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Annual Report 2001/02
AGRANA Beteiligungs-Aktiengesellschaft
2001/02 2000/01 1999/2000 1998/99 1997/98 1996/97 1995/96Corporate data IAS IAS IAS IAS RLG RLG RLG
Revenues € mn 842.8 760.2 703.0 684.6 580.9 552.0 505.4
Operating profit € mn 76.0 66.7 47.0 42.2 29.1 27.5 25.1
Profit before income tax € mn 64.1 51.2 28.0 26.4 — — —
Profit fromordinary activities € mn — — — –— 31.6 27.2 25.5
Consolidated profitfor the year € mn 44.3 37.6 22.0 15.3 32.0 20.9 15.8
Net cash from profit– applying IAS € mn 90.4 98.7 58.2 — — — —– applying RLG € mn — — — 60.8 65.0 55.3 55.2
Investments € mn 29.0 38.1 24.4 37.9 42.3 57.0 46.4
Staff 4,463 4,753 5,290 4,506 2,555 2,812 3,004
EBIT margin % 9.0 8.8 6.7 6.2 5.0 5.0 5.0
ROS % 7.6 6.7 4.0 3.9 5.4 4.9 5.0
Equity ratio % 47.7 44.6 41.4 36.8 42.5 41.4 43.6
Performance on thestock exchangeHigh € 31.75 20.38 23.40 24.70 23.85 24.70 20.35
Low € 17.80 17.63 18.99 19.48 19.04 17.15 16.71
Close € 29.45 17.80 19.50 20.46 20.28 21.95 17.50
Earnings per share– applying IAS € 4.02 3.41 2.15 1.48 — — —– applying HGB (ÖVFA) € — — — 1.31 1.89 1.89 1.67
Dividend per share € 1.30 1.09 1.09 1.02 1.02 0.94 0.94
Dividend yield % 4.4 6.1 5.6 5.0 5.0 4.3 5.4
P/E ratio (close) 7.3 5.2 9.1 13.9 10.7 11.6 10.5
Stock-market capitalization(close) € mn 44.2 26.7 29.2 30.7 30.5 32.9 26.3
Balance-sheet dataShare capital € mn 80.1 80.1 80.1 73.8 73.8 73.8 73.8
Non-current assets € mn 367.2 383.7 386.2 394.6 364.0 366.8 330.9
Equity € mn 414.2 381.0 354.8 312.5 305.8 295.7 290.3
Balance-sheet total € mn 868.6 854.7 857.7 849.2 718.9 715.2 666.3
Key data
20012002Annual Report
of AGRANA Beteiligungs-Aktiengesellschaft
for the financial year from
1 March 2001 through 28 February 2002
“CATIONAMYL”
(cationic starch) for the paper industry.Our CATIONAMYL starches can be potato- or maize-based and are hot- or cold-water
soluble. They act as filler and fibre retainers and increase paper strength.( )
30102
Highlights during the financial year
AGRANA Beteiligungs-Aktiengesellschaft
● Consolidated revenues grow by 11 per cent
to € 843 million.
● Operating profit increases by 14 per cent,
and profit for the year grows by 18 per cent.
● We enlarge the maize starch factory in Aschach.
● The Austrian Starch and Sugar Divisions
record improved results, and earnings from
foreign interests grow.
● The EU sugar-market regime is extended
to 2006.
● AGRANA purchases the S.C. A.G.F.D. Tandarei S.A.
starch factory in Romania.
● The AGRANA share gains 65 per cent to
€ 29.45 during the 2001/02 financial year
(and continues to rise to stand at € 31.80
on 10 May 2002).
Showing you the STARCH in us:
The pictures in our recent annual reports mainly portrayed the sweeter side of the AGRANA Group.
This time, we want to show you the STARCH in us. AGRANA supplies a wide range of starch products
made from both potatoes and maize. They have a variety of uses in the Food sector (food and
beverage industries, organic products, GM-free products) and the Non-Food sector (paper and paper-
converting and corrugated cardboard industries, textile industry, construction chemicals industry
and pharmaceutical and cosmetics industries). We encounter starches every day of our lives.
To find out more about AGRANA’s contribution to a richer world of starch, visit our website at
www.agrana.com.
40102
Preface by the Chairmanof the Board of Management
Dear Sir or Madam,
The AGRANA Group recorded its highest revenues and profits to date in the 2001/02
financial year.
Revenues grew by 11 per cent to € 842.8 million (previous year: € 760.2 million).
The Austrian members of the Group generated two thirds of the increase of € 82.6 mil-
lion, and one third was accounted for by the members of AGRANA International.
Within AGRANA Zucker und Stärke AG, the Sugar Division’s revenues grew by 6.7 per
cent and the Starch Division expanded by 12.7 per cent. The Starch Division’s
growth was above all due to the increase in capacities at our maize starch factory
from mid-2001.
AGRANA’s operating profit grew even more rapidly than revenues, increasing by
14 per cent, and consolidated profit for the year advanced by 18 per cent.
Operating profit of € 76 million (previous year: € 67 million) increased our EBIT
margin to 9.0 per cent (previous year: 8.8 per cent). Consolidated profit for the year
came to € 44.3 million, as against € 37.6 million in 2000/01.
AGRANA Beteiligungs-Aktiengesellschaft
Johann Marihart
50102
AGRANA Beteiligungs-Aktiengesellschaft
The development of profits was the fruit both of numerous long-term strategic initia-
tives and short-term measures undertaken to cope with an increasingly difficult
economic environment.
The business environmentWe are pleased to report that the EU sugar-market regime has been extended by five
years to 2006, albeit it with reduced quotas and without the storage refund system.
The strong US dollar and a fall of 2 million metric tons in the European Union’s
white sugar harvest, which totalled 15 million metric tons, have stabilized export
prices. However, a record sugarcane harvest in Brazil in 2002 has led to a drop in
the world market price of sugar, and there are signs that the US dollar will weaken.
The Western Balkans Agreement and the EBA initiative have already resulted in
tariff-free imports to the EU, and they are increasing.
However, accession negotiations between the EU and countries in Central and
Eastern Europe are nearing completion, and they will have a sustained beneficial
impact on our subsidiaries.
Walter Grausam Klaus Korn
60102
AGRANA InternationalThe closure of the Acs sugar factory in Hungary during 2001 was the latest major
rationalization by Magyar Cukor. Results were very good both in Hungary and in
the Czech Republic and Slovakia. Having launched Koronas Cukor in Hungary and
Korunni Cukr in the Czech Republic, we also launched Korunny Cukor in Slovakia in
December 2001.
The sugar market in Romania is still plagued by profound structural problems caused
by the inadequacy of safeguard measures for the beet-growing sector. Our sub-
sidiaries are also affected by those problems. We also launched a branded product
in Romania, called Margaritar Zahar, during the year under review. We are imple-
menting a policy of geographical specialization in our refining and beet processing
operations. Our starch manufacturing operations gained a new geographical focus
in Tandarei when we acquired the S.C. A.G.F.D. Tandarei S.A. maize starch factory.
The sugar and isoglucose quotas offered to the Czech Republic, Hungary and Slovakia
by the European Union are close to our expectations, and as a basis for negotiation,
they have created a good medium-term outlook for the Eastern European strategy
we launched in 1990.
AustriaOur activities in Austria account for 68 per cent of revenues and 59 per cent of
operating profit.
We are placed third in the structural ranking of the European Union’s 14 sugar pro-
ducing countries, processing 12,000 metric tons of beet a day in each of our three
sugar factories and manufacturing 140,000 metric tons of sugar per factory and year.
We are placed at least as well when it comes to the efficiency of our usage of energy
and process materials. Our sugar factories have already achieved a 22 per cent cut
in CO2 emissions since 1990, far surpassing the standards agreed at Kyoto for the
year 2010 (cut of 13 per cent).
The increase in the maize starch capacities of our Austrian Starch Division went
smoothly on-line in mid-2001. The doubling of our starch revenues to € 130 mil-
lion since Austria joined the EU has been the fruit of making risk investments that
were perfectly matched to opportunities in the marketplace.
In the next few years, we plan to spend another € 60 million on enlarging process-
ing capacities to 1,000 metric tons of maize a day and implementing new refining
AGRANA Beteiligungs-Aktiengesellschaft
70102
AGRANA Beteiligungs-Aktiengesellschaft
technologies such as saccharification, drum drying and extrusion at Gmünd and
Aschach. We have been encouraged in our ambitious plans by the development of
AGRANA’s results in recent years. Moreover, we have been able to create numerous
new skilled industrial jobs in the Starch Division.
OutlookWe are entering the new financial year in a spirit of optimism. The prospect of an
enlarged European Union and the results of the WTO negotiations against the back-
ground of the clash of interests between EU and US agricultural policies will be the
most important factors influencing our operating environment.
We want to go on growing in both qualitative and quantitative terms, whether by
giving greater depth to our refining operations—for instance by extracting betaine
from molasses—or by continuing to invest in the starch sector. And we will be
keeping an eye on possible acquisitions in the Balkans as well as continuing system-
atically to rationalize through the concentration and specialization of our manu-
facturing facilities.
Our healthy profits and positive outlook for the current financial year are also re-
flected in our dividend proposal, which we are increasing to € 1.30 per share (previ-
ous year: € 1.09).
To remain listed in the Prime Market segment on the Vienna stock exchange, we
must decide to convert our preference shares into ordinary shares by not later than
31 December 2002.
I would like to end by thanking all those who do business with us, our shareholders
and the supervisory bodies for the trust they have placed in our company and in
its management. In addition, I would like to express my thanks to all our staff,
whose dedication, skills and zeal have helped us to achieve our goals and our good
results under challenging market conditions. That same dedication, motivation and
zeal will remain crucial to the achievement of our corporate goals in the future.
Yours faithfully,
Johann MARIHART
80102
The company’s boards and officers
Supervisory Board
Christian KONRAD, ViennaChairman
Rudolf MÜLLER, OchsenfurtVice-Chairman
Ferdinand GASSAUER-FLEISSNER,
ViennaVice-Chairman
Hans-Jörg GEBHARD, Eppingen
Erwin HAMESEDER, Mühldorf
Christoph KIRSCH,
Weinheim/Bergstrasse
Richard SCHWAIGER, Aiterhofen
Martin WEISS, Lassee
Staff Council delegates:
Ernst HERZIG, Breitenfurt
Harald TOTH, Leopoldsdorf
Peter VYMYSLICKY, Leopoldsdorf
Erich WEISSENBÖCK, Gmünd
Board of Management
Johann MARIHART,
LimbergChairman
Walter GRAUSAM,
Vienna
Klaus KORN,
Ochsenfurt
AGRANA Beteiligungs-Aktiengesellschaft
90102
AGRANA Beteiligungs-Aktiengesellschaft
INSTANTINA Ges.m.b.H. (Austria)
AGRANAZucker und Stärke AG
AGRANAInternationale
Verwaltungs- und Asset-Management AG & Co KG
AGRANAMarketing- undVertriebsservice
Ges.m.b.H.
Zuckerforschung Tulln Ges.m.b.H. (Austria)
Hottlet Sugar Trading N.V. (Belgium)
Portion Pack Europe Holding B.V. (Netherlands)
Österr. Rübensamenzucht Ges.m.b.H. (Austria)
ÖSAT Beteiligungsges.m.b.H. (Austria)
S.C. AGRANA Romania Holding and Trading Comp. s.r.l. (Romania)
S.C. Zaharul S.A. Buzau (Romania)
S.C. Danubiana Roman S.A. (Romania)
S.C. BETA-Tandarei S.A. (Romania)
S.C. A.G.F.D. Tandarei S.A. (Romania)
Magyar Cukor Rt. (Hungary)
Hungrana Kft. (Hungary)
Moravskoslezské Cukrovary a.s. (Czech Republic)
Slovenské Cukrovary a.s. (Slovakia)
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M a n a g e m e n t a n d C o o r d i n a t i o n
AGRANA Beteiligungs-Aktiengesellschaft
The structure of the AGRANA Group
“SOLAMYL”
(hot-water soluble potato starch) is used as a sizing agent for threads
made of cotton, wool, linen or synthetic fibres.( )
110102
AGRANA Beteiligungs-Aktiengesellschaft
The AGRANA share
The AGRANA share stood at € 17.80 at
the beginning of the 2001/02 financial
year. It reached a high of € 31.75 on
1 and 4 February 2002 and a low of
€ 17.80 at the beginning of the financial
year on 1 March 2001. It stood at € 29.45
at the close of the financial year on
28 February 2002, giving a full-year gain
of 65.5 per cent. Subsequently, the
AGRANA share was trading at € 31.80 on
10 May 2002. The company’s market
capitalization totalled € 44,200 thousand
at the end of the financial year.
Over the same period, the Austrian Traded
Index (ATX) advanced by 1.25 per cent
from 1,196.92 points (1 March 2001) to
1,211.88 points. It stood at 1,341.59
points on 10 May 2002.
Since 1 January 2002, the AGRANA share
has been traded in the Prime Market seg-
ment on the Vienna stock exchange (sub-
ject to the conversion of its preference
shares to ordinary shares by not later
than 31 December 2002. To be a part
of that segment, issuers must observe
stricter standards of transparency, qual-
ity and disclosure than those laid down
in the provisions of the Austrian Börse-
gesetz (stock exchange act). AGRANA
satisfies all the criteria but the require-
1 March ’01 28 Feb ’02 10 May ’02
€ 35
€ 30
€ 25
€ 20
€ 15
€ 10
Events, publications & dividends calendar for 2002/03 (provisional)Publication of results for the 2001/02 financial year 13 June 2002
General Meeting of Shareholders 12 July 2002
Dividend ex-day and dividend pay-day 16 July 2002
Publication of results for Q1 2002/03 17 July 2002
Publication of results for H1 2002/03 11 October 2002
Gewinn Fair 17– 20 October 2002
Publication of results for Q1 – Q3 2002/03 16 January 2003
The development of the AGRANA share and the ATX index
ment regarding share type (i.e.only ordi-
nary shares qualify for trading in this
quality segment). Consequently, nego-
tiations are currently underway with
our ordinary shareholders regarding
the conversion of our preference shares
into ordinary shares by not later than
31 December 2002.
Besides being listed in the Prime Market
segment on the Vienna stock exchange,
the AGRANA share is also traded in the
Präsenshandel segment on the Frankfurt
stock exchange and has been listed on
the Stuttgart stock exchange since the
spring of 2002.
Disclosures and informationAGRANA had a stand at the Gewinn Fair
in Vienna in October 2001. In addition,
we provided information about the
Group’s business development on a reg-
ular up-to-the-minute basis in numer-
ous press releases, at a press conference
held to present the Annual Financial
Statements in June 2001, and during
one-to-one meetings with the media.
Outpayment to shareholdersThe Board of Management and the Super-
visory Board will be recommending that
the General Meeting of Shareholders on
12 July 2002 approve an increased divi-
dend payout to shareholders of € 1.30 per
share, as against € 1.09 last year.
ATX
AGRANA
120102
130102
Consolidated GroupReport
20012002
140102
Economic conditions AGRANA Beteiligungs-AG
Conditions in generalThe fourth WTO Miniterial took place in Doha from 9 to 14 November 2001. It
agreed the agenda for a new round of negotiations. In the agricultural sector, it was
decided to conduct negotiations with the following goals: substantial improve-
ments in access to the market, reductions in all forms of export subsidies with the
goal of their complete abolition (but without assuming any particular negotiating
result) and substantial reductions in trade-distorting measures. The EU negotiators
have rated the agreement for the agricultural sector as a success in that it only spec-
ifies that there should be negotiations about the agricultural sector but does not
define a timeline or detail results. Among other things, the timetable for the future
stipulates that the obligations of every WTO member are to be defined by the end
of 2003 with the goal of implementing actual measures from mid-2006.
