Annual Report • May 31, 2012
Annual Report
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2011|12 ANNUAL FINANCIAL REPORT
YEAR ENDED 29 FEBRUARY 2012 AGRANA BETEILIGUNGS-AG
Group management report Consolidated fi nancial statements Consolidated income statement Consolidated statement of comprehensive income Consolidated cash fl ow statement Consolidated balance sheet Consolidated statement of changes in equity Notes to the consolidated fi nancial statements Statement by the members of the Management Board List of members of AGRANA's boards Subsidiaries and business interests Independent auditor's report
Parent company management report Parent company fi nancial statements Parent company income statement Parent company balance sheet Notes to the parent company fi nancial statements Statement by the members of the Management Board Proposed appropriation of profi t Independent auditor's report
48
| AGRANA GROUP FINANCIAL PERFORMANCE | 2011 12 | 2010 111 | Change |
|---|---|---|---|
| €000 | €000 | % | |
| Revenue | 2,577,631 | 2,165,902 | +19.0 |
| EBITDA2 | 309,032 | 207,804 | +48.7 |
| Operating profi t before exceptional items | 232,424 | 128,623 | +80.7 |
| Operating margin before exceptional items | 9.0% | 5.9% | |
| Exceptional items | (1,433) | 0 | – |
| Operating profi t after exceptional items [EBIT] | 230,991 | 128,623 | +79.6 |
| Net fi nancial items | (24,735) | (18,959) | –30.5 |
| Profi t before tax | 206,256 | 109,664 | +88.1 |
| Profi t for the period | 155,673 | 87,061 | +78.8 |
| Purchases of property, plant and | |||
| equipment and intangibles3 | 97,093 | 55,859 | +73.8 |
| Purchases of non-current fi nancial assets | 1,718 | 118 | +1,355.9 |
| Staff count | 7,982 | 8,243 | –3.2 |
1 Prior year has been restated to refl ect a retrospective change in accounting policy concerning IAS 19 (Employee Benefi ts). Details are given in the notes to the consolidated fi nancial statements from page 96.
2 Before exceptional items.
3 Excluding goodwill.
The consolidated fi nancial statements for the 2011|12 fi nancial year (the twelve months to the end of February 2012) were prepared in accordance with International Financial Reporting Standards (IFRS).
From 31 July 2011, three previously non-consolidated Romanian companies were included in the fi nancial statements for the fi rst time, by full consolidation: AGRANA AGRO SRL, located in Roman (principal business activity: grain production and processing of grain legumes); AGRANA BUZAU SRL, in Buzău (principal activity: sugar production); and AGRANA TANDAREI SRL, in Ţăndărei (principal activity: sugar production).
From the end of the fi rst half of fi nancial 2011|12, the Ukrainian company AGRANA Juice Ukraine TOV, in Vinnytsia, Ukraine, has been consolidated for the fi rst time. This new company, which is wholly owned by AGRANA, is fully consolidated in the Group fi nancial statements. The Group had already previously been producing fruit juice concentrates in Ukraine, but the operations had been part of AGRANA Fruit Ukraine TOV, Vinnytsia.
In 2006, AGRANA had entered into a collaboration with Yantai North Andre (YNA). With this partner, AGRANA operated two apple juice concentrate plants as 50%-owned joint ventures in China. Negotiations with YNA were held since the 2010|11 fi nancial year in order for AGRANA to assume full ownership of one plant and transfer its 50% interest in the other plant to the partner. These negotiations were completed in summer 2011. With eff ect from 1 August 2011 the Yongji Andre Juice Co., Ltd. joint venture in Yongji City, China, was deconsolidated and the former joint venture Xianyang Andre Juice Co., Ltd. in Xianyang City, China, was for the fi rst time fully consolidated in the Group fi nancial statements, under the new name AGRANA JUICE (XIANGYANG) CO., LTD.
In January 2012, AGRANA Juice Romania Carei SRL, based in Carei, Romania, was merged into AGRANA Juice Romania Vaslui, based in Vaslui, Romania.
Revenue of the AGRANA Group rose in 2011|12 by € 411.7 million or 19.0% to € 2,577.6 million (prior year: € 2,165.9 million). The revenue growth in all three segments was driven by favourable market and price trends in Sugar and Starch and was achieved despite slightly lower sales volumes in the Fruit segment. In the Sugar segment, the total revenue of € 884.4 million (prior year: € 713.1 million) refl ected revenue growth in quota as well as in non-quota sugar, resulting both from higher sales volumes and higher selling prices. Revenue in the Starch segment expanded to € 764.3 million (prior year: € 583.2 million), buoyed especially by rising sales prices. AGRANA also achieved revenue growth in the Fruit segment, to € 928.9 million (prior year: € 869.6 million), thanks mainly to price gains as a result of the commodity boom for fruits. At the same time, sales volumes decreased both in fruit preparations and fruit juice concentrates.
Consolidated operating profi t of € 232.4 million before exceptional items was much higher than the previous year's result of € 128.6 million. The main contributions to this excellent earnings trend came from the Sugar and Starch segments. Helped also by the optimisation measures initiated in the previous years, the Group benefi ted from the good market conditions in 2011|12. Only in the Fruit segment did operating profi t ease.
As a result of the unwinding of the Chinese fruit juice concentrate joint ventures between AGRANA and Yantai North Andre, a net exceptional items expense of approximately € 1.4 million (prior year: € 0) was recorded in 2011|12 (in the second quarter). AGRANA's operating profi t after exceptional items in 2011|12 was € 231.0 million (prior year: € 128.6 million).
The net fi nancial items expense increased to € 24.7 million (prior year: € 19.0 million) as a result of a greater net interest expense (which rose by € 6.3 million). The main driver was the higher fi nancing requirement for the working capital increase, which was made necessary in part by the very good harvest. The unrealised currency translation losses recognised intra-year were recouped by the year-end thanks to the rally in Central and Eastern European currencies, leaving a net positive foreign exchange eff ect at the balance sheet date of € 1.7 million year-on-year.
Profi t before tax increased from € 109.7 million in the prior year to € 206.3 million. After an income tax expense of € 50.6 million, based on a tax rate of 24.5% (prior year: 20.6%), the Group's profi t for the period was € 155.7 million (prior year: € 87.1 million). Profi t for the period attributable to shareholders of AGRANA grew to € 152.4 million (prior year: € 84.9 million); earnings per share were thus € 10.73 (prior year: € 5.98).
In the 2011|12 fi nancial year a total of € 97.1 million was invested in purchases of property, plant and equipment and intangible assets (prior year: € 55.9 million), considerably exceeding the rate of depreciation after three years of restrained capital spending. The Sugar segment's € 25.3 million share of this (compared with € 16.0 million in the prior year) was primarily for the construction of the 70,000 tonne capacity sugar silo in Tulln, Austria, and the newly erected third fermenter for the biogas plant in Kaposvár, Hungary. In the Starch segment, AGRANA invested € 29.3 million (prior year: € 9.0 million), especially for the implementation of the biomass boiler and the expansion of corn processing capacity in Szabadegyháza, Hungary. In the Fruit segment, € 42.5 million (prior year: € 30.8 million) was spent primarily to expand processing capacity in Russia, China and South Africa and for quality improvement measures in the USA and France.
Total assets at 29 February 2012 amounted to € 2,362.1 million, an increase of € 369.4 million from the year-earlier level of € 1,992.7 million. There was an increase of € 10.5 million in non-current assets, as a result mainly of the fact that investment exceeded depreciation. Current assets rose by € 359.0 million. The marked increase in inventories was due largely to the higher raw material prices, but also to growth in quantities (given the very good sugar beet harvest and greater buying-in of raw materials as well as of merchandise); this trend, through the adjustment of selling prices, was also refl ected in higher trade receivables.
50 With total assets up by almost 19% compared with 28 February 2011, AGRANA's equity ratio eased from 48.4% to 45.4% despite an absolute improvement in equity. Net debt on 29 February 2012, at € 469.2 million, was up from the prior-year-end level of € 382.4 million, and the debt-equity gearing at the end of the fi nancial year increased to 43.7% (prior year: 39.7%) as a result of the higher fi nancing require ment for working capital. Non-current liabilities rose on higher long-term borrowings. Current liabilities were up, as a consequence primarily of an increase in trade and other payables driven by raw material prices.
