting, Law, Chemicals, Hotels, Banking
Dr. Hans-Henning Wiegmann
General Partner, Dr. August Oetker KG
Chairman of the Executive Board, Henkell & Co. Sektkellerei KG
Managing Directors and Executive Board Members
of the companies of the Oetker Group
The Oetker Group and its Management Structure 2
3

The Oetker Group in Brief
The Annual Report for the year 2011 contains
the Consolidated Financial Statements
and the Group Management Report
of Dr. August Oetker KG together
with its consolidated companies in the
fi ve operating divisions “Food”, “Beer
and Non-Alcoholic Beverages”, “Sparkling
Wine, Wine and Spirits”, “Shipping”
and “Other Interests”.
The Annual Report for the year 2011 covers
a total of 404 companies (2010: 431)
within the rules governing full consolidation.
Of these companies 245 are incorporated
in Germany (2010: 276) and 159
outside its borders (2010: 155).
The business divisions of the Oetker
Group displayed good development in
the 2011 reporting year. Consolidated
external sales rose by 5.9 % to Euro
10,011 million (2010: Euro 9,457 million).
Disregarding acquisitions, growth
adjusted for exchange rates stood at
7.7 %.
Germany accounted for 33.7 % of total
sales (Euro 3,375 million). The equivalent
fi gure for 2010 was 33.4 %, or Euro
3,163 million. Sales outside Germany’s
borders amounted to Euro 6,636 million
(66.3 %), as compared with Euro 6,294
million (66.6 %) in 2010. The other EU
countries accounted for 24.1 %, or Euro
2,415 million (2010: 27.9 %, or Euro
2,635 million). Other European countries
contributed 2.5 %, or Euro 244 million
(2010: 2.7 %, or Euro 258 million),
while sales to the rest of the world
amounted to 39.7 %, or Euro 3,977 million
(2010: 36.0 %, or Euro 3,401 million).
Sales by division (EUR million) 2010 2011
2,318 2,337
1,636
1,813
Food Division Beer and
Non-Alcoholic
Beverages
Division
644
671
Sparkling Wine,
Wine and
Spirits Division
4,430
Shipping
Division
4,752
429
438
Other Interests
Sales in the Food Division rose by
0.8 % to Euro 2,337 million (2010: Euro
2,318 million) and generated 23.3 % of
total sales revenue of the Oetker Group
(2010: 24.5 %).
The Beer and Non-Alcoholic Beverages
Division recorded a gain of 10.8 % in
sales, to Euro 1,813 million, representing
a 18.1 % share of the total (2010:
17.3 %).
Sales in the Sparkling Wine, Wine and
Spirits Division rose by 4.2 % to Euro
671 million (2010: Euro 644 million),
accounting for a share of 6.7 % of the
total (2010: 6.8 %).
The Shipping Division experienced a
growth in sales of 7.3 % to Euro 4,752
million (2010: Euro 4,430 million). Its
share in total sales revenue of the Oetker
Group amounted to 47.5 % (2010:
46.9 %).
The division Other Interests saw sales
grow by 2.1 % to Euro 438 million (2010:
Euro 429 million) and claimed a 4.4 %
share of the total (2010: 4.5 %).
The capital expenditure of the companies
in the consolidated group rose by
27.7 % to Euro 762 million (2010: Euro
597 million).
The number of employees increased by
2.5 % to 26,228 (2010: 25,590).
The fi nancial situation of the Oetker
Group is characterized by a high level of
self-fi nancing, high earnings retention
by the stockholders and long-term bank
loans. Despite the signifi cant increase in
capital expenditure, with continuing
high write-downs compared with the
previous year, net fi nancial debt increased
comparatively moderately from
Euro 370 million to Euro 581 million,
illustrating the sound liquidity of the
Group.
Sales by region
Other European
countries 2.5 %
Other EU
countries 24.1 %
Sales by division
Shipping 47.5 %
Other Interests 4.4 %
Capital expenditure by division
Shipping 62.8 %
The Oetker Group in Brief 4
Germany 33.7 %
Rest of the world 39.7 %
Food 23.3 %
Beer and Non-Alcoholic
Beverages 18.1 %
Sparkling Wine,
Wine and Spirits 6.7 %
Food 14.6 %
Beer and Non-Alcoholic
Beverages 11.9 %
Other Interests 8.3 %
Sparkling Wine,
Wine and Spirits 2.4 %
5

Food Division

Food Division
The Food Division comprises the branded food companies managed by Dr. Oetker GmbH, which are active in
some 40 countries, as well as other companies operating in the end consumer and bulk consumer segment.
In 2011 the Food Division generated sales revenue of Euro 2,337 million, an increase of 0.8 % on the previous
year. Adjusted for currency and other effects, sales grew by 2.3 %.
Capital expenditure stood at Euro 111 million, up Euro 40 million on the previous year. The number of employees
rose by 1.9 % in the same period, to 11,488.
Dr. Oetker
After the German economy had grown
by a price-adjusted 3.6 % in 2010, gross
domestic product rose again last year,
adding 3 % in real terms. This restored
the economy in Germany to the level
prior to the economic and fi nancial
crisis in 2008. The indebtedness of a
number of industrialized nations in the
course of the past year led to uncertainty
on the capital markets, causing growth
to lose momentum in the second half of
the year.
In this environment, disposable income
increased as a result of the rise in wages
and boosted purchasing power. Growth
in Germany is increasingly sustained by
domestic demand. Prices for key agricultural
raw materials, by contrast, came
under renewed pressure worldwide and
impacted prices to the fi nal consumer.
The performance of the Dr. Oetker
national companies varied greatly. Overall,
however, Dr. Oetker GmbH achieved
a satisfactory result in sales and revenue
terms.
As in the previous reporting year, the ambient
food segment maintained its position
well in 2011, holding market leadership
in all ambient food ranges. The
product group decorations, which was
taken over from Schwartauer Werke, was
successfully converted to the Dr. Oetker
brand. The introduction of the new ready
made cakes segment was accomplished
with equally pleasing results.
Following the successful launch of
stone-baked pizza Tradizionale in 2010,
Dr. Oetker extended distribution of this
innovation to other countries and has
already notched up the fi rst successes
here. In Spain a good position in the
pizza business advanced to one of leadership,
and in Finland Dr. Oetker once
again held its ground as the number one
in this segment. To this can be added
the expansion of the pizza business in
Brazil and South Africa, as well as in the
Australian market.
The chilled products range posted a respectable
sales performance, achieving
full-year market leadership in Germany
and Italy for the fi rst time. In particular,
the introduction of Paula Mini strengthened
the positions of ready desserts and
led to further gains in market share.
Sales generated by the international
affi liates last year, down 1.2 %, were
marginally below those of the previous
year, giving them a 65.3 % share of total
revenue (2010: 66.3 %). The background
to the decline, in particular, was the sale
of the yoghurt business in Great Britain
and Russia; adjusted for these effects,
sales rose by 2.8 %.
The Italian company cameo recorded a
slight gain in the 2011 fi nancial year. In
the chilled products segment the affi liate
achieved market leadership in Italy,
relegating the erstwhile market leader to
second place.
Food Division 8
9

The launch of Paula Mini strengthened the market position in ready desserts.
At Dr. Oetker France, the strategic policy
decision to expand the pizza business
under the Ristorante brand showed lasting
effect. Intensive market activities
boosted market share signifi cantly and
have made Ristorante the strongest single
product line in France. Another
pleasing development was the business
in sticks and pretzels under the subbrand
Ancel.
Dr. Oetker UK ranks among Dr. Oetker
GmbH’s strongest national companies
by sales. The chilled product range was
discontinued in Great Britain in 2011
with the sale of the Onken brand.
Despite the resulting reorganization of
the company, performance was positive,
with the company closing 8 % above target.
Dr. Oetker Austria can look back on a
pleasing result yet again. With growth of
11.9 %, the national company succeeded
in further improving its market leadership,
a particular factor being the outstanding
performance of the frozen
pizza range.
In keeping with the
country-specifi c culture, the
new Swiss Bistro varieties
can be served at any apéro.
The Swiss national company was exposed
to the consequences of the strong
Swiss franc in 2011. Nonetheless, it was
able to maintain its market position and
add further market shares. A key component
here was the launch of Bistro
Apéro, new Bistro varieties which, in
keeping with Swiss culture, can be
served at any apéro.
Dr. Oetker Netherlands experienced stable
development. The dynamic growth
in the chilled food segment was again
achieved by the Paula and Wolkentoetje
ranges. The ambient food segment and
the pizza market also performed respectably
and offer further sales potential.
The market leadership of sister company
Dr. Oetker Belgium in the ambient food
and frozen pizza categories remained
stable. While Tradizionale pizza was successfully
introduced in the frozen segment,
the ready dessert market was a
little under pressure in the same period.
For the Nordic countries, the business
year once again proved satisfactory, with
the national company in Sweden especially
recording a pleasing performance.
All four national companies introduced
the Tradizionale pizza in 2011 and steadily
improved its distribution. Dr. Oetker
has a strong market position in the pizza
segment, above all in Norway and Fin-
land. Further growth in the Nordic countries
was achieved in the ambient food
sector. In Finland Dr. Oetker is market
leader in the baking and dessert categories,
with the Paula range ahead in the
segment for ready desserts.
The Spanish national company was
again very successful, assuming market
leadership in the frozen segment. Entry
into the Spanish ambient food market
through the acquisition of the local
brand Mandarin, which has been a wellknown
face in the Spanish retail trade for
more than fi fty years, also went very well.
The business acquired comprises chiefl y
desserts and decoration products.
In Portugal Dr. Oetker further expanded
its pizza operations in the reporting year
and reaffi rmed its position as market
leader.
Purchasing power in the eastern European
countries experienced a further
rise in 2011. Only the development of
the national currencies in Poland, Turkey
and Hungary against the euro had a
negative impact on commodity fl ows.
Against this backdrop, and taking
account of the fact that the Russian
yoghurt business was sold to Hochland
in the middle of the year, sales revenue
in the national companies in Region
East grew nevertheless. The growth driver
continues to be the ambient food sector.
In order to further improve the eminent
market position of Dr. Oetker in
this segment in eastern Europe, the ambient
food business of the Serbian market
leader Centroproizvod was taken
over in the March of the reporting year.
The integration of this business is proceeding
pleasingly. The position in the
frozen pizza business was further enhanced
with the launch of a new pizza
under the sub-brand Guseppe in Poland
and the Czech Republic at the turn of the
year 2011/2012. Alongside Poland, the
national company in Turkey also posted
a good performance. Making a particular
contribution to this were countryspecifi
c dessert products.
Dr. Oetker Canada also performed very
well in the year under review. This growth
is attributable to the success in the pizza
business. Additionally, the introduction
of Panebello pizza was a major success
and exceeded expectations.
Performance was equally positive in the
USA. The powerful expansion of distribution
as well as the high resale rates
hold out great promise of success in the
world’s largest pizza market.
The products from the ambient food sector also achieved further growth in the Nordic countries.
Food Division 10
11

Since the fall of 2011, frozen pizzas have been manufactured for the Chinese market at a proprietary production site near Shanghai.
The national company in Brazil put in
a respectable performance. Of special
note is the traditional dessert business,
which has increased continuously in recent
years. Dr. Oetker Brazil today is
market leader in the dessert market. Further
successes were posted by Dr. Oetker
Brazil with the frozen pizza Ristorante,
launched in 2009.
The focus on the Ristorante brand is at
the center of efforts in the national company
Dr. Oetker Argentina. Respectable
shares have been generated since market
entry in 2009.
Following the acquisition of India’s Fun
Foods in 2009, Dr. Oetker India focused
on further market development in the
reporting year.
Last year saw the foundations laid for
the next stage of development in China.
With the completion of the production
site near Shanghai in fall 2011, frozen
pizzas are being produced there for the
Chinese market.
With the acquisition of the South African
market leader in frozen pizza in April
2010, Dr. Oetker created a good point of
Dr. Oetker Food-Service
maintained market
leadership in frozen pasta.
departure for developing what is still a
small market. Fundamental to this was
the introduction of Ristorante, which immediately
posted good volume sales
and was supported by appropriate communication
measures throughout the
year.
Through the purchase of the frozen pizza
business of Simplot, Dr. Oetker has
also been active in Australia since 2011.
After creating appropriate distribution
structures, Dr. Oetker was able to enliven
the market signifi cantly with Ristorante
pizza and already holds a re-
spectable share of the entire Australian
pizza market.
The operations of Dr. Oetker Food-Service,
which specializes in the bulk consumer
business with communal catering
establishments and the restaurant
trade, fell slightly below expectations in
the past fi nancial year. Nevertheless,
Dr. Oetker Food-Service succeeded in
maintaining, and even improving, its
market position in a variety of ranges.
Moreover, market leadership was again
achieved in the segments sweet ambient
foods, frozen pasta and frozen baking.
Martin Braun Group
The Martin Braun Group performed well
in 2011, continuing its organic growth
against the backdrop of challenging
market conditions. Nonetheless, the respectable
result of the previous year was
not maintained despite a good sales performance
and numerous market activities.
Challenges were posed above all by
signifi cant price increases for important
raw materials such as butter and sugar.
Notwithstanding the demanding underlying
conditions, the Martin Braun
Group improved its market position in
many sub-segments, even in the stagnating
German market environment.
Playing an equally decisive role in the
process were up-to-date marketing concepts:
the country outing concept exploited
the trend to regionality and traditional
cakes and pastries, also generating
additional sales revenue in artisan baking,
instanced by the whey-fresh bread
concept.
In Switzerland the position of group
company Agrano, already a market leader,
saw further stabilization despite substantial
market pressure occasioned by
the currency situation. Furthermore,
pleasing growth rates were recorded in
part in such key markets as Spain, central
and eastern Europe as well as China.
This holds true both for the primary
product segment and the frozen food
division operating under the Wolf Butterback
brand. In particular, the market
share in quality frozen bakery goods was
further improved with successful innovations.
The most important investment of the
reporting year was realized with the expansion
of the product lines for frozen
dough-pieces at the Fürth location. But
further measures for process optimization,
the improvement of technological
standards and innovative projects at
other locations similarly secured the
sound basis for the strategic development
of the Martin Braun Group.
The diverse product portfolio of
the Martin Braun Group is aimed
predominantly at bakeries and
pastry shops.
The country outing concept refl ects the trend to
regionality and traditional cakes and pastries.
Food Division 12
13

Premium quality: many fi sh species bear the company’s own QSFP label (Qualité Supérieure sélectionée pour FrischeParadies).
FrischeParadies Group
The FrischeParadies Group continued
along the growth path in the 2011 fi nancial
year. The drivers of this development
were exports to Majorca, Poland, the
Czech Republic, Slovakia and the Baltic
states, as the premier restaurant and
hotel trade developing there requires
high-quality foodstuffs and delicacies.
Its performance capability makes the
FrischeParadies Group the suitable partner.
Also contributing to the success of the
Group was the subsidiary Hamburger
Feinfrost GmbH, which experienced
above-average performance, further improving
its market position as an exclu-
sive importer of frozen fi ne foods and
seafood. The growth in the private customer
sector was shaped primarily by
the expansion of the location in Berlin-
Charlottenburg.
The top product lines with a regional reference
continued to expand in 2011 and
enjoy enormous demand. Additionally,
the Group succeeded in gaining new
customers in the trade and thus also improving
its market position in this area.
Newly founded Weinwerk Frankfurt Handelsgesellschaft
mbH is a specialist in,
and importer of wine, champagne and
spirits. The FrischeParadies Group intends
to concentrate the procurement of
The employees in the
FrischeParadies markets
ensure that customers get
precisely what they want:
exceptional quality and
superlative service.
these product lines in it and build up a
national dealer network.
Outlook for 2012
Dr. Oetker will continue its internation-
alization in 2012. The strategic product
lines will be further developed with the
aim of improving market positions.
In Germany the logistics structures and
storage capacities will be sustainably expanded
at the Wittenburg location, while
investments in the construction of a further
high-performance line are pending.
2012 will see the launch of Pizza
Tradizionale in Italy, and a further pizza
line is under construction at the Leyland
site in the United Kingdom. Dr. Oetker
in Canada will be building a production
in the coming years for the manufacture
of frozen pizzas, the aim being to serve
the North American market from there.
The company expects further economic
growth in 2012 for Region East. The decorations
for the European market are to
be produced in Plock, Poland, in the
future. Conversion of the plant necessary
to achieve this is on the verge of
completion. Furthermore, Dr. Oetker is
working on the continuous enlargement
of its production sites in Hungary and
Romania.
Investment in the ambient food sector
will focus on India in the years ahead, a
new ambient food factory, for instance,
being planned on an already acquired
site in India’s Bhiwadi. In South Africa
and Australia the expansion of the frozen
pizza business is aimed at assuring
further market shares, and marketing of
the new local frozen products will be undertaken
in China.
At Dr. Oetker Food-Service the center of
attention is on the consistent implementation
of strategy. Capital spending at
the Ettlingen location will focus on remodeling
the offi ce building, at the heart
of which will be application consulting
for customers.
The Martin Braun Group is focusing on
securing organic growth, even though
acquisition-driven gains are also sought.
At the forefront of all measures is the
preservation of the high earnings performance
derived from a strong market
position. In this spirit, the Martin Braun
Group is continuing to focus on excellent
product quality as well as customeroriented
product lines and services within
the framework of an unambiguous
quality strategy.
The FrischeParadies Group expects a
stronger improvement of the market
position in the restaurant and hospitality
sectors and in the trade. The Frankfurt
location is to be modernized and
expanded to meet the heightened demands
of private customers. Additionally,
the launch of a national online range
in the wine and spirits sector, as well as
with delicacies from the ambient food
line, is at the planning stage.
In Canada a Dr. Oetker plant is being constructed to produce frozen pizzas.
Food Division 14
15