Council Regulation No. 2563/2000 issued by the Council of Europe on 20 Novem-
ber 2000 extended the Western Balkans Agreement (Council Regulation No. 2007/
2000)—which gives agricultural products from the Western Balkans (Albania, Croa-
tia, Bosnia and Herzegovina, Kosovo) unhindered access to the Single Market with
the exception of fishery products, baby-beef and wine—to include Macedonia and
Yugoslavia. The agreement will expire on 31 December 2005. The Commission
will be able to take action within the scope of a safeguard clause if imports of agri-
cultural products or fishery products cause serious problems in the European market-
place.
On 26 February 2001, the EU foreign ministers approved Council Regulation No.
2820/98, which gives the world’s 48 least developed countries (LDCs) tariff-free
access to the European Single Market for “everything but arms” (EBA). Transitional
measures lasting up to and including 2009 have been laid down for sugar, rice and
bananas, which have been classified as sensitive products. The import quota for
sugar has been set at 74,000 metric tons per annum (increasing by 15 per cent annu-
ally). Customs duties for the 48 countries concerned will gradually be reduced from
2006, culminating in complete deregulation as of 2009.
Economic conditions
150102
Economic conditions AGRANA Beteiligungs-AG
The world sugar marketWorld sugar production from sugar beet and sugar cane during the 2001/02 sugar
marketing year (SMY), running from September to August, came to an estimated
136 million metric tons (raw value), as against approximately 131 million metric
tons the year before. Global consumption (raw value) is expected to increase slightly
to 132.2 million metric tons (previous year: 130.1 million metric tons) in the
2001/02 SMY. Allowing for global imports and exports, stocks ended the year at
about 63 million metric tons (previous year: 61.7 million metric tons), or 47.8 per
cent of consumption (previous year: 47.4 per cent).
During the 2001/02 financial year, the average world market price of white sugar
(as quoted in London) rose from US$ 235 (February 2001) to a monthly average high
of US$ 279 in June 2001 and then stood at US$ 238 in February 2002. Meanwhile
the middle rate of exchange of the US dollar rose from € 1.07 on 1 March 2001 to
€ 1.14 on 28 February 2002.
The sugar market in Austria and the rest of EuropeAreas under beet in the European Union fell from 1.821 million hectares in 2000
to 1.803 million hectares in 2001, and sugar production from beet within the EU
fell from 18.2 million metric tons to 15.8 million metric tons. Export availability,
inclusive of C sugar, fell from 6 million metric tons in 2000 to 3.7 million metric
tons in the year under review.
On 22 May 2001, the EU agricultural ministers agreed to extend the sugar-market
regime. The members of the European Union unanimously accepted a compromise
proposed during the Swedish Presidency, under which the sugar-market regime has
been extended by five years to 30 June 2006 subject to revision at the beginning
of 2003. The EU Commission won acceptance for its proposal that the storage re-
fund system should be abolished and that a permanent cut in quotas of 115,000
metric tons should be carried out. The reduction in sugar quotas to 14.483 million
metric tons carried out in the course of the reform of the sugar-market regime
160102
translated into a 0.75 per cent cut from the previous total of 14.592 million metric
tons. The Austrian quota fell from 390,410 metric tons to 387,326 metric tons
(314,029 metric tons of A sugar and 73,297 metric tons of B sugar) as a result.
An intertrade agreement for beet growing from 2002 through 2005 was concluded
with Austria’s beet farmers in September 2001.
In November 2001, a decision was reached regarding exports by overseas countries
and territories into the European Union. It provides for an annual quota of 28,000
metric tons of tariff-free imports of sugar and sugared products to the EU in the
period from 2001 to 2007. That quota is then to be cut by 7,000 metric tons a year
from 2008 to 2010. The tariff-free quota will be abolished altogether as of 1 January
2011. Within that quota, sugar and sugared products are exempted from tariffs.
The starch market in Austria and the rest of Europe
Potatoes
AGRANA has reduced the organizational levy payable by farmers during the 2002
harvest year by another € 0.75 to € 1.45 per metric ton.
Because balancing payments will be unchanged despite the reduction in the organi-
zational levy, the price paid for potatoes during the 2002 harvest year will be slight-
ly up on 2001 at € 23.42 per metric ton.
Maize
Maize deliveries in 2001 totalled approximately 241,000 metric tons. We processed
some 47,000 metric tons of wet maize between 17 September and 20 November
2001.
The European Union’s eastward enlargementThe Commission’s negotiating proposals in preparation for enlargement are based
on the assumption that up to 10 new member-states will be admitted from 2004.
In the agricultural sector, the proposals provide for the introduction of direct pay-
ments to farmers (starting with 25 per cent of the premium rates currently paid in
the EU) followed by gradual adjustments within a transitional period of 10 years
(2004–2013) in addition to the laying down of production quotas for sugar, isoglu-
cose and potato starch.
Economic conditions AGRANA Beteiligungs-AG
170102
Economic conditions AGRANA Beteiligungs-AG
The table below shows the sugar, isoglucose and potato starch quotas applied for
by the Central and Eastern European countries and the counterproposals made by
the European Commission:
The sugar production quotas proposed by the Commission would result in white
sugar production of 2.9 million metric tons in the year after the accessions of the
new members. Poland would have the largest quota of 1.67 million metric tons
within that total.
During the second round of liberalization of agricultural trade with Central and
Eastern Europe, the EU Commission also plans to bring sensitive products such as
cereals, dairy products and beef into the process on the basis of a “double-zero”
approach. The double-zero approach involves bilateral liberalization within the
scope of which the tariff-free movement of products is allowed within the limits of
a quota, but no export refunds are paid for them. The import quotas for sensitive
products have been set at 2 per cent of domestic consumption subject to an annual
increase to enhance trade volumes. Sugar and rice are to remain excluded from the
negotiations.
Sugar quotas Isoglucose quotas Potato starch quotas
Commis- Commis-Metric tons Requested Commission proposal Requested sion Requested sion
Total A sugar B sugar proposal proposal
Czech Rep. 505,000 445,237 441,409 3,828 None — 45,000 16,967
Hungary 480,000 380,021 378,791 1,230 140,000 111,244 None —
Slovakia 235,000 208,736 189,760 18,976 60,000 3,220 None —
Estonia 75,000 — — — None — 10,000 250
Latvia 110,000 52,482 47,711 4,771 None — 15,000 3,447
Lithuania 165,000 96,241 96,241 — None — 8,500 700
Malta None — — — None — None —
Poland 1,866,000 1,665,017 1,590,533 74,484 20,000 2,493 260,000 90,546
Slovenia 75,000 52,977 48,161 4,816 None — 2,800 —
Cyprus None — — — None — None —
180102
Financial condition and profit position AGRANA Beteiligungs-AG
Financial condition and profit position
Reporting in accordance with IAS
The Consolidated Financial Statements for the 2001/02 financial year were drawn
up in accordance with the International Accounting Standards (IAS).
We have reported in euros (€), thousands of euros and millions of euros.
Profit positionConsolidated revenues grew by 10.9 per cent to € 842.8 million (previous year:
€ 760.2 million). The increase was due to rising revenues recorded by both the
Austrian Sugar and Starch Divisions and the Group’s foreign subsidiaries and to
changes in the Consolidated Group. The new additions to the Consolidated Group
were RUMA Handelsgesellschaft m.b.H., Hagenbrunn, Austria, and Romanian starch
factory S.C. A.G.F.D. Tandarei S.A. The scope of the Consolidated Group was reduced
by the liquidation of Kaposvari Cukor Menedzsment Kft., Budapest. The merger of two
Slovakian companies—Cukrovar Nova a.s., Sered, and Gemercukor a.s., Rimavská Sobota
—resulted in the addition of Slovenské Cukrovary a.s., Rimavská Sobota, Slovakia, to
the Consolidated Group. The two merged companies were excluded.
Sixty-nine per cent of the increase in revenues of € 82.6 million was generated by
the Austrian Group-members, including above all the Sugar Division (6.7 per cent
growth in revenues), the Starch Divisions (12.7 per cent growth in revenues) and
trading activities. Central and Eastern Europe accounted for 32 per cent of aggregate
revenues.
Operating profit advanced by 13.9 per cent from € 66.7 million to € 76.0 million,
and profit for the year advanced by 17.8 per cent. Central and Eastern Europe
accounted for 41.4 per cent of consolidated operating profit.
Breakdown of operating resultin 2001/02 [2000/01]
Central andEastern Europe
41.4% [48.0%]
Austria58.6% [52.0%]
190102
Financial condition and profit position AGRANA Beteiligungs-AG
Revenues by country in 2001/02[2000/01]
Slovakia 3% [3%]Romania6% [8%]
Czech Republic6% [6%]
Hungary17% [15%]
Austria68% [68%]
Revenues by region in 2001/02[2000/01]
Other foreign 2% [2%]
Central andEastern Europe
35% [33%]
Other EU6% [7%]
Germany10% [8%]
Austria47% [50%]
’01/’02 ’00/’01 ’00/’01’01/’02
Non-current assets
Current assets
Deferred items
Equity
Provisions
Payables
Deferred items
Minorities
of which liquidity
Development of the Balance Sheet (€ mn)
367.2
[97.1]
500.7
0.7
146.8
314.9
3.0
9.0
Assets Equity and liabilities
383.7
[103.3]
470.2
0.8
167.6
272.5
5.5
8.8
854.7
868.6
414.2 381.0
854.7
868.6
200102
tomer services on behalf of the entire
Sugar Division. We will be reporting on
those activities in the section of this
report dealing with AGRANA Marketing-
und Vertriebsservice Ges.m.b.H., commenc-
ing page 24.
InvestmentsInvestments in the three sugar factories
in Austria totalled € 5.9 million during
2001. The primary focuses were beet
deliveries, limekilns, juice purification,
white sugar centrifuges, process control
systems and crystallization. In addition
to increasing capacities, our investments
also led to further cuts in energy costs
and reductions in our consumption of
process materials and supplies.
Since 1990, the Sugar Division’s aggre-
gate energy consumption in relation to
quantities of beet processed has gone
down by more than 27 per cent, and
specific CO2 emissions have fallen by
more than 30 per cent over the same
period. As a result, Austria’s sugar indus-
try has not only made an important
contribution to reducing burdens on the
environment. It has also gone much
further than the target agreed in Kyoto,
which is to reduce nationwide CO2 emis-
sions by 13 per cent between 1990 and
2010.
with an average sugar content of 16.77
per cent (previous year: 17.15 per cent)
were processed into 423,400 metric tons
of sugar (previous year: 411,200 metric
tons). That was 109.3 per cent of our
maximum EU production quota of
387,326 metric tons.
The bigger beet crop lengthened the
campaign to 77 days, although that was
only slightly longer than the previous
year’s 74-day campaign because our three
sugar factories stepped up their daily
throughput by another 457 metric tons
to 36,012 metric tons. That was mainly
possible because of a nearly glitch-free
campaign, the beet’s lower sugar con-
tent and a raft of detailed optimizations.
AGRANA is in the top third of the Euro-
pean rankings of factory sizes. In terms
of average daily processing throughput
per sugar factory, Austria ranks third
behind the Netherlands and Sweden and
ahead of France with throughput of
12,000 metric tons a day.
Earth adhering to the beet was virtual-
ly unchanged at 9.0 per cent (previous
year: 8.8 per cent).
MarketsAGRANA Marketing- und Vertriebsservice
Ges.m.b.H. (AMV) has responsibility for
product development, marketing, brand
cultivation, sales, distribution and cus-
SUGAR DIVISION
Course of businessThe division’s business development
during the financial year under review
was dominated by increases in the quan-
tity and value of sales of quota sugar,
which increased to 381,000 metric tons
(previous year: 359,000 metric tons).
Sugar sales totalled 444,000 metric tons
during the 2001/02 financial year (pre-
vious financial year: 464,900 metric
tons). Sugar revenues for the purposes
of IAS came to € 333.4 million (previous
year: € 312.4 million).
ProductionAGRANA concluded beet-growing con-
tracts with 10,300 Austrian farmers for
an area of 44,700 hectares (previous year:
43,000 hectares) for the 2001 campaign.
The per-hectare beet yield of 62 metric
tons (previous year: 61.5 metric tons)
was in line with long-term averages.
Growing conditions were ideal until the
end of July, but a dry August slowed the
beet’s rapid development somewhat.
Nonetheless, ample precipitation in Sep-
tember boosted the crop’s development
substantially towards the end of the
growing period. During the 2001 beet
campaign, 2,773,478 metric tons of beet
(previous year: 2,633,532 metric tons)
AGRANA Zucker und StärkeAktiengesellschaft
Report on the Group’s principal subsidiaries AGRANA Beteiligungs-AG
“MAISITA” (native maize starch)is used by food processors as an
ingredient in dessert powders, cakes, pastries and crèmes.( )
220102
’98/’99
Total revenues (€ mn)
’99/’00 ’00/’01
54%
99.3
Total revenues
Export ratio
’01/’02
114.6
56%
107.1
58%
Report on the Group’s principal subsidiaries AGRANA Beteiligungs-AG
ucts were 9 per cent up on the year. The
enlargement of maize processing capac-
ities at Aschach led to a disproportion-
ately large increase in sales of by-prod-
ucts, which rose by 22 per cent.
NON-FOOD—Technical StarchesThe NON-FOOD—Technical Starches seg-
ment still accounted for 22 per cent of
total starch sales, notwithstanding a
partial shift in the pattern of sales of
technical starches in favour of sales to
the food and beverage industries.
Domestic sales by volume to the paper
industry during the 2001/02 financial
year were up 46 per cent, and total sales
inclusive of exports increased by 25 per
cent. Because of the increase in the pro-
portion of native starch, sales by value
in that segment did not grow as rapidly.
Total sales to the corrugated cardboard
toes had a starch content of 17.4 per cent
(previous year: 17.9 per cent). We con-
cluded contracts with 2,021 farmers for
213,500 metric tons of starch potatoes
for the 2002 harvest year (previous year:
222,800 metric tons).
Four hundred and forty-four growers
delivered a total of 16,500 metric tons
(previous year: 17,150 metric tons) of
potatoes for the food industry and
organic potatoes for making long-life
potato products (e.g.mashed potato) and
organic foods. We concluded contracts
for 17,800 metric tons of potatoes for
the food industry and organic potatoes
for the 2002 harvest year (previous year:
15,300 metric tons).
The Aschach maize starch factory pro-
cessed 240,000 metric tons of maize dur-
ing the 2001/02 financial year (previous
year: 212,000 metric tons). The increase
in processed volumes was due to the
successful increase in capacities at our
maize starch factory in mid-2001.
Following good harvests from 1998 to
2001, areas under maize are likely to
fall slightly in 2002. However, if yields
are good, our raw materials basis should
remain assured.
Our MarketsDespite the economy’s poor develop-
ment, sales of starch and starch prod-
STARCH DIVISION
Course of businessThe division’s performance continued
to improve during the 2001/02 financial
year. Sales revenues again increased,
growing by another 12.7 per cent to
€ 129.1 million (previous year: € 114.6
million). That was above all achieved
by upgrading the product-mix in the
direction of higher-quality products that
attract better prices and increasing basic
production volumes by enlarging capac-
ities in Aschach. Operating profit in the
2001/02 financial year underwent a sus-
tainable improvement that was largely
attributable to increased capacities at
the Aschach maize starch factory, cost
optimizations and the opening up of
new markets and market niches.
ProductionAGRANA accepted delivery of a total of
213,000 metric tons (previous year:
228,600 metric tons) of starch potatoes
from 2,272 farmers (previous year: 2,345
farmers) for processing during the 2001
campaign, which lasted 123 days. Potato
starch production came to slightly less
than our EU quota of 47,691 metric tons.
We increased daily processing through-
put to 1,742 metric tons (previous year:
1,720 metric tons) of potatoes. The pota-
58%
129.1
230102
Report on the Group’s principal subsidiaries AGRANA Beteiligungs-AG
ucts such as fruit preparations, confec-
tionery, baby foods, cakes and pastries,
delicatessen products, and many more.