In 2011|12, operating cash fl ow before changes in working capital grew by 48.0% to € 250.1 million (prior year: € 169.0 million), in step with the rise in operating profi tability. With an increase (driven by raw material prices and buying-in) of € 206.3 million in working capital in the year to 29 February 2012 (prior year: increase of € 93.7 million), net cash from operating activities amounted to € 43.2 million (prior year: € 75.4 million). Net cash used in investing activities was € 97.9 million (prior year: net cash used of € 51.6 million) on higher outfl ows for investment in property, plant and equipment and intangible assets. After the dividend payment and a net increase of € 113.4 million in borrowings (prior year: net increase of € 3.2 million), net cash from fi nancing activities was € 82,7 million (prior year: net cash used of € 25.0 million). The AGRANA Group recorded negative free cash fl ow of € 54.7 million in the fi nancial year (prior year: positive free cash fl ow of € 23.8 million).
| €000 | 2011 12 | 2010 111 |
|---|---|---|
| Total revenue | 967,229 | 770,587 |
| Inter-segment revenue | (82,812) | (57,500) |
| Revenue | 884,417 | 713,087 |
| EBITDA2 | 129,126 | 51,955 |
| Operating profi t2 | 112,268 | 33,758 |
| Operating margin2 | 12.7% | 4.7% |
| Exceptional items | 0 | 0 |
| Operating profi t | ||
| after exceptional items | 112,268 | 33,758 |
| Purchases of property, plant and | ||
| equipment and intangibles3 | 25,328 | 16,031 |
| Purchases of non-current | ||
| fi nancial assets | 490 | 3 |
| Staff count | 2,249 | 2,245 |
Revenue in the Sugar segment grew by 24.0% in the 2011|12 fi nancial year, to € 884.4 million (prior year: € 713.1 million). High sales of quota sugar were achieved both with resellers and the sugar-using industry. In view of the general challeng ing supply situation in the defi cit markets, this was accomplished only through timely buying-in and imports of world market sugar. The signifi cant rise in world market prices in the fi rst four months of the year led to higher sugar prices in all sales segments, particularly in Eastern Europe. Despite the diffi cult environment, AGRANA was able to meet all existing commitments to customers for volumes and prices. The in some cases very tight supply in defi cit markets such as Hungary and Romania stimulated additional interest from customers in medium-term contracts. The Sugar segment accounted for 34.3% of Group revenue (prior year: 32.9%).
The Sugar segment recorded an operating profi t of € 112.3 million before exceptional items, dramatically higher than the prior-year level of € 33.8 million. Notable contributing factors were the availability of non-quota sugar and timely sugar sourcing in the world market, vigorous marketing and the fl exibility to seize opportunities created by changing market conditions, such as the additional import room and the sales of non-quota sugar (reclassifi ed as quota sugar) into the EU food market upon approval by the European Commission. The 2011|12 beet campaign was also very successful, with high beet quality and quantities. In addition to the beet sugar business, the refi ning and reselling activities also yielded signifi cantly higher margins than before.
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Total revenue | 773,217 | 617,300 |
| Inter-segment revenue | (8,941) | (34,097) |
| Revenue | 764,276 | 583,203 |
| EBITDA2 | 106,080 | 73,876 |
| Operating profi t2 | 81,948 | 48,181 |
| Operating margin2 | 10.7% | 8.3% |
| Exceptional items | 0 | 0 |
| Operating profi t | ||
| after exceptional items | 81,948 | 48,181 |
| Purchases of property, plant and | ||
| equipment and intangibles3 | 29,303 | 8,996 |
| Purchases of non-current | ||
| fi nancial assets | 0 | 0 |
| Staff count | 911 | 880 |
1 Prior year has been restated to refl ect a retrospective change in accounting policy concerning IAS 19 (Employee Benefi ts).
Details are given in the notes to the consolidated fi nancial statements from page 96.
2 Before exceptional items. 3 Excluding goodwill.
51
The revenue growth of 31.1% in the Starch segment in 2011|12 to € 764.3 million (prior year: € 583.2 million) resulted mostly from higher sales prices in all major groups of core and by-products. The prior year's performance was also narrowly surpassed in volume terms, thanks in particular to higher sales of by-products. In bioethanol, both sales prices and volumes exceeded the year-earlier level. As well, the price rise in the sugar market led to stronger sales of starch saccharifi cation products. The contribution of the Starch segment to Group revenue reached 29.7%, compared with 26.9% in the prior year.
The operating profi t of € 81.9 million represented a signifi cant improvement of € 33.7 million from the year before. The higher sales prices for all core products outweighed the eff ect of the risen raw material prices and, along with effi ciency gains, were the key reason for the EBIT growth. Both AGRANA Stärke GmbH and the starch plants in Hungary and Romania generated very good earnings.
| €000 | 2011 12 | 2010 111 |
|---|---|---|
| Total revenue | 930,265 | 873,787 |
| Inter-segment revenue | (1,327) | (4,175) |
| Revenue | 928,938 | 869,612 |
| EBITDA2 | 73,826 | 81,973 |
| Operating profi t2 | 38,208 | 46,684 |
| Operating margin2 | 4.1% | 5.4% |
| Exceptional items | (1,433) | 0 |
| Operating profi t | ||
| after exceptional items | 36,775 | 46,684 |
| Purchases of property, plant and | ||
| equipment and intangibles3 | 42,462 | 30,832 |
| Purchases of non-current | ||
| fi nancial assets | 1,228 | 115 |
| Staff count | 4,822 | 5,118 |
Revenue in the Fruit segment rose by € 59.3 million or 6.8% in 2011|12, to € 928.9 million (prior year: € 869.6 million). In the fruit preparations activities, sales volume declined in a challenging market setting. Aside from the partially contracting markets, the reasons were the entry of a new competitor in Russia and market share losses in Western Europe and North America that resulted partly from shifts in market share between the manufacturers of the consumer products. In the particularly competitive Central European market and in South America, AGRANA held its own well, maintaining its market share. A small increase in market share was
recorded in Asia. A reduction in absolute revenue in China caused by lower prices and new yoghurt products without fruit ingredients was balanced by revenue gains in Australia and South Africa. The new factories in Egypt and South Africa successfully began production and started to supply the local markets. In the fruit juice concentrate business, the price for European apple juice concentrate eased slightly over the fi nancial year amid an average European harvest. By contrast, the price for Chinese apple juice concentrate climbed to a historic high as the strong demand for dessert apples also sharply drove up the price of juice apples in China. On balance, the selling prices for juice concentrates remained stable at a high absolute level, while sales quantities declined somewhat, especially in the last few months of the year. The share of the Fruit segment in Group revenue was 36.0% (prior year: 40.2%).
The operating profi t of € 38.2 million before exceptional items in the 2011|12 fi nancial year did not reach the prioryear level of € 46.7 million. While the result in fruit juice concentrates was very positive, the volume reductions and (owing to raw material prices) lower margins in fruit preparations led to the decrease in segment operating profi t.
On 4 April 2012 the European Commission issued the approval for AGRANA Beteiligungs-AG and Vienna-based RWA Raiff eisen Ware Austria AG to merge their fruit juice concentrate subsidiaries AGRANA Juice Holding GmbH, of Gleisdorf, Austria, and Ybbstaler Fruit Austria GmbH, of Kröllendorf, Austria, by forming a joint venture. The competition-law requirements for fi nalising this undertaking are thus satisfi ed. The transaction is scheduled to close at the beginning of June 2012.
The new joint venture, YBBSTALER AGRANA JUICE GmbH, will have its registered offi ce in Kröllendorf, Austria, with 14 production sites in Austria, Denmark, Hungary, Poland, Romania, Ukraine and China. In addition to fruit juice concentrates, the product portfolio will include fruit purees and natural aromas as well as not-from-concentrate juices for the beverage industry. The joint venture, with revenue of about € 350 million, will be fully consolidated by AGRANA.
No other signifi cant events occurred after the balance sheet date of 29 February 2012 that had a material eff ect on AGRANA's fi nancial position, results of operations or cash fl ows.
AGRANA BETEILIGUNGS-AG 2011 | 12
1 Prior year has been restated to refl ect a retrospective change in accounting policy concerning IAS 19 (Employee Benefi ts).
| 52 |
|---|
| SUGAR SEGMENT RESULTS | 2011 12 | 2010 111 | Change |
|---|---|---|---|
| ¤m | ¤m | % | |
| Revenue | 884.4 | 713.1 | +24.0 |
| Operating profi t before exceptional items | 112.3 | 33.8 | +232.2 |
| Operating margin before exceptional items | 12.7% | 4.7% | |
| Purchases of property, plant and | |||
| equipment and intangibles2 | 25.3 | 16.0 | +58.1 |
1 Prior year has been restated to refl ect a retrospective change in accounting policy concerning IAS 19 (Employee Benefi ts). Details are given in the notes to the consolidated fi nancial statements from page 96.
2 Excluding goodwill.
AGRANA as the leading sugar producer in Central, Eastern and Southeastern Europe has been setting standards for over two decades.
AGRANA Zucker GmbH, Vienna, as the parent company for the Group's Sugar activities, both has direct Austrian operations and acts as the holding company for the Sugar segment's businesses in Hungary, the Czech Republic, Slovakia, Romania, Bulgaria and Bosnia-Herzegovina. The Sugar segment also includes Instantina Nahrungsmittel Entwicklungs- und Produktionsgesellschaft m.b.H., Vienna, and AGRANA Beteiligungs-AG, Vienna, as the Group holding company. The sugar distribution activities and the distribution of catering products for Hellma Lebensmittel-Verpackungs-Ges.m.b.H., Vienna, (a member of the PortionPack Europe Group) are likewise conducted by AGRANA Zucker GmbH.