Beer and
Non-Alcoholic
Beverages
Division

Beer and Non-Alcoholic Beverages Division
The Radeberger Group is Germany’s largest brewing group and forms the Beer and Non-Alcoholic Beverages
Division within the Oetker Group.
In a fi ercely contested competitive environment, the brewing group increased beverage sales both in volume
terms and the revenue they generated by a good 1 %. In doing so, the Radeberger Group closed the 2011
reporting year signifi cantly better than the market.
Capital expenditure totaled Euro 91 million (2010: Euro 63 million). The number of employees fell by 0.6 % to
5,907.
Radeberger Group
The Radeberger Group can look back
with satisfaction on the past fi nancial
year. The summer, which failed to materialize
for all beverage manufacturers,
coupled with the whims of the weather
in the other months – part of the almost
standard repertoire – and increasingly
fi erce competition between the market
players and their brands did little to
dim the performance of the group of
companies in the past twelve months.
All told, the company sold 13.2 hectoliters
of beverages (2010: 13.1 hectoliters)
at home and abroad. Sales by value
in the same period increased to Euro
1,813 million (2010: Euro 1,636 million)
due to additional earnings in the wholesale
beverage sector, putting it ahead of
the market.
Radeberger Pilsner
Radeberger Pilsner made a convincing
showing again in 2011. The Saxon pilsner
grew volume sales appreciably and
experienced an above-average rise in
revenue. The Radeberger Group’s fl agship
was thus able to further underpin
its claim to being “always something
special”. In the process the brand
recorded national and international
successes and signifi cantly increased
market share. Numerous event partnerships
contributed to the important emotional
strengthening of the brand in its
home territory.
Jever
Jever continued its gratifying performance
again last year: Jever Pilsner and
Jever Fun each achieved pleasing growth.
The refreshingly tart character of the
beers received support in this through
TV commercials as well as from attention-grabbing
sponsorships and events.
In addition, the brand extended its
activities in the online and social media
area.
Schöfferhofer Weizen
The young and modern Schöfferhofer
Weizen brand was successful, closing
the year under review with a clear increase
both in volume and value terms.
It once again put its innovative power to
the test with the successful introduction
of Schöfferhofer Birne-Ingwer. The wheat
beer mix garnered multiple awards and
is recognized in the market as last year’s
best new product launch. Additionally,
Schöfferhofer fulfi lled a big wish of many
fans: “Harald” returned to television
screens with a new TV commercial.
Clausthaler
For the third time in succession,
Clausthaler Classic last year won the
coveted World Beer Award for the besttasting
beer worldwide in the non-alcoholic
and low-alcohol category. The successful
positioning as “the beer among
the non-alcoholics”, further honed in
2011, was thus reaffi rmed. Clausthaler
and, in particular, Clausthaler Radler re-
Beer and Non-Alcoholic Beverages Division 18
19

Schöfferhofer Weizen closed the reporting year with a clear increase in volume sales and revenue.
corded pleasing growth and stood their
ground in a diffi cult market environment.
Binding
The regional premium brand from the
tradition-rich Frankfurt-based Binding
brewery made its presence felt in its
home region through a diverse range of
activities and outstanding events. The
Binding Culture Prize, one of Germany’s
richest prizes in the cultural sphere, also
captured a great deal of attention. Moreover,
at Sachsenhäuser Berg, the site of
the brewery, two important courses were
set: with investments in new technology
and the launch of Binding ADLER, the
new pils in the handy Steinie bottle, the
Binding brewery pointed the way forward
at the turn of the year 2011.
Dortmund Beer Brands
The brands of the Dortmund breweries
held their own better than expected in
tough regional competition. Brinkhoff’s
No. 1, as Champions Partner of Borussia
Dortmund, benefi ted from its club
winning the German soccer championship.
Additionally, activities of its own
gave volume sales a respectable boost.
A pleasing performance, especially in
the draft beer segment, was also recorded
by Dortmunder Kronen. A new
approach to communication in 2012
will also deliver fresh impetus. Playing a
major part in the good export showing
was, above all, the DAB brand. Thanks
to a design relaunch, 2012 will see investment
not only in the brand: with the
commissioning of a new bottling line, a
new empties hall and a new sorting unit,
the brewery is also being modernized.
Hövels Original
Hövels Original is one of the fi rst super
premium beers that has established an
excellent place in the enjoyment sector
in Germany. Also proceeding well is the
cooperation with the AIDA cruise line.
While Hövels Original is already being
brewed aboard the AIDAblu and AIDAsol,
the third brewery will be added on
an AIDA club ship in 2012. Alongside a
variety of distribution activities, the beer
specialist is likewise setting new directions
in the trade with the addition of
Hövels Edelbrand. Moreover, Hövels
Original is also being successfully exported
to the USA.
Schlösser Alt
As one of the region’s oldest companies,
the Schlösser brewery is a major promoter
of Düsseldorf tradition. The Schlösser
Quartier Bohème in the heart of Düsseldorf’s
Old Town has thus evolved into a
place where the hip meets tradition. In
addition, the national Altbier brand of
the Radeberger Group is providing further
impetus in the regional beer market
with sales promotion measures.
Berlin Beer Brands
The Berliner-Kindl-Schultheiss brewery
proved its worth as the market leader in
the capital with its Berliner Pilsner, Berliner
Kindl, Schultheiss and Bürgerbräu
brands. In particular, Berliner Kindl
Jubiläums Pilsener signifi cantly outperformed
the market. Further diversity will
be delivered from spring 2012 with the
Berliner Kindl Weisse Mix cups, which
have already been introduced in the
catering trade. With intensive communication
as well as many events and sponsorships,
the Berlin beer brands will also
capture attention again in the current
year: in the anniversary year of the City of
Berlin and of Berliner Kindl Jubiläums
Pilsener, attention-grabbing activities
will further improve the market position
of the classic Berlin premium beer. Under
the motto “Berlin, you are so wonderful”,
Berliner Pilsner launched its
new brand appearance in the fall of 2011
and is striking out on new paths in communication,
ones that address young
target groups in particular. Schultheiss,
the venerable neighborhood brand in
the iconic Steinie bottle, will be making
its mark with sponsorships, such as
those of the 101st Berlin Six Day Race
and the Citadel Music Festival in Berlin.
Ur-Krostitzer
Ur-Krostitzer has been gaining ground
inexorably for some time and closed last
year with an above-average increase
for the fourth time in succession. The
regional premium brand extended its
distribution area as well as its awareness
and acceptance level. In its core sales
territory the brand now boasts an awareness
level of almost 95 %, further making
it the unchallenged market leader.
Stuttgarter Hofbräu
In a declining overall market, Stuttgarter
Hofbräu increased its volume sales, revenue
and market share in the core sales
territory appreciably, thereby extending
its market leadership. Additionally, strategic
partnerships with eminent event
organizers were secured through longterm
contractual ties. While Stuttgarter
Hofbräu generated sales impetus in the
trade with attractive promotions, the
old-established brewery gained a new
fl agship in the catering segment: the
Alte Kanzlei, in the heart of Stuttgart,
“Berlin, you are so
wonderful” runs the
motto of Berliner Pilsener’s
new brand look.
has been a Stuttgarter Hofbräu brewery
outlet since 2012.
Allgäuer Brauhaus
(Altenmünster)
The founding of the venerable joint-
stock company Allgäuer Brauhaus was
marked for the 100th time in 2011. With
anniversary activities and Allgäuer Brauhaus
Original, launched to mark the
birthday, the long-established brewery
Ur-Krostitzer closed the past fi nancial year with another above-average increase.
Beer and Non-Alcoholic Beverages Division 20
21

ecalled its great history. Especially positive
performance was also seen from the
freshly relaunched Büble Beer. Starting
in 2012, the Alpine beer will be available
in many regions of Germany in the traditional
fl ip-top bottle with the varieties
Allgäuer Büble Edelbräu, Allgäuer Büble
Bayrisch Hell and Allgäuer Büble Edelweissbier.
The national brand Altenmünster
was at the forefront with its seasonal
specialties Maibock and Winterbier.
Freiberger
Freiberger Brauhaus, one of the Radeberger
Group’s most modern breweries,
again increased sales by volume and
value on the previous year. The brands
of Freiberger Brauhaus are traditionally
oriented more fi rmly towards the trade
than the hospitality sector; this focus
was further stepped up in the core region.
A pleasing performance in the
trade was also recorded by the youngest
product, Freiberger Alkoholfrei.
Tucher
Tucher was nicely positioned in the
reporting year with activities in the retail
The soft drink
Bionade has regained
market stability.
and catering trades as well as in
the event and club sector. Moreover, the
long-established brewery was honored
with the Federal Beer Prize and, with nine
gold medals from a German farming organization
(DLG), achieved a record result.
Zirndorfer and Lederer also posted a
respectable performance. Following a
grand opening, the new brewhouse Augsburger
Hasen-Bräu was able to serve
Augsburger Original for the fi rst time.
Haus Kölscher
Brautradition
The Kölsch market represents one of
the most competitive segments. Gilden
Kölsch and Sion Kölsch, both from company
Kölscher Brautradition, delivered
good performance in the face of tough
competition, achieving signifi cant volume
sales increases in the trade against
the backdrop of a declining Kölsch market.
The brewhouse brand Peters Kölsch
saw further gains. At Sion Kölsch the
new bottle design injected further momentum,
while Gilden Kölsch successfully
continued its partnerships with the
German ice-hockey club Kölner Haie
and the festival committee Kölner
Karneval. These activities were augmented
by fl anking communication
measures.
Sternburg
The Sternburg brand felt the changes in
the German beer market’s price structure.
With a sassy, tongue-in-cheek campaign
and a great deal of fresh verve,
however, it succeeded in positioning itself
in this challenging competitive environment.
In 2012 the iconic beer brand
from the heart of Leipzig celebrates its
190th birthday.
Hanseatische Brauerei
Rostock
“The legend lives” – thus ran the slogan
under which M&O, the legendary beer in
the tradition of the company’s founders,
Mahn & Ohlerich, celebrated its premiere
in November 2011. Available exclusively
in restaurants at fi rst, the mildly
hoppy pils made from 100 % aroma
hops launches in the trade in the spring
of 2012. At the Rostocker brand the signals
are likewise set for change. With a
new outfi t and the testimonial cam-
The premium mineral water Selters achieved pleasing gains yet again.
paign, the beer has set new directions in
the core market. “Rostocker in my heart”
will also stand as the slogan over many
other activities in the retail and catering
trades, at events and in sponsorships in
2012.
Imported Brands
The Radeberger Group has strong inter-
national brand personalities in its portfolio
of imported brands: the international
premium beers Corona Extra,
Estrella Damm and Krušovice rank
among them alongside the draft beers of
Guinness and Kilkenny as well as Stowford
Cider, which are distributed exclusively
by the Radeberger Group in
Germany. Corona Extra, in particular,
achieved double-digit growth thanks to
numerous trade activities, events and
sponsorships.
Selters
The premium mineral water remained
on its successful course in 2011. It add-
ed more starred establishments in the
upscale hotel and restaurant trade and
achieved pleasing gains overall once
again. The brand consistently advanced
its positioning as an ideal accompaniment
to wine and further expanded the
related strategic partnerships. It also
launched a new campaign in the reporting
period: young winegrowers of
the Riesling generation recommending
Selters as the ideal accompaniment to
wine.
Bionade
The soft drink Bionade is the most
recent brand entry in the Radeberger
Group’s portfolio. While the brand was
still going through a learning curve in
the fi rst year of its partnership with the
Radeberger Group, it is now reporting
back for competitive action with many
targeted activities. By extending distribution,
introducing the four-pack, improving
visibility in the retail and restaurant
trades and stepping up communication
nationally, it has succeeded in regaining
Beer and Non-Alcoholic Beverages Division 22
ground in the marketplace. Bionade has
now stabilized itself and has made very
pleasing gains since the start of the market
offensive in April 2011, growing in
the clearly double-digit percentage range
in some months compared with the previous
year.
Outlook for 2012
The beer market will remain fi ercely
contested in 2012: tougher underlying
conditions, with considerable cost increases
in the areas of raw materials,
logistics, labor, energy and packaging,
and a continuing trend to price promotions
in the premium segment, will exacerbate
the competitive environment and
increase pressure on breweries. With its
unique business model, its regional
alignment and its portfolio strategy, the
Radeberger Group is well equipped to
face this competition.
23

Sparkling Wine,
Wine and Spirits
Division

Sparkling Wine, Wine and Spirits Division
Henkell & Co. Sektkellerei KG constitutes the Sparkling Wine, Wine and Spirits Division. Despite a slight decline
in volume sales in the 2011 reporting year, the Group achieved an increase in sales by value in the same
period.
All told, the Henkell & Co. Group generated sales of Euro 671 million in the 2011 fi nancial year (2010: Euro 644
million), putting it 4.2 % up on the previous year. Of total sales, Euro 335 million was attributable to the
domestic market and Euro 336 million to international operations.
Volume sales at the same time fell by 1.3% to 237.5 million bottles of sparkling wine, wine and spirits (2010:
240.6 million bottles). While sparkling wine sales fell by 3.8 % to 151.9 million bottles, sales of spirits increased
by 4.8 % to 51.8 million bottles and of wine by 1.8 % to 33.8 million bottles.
Capital expenditure of the Henkell & Co. Group totaled Euro 18 million, as opposed to Euro 11 million the
previous year. The number of employees fell to 2,023 in the reporting period (2010: 2,073).
Sparkling wine brands
In 2011 Henkell & Co.’s sparkling wine
business in Germany was not fully able
to match the previous year’s performance
overall. Nonetheless, the higherquality
brands achieved good results
and contributed to the increase in sales
of the Group as a whole. In particular,
Henkell Trocken and Mionetto set a
promising course.
Fürst von Metternich, with sales of
6.2 million bottles, fell marginally below
the previous year. In terms of quality, the
market leader in premium sparkling
wine once more captured attention with
high acclaim: at Vinalies Internationales
in Paris, Fürst von Metternich Brut Jahrgang
was honored with a gold medal,
Fürst von Metternich also received
gold from a German farming organization
(DLG), and the brand was awarded
the rating “very good” by a German consumer
magazine (Öko-Test).
The brand family around Henkell Trocken
increased its sales by 2.9 % to
13.4 million bottles. Henkell Rosé saw
double-digit growth. In fall 2011 Henkell
Trocken was judged “very good” at Öko-
Test. In addition, Henkell Trocken and
Henkell Dosage Zero were awarded
gold at the Vinalies Internationales in
Paris.
Kupferberg Gold was unable to follow up
on the successes of the previous year.
Due to a lower level of promotional activity
on the discount side compared
with the previous year, sales declined to
11.1 million bottles (2010: 14.9 million
bottles). The long-established brand
from Mainz was also available on the
German market as Kupferberg Halbtrocken.
Söhnlein Brillant, the strongest-selling
brand by volume in the portfolio, increased
sales by 2.3 % to 20.4 million
bottles, with Söhnlein Brillant Rosé and
Söhnlein Brillant Alkoholfrei Rosé making
a disproportionate contribution to
growth. New in the range since March
2011 is Söhnlein Brillant Mild, which got
off to a promising start and was acclaimed
as “Product of the Year” in the
category Wine/Sparkling Wine/Champagne
by the German trade magazine
Lebensmittelpraxis.
Wine Brands
Wine sales stood at 33.8 million bottles
in the 2011 fi nancial year and were generated
primarily in Hungary, the Czech
Republic and Slovakia. The winery in
Hungary set a promising sales course
with its wines, upgrading the premium
wine range György Villa with a presenta-
Sparkling Wine, Wine and Spirits Divsion 26
27