In addition, AGRANA also makes house-
hold products such as mashed potato
and dumpling mixes for major European
manufacturers of branded products.
More than 90 per cent of those organic
ingredients were exported. Our biggest
markets are the European Union, Switzer-
land, North America, Southeast Asia and
Oceania.
The Gmünd and Aschach factories are
certified organic producers within the
meaning of the current amendment of
EU Council Regulation 2092/91.
In recent years, both sales and revenues
in the organic segment have been grow-
ing by about 50 per cent a year.
GM-free maize starch productsAGRANA has been manufacturing certi-
fied GM-free maize-based and waxy
maize-based food ingredients since 1998.
Certification encompasses the entire
production process, from the selection
of seed, planting and harvesting to pro-
cessing at Aschach and Gmünd. Certi-
fication is carried out in accordance
with the Austrian Codex, Germany’s Ver-
ordnung zur Änderung der Neuartige Lebens-
mittel- und Lebensmittelzutaten-Verordnung
and the Swiss Lebensmittelverordnung.
industry grew by about 9 per cent, and
prices in that segment also rose.
Sales to the textile industry were again
more than 10 per cent up on the year
in both volume and value terms.
Sales to the construction industry grew
by 17 per cent, and revenues in that area
increased disproportionately rapidly,
advancing by 25 per cent, thanks to fur-
ther shifts into higher-priced lines.
FOOD—starches for the foodand beverage industriesFOOD is the Starch Division’s largest
segment. Sales by volume increased by
6.5 per cent on the year.
Capacities in the long-life potato prod-
ucts sub-segment were thoroughly uti-
lized through the production of both
conventional mashed potato flakes and
organic flakes. Volumes increased by
more than 4 per cent.
Organic productsFor more than 10 years, AGRANA has been
processing organically grown potato and
maize into organic potato and maize
starches, organic saccharification prod-
ucts and organic potato products (potato
flakes and dried potatoes) at the Gmünd
and Aschach factories. Those products
are sold throughout the food and bever-
age industries for use above all in prod-
The product line includes native starch-
es, pregelatinized starches, malto-
dextrine and dried glucose syrups for
use in blancmanges, soups and sauces,
dairy foods for infants and baby food
in jars, spice mixtures, and fruit and
vegetable powders.
AGRANA is one of Europe’s biggest B2B
supplier of both organic and GM-free
products.
GROUP INTERESTS
We will report on the interests held by
AGRANA Zucker und Stärke AG in Central
and Eastern Europe—whose manage-
ments and coordination are the respon-
sibility of AGRANA Internationale Verwal-
tungs- und Asset-Management AG & Co KG
—from page 29.
240102
AGRANA Marketing- und Vertriebsservice Ges.m.b.H. (AMV) sells AGRANA’s products to
the food trade (branded products) and the food and beverage and animal feed
industries as well as being responsible for marketing the entire product line of
AGRANA Zucker und Stärke AG. AMV also has responsibility for brand management
and the distribution and sale of products made by Erste Wiener Walzmühle Vonwiller
Ges.m.b.H. and FARINA Mühlen Ges.m.b.H., in addition to which it handles sales of
the catering products of Hellma Lebensmittel-Verpackungs-Ges.m.b.H. (a part of Por-
tion Pack Europe).
AGRANA Marketing- undVertriebsservice Ges.m.b.H.
Course of businessAMV recorded revenues of € 456 million
during the 2001/02 financial year (pre-
vious year: € 414 million).
Successful branded productsWiener ZuckerThe emphases of our marketing cam-
paign during the 2001/02 financial year
were “Baking” before Easter and Christ-
mas, “Mother’s Day”, “Preserving” and
“Sweetening” with brown sugar varie-
ties. We brought our Wiener Dessertbuch
(Viennese deserts book) onto the mar-
ket in April 2002. Like our Viennese
baking book and Viennese preserving
book, it was very well received by cus-
tomers.
In the packaging field, we completely
relaunched Wiener granulated sugar in
jars and Wiener sugar candy (white and
brown).
Wiener Zucker is AGRANA’s biggest-sell-
ing flagship brand in the domestic food
market. Household sugar sales during
the financial year under review totalled
70,000 metric tons, which was slightly
up on the previous year’s figure of 69,400
metric tons. Above all, good fruit har-
Report on the Group’s principal subsidiaries AGRANA Beteiligungs-AG
’99/’00
Total sugar sales(metric tons)
’00/’01 ’01/’02
464,9
00
498,3
00
444,0
00
250102
Those marketing activities focused main-
ly on the printed media.
We launched “Fini’s Feinstes batter
secret—the delicious crispy crust” as an
innovative product for the convenience-
orientated consumer.
Sugar for the foodand beverage industriesHaving consolidated and stabilized, the
Austrian food and beverage industries
continued to strengthen their positions
in Central and Eastern Europe. Austrian
members of the fruit preparations and
soft drinks industries developed particu-
larly well both within the EU and in the
world market.
Sales to the Austrian food and beverage
sector grew from 216,800 metric tons
in 2000/01 to 220,400 metric tons in
the financial year under review.
vests increased sales of preserving sugar
by 11.5 per cent. Sales of special sugar
varieties increased by 8.3 per cent.
Fini’s Feinstes,Küchenperle, FarinaDuring the year under review, market-
ing of our Fini’s Feinstes, Küchenperle and
Farina flour products continued to centre
on the systematic cultivation of those
brands in the consumer segment. We
positioned them as follows:
● Fini’s Feinstes—Austria’s leading
national flour brand;
● Küchenperle—a “traditional”
regional brand in Upper Austria;
● Farina—a supra-regional flour
brand for the provinces of Styria,
Carinthia, Vienna, Lower Austria
and Burgenland.
Sales by volume to manufacturers of
soft drinks increased by 4.6 per cent,
but the closure of an Austrian factory by
a multinational customer dented sales
to the confectionery industry, and the
decline could not be wholly offset by
the success of our other customers in
the confectionery industry. Sales of sugar
to other sections of the food industry
(fruit preparations, etc.) rose by nearly
3 per cent.
Volumes of sugar substitution by
imported sweetened fruit-juice concen-
trates, which attract lower customs
duties, remained very high.
Report on the Group’s principal subsidiaries AGRANA Beteiligungs-AG
’99/’00
C sugar exports(metric tons)
’00/’01 ’01/’02’99/’00
Quota sugar exports(metric tons)
’00/’01 ’01/’02’99/’00
of whichDomestic sugar sales(metric tons)
’00/’01 ’01/’02
349,4
00
61,9
00
87,
000
340,5
00
105,1
00
325,9
00
56,1
50
19,3
00 61,9
50
“ANM” (sterilizable starch)is used by the cosmetics industry
to make baby, body and foot powders, rouges, eye shadows
and compact powders.( )
270102
There is currently a shortage of beet
molasses in the European marketplace,
keeping prices high.
Volumes and prices of both maize con-
centrates and maize gluten were also
higher than in 2000/01.
Thanks to the growing needs of manu-
facturers of organic products, demand
for potato protein was brisk. Both quan-
tities and prices were up on the year.
Sales of third-party productsSales of merchandise purchased from
other manufacturers came to 465,000
metric tons. This line includes protein
feed, bee food, fondant and invert sugar
syrup.
Sugar for the fermentation,chemical and other industriesThe abolition of the storage levy, tak-
ing it out of calculations of production
refunds (€ 20 per metric ton) made
sugar slightly less attractive to the fer-
mentation industry than starch hydro-
lysate. Nonetheless, we were able to
sell 11,000 metric tons (previous year:
28,000 metric tons) in that segment.
Starches for the foodand beverage industriesSales of starch to the Austrian food and
beverage industries are handled by AMV.
Sales by volume increased by 6.5 per
cent.
By-productsBecause animal feed was in relatively
short supply during 2001/02, dried pulp
sold very well both at home and abroad.
Prices stood at the same relatively nor-
mal levels as the year before.
Report on the Group’s principal subsidiaries AGRANA Beteiligungs-AG
280102
Report on the Group’s principal subsidiaries AGRANA Beteiligungs-AG
AGRANA Internationale Verwaltungs-und Asset-Management AG & Co KG
AGRANA Internationale Verwaltungs- und Asset-Management AG & Co KG manages the
operations of all the foreign subsidiaries of AGRANA Zucker und Stärke AG.
AGRANA aims to expand its core business operations in the sugar and starch seg-
ments by acquiring interests in Central and Eastern Europe, and it plans to become
a major player in the countries neighbouring Austria that will be a part of the
European Union’s eastward enlargement. Within those countries, AGRANA’s pri-
mary focus will be on exploiting opportunities to apply its production and mar-
keting expertise in its principal business segments—sugar and starch—and on
developing those segments to ensure its competitiveness within the European
Union. AGRANA’s plans are based not just on transfers of cutting-edge technology
but also on the application of the Group’s wide-ranging know-how in the manu-
facturing, management, marketing, distribution, sales and raw materials fields.
290102
Prevailing conditions in the Hungarian sugar marketSales in the Hungarian sugar market continued to fall in 2001, dropping to 318,000
metric tons (previous year: 336,000 metric tons). 15,000 metric tons of sugar were
imported and 8,000 metric tons exported. Import duties were increased in 2001
to protect Hungary’s national industries and agricultural sector. Growing quanti-
ties of artificial sweeteners are being used in the manufacture of cheap soft drinks
in Hungary. We intend to combat that trend with the help of a public awareness
campaign.
Negotiations for an intertrade agreement between beet farmers and the sugar
industry were concluded in May 2002.
Sugar and starch in Hungary
Subsidiaries in HungarySales by Hungrana Kft.—a processor of
maize into starch and isoglucose—grew
to Ft 30 billion (€ 116 million) during
the 2001 financial year.
Magyar Cukor Rt. closed the 2001 finan-
cial year with net revenues of Ft 19.8 bil-
lion (€ 77 million), which was nearly
10 per cent more than in 2000. Its three
sugar factories (Acs, Kaposvar and Petö-
haza) processed 977,000 metric tons of
sugar beet into 126,700 metric tons of
white sugar in 2001. The sugar factory
in Acs was closed after the end of the
2001 campaign.
Contracts were concluded with farmers
for 980,000 metric tons of beet in 2002.
Report on the Group’s principal subsidiaries AGRANA Beteiligungs-AG
300102
Sugar in the Czech Republic
Prevailing conditions in the Czech sugar marketThe year under review was dominated by uncertainty as to the conditions that will
prevail in the future. The sugar-market regime introduced in 2000 was abrogated
at the end of February 2001 following a ruling by the constitutional court, and a
new version complying with Czech constitutional law entered into force on 1 August
2001. The new regime provides for a substantially reduced domestic quota of
356,000 metric tons and the imposition of an increased export requirement of
148,000 metric tons on the Czech sugar industry. However, safeguard measures
and the internal monitoring of quotas are both necessary tools for the proper func-
tioning of a market regime along EU lines, and they are still lacking.
The absence of safeguards increased imports into the country, with the result that
the Czech sugar industry only managed to sell 298,000 metric tons of sugar within
the Czech Republic. Thanks to the minimum price—which is decided by the
ministry of finance rather than being directly linked to the sugar-market regime—
sugar prices paid to Czech manufacturers were stable.
Against that background, Moravskoslezské Cukrovary a.s. achieved a market share of
21 per cent in the Czech Republic, selling 62,500 metric tons of white sugar in the
domestic marketplace.
Subsidiaries in the Czech RepublicThe net revenues of Moravskoslezské
Cukrovary a.s. as defined by Czech finan-
cial reporting law increased by 6 per cent
during the 2001 financial/calendar
year to total Kc 1,707 million (€ 50 mil-
lion).
Report on the Group’s principal subsidiaries AGRANA Beteiligungs-AG
The sugar factories in Hrusovany and
Opava processed 636,000 metric tons
of beet into 91,000 metric tons of sugar
during the 2001 campaign.
310102
Report on the Group’s principal subsidiaries AGRANA Beteiligungs-AG
Sugar in Slovakia
Prevailing conditions in the Slovakian sugar marketThe Slovakian sugar market has a total annual volume of roughly 180,000 metric
tons. A dramatic drop in sales to about 123,000 metric tons overshadowed the
market during the 2001 financial/calendar year. It was mainly due to imports from
neighbouring countries, sales of sugar from government reserves (the mandatory
crisis stockpile) and a significant increase of about 50 per cent in quantities pro-
cessed within the scope of an inward processing regime, which totalled some
65,000 metric tons. However, the introduction of safeguards from mid-2001 made
it possible to stabilize the situation. Slovenské Cukrovary a.s. had a market share of
roughly 28 per cent.
The draft of a sugar-market regime along EU lines is still under negotiation.
The sugar factories are currently working intensively on improving their control
of inward processing.
Subsidiaries in SlovakiaAs measured by Slovakian financial re-
porting law, Slovenské Cukrovary a.s.
recorded net sales of Sk 940 million
(nearly € 22 million).
Our two sugar factories in Slovakia,
located in Sered and Rimavská Sobota,
processed 381,700 metric tons of beet
into 50,600 metric tons of sugar during
the 2001 campaign.
320102
Report on the Group’s principal subsidiaries AGRANA Beteiligungs-AG
Sugar in Romania
Prevailing conditions in the Romanian sugar marketRomania’s domestic sugar market had a volume of 456,000 metric tons in 2001
(previous year: roughly 500,000 metric tons). In the absence of effective safeguard
measures, more than 90 per cent of the annual demand for sugar in Romania is
still being met by unrefined sugar imported from Brazil, Cuba and a number of
other countries and refined into white sugar within Romania. In addition, Romania
imported 50,000 metric tons of white sugar in 2001, and the same amount is likely
to be imported in 2002.
On 1 March 2002, a 30 per cent tariff was imposed on imports of unrefined sugar
into Romania, which had previously been exempted from duty.
Subsidiaries in RomaniaOn the applicable balance-sheet date
of 31 December 2001 (effectively 28 Feb-
ruary 2002), AGRANA Zucker und Stärke
AG held the following interests in
Romania:
● S.C. Zaharul S.A. Buzau 82%
● S.C. BETA-Tandarei S.A. 86%
● S.C. Danubiana Roman S.A. 90%
● S.C. A.G.F.D. Tandarei S.A. 100%
The sugar factory in Roman extracted
11,400 metric tons of sugar from 128,800
metric tons of beet during Romania’s
2001 campaign, and the Buzau, Tandarei
and Roman factories made some 131,000
metric tons of white sugar from imported
unrefined sugar during the 2001 finan-
cial year, giving total sugar production
by AGRANA’s Romanian sugar factories
of 142,400 metric tons.
S.C. AGRANA Romania Holding and Trad-
ing Company s.r.l., based in Bucharest,
acts both as the holding company for
the Group’s three sugar factory subsidi-
aries and as AGRANA’s marketing and
sales company in the Romanian market-
place.
Sales by the Buzau sugar factory totalled
ROL 686 billion (€ 26 million), Tandarei
recorded revenues of ROL 396 billion
(€ 15 million), and the Roman sugar
factory’s revenues totalled ROL 540 bil-
lion (€ 21 million) (applying Romanian
accounting standards in each case).
We acquired the S.C. A.G.F.D. Tandarei S.A.
maize starch factory on 21 November
2001.
“AMITROLIT” (starch ether)enhances the adhesiveness of
tile adhesives, fillers and wall mortar.( )
340102
The environment
AGRANA spent roughly € 171 million on
environmental protection in Austria be-
tween 1988 and 2001. That was rough-
ly half of the total investment outlay
of the Group’s sugar and starch divi-
sions. The principal emphases were
energy and water management.
The success of AGRANA’s efforts to pro-
tect the environment is amply illustrat-
ed by the sugar factories’ energy usage.