For the 2011|12 sugar marketing year (SMY, October 2011 to September 2012), F. O. Licht's second, revised estimate from March 2012 of world sugar supply and demand puts production at 176.9 million tonnes (SMY 2010|11: 165.4 million tonnes) and consumption at 164.9 million tonnes (SMY 2010|11: 160.4 million tonnes). As a result, world sugar stocks would remain low overall and, at € 70.5 million tonnes (SMY 2010|11: 62.8 million tonnes), would amount to 42.8% of annual consumption (SMY 2010|11: 39.1%).
| WORLD SUGAR BALANCE | 2011 12 | 2010 11 | 2009 10 |
|---|---|---|---|
| million tonnes | million tonnes | million tonnes | |
| Opening stocks | 62.8 | 61.0 | 63.5 |
| Production | 176.9 | 165.4 | 159.0 |
| Consumption | 164.9 | 160.4 | 159.8 |
| Corrections | (4.3) | (3.2) | (1.7) |
| Closing stocks | 70.5 | 62.8 | 61.0 |
| In % of consumption | 42.8 | 39.1 | 38.2 |
Source: F. O. Licht, Second Estimate of the World Sugar Balance 2011|12, dated 7 March 2012.
The pronounced price volatility in the world sugar market continued in the 2011|12 fi nancial year. After reaching a new all-time high of € 623 per tonne of white sugar in July 2011, quotations eased amid sharp swings. At the end of February 2012 the world market price for white sugar was € 485 per tonne.
53
Sugar production in the EU-27 for the 2011|12 season will increase by about 2.9 million tonnes from the prior year, to 18.3 million tonnes. Besides beet volumes, sugar content will also be above average to average.
To increase sugar supply in the EU market in the 2011|12 sugar marketing year, the European Commission took two measures. In December 2011 it authorised the sale of 400,000 tonnes of non-quota sugar for the EU food market, which was followed in April 2012 by the approval of an additional 250,000 tonnes of non-quota sugar for this purpose. For these two reclassifi cation tranches, the sugar producers had to pay a levy of € 85 and € 211 per tonne, respectively. In addition to this measure, the Commission issued a standing invitation to bid for sugar imports at reduced tariff s for the periods from December 2011 to February 2012 and from June to July 2012. By January 2012 about 200,000 tonnes of raw sugar were approved for tariff -reduced import. After the fi rst January tender, the Commission cancelled the remaining tenders scheduled for January and February 2012.
As a result of the high sugar production inside the EU, the European Commission created scope for exports of European non-quota sugar. For the completed 2010|11 sugar marketing year (SMY), two tranches totalling 1.35 million tonnes of sugar were approved for export, including 700,000 tonnes in the period from September to December 2011. For the current SMY 2011|12, it was already decided in March 2011 to allocate export licences for 650,000 tonnes, for delivery from January 2012; in November 2011 an additional 700,000 tonnes of out-of-quota sugar exports were approved. For the coming SMY 2012|13, it was decided in April 2012 to permit non-quota exports of 650,000 tonnes.
On 12 October 2011 the European Commission submitted proposed legislation to the Council of Agriculture Ministers and the European Parliament not to extend the existing quota and price arrangements past 30 September 2015. By contrast, in June 2011 the European Parliament had advocated rolling over the existing rules unchanged until at least 2020. A decision by the European Parliament and the Council of Ministers is expected in the second half of 2012.
The WTO-II negotiations (the "Doha Round") that have been running since 2001 have not yet been brought to a conclusion. The upcoming US presidential elections make it unlikely that an agreement will be reached in 2012.
33.8
15.2
2010|11
2009|10
For the 2011|12 SMY the amount of area planted to sugar beet for the AGRANA Group was expanded to approximately 92,000 hectares (prior year: 86,150 hectares). Approximately 8,100 beet farmers (prior year: about 8,400) harvested more than 5.9 million tonnes of beet in the 2011|12 fi nancial year (prior year: 5.4 million tonnes). As a consequence of diffi cult crop emergence and weather conditions, about 2,000 hectares of beet fi elds were lost from production in Hungary and Romania. Beet yields (amounts of beet harvested per hectare) were very satisfactory, especially in Austria, the Czech Republic and Slovakia. Comparatively low precipitation in Hungary and Romania, particularly during August and September, entailed yield reductions and crop losses, and the average yields in these two countries thus remained at normal levels. The AGRANA Group's overall mean beet yield per hectare rose to approximately 66 tonnes (prior year: about 63 tonnes). In all regions, the prevailing weather during the growing season and harvest period led to an average sucrose content of more than 17.6%, a relatively high value (prior year: 16.5%).
The seven beet-using sugar factories processed a total of about 48,200 tonnes of beet per day (prior year: 47,900 tonnes). Over an average campaign length of 124 days (prior year: 113 days), this raw material was processed into approximately 945,000 tonnes of sugar (prior year: 803,000 tonnes). Sugar production thus signifi cantly exceeded AGRANA's EU beet sugar quota of 618,000 tonnes. The quantities in excess of the quota are marketed as out-of-quota sugar to the chemical industry, sold in the EU food market within the limits approved by the European Union, or exported to the world market. In Kaposvár, Hungary, to supply the Hungarian defi cit market, for the fi rst time a raw sugar campaign was conducted before and after the beet campaign. From this raw sugar, about 50,100 tonnes of white sugar were refi ned. In total in the 2011|12 fi nancial year (including Bosnia-Herzegovina and Romania) the Group refi ned about 402,000 tonnes of white sugar from raw sugar (prior year: 204,000 tonnes). This output growth stemmed from the utilisation of the additional capacity in Hungary, the year-on-year increase in raw sugar processing in Brčko, Bosnia-Herzegovina (up 128%), and improved capacity utilisation in Romania (up 77%).
For the Austrian plant in Tulln, the bumper crop of beet translated into the longest sugar campaign in its history. The Group's energy consumption per tonne of sugar produced was cut by more than 8%. In Hungary, about 52% of the primary energy requirement during the campaign was met from biogas produced in-house (prior year: 48%). AGRANA boosted the production of organic beet sugar from certifi ed organic beet to 6,900 tonnes in the 2011|12 fi nancial year (prior year: 4,100 tonnes).
In the Sugar segment, capital expenditure in 2011|12 was € 25.1 million (prior year: € 16.0 million) for new assets and asset replacement. In Tulln, Austria, AGRANA invested in the construction of the new 70,000 tonne capacity silo for granulated sugar that was inaugurated in the middle of October 2011, and in a packaging facility for jam sugar. In Kaposvár, Hungary, a third fermenter was built for the biogas plant, and an additional beet pulp press was installed in Opava in the Czech Republic. At the sugar plant in Sereď, Slovakia, the centrifuge control system was upgraded. At the Buzău site in Romania, the installation of a new 1 kg packaging facility was begun in order to do justice to the rise in market requirements. This project will be completed at the start of the 2012|13 fi nancial year.
In Austria in the 2011|12 fi nancial year, AGRANA Zucker GmbH sold 28.9% more sugar than one year earlier. Most of this growth was achieved through higher sales of non-quota sugar. High quota sugar sales were also made to supply the defi cit markets, such as Hungary, Romania and Bulgaria. The main reason for the rise in sales to retailers lay in stockpiling by largely Hungarian consumers and merchants near the Austria-Hungary border in summer 2011. A strong performance was also achieved in the sales volume of organics (up 20.8%).
55
In the past fi nancial year, Magyar Cukorgyártó és Forgalmazó Zrt. sold 21.4% more sugar than in 2010|11. This volume growth was driven mostly by shipments to other EU countries. In the reporting period, sales with the retailer channel remained strongly aff ected by the large number of small and low-price vendors. Many small importers neglected to charge or pay the high value-added tax, thus gaining a competitive advantage over AGRANA and hurting prices and sales volumes. To supply the Hungarian market as well as possible, raw sugar was refi ned in Hungary for the fi rst time.
Within the Czech Republic, sugar sales in the fi nancial year were constant at the prior-year level on balance. A positive trend in sales to food retailers refl ected AGRANA's focus on this sector, particularly through relationships with international chains. Sales to the sugar processing industry, by contrast, were not able to match the previous year's extraordinary high and decreased by 7.2%. Prices showed a very good overall trend compared to the prior year.
S.C. AGRANA Romania S.A. increased its sugar sales volume in 2011|12 by 1.7% on balance, a gain that was made primarily with food retailers. As a result of the high world market prices, Romanian prices were signifi cantly above the year-earlier level.
In the Western Balkans region, sales quantities were pushed up considerably (by 14%). In all countries of this region, the market shares were expanded and selling prices raised.
| STARCH SEGMENT RESULTS | 2011 12 | 2010 11 | Change |
|---|---|---|---|
| €m | €m | % | |
| Revenue | 764.3 | 583.2 | +31.1 |
| Operating profi t before exceptional items | 81.9 | 48.2 | +69.9 |
| Operating margin before exceptional items | 10.7% | 8.3% | |
| Purchases of property, plant and | |||
| equipment and intangibles1 | 29.3 | 9.0 | +225.6 |
1 Excluding goodwill.
AGRANA is the largest organic starch producer in Europe.
The Starch segment comprises AGRANA Stärke GmbH, with the Austrian starch products of the potato starch factory in Gmünd and corn starch plant in Aschach, as well as the operational management and coordination of the international holdings in Hungary and Romania. The bioethanol business also forms part of the Starch segment.
World grain supply and demand for the 2011|12 grain marketing year, based on forecasts of the International Grains Council, shows signifi cantly higher production than in the prior year, accompanied by growth in demand. World corn production, at 864 million tonnes, is expected to fall slightly short of consumption of 874 million tonnes. In contrast, global wheat production of 696 million tonnes is forecast to exceed demand of 681 million tonnes.1 Global stocks of wheat are therefore expected to rise a little, while corn inventories should continue to ease.
