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

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Südzucker Group has been allocated the following production quotas for 2003/04 beforedeclassification (in million tonnes):QuotaSüdzucker AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Saint Louis Sucre . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Raffinerie Tirlemontoise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6AGRANA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Export refunds and production leviesExport refunds safeguard that sugar producers/exporters receive a guaranteed price for exportedsugar if the world market sugar price is lower than the intervention price within the EU. Exportedsugar produced under the A- or B-quota as well as a quantity corresponding to the imports ofpreferential sugar (sugar exempted from import duties from the African, Caribbean and Pacificcountries (ACP) and India) is eligible for export refunds. The maximum export refund equalsapproximately the difference between the white sugar intervention price and the sugar world marketprice.In addition, the CMO Sugar requires sugar beet growers and producers to pay production – and ifnecessary – supplementary levies to refinance the costs of export refunds on quota sugar exportedto the world market or of refunds for sugar used in the chemical and pharmaceutical industries. Theproduction levies are collected by the Member States’ national Intervention and Paying Agencies.The following table shows the maximum production levies and export refunds eligibility:A-quota B-quota C-quotaMaximum Production Levy (without additional levy) . . . . . . . . . 2% 39.5% NoneExport Refunds Eligibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . yes yes NoImport dutiesImport duties safeguard that the price for imported sugar is not lower than the Common Marketsugar price and enable the EU Commission to grant preferential treatment for certain countries(mainly former colonies). The import duties today consist of fixed import tariffs with the option to anadditional increase in the case of the import volume exceeding a certain level or in the case of theworld market price falling below a certain threshold.Future of the CMO SugarThe CMO Sugar was extended to June 30, 2006. However, there are pressures for reform due to WTOsubsidy restrictions and the Everything but Arms program of the EU fully liberalizing sugar importsfrom the 40 least developed countries by 2009. Within this framework, the council of ministersrequired the EU Commission to submit a report on the sugar market regulation in early 2003,accompanied by recommendations for reform.On September 23, 2003, the EU Commission presented an “option paper” to the Council and theParliament on a sustainable agricultural model for Europe focusing, inter alia, on the sugar sector.This report was supplemented by a Commission staff working paper trying to assess the impact of areform of the European Union’s sugar policy on market participants. The option paper outlines threedifferent future scenarios:– the option “status quo” would mean a prolongation of the current system with quotas for EUsugar production, border protection (duties) and export subsidies adapted to future WTOcommitments and a free market access for sugar from Least Developed Countries (LDC) and the26
Balkans. The LDC-regulation proposes that the imports will increase by 15% p. a. from 85,000 tons(2002/03) to almost 200,000 tons (2008/09) which equals approximately 1.5 % of the actualconsumption in EU-15. As of July 1, 2009, imports into the EU will be duty-free, which will causesignificant additional imports with serious implications for the European sugar industry.– the option “price fall” would seek to reduce sugar and beet prices. As suggested in the impactassessment study price reductions down to such levels would be achieved in two steps.Starting from the current regime a first price cut from a market price of 725 Euro per ton of sugardown to 600 Euro per ton of sugar (–17%) accompanied by a beet price decrease from 48 Euro to40 Euro per ton of beet (–17%) is considered to become fully effective after 2011 with a transitionalperiod of 5 to 7 years starting in 2006. This first step could imply a decrease of Südzucker Group’sresults but still within a manageable range. Additionally, there is time to take the necessaryactions and adjustments.By the end of this period in 2011/2013 – within a two to three year transitional period – further pricecuts down to 450 Euro per ton of sugar (–38%) combined with a disproportional beet pricereduction down to 25 Euro per ton of beet (–48%) are assumed. Beet growers would be partlycompensated for the price cut. At the final stage, intervention prices and quotas would beabolished.– In the option “liberalization” all regulations (quotas, border protection, export restitutions) wouldbe abolished. According to the experiences with the implementation of WTO commitments andconsidering the recommendations of the impact assessment study, full liberalization would notbecome effective before 2011. Südzucker Group believes that it would be able to adoptappropriate measures to keep its leading European market position on a profitable basis.The Commission expects this working paper to become the starting point of a public debate aboutadvantages and disadvantages of each scenario and that it might ultimately develop into aCommission proposal to the Council of Ministers. Any Commission proposal, however, will not bebinding on the European legislator and from today’s perspective it is not foreseeable how thepolitical process will influence the future of the EU sugar market order. Any changes to the