The processing heat and electrical
energy needed to process the sugar beet
(beet has a water content of about 75 per
cent) is created by combined heat and
power generating plants (steam and gas
turbines). The highly efficient use of
energy resources reduced our consump-
tion of fossil fuels and, consequently,
cut specific emissions. Thanks to our
investment outlay on cutting energy con-
sumption, our specific energy usage has
fallen by over 27 per cent since 1990.
Over the same period, CO2 emissions in
relation to campaign energy consump-
tion have fallen by 30 per cent. The
Austrian sugar industry has therefore
not only played a significant part in
protecting the environment but also
long since gone achieved and surpassed
the goals laid down at Kyoto (namely
to reduce CO2 emissions in Austria by
13 per cent between 1990 and 2010).
Roughly half of the beet delivered to
the sugar factories in Hohenau, Leopolds-
dorf and Tulln arrives by rail, and about
one third of the potatoes processed by
the starch factory in Gmünd are deliv-
ered by rail.
Hygiene is essential when manufactur-
ing foodstuffs. AGRANA Zucker und Stärke
AG applies a HACCP concept (hazard
analysis and critical control points) that
is constantly updated in line with the
latest research.
AGRANA uses natural hop extracts for
disinfecting purposes. The technique
was developed by research subsidiary
Zuckerforschung Tulln Ges.m.b.H. Inter-
The environment AGRANA Beteiligungs-AG
2001
Kyoto goals:Planned emission reductions under the Kyoto protocol on a 1999 basis
2010 2010
AG
RAN
AZu
cker
(13%
)
Aus
tria
EUge
sam
t
(8%
)
(22%
)1
–––––––––1 In relation to total annual
energy consumption
350102
national patents have been awarded.
Natural gas has been AGRANA’s sole
source of primary energy since 1996.
Closed circuits and the biological
sewage clarification systems installed
at all our sugar and starch factories in
Austria have optimized the manage-
ment of water resources. Processing and
treating the earth stuck to the beet when
it arrives at the factory is of great eco-
logical importance. The installation of
so-called soil cassettes with a period of
storage of three year has made it possi-
ble to drain and stabilize the earth and
return it to the field.
Both the sugar factories and the potato
starch factory in Gmünd sell the by-
products of their manufacturing pro-
cesses—so-called Carbokalk and potato
run-off—as high-grade soil enhancers.
We have greatly improved the sound
insulation and filter systems at all our
factories during the past few years to
control noise and dust pollution. Exten-
sive measures were taken to reduce dust,
odour and noise pollution during the
final stage of development at the Aschach
maize starch factory. In addition, a
modern biological filter system for re-
moving organic odoriphores now cleans
exhaust flows from the by-product lines.
We offer beet and potato growers com-
prehensive commercial and ecological
advice. Soil analyses using electro-ultra-
filtration (EUF) enable us to develop pre-
cise fertilization recommendations, in
turn making sure that each plant only
gets exactly what it needs to grow in
addition to the nutrients already avail-
able in the soil without over-fertilizing
the land or dirtying the ground water
below. The gypsum absorber block method
for measuring moisture in the soil near
the root of the plant guarantees that
beet fields are irrigated at exactly the
right time.
The environment AGRANA Beteiligungs-AG
360102
Research and development
Research and development AGRANA Beteiligungs-AG
The research and development pro-
gramme for the entirety of the AGRANA
Group is in the hands of Zuckerforschung
Tulln Ges.m.b.H. and its 46 staff-mem-
bers. The company’s activities cover a
broad range of fields from agriculture
to food technology, chemistry and other
technological disciplines to microbiol-
ogy and biotechnology.
The Sugar DivisionAGRANA’s sugar factories are now also
successfully using pine resin acids in
diffusers in addition to hop extracts to
steer fermentation processes and there-
fore to prevent sugar losses. Patents are
pending for the process.
We have continued to refine a technique
for storing thick juice in tanks under
an alkali top coating. The deterioration
that can be prevented as a result is a
particularly big problem when the tem-
perature is raised or the dry content is
too low.
To continue to cut consumption of pro-
cess materials during sugar extraction,
we have developed special de-foaming
cones that permit the effective mecha-
nical breakdown of lather. This develop-
ment has led to another reduction in
the sugar factories’ usage of anti-foam-
ing agents, helping us remain true to
AGRANA’s technological precepts. In
addition, the system has greatly decreased
costs. It is also being used with success
by the Starch Division.
To systematically reduce lime usage,
Tulln has for a number of years—and
with growing success—been testing a
process to admix milk of lime in pre-
cisely the required quantities. Using
this technique, milk of lime is not added
according to the juices’ alkalinity. In-
stead, the right quantity is calculated
on the basis of filter pressure and volu-
metric measurements. The admixture
algorithm developed for the Tulln fac-
tory permitted trouble-free processing
during the 2001 campaign despite a sub-
stantial reduction in the usage of milk
of lime. The procedure has now reached
a degree of maturity and is suitable for
use by factories with concentrating fil-
ters. During the most recent campaign,
it proved its worth for the first time in a
simplified form at our Kaposvar factory
in Hungary.
The work of the Agricultural Department
at Zuckerforschung Tulln—a certified test-
ing laboratory for seed varieties and crop
protection chemicals under European
standard ÖNORM EN 45001:1990—is sub-
divided into production engineering
trials, advisory services, the dissemina-
370102
500 demonstration plots and numerous
poster exhibits.
We launched a project called BETAEXPERT
which aims to develop an IT-supported
regionally differentiated warning system
for the integrated combating of beet
leaf blight.
The Starch DivisionThe enlargement of our technical facili-
ties increased the efficiency and effective-
ness of Zuckerforschung Tulln Ges.m.b.H.’s
use of its numerous opportunities to
make new products on a pilot scale. The
resulting pilot systems yield important
information about the working proper-
ties of individual potato, waxy maize and
maize variants and allow us to evaluate
the properties and possibilities of starches
made with specific potato varieties.
The success of AGRANA’s development
of starch products for use as additives
in the construction industry has been
the fruit of intensive research and devel-
opment work carried out on a true-to-
practice basis in close collaboration with
companies in the sector. We will con-
tinue to push the use of special starch
ethers to inhibit rebound during tunnel
building. New products are being devel-
oped in a number of areas, including
plaster, mortar, tile adhesion and gyp-
Research and development AGRANA Beteiligungs-AG
sum plaster boards.
The development of new printing thick-
eners for reactive printing added another
textiles segment (dispersion printing)
to the product line.
We continued to extend our services for
the paper and corrugated cardboard
industries during the year under review
by broadening the range of analyses
that can be carried out on-the-spot. The
analytical and applications support pro-
vided to paper manufacturers in connec-
tion with their use of starch products
has become a key area of service to the
paper sector, contributing to AGRANA’s
outstanding reputation in this field.
The systematic examination of ways of
physically modifying maize starches and
waxy maize starches and the application
properties of the resulting products for
the food and beverage industries created
the basis for the development of new
organic starches with enhanced charac-
teristics.
We applied for national and interna-
tional patents for further applications
for our amyl pectin potato starch within
the scope of the Group’s “amylose-free”
potato starch project. A number of new
developments were added to the range
of organic starches for use in foods and
beverages.
tion of information, and the rendering
of support services.
Healthy soil and sustainable soil fertil-
ity are key prerequisites for reliable and
cheap beet production. Special attention
was paid to intermediate crops during
soil processing trials in the year under
review, and analyses were carried out
on the basis of 9,500 soil samples using
electro-ultra-filtration (EUF). Fertilization
recommendations for sugar beet and
potatoes were then prepared from those
analyses.
In all, the Agricultural Department car-
ried out field trials at 34 locations in
Austria’s beet growing region and evalu-
ated some 3,500 trial plots to test the
effectiveness, tolerance and compatibi-
lity of means of production and pro-
cesses. In addition, 5,500 beet samples
were examined for yield and internal
quality.
We continued our BETAEXPO advisory
project. This is a year-round presenta-
tion of products, methods, processes,
ideas and techniques for advanced beet
growing and of the current varieties that
are available for making starch from
maize and potatoes. It is designed to in-
form the producers of our raw materials.
It consists of an exhibition field measur-
ing roughly 6 hectares containing about
The AGRANA Group employed an aver-
age of 4,463 staff during the 2001/02
financial year (previous year: 4,753). The
total was made up of 1,341 employees
in Austria (previous year: 1,316) and
3,122 staff working for foreign Group-
members (previous year: 3,437). That
represented an increase of 25 in the
Austrian Starch Division, but the num-
ber of staff working for foreign Group-
members fell by 315. The Group’s aver-
age total workforce during the year was
290 smaller than in 2000/01.
On our reporting date (28 February
2002), 1,276 people were working for
the Group in Austria (previous year:
1,251) and the foreign Group-members
had a combined workforce of 2,291
(previous year: 2,696), making 3,567 in
all (previous year: 3,947). That end-of-
period figure reflected not only staffing
levels outside the duration of process-
ing campaigns but also the rationaliza-
tions that had taken place within the
Group.
The Austrian members of the AGRANA
Group spent € 420 thousand (previous
year: € 425 thousand) on basic and ad-
vanced staff training during the 2001/
2002 financial year. The primary focuses
of that outlay were on information
technology, personality development
seminars, honing the English-language
skills of all staff-members working in
international departments, seminars in
the marketing and sales fields and prac-
tical training and apprentice training.
Management and behavioural training
consisted of several one-on-one coaching
programmes targeting communication
proficiencies and personality develop-
ment as well as in-house workshops for
management staff in Austria and at the
Group’s foreign subsidiaries. In addition,
meetings were organized for young
management personnel who had just
joined the Group to give them an oppor-
tunity to talk to older staff and exchange
information.
Apprenticeship training is an important
aspect of our activities. On 28 February
2002, our Austrian Group-members were
training 43 apprentices. The most impor-
tant apprenticeship professions were
engine fitter and the combined trades
of engine fitter/lathe operator and works
electrician/process control technician.
Staff and social report
Staff and social report AGRANA Beteiligungs-AG
’99/’00
The workforce
’00/’01 ’01/’02
Austria
Hungary
Czech Republic
Romania
Slovakia
5,2
90
4,7
53
380102
4,4
63
390102
Outlook for 2002/03
AustriaThe Austrian Sugar Division concluded
contracts with 10,000 farmers to plant
some 44,600 hectares with beet for the
2002 harvest. Following the fresh con-
tracting of 3,000 hectares made neces-
sary by heavy precipitation, initial
growth was even and yields were good.
The crop’s development this year has
been in line with long-term averages.
We expect a beet harvest of 2.7 million
metric tons.
Aggregate sugar sales in March and April
2002 were slightly up on the year. House-
hold sugar sales increased slightly, but
sales to the food and beverage industries
were down on the year. Exports of both
quota and C sugar increased.
In the Sugar Division, our three Austrian
sugar factories will be investing € 14.5
million this year. Investments will
focus primarily on packaging plants,
pulp presses, centrifuges and a plant for
extracting betaine from molasses in
Tulln. To that end, the molasses desac-
charification plant in Tulln will be re-
equipped to make it possible to break
down molasses further into its compo-
nents and thus to extract enriched be-
taine alongside the sugar contained in
the molasses.
Starch potato agreements were con-
cluded with 2,000 farmers for a total of
213,500 metric tons of starch potatoes
(previous year: 222,900 metric tons) and
with 320 farmers for 11,200 metric tons
of potatoes for the food industry (pre-
vious year: 12,300 metric tons). Further-
more, 176 farmers will be delivering
roughly 6,600 metric tons of organic
potatoes (previous year: 3,000 metric
tons). Initial growing conditions for the
potato crop have been good.
Starch sales by both value and volume
during the first two months of the cur-
rent financial year were higher than in
the same period of 2001/02. During
this financial year, we will be investing
€ 8.5 million in improving quality and
increasing capacities at the Aschach
maize starch factory and the Gmünd
potato starch factory.
SubsidiariesThe AGRANA sugar factories contracted
the following quantities of beet for the
2002 harvest:
Beet
Hungary 980,000 metric tons
Czech Republic 685,000 metric tons
Slovakia 350,000 metric tons
Romania 220,000 metric tons
Outlook for 2002/03 AGRANA Beteiligungs-AG
400102
Conditions were largely satisfactory.
Planting in Central and Eastern Europe
was completed in the third week of
April 2002.
From 2002, refining of unrefined sugar
by AGRANA in Romania will mostly take
place in the S.C. Zaharul Buzau S.A. fac-
tory from 2002. As in previous years,
S.C. Danubiana Roman S.A. will be pro-
cessing mainly beet and a little unrefined
sugar. Beet contracts for 12,000 hectares
more than in 2001 have been concluded
for the current year. S.C. Beta Tandarei
S.A. will be used as a storage and sales
base for sugar and starch. In addition,
it will also administer and manage the
newly acquired S.C. A.G.F.D. Tandarei S.A.
starch factory, which is in the imme-
diate vicinity.
At the time of writing, we expect the
AGRANA Group to record smaller reve-
nues but stable profits following a reduc-
tion in trading activities in order to
focus on the more profitable segments.
AGRANA’s results in the 2001/02 finan-
cial year were good, with an EBIT margin
of 9.0 per cent and a ROS of 7.6 per cent.
We will do everything we can go on
improving our results during the current
financial year. The efficient manage-
ment of costs, innovations in the prod-
uct and processing fields and the con-
tinuation of product optimizations
throughout the enterprise will all be
needed if we are to stay successful.