Driven by the tight supply on international commodity markets, futures prices remain high. Following a steady decline in commodity prices for corn and wheat during summer and until autumn 2011 to around € 180 per tonne, quotations rose again towards the end of the 2011 calendar year. At the beginning of March 2012 both corn and wheat quoted at signifi cantly above € 200 per tonne on the Euronext LIFFE commodity derivatives exchange in Paris.
The EU regime for potato starch expires at the end of the grain marketing year on 30 June 2012. At that time the production quotas and minimum raw material prices will be eliminated. Moreover, the existing coupled aid to producers will be paid them in decoupled form for 2012 and 2013. The new rules will apply from the 2012 harvest onwards.
The total EU-27 quota for isoglucose in the 2011|12 marketing year is approximately 690,000 tonnes. HUNGRANA, at 220,000 tonnes, holds Europe's largest isoglucose quota.
Total corn processing volume (excluding corn for bioethanol) in the AGRANA starch plants in Austria, Hungary (at the Group's 50% share in HUNGRANA's volume) and Romania increased in the 2011|12 fi nancial year to about 747,000 tonnes (prior year: 724,000 tonnes). Within this total, processing of freshly harvested, so-called wet corn accounted for approximately 161,000 tonnes (prior year: 150,000 tonnes). The amount of specialty corn processed (waxy corn, organic corn, and Guaranteed Non-GMO corn) increased to about 57,000 tonnes (prior year: 44,000) tonnes.
In the 2011|12 campaign the Austrian starch plant in Gmünd, in a campaign lasting 145 days (prior year: 114 days), processed about 235,500 tonnes of starch potatoes (prior year: 186,300 tonnes) with an average starch content of 19.2% into 52,100 tonnes of potato starch (prior year: 40,100 tonnes). The Austrian potato starch quota of 47,691 tonnes was exceeded by 9%. The organic portion of this amounted to approximately 6% (prior year: about 3%), measured by input volume. For the 2012 campaign year, the existing EU market regime will no longer apply. AGRANA intends to use the ending of the quota to increase the contract volume by 20% compared with the prior year. As in the previous year, about 25,000 tonnes of food potatoes (including around 25% organic potatoes) were processed into approximately 4,600 tonnes of long-life potato products.
€ 29.3 million (prior year: € 9.0 million) was invested in the Starch segment during the 2011|12 fi nancial year. At the site in Pischelsdorf, Austria, preparations began for the new wheat starch plant (a biorefi nery), and the evaporator capacity for stillage concentration was expanded. The evaporator expansion will further improve energy effi ciency and also increase throughput in the subsequent drying stage. At the Hungarian subsidiary HUNGRANA, capital expenditure focused largely on a straw-fi red boiler which will soon burn biomass to generate process heat energy. Investment in Hungary also went towards increasing daily processing capacity to 3,500 tonnes. At the plant in Gmünd, Austria, the potato washing station and the steamer were replaced in the production facility for long-life potato products, thus reducing energy consumption and increasing raw material yield. The Austrian starch factory in Aschach completed a project for the recovery of waste heat from the feedstuff dryer to improve energy effi ciency. Additional land for expansion was also acquired at this site. At the Romanian plant in Ţăndărei, the main investment was in an increase in raw material processing capacity to 150 tonnes per day.
In the fi nancial year 2011|12, revenue of the Austrian company AGRANA Stärke GmbH grew by about 24%, buoyed by higher selling prices of core and by-products. Total sales volume (including by-products) decreased slightly, from 1,179,300 tonnes in the prior year to 1,170,300 tonnes. Intact market demand and eff ective marketing allowed the selling prices of core products to be raised from the prior year; those for by-products (corn gluten feed, corn germ and potato proteins) also surpassed the previous year's prices. In food starches, sales volume was further expanded from the prior-year level. In non-food starches, larger quantities than before were sold into the textile and building industries while the volume of sales to the paper and corrugated board industries was down somewhat. Sales of co-products (including feedstuff s purchased for resale) eased mildly to 705,000 ton nes (prior year: 708,600 tonnes), primarily because of lower volumes of feed resold.
Revenue in Hungary was boosted by about 23% in 2011|12. The reason for the revenue increase was that sales prices were higher, both for core products (where they rose by 26%) and for by-products (up 21%). Sales volume, on the other hand (counted in proportion to AGRANA's 50% ownership interest in HUNGRANA) was down slightly year-on-year at a total of 500,100 tonnes (prior year: 503,800 tonnes). The signifi cantly higher selling prices more than off set the higher raw material prices and somewhat lower sales prices and led to a signifi cant improvement in operating profi t.
In Romania, AGRANA posted revenue growth, thanks to higher selling prices for all core products (up 39%). Sales volume totalled 41,300 tonnes and was thus down 3,800 tonnes from the prior year, owing to lower sales in the trading business (including raw materials). The improvement in selling prices for core products, which more than made up for the higher raw material prices, resulted in a considerable increase in operating profi t.
On 25 November 2011 the European Commission initiated anti-dumping and anti-subsidy proceedings against bioethanol imports from the USA. The investigations were urged by the European Renewable Ethanol Association, ePURE, as the surging bioethanol imports from the USA have negatively aff ected prices and created substantial economic disadvantages for the European bioethanol industry. The cause of this rise in bioethanol imports from the USA, according to ePURE, are US government measures at federal level and in several US states. These government subsidies were originally intended to support the use of bioethanol as a fuel in the USA. However, as supply now exceeds US demand, these measures are increasingly distorting trade. The European Commission is currently probing whether these practices have caused signifi cant harm to the European bioethanol industry. The Commission is due to decide by 26 August 2012 on the introduction of temporary countervailing duties.
AGRANA together with the Austrian beet farmers' association ("Die Rübenbauern") operates a bioethanol plant in Pischelsdorf, Austria (in which AGRANA Stärke GmbH holds an ownership interest of 74.9% and the beet farmers' Rübenproduzenten Beteiligungs GesmbH holds 25.1%). Through its 50% ownership of HUNGRANA Kft., AGRANA also operates a combined starch and bioethanol production plant in Szabadegyháza, Hungary. Compared with petrol, bioethanol from AGRANA's manufacturing plants in Austria and Hungary reduces greenhouse gas emissions by more than 50% over its entire lifecycle, according to studies by Joanneum Research Forschungsgesellschaft that covered every step from the production (including fertilising), transportation and processing of the raw materials, to the use of the bioethanol in engines.
The total bioethanol production capacity of the two plants in Austria and Hungary is about 400,000 cubic metres per year.
59
The bioethanol operation in Austria uses mainly wheat, corn and triticale as raw materials. In addition to bioethanol, it produces up to 190,000 tonnes of high-quality ActiProt® animal feed annually. Total processing throughput in the 2011|12 fi nancial year was approximately 554,000 tonnes of grain (prior year: 537,000 tonnes), with a ratio of wheat and triticale to corn of about 1 to 1. Of the 2011 crop, about 28,000 tonnes of ethanol wheat and triticale were secured in advance through delivery contracts with growers. For the 2012 crop as well, growers were off ered cultivation contracts for ethanol grains.
The ethanol production in Hungary is integrated in a starch factory that processes corn into starch, isoglucose and bioethanol. In the year, HUNGRANA used approximately 206,000 tonnes of corn for processing into bioethanol (this fi gure represents only AGRANA's 50% share of the company total).
Sales of bioethanol (on a consolidated basis including Austria and AGRANA's 50% share of results in Hungary) grew by about 24,400 cubic metres to 331,300 cubic metres. The sales prices of bioethanol and ActiProt® were raised further from the prior-year levels.
| FRUIT SEGMENT RESULTS | 2011 12 | 2010 111 | Change |
|---|---|---|---|
| €m | €m | % | |
| Revenue | 928.9 | 869.6 | +6.8 |
| Operating profi t before exceptional items | 38.2 | 46.7 | –18.2 |
| Operating margin before exceptional items | 4.1% | 5.4% | |
| Purchases of property, plant and | |||
| equipment and intangibles2 | 42.5 | 30.8 | +38.0 |
1 Prior year has been restated to refl ect a retrospective change in accounting policy concerning IAS 19 (Employee Benefi ts). Details are given in the notes to the consolidated fi nancial statements from page 96.
2 Excluding goodwill.
AGRANA processes fruits for customers worldwide.
All subsidiaries in the Fruit segment in Austria and abroad are directly or indirectly held by AGRANA J&F Holding GmbH. The coordination and operational management of the fruit preparations activities are provided by the holding company AGRANA Fruit S.A.S., based in Mitry-Mory, France. For the fruit juice concentrate business, the holding company is AGRANA Juice Holding GmbH, based in Gleisdorf, Austria.
In contrast to earlier years, the worldwide market for fruit yoghurts stagnated in the 2011|12 fi nancial year. While the market in Western and Central Europe contracted by between 1% and 2.5%, the average growth rate in non-European markets was slightly above 2%. The causes of this market stagnation were the strong price rise for dairy products that resulted from higher milk prices, and the lower consumer confi dence brought about by the macroeconomic environment. At the same time, manufacturers of fruit yogurts responded to the higher production costs with extensive costsaving measures, resulting in signifi cantly reduced advertising spend, postponed new product launches and changes in fruit content. The diffi cult market setting was equally a factor in developed markets with high per-capita consumption and in emerging markets with low consumption.
