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

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Research and developmentSüdzucker Group’s research and development work isconcentrated on new products or product variants,optimising production processes and supportingmarketing activities. The range of tasks stretchesfrom agricultural production to sugar, sugar-freesweeteners, starch, and inulin product divisions andtheir related products, through to applicationtechnology in the food and non-food areas. This workis carried out by some 200 employees at four grouplocations.Südzucker Group’s innovative powers are also clearlydemonstrated by the number of patents filed. Fifteennew patents were registered in 2002/03 to secure thegroup’s market success in the special productssegment. D 25.5 million (D 22.8 million) were spenton research and development in 2002/03.Sugar, specialities and special productsThe key points in the program were the developmentof new customer-tailored products for fondants,caramels and icing sugar. In addition to productcharacteristics, further research projects includedpotential to enhance health with existing productsand new functional carbohydrates.Use of sugar or other carbohydrates as renewableraw materials in non-food applications, such ashydraulic fluids, is being rigorously researched.Caramel sugar syrup also as a free-flowingpowderCaramel sugar syrup is produced in Offstein andOchsenfurt as a golden to deep-brown aromatic syrupfor a large number of applications in food products.Over the past few years the product range has beenexpanded to meet specific customer demand forsweet, aromatic, viscous or highly-coloured syrups.These syrups are used for producing Christmasbakeries, desserts, creams and fillings.Together with AGRANA, a powder-form, free-flowing,low-dust variety has been developed, which is offeredas instant caramel in two products.New icing sugarA niche for the Südzucker household range has beenfilled by a new icing sugar in sifters. The combinationof finely-ground sugar and Isomalt, a carbohydratebased on sugar used as an anti-caking additive,makes the product particularly easy to sprinkle andstable when stored. This newly-developed icing sugaris distinguished by its sugar-sensory properties andcharacteristics enhancing its use for specificapplications, thus setting it apart from competingproducts, most of which contain starch, phosphatesor fat.Improved production control throughnew analysis technologyProduction expansion in the special productssegment led to considerably higher demand foranalysis. The introduction of a completely newtesting procedure, near infra-red spectrometry(NIRS), permits analytical process controls to becost beneficial as well as all-encompassing. With thehelp of this technology it is possible to quickly andsimultaneously determine a number of differentanalysis parameters, based on which the appropriatecalibration is prepared by the central analysisF-74
department. Introduction of this technology inroutine analysis has improved production control, asit is possible to carry out more frequent tests withoutincurring additional costs.Positive scientific nutritional studies with IsomaltVarious studies have been carried out to determinethe physiological properties of Isomalt. In anAustralian study of state-of-the-art standard, it wasconfirmed that Isomalt does not cause an increaseof blood glucose and is metabolised almost insulinindependently.The results confirm the specialsuitability of Isomalt in foods for people withdiabetes and related blood glucose regulation disorders.A further study confirmed that even a highconsumption of Isomalt leads to no adversephysiological effects, in contrast to often-mentionedprejudices. On the contrary, it could be confirmed forthe first time that Isomalt has a positive effect ongut function. Other data on oral health demonstratedthat Isomalt supports the effects of fluoride inslowing demineralisation.New functional carbohydratesAs part of a project supported by the Federal Ministryof Education and Research (BMBF) aimed at developingnew functional carbohydrates for the food industry,many methods for modifications of carbohydrateswith different functional capabilities wereestablished under laboratory conditions. In order toexamine their health potential, the stomach andintestinal properties of these modified carbohydrateswere compared with products already on the market,using biological and microbiological test methods.The tests checked whether these carbohydrates werebroken down in the stomach and small intestine. Inan in-vitro test, stable substances were subjected tohuman intestinal flora in order to examine theirfermentation properties in the large intestine. Asa result, promising substances were identified forpotential new ingredients with positive health properties,due to their effects in various parts of theintestine and which, together with their positiveapplication properties, would be useful supplementsto existing functional ingredients. Further intensiveresearch and development work is needed beforesuch products can be launched on the market.Research was also carried out on carbohydrates whichcan reduce the infection potential of pathologicalmicroorganisms by interaction with cell surfaces.Südzucker co-operates with many German, Europeanand international research institutions in carryingout nutritional research. Following completion of theBMBF-subsidised project, new research agreementswere made with partner universities partly inconnection with a joint project on foods for a healthylife and disease prevention through nutrition.Sugar-based hydraulic fluidsA co-operation project was commenced with FuchsPetrolub AG, Mannheim to develop a bio-degradablehydraulic fluid. So-called sugar esters are producedfrom sugar and fatty acids, which can be used as abase oil in high-quality hydraulic fluids. Due to itschemical structure the product can be bio-degradedand is therefore an interesting product group forF-75
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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
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Financial assetsA list of all share
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1.6 Provision for pensionsPension p
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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
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Page 123 and 124: profitability. Our research and dev
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Page 127 and 128: Change in operating profitin D mill
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Page 135 and 136: Global and EU marketdevelopments12.
Page 137 and 138: an overall production levy on B-sug
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Page 141 and 142: Sales volumes for the six Polish fa
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Page 147 and 148: PersonnelNumber of employees declin
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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
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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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Südzucker International Finance B. V. Südzucker AG ... - Xetra

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