currentmarket order are expected to become fully effective only after a transitional period of several years.World Trade Organization negotiationsAt the start of negotiations for a new round of World Trade Organization negotiations in Doha, theWTO members committed to agree by March 31, 2003 on a framework within which the various WTOmembers would submit recommendations by the end of 2003 to reduce their subsidies. However, theindividual recommendations are so far apart that, as expected, it was not possible to reach anagreement on time. The suggestion made by the head of the WTO agricultural negotiations wouldrequire a decrease of 60% in customs duty for the European sugar sector. The offer of the EuropeanCommission to reduce customs duties by an average of 36%, but at least by 15% per product line,would limit the impact for domestic beet farmers and sugar producers.In Cancun on September 14, 2003, the WTO Ministerial Conference, where an agreement foragriculture was expected, failed. The participants were unable to find an agreement on the so calledSingapore issues (trade facilitation, government procurement, investment protection andcompetition). For agriculture a draft was discussed with the following items relevant for sugar:– On exports the draft proposes an end date for phasing out all forms of export subsidies. The sugarindustry has generally shown flexibility with respect to the reduction of export refunds. Due to theself-financing character of the sugar market regime, the impact of such measure would be limited.– On imports, products are assigned into three categories: those for which the so-called Uruguayformula would be valid (minimum cut of import tariffs for each product, 36% on average), thosefor which the so-called Swiss formula should be used (cut of tariffs to a maximum of 25% of worldmarket price) and those for which all import duties should be cancelled. These measures aresupposed to be introduced within a transition period. Sugar as a so-called “sensitive” productwould likely be part of the first category. A resulting percentage-cut in prices would be smaller27
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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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Provisions for other uncertain liab
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Financial instruments are normally
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Fair value is the amount that the S
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2.4 Cost of materials2002/03 2001/0
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2.8 Restructuring costs and other i
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Reconciliation of earnings before i
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VII. Segment reporting1. Business s
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VIII. Other notes1. Related parties
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Rolf Bucher*OffenauMember of the wo
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Executive boardDr. Theo Spettmann (
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Südzucker IndirectLocation Country
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[This page was intentionally left b
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profitability. Our research and dev
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eet and grain, from which energy-sa
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Change in operating profitin D mill
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Recommendation on appropriation of
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French sugar producer, and the sale
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Global and EU marketdevelopments12.
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an overall production levy on B-sug
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under cultivation in Poland for the
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Sales volumes for the six Polish fa
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Customer care is applied by using a
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PersonnelNumber of employees declin
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department. Introduction of this te
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Fondants and glazes from Südzucker
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Risks for future developmentsSüdzu
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SÜDZUCKER AG MANNHEIM/OCHSENFURTIN
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GROUP BALANCE SHEETD million August
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STATEMENT OF CASH FLOWSD million1st
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Changes in the Supervisory and Exec
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Südzucker International Finance B.
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BALANCE SHEETS AS OF FEBRUARY 28, 2
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5 Receivables from affiliated compa
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11 Payable to tax authorities28 Feb
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DIRECTOR'S REPORT FOR THE FINANCIAL
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SÜDZUCKER INTERNATIONAL FINANCE B.
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PROFIT AND LOSS ACCOUNTFOR THE FIRS
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Balance sheet4 Receivables from aff
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Aufgrund des vorstehenden Prospekts
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