In the fruit juice concentrate business, the trend continued towards fruit juice beverages with low juice content and calorie-reduced beverages, which inherently contain less fruit juice. This trend was further accelerated by the rising prices for concentrates. The market was also shaped by the price pressure in store brands, which made it harder for bottlers to pass concentrate price increases through to retail chains.
As a result of lower crop production in Poland, increased raw material costs in China and worldwide low inventories, world market prices for all concentrates rose substantially from the 2010 harvest onwards and did not fall signifi cantly even during the 2011 harvest. In China in the last four years, the fresh market for all fruits has grown disproportionately strongly. Grade II and III fruit too is now successfully marketed in urban centres, diverting signifi cant volumes of fruit away from concentrate production. This led to a low supply in the world market and thus to higher prices.
The sales volumes in the CIS countries have recovered after the economic crisis, but market growth to date remains below expectations. The trend towards lower-cost drinks with less juice content made itself felt in these countries as well.
AGRANA is the world's leading manufacturer of fruit preparations for the dairy, bakery and ice-cream industries, with a global market share of about one-third. The Group at the balance sheet date had a total of 27 production sites for fruit preparations in 20 countries. In the 2011|12 fi nancial year, two new plants in the Africa region went into operation: In June 2011 AGRANA opened a small facility in Egypt and at the beginning of November the Group expanded its South African presence with a plant in Johannesburg.
With its ten European manufacturing locations, AGRANA is one of the leading producers of apple and berry juice concentrates in Europe. From 2006 to summer 2011 the Group maintained a strategic alliance with Yantai North Andre (YNA) for the production of apple juice concentrate in China. AGRANA and its 50% joint venture partner together operated one plant in Xianyang City, Shaanxi province, and, since 2008, one plant in Yongji City, Shanxi province. At 1 August 2011, AGRANA transferred its share in the then joint venture Yongji Andre Juice Co., Ltd., to YNA and deconsolidated it. Simultaneously, AGRANA assumed full ownership of the then joint venture Xianyang Andre Juice Co., Ltd., and fully consolidated it for the fi rst time, under the name AGRANA JUICE (XIANYANG) CO., LTD. This single Chinese juice production site of the Group is located in the world's largest apple growing region and thus enjoys access to a generally good supply of raw materials for making "sweet" (low-acid) Chinese apple juice concentrate.
Most of the apple juice concentrate produced by the European concentrate facilities has a higher acid content and is used to make pure apple juices and nonalcoholic apple spritzers. Besides apples, AGRANA also processes berries into berry juice concentrates for the European and international market.
The capital expenditure of € 42.5 million in the Fruit segment (prior year: € 30.8 million) largely represented maintenance investment and capacity expansion projects. The new warehouse for fi nished product in Serpuchov, Russia, began operation in June 2011. In China the fi rst construction phase of the new fruit preparations plant in Dachang was completed (production will be relocated to the new facility). Investment in South Africa fl owed to the new production site in Johannesburg. AGRANA also invested in numerous asset replacement projects, such as in Poland (production line replacement and a new cooker) and France (frozen storage renovation in Mitry-Mory and replacement of the cool storage warehouse in Valence). A sizeable investment was made in the purchase of stainless steel containers for transporting fruit preparations, and in the USA a new ERP software tool was implemented. Productivity improvement was a focus of investment in Gleisdorf, Austria. In the concentrate activities, investment prioritised the optimisation of operations in Poland and Hungary.
The past fi nancial year was marked by signifi cant price increases for basic commodities such as sugar, starch and liquid sugar, and a tight supply situation in fruits. At the same time, demand for raw materials was up in all relevant procurement markets.
Beginning with the 2011 winter harvest in Mexico, South America, Morocco and Egypt, the strong demand caused very high prices to become established in all fruit production regions. Even after the summer harvests in Europe and North America, this situation changed little and marked price hikes were evident especially in berry fruits, but also in a few cases for stone fruits and pomes (pomes include, for example, apples and pears). For tropical fruits there was a similar movement in prices, due particularly to the strong demand in emerging markets. Certainly, AGRANA was able to reduce the price risk through a policy of securing specifi c percentages of raw material requirements in advance, and by diversifi cation of procurement via the global purchasing organisation. Parts of the powerful price increases, however, could not be passed through in the highly competitive market environment and weighed on the result.
Yet, AGRANA's fruit preparations activities have a dense worldwide network of highly qualifi ed suppliers, which is very helpful in overcoming raw material crises like that of the past marketing year. Current signs are that the year 2011|12 marked a high in the price curves for fruit and that the market can now be expected to see some relief, although at comparatively high absolute price levels. Regional erratic growing conditions and harvests remain a risk that can strongly aff ect prices in individual regions.
In the juice concentrate business, the European 2011|12 harvest for some pome and berry fruits was as much as 25% below an average year's production. This signifi cantly pushed up raw material prices, notably for the production of strawberry, black currant and sour cherry concentrate. AGRANA Juice was able to pass the raw material cost increases on to the concentrate customers. In Hungary, an important production region for process apples, 70% of the crop was destroyed in early May 2011 by frost during the fl owering period. Through timely and focused adjustment of purchasing strategies for primary raw materials and apple juice concentrate in the respective production countries, AGRANA succeeded in securing the quantities of inputs absolutely required to meet customer needs.
The organic apple processing in Hungary into concentrate and not-from-concentrate juice was further expanded.
Despite a good harvest of about 30 million tonnes of apples in China, the country's supply of processing apples for industrial use was reduced by strong demand from the fresh market. According to estimates, the total Chinese production volume of apple juice concentrate in 2011 was about 50% less than in the record year 2007.
For 2012, based on normal weather conditions, an improvement is expected in raw material markets for fruit juice concentrate manufacturers.
In fruit preparations, sales volume eased. This decrease occurred in the fi rst half of the fi nancial year and resulted partly from the market entry of a new competitor in Russia and the use of some volume for in-house production in Austria. The fl at market as well as lower demand from some customers prevented these reductions from being off set elsewhere. Likewise, demand declines were felt during the acquisitions of the two largest Russian customers by global groups. From September 2011 onwards, however, the volume reduction was stopped and sales quantities returned to the prior-year levels by the end of the fi nancial year.
Prices for fruit preparations rose somewhat on average. The bulk of the price increases occurred in the second half of the year. Besides these gains, there were also adverse shifts in the sales mix towards lower-priced products, as well as growing customer concentration.
Europe saw a continuing trend towards natural fruit yoghurts with little or no chemicals added. The organic share in countries like Austria, Germany and England grew further (to currently about 12%). Both in these areas and in GMO-free recipes, AGRANA created much new impetus with fresh ideas.
In the USA, so-called Greek yoghurts – which are essentially yoghurts with a fresher, "European" fl avour – generated the most stimulus for growth. AGRANA began supplying US customers with recipes for use in Greek yoghurt in the second half of the fi nancial year. In the emerging economies such as Russia, Mexico, Brazil, China and South Africa, per capita consumption continues to rise steadily, although the growth rate in 2011|12 was less than in the previous years.
63
As a result of the volume reductions and the lower margins due to raw material costs, fruit preparations' pre-exceptionals operating profi t fell short of the prior-year fi gure. Particularly in Western and Central Europe, the results did not match year-earlier levels.
The sales volume target for fruit juice concentrates was not quite reached, as a consequence of lower crop production and despite buying-in of cloudy, semi-fi nished concentrates. The higher raw material prices allowed higher selling prices to be asserted in the market and signifi cant revenue growth was thus achieved. In the large Western European markets for fruit juice concentrates (Germany and the United Kingdom), AGRANA succeeded in holding volumes stable. Through one-year contracts with major fruit juice bottlers, sales of most of the production from the 2011 harvest were already contractually secured during the campaign. Deliveries under the contracts will run until the start of the third quarter of 2012|13.
In the 2011|12 fi nancial year AGRANA successfully continued on the path taken in the prior years of broadening the customer base and opening up new sales regions, and thus lessened its dependence on the highly competitive Central and Western European markets; this also helped to better absorb price fl uctuations.
64 As a major industrial group with a global presence in the food and non-food sectors, AGRANA strives to practice corporate social responsibility and to do justice to the regionally diverse CSR requirements to the greatest extent possible. It is AGRANA's declared goal to achieve and per petuate the best possible balance between ecological, economic and social responsibility. CSR at AGRANA is therefore not a project with a specifi c end point but a continuous process with a long-term horizon, a process that is practiced and improved on a daily basis.
Sustainability for AGRANA's purposes begins at the very start of the supply chain, with the procurement of agricultural raw materials, which are then processed in the Group's own plants using the most effi cient, environmentally friendly and energy-conserving production processes achievable.
With this in mind, AGRANA's key priorities in the environmental dimension last year included both energy effi ciency and the recovery and further utilisation of valuable by-products to achieve resource cycles that are as closed as possible. The co-products of food manufacturing are processed further by the food and non-food industries, are marketed as feedstuff s and fertilisers or used for energy generation. The result is the nearly complete utilisation of AGRANA's agricultural inputs and, thanks to the associated reduction in waste, environmental impacts are minimised.
