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

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIALYEARENDED FEBRUARY 28, 2003General1 Group affiliation and principal activitySüdzucker International Finance B. V. was incorporated under Dutch law on 13 January 1994. Allshares were issued to Südzucker AG, Mannheim/Ochsenfurt.The principal activity of the company is that of a finance company.2 Basis of presentationThese financial statements have been prepared in accordance with the provisions of the NetherlandsCivil Code, Book 2, Part 9 and the accounting principles generally accepted in the Netherlands.3 Significant accounting policiesForeign currenciesIn the financial year 2002/2003 all transactions were concluded in Euro-related currencies. Therefore,no translation differences have occurred.Interest policyGenerally, interest risks are mitigated by the fact that conditions of intercompany loans handed out toaffiliated companies match the conditions of the funding received by SZIF B. V. regarding the timingand interest rates. In the case that the conditions of loans handed out and funding received do notmatch, the company uses interest swaps to mitigate the interest risk.Financial fixed assetsThe financial fixed assets are stated at cost.Assets and liabilitiesAssets and liabilities, other than those for which the basis of valuation is indicated on the balancesheet or notes thereon, are shown at face value.TaxationThe taxation charge for which the company is liable in the Netherlands complies with generalrequirements for financing companies in the Netherlands regarding a minimum net spread.Balance sheet4 Financial fixed assetsThe Sächsisch-Thüringische Zuckerfabriken Verwaltungsgesellschaft mbH (STZ) is a 100% subsidiaryof Südzucker International Finance B. V. with a subscribed capital of EUR 25,565 and has no activities.F-92