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

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Special products segmentAGRANA has been involved in the biologically-basedstarch products business for more than 10 years andhas recorded double-digit growth rates for this productgroup over the past few years. Potatoes and maizefrom biological farms are processed to yield biologicalstarch, biological sweeteners and biological potatoproducts. Customers are drawn from the entire foodindustry and they use these products primarily forpreserving fruit, confectionery, baby food, bakeryproducts and delicatessen products. Already in thefifth year of operations, AGRANA produces foodadditives made from maize and waxy maize, certifiedas being free from genetic modification. Hence,AGRANA is one of the largest business-to-businesssuppliers on the European market in the biologicaland GM-free sectors.Portion Pack Europe (PPE) increases salesPortion Pack Europe Group’s turnover rose by morethan 30 % in 2002/03, to some D 125 million.7.5 % of this increase related to internal growth, withthe rest coming from the purchase of Portion PackLandgraf (Holland) and Cocachoc, Belgium. TheEuropean-wide group specialises in portion packs forthe catering and wholesaler sectors and isincreasingly entering niche markets for its variouscustomer groups. PPE expects to continue growing,despite the difficult economic environment.SuraftiThe Surafti Group delivers mainly sugar-based nicheproducts to the processing industry for bakeryproducts. Production is located at six medium-sizedoperations in four countries. Acquisitionsstrengthened the nougat activities in France in2002/03.Freiberger Group in pole position throughoutEuropeFreiberger Group, allocated to the special productssegment, has a leading position in the frozen pizzasand baguettes market throughout Europe. Topqualityproducts are produced using state-of-thearttechnology at production locations in Berlin,Muggensturm, Baden and Oberhofen, Austria. Theyare mainly offered as individual own-name productsdesigned specifically to meet customer requirements.Freiberger could profit from the continuing upwardtrend on the German frozen pizza market, particularlywith own-name products. Furthermore, entry intoother European markets continued to be successfuland this has led to satisfactory growth.As part of our policy of concentrating on our corebusiness activities, Südzucker sold its investmentin VK Mühlen AG, Hamburg, held via AIH Agrar-Industrie-Holding GmbH, Mannheim, to Leipnik-Lundenburger Invest Beteiligungs AG (LLI), Vienna.F-70
PersonnelNumber of employees declines due to disposalsDespite the acquisition of Saint Louis Sucre, thedisposal of Schöller Holding, with its large number ofstaff, led to a sharp decline in the number ofemployees in the group. On average there were14,855 persons employed in the group in 2002/03, ofwhich 11,543 were employed in the sugar segment.Mainly as a result of acquisitions, the number ofpersons in the special products segment rose to 3,312.Employees by segment43 %Sugar EU35 %Sugar eastern Europe22 %Special productsTop-quality training and developmentThe Südzucker Group believes its future depends onthe quality of its employees and in training youngpeople. Once again in 2002/03, the work of ourhuman resources department was concentrated ontraining and development. This can be demonstratedby the high number of apprenticeships which, forexample, was 7 % at AGRANA in Austria and 10 %at Südzucker in Germany. Südzucker has apprenticesfor 11 different professions within the group, andtheir good exam results speak for the high level oftraining quality at Südzucker. The introduction ofEnglish as the common corporate language wasaccompanied by language training and refreshercourses which were eagerly taken up by the staff.Business English has been offered as a supplementaryqualification in the white-collar apprenticeships formany years. Group-wide trainee programs smooththe way for young, talented people to transfer fromapprenticeship to practice and attract qualified newstaff to the group. For the same reason, internshipsare offered at all the group’s divisions.The international deployment of employees as part oftheir career planning and development has increasedsince last year. We have thus been able to give highlyqualifiedmanagement trainees an experience ofintercultural life and convey to them an understandingof the Südzucker Group’s strategic direction.Safety at work could again be improved within thegroup. Parallel to the measures taken in the SüdzuckerGroup, the implementation of an interactive worksafety training program and many internal andexternal training sessions and preventative measureto once again reduce accident numbers were carriedout as part of the social dialog between the Europeansugar industry and employee representatives. Theintegration of health safety in safety at work hasproved to be successful.Many of the employees affected by the restructuringprogram in Germany were able to take up jobs atother locations. A number of older employees tookadvantage of the early retirement program.We should like to thank all our staff for their interestand hard work over the year. Our special thanks goto the employees of the Löbau works which closed atthe end of the 2002 sugar beet campaign. Furthermore,we extend out thanks to members of the workscouncils for their co-operation and fairness.Average number of employees during the year 2002/03 2001/02Sugar11,543 12,148Sugar EU 6,335 6,494Südzucker AG and Südzucker GmbH 2,946 3,040Raffinerie Tirlemontoise (Sugar) 849 930Saint Louis Sucre 1,673 1,616 1)AGRANA 903 908Sugar eastern Europe 5,208 5,654Special products segment3,312 2,886Total14,855 15,034 2)1) 2)12 months. Excluding Schöller Group.F-71
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(2) it has only communicated or cau
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Summary of the Conditions of the Bo
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or therein having power to tax, unl
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Südzucker International Finance B.