AGRANA is committed to the principles of sustainable business management
environmental and social responsibility.
An impressive example of AGRANA's comprehensive pursuit of circular resource fl ows is the bioethanol plant in Pischelsdorf, Austria, part of the Group's Starch segment. Since coming on stream in June 2008 the facility has evolved towards full integration as a biorefi nery with nearly 100% utilisation of raw materials, making it a state-of-the-art showcase for the effi cient use of by-products.
Already, the grain processed in Pischelsdorf is turned not only into climate-friendly bioethanol certifi ed to the rigorous sustainability criteria of the ISCC1 standards, but also into ActiProt®, the high-quality protein feed for livestock. Under the Austrian Food Code, an important quality attribute of this co-product is its freedom from genetic engineering, allow ing it to be labelled as suitable for use in GMO-free food production. The manufacture of ActiProt® reduces imports of soy feedstuff s whose GMO-free status is not assured and thus frees up land for human food production in the soy-growing countries.
A further important step towards the complete utilisation of raw materials in Pischelsdorf is being taken by AGRANA's investment of € 65 million in a wheat starch plant (inserted into the manufacturing process upstream of the bioethanol production stage). Construction of the starch plant began in the fi rst quarter of the current 2012|13 fi nancial year. The plant will fi rst use all major components of its raw materials to manufacture wheat starch and gluten for the food and feed industries, and then send all agri-residues on to the fuel production stage. In numbers, the new facility will soon process 250,000 tonnes of wheat per year into 107,000 tonnes of wheat starch, 23,500 tonnes of wheat gluten and 55,000 tonnes of wheat bran. The wheat starch produced here will be destined largely for non-food industrial applications (such as in the paper industry). Wheat gluten is used by the bakery industry and also in pet food for cats and dogs. The bran serves as a feedstuff for livestock.
To complete the integrated concept of the Pischelsdorf complex, in future the site will also harness for industrial use the biogenic carbon dioxide bound in plant material and released during bioethanol production, thus achieving a further sustainable improvement in the natural carbon dioxide cycle. CO2 is a valued input for the food and beverage industry.
While CO2 from other sources, such as fossil fuels, must fi rst be cleaned in complex processes before being suitable for human consumption, the CO2 from ethanol production can be captured and liquefi ed with limited eff ort for subsequent use in various industrial applications, particularly in carbonated drinks. The largest European producer of liquefi ed carbon dioxide, AIR LIQUIDE, is therefore building Austria's biggest and most advanced liquefaction plant for biogenic CO2 in Pischelsdorf, which will start operation at the beginning of the second quarter of 2012|13.
Annually, the plant will clean and liquefy more than 100,000 tonnes of biogenic CO2 produced from renewable resources during yeast fermentation of alcohol. The resulting CO2 has numerous applications, such as in the carbonation of beverages, preservation and cooling of foods, aroma extraction, in the transport sector and in water treatment. Among the benefi ts are the full use of biomass and a signifi cant saving in fossil CO2.
With this multi-stage processing of agricultural raw materials, AGRANA continues to advance further towards the ideal of no-waste, circular fl ows of resources.
In the Fruit segment as well, AGRANA was engaged last year in a number of diff erent measures in various aspects of CSR. Like the many small parts of a mosaic, these add up to a meaningful whole and highlight AGRANA's all-encompassing approach to sustainability:
In the pursuit of closed resource cycles, AGRANA has found an additional use for apple pomace (the fruit pulp left after apples are pressed for juice production). The apple fi bres recovered from the pomace are used, for example, as a glutenfree substitute for fl our in baked goods and as a low-calorie, high-fi bre ingredient in products such as cereals, fruit bars and fruit preparations.
Through the installation of 7,500 square metres of solar panels at the Belgian plant in Herk-de-Stad, 630 MWh of electricity are produced annually from solar energy, with a saving of 409 tonnes of CO2 equivalent.
The installation of geothermal heat pumps at the Gleisdorf plant means a further important step towards greater energy effi ciency. This project translates into a saving of about 7,000 MWh of natural gas per year, corresponding to a reduction of 1,400 tonnes of CO2 equivalent.
The packaging plant at the facility in Jacona was equipped with solar prisms last year that focus and direct the available natural light to permit interior lighting without the use of electricity.
Energy effi ciency along with the reduction of CO2 emissions were the key thrusts of AGRANA's sustainable environmental management in the Sugar segment:
AGRANA's biogas plant at the Kaposvár sugar factory is a prominent current project revolving around energy effi ciency. Using the spent beet pulp from sugar beet processing as a feedstock, during the beet campaign completed in 2011|12 about 50% of the sugar factory's primary energy needs were supplied by its own biogas. AGRANA is currently working on expanding the facility to achieve 80% energy self-suffi ciency. Ultimately, through further measures in the sugar plant (including heating the lime kiln with biogas instead of coke), the plant's entire primary energy requirement for sugar production will be generated on site.
The installation of low-temperature dryers at the sites in Tulln and Leopoldsdorf will achieve a considerable future reduction both in energy consumption and in dust and odour emissions from the beet pulp drying operation.
The sugar silo inaugurated in autumn 2011 in Tulln, used for the additional storage of 70,000 tonnes of granulated sugar, substantially reduces annual CO2 emissions by saving sugar transport to external storage facilities. As well, previously unutilised waste heat from sugar production is now used to heat and condition the silo, another saving in CO2 emissions. At the same time, fi ltering systems with a combined surface area of about 430 square metres further minimise any build-up of dust.
Next to projects to boost energy effi ciency, reduce resource consumption and cut carbon dioxide emissions, all of which contribute strongly to climate and environmental protection, AGRANA's ongoing practice of sustainability also means realising its economic responsibility and living up to it every day. Far from being limited to AGRANA's fi nancial management, this responsibility also extends to fairness in dealing with competitors, integrity in business relations and proper, transparent fi nancial reporting that aff ords equal treatment to all stakeholders. In this spirit, AGRANA has formulated Corporate Compliance Principles that apply to every employee. Under these principles, AGRANA is committed, for instance, to competing fairly, and especially to strict compliance with antitrust law. Similarly, AGRANA takes a stand against corruption and is committed to full adherence to all related national and international legal requirements. In addition to ensuring proper accounting to applicable standards and seeking cooperative relations with public authorities, the fair and respectful treatment of colleagues and others is also a central plank of AGRANA's corporate compliance principles.
Complete CSR also has the dimension of social responsibility. One of the ways in which AGRANA practices this is by emphasising sales of fair trade products. Also, the company supports charitable and other social projects around the globe and has been an active sponsor of civil society initiatives for many years.
Alongside its traditional cultural engagement, in 2011|12 the Group made fi nancial donations to a number of social and charitable institutions. In the run-up to Christmas 2011, for example, AGRANA helped smallholder families in the impoverished northeastern region of Brazil to improve the marketing of their crops. Specifi cally, through AGRANA's donation and cooperation with Austrian development organisation ICEP1, the project advanced the professionalisation of local Brazilian cooperative cooperCUC2. This cooperative of small farmers has created an income base for itself with the processing and marketing of domestic fruits as fruit spreads, particularly the fruit of the umbu tree, also known as Brazil plum. In addition to consulting that focused on professional bookkeeping, the cooperative was supported in the development of a marketing concept for the coming years, thus contributing to long-term security of income for more than 300 smallholder families. To assure the local use of the money for its intended purpose, AGRANA receives complete documentation from ICEP on the progress of the project.
In autumn 2011, AGRANA mounted a joint campaign with its own staff to help relieve the famine in East Africa. The company matched the donations from employees and sent the resulting funds to Caritas' Vienna offi ce for its East Africa aid work.
Other charities and initiatives supported by AGRANA in the past fi nancial year were, for instance, "die möwe" child protection centres, the provincial "Healthy Lower Austria" preventive health care award, and the "idance" company, which fosters the capacity for artistic expression of people with Down syndrome.
AGRANA aims for the continual broadening and deepening of its approach to CSR. This is shown by a look at the numerous projects that centre on CSR and its further integration into the Group's business processes.
Thus, in the fi nancial year behind us, the "CaeSaR – Corporate Social Responsibility" project was carried out as part of AGRANA's "ACT1 II" in-house talent development programme. Outputs of this project, which was inspired partly by the sustainability approach of the Fruit segment, were an overview of the Group's stakeholder structure and the identifi cation of relevant core themes around AGRANA's corporate social citizenship. These central themes were then compared with the Group's current business practices in a performance analysis to pinpoint potential further areas for action. The analysis found that, with few exceptions, the top themes are already covered in the AGRANA Code of Conduct, the Corporate Compliance Principles and AGRANA's corporate and
quality policies. For further structured work on the individual core themes, AGRANA will continue to leverage the tools and information of the SEDEX database2. The overall project was based on ISO 26000. This voluntary standard encompasses seven principles (accountability, transparency, ethical behaviour, and respect for stakeholder interests, for the rule of law, for international norms of behaviour and for human rights) and seven core subjects (organisational governance, human rights, labour practices, fair operating and business practices, consumer issues, the environment, and community involvement and development.