Outlook for 2002/03 AGRANA Beteiligungs-AG
410102
20012002Consolidated Financial
Statementsof the AGRANA Group applying IAS
420102
28 February End ofA S S E T S Note 2002 previous year
€ € 1,000sA. Non-current assets (1)
I. Intangible non-current assets 26,949,879 25,583II. Tangible non-current assets 271,719,416 286,103III. Financial investments 68,516,877 72,005
367,186,172 383,691B. Current assets
I. Inventories (2) 278,959,359 259,495II. Receivables and other assets (3) 124,668,485 107,443III. Financial instruments (4) 13,643,978 10,864IV. Cash, cheques, bank balances 83,471,111 92,445
500,742,933 470,247C. Deferred items 652,140 751
Total assets 868,581,245 854,689
E Q U I T Y A N D L I A B I L I T I E S
A. Equity (5)I. Share capital 80,136,625 80,137II. Capital reserves 213,463,220 213,463III. Retained earnings reserves 76,257,339 49,777IV. Consolidated profit for the year 44,324,805 37,574
414,181,989 380,951B. Minorities 8,759,527 8,975
C. Provisions (6 –8) 167,620,264 146,813
D. Payables (9) 272,511,726 314,926
E. Deferred items 5,507,739 3,024
Total equity and liabilities 868,581,245 854,689
Contingent liabilities and other financial obligations (11) 12,525 11,951
Consolidated Financial Statements for 2001/02 The AGRANA Group
Consolidated Balance Sheetdated 28 February 2002
430102
2001/02 Previous yearNote € € 1,000s
1. Sales revenues (12) 842,795,871 760,2202. Changes in stocks of finished
and unfinished products (13) 7,458,148 523. Other capitalized self-produced items (13) 752,802 5624. Other operating income (14) 22,130,486 39,5695. Expenditure on materials and
expenditure on purchased services (15) (528,636,758) (450,845)6. Expenditure on staff (16) (93,650,725) (90,920)7. Depreciation/amortization of intangible
non-current assets (without goodwill)and tangible non-current assets (17) (42,222,031) (41,815)
8. Other expenses (18) (132,612,360) (150,085)
9. Operating profit/(loss) (subtotal of items 1 – 8) 76,015,433 66,738
10. Amortization of goodwill (2,593,380) (5,487)11. Net income from restructuring (19) (3,135,931) 012. Net operating income (subtotal of items 1 – 11) 70,286,122 61,251
13. Net interest income (20) (6,776,599) (9,712)14. Net income from substantial
and permanent interests (21) 2,821,872 1,70415. Other financial profit/(loss) (22) (2,228,972) (2,024)16. Net financial income (subtotal of items 13 – 15) (6,183,699) (10,032)
17. Profit before income tax 64,102,423 51,21918. Income tax expense (23) (20,508,315) (13,590)
19. Profit after income tax 43,594,108 37,62920. Minority interests in consolidated profit for the year 730,697 (55)
21. Consolidated profit for the year 44,324,805 37,574
Earnings per share € 4.02 € 3.41
Consolidated Financial Statements for 2001/02 The AGRANA Group
Consolidated Income Statementfor the 2001/02 financial yearfrom 1 March 2001 through 28 February 2002
440102
Consolidated Non-Current Assets Summaryas on 28 February 2002
Consolidated Financial Statements for 2001/02 The AGRANA Group
Costs of purchase and/or conversion
Changes in Changes in1 March Consolidated foreign ex- Additions Reallocations Disposals Write-ups 28 February
2001 Group change rates 2002€ 1,000s € 1,000s € 1,000s € 1,000s € 1,000s € 1,000s € 1,000s € 1,000s
A. Non-current assets
I. Intangible
non-current assets
1. Commercial privileges,
licences 16,301 71 127 480 (3) 319 0 16,657
2. Goodwill 32,632 3,755 55 0 0 0 0 36,442
48,933 3,826 182 480 (3) 319 0 53,099
II. Tangible non-current assets
1. Land, land-equivalent rights,
buildings 242,225 2,843 3,983 7,516 3,566 8,053 0 252,080
2. Technical plant and
machinery 489,265 1,365 6,328 16,386 5,976 5,179 0 514,141
3. Other plant, office furniture
and equipment 54,021 454 639 3,662 17 1,692 0 57,101
4. Prepayments and
plant under construction 12,483 140 443 964 (9,556) 1,040 0 3,434
797,994 4,802 11,393 28,528 3 15,964 0 826,756
III. Financial investments
1. Interests in subsidiaries 7,462 (2,033) 0 0 0 0 0 5,429
2. Interests in associates 25,157 0 0 2,999 0 110 0 28,046
3. Interests in other
enterprises 9,203 0 5 210 0 9 0 9,409
4. Loans to companies in which
the Group holds substantial
and permanent interests 275 0 30 0 0 53 0 252
5. Securities classified as
financial investments 28,137 25 22 3,153 0 7,890 (464) 22,983
6. Other loans 192 0 13 22 0 63 0 164
7. Interests in companies
with controlling interests
in the Group 9,263 0 0 3,330 0 0 0 12,593
79,689 (2,008) 70 9,714 0 8,125 (464) 78,876
Total non-current assets 926,616 6,620 11,645 38,722 0 24,408 (464) 958,731
450102
Consolidated Financial Statements for 2001/02 The AGRANA Group
Depreciation and amortization Book values
Changes in Changes in Depreciation/1 March Consolidated foreign ex- amortization Reallocations Disposals 28 February 28 February 28 February
2001 Group change rates during year 2002 2002 2001€ 1,000s € 1,000s € 1,000s € 1,000s € 1,000s € 1,000s € 1,000s € 1,000s € 1,000s
15,737 57 107 406 8 317 15,998 659 564
7,613 (87) 32 2,593 0 0 10,151 26,291 25,019
23,350 (30) 139 2,999 8 317 26,149 26,950 25,583
124,383 2,154 1,767 9,655 (7) 4,727 133,225 118,855 117,842
346,412 768 3,863 30,811 (8) 4,921 376,925 137,216 142,853
40,995 360 435 4,451 7 1,497 44,751 12,350 13,026
101 0 0 35 0 0 136 3,298 12,382
511,891 3,282 6,065 44,952 (8) 11,145 555,037 271,719 286,103
1,997 0 0 1,378 0 0 3,375 2,054 5,465
1,837 0 0 1,099 0 0 2,936 25,110 23,320
2,373 0 3 4 0 5 2,375 7,034 6,830
275 0 31 0 0 54 252 0 0
1,201 0 1 231 0 12 1,421 21,562 26,936
0 0 0 0 0 0 0 164 192
0 0 0 0 0 0 0 12,593 9,262
7,683 0 35 2,712 0 71 10,359 68,517 72,005
542,924 3,252 6,239 50,663 0 11,533 591,545 367,186 383,691
460102
Consolidated Financial Statements for 2001/02 The AGRANA Group
Development of consolidated equityand minoritiesas on 28 February 2002
1 March Consolidated profit Dividends Allocated to2001 for the year paid reserves
€ 1,000s € 1,000s € 1,000s € 1,000s
Subscribed capital 80,137 0 0 0
Capital reserves 213,463 0 0 0
Retained earnings 64,983 0 0 24,719
Revaluation reserve 2,571 0 0 0
Accumulatedexchange differences (17,776) 0 0 0
Retained earnings reserves 49,778 0 0 24,719
Consolidated profit for the year 37,574 44,325 (12,855) (24,719)
Equity 380,952 44,325 (12,855) 0
Minorities 8,975 (731) (39) 0
–––––––––1 Other changes resulted primarily from the reallocation of the revaluation reserve of a subsidiary in accordance with IAS that did not affect profit.
1 March Consolidated profit Dividends Allocated toas on 28 February 2001 2000 for the year paid reserves
€ 1,000s € 1,000s € 1,000s € 1,000s
Subscribed capital 80,137 0 0 0
Capital reserves 213,463 0 0 0
Retained earnings 54,979 0 0 10,206
Revaluation reserve 0 0 0 0
Accumulatedexchange differences (16,335) 0 0 0
Retained earnings reserves 38,644 0 0 10,206
Consolidated profit for the year 22,544 37,574 (12,338) (10,206)
Equity 354,788 37,574 (12,338) 0
Minorities 8,939 55 0 0
–––––––––2 Other changes contains the release of funds in connection with a lease transaction by a subsidiary at the amount of € 3.8 million that did not affect profit.
470102
Consolidated Financial Statements for 2001/02 The AGRANA Group
Changes in foreign Changes in the Own shares Other 28 Februaryexchange rates revaluation reserve changes1 2002
€ 1,000s € 1,000s € 1,000s € 1,000s € 1,000s
0 0 0 0 80,137
0 0 0 0 213,463
0 0 0 (3,487) 86,215
0 (359) 0 0 2,212
5,606 0 0 0 (12,170)
5,606 (359) 0 (3,487) 76,257
0 0 0 0 44,325
5,606 (359) 0 (3,487) 414,182
300 1 (1,036) 1,290 8,760
Changes in foreign Changes in the Own shares Other 28 Februaryexchange rates revaluation reserve changes 2 2001
€ 1,000s € 1,000s € 1,000s € 1,000s € 1,000s
0 0 0 0 80,137
0 0 0 0 213,463
0 0 0 (202) 64,983
0 2,571 0 0 2,571
(1,441) 0 0 0 (17,776)
(1,441) 2,571 0 (202) 49,778
0 0 0 0 37,574
(1,441) 2,571 0 (202) 380,952
(261) 0 0 242 8,975
480102
Consolidated Cash-Flow Statementfor the 2001/02 financial year
Consolidated Financial Statements for 2001/02 The AGRANA Group
2001/02 2000/01€ 1,000s € 1,000s
Profit after income tax 43,594 37,629
Depreciation/amortization of non-current assets 50,663 49,250
Changes in long-term provisions (2,925) 12,831
Profits transferred from associates (95) (110)
Gains/(losses) arising from deconsolidations and gains/(losses)arising from disposals/retirements of non-current assets (835) (931)
Net cash from profit 90,402 98,669
Changes in inventories (18,577) (448)
Changes in receivables, deferred tax assetsand other deferred items (15,552) 10,368
Changes in other provisions 23,437 (14,759)
Changes in payables and deferred items (18,859) (7,173)
Effect on non-fund positions ofchanges in foreign exchange rates 216 (651)
Net cash from operating activities 61,067 86,006
Income arising from disposals/retirementsof non-current assets 13,714 9,796
Expenditure on investments in tangibleand intangible non-current assets (29,008) (38,191)
Expenditure on financial investments (9,619) (7,205)
Changes in the Consolidated Group (2,133) (7,278)
Net cash from investing activities (27,046) (42,878)
490102
Consolidated Financial Statements for 2001/02 The AGRANA Group
2001/02 2000/01€ 1,000s € 1,000s
Changes in long-term financial obligations (21,210) (3,596)
Changes in short-term financial obligations (5,498) (19,840)
Dividends paid (12,894) (12,338)
Acquisition of our own shares from a subsidiary (1,036) 0
Investment grants 0 446
Net cash from financing activities (40,638) (35,328)
Net increase/(decrease) in cash and cash equivalents (6,617) 7,800
Effect of changes in foreign exchange rateson cash and cash equivalents 318 (34)
Remeasurements in accordance with IAS 39 105 0
Cash and cash equivalents at beginning of period 103,309 95,543
Cash and cash equivalents at end of period 97,115 103,309of which available-for-sale securities 13,644 10,864
of which means of payment 83,471 92,445
Consolidated Financial Statements for 2001/02 The AGRANA Group
General principlesThe AGRANA Group’s Consolidated Financial Statements for 2001/02 were drawn
up in accordance with the International Accounting Standards (IAS) as published by
the International Accounting Standards Board (IASB) inclusive of the interpretations
issued by the Standing Interpretations Committee (SIC) as applicable to the financial
year under review. The financial statements of the fully consolidated companies
accounted for in the Consolidated Financial Statements were subject to homoge-
neous recognition and measurement policies. When preparing the Consolidated
Financial Statements, we observed the principles of intelligibility, clarity and mate-
riality. The total costs method was used in the Income Statement.
The financial statements of all principal fully consolidated Group-members and of
all fully consolidated Group-members that were subject to compulsory audits under
national legislation, whether domestic or foreign, were audited by independent
auditors and received unqualified auditors’ certificates. The auditors also attested
the proper transition between local annual financial statements drawn up under
commercial law and the IAS-compliant individual financial statements drawn up
according to policies applied homogeneously throughout the Group.
Consolidation policiesConsolidated Group
Besides AGRANA Beteiligungs-AG, the Consolidated Financial Statements generally
accounted for all domestic and foreign Group-members in which AGRANA Beteili-
gungs-AG held direct or indirect voting majorities or which were under its sole con-
trol and which were not Group-members of minor importance. On the balance-
sheet date, 21 companies (previous year: 21 companies) were integrated into the
Consolidated Financial Statements as fully consolidated subsidiaries, two of them
for the first time. Two companies (previous year: 2 companies) underwent pro-
portionate consolidation in proportion to the stake in them held by the Group.
Taking both mergers and deconsolidations into account, the number of consoli-
dated companies was unchanged.
500102
Notes to the ConsolidatedFinancial Statements of the AGRANA Group
Consolidated Financial Statements for 2001/02 The AGRANA Group
Changes in the Consolidated Group arose as follows:
Added
● RUMA Handelsgesellschaft m.b.H., Hagenbrunn, Austria
● S.C. A.G.F.D. Tandarei S.A., Tandarei, Romania
Excluded
● Kaposvari Cukor Menedzsment Kft., Budapest, Hungary
Changes arising from mergers
● Cukrovar Nova a.s., Sered, Slovakia and
● Gemercukor a.s., Rimavská Sobota, Slovakia
were merged to create
● Slovenské Cukrovary a.s., Rimavská Sobota, Slovakia
The effect of changes in the Consolidated Group on the Consolidated Financial
Statements was reflected by the following changes in items on the Balance Sheet
and in the Income Statement:
€
Non-current assets 5,357,428
Current assets (2,246,758)
Total Assets 3,110,670
Minorities 1,217
Provisions and payables 3,109,453
Total Equity and Liabilities 3,110,670
Sales revenues 7,866,088
Profit for the year after tax 89,579
510102
Consolidated Financial Statements for 2001/02 The AGRANA Group
HUNGRANA Kft., Szabadegyhaza (Hungary), which is a 50 per cent subsidiary of AGRANA
Zucker and Stärke AG, Vienna, underwent proportionate consolidation. Entries on
the Consolidated Balance Sheet pertaining to companies consolidated on a pro-
portionate basis consisted of non-current assets of € 19.1 million (previous year:
€ 19.2 million), current assets of € 13.2 million (previous year: € 8.7 million), equity
of € 15.0 million (previous year: € 14.0 million) and provisions and payables of
€ 17.3 million (previous year: € 13.9 million). In the Income Statement, those com-
panies accounted for sales revenues of € 58.1 million (previous year: € 43.6 mil-
lion).
One Austrian company (previous year: 1 company) was accounted for as an asso-
ciate using the equity method. Because of their minor overall significance, two Group-
members were not accounted for using the equity method, and were instead ac-
counted for on the Consolidated Balance Sheet at amortized cost.
Consolidation
Capital underwent consolidation using the purchase method, offsetting cost against
the Group’s interest in the equity of Group-members concerned at the time of their
acquisition or first-time consolidation. Differences between the applicable propor-
tion of equity and the cost of acquisition were recorded as goodwill. Goodwill was
captured under intangible non-current assets and is being amortized over its ex-
pected useful life (generally over 20 years on a straight-line basis) in accordance with
IAS 22. Interests in non-consolidated subsidiaries were recorded at cost. Associates
were accounted for using the equity method.
Intragroup sales, expenses and income as well as all receivables, payables and pro-
visions resulting within the scope of relations between the consolidated Group-
members were eliminated. Write-downs of interests in included companies were
reduced in favour of consolidated profit for the year insofar as the associated risks
had already been allowed for by way of the integration of those companies’ indi-
vidual financial statements. Assets arising from intragroup deliveries as reported
under non-current assets and inventories were adjusted by the amount of inter-
company results.
As permitted by IAS 27, interim financial statements were not drawn up for consoli-
dated Group-members whose balance-sheet dates (i.e. 31 December 2001 or 31 Janu-
ary 2002) differed from the balance-sheet date of AGRANA Beteiligungs-AG (28 Feb-
520102
Consolidated Financial Statements for 2001/02 The AGRANA Group
ruary 2002) because their balance-sheet dates were not more than three months
before the Consolidated Group’s balance-sheet date.
Because of the uniform nature of our activities, segment reporting was unnecessary.
Foreign-currency translationThe annual financial statements of foreign Group-members were translated into
euros in accordance with IAS 21 on the basis of the applicable foreign currency in
each case. In every country except Romania, that was the local currency of the coun-
try concerned on the grounds that foreign Group-members were trading autono-
mously from a financial, commercial and organizational point of view. Because of
the need for hyperinflation accounting (IAS 29), the euro (€) was applied as the applic-
able currency in the case of Romanian Group-members. Their non-current assets,
other assets and debts were translated on that basis applying the middle rate of
exchange ruling on the balance-sheet date. Expenses and income were translated
at the annual average rate of exchange.
Translations of the annual financial statements in hyperinflationary economies
took place in accordance with IAS 29 by correcting for the effects of inflation on a
purchasing-power basis.
The exchange rates underlying foreign-currency translations versus the euro of the
currencies that are of importance to the AGRANA Group developed as follows:
Country Currency Rate on reporting date Average rateunit 2001/02 2000/01 2001/02 2000/01
€ € € €
Romania € 1.00 1.00 1.00 1.00
Czech Republic Kc 31.99 35.47 34.07 35.65
Hungary Ft 245.96 264.93 256.74 260.75
Slovakia Sk 42.76 44.04 43.27 42.76
Within the individual financial statements of consolidated companies drawn up in
local currencies, receivables denominated in foreign currencies were translated at
the lower of the bankers’ buying rate on the date of entry and the bankers’ buying
rate on the balance-sheet date. Payables denominated in foreign currencies were
translated at the higher of the bankers’ selling rate on the date of entry and the
bankers’ selling rate on the balance-sheet date.
530102
Consolidated Financial Statements for 2001/02 The AGRANA Group
Recognition and measurementIn accordance with IAS 22, goodwill was assigned a maximum useful life of 20 years.
Other intangible non-current assets acquired for valuable consideration were cap-
tured at cost and are amortized per schedule over their expected useful lives of
between five and 15 years.