tion relaunch. In the Czech Republic the
wine-growing areas were expanded, and
Bohemia Sekt received the highest honor
that can be conferred on a wine company
in the Czech Republic as “Winery
of the Year”. In Slovakia, too, the wine
business followed a sound course. The
redesign of the Vitis Klástorné brand
and the introduction of rosé varieties attracted
additional attention. Since the
acquisition of the wine company Vitis
Pezinok in 2008, the Slovakian subsidiary
Hubert J.E. has been wine market
leader in its home country.
Spirits
The spirits from the Henkell & Co.
Group performed positively in the
reporting year, with the brands new to
the portfolio, Kuemmerling Kräuterlikör,
Jacobi 1880 V.S.O.P. Weinbrand and
Fürst Bismarck Doppelkorn, making a
signifi cant contribution.
The leader in the German vodka market,
Wodka Gorbatschow, produced a sales
result well in excess of plan following a
The new Söhnlein Brillant Mild was acclaimed
as “Product of the Year”.
necessary price increase and closed the
year with 15.4 million bottles sold. The
new Wodka Gorbatschow & Lemon in
the 0.33 liter can made a disproportionate
contribution to this success.
At 2.2 million bottles, sales of Pott Rum,
market leader in brown rum, slipped
below the previous year’s volume of
2.5 million bottles, the reason being
sales in December, which failed to meet
expectations.
Kuemmerling Kräuterlikör contributed
to the good result of the spirits business
with 3.6 million 1/1 bottles. Playing a
fundamental part in this performance
were sales of the iconic Kuemmerling
miniature bottles. Kuemmerling is repeatedly
the biggest-selling spirit in the
small bottle format in Germany.
Also promising was Fürst Bismarck
Doppelkorn. The new entry in the brand
portfolio of Henkell & Co. generated
sales of 1.3 million bottles.
Johannisberger
Weinvertriebsgesellschaft
With Fürst von Metternich Winne-
burg’schen Domäne Schloss Johannisberg
and G. H. von Mumm’schen Weingut,
two renowned winemakers are part
of the Henkell & Co. Group and are
organized together in Johannisberger
Weinvertriebsgesellschaft.
Against the backdrop of a much reduced
harvest of the 2010 vintage in volume
terms, it must be judged a success
that Johannisberger Weinvertriebsgesellschaft
was able to generate sales revenue
in 2011 on a par with the previous
year. Contributing to this was a sound
export business.
Schloss Johannisberg wines received
much acclaim from expert groups yet
again in 2011: the wine guide Gault Millau
gave the Riesling Goldlack Trockenbeerenauslese
an impressive 98 out of a
The new Wodka Gorbatschow & Lemon in the 0.33 liter
can contributed to the German market leader’s sound
result.
possible 100 points, and the the German
wine magazine Weinwelt voted the
Schloss Johannisberger Gelblack Trocken
Germany’s prime white wine.
Henkell & Co. Sektkellerei,
Austria
Henkell & Co. has been market leader
on the Austrian sparkling wine market
for many years, and the company was
again able to maintain this position in
the reporting year. With a double-digit
increase in volume sales, Henkell Trocken
made a signifi cant contribution to
the company’s good performance in
Austria in 2011 and is thus reaffi rmed as
Austria’s market leader in sparkling wine
ahead of Kupferberg Gold, the runnerup
from the same stable. Alongside
these two leading sparkling wine brands,
Henkell & Co. is also successful in Austria
with Mionetto and Francesco Yello
as well as Söhnlein Brillant, Wodka Gorbatschow
and Scharlachberg Meisterbrand.
Törley Sektkellerei GmbH, Hungarian market leader in sparkling wine and wine, celebrates its 130th anniversary in 2012.
Alfred Gratien, France
The French subsidiary Alfred Gratien
Holding S.A. comprises the exclusive
champagne producer Alfred Gratien, in
Epernay, and the fi ne Crémant sparkling
winemaker Gratien & Meyer, in Saumur
on the Loire. Shaped by resurgent export
sales in champagne and the performance
of Crémant de Loire, the 2011
fi nancial year was stable. In addition,
with Festillant sans Alcool, the company
provided the French market leader in
non-alcoholic sparkling wine, which constitutes
this segment in France.
Mionetto, Italy
The leading Italian prosecco provider,
Italian Henkell & Co. subsidiary Mionetto
S.p.A., notched up a very successful
2011. Based in Valdobbiadene (Treviso),
this celebrated company made signifi -
cant sales gains both in volume and value
terms thanks to the expansion of distribution
in the retail food trade. Putting
in a particularly pleasing performance
were Prosecco DOC Treviso MO and
Mionetto il Spr!z, the latter being very
well received above all on the German
market. With the new frizzante wine
Mionetto il lambrusco and the ready-todrink
Mionetto il UGO!, a premix of gently
sparkling white vino frizzante and
natural elder blossom distillate, the
company garnered attention with further
innovations.
Disproportionately successful was the
business of New York-based Mionetto
USA. The market leader there achieved
growth rates well into the double-digit
range. The good performance is bolstered
by Mionetto Prestige, the Mionetto
il range and newly commenced
distribution operations for three celebrated
Italian wine providers. For its
successes, Mionetto was chosen “Importer
of the Year” by Wine Enthusiast.
Törley Sektkellerei,
Hungary
The Hungarian subsidiary Törley Sektkel-
lerei GmbH, market leader in sparkling
wine and wine, found itself facing demanding
underlying conditions in the
Sparkling Wine, Wine and Spirits Divsion 28
year under review. Nonetheless, the
company succeeded in marginally improving
its market leadership in sparkling
wine and its position as market
leader in still wine. The master brand
Törley was given an attractive presentation
relaunch. Alongside the successful
marketing of sparkling wine and wine,
the company is working on broadening
its spirits portfolio, which, besides Kaiser
Vodka, is now expanding with Angelli
liqueurs and Angelli vermouth. Exports
were a further mainstay. In 2012
the company, which has now been part
of the Henkell & Co. Group for 20 years,
celebrates its 130th anniversary.
Vinpol, Poland
Vinpol Sp. z o. o. is making a more
signifi cant name for itself within the
Henkell & Co. Group year by year as a
producer of high-quality spirits. In the
cream liqueur segment the company
supplies a large number of its sister
companies in other European countries
and boosted volume sales of spirits in
2011. Besides Polish market leadership
29

with Gin Lubuski, the Totino and Canari
cream liqueurs, as well as the classic
cherry liqueur Nalewka Babuni, are performing
very successfully. The reporting
year saw the launch of Canari Pina Colada,
which instantly recorded sound
growth. Exports likewise contributed to
the successful overall result. Vinpol now
exports to 15 countries – and the trend
is upward.
Bohemia Sekt,
Czech Republic
Celebrated in its home country, Bohemia
Sekt s.r.o. is Czech market leader in
sparkling wine and wine while also being
a successful producer and distributor of
spirits. With respectable sales increases
in the sparkling wine and wine business,
as well as double-digit volume growth
with spirits, the company can look back
on a thoroughly successful fi nancial
year. The basis of the success was Bohemia
Sekt and Praszká Vodka. Furthermore,
the company was proclaimed
“Winery of the Year”, the highest accolade
for wine companies in the Czech
Republic.
Hubert J. E., Slovakia
Founded as long ago as 1825, Hubert
J. E. is known in its home country especially
for Hubert, the leading sparkling
wine brand by far. In the sparkling wine
sector a non-alcoholic Hubert Club was
launched. Enjoying disproportionate
success was the premium sparkling
wine Hubert de Luxe. The wine business
also followed a sound course. With the
acquisition of the wine company Vitis
Pezinok in 2008, the subsidiary became
Slovakian wine market leader. Equally
pleasing was the Slovakian spirits year,
which was marked by the success of Karpatské
Brandy. With Karpatské Brandy
the company has one of the country’s
most celebrated spirits brands.
Angelli, Romania
The leading Romanian market leader in
sparkling wine, Angelli s.r.l. had to
contend with especially challenging underlying
conditions in its home market.
Despite continuing infl ation, high unemployment
and the poor consumer
sentiment bound up with it, the company
succeeded in marginally increasing
The Czech Republic’s Bohemia Sekt can look back on a thoroughly successful fi nancial year.
volume sales of sparkling wine, this being
borne by the successfully performing
sparkling wine Ador Frizzante. The spirits
segment, however, suffered disproportionately
as a result of an increase in
liquor tax from 2010 and the stockpiling
accompanying it. Exports of Angelli
aperitifs were very good, so that, although
down marginally overall, a creditable
volume sales result was achieved.
Kiewer Sektkellerei,
Ukraine
Despite all political and economic un-
certainties in Ukraine, the sparkling wine
market leader, Kiewer Sektkellerei, is on
the right track. With continuing successes
the company is defying the demanding
underlying conditions and was able
to grow yet again in the 2011 fi nancial
year. In the sparkling wine business the
sound volume sales performance is attributable
above all to the recently introduced
Nash Kiev sparkling wine, which
made up for the losses in sales of the
more expensive Sowjetskoye sparkling
wine. Promising developments were
seen in the new spirits sector, which is
composed of the company’s own spirits
and the cream liqueurs of the Polish sister
company Vinpol.
Budampex, Estonia
In addition to the producing companies,
the internationalization of the Group is
also being advanced with import and
distribution companies. The start was
made in 2009 by Budampex AS in Tallinn,
Estonia. Budampex has taken Törley,
Hungary’s sparkling wine market leader,
to the top in Estonia. The company also
distributes Henkell Trocken and other
Group brands.
Henkell & Co. Baltic, Latvia
Founded in January 2011 and based in
Riga, Henkell & Co. Baltic in Latvia augments
business operations in the Baltic
states, the aim being to expand business
there in close association with Budampex
AS in Estonia. The 2011 fi nancial year
was satisfactory overall thanks to the
positive performance of Törley sparkling
wine.
Henkell & Co. Sverige,
Sweden
Henkell & Co. Sverige, based in Stock-
holm, was established in early 2011. The
remit of the new company is to pool the
brands from the Group portfolio previously
distributed through different
Swedish importers. In the Swedish sparkling
wine market, the company provides
the market leader with Hungary’s
Chapel Hill sparkling wine; Törley occupies
second place.
Henkell & Co. Nederland,
Netherlands
Henkell & Co. Nederland, Den Haag,
completes the group of newly established
proprietary distribution companies.
Here, too, the brands formerly distributed
by a number of partners are
now marketed direct. At the focal point
of the Netherlands business are the
brands Mionetto, Francesco Yello Frizzante,
Henkell Trocken and the Deinhard
wines.
Outlook for 2012
On the basis of the sound business per-
formance and consistent internationalization,
the Henkell & Co. Group sees itself
well equipped to face future
challenges.
On the domestic market, to which
the Henkell & Co. Group is particularly
committed as its prime market, the
Group is focusing on its core brands
Fürst von Metternich, Henkell Trocken,
Mionetto, Kupferberg Gold and Söhnlein
Brillant and, in the spirits sector, on
Wodka Gorbatschow, Kuemmerling
Kräuterlikör, Scharlachberg Meisterbrand
and Pott-Rum. In an increasingly
competitive and aggressively priced
market, the brands are taking on the
challenge of constantly setting new directions
in quality, innovation, design
and marketing.
The internationalization of the Henkell
& Co. Group is being further pursued in
2012 with the establishment of Henkell
& Co. United Kingdom, based in Leeds,
and of Henkell & Co. Switzerland, registered
in Obergösgen.
Equally, exports remain a growing business
fi eld for the Henkell & Co. Group.
Overseas marketing has increasingly
been the focus of the group of companies
of late.
Going forward, the success of the Group
will be founded on a harmonious mix of
active brand cultivation, a constant readiness
to innovate, high quality standards
and continuous internationalization
within the defi ned business fi elds sparkling
wine, wine and spirits.
Sparkling Wine, Wine and Spirits Divsion 30
Mionetto il Spr!z is very well received above all on the
German market.
31

Shipping Division

Shipping Division
Following the powerful recovery of the world economy in 2010, the reporting year saw global growth continuing
with slightly lower dynamism. Shipping reaped the benefi t in the shape of rising volumes. However, the
downward pressure on revenue as a result of increasing overcapacity and a signifi cant rise in costs, especially
of fuel, posed problems for ship owners.
Hamburg Süd, which, together with the Brazilian shipping company Aliança as well as the tramp activities
operating under Rudolf A. Oetker and Furness Withy Chartering, forms the Shipping Division of the Oetker
Group, was unable to escape this development entirely. At some 3.1 million TEU (1 TEU = 20-foot standard
container), roughly 9 % more containers were transported in 2011 than in the previous year (2010: + 23 %).
Freight rates held stable compared with 2010. Due to the somewhat weaker US dollar on the average for the
year, the sales revenue from Hamburg Süd’s liner operations added roughly 6 % to approximately Euro 4.2 billion,
a gain slightly out of proportion to shipment volume. With the inclusion of break-bulk and product tanker
activities, the shipping group’s sales total increased to Euro 4,752 million, roughly 7.3 % up on the previous
year.
In the 140th year of its existence, the Hamburg Süd Group employed an average of 4,468 staff, about 9 % more
than in the previous period.
Given stagnating freight rates in tandem with a sharp rise in operating costs, the Hamburg Süd Group’s result
in 2011 remained below budget and fell short of the previous year. The 14 % rise in capital spending, in the
form of deposits and fi nal payments on ship newbuildings for the most part, could not be covered entirely
from operational cash fl ow.
Economic Environment
2011 was marked by the debt crisis in
Europe, the weakness of the US economy,
various natural disasters in the
Pacifi c region and political upheavals in
North Africa. Nonetheless, global economic
output (GDP) grew by some 4 %
(2010: 5 %).
Against this backdrop, container shipments
worldwide rose by approximately
8 % to around 150 million TEU. While
the major East-West trade lanes, especially
from Asia, showed below-average
development, shipments on Intra-Asia
and a number of North-South routes
posted double-digit growth rates.
Driven by an infl ux of newbuildings and
minimal scrappings, global slot capacity
increased by roughly 8 %. Making themselves
felt here were the adjustments
with which many ship owners had
attempted to reduce the infl ow of capac-
ity during the global economic and
fi nancial crisis of 2008/09.
The divergent development of capacity
and demand exerted strong downward
pressure on freight rates in the past year.
Between Asia and Northern Europe,
spot rates at times plummeted by more
than 60 % when compared with the
highs of 2010. Most carriers were unable
to push through peak season charges, or
did so for only an unusually short time.
Particularly high infl uxes of outsized
ships with a slot capacity of more than
10,000 TEU were recorded. These
vessels are deployed almost exclusively
on the routes between Asia and Europe,
supplanting mid-sized tonnage, which
then migrates to the North-South trade
lanes – such as from and to South America
– and there contributes to overcapacity
and downward pressure on revenue.
Shipping Division 34
35

The Brazilian shipping company Aliança is a top address for container liner services and connects
South America with Europe, North America and Asia.
At the same time, shipping had to contend
with signifi cant increases in fuel
costs in 2011. The price of a ton of heavy
marine diesel in Rotterdam, the world’s
largest bunker market, was still below
500 US dollars at the start of the year. By
the end of the fi rst quarter it had risen
and has remained at a very high level,
ranging between 600 and 675 US dollars
per ton, ever since. In view of the heavy
pressure on revenue, the additional
costs, unlike in previous years, were
diffi cult to pass on to customers by way
of bunker surcharges. But other cost
categories, too, especially for cargo
handling in the ports as well as for con-
tainer transport inland, experienced a
broad-based increase on the previous
year. Further strain was imposed by the
appreciation of the currencies of Brazil,
Australia and New Zealand against the
Euro.
These developments ensured that many
carriers were back to posting losses following
the recovery in 2010. Industry experts
estimate that the liner operators
overall had to accept a loss of some 5–6
billion US dollars in 2011 after profi ts of
around 14 billion US dollars in the previous
year. Individual carriers have announced
their intention to withdraw
from the liner business entirely or are
available for takeover.
Like container liner shipping, the bulk
shipping sector also suffered from overcapacity
last year. While spot rates for a
Panamax bulker in 2010 stood at
between 20,000 and 35,000 USD/day,
this value fell to just about 10,000 USD/
day in part at the beginning of 2011 and
has remained fl at at a low level ever
since. At the present level of spot rates,
cost-covering employment of bulkers is
scarcely possible.
Vessels and containers
The fl eet operated by the Hamburg Süd
Group as at December 31, 2011 totaled
160 vessels, 43 of them Group-owned.
The liner services employed 107 ships
and the tramp sector 53. While the
number of container ships declined by
six units compared with the previous
year, the slot capacity deployed in the
liner services increased by some 6 % to
around 395,000 TEU. With the fl eet’s
rising average capacity, costs per slot
were continuously reduced.
A total of fi ve ships of the Santa series
entered service in the reporting year. The
Shipping Division 36
Hamburg Süd sees itself as a logistics enterprise which, beyond pure transport
port-to-port, assures seamless links by road, rail and inland waterway.
largest container ships of the Hamburg
Süd Group to date, they have a capacity
of 7,100 TEU and are capable of taking
up to 1,600 reefer containers on board.
In terms of their reefer capacity, these
vessels rank among the world’s largest.
At the end of 2011 the Hamburg
Süd Group owned seven Santa ships in
total, and they are deployed on the trade
lanes between Northern Europe and
Asia as well as the South American east
coast.
In line with the development of cargo
volume, the container pool was increased
by some 9 % to approximately
37

Loading operations at the new Tecon Santa Catarina container terminal in Brazil’s Itapoá.
430,000 units. The delivery bottlenecks
feared at the start of the year among the
manufacturers in China failed to materialize.
In the face of falling orders, the
sharp rise in newbuilding prices for containers
seen in the fi rst half-year eased
again in the second half.
Hamburg Süd intends to continue to
pursue its strategy of raising the owned
share of ships and containers in the
years ahead. The fi nal three Santa class
ships, as well as four smaller (3,800
TEU) vessels, will be delivered in 2012.
In addition, taking advantage of the
steep fall in newbuilding prices, Hamburg
Süd placed orders for six 9,600 TEU
ships in March 2011, which are due to
be delivered in 2013/14 and see deployment
in the South America services.
The existing order volume covers the
probable capacity requirements of the
Group as regards the owned share
sought, so that no further orders are currently
planned.
Liner Shipping
With the signifi cant increase in global
container shipment volume and the stabilization
of the economic situation of
many carriers, 2010 turned out in hindsight
to be but a brief recovery phase. In
the face of a fl agging global economic
dynamic, Hamburg Süd managed nonetheless
to increase its cargo volume by
9 % to approximately 3.1 million TEU in
2011. Exhibiting particular strength yet
again were the trade lanes from Asia.
Pleasing performance was seen, too, in
the Inter-America and Pacifi c services.
Mediterranean operations, by contrast,
fell below expectations as much as did
Brazil’s exports, which were dampened
by the strong national currency.
Hamburg Süd succeeded in holding
freight rates overall on a par with the
previous year.
Against the background of a sharp rise
in operational costs, revenues in many
trades were not suffi cient to achieve surpluses.
The average bunker price alone
(basis Rotterdam), at approximately 620
USD/ton, was some 37 % higher on average
than the previous year. In comparison
with the pre-crisis year of 2008, the
price of bunker stands around 30 %
higher, and this despite the fact that
Shipping Division 38
freight rates are far from having reached
the level obtaining at the time.
Additionally, there were signifi cant
increases in variable costs, especially for
cargo handling in the ports and for
pre- and post-carriage transportation on
land. Service providers who had made
price concessions during the 2008/09
crisis were able to push through better
terms given growing transport volumes.
Hamburg Süd’s liner network was further
optimized. Via key transshipment
hubs in Cartagena (Colombia) or Tangiers
(Morocco), customers are offered
additional connections between South
America and Europe as well as the
Middle East.
The Santa Catarina is currently one of the Hamburg Süd Group’s largest container ships and has a capacity of 7,100 TEU.
39