At the end of 2011, an overarching process was started which, based on the implementation of a CSR concept in the AGRANA Group, has the goals of both balancing the three pillars of sustainability – the fi nancial, environmental and social dimensions – and ensuring that the values and requirements of the AGRANA Code of Conduct are understood and respected at all Group locations and by all suppliers and contracting parties. Parts of the CSR action plan are an expanded analysis of core themes and their constituent issues, as well as the description of an AGRANA CSR management process. The identifi cation of scope for improvement, and the implementation of resulting enhancement measures, occur as part of a continuous improvement process.
On balance, for AGRANA, CSR is both a market opportunity and a way of combining business objectives with social ideals. Resource-saving production methods, responsible supply and value chains, continual innovation in products and processes, as well as fair trade products, all not only give AGRANA access to new markets but also safeguard existing partnerships.
2 SEDEX: Supplier Ethical Data Exchange.
Operating in a highly competitive market environment, AGRANA's strategic objective is to set market trends and diff erentiate itself from the competition through product innovations. Working closely with customers, AGRANA continually develops new recipes, specialty products and novel applications for existing products. The research and development (R&D) activities are thus vital to the Group's strategy of sustainable long-term performance.
Sustainable growth requires high innovativeness.
AGRANA maintains several R&D facilities. The spectrum of work undertaken by Zuckerforschung Tulln Ges.m.b.H. (ZFT) in Austria ranges from agricultural R&D, to food, sugar, starch and bioethanol technology, all the way to microbiology and biotechnology projects.
The Centre of Innovation and Excellence in Gleisdorf, Austria conducts the centralised research and development for the fruit preparations business. This facility is responsible for the development of novel products and production methods, in addition to conducting longer-term R&D projects to provide AGRANA's international customers with innovative solutions in direct response to the needs of the market.
In the 2011|12 fi nancial year AGRANA invested approximately € 15.1 million (prior year: € 14.5 million) in research and development, for an R&D-to-sales ratio of 0.59% (prior year: 0.67%). In the AGRANA Group, an average total of 199 employees (prior year: 194) were working in research and product development.
In a project supported by Austria's Research Promotion Agency (Forschungsforderungsgesellschaft) to evaluate the technological quality of sugar beet, very good predictive power was achieved with a newly developed so-called refractometer formula. This new calculation method employs easily analysed parameters and delivers reliable results even for stored beet; previously this had only been possible using formulas that required very extensive analytical eff ort and whose application could not be automated. These insights are now being verifi ed using the beet material from the 2011|12 campaign. The new refractometer formula is expected to provide AGRANA with a more powerful predictive model both for the evaluation of new beet varieties and the calculation of quality premiums.
Although beet quality was good virtually for the whole duration of the campaign, further insights were gained into the processing of extended-storage beets. Through the detection of certain volatile organic compounds during transport to the factory, it is now possible to recognize deteriorated1 beet effi ciently. Depending on the particular mix of these compounds given off by the beet, technical adjustments are made to in-factory processes, such as fi ne-tuning the dosage of dextranase, an enzyme for the decomposition of fi ltration-inhibiting substances. This allows high processing volumes to be maintained with minimal use of process supplies even at the end of the beet campaign.
sumption and cost of process supplies in sugar production. Particularly worthy of mention in this regard are the programmes to conserve anti-foaming agents and the methodology for reducing the use of lime and of alkalising agents. These quality assurance and process optimisation programmes have already been successfully implemented in the Austrian sugar production operations and are now being rolled out in the entire Sugar segment.
On the product development end, 2011|12 saw the market launch of an innovation under AGRANA's Wiener Zucker brand: a new line of sugar products specially formulated for consumers making syrups from specifi c fruits. This was the result of close collaboration between R&D and the marketing department, from recipe formulation all the way to quality control of the fi nal product.
In the food sector, the Starch segment's R&D focused on the development of specialised, starch-based binders and thickener systems which, without chemical modifi cation, possess the properties required by the food industry. The equipment, techniques and technologies necessary for this were tested and/or developed, in some cases together with external partners. The scaling-up to industrial capacity is currently underway. These developments permit products to be declared organic or E-number-free.
The acquisition of a new pilot-scale spray dryer has increased the development capabilities for specialty foods in the baby food segment.
A major area of R&D in the 2011|12 fi nancial year was the development of starch products for non-food applications in the building, adhesives and paper sectors.
In paper applications, the main emphasis was on new developments for paper coating1. A special starch product was already successfully brought to market as a latex substitute for pre- and middle coating.
In the adhesives space, the development of sustainable, biodegradable adhesives continued with good results. Ready-to-use adhesives to replace conventional petroleum-based products were successfully tested in practice. The production process was then scaled up to industrial level. The design of specialised starch products as a replacement for casein in ready-to-use adhesives for use in wet labelling of glass bottles was also completed with success. Drawing on synergies in the Group, a custom-tailored starch product was developed that meets exacting requirements in bottle labelling applications.
1 R&D expenditure as a share of revenue.
70 In construction applications, the activities were centred on supporting the marketing of the products developed in the last several years by promotion at various trade shows, and on providing application support to numerous customers. An additional project was the development of a starch-based rebound reducer for shotcrete (wet sprayed concrete). Adding even minute amounts of the novel R&D products yielded signifi cant reductions in rebound of the sprayed concrete.
Early-stage trials to improve the generation of value-added with co-products in bioethanol production through the extraction of a high-protein fraction were very successful. It was shown that, with the appropriate equipment, a protein fraction can be separated out. This opens up new applications in the feedstuff sector. Work to scale up the technology to production dimensions is in progress in the 2012|13 fi nancial year. Various protein-rich secondary components were tested for use in animal feeds or as additives to organic fertilisers, and recipes were developed on this basis.
Advances were made in the project concerned with producing organic chelating agents1. Pilot-scale production eff orts have been successful and implementation trials are scheduled to begin in the coming months.
The chief focus of research in 2011|12 was the quality of the fruit used. Under a long-term programme known as GENESIS that was started in the prior year, AGRANA Fruit primarily analysed and optimised the so-called fi rst transformation, the processing of freshly harvested fruit into individually quickfrozen fruit pieces. The very good reception of the results by customers further highlighted the demand for optimised solutions. The programme has already identifi ed several ways to enhance the fruit quality attained in the existing standard processes. In preparation for implementing these new measures, additional tests will be conducted during the coming fruit harvest. In parallel with this, the suitability of new technologies and processes for use in the fi rst-transformation stage will be investigated.
Besides the technological implementation of improved and new processes, the assurance of the fruit texture achieved is also paramount. To this end, AGRANA is developing enhanced methods for the determination of fruit texture and the characterisation of fruit properties important to consumers.
To consolidate the fruit-growing and -processing knowledge available across the entire company, initiatives were launched to maximise direct communication between the individual specialists at AGRANA Fruit.
Responding to consumers' steadily growing worldwide interest in naturalness of fruit products, a dedicated programme was begun in 2011|12 to centrally coordinate clean label2 product concepts and technological expertise.
In R&D for fruit juice concentrates, activities to optimise various purifi cation processes signifi cantly reduced the consumption of cleaning agents and thus cut total cost. Additionally, the purifi cation processes now run more rapidly and effi ciently. These measures are soon to be put into practice at other juice facilities as well.
New product development in 2011|12 prioritised the improved utilisation and marketing of by-products, such as apple pomace. Extensive tests were successfully carried out in autumn 2011. The fi rst contacts were established with customers and led to their current testing of apple fi bres developed by AGRANA from the pomace. A patent application was fi led for the newly developed process in October 2011.
With the aim of further improving the aroma quality of apples and berry fruits, work is underway to identify the aroma compounds in the fruits and study how they change during the manufacturing process. Using the insights gained, the process can be designed specifi cally to produce highquality aromas.
1 Chelating agents (also called chelators) are substances that chemically clasp a central metal atom.
The resulting so-called chelate involves a chemical bond by which a larger molecule (the ligand) grasps the metal.
2 Clean label: a marketing concept in the food industry for promoting products as particularly natural.
71 In the 2011|12 fi nancial year the AGRANA Group employed an average of 7,982 people (prior year: 8,243). Of this total, 1,812 worked in Austria (prior year: 1,746) and 6,170 in other countries (prior year: 6,497).
The average number of employees in each business segment was as follows:
The average age of permanent employees1 as of 29 February 2012 was 41 years; 28% of them were women, and 54% of salaried staff had an academic degree.
Eight thousand employees worldwide are AGRANA's most important resource.
EMPLOYEES BY REGION
The increase in the average staff count in the Starch segment, which gained 31 employees, was the result of business- and project-related capacity adjustments across all parts of the company. As well, staff was required for a new drum drying line commissioned in Gmünd. A reduction of about 296 positions in the average staff count of the Fruit segment was attributable mainly to a lower requirement for seasonal labour in Ukraine and Mexico.
AGRANA is an international group of companies. Connected by shared integrity, dedication and social awareness, employees are supported in their development and encouraged to think and act like entrepreneurs. The style of work and leadership is marked by cooperation and mutual esteem.
In this spirit, everyone at AGRANA also takes responsibility for their own continuing development. Managers and human resources departments ensure that all employees have the opportunities and support for this, consistent with the Group's strategic objectives. This approach contributed substantially to the profi tability and growth of the diff erent businesses in the year under review.