Tangible non-current assets were valued at cost of purchase and/or conversion less
scheduled depreciation and unscheduled write-downs. Besides material and labour
costs, overheads on a prorated basis were included in the conversion costs of self-
produced assets. Financing costs were not included.
In accordance with IAS 20, public assistance received for purchasing or converting
assets (capital investment grants and allowances) were recorded under prepaid
income. Low-value assets were written-off in full in their year of acquisition.
For the most part, scheduled depreciation of tangible non-current assets is based
on the following useful lives:
● Buildings 30 to 50 years
● Technical plant and machinery 10 to 15 years
● Office furniture and equipment 3 to 10 years
Interests in associates, insofar as not of minor significance, were accounted for at
book values using the equity method.
Financial instruments held-to-maturity were recognized at cost or, if a permanent
impairment was to be expected, at a lower market or stock-exchange price. Other
financial instruments were recognized at market values, and changes in valuations
were carried to the revaluation reserve.
Loans were recognized at nominal values. Non-interest-bearing and low-interest
long-term loans were recorded at present values.
If, applying the policies described above, carrying values of non-current assets were
higher than the fair values attributable to them on the balance-sheet date, that was
taken into account by way of unscheduled write-downs.
Inventories were shown at the lower of cost of purchase and/or conversion and net
realizable value. The average-value method was applied. In accordance with IAS 2,
the conversion costs of unfinished and finished products included reasonable pro-
portions of the necessary material costs and production overheads inclusive of
540102
Consolidated Financial Statements for 2001/02 The AGRANA Group
depreciation of manufacturing plant (assuming normal usage) as well as administra-
tive costs in addition to directly attributable unit costs. Financing costs were not
taken into account. Insofar as inventories were at risk because of longer periods of
storage or reduced usability, valuation markdowns were carried out.
Receivables recognized as current assets were capitalized at nominal values. Ade-
quate revaluation reserves were allocated to allow for the counterparty risks and
other risks associated with receivables.
Capitalization of available-for-sale financial assets took place at stock-market values
as at the end of the financial year in accordance with IAS 39.
Write-backs to non-current and current assets were carried out if the reasons for
prior unscheduled write-downs no longer existed.
Provisions for the retirement benefit, severance/redundancy payment and anniver-
sary bonus obligations of Austrian Group-members were measured using the inter-
nationally accepted projected unit credit method in accordance with IAS 19. Expert
actuarial opinions were obtained to that end. The measurement of such provisions
was based on trend extrapolations of the future development of remunerations,
retirement benefits and fluctuations and on a discounting rate of 6 per cent.
Other provisions were allocated at the amounts permitted by IAS 37, capturing all
identifiable risks and indefinite liabilities as at the time of their probable occur-
rence.
Tax deferrals were calculated on the basis of the differences between the IAS-com-
pliant Balance Sheet and the tax base with respect to valuations of assets, equity
and liabilities, on the basis of processes during consolidation and on the basis of
realizable loss carryforwards. Deferred tax assets were shown under other assets,
whereas deferred tax liabilities were reported as provisions. Deferred tax assets were
offset against deferred tax liabilities in cases where income taxes were to be collected
by the same tax authority. Tax deferrals were calculated using the internationally
customary liability method (IAS 12), taking into account the pertinent national rates
of income taxation. Consequently, with the exception of goodwill arising on con-
solidation, tax deferrals were recognized for all temporal differences in recognition
and measurement between the IAS-compliant Balance Sheet and the tax base,
regardless of whether or not those differences were to be neutralized within a reason-
able period. There were significant differences between the tax base and the IAS-
550102
Consolidated Financial Statements for 2001/02 The AGRANA Group
compliant Balance Sheet in the following items: tangible non-current assets, inven-
tories, provisions. Deferred tax assets were capitalized with respect to tax loss carry-
forwards insofar as they were usable within three years.
In accordance with IAS 36 (Impairment of assets), assets for which there was evidence
of impairment and where the present values of net recoverable amounts were below
their book values were remeasured to possible individual net selling prices or realiz-
able values.
All payables were recognized at amounts payable.
The risks associated with contingent liabilities and other financial obligations were
covered by adequate provisions.
NOTES TO THE BALANCE SHEET
(1) Non-current assetsInvestments in intangible and tangible non-current assets totalled € 29.0 million
(previous year: € 38.2 million) within the Group (without additions resulting from
the enlargement of the Consolidated Group). Goodwill and undisclosed reserves
resulting from corporate acquisitions were recognized under the heading of Changes
in the Consolidated Group.
A breakdown of the non-current asset items subsumed under one heading on the
Balance Sheet and of their development is provided on page 44.
Intangible non-current assets
This item consists mainly of the goodwill arising from corporate acquisitions from
the 1995/96 financial year, capitalized in accordance with IAS 22. It also includes
purchased computer software and industrial property rights and similar rights.
Additions of goodwill arising from the first-time consolidation of the new Group-
members were largely due to the acquisition of interests in companies in Austria
and Romania. Goodwill from the consolidation of capital remaining after making
allowance for undisclosed reserves is being amortized according the patterns of its
utilization as laid down in IAS 22.
560102
Consolidated Financial Statements for 2001/02 The AGRANA Group
Tangible non-current assets
The effects of changes in the Consolidated Group are shown in a separate column.
The effect of changes in foreign exchange rates comprises the effects of differences
in rates applied during currency translations of assets of foreign Group-members at
the beginning and at the end of the year.
Financial investments
Financial investments totalled € 24.7 million at the end of the reporting period.
The Non-Current Assets Summary shows investments totalling € 9.7 million (previ-
ous year: € 7.3 million). The difference of € 15.0 million was accounted for by fully
consolidated subsidiaries.
Financial investments undertaken during the reporting period comprised the pur-
chase of financial instruments as cover for so-called social capital and participation
in the capital increase at Südzucker AG Mannheim/Ochsenfurt.
The balance-sheet entry for Interests in subsidiaries decreased from € 5.5 million to
€ 2.1 million because of the addition of one company to the circle of fully consoli-
dated Group-members. On the balance-sheet date, the accounts showed only book
values for companies excluded because of their minor significance.
The additions to Interests in associates included € 94.9 thousand due to valuation
changes arising from use of the equity method.
(2) Inventories28 February 2002 2001
€ 1,000s € 1,000s
Raw materials, process materials, supplies 23,553 16,605
Unfinished products 1,228 191
Finished products, merchandise 254,045 242,604
Prepayments 133 95
Total 278,959 259,495
570102
Consolidated Financial Statements for 2001/02 The AGRANA Group
(3) Receivables and other assets28 February 2002 2001
€ 1,000s € 1,000s
Accounts receivable for goods and services 67,258 63,171
Accounts receivable from subsidiaries 1,058 677of which with a maturity of more than 1 year [412]
Accounts receivable from associates 1,964 2,363of which with a maturity of more than 1 year [355]
Accounts receivable from other companiesin which the Group holds substantialand permanent interests 1,340 3,614
Other assets 53,048 37,618of which with a maturity of more than 1 year [3,005] [4,325]
of which deferred tax assets [2,628] [4,812]
Total 124,668 107,443
Accounts receivable from subsidiaries derived exclusively from accounts with the
excluded Group-members.
Other assets contains deferred tax assets at the amount of € 2.6 million (previous
year: € 4.8 million) as well as receivable reimbursements of sugar storage levies,
receivables connected with non-current assets available-for-sale, receivables result-
ing from short- and medium-term loans, receivables from public institutions and
sundry receivables.
(4) Financial instruments28 February 2002 2001
€ 1,000s € 1,000s
Other securities and shares 13,644 10,864
Total 13,644 10,864
The entry for Other securities consists mainly of fixed-interest securities that serve
as financial investments.
580102
Consolidated Financial Statements for 2001/02 The AGRANA Group
(5) EquitySubscribed capital
Subscribed capital was made up as follows:
€ Units
Ordinary shares(no-par shares) 69,235,700 9,527,040
Preference shares(non-voting no-par shares) 10,900,925 1,500,000
Total 80,136,625 11,027,040
(6) Provisions for retirement benefitsand severance/redundancy payments
The provisions for retirement benefits and for severance/redundancy payments were
measured using the internationally accepted projected unit credit method taking into
account future developments on an actuarial basis. In both cases, defined benefit
plans are in place.
The following assumptions were made as to foreseeable increases in wages, salaries
and retirement benefits within the scope of Austrian Group-members:
28 February 2002 2001in per cent in per cent
Wages/salaries trend 2.5 2.5
Interest rate 6.0 6.0
Abroad, we modified our assumptions to suit the circumstances in each case.
590102
Consolidated Financial Statements for 2001/02 The AGRANA Group
Provisions for retirement benefits developed as follows:
28 February 2002 2001€ 1,000s € 1,000s
Transition from present value to provision
DBO on 28 February 36,284 37,648
Disregarded actuarial loss (accumulated) 1,729 1,949
Balance-sheet provision on 28 February 38,013 39,597
Development of the provisionfor retirement benefits
Balance-sheet provision on 1 March 39,597 39,947
Service cost 143 200
Interest cost 2,162 2,322
Lump sum payoffs (187) 0
Benefits paid (3,702) (2,872)
Balance-sheet provision on 28 February 38,013 39,597
Development of actuarial gains/(losses)
Disregarded actuarial loss (accumulated)to 1 March (1,949) 0
Corridor 3,765 3,995
Excess 0 0
Distribution period (years) 5 5
Disregarded actuarial loss (accumulated)to 1 March (1,949) 0
Actuarial gain/(loss) during year 220 (1,949)
Disregarded actuarial loss (accumulated)to 28 February (1,729) (1,949)
600102
Consolidated Financial Statements for 2001/02 The AGRANA Group
Provisions for severance/redundancy payments developed as follows:
28 February 2002 2001€ 1,000s € 1,000s
Transition from present value to provision
DBO on 28 February 15,566 15,812
Disregarded actuarial loss (accumulated) 1,799 1,288
Balance-sheet provision on 28 February 17,365 17,100
Development of the provisionfor severance/redundancy payments
Balance-sheet provision on 1 March 17,288 17,100
Exchange differences 6 0
Service cost 862 797
Effect of changes in the Consolidated Group 28 0
Interest cost 967 1,024
Severance/redundancy payments (1,786) (1,633)
Balance-sheet provision on 28 February 17,365 17,288
Development of actuarial gains/(losses)
Disregarded actuarial loss (accumulated)to 1 March (1,288) 0
Corridor 1,581 1,704
Excess 0 0
Distribution period (years) 5 5
Disregarded actuarial loss (accumulated)to 1 March (1,288) 0
Actuarial gain/(loss) during year (483) (1,288)
Effect of changes in the Consolidated Group (28) 0
Disregarded actuarial loss (accumulated)to 28 February (1,799) (1,288)
610102
Consolidated Financial Statements for 2001/02 The AGRANA Group
There were no expenses on or income from changes in benefit promises and bene-
fit payments or as a result of changes in our assumptions.
The projected unit credit value shows staff-members’ benefit rights measured as
the circumstances were on the balance-sheet date. It includes actuarial gains and
losses resulting from differences between expected and individually occurring
risks. The provision for direct benefit obligations did not take into account actuar-
ial gains and losses within the corridor allowed by IAS 19 (± 10 per cent of project-
ed unit credit value), which were disregarded.
The foreign Group-members in particular had similar obligations. They were
measured applying actuarial principles and taking future cost trends into account.
(7) Tax provisions and other provisions
Tax provisions included sums for the year under review and for the period not yet
closed by the external tax inspectors.
Effect of Effect ofchanges in changes in
foreign the Con-1 March exchange solidated Released Used Added 28 February
2001 rates Group 2002€ 1,000s € 1,000s € 1,000s € 1,000s € 1,000s € 1,000s € 1,000s
Tax provisions 6,349 105 0 (988) (7,185) 22,584 20,865
Other provisions
Provisions for obligations arisingfrom the EU sugar-market regime 16,880 0 0 (926) (15,465) 24,145 24,634
Provisions for the costs ofmeeting recultivation obligations,clearing landfills andremoving waste residues 11,420 79 0 (793) (390) 4,552 14,868
Sundry other provisions 16,572 279 12 (2,335) (5,162) 12,886 22,252
Total other provisions 44,872 358 12 (4,054) (21,017) 41,583 61,754
Total tax provisionsand other provisions 51,221 463 12 (5,042) (28,202) 64,167 82,619of which long-term provisions [10,695] [17,729]
of which short-term provisions [40,526] [64,890]
620102
Consolidated Financial Statements for 2001/02 The AGRANA Group
(8) Provisions for deferred taxesTax deferrals pertained to the following items on the Balance Sheet:
28 February 2002 2001€ 1,000s € 1,000s
Deferred tax assets
Staff provisions 23 15
Inventories and receivables 403 439
Other provisions 5,634 3,661
Loss carryforwards 1,523 5,428
Total deferred tax assets 7,583 9,543
Reconciliation of deferred tax assetsand deferred tax liabilities with respectto the same tax authority (4,955) (4,731)
Net deferred tax assets 2,628 4,812
28 February 2002 2001€ 1,000s € 1,000s
Deferred tax liabilities
Non-current assets 7,942 14,859
Inventories and receivables 15,211 16,164
Extraordinary fiscal items inindividual financial statements 11,175 12,090
Other provisions 250 325
Total deferred tax liabilities 34,578 43,438
Reconciliation of deferred tax assetsand deferred tax liabilities with respectto the same tax authority (4,955) (4,731)
Net deferred tax liabilities 29,623 38,707
630102
Consolidated Financial Statements for 2001/02 The AGRANA Group
More detailed information about accounts payables to banks is contained in chap-
ter 10 (Financial instruments and derivative financial instruments).
On the balance-sheet date (28 February 2002), the following collateral was in place:
Collateralized byReal-estate liens Other liens
€ 1,000s € 1,000s
Accounts payable to banks 31,780 16,933
(9) Payables of which with a maturity of of which with a maturity of28 Feb. up to >1 to >5 years 28 Feb. up to >1 to >5 years
2002 1 year 5 years 2001 1 year 5 years€ 1,000s € 1,000s € 1,000s € 1,000s € 1,000s € 1,000s € 1,000s € 1,000s
Accounts payableto banks 135,818 80,321 54,143 1,354 161,658 84,951 74,592 2,115
Prepaymentsfor orders 293 293 0 0 15 15 0 0
Accounts payablefor goods and services 106,696 106,542 61 93 110,792 110,585 109 98
Accounts payableto subsidiaries 3,692 3,692 0 0 6,778 6,441 337 0
Accounts payableto companies in whichthe Group holdssubstantial andpermanent interests 0 0 0 0 3 3 0 0
Other payables 26,013 20,768 3,561 1,684 35,680 28,110 5,583 1,987of which tax [2,381] [1,898] [386] [97] [4,110] [2,502] [1,458] [150]
of which arisingfrom social security ]3,015] [3,015] [0] [0] [2,293] [1,884] [409] [0]
Total 272,512 211,616 57,765 3,131 314,926 230,105 80,621 4,200
640102
Consolidated Financial Statements for 2001/02 The AGRANA Group
Other payables comprised mainly tax liabilities, payables to benefit schemes and
payables on payroll accounts.
(10) Financial instruments and derivative financial instrumentsTo steer its seasonally fluctuating liquidity, the AGRANA Group employs conven-
tional investments (call-money, fixed and securities deposits), borrows funds through
call-money and fixed borrowings and transacts fixed-rate loan transactions in the
course of its day-to-day financial management operations.
Financial instruments are typically subject to interest-rate, currency and credit risks.
Interest-rate risk
In the case of a financial instrument for which a fixed interest rate has been agreed
for its entire term, the risk is that its price may change as the market interest rate
fluctuates (interest-rate related price risk). The interest rate on a variable-rate finan-
cial instrument is adjusted on an almost concurrent basis, and to that extent corre-
sponds roughly to the market rate. The risk in that case is therefore that the short-
term interest rate could fluctuate, changing interest service costs (interest-rate related
cash-flow risk).