The bulk carrier Santa Theresa in Durban, South Africa.
The Santa Clara is
deployed between Asia
and the east coasts
of South Africa/South
America (New Good
Hope Express).
On the routes from Europe to the eastern
Mediterranean, a collaborative venture
was agreed with another shipping
company and this is to be expanded in
2012 with, among other things, the deployment
of larger and more effi cient
vessels. Moreover, additional capacity is
being provided in the burgeoning trade
lanes from Europe to India and Pakistan.
The second half-year also saw rationalization
measures undertaken with part-
ner companies on many routes and capacity
adjusted to refl ect lower cargo
volume. This concerns, among others,
the service from the western Mediterranean
to the east coast of South America
and also various services from Asia to
South America and Australia/New Zealand.
Overall, 2011 was not a satisfactory year
from the viewpoint of the liner business.
Sales revenue may have been raised by
around 6 % to Euro 4.2 billion. However,
the price increases already mentioned
were well in excess of the gain in revenue.
As a consequence, the result of the
liner sector in 2011 fell signifi cantly below
that of the record year of 2010.
Tramp Shipping
Given the equally substantial overcapa-
city in the marketplace, bulk shipping
was unable to build on the good previ-
Shipping Division 40
ous years and managed to generate only
a slight surplus. The result from product
tanker operations, which saw a signifi -
cant decline in volumes, must be regarded
as quite pleasing in the light of challenging
market conditions.
Outlook for 2012
Only very isolated positive signals can
be detected for 2012. Overall, it cannot
be assumed from today’s vantage point
41

Despite the challenging environment, the Hamburg Süd Group intends to continue along its growth course.
that a turnaround in the fortunes of container
liner shipping will come about in
the current year.
At present the carriers’ global order
book amounts to only about 24 % of the
tonnage in operation; at the end of 2008
it was more than 40 %. Additionally, it
can be observed that carriers are proceeding
to abandon uneconomic routes
and idle capacity. The share of laid-up
tonnage has therefore been rising constantly
for months. Industry watchers
consider it possible that 6–7% of the
global container ship fl eet will be laid up
towards the end of the year. Given continued
high fuel costs, expectations in
the medium term are for high-consumption
older tonnage to be scrapped earlier
than has hitherto been customary.
Even with a moderately positive development
of the world economy and world
trade, however, it will still be one or two
years before the prevailing overcapacity
is reduced, a pre-condition being the absence
of further sizeable new orders.
It is therefore unlikely that the stabilization
noted in a number of trades at a low
level in late 2011 will endure in 2012. In
the months ahead, the industry will also
be characterized by high earnings volatility.
Given persistently high losses, the pressure
on some carriers to act will intensify
signifi cantly. It cannot be ruled out
that insolvencies and takeovers, both
among liner operators and ship owners
(tramp operators), will be the result. Unlike
during the last shipping crisis, there
is no expectation of bailout packages being
forthcoming from banks or the public
purse.
A low rate level continues to be expected
in the bulk shipping sector, as the yards’
order books are well fi lled and the problem
of overcapacity thus remains. Furthermore,
the market environment continues
to pose a challenge to product
tankers.
Despite the challenging environment,
Hamburg Süd intends to continue to
pursue its growth course, albeit with a
reduced dynamic. Overall, the Group
wishes to grow with the market and even
ahead of it in some core trades and the
reefer business.
Following a signifi cant increase in jobs
in the reporting year, necessary to cope
with the cargo growth of 2010 and 2011,
staff numbers will increase little in the
foreseeable future. In the years ahead,
continuous effi ciency gains of the organization
are to be secured by making substantial
investments in EDP while still
maintaining high service quality.
Hamburg Süd will continue to forcefully
pursue its ambitious ecological objectives
in 2012. One highlight among
others in this connection is the development
of the Emission Manager System
Shipping Division 42
operated in association with a cooperation
partner.
On the assumption that the world economy
and world trade will grow moderately
in 2012, Hamburg Süd anticipates
a result that is an improvement on the
previous year but not yet satisfactory.
43

Other Interests

Other Interests
The division “Other Interests” comprises companies in the chemical industry, publishing, luxury hotels and
other enterprises.
Business performance varied from sector to sector, refl ecting the diversity of these companies. Sales generated
by the companies in this division rose from Euro 429 million in the previous year to Euro 438 million in
the 2011 fi nancial year.
Capital expenditure moved from Euro 33 million in 2010 to Euro 63 million in the reporting year. The number
of employees increased to 2,342 in the same period (2010: 2,200).
Page 47:
The deluxe suites of the
Brenners Park-Hotel offer
guests a living room,
a separate sleeping area
and a spacious bathroom.
The world’s best-selling
cookbook celebrated its
100th birthday.
Chemische Fabrik
Budenheim
For the German chemicals industry,
2011 followed a successful course. Chemische
Fabrik Budenheim could benefi t
only partly, as it was faced with signifi -
cant cost increases in its principal raw
material, phosphoric acid. Furthermore,
the volume-oriented business policies of
a number of competitors made it diffi -
cult to implement appropriate price rises.
Nonetheless, the company generated
sales marginally in excess of the
previous year.
While the food-related business of Food
Ingredients increased in both volume
and value, the technically oriented business
units Performance Materials and
Material Ingredients lost some volume
on the previous year. Their revenues, by
contrast, rose on the back of structurally
induced higher average prices.
At the Budenheim Ibérica site in
La Zaida, Spain, the capacity of
the iron phosphate facility was
expanded and the bulk of production
of high-temperature
lubricants relocated to the
Shanghai works. As a result of
sales increases in Brazil, consideration
is being given to
setting up a proprietary sales
offi ce locally; a distribution
offi ce was opened in India
in May 2011.
The main production site in Budenheim
saw multiple certifi cation last year: the
Analytical Laboratory was accredited and
can now offer laboratory services for
third parties independently. Certifi cation
in accordance with the internationally
recognized quality standards ISO 22.000/
FSSC 22.000 was also carried out. Additionally,
existing GMP (Good Manufacturing
Practice) certifi cation was extended
to the sodium operations for use in
the pharmaceutical area. Budenheim
was also honored for its innovation in
laser-induced foaming as part of the initiative
“Germany – Land of Ideas”.
Dr. Oetker Verlag
Dr. Oetker Verlag once again stood up
well in 2011 and looked back on a special
event: 100 years of the Dr. Oetker
School Cookbook. This classic, which
has served generations as a sound basis
for cooking and baking, was published
in an anniversary edition to mark
the birthday and refl ects a piece of contemporary
history. It headed the bestseller
lists for months on end. Successes
with this bestseller, as well as the
constant development of new themes
on all aspects of cooking and baking,
form the basis of the publishing house.
Increasingly successful, too, was the
new Book Plus program, in which cookery
and baking books are sold as sets
with the matching household appliances.
Other Interests 46
47

Sales at Château Saint-Martin & Spa in Vence were well in excess of the previous year.
Oetker Collection
The Oetker Group’s hotels continued
the positive business performance of
the previous year, again generating appreciable
revenue growth.
While business at Brenners Park-Hotel
was still sluggish at the start of 2010,
recovering in the further course of the
year, it was just the reverse in the seasonal
course of 2011. Nonetheless, the
level of sales of the previous year was
marginally exceeded and the result improved.
The strategy of focusing principally
on the segment of discerning individual
guests, and, in contrast to many
other German luxury hotels, of raising
room rates to a pleasing level, again
proved purposeful. In addition, receipt
of the second Michelin star made a substantial
contribution to the positive performance.
The year at Paris’s Hotel Le Bristol was
dominated by change: besides extensive
building work, such as the refurbish-
ment of suites, the construction of the
new restaurant, Epicure, as well as a
completely redesigned spa area, internal
restructuring measures were undertaken.
The aim is to adapt the hotel to intensifying
competitive conditions and
guarantee further positive business development
in the future. Despite the resulting
impairment of operations, the
hotel succeeded in keeping sales on a
par with the previous year.
In a year still characterized by challenging
market conditions, Château St. Martin
& Spa signifi cantly exceeded the previous
year’s sales performance. This
success can be attributed to, among
other things, the positive effects of the
revamped restaurant concept. Moreover,
the two Michelin stars also contributed
to the fact that, in addition to
guests from all over the world, guests
from the region are taking increased advantage
of the comfort of the entire hotel.
Business performance is therefore
continuing to describe a rising curve.
Hotel du Cap – Eden-Roc again demonstrated
and enhanced its outstanding
position both in the marketplace and
within the Oetker Collection. Following
completion of an extensive program of
room refurbishment, 2011 saw exceptional
business development. The hotel
succeeded once again in increasing the
average room rate while achieving 100
occupancy levels in part and so boosting
sales in the double-digit range. It possesses
all the prerequisites for continuing
its successful performance in the future.
The second year of the Oetker Hotel
Management Company (OHMC), established
in spring 2009, was marked by the
provision of services directed at improving
the operational performance of the
four hotels cited, as well as by the further
preparation of the necessary structures
for managing the hotels of outside
owners. Consequently, numerous management
systems were refi ned, and an
additional focus was on seeking and analyzing
further project opportunities.
Aside from the Hotel Le Bristol Abu
Dhabi, which is already at the develop-
ment stage, another management agreement
was sealed, which, with the opening
of the Palais Namaskar in Marrakesh
in April 2012, marks a further milestone
in the development of the strategy.
OEDIV
Oetker Daten- und Informationsverarbeitung
KG
OEDIV Oetker Daten- und Informations-
verarbeitung KG operates the Group-
The Palais Namaskar in Marrakesh was opened in April 2012.
The 114 Faubourg is one
of the new restaurants in
the Le Bristol Paris.
Other Interests 48
owned data processing center and is
also successful in marketing its services
to third parties. Thus sales were increased
once again. With its business
model as an infrastructure service provider,
OEDIV is well positioned for the
future.
49

The Hotel du Cap – Eden-Roc improved its outstanding position once more.
Outlook for 2012
The division “Other Interests” is also
well equipped for the years ahead.
Despite promising projects, Budenheim
expects a very challenging 2012 because
there is no sign of necessary price reductions
or a global price harmonization in
the principal raw material, phosphoric
acid, on the scale required. Consequently,
Budenheim will be placing emphasis
in 2012 on raising productivity and managing
fi xed costs. The beginning of the
year saw the commissioning in Mexico
of what is by far the world’s largest, most
modern and environmentally friendly
plant for the production of SAS (sodium
Richard Oetker
aluminum sulfate). To accelerate its
growth the chemicals company is banking
further on internationalization and
innovation. In addition, it will take forward
its guiding principle “We take it
personally!”. It expresses customer
focus, specialization and differentiation
by people who make a personal and passionate
contribution.
Like all media companies, Dr. Oetker
Verlag, too, is moved by changes in media
use to adopt new strategies in
addressing customers. The stationary
book trade is under heavy pressure from
the internet; the marketing of digital
content, such as e-books and apps, is
Bielefeld, April 16, 2012
Dr. August Oetker KG
General Partners
Dr. Albert Christmann Dr. Ottmar Gast
growing signifi cantly. In this environment,
Dr. Oetker Verlag will increasingly
produce books and e-books simultaneously.
Moreover, it will expand the nonbook
program, which generates additional
revenue.
The plan for the hotels in 2012 is, among
other things, to continue linking up and
coordinating joint marketing activities
with the support of OHMC. The goal is
to strengthen the market presence of the
Oetker Collection in order to further accelerate
growth as well as open up new
markets and customer segments.
Dr. Ernst F. Schröder
Dr. Hans-Henning Wiegmann
Non-consolidated interests
50
51

Banking Division

Banking Division
The Banking Division comprises Bankhaus Lampe KG and its subsidiaries.
Consolidation was further advanced in the German private banking market. Against this backdrop, Bankhaus
Lampe once again stood up well in 2011.
The conservative business model and
the confi nement of business activity to
classic and understandable products
have proved their worth in the current
environment. Additionally, Bankhaus
Lampe is the only German private bank
in family ownership and has a stockholder
background industrial in character.
To further advance the growth course it
has adopted and diversify the risk of the
business activity, Bankhaus Lampe
focuses on three strategic customer
groups: mid-sized companies, wealthy
private clients and institutional investors.
Proprietary trading does not rank
among the strategic business fi elds;
securities and currency trading is undertaken
primarily in the clients’ interest.
The consolidated balance sheet total of
Bankhaus Lampe, at Euro 3,051 million
on December 31, 2011, was down marginally
on the previous year’s fi gure of
Euro 3,139 million.
Balance sheet equity – excluding balance
sheet profi t – rose to Euro 199 million as
a result of the allocation of stakeholder
capital and accounted for 6.5 % of the
balance sheet total (2010: 5.8 %).
Customer receivables decreased from
Euro 1,485 million to Euro 1,377 million.
Customer deposits also recorded a decline.
They fell by Euro 232 million to
Euro 2,425 million, their share of the balance
sheet total amounting to 79.5 %
and so establishing the desired balance
between customer receivables and their
refi nancing from the deposit business.
This consequently gave Bankhaus
Lampe a more than sound balance sheet
structure.
The interest surplus from the banking
business rose signifi cantly, from Euro 39
million to Euro 47 million. The contribution
from the customer business also
developed positively compared with the
previous year.
At Euro 79 million, the commission surplus
surpassed the previous year’s fi gure
of Euro 68 million.
The net result from fi nancing transactions
amounted to Euro 9 million, equaling
that of the previous year despite a
rise in spread risks.
Personnel and operating expenses, at
Euro 112 million, are on a par with the
previous year.
Account was taken of all identifi able
risks by the formation of adequate value
adjustments and reserves, all of which
were covered from the Bank’s operating
result. Similarly, visible and hidden reserves
were increased pursuant to Section
340 f and Section 340 g of the Commercial
Code.
The stated balance sheet profi t, at Euro
18 million, exceeded the previous year’s
profi t of Euro 14 million. As in the previous
year, it is planned to appropriate it in
full as part of a “pay-out, take-back” procedure
to further strengthen the core
capital. After the planned retention of
the annual surplus for 2011, the hard
core capital ratio will rise to more than
12 %.
Banking Division 54
55

Conversations with clients take place in a dignifi ed setting. Here a glimpse into the entrance hall of the Berlin branch.
Outlook for 2012
Bankhaus Lampe’s focus will remain on
further growth.
To achieve this, the Bank will concentrate
on its core competencies, core
business fi elds and core regions, supported
by investment in employee qualifi
cation and technical equipment. In the
process the revenue-oriented growth
course will be subject to high quality requirements
and stringent risk limitation.
The current market environment opens
up very good opportunities to take the
Bank forward. There is suffi cient targetclient
potential in the niches Bankhaus
Lampe occupies. Abstention from marketing
proprietary products will be used
positively to attract and retain customers
and expand business relations. Core
capital adequacy and an appropriate deposit
situation additionally permit the
capacity to act in the marketplace. Overall,
Bankhaus Lampe is well equipped to
make the business model fi t for the future
and also to master the challenges
the years ahead will pose.
Personnel and Environmental Affairs
56
57