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Südzucker Aktiengesellschaft Mannh
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Jörg Lindner (*)Ulrich MüllerEric
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Memberships of comparable domestic
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General MeetingThe general meeting
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Regulation and Market DevelopmentsC
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Balkans. The LDC-regulation propose
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the Belgium sugar factory, was more
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in France could be extended, partic
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confectionery sector for products s
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frozen food segment. NestlØ acquir
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Südzucker International Finance B.
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inhaber gezahlt. Zahlungen an Clear
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des am letzten Handelstag dieses Ka
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setzungen an einem Tag erfüllt sin
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„SP o “ die Xetra-Notierung am
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Für Zwecke dieses § 10 werden auf
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Anleihebedingungen zahlbaren Beträ
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(4) Wirksamkeit. Im Fall des § 14(
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„Kontrolle“ bedeutet (i) direkt
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die am Ausstellungstag dieser Besch
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lichkeiten der Garantin und hat min
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Anleihebedingungen (insbesondere ge
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§3(Sicherungsabtretung)(1) Die Anl
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8. Dezember 2003Südzucker Internat
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Schuldverschreibungen und aus diese
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Disclosure RequirementThe German Se
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TaxationThe following summary of ce
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notes (Kapitalertragsteuer auf Zins
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shareholding will only be deductibl
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Index to Financial StatementsThe ma
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SÜDZUCKER AG MANNHEIM/OCHSENFURTCO
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SÜDZUCKER GROUPCONSOLIDATED BALANC
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STATEMENTS OF MOVEMENTS IN SHAREHOL
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FINANCIALYEARS ENDED FEBRUARY 28, 2
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Balance at1.3.2001Change incompanie
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Balance at1.3.2000Change incompanie
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The shareholdings in AGRANA Beteili
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III. Foreign currency translationAs
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Receivables in current assets are s
Page 95 and 96: Financial assetsA list of all share
Page 97 and 98: 1.6 Provision for pensionsPension p
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Page 103 and 104: Fair value is the amount that the S
Page 105 and 106: 2.4 Cost of materials2002/03 2001/0
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Page 111 and 112: VII. Segment reporting1. Business s
Page 113 and 114: VIII. Other notes1. Related parties
Page 115 and 116: Rolf Bucher*OffenauMember of the wo
Page 117 and 118: Executive boardDr. Theo Spettmann (
Page 119 and 120: Südzucker IndirectLocation Country
Page 121 and 122: [This page was intentionally left b
Page 123 and 124: profitability. Our research and dev
Page 125 and 126: eet and grain, from which energy-sa
Page 127 and 128: Change in operating profitin D mill
Page 129 and 130: Recommendation on appropriation of
Page 131 and 132: French sugar producer, and the sale
Page 135 and 136: Global and EU marketdevelopments12.
Page 137 and 138: an overall production levy on B-sug
Page 139 and 140: under cultivation in Poland for the
Page 141 and 142: Sales volumes for the six Polish fa
Page 145: Customer care is applied by using a
Page 151 and 152: department. Introduction of this te
Page 153 and 154: Fondants and glazes from Südzucker
Page 155 and 156: Risks for future developmentsSüdzu
Page 157 and 158: SÜDZUCKER AG MANNHEIM/OCHSENFURTIN
Page 159 and 160: GROUP BALANCE SHEETD million August
Page 161 and 162: STATEMENT OF CASH FLOWSD million1st
Page 163 and 164: Changes in the Supervisory and Exec
Page 165 and 166: Südzucker International Finance B.
Page 167 and 168: BALANCE SHEETS AS OF FEBRUARY 28, 2
Page 169 and 170: 5 Receivables from affiliated compa
Page 171 and 172: 11 Payable to tax authorities28 Feb
Page 173 and 174: DIRECTOR'S REPORT FOR THE FINANCIAL
Page 175 and 176: SÜDZUCKER INTERNATIONAL FINANCE B.
Page 177 and 178: PROFIT AND LOSS ACCOUNTFOR THE FIRS
Page 179 and 180: Balance sheet4 Receivables from aff
Page 181: Aufgrund des vorstehenden Prospekts
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