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

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than the percentage-cut in tariffs as long as the currently discussed WTO-“special safeguardclause”, which allows additional import duties under certain circumstances, remains applicable.After the failure of the Cancun Conference, future results of the Doha Development Agenda areuncertain.In August 2003, Brazil complained to the WTO about European Union C-sugar exports and there-exports of sugar imported from African, Caribbean and Pacific (ACP) countries, with the aim tostop these exports. Südzucker believes there are good arguments for the European Union to win thecase. Losing C-sugar exports would have adverse consequences for the Südzucker Group’s results ofoperation. The abolishment of ACP-re-exports would reduce the domestic market for European beetsugar by 1.6 million tons of sugar, which would have more pronounced negative effects on theSüdzucker Group as compared to the loss of C-sugar exports. A decision is expected in 2004.Declassification and production levyIt is possible for the EU Commission to temporarily lower the maximum EU production quota(“declassification”) in order to track changes in consumption and exports and thus comply with WTOcommitments. In 2001, the EU Commission made no use of the declassification. In September 2002, ahigh EU declassification coefficient of 5.7% was set for production from the 2002/03 campaign.The basic overall production levy on B-sugar for the 2001/02 sugar year reached the maximumproduction levy of 39.5% of the intervention price. Furthermore, a supplementary levy of 8.3% wasagreed. Contrary to the sugar year 2002/03 the overall production levy on B-sugar was only 22.0% ofthe intervention price and no additional levy was necessary. This displays the self-financing characterof the sugar market regime. In years with a high declassification quota sugar exports are lower anddue to this production levy declines.EU member candidatesThe governments of all EU candidate countries have agreed to the EU membership treaties. Thismeans that the expansion of the EU by a further 10 countries on May 1, 2004 can be completed asplanned.With respect to sugar, the EU has made considerable concessions to its negotiation terms on sugarproduction quotas for the applicant countries. The largest quota holder is Poland, with a maximumquota of 1.674 million tonnes of sugar, followed by the Czech Republic and Hungary with 0.454 milliontonnes and 0.402 million tonnes of sugar, respectively. Südzucker’s quota share in EU-25 will behigher than it was in EU-15 because of strong market shares in Poland, the Czech Republic, Hungaryand Slovakia. The Südzucker Group expects to benefit from the EU-enlargement.EU sugar production up by 11%Sugar production in the EU reached 17.02 million tonnes (14.94 million tonnes), back to almost thesame level as in 2000. The main reason for the growth in 2002 was a rise of 2.7% in the area undercultivation for sugar beet in the EU, to 1.835 million hectares (1.788 million hectares) and in sugarproduction to 9.06 tonnes per hectare (8.11 tonnes per hectare). Almost 912,000 tonnes (385,000tonnes) of C-sugar was transferred to the 2003/04 sugar year.Performance of the Sugar SegmentBeet harvest and sugar productionThe area under beet cultivation for the Südzucker Group in the fiscal year 2002/03 rose to 472,400hectares (465,100 hectares). The reduction in area under cultivation due to the disposal of Veurne,28
the Belgium sugar factory, was more than offset by an expansion in Germany and France. Within theEU, the area under cultivation rose to 373,400 hectares (370,500 hectares) and in Eastern Europe to99,000 hectares (94,700 hectares).The following table provides an overview of Südzucker Group’s most important sugar productiondata (excluding raw sugar raffination) for the last two fiscal years:2002/03 2001/02GermanyArea under cultivation . . . . . . . . . . . . . . . . . . . . . . . . 1000 hectares 177.8 172.2Beet harvest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes beet 11.8 10.1Sugar production . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1000 tonnes sugar 1,756 1,530BelgiumArea under cultivation . . . . . . . . . . . . . . . . . . . . . . . . 1000 hectares 64.3 70.8Beet harvest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes beet 4.2 4.0Sugar production . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1000 tonnes sugar 681.0 634.2FranceArea under cultivation . . . . . . . . . . . . . . . . . . . . . . . . 1000 hectares 86.8 82.8Beet harvest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes beet 6.7 5.1Sugar production . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1000 tonnes sugar 995.0 757.7AustriaArea under cultivation . . . . . . . . . . . . . . . . . . . . . . . . 1000 hectares 44.5 44.7Beet harvest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes beet 3.0 2.8Sugar production . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1000 tonnes sugar 456.0 423.4AGRANA InternationalArea under cultivation . . . . . . . . . . . . . . . . . . . . . . . . 1000 hectares 54.0 57.5Beet harvest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes beet 2.3 2.1Sugar production . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1000 tonnes sugar 309.0 280.0PolandArea under cultivation . . . . . . . . . . . . . . . . . . . . . . . . 1000 hectares 27.1 8.1Beet harvest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes beet 1.2 0.3Sugar production . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1000 tonnes sugar 164.0 41.5MoldovaArea under cultivation . . . . . . . . . . . . . . . . . . . . . . . . 1000 hectares 17.9 29.0Beet harvest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes beet 0.5 0.6Sugar production . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1000 tonnes sugar 51.0 64.9GroupArea under cultivation . . . . . . . . . . . . . . . . . . . . . . . . 1000 hectares 472.4 465.1Beet harvest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . million tonnes beet 29.7 25.0Sugar production . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1000 tonnes sugar 4,412.0 3,731.7Due to unusually good weather conditions for beet growth in Germany, beet and sugar yields werehigh in the areas covered by Südzucker AG. For Südzucker AG, yields were only just lower than for2000, a record year. With an area under cultivation of 177,800 hectares (172,200 hectares), a total of1.756 million tonnes (1.53 million tonnes) of sugar were produced from 11.8 million tonnes (10.1million tonnes) of beet with a sugar content of 17.2 % (17.4 %).In Belgium, the area under cultivation decreased to 64,300 hectares (70,800 hectares) due to the saleof Veurne, the sugar factory. The high beet yield of 66.1 tonnes per hectare (57.1 tonnes per hectare)nevertheless led to an increased beet harvest of 4.2 million tonnes (4.0 million tonnes). 681,000tonnes (634,200 tonnes) of sugar were produced.In France, ideal weather conditions in the area under cultivation for Saint Louis Sucre led to aconsiderably higher beet yield than for the previous year and an exceptional sugar yield. 6.7 milliontonnes (5.1 million tonnes) of beet were harvested from 86,800 hectares (82,800 hectares), fromwhich 995,000 tonnes (757,700 tonnes) of sugar were produced.29
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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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