Personnel and Environmental Affairs
Staffi ng Levels within
the Oetker Group
Staffi ng levels in the consolidated com-
panies of the Oetker Group in the reporting
year rose by 2.5 % to 26,228
(2010: 25,590).
The Food Division expanded its workforce
from 11,275 to 11,488. In the Beer
and Non-Alcoholic Beverages Division
the number of employees decreased
from 5,943 to 5,907. The Sparkling Wine,
Wine and Spirits Division recorded a fall
in staff numbers from 2,073 to 2,023.
The total workforce in the Shipping Division
rose from 4,099 to 4,468. In the
Other Interests Division employee numbers
increased from 2,200 to 2,342.
Staff of the Oetker Group’s business divisions 2010 2011
11,275
11,488
5,943
5,907
Food Division Beer and
Non-Alcoholic
Beverages
Division
2,073
2,023
Sparkling Wine,
Wine and
Spirits Division
Personnel Recruitment
and Management
The creation and safeguarding of jobs
and the increasing demands made on
the qualifi cation of staff are among the
major challenges in personnel management.
Furthermore, the effects of demographic
change, which will result in a
shortage of qualifi ed workers in many
areas, are intensifying competition on
the labor market. Consequently, fostering
employees’ health is equally as important
as forging close, early ties with
young talent. For this reason, the companies
of the Oetker Group see committed,
high-performing career entrants as
future junior managers and maintain
intensive contact with these potential
4,099
Shipping
Division
4,468
2,200
2,342
Other Interests
executives within the framework of
demanding internships and a jointly developed
Intern Retention Program.
Dr. Oetker GmbH is meeting the
challenges of the skills shortage and the
resulting heightened competition on the
labor market with a well-directed training
policy designed to foster long-term
retention of young talent at an early
stage. Aside from demanding training
occupations, Dr. Oetker offers challenging
internships and regularly fi lls many
positions for graduate entrants with
former interns. In the industrial-technical
fi eld the targeted establishment
of contact and deployment of schoolleavers
without access to higher education
are directed at further increasing
the retention rate of trainees in the company.
To attract new staff, Dr. Oetker
showcases itself as an attractive employer
with image ads, brochures and
appearances at selected fairs and is
increasingly present in online social networks.
Promoting the compatibility of
career and family is a major concern of
the company. To this end, it supports its
staff with, among other things, child
minding as well as the care of family
members. Dr. Oetker attaches particular
value to international personnel activities:
to support the networking of
national companies, the internationalization
of personnel processes and structures
has been advanced.
Forming one area of focus of personnel
work in the Martin Braun Group in
2011 was a set of measures taken in connection
with the Group-wide Talent Management
Program. The job requirements
of management positions were drawn up
and then assessed by a business consultancy
with the aim of achieving comparability
of functions. The project also
involved identifying the Group’s highpotential
employees, with whom career
development interviews were conducted.
In a further step the design of training
measures for these high potentials is undertaken
across the Group in order to
Modern production sites and optimized manufacturing processes – here at Dr. Oetker – are prerequisites for the
husbanding of resources.
foster this category in particular and so
promote staff retention.
FrischeParadies Group established
health management for all employees
under the name “Power Paradies”, a
scheme which had been successfully set
up as a pilot project at the Frankfurt location
a year earlier. This program offers
a variety of preventive approaches to
promoting employee health.
In order to be competitive long-term in a
market characterized by a shortage of
skilled workers and managers, the personnel
selection standards at the Radeberger
Group were realigned last year.
The aim is to assure high quality in the
personnel selection process within the
Radeberger Group at all times. In addition,
the Workplace Health Management
System, developed in 2010, was implemented
successively: in-company work
safety and health committees working
under a redefi ned remit have been active
at all locations since last year. Furthermore,
the criteria for operating Workplace
Re-integration Management were
defi ned more precisely: workplace health
promotion measures will be carried out
regularly at locations in the future.
The challenge posed by demographic
change was also confronted by a variety
of measures at Henkell & Co. Sektkellerei
KG. Forming the areas of focus
were the recruitment of young talent
from the company’s own ranks, the continuous
qualifi cation of the workforce
and targeted preventive health drives.
The Heart, Circulation and Nutrition
campaign enabled staff to create a risk
profi le and receive advice from experts.
The fi ercely contested applicant market
for skilled and managerial personnel
was also felt at Hamburg Süd. In areas
such as IT or fi nance, in particular, it
proved more diffi cult to fi ll vacancies
than in previous years. Nonetheless,
through the use of a wide variety of modern
recruiting channels, the company
succeeded overall in promptly fi lling
positions with qualifi ed staff. To further
enhance and raise the awareness level of
the shipping group as an attractive employer
on the appropriate applicant market,
Hamburg Süd was regularly represented
at job fairs in 2011 and published
comprehensive information on the
theme “Working for Hamburg Süd” on
its revamped homepage. Due to the
increasing complexity and implementation
of the GLOBE project, EDP specialists
will continue to be needed in
the future. At the same time, human
resource planning for land-based operations
in 2011 tended to be cautious on
account of global economic developments
and the diffi cult market situation
in the shipping sector. A positive consequence
of the fraught market situation
in the maritime cluster was competent
hires in the seaborne area, especially
among technical offi cers. Thus the company
succeeded in increasing the pool of
qualifi ed engineers by 40 %. With the
aim of making Hamburg Süd an even
better and more effi cient organization in
the future, an employee survey was car-
Personnel and Environmental Affairs 58
ried out for the fi rst time at the German
location.
Chemische Fabrik Budenheim took part
in the nationwide model project “Phase
of Life Oriented Personnel Policy” for
two years. At the same time, Budenheim
developed a concept on the issue of talent
management and succession planning
which can be inserted very well into
the Group-wide project “Structured Succession
Planning and Talent Management”.
Budenheim received an award
from the Ministry of Economics of
Rhineland-Palatinate for its employeeoriented
personnel policy.
Bankhaus Lampe expanded its activities
in 2011 to enable it to continue fi lling
customer relationship and specialist
positions successfully in the future in
an intensive competitive environment.
Playing a decisive role in the process is
the identifi cation of qualifi ed junior talent
in order to be able to fi ll such positions
from within the company. To this
end, the Bank promotes retention at an
early stage through internships, collaboration
with the European University in
Brühl or employing student trainees,
thereby enabling students to gain practical
experience. It was able to recruit a
university graduate in this way again last
year.
Training
Oetker Group companies are very conscious
of their social responsibility. That
is why the comprehensive and versatile
training of young people is of major importance
in Group enterprises. In the
reporting year a total of 740 trainees
were employed (2010: 746).
Again in 2011 Dr. Oetker trained young
people in commercial, technical and industrial
occupations beyond its own
needs. In addition, numerous Dr. Oetker
trainees were honored once again for
their very good fi nal examinations by the
responsible examining chambers. To
59

provide trainees with even more targeted
development assistance, the assessment
system for trainees was refi ned.
At the Bielefeld location application
management for trainees was integrated
with Dr. Oetker e-recruiting to further
standardize processes. Besides a
multiplicity of training occupations,
Dr. Oetker offers trainees the possibility
of attending training-integrated undergraduate
courses. In this way commercial
training occupations can be combined
with academic studies.
The Martin Braun Group also attaches
great importance to sound training. At
the Hanover location training is provided
in baking, warehousing, food engineering
– with a focus on production or
research and development – and industrial
business administration.
The FrischeParadies Group is also
readying itself for the future challenges
on the labor market. For the recruitment
of qualifi ed management trainees, the
Group offers a twin-track course in food
management in association with the
University of Baden-Württemberg in addition
to the classic training program.
The companies of the Radeberger Group
were again deeply involved in occupational
training in the reporting year. A
pleasing aspect remains the high
number of offers for this form of training.
Moreover, the trained brewers of the
Radeberger Group, with their outstanding
fi nal examination results and in
keeping with tradition, again ranked
among the best of their year. The companies
of the brewery group offer training
within the framework of extra-occupational
study at vocational academies.
The training of qualifi ed management
trainees also enjoys a very high status in
the Henkell & Co. Group. At the Wiesbaden
location undergraduates, industrial
administration assistants, industrial
mechanics, electronic engineers, wine
coopers and specialists in the beverage
engineering fi eld were trained. As in previous
years, the bulk of trainees were
taken on the payroll. Additionally, the
company presented itself and its training
options purposefully by participating
in regional training fairs and further pursued
collaboration with schools in the
context of career information events and
company open days.
At Hamburg Süd, too, a very great deal
of attention is paid to training. The total
number of training places ashore was
down slightly on the previous year, as
the Hamburg Süd Travel Agency – due to
the closure of Columbus Event Service
with effect from 2012 – no longer offers
event management training. The
number of trainees in marine operations
remained on a par with the previous
year. In the area of IT, as an alternative to
training in informatics and application
development, the twin-track course
Bachelor of Science in Business Informatics
will be offered from 2012. Overall,
however, it is apparent that, although
applicant numbers currently remain at a
constantly high level, it will become
increasing diffi cult to fi ll the training
places on offer with talented applicants.
In marine operations, scholarships have
again been awarded to Polish and German
students of nautics and ship operation
engineering since April 2011.
The number of training places at Chemische
Fabrik Budenheim remains at a
high level. Against the backdrop of demographic
change, the company successfully
widened its marketing activities
for school students and received
signifi cantly more and higher-quality ap-
plications for internships and training
places than the year before. To achieve
this, the company made use, above all,
of regional networks, fairs and cooperation
with schools. Furthermore, since
2011, Budenheim has been offering the
training occupation Qualifi ed IT Specialist
in combination with an accompanying
course of study at the Mainz University
of Applied Sciences. For 2012 an
extra-occupational course of study in
economics is planned for half of those
training in industrial business administration.
Personnel Development
and Management
Personal and professional further devel-
opment is a fundamental element in ensuring
sustainable corporate success.
For this reason, the companies of the
Oetker Group continuously invest in
their employees.
Dr. Oetker attaches great value to offering
a broad range qualifi cation opportunities
and has received multiple awards
for its personnel development programs.
Well-directed and international
talent programs aim to ensure that
managerial positions are fi lled with the
company’s own junior staff. Special attention
is paid to preventive health
measures and fl exible working time
models geared to the needs of staff. The
satisfaction of employees with the company
is refl ected in, among other things,
the low turnover rate.
In the Martin Braun Group in 2011, the
review and improvement of employee
satisfaction was at the forefront of
personnel development. To this end, a
written employee survey was conducted
at Wolf ButterBack. At Martin Braun KG,
workshops were staged in various de-
partments with the goal of revealing improvement
potential in internal processes,
in cooperation and the working
atmosphere. Owing to increased demand,
a series of events on various food
law issues was initiated within the
framework of an information forum. Furthermore,
intradepartmental training
courses for managers and junior managers
have been offered in the Martin
Braun Group for a number of years.
To secure the supply of junior managers
long-term, a special two-year management
trainee program was established
at FrischeParadies Group and has been
constantly refi ned since its inception. It
is geared specifi cally to the requirements
of the industry and includes temporary
staff assignment to hotel and catering
sector clients.
The systematized evaluation of the annual
appraisal interviews led to a multiplicity
of needs-oriented development
measures and further-education offers
at the Radeberger Group last year. The
evaluation of the measures revealed a
high level of acceptance and high, aboveaverage
satisfaction with the programs
conducted. Additionally, a concept for
junior staff development was devised
with the aim of ensuring that the potential
of young talent is deployed and promoted
in the company to the full.
Henkell & Co. continued to concentrate
on the continuous qualifi cation and
needs-oriented further education of staff.
Aside from extra-occupational courses of
study, external specialist seminars and
internal training courses were offered.
The signifi cantly broadened range of inhouse
further-education courses for all
Hamburg Süd staff was rendered universally
more transparent with the intro-
duction of a training and management
system. Additionally, development paths
for employees were elaborated; they are
designed to support and further the
targeted and effective use of employee
potential. In the seafaring area various
training courses were held for captains,
chief engineers, navigational and technical
offi cers and electricians. With regard
to future challenges, the development of
management staff is an important topic
at Hamburg Süd. Consequently, a multiyear,
extensive training and development
program was launched for the top
management levels – initially of the
German organization.
At Chemischen Fabrik Budenheim 2011
saw a review of the employee survey
conducted a year earlier. In externally facilitated
workshops, measures were derived
that are to be implemented by the
teams of the respective organizational
units. The activities will be documented
in a database and the status of implementation
communicated on the intranet.
For the evaluation of implementation
hitherto, a so-called “check survey”
was carried out. Moreover, the internationalization
of personnel development
worked already begun was taken further.
As a private bank, Bankhaus Lampe has
particularly high demands on its performance
capability, which is defi ned
through excellent quality in advice and
service. That is why emphasis was
placed on preserving and purposefully
enhancing the level of employee qualifi -
cation again in 2011. The Human Resources
Department further expanded
the share of qualifi cation measures conducted
internally and specifi cally tailored
to the needs of particular units or groups
of people. This centered on support for
the branches by means of sales, team
and strategy workshops.
Personnel and Environmental Affairs 60
Expression of Thanks to
Staff and Works Councils
The Oetker Group performed well in the
marketplace in 2011. This respectable
business performance would not have
been possible, however, without the
commitment and achievements of our
staff, both inside and outside Germany.
It is them that we wish to thank. Our
gratitude goes equally to the members
of staff who are now in retirement.
Particularly in times of rapid change and
fast-changing overall conditions, special
importance attaches to workers’ representative
bodies. With their continuous
efforts on behalf of staff interests, they
guarantee that the foundations for employees’
lasting commitment are preserved
in an amicable manner. We thank
all works council members within the
Oetker Group for their active cooperation.
Thanks to the active collaboration of
staff, the companies of the Oetker Group
are well equipped to take on the challenges
ahead in 2012.
61

Environmental Protection within the Oetker Group
Protection of the environment within the
Oetker Group is stewardship in action,
with high environmental standards being
achieved. Nevertheless, the aim is to
further mitigate environmental impact
on an ongoing basis. Again in 2011 the
companies of the Oetker Group succeeded
in bringing about further improvements
by adopting a wide range of
measures. These advances are due
above all to the committed members of
staff who regularly review attainment of
the demanding goals and assume responsibility
for environmental protection
on their own initiative.
Dr. Oetker
The companies managed by Dr. Oetker
GmbH were able to further enhance
their diverse environmental protection
activities in 2011. This continuous improvement
of environmental protection
measures was confi rmed yet again by independent
inspectors with the recertifi -
cation of the environmental management
system in accordance with the
internationally valid DIN ED ISO 14001
norm. Additional certifi cation in line
with DIN EN ISO 50001 Energy Management
is planned for the coming year to
meet future challenges in increasing energy
effi ciency.
Further successes were seen in the reduction
of energy consumption at the
Bielefeld and Oerlinghausen locations.
Targeted monitoring and the consistent
tracking of energy use enabled electrical
power consumption in 2011 to be lowered
by 3.5 % on the previous year. This
is equivalent to a saving of 460 metric
tons of CO2 emissions. In Bielefeld,
moreover, a new control unit for the
compressed air compressor station was
installed which permits consumptiondependent
compressed air generation
precisely adjusted to need. In Oerlinghausen
two exhaust gas heat exchangers
for heating process water were installed.
This investment enabled 350,000 kilowatt
hours of electricity to be saved
while simultaneously reducing CO2
emissions by 207 metric tons.
At the Wittenburg location optimization
of the product lines produced a 6 %
reduction in energy consumption per
metric ton of fi nished product. Upgrading
the cold store and expanding the
third refrigeration circuit serve the ambitious
goal of requiring 870,000 kilowatts
less power annually. Further measures
are aimed at enhancement of the energy
management system: energy saving potential
will be revealed by displaying energy
consumption.
With the enlargement of the environment
station at the Wittlich production
site, the structural prerequisites for the
improvement of disposal process operations
within the plant have been established.
A further project for lowering
energy consumption was successfully
implemented with the installation of a
weather-guided condensation pressure
control unit in the refrigeration plant.
This makes it possible to save 450,000
kilowatt hours of electricity annually. The
reduction of fresh water consumption is
planned for the coming year. In the future
graywater will be used for pre-cleaning
the screening units in the primary
treatment plant. This will produce a saving
of more than 5,000 m³ of precious
drinking water per year.
In the Moers plant a state-of-the-art battery
charging station was put into operation.
Power consumption was reduced
by extending battery life through EDP
supported and controlled monitoring of
the charging operation.
At the Ettlingen works in-plant process
fl ows in the area of hazardous materials
management were optimized by incorporating
EDP supported databases.
Energy management enhancement is
being advanced with the installation of
more energy meters.
At the Leeuwarden location in the Netherlands
in-plant waste disposal process
operations were improved and more
stringent waste separation effected. Energy
monitoring is being expanded to a
greater extent to identify further potential
in the energy area.
In the lye pastries production unit of the
French plant Schirmeck, palm oil was
replaced by sunfl ower oil in early 2011.
Additionally, a smart system for returning
lye to the work process was implemented
in the lye baths. This has enabled
up to 800 m³ of drinking water and
an additional 5 metric tons of lye concentrate
to be saved annually. The cleaning
processes in the plant have also
been optimized with the new cleaning
station: the cleansing agent is now
dosed centrally and precisely. With the
establishment of an energy monitoring
system, the fi rst step was taken in implementing
an energy management system.
To the forefront at the Strasbourg
location were the reduction of dust
emissions by enlarging the central
extraction unit and the related improvement
of working conditions.
At the Italian location of Desenzano
the brand exhibition Dolce Casa was
opened. Construction of the building incorporated
cutting-edge environmental
and energy-saving aspects.
Following the substantial investments of
recent years in the Polish locations, high
environmental standards have been
achieved. Central to them have been improvements
in working conditions and
in the treatment of hazardous materials.
In addition, energy consumption has
been lowered and waste management
optimized: in Plock expansion of the
plant successfully incorporated energy
effi ciency considerations.
The Turkish national company in Pancar
consumed roughly 5 % less energy. This
was accomplished by using waste heat
from the refrigeration process in the
frozen pizza production facility to
heat process service water and by the resultant
reduction in gas consumption.
Pleasingly, compressed air consumption
was also reduced, by 10 %, thanks to targeted
monitoring; this is accompanied
by a drop in power consumption.
In the Jánossomorja plant in Hungary
conventional lighting in the production
facility was converted to LED lighting.
Compared with the previous year, the
saving in electrical power came to more
than 70 %. The amount of waste for
disposal fell by roughly 40 %. By applying
more stringent waste separation, it
was possible to return more waste to the
reusable waste cycle.
At the Kladno location in the Czech
Republic attention was directed at limiting
water consumption, with modern
low-consumption taps being installed.
Moreover, gas consumption was lowered
by 3 % by optimizing the heating system.
In the Boleraz plant, Slovakia, energy
consumption was reduced by 1.5 % as a
result of more effi cient internal process
operations. Through consistent and sustainable
organization of waste separation
the share of recyclable waste materials
was increased by 18 metric tons in
the reporting year.
In Romania a local reforestation project
was carried out with the involvement of
Dr. Oetker staff. A further project concerned
with resource conservation was
also successfully implemented. Due
to employee sensitization, paper consumption
at the Curtea de Arges location
was cut by 8 %.
At the Brazilian location in São Paulo
implementation of the integrated management
system was successfully completed.
Aside from sensitizing staff to
active environmental stewardship, further
improvement of fi re protection was
the focus.
At Dr. Oetker Canada a project to reduce
waste water freights was successfully
completed.
Martin Braun Group
Implementation of energy management
in the Hanover plant, with the aim of
precisely identifying consumption levels
at individual process stages, constituted
the focal point of the Martin Braun
Group’s environmental activities. The
data thus gained are being used to institute
measures aimed at reducing energy
costs.
Furthermore, at the Hanover locations
as well as in Spain’s Molina des Segura,
audits to confi rm environmental and operational
safety were carried out. Auditing
of the other Martin Braun Group
plants will take place in 2012.
FrischeParadies Group
The FrischeParadies Group is seeking
a reduction of the energy need of the
refrigeration units in the cash-and-carry
markets by roughly 40 %. This is to be
achieved through the installation of glass
Personnel and Environmental Affairs 62
revolving doors on the refrigeration cabinets
and of modern LED lighting. These
measures were implemented at the
Essen and Frankfurt locations last year.
Radeberger Group
Improved energy utilization also consti-
tuted the focal point of environmental
activities at the Radeberger Group in
2011. To this end, initial internal energy
audits were carried out in preparation
for DIN EN ISO 50001 certifi cation of
the energy management systems in
2012 and 2013.
In pursuit of effi cient heat and power
use of the primary and secondary forms
of energy employed in the brewing process,
the heat supply in combination with
the district heating plant was analyzed at
the Krostitz and Stuttgart locations. In
addition, the use of primary energy in
the Radeberger Exportbier Brauerei was
again reduced by heat recovery. While
the central boiler house system was operated
with natural gas and steam in the
past, use is now made of waste water
heat in the bottling facility.
At Berliner-Kindl-Schultheiss-Brauerei
the introduction of an energy management
system begun in 2010 was completed
last year. Additionally, installation
of soot particle fi lters in the truck fl eet
reached completion. The entire vehicle
pool now sports the green environmental
badges.
By exchanging the old compressed air
compressor for a modern, more effi cient
one, the brewery in Krostitz lowered
power consumption for compressed air
generation. Dortmunder Brauerei installed
LED lighting in the area of the
bottling facilities to cut energy consumption.
63

