Südzucker International Finance B. V. Südzucker AG ... - Xetra

Highlights from the group financial statementsBalance sheetAt D 5,826 million, Südzucker Group’s total assets atFebruary 28, 2003 were slightly down on the previousyear’s D 5,843 million. Non-current assets decreasedby D 66 million to D 3,237 million (D 3,303 million),due to disposals, including the sale of 15 % of theKWS shareholding. Current assets rose by D 49 millionto D 2,589 million (D 2,540 million), mainly due toincreased sugar inventories at February 28, 2003following the high level of sugar production duringthe 2002 campaign. Group shareholders’ equityincreased by D 211 million to D 2,221 million (D 2,010million), which resulted in a higher ratio ofshareholders’ equity to total liabilities and shareholders’equity, up to 38.1 % (34.4 %). Net financial debtdecreased by D 134 million to D 1,008 million (D 1,142million), which represents 1.7 times cash flow ofD 580 million. With operating profits exceeding 7.4times net interest expense and shareholders’ equityand medium- and long-term liabilities covering noncurrentassets by 124.6 % (119.2 %), Südzucker Group’sbalance sheet has improved on its existing soundfinancial ratios even after the full integration of SLS.Change in cash flowin D million1987/88 731988/89 1391989/901990/912142621991/92 2991992/93 3041993/94 3091994/95 3711995/96 4101996/97 4371997/98 4801998/99 4641999/20002000/014724982001/02 5512002/03 580Statement of cash flowCash flow improved by D 29 million to D 580 million(D 551 million) in 2002/03, representing cash flowas a percentage of sales of 13.2 % (11.5 %). Capitalexpenditures on tangible and intangible non-currentassets were slightly lower than for the previous year,at D 207 million (D 219 million). In the sugar segment,the full integration of the SLS Group (2 months ofthe previous year) led to a rise in capital expendituresto D 135 million (D 102 million). In the special productssegment, capital expenditures were D 4 million belowthe previous year’s amount, at D 72 million (D 76million excluding Schöller). They were primarily forexpanding capacity, including of Isomalt productionat Offstein and of ORAFTI production at Oreye.Investments in financial assets, last year consistingmainly of D 1,601 million for the acquisition ofSaint Louis Sucre, France, amounted to D 46 millionfor 2002/03 and related primarily to the specialproducts segment. The profit distribution in 2002/03of D 120 million (D 233 million) includes the dividendof D 82 million paid out by Südzucker AG in August2002. In 2001/02 the distribution was affected bya dividend made in the form of a distribution andreinvestment program. With special distributions in2000 and 2001 totaling D 215 million, Südzucker fullypassed on the tax rebates from the old corporationtax credits to its shareholders. The worsenedconditions for these corporation tax credits arisingfrom the 2003 Tax Relief Reduction Law thus had nonegative effects for the Südzucker shareholder.F-52