Currency risk
Currency risk is defined as the risk that the value of an asset or liability will fluc-
tuate due to changes in foreign exchange rates.
Credit risk
We minimize the credit risks associated with non-current assets and securities and
with receivables arising from derivative hedges by only transacting business with
counterparties of the highest financial reliability.
650102
Consolidated Financial Statements for 2001/02 The AGRANA Group
The most important primary non-current assets and financial instruments held on
28 February 2002 broke down as follows, by balance-sheet item:
Non-current assets; securities Contracted Market Book valuecurrency value on the
domesticbalance sheet
€ 1,000s € 1,000s
Stocks, Ges.m.b.H. (Ltd. Co.) shares, € 1,354 987shares in cooperatives Kc 192 144
Debt instruments issued by corporates € 1,206 984
Federal/provincial debt instruments € 4,009 4,009
Stock funds € 3,473 2,149
Bond funds € 6,171 6,172
Other securities € 5,157 5,077
Total 21,562 19,522
Current assets; securities Contracted Market Book valuecurrency value on the
domesticbalance sheet
€ 1,000s € 1,000s
Stock funds € 10,583 10,568
Other securities € 2,749 2,592Ft 312 312
Total 13,644 13,472
Current assets; Contracted Book value on thecash, cheques, bank balancies currency domestic balance sheet
(= market value)
€ 1,000s € 1,000s
Time deposits and € 76,076other banks deposits Ft 2,310
Sk 585Kc 2,845
ROL 1,655
Total 83,471
660102
Consolidated Financial Statements for 2001/02 The AGRANA Group
Differences between market values and book values on domestic balance sheets
were carried to the revaluation reserve.
Accounts payable to banks Contracted Interest rate Book valuecurrency (nominal)
in per cent € 1,000s
Maturity of up to 1 year € 4.02 7,107Ft 10.43 34,404Kc 5.24 9,377Sk 8.48 12,368
US$ 2.55 17,065
Maturity of more than 1 to 5 years € 4.18 46,164Ft 11.32 30Kc 5.93 7,815Sk 13.55 134
Maturity of more than 5 years € 2.00 1,354
Total 135,818
Payables were recognized at amounts payable. In the case of payables denominated
in foreign currencies, nominal values were translated into the reporting currency
applying the foreign exchange rates ruling on the balance-sheet date. Conse-
quently, market values could be higher or lower, depending on the development
of exchange rates.
Derivative financial instruments and risk management
In order to hedge part of the risks arising from its operating activities (due to move-
ments in interest rates, foreign exchange rates and raw-material prices), the AGRANA
Group makes limited use of derivative financial instruments. It only employs instru-
ments that are commonly used and have sufficient liquidity in the marketplace
(e.g. rate swaps, rate options, caps, forward exchange contracts, currency options).
The use of those instruments is regulated by Group guidelines within the scope of
our risk management system. They rule out the speculative use of derivative finan-
cial instruments, set ceilings that are appropriate to the underlying transactions,
670102
Consolidated Financial Statements for 2001/02 The AGRANA Group
define authorization procedures, minimize credit risks, and regulate internal report-
ing and functional firewalls. Compliance with those guidelines and the proper
management and valuation of transactions are regularly monitored by a neutral
internal authority.
The nominal and market values of the derivative financial instruments held by the
AGRANA Group and the associated credit risks broke down as follows:
Nominal value Market value28 February 2002 2001 2002 2001
€ 1,000s € 1,000s € 1,000s € 1,000s
Caps 581 1,163 0 2
Forward exchange contracts 9,069 0 (204) 0
Commodity futures 1,092 0 (46) 0
Total 10,742 1,163 (250) 2
All interest-rate derivatives, which had a total nominal value of € 581 thousand,
had maturities of one year or less.
Nominal values
The nominal value of a derivative financial instrument is defined as the reference
value underlying the hedge. The object of hedging and the source of risk are not
absolute nominal value; they are price movements versus the reference value.
Market values
Market values were measured to quoted market prices on the balance-sheet date
without offsetting any countermovements in the values of hedged items.
Market value is the amount that the AGRANA Group would have to pay or would
receive in the event of premature termination of the hedge.
680102
Consolidated Financial Statements for 2001/02 The AGRANA Group
(11) Contingent liabilities and other financial obligations28 February 2002 2001
€ 1,000s € 1,000s
Contingent liabilities
Drafts 137 137
Sureties 3,214 1,181
Guarantees, cooperative liabilities 2,856 3,862
Present value of finance lease instalmentsdue within 4 years 89 131
Letters of comfort 4,584 4,616
Orders for investmentsin tangible non-current assets 1,645 2,024
Total 12,525 11,951
NOTES TO THE INCOME STATEMENT
(12) Sales revenues2001/02 2000/01€ 1,000s € 1,000s
By segment
Self-produced items 725,132 668,872of which from sugar and starch [703,043] [648,595]
of which other sales revenues [22,089] [20,277]
Service revenues 3,350 3,620
Merchandise revenues 114,314 87,728of which from sugar and starch [8,857] [7,109]
of which other sales revenues [105,457] [80,619]
Total 842,796 760,220of which Austrian [396,958] [378,067]
of which foreign [445,838] [382,153]
690102
Consolidated Financial Statements for 2001/02 The AGRANA Group
Breakdown of foreign sales revenues along geographical lines:
2001/02 2000/01€ 1,000s € 1,000s
Region
Germany and other EU 133,945 119,294
Central and Eastern Europe, other foreign 311,893 262,859
Total foreign sales revenues 445,838 382,153
Because of the uniform nature of the Group’s activities, segment reporting was not
necessary.
(13) Changes in inventories and other capitalized self-produced items2001/02 2000/01€ 1,000s € 1,000s
Changes in stocks of finishedand unfinished products 7,458 52
Other capitalized self-produced items 753 562
Total 8,211 614
(14) Other operating income2001/02 2000/01€ 1,000s € 1,000s
Income from disposals of non-current assetsother than financial investments 1,936 3,267
Income from the release of provisions 4,054 2,268
Other income 16,140 34,034
Total 22,130 39,569
The entry for Other income comprised mainly income from passed-on costs, rentals
and licence fees.
700102
Consolidated Financial Statements for 2001/02 The AGRANA Group
(15) Expenditure on materials2001/02 2000/01€ 1,000s € 1,000s
Expenditure on raw materials,process materials and supplies 512,076 432,893
Expenditure on purchased services 16,561 17,952
Total 528,637 450,845
(16) Expenditure on staff2001/02 2000/01€ 1,000s € 1,000s
Wages and salaries 71,747 67,283
Social security levies andexpenditure on retirement benefitsand severance/redundancy payments 21,904 23,637of which on retirement benefits [(14)] [1,081]
of which on severance/redundancy payments [1,211] [2,690]
Total 93,651 90,920
The interest component of allocations to so-called social capital is contained in our
financial result at the amount of € 3.4 million (previous year: € 3.6) million.
Remunerations paid by AGRANA Beteiligungs-AG to members of its Board of Manage-
ment totalled € 714 thousand (previous year: € 676 thousand). Remunerations
paid to members of the Supervisory Board totalled € 134 thousand (previous year:
€ 94 thousand). Provisions totalling € 94 thousand (previous year: € 103 thousand)
were allocated for retirement benefit promises to the Board of Management.
Average number of staff employed during the financial year
2001/02 2000/01
By employee category
Blue-collar (Arbeiter) 3,299 3,580
White-collar (Angestellte) 1,108 1,120
Apprentices 56 53
Total 4,463 4,753
710102
Consolidated Financial Statements for 2001/02 The AGRANA Group
2001/02 2000/01
By region
Austria 1,341 1,316
Central and Eastern Europe 3,122 3,437
Total 4,463 4,753
The decrease in the average number of staff within the AGRANA Group was mainly
due to restructuring and rationalizations.
(17) Depreciation and amortizationDepreciation/amortization of intangible non-current assets, tangible non-current
assets and financial investments was recorded under Depreciation/amortization of
intangible non-current assets (without goodwill) and tangible non-current assets, Amorti-
zation of goodwill, Net income from restructuring and Other financial profit/(loss) and
broke down as follows:
2001/02 2000/01€ 1,000s € 1,000s
Scheduled depreciation/amortization
Intangible non-current assets 406 394
Goodwill 1,638 1,637
Tangible non-current assets 41,816 38,895
Total 43,860 40,926
Unscheduled depreciation/amortization
Goodwill 955 3,850
Tangible non-current assets 3,136 2,526
Financial investments 2,712 1,948
Total 6,803 8,324
Total depreciation/amortization
Intangible non-current assets 406 394
Goodwill 2,593 5,487
Tangible non-current assets 44,952 41,421
Financial investments 2,712 1,948
Total as per Non-Current Assets Summary 50,663 49,250
720102
Consolidated Financial Statements for 2001/02 The AGRANA Group
(18) Other expenses2001/02 2000/01€ 1,000s € 1,000s
Production contributionand additional levy 11,628 16,375
Storage levy 5,449 7,185
Losses arising from disposals/retirementsof non-current assets 1,116 2,314
Other taxes 2,396 3,636
Other 112,023 120,575
Total 132,612 150,085
Other expenses includes operational and administrative costs and sales and adver-
tising outlay.
(19) Net income from restructuringThis item includes write-offs of machines and mechanical plant no longer required
after structural pruning in Romania.
(20) Net interest income2001/02 2000/01€ 1,000s € 1,000s
Income from other securities andloans classified as financial investments 1,828 1,830of which from subsidiaries [17] [26]
Other interest and similar income 4,910 5,108of which from subsidiaries [47] [50]
Interest expense and similar charges (13,515) (16,650)of which from subsidiaries [(325)] [(3,500)]
Total (6,777) (9,712)
730102
Consolidated Financial Statements for 2001/02 The AGRANA Group
(21) Net income from substantial and permanent interests2001/02 2000/01€ 1,000s € 1,000s
Income from substantialand permanent interests 2,822 1,704of which from subsidiaries [2,146] [1,214]
of which from associates [95] [110]
of which from other substantial and permanent interests [216] [193]
of which from the release of negative goodwill [365] [187]
(22) Other financial profit/(loss)Other financial profit/(loss) includes write-downs to financial investments
(€ 2.7 million), exchange gains/(losses) and other financial income/(expenses).
(23) Income taxActual tax expense/(income) and tax deferrals pertained to Austrian and foreign in-
come taxes and broke down as follows:
2001/02 2000/01€ 1,000s € 1,000s
Actual tax expense 27,211 8,609of which Austrian [23,672] [6,940]
of which foreign [3,539] [1,669]
Deferred taxes (6,703) 4,981of which Austrian [(8,610)] [3,342]
of which foreign [1,907] [1,639]
Total 20,508 13,590
In compliance with IAS 12, the revaluation reserve accounted for € 125 thousand
of tax deferrals.
740102
Transition from profit before income tax to income tax expense:
2001/02 2000/01€ 1,000s € 1,000s
Profit before income tax 64,102 51,219
Theoretical tax rate 34% 34%
Theoretical tax expense 21,795 17,415
Change compared withtheoretical tax expense because of
divergent applicable tax rate (4,248) (4,108)
reduction in tax burden due to restructuring (3,285)
deduction of tax-exempt income (576) (1,551)
increase in tax burden due tonon-tax-deductible expensesand fiscal charges 4,228 3,427
Other (691) 1,692
Income tax expense 20,508 13,590
Tax rate 32% 27%
The figure for theoretical tax expense results from applying Austria’s corporation
tax rate of 34 per cent.
Tax deferrals were based on differences between valuations in the Consolidated
Financial Statements and the individual tax bases for taxes as imposed in individual
countries and on allowances for tax loss carryforwards.
In the interests of prudence, loss carryforwards were only included in tax deferrals
to the extent that a taxable profit of a kind that could be expected to suffice for the
utilization of the deferred tax asset was foreseeable within the coming three years.
No deferred tax liability was recorded for non-distributed profits of foreign Group-
members on the grounds that such profits will remain permanently in the country
concerned and will be used locally for investment purposes.
750102
Consolidated Financial Statements for 2001/02 The AGRANA Group
760102
Consolidated Financial Statements for 2001/02 The AGRANA Group
CASH-FLOW STATEMENT
The Cash-Flow Statement drawn up in accordance with the corresponding provi-
sions of IAS 7 elucidates the change in the AGRANA Group’s holdings of cash and
cash-equivalents as derived from day-to-day operating, investing and financing
activities. Adjustments for changes in foreign exchange rates and in the Consoli-
dated Group had (with the exception of those affecting cash and cash-equivalents)
already been eliminated within the corresponding balance-sheet items.
The composition of holdings of cash and cash-equivalents is shown in the Cash-
Flow Statement on page 48.
OTHER DISCLOSURES
Earnings per shareOrdinary shares (no-par shares) 9,527,040 units
Preference shares(non-voting no-par shares) 1,500,000 units
Total 11,027,040 units
Earnings per share based on taxed consolidated profit for the year of € 44,325
thousand came to € 4.02 (previous year: € 3.41 based on consolidated profit for the
year of € 37,574 thousand).
Vienna
23 April 2002
The Board of Management
Johann Marihart
Walter Grausam
Klaus Korn
Group interests on 28 February 2002(comprising interests of at least 20 per cent of share capital)
Stake in share capitalName and location of company Direct Indirect via subsidiary
in per cent in per cent
I. Subsidiaries
1. Interests in fully-consolidated Group-members
AGRANA Internationale Verwaltungs-und Asset-Management AG, Vienna 100.00 —
AGRANA Internationale Verwaltungs-und Asset-Management AG & Co KG, Vienna 100.00 —
AGRANA Marketing- und VertriebsserviceGesellschaft m.b.H., Vienna 100.00 —
AGRANA Zucker und Stärke AG, Vienna 98.91 1.09 AGRANA Marketing- undVertriebsservice Ges.m.b.H.
Agrofrucht, Handel mit landwirtschaftlichenProdukten Gesellschaft m.b.H., Vienna — 100.00 AGRANA Zucker und Stärke AG
Brüder Hernfeld Gesellschaft m.b.H., Vienna — 100.00 Agrofrucht Ges.m.b.H.
INSTANTINA Nahrungsmittel Entwicklungs-und Produktions Gesellschaft m.b.H., Vienna 66.67 —
AGRANA Magyarorzág Értékesitési Kft., — 1.00 AGRANA Zucker und Stärke AG
Budapest, Hungary — 99.00 Magyar Cukogyártó és Forgalmazó Rt.
Elsö Hazai Cukorgyártó és Forgalmazó Kft.,Budapest, Hungary — 98.99 AGRANA Zucker und Stärke AG
Instantina Hungária Kft., Petöhaza, Hungary — 100.00 INSTANTINA Nahrungsmittel Ges.m.b.H.
Magyar Cukogyártó és Forgalmazó Rt., — 57.64 AGRANA Zucker und Stärke AG
Budapest, Hungary — 27.50 Elsö Hazai Cukorgyártóés Forgalmazó Kft.
Moravskoslezské Cukrovary a.s.,Hrusovany nad Jevisovkou, Czech Republic — 97.54 AGRANA Zucker und Stärke AG
Slovenské Cukrovary a.s.,Rimavská Sobota, Slovakia — 100.00 AGRANA Zucker und Stärke AG
RUMA Handelsges.m.b.H., Hagenbrunn, Austria — 100.00 Brüder Hernfeld Ges.m.b.H.
S.C. A.G.F.D. Tandarei S.A., Tandarei, Romania — 99.79 AGRANA Zucker und Stärke AG
S.C. BETA-Tandarei S.A., Tandarei, Romania — 86.11 AGRANA Zucker und Stärke AG
770102
Consolidated Financial Statements for 2001/02 The AGRANA Group
Stake in share capitalName and location of company Direct Indirect via subsidiary
in per cent in per cent
S.C. Danubiana Roman S.A., Roman, Romania — 90.43 AGRANA Zucker und Stärke AG
S.C. Zaharul Buzau S.A., Buzau, Romania — 81.70 AGRANA Zucker und Stärke AG
S.C. Romecanica s.r.l., Roman, Romania — 100.00 S.C. Danubiana Roman S.A.