Henkell & Co. Sektkellerei
Henkell & Co. Sektkellerei has been cer-
tifi ed for the management system in accordance
with DIN EN ISO 16001 since
the reporting year. This includes the
locations Wiesbaden-Biebrich, Mainz-
Kastel, Bodenheim bei Mainz and the
cuvée winery of Schloss Johannisberg in
the Rheingau region. In addition, the
company has been a member of Ökoprofi
t Wiesbaden since 2005 and of the
Rhein-Main Environment Forum since
2010.
Aside from numerous individual measures
to reduce consumption levels in the
areas of warm water generation, water
consumption, compressed air, air-conditioning
and lighting, the fermentation
halls underwent a complete energy-effi -
ciency overhaul. The installation of a
wind turbine on the roof of the cold
store is planned for 2012.
Hamburg Süd Group
The protection of natural resources
occupied a central role at the Hamburg
Süd Group again in the reporting year.
The overriding goal consists in ensuring
and constantly improving the quality
and environmental compatibility of the
services offered.
The specialist unit Environmental Controlling
was created in the Operational
Controlling Division. One of its fi rst
tasks was to draw up a Group-wide environmental
balance sheet.
Since September 2011 Hamburg Süd,
together with Germanischer Lloyd, has
been developing the GL Emission Manager,
which represents an innovative
data management system for systematically
capturing all environmentally relevant
ship operation information. With it,
Hamburg Süd receives, beyond the already
documented environmental data,
further details on waste management,
information on oil pressure levels and
waste water quantities or ballast water
exchange. To lower fuel consumption,
the shipping group is working with Germanischer
Lloyd on optimizing ships’
hulls.
Recognition of the environmental activities
was demonstrated in two honors
last year: the Air Quality Award from San
Pedro Bay Ports Clean Air Group and the
Gulf Guardian Award of the US Environmental
Protection Agency.
Bankhaus Lampe
With extensive refurbishment efforts,
Bankhaus Lampe is pursuing the aim of
achieving savings in the area of energy
effi ciency. To reduce heat loss, the roofs
were renovated and the windows modernized
in the branches in Münster and
Düsseldorf in association with the buildings’
owners. Additionally, the façade at
the Münster location was wind- and
rain-proofed and the obsolete lighting
fi xtures exchanged for low-energy lamps.
In Düsseldorf insulated doors were also
installed. For the Hamburg location,
contracts were signed to source electricity
from renewable forms of energy.
Chemische Fabrik
Budenheim
CFB successfully continued the develop-
ment of environmental protection,
health protection and occupational safety
in 2011. The EMAS Directive was audited
once more; similarly, DIN EN ISO
14011 certifi cation was reaffi rmed and
renewed.
To increase energy effi ciency, online energy
data capture (MESSDAS) was further
expanded and a new steering group
established to systematically and continuously
work on the issue. In association
with the municipality of Budenheim and
neighboring industrial companies, ways
of implementing a self-suffi cient energy
supply network are being elaborated.
With the goal of further enhancing occupational
safety and further reducing
behavior-based industrial accidents, additional
training programs for managers
and staff are being introduced.
Further improvement of water and soil
protection through the new construction
of the central waste water retention basin
with a pumping station for process
effl uents is planned for the coming year.
Additionally, REACH registration of all
products will be obtained for all European
locations.
Risk Report
64
65

Risk Report
The Oetker Group operates in a diverse
array of business sectors and regions
and is consequently exposed to a wide
variety of business risks. For many years
risk management has been an integral
part of the Group’s strategic management.
In this context the term “risk management”
describes all those activities
which are calculated to increase the
Group’s corporate value and to consolidate
and enhance the position of our
companies in their respective markets,
while at the same time taking into account
the return/risk structure of the individual
divisions.
The principles of risk avoidance are formulated
and laid down by the Group
Management of Dr. August Oetker KG.
Within this centrally determined framework
the individual divisions and companies
are responsible for managing
risks in their particular spheres of operation.
This includes the recognition and
evaluation of risks, communication, and
the implementation of appropriate
countermeasures. Insofar as the risks
extend beyond a particular division, they
then fall within the remit of the Group
Management.
Risk controlling methods are deployed
in order to augment risk management at
all levels of the Oetker Group. On the
basis of the Group’s risk avoidance prin-
ciples, the function of risk controlling is
to identify and classify
• core risk factors
• strategic risks
• operational risks
for each individual division and in close
consultation with this division.
Thanks to these accurate classifi cation
methods, the Oetker Group has a clear
insight into the core risk factors in the
individual business sectors. These risk
factors are monitored and controlled at
the divisional/company level with regard
to their overall impact on the Oetker
Group. The prime goal is to determine
the extent to which the Group’s risk coverage
is suffi cient to keep the substantial
risk factors and their infl uence on
the Oetker Group within reasonable limits.
In contrast to the above, strategic and
operational opportunities and risks are
managed by the individual business segments
and companies. The key priority
here is to identify discrepancies between
the strategies of the business units and
companies and the overall strategy of
the Oetker Group, while at the same
time exploiting the potential strategic
opportunities at an operational management
level.
Since its inception the Oetker Group has
had to contend with a diverse array of
business risks and has actively balanced
out risks between the individual business
segments and companies. In addition,
the bank of the Oetker Group is
obliged to operate its own risk management
system. We refer to the annual report
of this company.
Alongside the enhancement of corporate
value, risk controlling also provides
the basis for managing the portfolio of
the Oetker Group. Our goal is to manage
our business portfolio in such a way
that we strike a balance between returns
and risks.
There are no risk concentrations of any
appreciable size on the part of customers
or suppliers, nor are any risks discernible
in respect of the countries in
which the Oetker Group operates which
pose a material threat. From today’s
viewpoint, there are no risks which can
prejudice the long-term existence of the
Oetker Group. Furthermore, over recent
years the Oetker Group has achieved a
sustained improvement in its equity ratio,
earnings and strategic positioning.
As a result it has acquired a coverage volume
suffi cient to permit even greater
control over the risk drivers in our business
operations from the current perspective.
Consolidated Financial Statements
66
67

Consolidated Balance Sheet of Dr. August Oetker KG
ASSETS EUR ‘000 EUR ‘000
A Fixed assets
I. Intangibles
1. Acquired concessions, trademarks and similar rights
as well as licenses to such rights and assets 285,311 226,642
2. Goodwill 13,049 17,429
3. Advance payments 3,076 2,349
301,436 246,420
II. Tangibles
1. Land, leasehold rights and buildings,
including buildings on leasehold land 801,553 798,698
2. Machinery and equipment 341,257 340,490
3. Other equipment, fi xtures, furniture and offi ce equipment
a) Ships and containers 1,381,593 1,671,917
b) Miscellaneous other equipment, fi xtures,
furniture and offi ce equipment 236,961 240,763
4. Advance payments and other fi xed assets under construction 423,133 401,202
3,184,497 3,453,070
III. Financial assets
1. Shares in subsidiaries 480 98
2. Investments in associated companies 570,512 616,415
3. Investments in other companies 79,772 58,036
4. Long-term receivables from affi liated companies 3,634 2,920
5. Fixed-asset securities 1,343 1,310
6. Other long-term receivables 90,349 87,474
746,090 766,253
4,232,023 4.465,743
B Current Assets
I. Inventories
1. Raw materials and supplies 228,736 280,436
2. Work in progress
a) Voyages in progess (shipping) 95,996 137,253
b) Other work in progress 81,719 90,369
3. Finished products and merchandise 234,916 262,960
4. Advance payments 4,473 6,089
645,840 777,107
II. Accounts receivable and other current assets
1. Accounts receivable (trade) 1,035,243 1,094,086
2. Accounts receivable from subsidiaries 1,027 6
3. Accounts receivable from affi liated
companies (apart from banks) 9,997 10,269
4. Other current assets 380,576 457,767
1,426,843 1,562,128
III. Liquid funds
1. Accountants receivable from affi liated banks 677,621 289,685
2. Cash in hand, deposits with non-affi liated banks, and checks 455,225 355,923
1,132,846 645,608
3,205,529 2,984,843
C Deferred Charges and Prepaid Expenses
a) Loan discounts 45 26
b) Other items 34,958 38,754
35,003 38,780
D Positive difference from asset allocation 502 3,700
7,473,057 7,493,066
Consolidated Balance Sheet of Dr. August Oetker KG as at December 31, 2011 68
2010 2011 2010
2011
LIABILITIES EUR ‘000 EUR ‘000
A Equity
I. Fixed capital 450,000 450,000
II. Reserves 2,008,103 2,183,685
III. Difference in equity due to currency conversion – 67,386 – 82,257
IV. Minority interests, stockholders of Dr. August Oetker KG 6 0
V. Minority interests, other 217 – 2,069
2,390,940 2,549,359
B Difference due to capital consolidation 645 560
C Provisions
1. Provisions for pensions and similar obligations 618,235 613,193
2. Provisions for taxes 67,106 40,340
3. Other provisions 803,705 811,897
1,489,046 1,465,430
D Liabilities
1. Due to banks
a) Due to banks outside the Oetker Group 1,503,312 1,226,942
b) Due to affi liated banks 1 0
2. Advance payments received 7,718 10,117
3. Accounts payable (trade) 438,954 531,942
4. Liabilities from the acceptance and issuance of bills of exchange 39 17
5. Accounts payable to other subsidiaries 1,291 1,249
6. Accounts payable to affi liated companies (apart from banks) 44,773 34,385
7. Miscellaneous liabilities
a) Taxes 139,415 140,563
b) Social security 12,981 11,799
c) Other 1,419,488 1,503,682
3,567,972 3,460,696
E Deferred income 7,838 9,026
F Deferred taxes 16,616 7,995
7,473,057 7,493,066
Contingent liabilities pursuant to Section 251 of the Commercial Code
Contingent liabilities in respect of guarantees 11,236 21,739
Contingent liabilities in respect of warranties 2,283 2,404
Richard Oetker
Bielefeld, April 16, 2012
Dr. August Oetker KG
General Partners
Dr. Albert Christmann Dr. Ottmar Gast
Dr. Ernst F. Schröder
Dr. Hans-Henning Wiegmann
69

Consolidated Statement of Changes in Fixed Assets
Consolidated Statement of Changes in Fixed Assets (EUR ‘000) 70
Consolidated statement of Historical or production cost Additions Retirements Reclassifi cations Write-ups Accumulated depreciation Book value as at Depreciation Book value as at
changes in fi xed assets (EUR ‘000) as at January 1, 2011 in 2011 as at December 31, 2011 December 31, 2011 in 2011 December 31, 2010
Acquired concessions, trademarks,
patents and similar rights
as well as licenses
to such rights and assets 916,287 39,464 – 90,563 2,268 535 – 641,349 226,642 – 98,699 285,311
Goodwill 35,278 8,543 – 9,649 –16,743 17,429 – 4,088 13,049
Advance payments in respect of intangibles 2,972 2,002 – 2,625 2,349 3,076
Intangibles 954,537 50,009 –100,212 – 357 535 – 658,092 246,420 –102,787 301,436
Land, leasehold rights
and buildings,
including buildings
on leasehold land 1,717,200 43,518 – 30,834 8,865 – 940,051 798,698 – 44,735 801,553
Machinery and equipment 1,673,445 72,984 – 44,754 20,761 –1,381,946 340,490 – 87,775 341,257
Ships and containers 2,701,145 281,582 – 87,988 258,679 –1,481,501 1,671,917 – 240,358 1,381,593
Other equipment, fi xtures,
furniture and offi ce equipment 900,535 80,907 –135,592 2,960 12 – 608,059 240,763 – 76,751 236,961
Advance payments and fi xed
assets under construction 422,666 269,422 –117 – 290,722 5 – 52 401,202 423,133
Tangibles 7,414,991 748,413 – 299,285 543 17 – 4,411,609 3,453,070 – 449,619 3,184,497
Shares in subsidiaries 618 – 382 – 138 98 480
Investments in associated
companies 600,608 43,725 –11,519 20,075 – 36,474 616,415 – 6,379 570,512
Investments in other
companies 102,511 206 –126 – 20,016 – 24,539 58,036 79,772
Long-term receivables
from affi liated companies 4,006 62 – 831 – 317 2,920 3,634
Fixed-asset securities 1,682 32 –17 – 59 – 328 1,310 – 6 1,343
Other long-term receivables 132,238 29,960 – 39,790 –186 581 – 35,329 87,474 – 2,017 90,349
Financial assets 841,663 73,985 – 52,665 –186 581 – 97,125 766,253 – 8,402 746,090
Total 9,211,191 872,407 – 452,162 1,133 – 5,166,826 4,465,743 – 560,808 4,232,023
71