S.C. Romana Prod s.r.l., Roman, Romania — 99.58 S.C. Danubiana Roman S.A.
— 0.42 S.C. AGRANA Romania Holdingand Trading Company s.r.l.
S.C. AGRANA Romania Holding and — 90.00 AGRANA Zucker und Stärke AG
Trading Company s.r.l., Bucharest, Romania — 10.00 AGRANA Internationale Verwaltungs-und Asset-Management AG & Co KG
2. Companies accountedfor using the equity method
Österreichische RübensamenzuchtGesellschaft m.b.H., Vienna — 86.00 AGRANA Zucker und Stärke AG
3. Excluded Group-members
Leipnik-Lundenburger Unterstützungs-einrichtung Gesellschaft m.b.H., Vienna — 100.00 AGRANA Zucker und Stärke AG
Sugana Altersvorsorge-EinrichtungGesellschaft m.b.H., Vienna — 100.00 AGRANA Zucker und Stärke AG
Zuckerforschung Tulln Ges.m.b.H., Vienna 100.00 —
Dr. Hauser Gesellschaft m.b.H.,Garmisch-Partenkirchen, Germany — 51.00 AGRANA Zucker und Stärke AG
Hottlet Sugar Trading N.V., Berchem, Belgium 25.10 —
Ganz-Danubuis Akcio Kft., Budapest, Hungary — 0.30 Elsö Hazai Cukorgyártóés Forgalmazó Kft.
— 99.70 Magyar Cukogyártó és Forgalmazó Rt.
Schoko-Schwind Kft., Kecskemet, Hungary — 100.00 Magyar Cukogyártó és Forgalmazó Rt.
AGRANA Skrob s.r.o., Hrusovany, Czech Republic — 100.00 AGRANA Zucker und Stärke AG
S.C. Cristal S.A., Urziceni, Romania — 52.00 AGRANA Zucker und Stärke AG
780102
Consolidated Financial Statements for 2001/02 The AGRANA Group
790102
Consolidated Financial Statements for 2001/02 The AGRANA Group
Stake in share capitalName and location of company Direct Indirect via subsidiary
in per cent in per cent
II. Associates
1. Companies for which we waived useof the equity method
ÖSAT Beteiligungsgesellschaft m.b.H.,Bruck/Leitha, Austria — 34.58 AGRANA Zucker und Stärke AG
ZSG NL (Netherlands) B.V., Amsterdam,Netherlands 21.99 —
2. Companies consolidatedon a proportionate basis
HUNGRANA Keményitö- és Isocukorgyártóés Forgalmazó Kft., Szabadegyhaza, Hungary — 50.00 AGRANA Zucker und Stärke AG
Hungranatrans Kft., Szabadegyhaza, Hungary — 100.00 HUNGRANA Keményitö- ésIsocukorgyártó és Forgalmazó Kft.
3. “Atypical” silent partnership
„CREMBS“ Hotelbetriebsgesellschaft m.b.H.,Krems — —
Auditors’ Report and Auditors’ Certificate(Translation)
800102
Consolidated Financial Statements for 2001/02 The AGRANA Group
We audited the attached Consolidated Financial Statements of AGRANA Beteiligungs-
Aktiengesellschaft, Vienna, for the period ended 28 February 2002, comprising the
Balance Sheet, the associated Income Statement, the Cash-Flow Statement, the
Statement of Changes in Equity and the Notes to the Consolidated Financial State-
ments. These Consolidated Financial Statements were the responsibility of the enter-
prise’s management. Our responsibility was to give an auditors’ opinion of the
Consolidated Financial Statements based on our audit.
We performed our audit observing the principles governing the proper execution
of audits as valid in Austria and the International Standards on Auditing (ISA). Those
standards required the audit to be planned and executed in such a way that a suffi-
ciently sound judgement could be reached as to whether the Consolidated Finan-
cial Statements were free from material misstatements. The audit included a random-
sample supported examination of the evidence supporting the amounts and other
disclosures in the Consolidated Financial Statements. It also included an evaluation
of the accounting principles applied and material estimates undertaken by the enter-
prise’s management and an appraisal of the overall testimony of the Consolidated
Financial Statements. We believe that our audit constituted a sufficiently reliable
basis for our audit opinion.
It is our conclusion that the Consolidated Financial Statements do in all material
respects provide as true and fair a view as possible of the assets and financial con-
dition of AGRANA Beteiligungs-AG, Vienna, on 28 February 2002 and of its profit posi-
tion and cash flows during the financial year ended in compliance with the Inter-
national Accounting Standards (IAS) published by the International Accounting Standards
Board (IASB).
Vienna
26 April 2002
MULTICONT
KPMG Alpen-Treuhand GmbH Revisions- und Treuhand Ges.m.b.H.Wirtschaftsprüfungs- und Wirtschaftsprüfungs- undSteuerberatungsgesellschaft Steuerberatungsgesellschaft
Walter Knirsch Wilhelm Kovsca Hans Chaloupka Robert Breitner
Certified Accountants and Tax Consultants Certified Accountant Tax Consultantand Tax Consultant
810102
20012002Annual Financial
Statementsof AGRANA Beteiligungs-AG applyingRLG (Austrian financial reporting act)
820102
Annual Financial Statements for 2001/02 AGRANA Beteiligungs-Aktiengesellschaft
Balance Sheet dated 28 February 2002
28 February End ofA S S E T S 2002 previous year
€ € 1,000sA. Non-current assets
I. Intangible non-current assets 6,884 13II. Tangible non-current assets 775,228 2,888III. Financial investments 271,718,511 270,702
272,500,623 273,603B. Current assets
I. Receivables and other current assets 57,328,661 70,568II. Securities 13,146,117 10,583III. Cash, bank balances 21,809,224 24,866
92,284,002 106,017Total assets 364,784,625 379,620
E Q U I T Y A N D L I A B I L I T I E S
A. Equity (Eigenkapital )I. Share capital 80,136,625 80,137II. Capital reserves 213,463,220 213,463III. Retained earnings reserves 11,935,964 11,065IV. Balance-sheet profit 14,347,099 12,032
of which profit carryforward: € 12,361(previous year: € 1 thousand)
319,882,908 316,697B. Untaxed reserves 21,044 64
C. Provisions 3,633,218 3,227
D. Payables 41,247,455 59,632
Total equity and liabilities 364,784,625 379,620
Contingent liabilities and other financial obligations 20,845,766 20,846
830102
Annual Financial Statements for 2001/02 AGRANA Beteiligungs-Aktiengesellschaft
Income Statementfor the 2001/02 financial yearfrom 1 March 2001 through 28 February 2002
2001/02 Previous year€ € 1,000s
1. Sales revenues 279,959 2852. Other operating income 9,993,427 10,0363. Expenditure on staff (6,189,981) (5,392)4. Depreciation/amortization of intangible
and tangible non-current assets (341,702) (313)5. Other operating expenses (5,166,795) (5,248)6. Operating result (subtotal of items 1 – 5) (1,425,092) (632)
7. Income from substantial and permanent interests 15,888,656 13,061of which from subsidiaries€ 15,387,599 (previous year: € 12,743 thousand)
8. Income from other securities classifiedas financial investments 257,270 546
9. Other interest and similar income 3,868,714 3,979of which from subsidiaries€ 1,701,664 (previous year: € 2,633 thousand)
10. Expenditure on financial investments andsecurities classified as non-current assets (11,407) 0
11. Interest expense and similar charges (2,446,205) (2,422)12. Financial result (subtotal of items 7 – 11) 17,557,028 15,164
13. Profit from ordinary activities 16,131,936 14,532
14. Income tax expense (969,506) (494)15. Net profit for the year 15,162,430 14,038
16. Released from untaxed reserves 43,106 617. Allocated to untaxed reserves 0 (7)18. Allocated to retained earnings reserves (870,798) (2,006)19. Profit carryforward from previous year 12,361 1
20. Balance-sheet profit 14,347,099 12,032
840102
We audited the Annual Financial Statements for the year ended 28 February 2002
as drawn up by the Board of Management of AGRANA Beteiligungs-AG in accordance
with the provisions under commercial law applying in Austria, thereby observing
the principles of our profession in Austria regarding the proper execution of audits.
Having completed our audit, we granted the full German Annual Financial State-
ments of AGRANA Beteiligungs-AG, Vienna, for the year ended 28 February 2002 the
following unqualified Auditors’ Certificate in accordance with § 274 Abs. 1 HGB
(commercial code) subject to the passing of the appropriate resolutions under com-
pany law regarding profit shares for the concurrent reporting year (2001/02) as
receivable from AGRANA Zucker und Stärke AG and AGRANA Marketing- und Vertriebs-
service Ges.m.b.H.:
“According to our mandatory examination thereof, the accounting records and the
Annual Financial Statements comply with the statutory requirements. The Annual
Financial Statements conform to the principles of proper accounting and provide
as true and fair a view as possible of the company’s assets, financial condition and
profit position. Management’s Report is in conformity with the Annual Financial
Statements.”
Vienna
24 April 2002
MULTICONT
KPMG Alpen-Treuhand GmbH Revisions- und Treuhand Ges.m.b.H.Wirtschaftsprüfungs- und Wirtschaftsprüfungs- undSteuerberatungsgesellschaft Steuerberatungsgesellschaft
Walter Knirsch Wilhelm Kovsca Hans Chaloupka Robert Breitner
Certified Accountants and Tax Consultants Certified Accountant Tax Consultantand Tax Consultant
Annual Financial Statements for 2001/02 AGRANA Beteiligungs-Aktiengesellschaft
Auditors’ Certificate (Translation)
850102
Annual Financial Statements for 2001/02 AGRANA Beteiligungs-Aktiengesellschaft
Proposal regarding profit appropriation
The financial year from 1 March 2001 through
28 February 2002 closed with balance-sheet profit of € 14,347,099
The Board of Management recommends to
the General Meeting of Shareholders that
this balance-sheet profit be appropriated as follows:
a) the distribution of a dividend of € 0.58
per preference share (non-voting no-par share)
on 1,500,000 dividend-bearing preference shares,
that is € 870,000
and the payment of a bonus of € 0.72
per preference share, that is € 1,080,000
and therefore in total € 1.30 per preference share
and thus altogether € 1,950,000;
b) the distribution of a dividend of € 0.58
per ordinary share (no-par share)
on 9,527,040 dividend-bearing ordinary shares,
that is € 5,525,683
and the payment of a bonus of € 0.72
per ordinary share, that is € 6,859,469
and therefore in total € 1.30 per ordinary share
and thus altogether € 12,385,152.
Total outpayment € 14,335,152
To be carried forward to a new account € 11,947
€ 14,347,099
860102
During the 2001/02 financial year, the Supervisory Board kept abreast of the com-
pany’s business and financial position, the course and development of business, the
company’s financial condition and investment plans and unusual transactions as
well as corporate policy in numerous discussions and meetings and with the help
of regular reports from the Board of Management and extensive written material,
and it discussed those matters with the Board of Management. Those in-depth dis-
cussions dealt in particular with corporate strategies, future opportunities for growth
and the company’s acquisitions and the financing thereof.
The Annual Financial Statements, the Consolidated Financial Statements and the
Board of Management’s Report on the 2001/02 financial year as well as the account-
ing records were examined by the auditors appointed by the General Meeting of
Shareholders, namely KPMG Alpen-Treuhand GmbH, Wirtschaftsprüfungs- und Steuer-
beratungsgesellschaft, Vienna, and MULTICONT Revisions- und Treuhand Ges.m.b.H.,
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna, and were granted an
unqualified Auditors’ Certificate. The Supervisory Board has taken note of and
endorses the results of that audit.
Supervisory Board’s Report
AGRANA Beteiligungs-Aktiengesellschaft
870102
The Supervisory Board committee set up to examine the Annual Financial State-
ments and make preparations for their final approval examined the Annual Financial
Statements and reported to the Supervisory Report in the presence of the Auditors.
The Supervisory Board examined the Annual Financial Statements, the Board of
Management’s proposal regarding profit appropriation and the Board of Manage-
ment’s Report on the 2001/02 financial year.
None of the final results of those examinations gave cause for objections.
The Supervisory Board has approved the Annual Financial Statements prepared by
the Board of Management for the 2001/02 financial year, which are thus final for
the purposes of § 125 Abs. 3 AktG (corporation act). The Supervisory Board takes
note of and approves the Board of Management’s Report on the 2001/02 financial
year and endorses the proposal regarding profit appropriation.
The Supervisory Board would like to express its appreciation and thanks to the
Board of Management and to all the staff of the company and the AGRANA Group
for their work during the financial year.
The Chairman of the Supervisory Board
Christian KONRAD
Vienna
June 2002
AGRANA Beteiligungs-Aktiengesellschaft
880102
AGRANA Beteiligungs-Aktiengesellschaft
AGRANA Beteiligungs-AktiengesellschaftF.-W.-Raiffeisen-Platz 1, A-1020 Vienna
Phone: +43-1-21 137-0; Fax: +43-1-21 137-2998
e-mail: [email protected]
Internet: www.agrana.com
Group Communications/Investor Relations:
Brigitte Gampe
Phone: +43-1-21 137-2930; Fax: +43-1-21 137-2045
e-mail: [email protected]
Subsidiaries
AGRANA Zucker und StärkeAktiengesellschaftHeadquarters:
F.-W.-Raiffeisen-Platz 1, A-1020 Vienna
Phone: +43-1-21 137-0; Fax: +43-1-21 137-2998
e-mail: [email protected]
SUGAR DivisionAdministration:
Reitherstrasse 21 – 23, A-3430 Tulln
Phone: +43-2272-602-0; Fax: +43-2272-602-225
e-mail: [email protected]
FactoriesBahnstrasse 25, A-2273 Hohenau
Phone: +43-2535-2311-0; Fax: +43-2535-2311-201
Bahnstrasse 104, A-2285 Leopoldsdorf
Phone: +43-2216-2341-0; Fax: +43-2216-2341-299
Reitherstrasse 21 – 23, A-3430 Tulln
Phone: +43-2272-602-0; Fax: +43-2272-602-225
STARCH DivisionAdministration:
Conrathstrasse 7, A-3953 Gmünd
Phone: +43-2852-503-0; Fax: +43-2852-503-420
e-mail: [email protected]
FactoriesConrathstrasse 7, A-3953 Gmünd
Phone: +43-2852-503-0; Fax: +43-2852-503-420
Raiffeisenweg 2 – 6, A-4082 Aschach
Phone: +43-7273-6441-0; Fax: +43-7273-6441-43
AGRANA Marketing- undVertriebsservice Gesellschaft m.b.H.F.-W.-Raiffeisen-Platz 1, A-1020 Vienna
Phone: +43-1-21 177-0; Fax: +43-1-21 177-2009
e-mail: [email protected]
AGRANA InternationaleVerwaltungs- und Asset-ManagementAktiengesellschaftF.-W.-Raiffeisen-Platz 1, A-1020 Vienna
Phone: +43-1-21 137-0; Fax: +43-1-21 137-2766
e-mail: [email protected]
Important addresses
Acknowledgements:Published by:
AGRANA Beteiligungs-AG
F.-W.-Raiffeisen-Platz 1, A-1020 Vienna
Group Communications/Investor Relations: Brigitte Gampe
Phone: +43-1-21 137-2930; Fax: +43-1-21 137-2045
e-mail: [email protected]
Design and production: Scholdan & Company
Layout and typesetting: Studio Alessandri, Andreas Marchesani
Photos: Claudio Alessandri
Printing: Druckerei Ketterl, Vienna/Mauerbach
English translation: Adrian Weisweiller M.A. (Oxon)