Notes
Applicable Statutory
Requirements
Pursuant to Part 2 of the Law on the Dis-
closure of Company Financial Statements
(“Publizitätsgesetz”) Dr. August
Oetker KG, Bielefeld, is required to compile
and publish consolidated fi nancial
statements and a Group management
report. The consolidated fi nancial statements
were prepared in accordance with
Section 13 of the “Publizitätsgesetz” in
combination with Sections 294 to 314 of
the German Commercial Code (“Handelsgesetzbuch”)
and thus qualify for
exemption under the terms of Section
264, Para. 4 HGB, Section 264 b HGB
and Section 5, Para. 6, of the “Publizitätsgesetz”.
With the exception of details published
pursuant to Section 313, Para. 2, of the
“Handelsgesetzbuch”, this annual report
complies with the regulations of
Section 13 of the “Publizitätsgesetz” in
combination with Sections 294 to 315 of
the “Handelsgesetzbuch”. The regulations
amended by the Accounting Law
Modernization Act (“BilMoG”) have
been applied since 2010.
Scope of Consolidation
All the major domestic and foreign com-
panies over which Dr. August Oetker KG
can exercise a controlling infl uence,
either directly or indirectly, were consolidated.
A total of 404 companies were consolidated
(2010: 431). Of these companies
245 are located in Germany and 159 in
other countries. Thirteen companies
(2010: 17) were not fully consolidated as
they are not of material importance.
In addition, there are eight companies
valued at equity (2010: eight).
The following changes took place in the
scope of consolidation:
In the Food Division essentially
Dr. Oetker Australia Pty Ltd. was consolidated
for the fi rst time.
In the Beer and Non-Alcoholic Beverages
Division numerous companies were
absorbed into their respective controlling
companies.
In the Sparkling Wine, Wine and Spirits
Division the distribution companies in
the Netherlands, Great Britain, Sweden
and Latvia were included for the fi rst
time, as was PALAVA s.r.o. in Pavlov/
Czech Republic, which was acquired
with effect from August 12, 2011.
In the Shipping Division the Hamburg
Süd agency in Mumbai, India, was included
for the fi rst time Newly formed
and included for the fi rst time were six
further single-ship companies. In addition,
six single-ship companies were
absorbed into Santa Containerschiffe
GmbH & Co. KG.
Consolidated for the fi rst time with the
chemical companies was Budenheim India
Pvt. Ltd. Additionally, the remaining
shares in BUMA Advanced Technologies
S.L., La Zaida, Spain, were acquired in
2011.
The shares in OOO Onken Russia were
sold with effect from June 30, 2011. Furthermore,
fi ve FrischeParadies companies
were absorbed into the renamed
Frische Paradies KG, Frankfurt, formerly
FrischeParadies Lindenberg & Co. KG,
Berlin. Additionally, several small companies
which are not of material importance
from the Group’s point of view
were excluded from the scope of consolidation
following merger or liquidation.
Almost all annual fi nancial statements
of the companies in the scope of consolidation
were audited in accordance
with accepted accounting standards. In
other cases Group Auditors have verifi ed
that the annual fi nancial statements had
been prepared in accordance with
accepted accounting standards.
A list of shareholdings is published in
the electronic Federal Gazette (“Bundesanzeiger”)
as part of the notes to the
consolidated fi nancial statement.
Valuation Methods
The reporting and valuation procedures
of the subsidiaries included in the Consolidated
Financial Statements are in
accordance with uniform Group procedures.
Values shown pursuant to Section
308, Para. 2, Sentence 2, of the German
Commercial Code have been
partially retained. The fi nancial statements
of the companies valued on the
basis of the
equity method were adjusted in part to
the uniform Group guidelines.
Tangibles and intangibles were valued in
accordance with Section 253 of the Commercial
Code. The maximum production
costs for valuation purposes are in line
with Section 255, Para. 2, Sent. 1 and 2
of the Commercial Code. Scheduled depreciation
(using both the straight line
Notes 72
The Consolidated Financial Statements for 2011 were prepared in accordance with Section 13 of the Law on the Disclosure
of Company Financial Statements (“Publizitätsgesetz”) and Sections 294-314 of the German Commercial Code (“Handelsgesetzbuch”).
and declining-balance method) took account
of the estimated asset lifetimes
recognized by the tax authorities. In Germany
goods with an acquisition value
not in excess of Euro 410 were written
off in full in the year of acquisition. In
part, low-value goods whose acquisition
or production costs exceed Euro 150 but
remain below Euro 1,000 were posted as
a collective item assigned to a year and
are written off uniformly over a period of
fi ve years.
Financial assets are carried at the lower
of cost or market. Extraordinary depreciation
was charged in the case of any
permanent loss in value of fi xed-asset
items.
Current assets were valued in accordance
with Sections 253 and 256 of the
Commercial Code. The production costs
of inventories take adequate account
of indirect manufacturing overheads.
These overheads may vary according to
which particular division of the Oetker
Group is involved. Adequate allowance
was made for potential inventory losses.
Adequate specifi c and general provisions
were made to cover risks in
respect of accounts receivable.
Loan discounts are amortized over the
entire term of the loans.
Pension provisions were calculated on
the basis of actuarial forecasts. The pension
provisions of the German companies
are shown at their current actuarial
values in accordance with Section 6a of
the Income Tax Law and take into account
the new mortality tables published
by Dr. Klaus Heubeck. The provisions
are based on an interest rate of 5.13 %
(2010: 5.7 %), an anticipated wage and
salary increase of 2.6 % and an anticipated
pension increase of 1.8 %. The
pension obligations of the foreign companies
are not of material importance.
Excess cover within the meaning of Section
67, Para. 1, Sent. 2 of the Introductory
Act to the German Commercial
Code comprises pension provisions
amounting to Euro 157,000, in the case
of other long-term provisions Euro
15,000. Assets within the meaning of
Section 246, Para. 2, Sent. 2, of the Commercial
Code amounting to Euro 22 million
were set off against corresponding
provisions for pension annuity obligations.
Liabilities are shown at their repayment
values, and pension annuity obligations
at their current values.
On account of a net asset position regarding
deferred taxes from individual
fi nancial statements, deferred taxes
were formed exclusively in accordance
with Section 306 of the Commercial
Code. Deferred tax assets and deferred
tax liabilities from consolidation events
were set off against each other. Tax rates
specifi c to the individual companies
were applied.
Currency Translation
The balance sheets of non-German sub-
sidiaries, where not already drawn up in
EUR, were translated using the modifi ed
closing rate method. Balance sheet
items (with the exception of investments
in consolidated affi liated companies as
well as subscribed capital and reserves,
which are carried at historical exchange
rates) were translated at the exchange
rate prevailing on the balance sheet
date.
The statements of income were translated
at the relevant annual average exchange
rates.
Consolidation Principles
Regarding the consolidation of capital,
the historical cost or book values were
offset against the percentage equity
shown in the balance sheet. First-time
consolidation is carried out at the point
at which the company becomes a subsidiary.
As from 2010 consolidationrelated
differences on the asset side – to
the extent that those differences were
not assigned to and written off against
specifi c asset items – are shown as
goodwill and capitalized in subsequent
years. The same applies to companies
consolidated using the equity method.
Differences on the liabilities side are
shown under the item “Difference due
to capital consolidation” after equity and
treated in accordance with Section 309,
Para. 2. HGB.
Intercompany payables and receivables
were set off against each other, and interim
profi ts on intercompany transactions
eliminated. The same applies to
intercompany expenditure and revenues.
Allowance was made for deferred
taxes payable on temporary consolidation-related
differences.
Profi ts on intercompany transactions
with companies valued at equity were
not eliminated.
73

Notes to the Consolidated
Balance Sheet
The balance sheet total, with a marginal
increase of EUR 20 million, is on a par
with the previous year.
With regard to fi xed assets, the costs of
acquisition and production as at January
1, 2011, fell by EUR 32 million due to
currency translation differences. Additionally,
this amount increased by EUR
7 million due to changes in the scope of
consolidation.
Intangible fi xed assets decreased by
EUR 55 million to EUR 246 million.
Goodwill amounted to EUR 17 million
on December 31, 2011, resulting principally
from acquisitions in the business
divisions Food (Papa Guiseppi’s, Australia,
Centro-Fantastico, Serbia) and
Beer (Trinkgut Getränkemärkte).
Tangible fi xed assets increased by EUR
269 million to EUR 3,453 million, primarily
as a result of investments exceeding
write-offs by EUR 295 million. Additions
to tangible and intangible fi xed assets
totaled EUR 798 million. EUR 36 million
was attributable to companies consolidated
for the fi rst time. Current investments
amount to EUR 762 million, EUR
166 million more than the previous year
(EUR 597 million). Investments for 2012
have been budgeted at EUR 676 million,
chiefl y in the Shipping Division. Depreciation
of tangible and intangible fi xed
assets amounted to EUR 552 million.
Shares in subsidiaries amounted to EUR
0.1 million. The decrease of EUR 0.4 million
resulted principally from the fi rsttime
consolidation of Henkell & Co.
companies in the Netherlands, Sweden
and Latvia. Investments in associated
companies amounted to EUR 616 million,
an increase of EUR 46 million. This
item related primarily to Douglas Holding
AG, Hagen, Bankhaus Lampe KG,
Düsseldorf, S.A. Damm, Barcelona/
Spain, die Emaphos Euro Maroc Phospore
S.A., Casablanca/Morocco, Trinks
GmbH, Goslar, and Itapoá Terminais
Portuários S.A., Itapoá/Brazil. The differences
between the corresponding
book values and the share in equity
amounts to EUR 89 million.
Inventories rose by EUR 131 million to
EUR 777 million; of this increase EUR 81
million is attributable to the Shipping
Division. Accounts receivable (trade) increased
by EUR 59 million to EUR
1,094 million, essentially in the Food
and Shipping divisions. Of this amount,
EUR 0.2 million is due after more than
one year.
Accounts receivable from subsidiaries
and affi liated companies amounted to
EUR 10 million (2010: EUR 11 million).
This was set against accounts payable to
subsidiaries and affi liated companies totaling
EUR 36 million (2010: EUR
46 million). These items relate to German
and foreign companies which are
not included in the scope of consolidation.
Other current assets, stated at EUR
458 million (2010: EUR 381 million), are
short-term lendings, cargo loss and
damage claims from shipping operations,
as well as claims from the reinsurance
of pension obligations with the
Condor Insurance Group, tax fund entitlements,
and similar items. These also
include assets of Atlantic Forfaitierungs
AG, made up in particular of short-term
fi nancial investments. EUR 103 million
is due after more than a year.
Funds, at EUR 646 million, are made up
of receivables from Bankhaus Lampe KG
and the item “Cash in hand, deposits
with non-affi liated banks, and checks”.
The fi xed capital of Dr. August Oetker
KG remained unchanged at EUR
450 million. The Group’s reserves rose
by EUR 176 million.
Provisions for pensions amount to EUR
613 million after EUR 618 million in the
previous year. As in the past, most of the
staff pension arrangements take the
form of direct insurance policies, chiefl y
with Condor Lebensversicherung AG. In
most cases the relevant insurance premiums
are paid in a lump. No borrowings
were made under insurance policy
arrangements.
The reserve for taxes includes only effective
taxes of EUR 40 million. Passive deferred
taxes amounting to EUR 8 million
result entirely from consolidation measures,
as a net asset position exists at the
level of individual fi nancial statements,
due essentially to the application of different
valuations in respect of pension
reserves and to the extent that use was
made of the option provided for in Section
274, Para. 1, Sent. 2 of the Commercial
Code. The item “Other provisions”
includes amounts for outstanding in-
Table 1
voices, deposit credit balances from the
Beer Division, reductions in earnings,
especially in the Food Division, as well
as for the personnel area. All foreseeable
risks are covered.
Total liabilities amount to EUR 3,461 million.
The individual items are structured
according to residual terms, as shown in
Table 1.
No disclosable sureties were granted for
these liabilities.
Miscellaneous liabilities, totaling EUR
1,504 million, include payments received
for pending voyages and balances
on partners’ current accounts relating
to partnerships within Dr. August Oetker
KG.
Payable Payable after
within one year more than 5 years
(EUR million) (EUR million)
Liabilities due to banks 429 138
Advance payments received 10
Accounts payable (trade) 532
Accounts payable to other subsidiaries 1
Accounts payable to affi liated companies 34
Miscellaneous liabilities 807 335
Notes 74
Risks arising from the availment of contingent
liabilities under Section 251 of
the German Commercial Code (HGB)
are not anticipated.
Total contingent liabilities not evident in
the Consolidated Balance Sheet amounted
to EUR 786 million. This amount includes
EUR 465 million in respect of
long-term charter contracts, typical of the
sector. It also includes EUR 220 million in
respect of shipbuilding contracts. Offbalance-sheet
transactions pursuant to
Section 314, Para. 1, No. 2 of the Commercial
Code – beyond the commitments
cited in the foregoing sentence – were of
a scope having no material effect on the
fi nancial position of the Oetker Group.
As companies operating internationally,
Dr. August Oetker KG and its subsidiar-
75

ies are exposed to interest rate, price
and currency risk. In order to minimize
these risks, Dr. August Oetker KG concluded
contracts in derivative fi nancial
instruments (currency futures, currency
swaps and currency options). The contracts
held on the balance sheet date are
shown in Table 2.
Reserves of EUR 3 million were created
for forward transactions, swaps and options.
The valuation of the derivative fi nancial
instruments is based on certain assumptions
and valuation models such
as the present value method, Black-
Scholes or Heath-Jarrow-Morton.
Fees pursuant to Section 314, Para. 1,
No. 9 of the “Handelsgesetzbuch” to-
Table 2 Table 3
Type Nominal
amount
(EUR million)
Forward purchases 41
Interest rate/currency swaps 12
Currency options 120
taled EUR 2,880,000. Of this amount
EUR 2,320,000 is attributable to annual
account auditing services, EUR 42,000
to other assurance services, EUR 24,000
to tax consultancy services and EUR
494,000 to miscellaneous services.
Transactions with associated companies
and persons pursuant to Section 314,
Para. 1, No. 13 of the “Handelsgesetzbuch”
were immaterial in scope.
Statement of Income
In accordance with Section 13 (3), Sen-
tence 2, of the Law on the Disclosure of
Company Financial Statements (“Publizitätsgesetz”),
no separate statement
of income will be published. The statements
of income of the Bank are described
in the separate annual report.
The data which has to be disclosed pursuant
to Section 5 (5), Sentence 3, of the
above-mentioned law is published in a
separate Appendix – see Table 4.
The regional breakdown of the sales revenues
reported in the Appendix is shown
in Table 3.
After taking into account the changes in
the scope of consolidation, total sales
revenues were as follows: EUR 9,875
million in 2011, EUR 9,402 million in
2010.
Events which occurred after the balance
sheet date have been commented on in
the reports on the individual divisions.
Bielefeld, April 16, 2012
Breakdown of sales revenue by region 2010 2011
– Germany EUR 3,163 million EUR 3,375 million
– Other EU countries EUR 2,635 million EUR 2,415 million
– Rest of Europe EUR 258 million EUR 244 million
– Rest of the world
Thereof: shipping services
EUR 3,401 million EUR 3,977 million
in international waters EUR 3,054 million EUR 3,585 million
Breakdown of sales revenue by division
– Food EUR 2,318 million EUR 2,337 million
– Beer and Non-Alcoholic Beverages EUR 1,636 million EUR 1,813 million
– Sparkling Wine, Wine, Spirits EUR 644 million EUR 671 million
– Shipping EUR 4,430 million EUR 4,752 million
– Other Interests EUR 429 million EUR 438 million
Table 4
Appendix to the balance sheet 2010 2011
pursuant to Sect. 13, Para. 3, Sentence 2 and Sect. 5,
Para. 5, Sentence 3 of the Law on the Disclosure
of Financial Statements
a) External sales EUR ‘000 9,456,847 EUR ‘000 10,010,950
b) Income from investments EUR ‘000 48,215 EUR ‘000 50,910
c) Wages and salaries,
social security contributions,
expenditure on pensions and other benefi ts EUR ‘000 1,146,435 EUR ‘000 1,180,097
d) Number of employees:
Expressed in terms of full-time jobs,
the average number of employees in 2011
was 24,972 (2010: 24,341) 25,590 26,228
For details of evaluation and depreciation methods see “Notes”.
Report of the Auditors on
the Complete Consolidated
Financial Statements
We have audited the Consolidated Finan-
cial Statements of Dr. August Oetker
KG, Bielefeld, for the fi nancial year from
January 1 to December 31, 2011, taking
into consideration the relevant accounting
records and the Group Management
Report. Pursuant to German commercial
law and the supplementary provisions
contained in the Articles of Association,
the Company’s legally appointed
representatives are responsible for keeping
accounting records and for compiling
the Consolidated Financial Statements
and the Group Management
Report. Our task as auditors is to arrive
at an assessment of the Consolidated
Financial Statements and the Group
Management Report, taking the relevant
account ing records into consideration.
We have conducted our audit of the Consolidated
Financial Statements in ac-
cordance with Section 317 of the German
Commercial Code (HGB) and the
professional standards laid down by the
German Institute of Auditors (IDW). Accordingly,
the audit must be planned
and conducted in such a way that it is
possible to detect with an adequate degree
of certainty any inaccuracies and
infringements which may have a negative
impact on the true and fair picture of
the net worth, fi nancial position and
earnings situation of the Company presented
in the Consolidated Financial
Statements and Group Management Report,
taking the principles of proper accounting
into consideration. The auditing
procedures take account of specifi c
knowledge of the company’s business
activities, the general economic and legal
environment, as well as possible
sources of error. The effectiveness of the
internal audit system as well as the accuracy
of the data contained in the accounting
records, the Consolidated Financial
Statements and the Group
Notes 76
Management Report are verifi ed largely
on the basis of spot checks. The audit
also evaluates the annual accounts of
the companies included in the Annual
Financial Statements, the delineation of
the consolidated group, the accounting
and conso lidation principles, the appraisals
made by the legally appointed
representatives, as well as the overall
picture presented in the Consolidated
Financial Statements and the Group
Management Report. In our view the audit
provides an adequately sound basis
for evaluation.
Our audit did not result in any objections.
In our considered opinion, the Consolidated
Financial Statements accord with
proper accounting prin ciples and
present a true and fair pic ture of the net
worth, fi nancial position and earnings
situation of the Group. The Group Management
Report accurately describes the
situation of the Group and accurately
presents the risks inherent in future developments.
Bielefeld, April 17, 2012
Mazars GmbH
Wirtschaftsprüfungsgesellschaft
– Hagen – – Krupp –
Certifi ed Public Certifi ed Public
Accountant Accountant
77

List of active consolidated companies
Dr. August Oetker KG, Bielefeld (Parent Company)
I. Food Division
Dr. Oetker GmbH**
Germany
• Dr. August Oetker Nahrungsmittel
KG, Bielefeld**
• Dr. Oetker Frischeprodukte Moers
KG, Moers
• Dr. Oetker Tiefkühlprodukte GmbH,
Wittenburg**
• Dr. Oetker Tiefkühlprodukte KG,
Wittlich
• Fleischer GmbH, Ettlingen**
Western Europe
• cameo S.p.A., Desenzano, Italy
• Condifa S.A.S., Schirmeck, France
• Dr. Oetker (UK) Ltd., Leeds,
United Kingdom
• Dr. Oetker AG, Winznau, Switzerland
• Dr. Oetker Danmark A/S, Glostrup,
Denmark
• Dr. Oetker France S.A.S., Strasbourg,
France
• Dr. Oetker GmbH, Villach, Austria
• Dr. Oetker Ibérica S.A., Barcelona,
Spain
• Dr. Oetker Ireland Ltd., Dublin,
Ireland
• Dr. Oetker N.V., Zaventem, Belgium
• Dr. Oetker Nederland B.V.,
Amersfoort, Netherlands
• Dr. Oetker Norge AS, Kolbotn,
Norway
• Dr. Oetker Portugal Lda, Lisbon,
Portugal
• Dr. Oetker Suomi Oy, Helsinki,
Finland
• Dr. Oetker Sverige AB, Göteborg,
Sweden
Eastern Europe
• Dr. Oetker Bulgaria EOOD, Sofi a,
Bulgaria
• Dr. Oetker Dekor Sp. z o.o., Plock,
Poland
• Dr. Oetker d.o.o., Belgrade, Serbia
• Dr. Oetker d.o.o., Trzin, Slovenia
• Dr. Oetker d.o.o., Zagreb, Croatia
• Dr. Oetker Gida Sanayii A.S., Izmir,
Turkey
• Dr. Oetker Hellas EPE, Nea Erythrea,
Greece
• Dr. Oetker LLC, Kiew, Ukraine
• Dr. Oetker Magyarország
Élelmiszer Kft, Budapest, Hungary
• Dr. Oetker Polska Sp. z o.o., Danzig,
Poland
• Dr. Oetker Romania SRL,
Curtea de Arges, Romania
• Dr. Oetker spol. sr.o., Bratislava,
Slovakian Republic
• Dr. Oetker spol. sr.o., Kladno,
Czech Republic
• UAB Dr. Oetker Lietuva, Vilnius,
Lithuania
• ZAO Dr. Oetker, Moskau, Russia
America
• Buenos Aires Food S.A.,
Buenos Aires, Argentina
• Dr. Oetker Brasil Ltda., São Paulo,
Brazil
• Dr. Oetker Canada Ltd., Mississauga,
Canada
• Dr. Oetker USA LLC, Wilmington,
USA
Division 3A (Asia, Africa, Australia)
• Dr. Oetker Australia Pty Ltd.,
Melbourne, Australia*
• Dr. Oetker Commercial (Shanghai)
Co. Ltd., Shanghai, China
• Dr. Oetker Food (Taicang) Co. Ltd.,
Taicang, China*
• Dr. Oetker India Private Ltd.,
Mumbai, India
• Dr. Oetker South Africa (Proprietary)
Limited, Sunninghill, South Africa
• Fun Foods Private Limited,
New Delhi, India
Martin Braun Backmittel und Essenzen
KG, Hanover
• Arconsa S.A., Murcia, Spain
• C. Siebrecht Söhne KG, Hanover
• Cresco S.p.A., Brescia, Italy
• Martin Braun Kft., Budapest,
Hungary
• Martin Braun Sp. z o.o., Warschau,
Poland
• Wolf ButterBack KG, Fürth
Agrano AG, Allschwil, Switzerland
• Agrano GmbH & Co. KG, Riegel**
FrischeParadies-Gruppe
• FrischeParadies Austria
GmbH & Co. KG, Vienna, Austria
• FrischeParadies KG, Frankfurt/Main
• Hamburger Feinfrost GmbH,
Hamburg
• Weinwerk Frankfurt Handelsgesellschaft
mbH, Frankfurt/Main**
II. Beer and Non-Alcoholic Beverages Division
RB Brauholding GmbH, Bielefeld**
Radeberger Gruppe KG, Frankfurt/
Main**
• Allgäuer Brauhaus AG, Kempten
• Berliner Kindl Brauerei AG, Berlin**
• Berliner-Kindl-Schultheiss-Brauerei
GmbH, Berlin**
• Binding-Brauerei AG, Frankfurt/Main**
• Brau und Brunnen Brauereien
GmbH, Dortmund**
• Brau und Brunnen GmbH, Dortmund**
• Dortmunder Actien-Brauerei GmbH,
Dortmund**
• Fontana Logistik und Spedition
GmbH, Frankfurt/Main**
• Fränkische Getränke-Industrie
GmbH, Nuremberg
• Freiberger Brauhaus GmbH,
Freiberg**
• Friesisches Brauhaus zu Jever GmbH
& Co. KG, Jever**
• Getränke Essmann GmbH,
Lingen**
• Getränke Hoffmann GmbH,
Groß Kienitz**
• Getränke Preuss Münchhagen
GmbH, Berlin**
• Getränke Schenker Fachgroßhandelsges.
mbH, Senftenberg**
• Getränke Weidlich GmbH,
Dortmund**
• GfB Gesellschaft für Beteiligungen
mbH, Dortmund**
• GW GmbH, Lingen**
• Hans-Jürgen Helmke Getränkefachgroßhandlung
GmbH & Co. KG,
Wilschdorf**
• Henninger-Bräu AG, Frankfurt/Main**
• Kronen Privatbrauerei GmbH,
Dortmund**
• Krostitzer Brauerei GmbH, Krostitz**
• Mainzer Aktien Bierbrauerei AG,
Mainz**
III. Sparkling Wine, Wine and Spirits Division
Henkell & Co. Sektkellerei KG,
Wiesbaden**
• Deinhard Sektkellerei KG, Wiesbaden
• Fürst von Metternich Sektkellerei
GmbH, Geisenheim-Johannisberg**
• G. H. von Mumm’sches Weingut KG,
Geisenheim-Johannisberg
• Gorbatschow Wodka KG, Berlin
• Henkell & Söhnlein KG, Wiesbaden
• JWG Johannisberger Weinvertrieb KG,
Geisenheim-Johannisberg
• KUEMMERLING KG, Bodenheim
• Söhnlein Rheingold Sektkellerei
GmbH, Wiesbaden**
Champagne Alfred Gratien S.A.S,
Epernay, France
• Gratien Meyer S.A.S., Saumur,
France
Törley Pezsgöpincészet Kft.,
Balatonboglár, Hungary
• Balatonboglári Borgazdasági zrt.,
Balatonboglár, Hungary
• Hungarovin Borászati Kft.,
Bodrogkisfalud, Hungary
Bohemia Sekt s.r.o, Stary Plzenec,
Czech Republic
Budampex AS, Tallinn, Estonia
Henkell & Co. Baltic SIA, Riga,
Latvia*
List of active consolidated companies 78
• Radeberger Exportbierbrauerei
GmbH, Radeberg**
• Radeberger Gruppe Holding GmbH,
Frankfurt/Main**
• Schöfferhofer Weizenbier GmbH,
Frankfurt/Main**
• Selters Mineralquelle Augusta
Victoria GmbH, Löhnberg**
• Spree-Trans Getränke Logistik
GmbH, Berlin**
• TUCHER BRÄU GmbH & Co. KG
Brauereibetriebsgesellschaft,
Nuremberg**
Bionade Holding GmbH, Ostheim
• Bionade GmbH, Ostheim
Binding Brauerei USA Inc., Delaware,
USA
Radeberger Gruppe Italia S.p.A., Genoa,
Italy
Henkell & Co. Nederland B.V., Rijswijk,
Netherlands*
Henkell & Co. Sektkellerei Ges. mbH,
Vienna, Austria
Henkell & Co. Sverige AB, Göteborg,
Sweden*
Hubert J.E. s.r.o., Sered, Slovakian
Republic
Mionetto S.p.A., Valdobbiadene, Italy
VINPOL Sp. z o.o., Torun, Poland
S.C. Angelli Spumante & Aperitive SRL,
Bucharest, Romania
PAT Kiewer Sektkellerei Stolychniy ZAT,
Kiev, Ukraine
79

IV. Shipping Division V. Other Interests
Hamburg Südamerikanische
Dampfschifffahrts-Gesellschaft KG,
Hamburg
• Caravelle Assekuranz Vermittlungs-
und Schadenskontor GmbH,
Hamburg**
• Columbus Line Reederei GmbH,
Hamburg
• Columbus Ship-Management GmbH,
Hamburg**
• Containerschiffsreederei MS Bahia
GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Bahia
Blanca GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Bahia
Castillo GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Bahia
Grande GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Bahia
Laura GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Bahia
Negra GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Cap
Jackson GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Cap
Jervis GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Monte
Aconcagua GmbH & Co. KG,
Bielefeld**
• Containerschiffsreederei MS Monte
Alegre GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Monte
Azul GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Monte
Tamaro GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Rio
Blanco GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Rio
Bravo GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Rio de
Janeiro GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Rio de la
Plata GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Rio
Madeira GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Rio
Negro GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Santa
Barbara GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Santa
Ines GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Santa
Teresa GmbH & Co. KG, Bielefeld**
• Containerschiffsreederei MS Santa
Ursula GmbH & Co. KG, Bielefeld**
• Hamburg Süd Australia Pty Ltd.,
Sydney, Australia
• Hamburg Süd Brasil Ltda., São Paulo,
Brazil
• Hamburg Süd (China) Ltd.,
Shanghai, China
• Hamburg Süd Ecuador S.A.,
Guayaquil, Ecuador
• Hamburg Süd Gemicilik Acentaligi ve
Nakliyat Limited Sirketi, Istanbul,
Turkey
• Hamburg Sud Honduras, S.A.,
San Pedro Sula, Honduras
• Hamburg Süd Hong Kong Ltd.,
Hong Kong, China
• Hamburg Süd Iberia S.A., Barcelona,
Spain
• Hamburg Süd India Pvt. Ltd.,
Mumbai, India*
• Hamburg Süd Italia S.r.l, Genoa,
Italy
• Hamburg Süd Mexico, S.A. de C.V.,
Mexico City, Mexico
• Hamburg Süd New Zealand Ltd.,
Auckland, New Zealand
• Hamburg Süd Norden AB,
Stockholm, Sweden
• Hamburg Süd North America Inc.,
Morristown, USA
• Hamburg Süd Reiseagentur GmbH,
Hamburg**
• Hamburg Süd Shipping Agency Ltd.,
Taipei, Taiwan
• Hamburg Süd Singapore PTE. Ltd.,
Singapore, Singapore
• Hamburg Süd Transportes S.A.,
Caracas, Venezuela
• Hamburg Süd Venezuela C.A.,
Caracas, Venezuela
• Reederei Santa Containerschiffe
GmbH & Co. KG, Bielefeld**
• Reederei Monte Containerschiffe
GmbH & Co. KG, Bielefeld**
• Rudolf A. Oetker KG, Hamburg
Furness Withy
• Furness Withy (Australia) Pty Ltd.,
Melbourne, Australia
• Furness Withy (Chartering) Ltd.,
London, United Kingdom
• Royal Mail Lines Ltd., London,
United Kingdom
• The Pacifi c Steam Navigation Co.,
London, United Kingdom
Aliança Navegaçao e Logistica Ltda.,
São Paulo, Brazil
Chemicals
• Budenheim Altesa S.L., Valencia,
Spain
• Budenheim Fine Chemicals
(Shanghai) Co. Ltd., Shanghai,
China
• Budenheim Iberica S.L. Sociedad
en comm., La Zaida, Spain
• Budenheim India Pvt. Ltd.,
New Delhi, India*
• Budenheim México, S.A. de CV, Santa
Catarina, Mexico
• Budenheim USA, Inc., New York, USA
• BUMA Advanced Technologies S.L.,
La Zaida, Spain*
• Chemische Fabrik Budenheim KG,
Budenheim**
VI. Equity Valuation
• Bankhaus Lampe KG, Bielefeld
• Douglas Holding AG, Hagen
• Euro Maroc Phosphore S.A.,
Casablanca, Morocco
VII. Retired/Merged Companies
• Ahlmann GmbH & Co. KG
Grundstücksverwaltung, Rendsburg
• Baugesellschaft Sparrenberg KG,
Bielefeld
• Cohrt & Siems Getränke GmbH &
Co. KG, Wattenbek
• Containerschiffsreederei MS Santa
Catarina GmbH & Co. KG, Bielefeld
• Containerschiffsreederei MS Santa
Clara GmbH & Co. KG, Bielefeld
• Containerschiffsreederei MS Santa
Cruz GmbH & Co. KG, Bielefeld
• Containerschiffsreederei MS Santa
Isabel GmbH & Co. KG, Bielefeld
Publishing
• Dr. Oetker Verlag KG, Bielefeld
Hotels
• Brenner’s Park-Hotel GmbH,
Baden-Baden**
• S.A.S. Château du Domaine
St. Martin, Vence, France
• S.A.S. Hotel du Cap Eden-Roc,
Cap d’Antibes, France
• S.A.S. Hotel Le Bristol, Paris, France
Miscellaneous
• 150 William Street Unit Trust, Sydney,
Australia
• Atlantic Forfaitierungs AG, Zürich,
Switzerland
• Columbus Container Services BVBA,
Antwerp, Belgium
• Itapoá Terminais Portuários S.A.,
Itapoá, Brazil*
• S.A. Damm, Barcelona, Spain
• Containerschiffsreederei MS Santa
Rita GmbH & Co. KG, Bielefeld
• Containerschiffsreederei MS Santa
Rosa GmbH & Co. KG, Bielefeld
• FrischeParadies De Pastre GmbH,
Essen
• FrischeParadies Edelfi sch GmbH,
Frankfurt/Main
• FrischeParadies Goedeken GmbH,
Hamburg
• FrischeParadies Niederreuther
GmbH, Munich
• FrischeParadies Moll GmbH,
Stuttgart
List of active consolidated companies 80
• Columbus Realties Ltd., Auckland,
New Zealand
• Columbus Properties Inc., Delaware,
USA
• Dr. August Oetker Finanzierungs-
und Beteiligungs-Gesellschaft mbH,
Bielefeld
• Erich Schmidt KG, Bielefeld
• Eufra Holding AG, Zug, Switzerland
• Handelsgesellschaft Sparrenberg
mbH, Bielefeld**
• OEDIV Oetker Daten- und
Informationsverarbeitung KG,
Bielefeld
• Omnia media service KG,
Frankfurt/Main
• Roland Transport KG, Bielefeld
• Trinks GmbH, Goslar
• Trinks Süd GmbH, Munich
• Leipziger Brauhaus zu Reudnitz
GmbH & Co. KG, Leipzig
• MAB Liegenschaftsverwaltung GmbH
& Co. KG, Frankfurt/Main
• Onken Polska Sp. Z o.o., Maków
Mazowiecki, Poland
• OOO Onken Russland, Prochorowka,
Russia
• S.H.G. Schleswig-Holsteinische
Getränke Logistik GmbH, Wattenbek
• Stuttgarter Hofbräu Brau AG & Co.
KG, Stuttgart
The companies marked * were included in the scope of consolidation or equity valuation for the fi rst time.
These consolidated fi nancial statements qualify the companies marked ** for exemption under the terms of Sections 264,
Para. 4 and 264 b of the German Commercial Code (“Handelsgesetzbuch”) and Section 5, Para. 6 of the Law on the Disclosure
of Company Financial Statements (“Publizitätsgesetz”).
81

The Oetker Group on the Internet
oetker-gruppe.com
Food Division
oetker.com
cameo.it
droetker.com.tr
oetker.com.au
oetker.at
oetker.be
oetker.bg
oetker.ca
oetker.ch
oetker.cn
oetker.co.uk
oetker.co.za
oetker.com.br
oetker.cz
oetker.de
oetker.dk
oetker.es
oetker.fi
oetker.fr
Beer and Non-Alcoholic Beverages Division
radeberger-gruppe.de
radeberger-gruppe.com
allgaeuer-brauhaus.de
altenmuenster-brauerbier.de
berliner-kindl.de
berliner-pilsner.de
binding.de
bionade.de
brinkhoffs.de
clausthaler.de
coranaextra.eu
dab.de
estrelladamm.es
oetker.gr
oetker.hr
oetker.hu
oetker.ie
oetker.in
oetker.lt
oetker.nl
oetker.no
oetker.pl
oetker.pt
oetker.ro
oetker.rs
oetker.se
oetker.sk
oetker.us
oetker-food-service.com
oetkerfoodservice.ca
oetkerfoodservice.co.uk
freibergerpils.de
gilden.de
guinness.de
hansa-bier.de
hoevels-original.de
jever.de
kronen.de
krusovice.de
mahn-ohlerich.de
myhenninger.com
radeberger.de
reudnitzer.de
rostocker.de
oetker-food-service.de
oetker-food-service.dk
oetker-food-service.nl
fl eischer-gmbh.de
martinbraungruppe.com
agrano.ch
agrano.com
agrano.de
arconsa.es
butterback.de
capfruit.com
cresco.it
martinbraun.de
martinbraun.pl
siebin-agrano.de
frischeparadies.de
schloesser.de
schoefferhofer.de
schultheiss.de
selters.de
sion.de
sternburg-bier.de
stuttgarter-hofbraeu.de
tucher.de
ur-krostitzer.de
wickueler.de
Sparkling Wine, Wine and Spirits Division
henkell-sektkellerei.de
alfredgratien.de
angelli.ro
balaton-wein.de
batida.de
bb.hu
bohemiasekt.cz
budampex.eu
carstens-sc.de
cavashill.com
cocktails.de
deinhard.de
Shipping Division
hamburgsud.com
alianca.com.br
columbustours.de
Other Interests
atlanticforfaiting.com
budenheim.com
ceres-verlag.de
oediv.de
oetker-verlag.de
roland-transport.de
Banking Division
bankhaus-lampe.de
fuerst-von-metternich.com
gratienmeyer.com
henkell.de
hubertsekt.sk
kuemmerling.de
kupferberg.de
kurpfalz-sekt.de
lutter-wegner.de
menger-krug.de
mionetto.com
mionettousa.com
mumm.de
furnesswithy.co.uk
hamburgsued-frachtschiffreisen.de
hamburgsued-line.com
oetkerhotels.com
brenners-park.de
chateau-st-martin.com
The Oetker Group on the Internet 82
pott.de
ruettgers-club.de
scharlachberg.de
schloss-johannisberg.de
sekt.de
sekt.kiev.ua
soehnlein-brillant.de
törley.hu
vinpol.pl
wodka-gorbatschow.de
yello.de
hamburgsued-reiseagentur.de
kommanbord.de
rao-shipping.biz
hotel-du-cap-eden-roc.com
lebristolparis.com
palaisnamaskar.com
83

Publishing Information
Published by: : Dr. August Oetker KG
Lutterstraße 14
33617 Bielefeld
Phone: +49 (0) 521 155 - 0
Fax: +49 (0) 521 155 - 2995
E-mail: presse@oetker.de
Internet: www.oetker-gruppe.com
Edited by: Public Relations Department
Design and Productio: Geyer Gestaltung, Werbung &
Kommunikation GmbH, Bielefeld
Photos: Stockfood (P. 6)
fotolia©kelly marken (P. 16)
PrePress: scanlitho.teams FullService GmbH, Bielefeld
Printed by: Hans Gieselmann Druck und Medienhaus GmbH & Co. KG, Bielefeld