To support the strategic goals and objectives, a Group-wide system of performance management has been implemented, which includes a performance-based compensation plan for management. In addition to targets related to the corporate fi nancial position and earnings, the criteria for determining variable compensation include personal performance targets. In the 2011|12 fi nancial year, 5.8% of all employees (prior year: 5.2%) were covered by this incentive-enhanced compensation scheme.
1 Permanent staff : employees hired for an indefi nite period, i. e., excluding temporary staff with a fi xed term of employment.
| 2011 12 | 911 |
|---|---|
| 2010 11 | 880 |
| 2009 10 | 880 |
| 2011 12 | 4,822 | |
|---|---|---|
| 2010 11 | 5,118 | |
| 2009 10 | 4,711 |
72 Under the personnel strategy, the year was defi ned by the implementation of many human resources projects, notably IT system improvements and the establishment of an HR shared service centre (SSC) in Austria. With this organisational infrastructure in place, the focus in the 2012|13 fi nancial year is on making the HR processes even more effi cient so that the business areas can in turn be optimally supported with HR services. At the same time, the tasks and challenges for HR will include projects intended to develop the HR organisation further in its role as a strategic partner to the business functions. One example is the introduction of an electronic database for job applications.
In the Sugar segment, the strategic emphasis in 2011|12 was placed on training and development, more international cooperation, and the transfer of expertise. The Starch segment likewise saw investment of this nature, particularly in staff development. In the Fruit segment, alongside training, a major focus was succession planning, with the goal of building a sound base of new managers in middle management. Additionally, specifi c steps were taken in HR marketing to secure AGRANA's good position as an attractive employer. As further supporting measures, communication and staff retention activities were also intensifi ed. As well, a worldwide employee survey was conducted in January 2012; its fi ndings will inform the further action planning in the new fi nancial year.
In 2011|12, AGRANA provided training to a total of 70 apprentices in Austria and Germany in preparation for careers as, among others, mechanical engineering technicians, electrical engineering technicians, plant electricians and process control technicians, chemical lab technicians, food technicians, mechatronics technicians, computer technicians and industrial sales representatives.
The human resources strategy implementation for the year 2012|13 is maintaining the ongoing intensive programme of skills upgrading and development for the Group's staff .
The holding company and local subsidiaries organised numerous trainings, in subject areas spanning both professional skills and personal development.
In the talent development process, for the second time a class of about 30 highperforming, high-potential staff members and managers drawn from across the entire AGRANA Group graduated very successfully from the AGRANA Competencies Training (ACT) programme.
One of the priorities of training activities in 2011|12 was management development. These trainings were expanded and refi ned to be able to provide a standing programme of management training and thus further improve the high calibre of AGRANA's managers. Another area of training emphasis was Group-wide project management. The portfolio of trainings available was expanded and further tailored to the Group's needs. The base course, "Foundations of Project Management", is now off ered via e-learning, to make it more widely accessible.
Staff development in the Sugar segment during the year focused on setting up a trainee programme for the raw materials operations. The programme was successfully introduced and is now being implemented by all subsidiaries. The goal is to ensure the recruitment and training of good new people in this area and to further step up the exchange of knowledge across national borders. In addition, the off ering of trainings in project management, software and foreign languages was expanded. In the Starch segment, the focus was on trainings for future master tradespersons in order to safeguard internal succession. Also, in-house orientation training was developed for new employees in the Starch segment to ease their entry. The other, advanced training activities stressed skills in management, languages and software. In the Fruit segment, personnel development activities in 2011|12 centred primarily on management development. Managers received intensive training on a regional basis to ensure that knowledge and skills meet a common standard. Emphasis was also placed on project management and deepening the knowledge of SAP applications.
The Group-wide expenditure for external training and develop ment in the 2011|12 fi nancial year amounted to approximately € 2.2 million (prior year: € 2.3 million), or about 1.1% (prior year: 1.3%) of total wages and salaries.
In addition to the ongoing availability of occupational health services, some locations have individual arrangements with local fi tness facilities. The goal is the promotion and improvement of employees' health and wellbeing.
Besides existing sports and wellness events like ski days and back exercise classes, the annual Wien Energie Business Run again drew many staff members as participants. In September 2011 the turnout, coming from all AGRANA business areas, was an excellent 32 teams of three persons each.
In the Sugar segment, aside from the activities available under the proven AGRANA-Fit programme, the "Fruit Basket" initiative highlighted the importance of healthful nutrition high in vitamins. Meanwhile, in the "Wide-Angle" project, apprentices were trained in safety consciousness. They were asked to roam the plant and photograph safety problems; the best pictures were recognised with awards. Finally, numerous health and safety activities were carried out Groupwide, such as training in workplace accident and fi re prevention and workshops on noise control.
74 AGRANA's Management Board is committed to fulfi lling its responsibility for the early identifi cation and mitigation of risks to the company's viability as a going concern. The aim of risk management is to anticipate risks and opportunities and develop appropriate measures to minimise negative impacts on fi nancial results.
An integrated system for the early identifi cation and monitoring of Group-specifi c risks and opportunities enables AGRANA to use its existing resources effi ciently for the achievement of its strategic goals. In this process, the Management Board is supported by effi cient control and reporting systems.
To manage its risks, AGRANA uses two complementary systems.
The primary operational control tool is the enterprise-wide, uniform planning and reporting system. It is supplemented by a monthly risk report on the risk potential both for the AGRANA Group and each business segment, for the current and next fi nancial year. Risk management – an integral part of value-driven
The aim of strategic risk management is to identify and control the risks and opportunities of the AGRANA business model; the time horizon is the medium to long term. Supporting the Management Board in this is a dedicated, organisationally independent risk management team. Twice every year, the economic, legal and political environment is analysed in a strategic risk review together with experts from all segments and business areas. The opportunities and threats identifi ed are assessed for their potential signifi cance and probability of occurrence, early warning indicators are determined and corrective measures devised. The results are compiled in a risk inventory. In this process, as supplementary information for management, a worst-case scenario is constructed for the current fi nancial year and a Monte Carlo simulation is used to determine the maximum theoretically conceivable negative variance from the budgeted results. The results of the strategic risk review are assembled into a risk manual and reported to the Management Board and the Audit Committee of the Supervisory Board.
To mitigate adverse eff ects when threats arise, local designated risk management teams at every subsidiary take rapid and coordinated countermeasures as needed.
Reporting directly to the Management Board, the Group-level risk management team devotes particular attention to the continual review and updating of the risk and opportunity information and to heightening the risk awareness of all employees in the AGRANA Group.
All business activities and decisions inherently involve risks and opportunities. The aim of successful risk management is to achieve an appropriate balance of risks and potential returns.
The Group is generally prepared to accept risks related to its core competencies, but seeks to avoid risks that cannot be reduced to a reasonable level. AGRANA does not assume risks that are unrelated to core or support processes.
corporate governance.
75 For the whole Group, the risk strategy set by the Manage ment Board and the actual safeguards applied are implemented in a centralised fashion with coordination by AGRANA Beteiligungs-AG.
Derivative fi nancial instruments are used only to hedge business transactions; their use for speculative purposes is expressly prohibited. Compliance with this principle is achieved through policies, limits, ongoing monitoring, and reports to the Management Board.
As a manufacturing company in the agricultural sector with global operations, AGRANA's particular business activities and regional operating conditions expose it to risks that can have material eff ects on the Group's fi nancial position and results of operations.
The current EU sugar regime circumscribes the activities of the sugar industry in the European Union until the end of the 2014|15 sugar marketing year (30 September 2015). As well, trade agreements (international and national) can have a major infl uence on the Group's fi nancial results. As part of the risk management process, potential impacts of these factors are analysed and evaluated from an early stage. Current developments and their eff ects are discussed in detail beginning on page 52 of this report, in the section on the Sugar segment.
An important factor for the business model of the bioethanol activities is the requirement in place since October 2007 for the minimum bioethanol content in petrol, which is based on the EU's renewable energy directive. If this ethanol content were eliminated or reduced, it could have a material negative eff ect on the results of the bioethanol operations. Public debate and legislative initiatives relating to this subject are very closely monitored and analysed and are evaluated in the risk management process.
AGRANA as an agricultural processor is subject to procurement risks in respect of its raw material supply. As a result of climatic events and conditions, the amount of raw materials available may under some circumstances be insuffi cient. These raw materials are also subject to price fl uctuations that cannot always be fully passed through to customers.
In the Starch segment, the primary strategy for securing suffi cient raw materials is to conclude physical supply contracts to the greatest possible extent. For the rest of the supply needs, futures contracts are used where fi nancially appro priate. These hedging operations are subject to stringent safety rules. Their amounts are proposed by the management of the business segment and approved by the AGRANA Management Board. The amounts and outcomes of these hedges are conveyed to the Management Board through the monthly reporting.
With starch products, higher raw material costs can to a large extent be passed through rapidly to customers in the markets relevant to AGRANA thanks to the homogeneous cost structure. In the bioethanol production operations, a rise in commodity prices can be partly off set by higher selling prices for the co-product, Actiprot® protein feed, but there remains a residual risk that higher raw material prices cannot be fully passed through to bioethanol buyers.
In the Sugar segment, procurement risk depends on which main raw material is used: In countries where it is sugar beet, this crop competes with other fi eld crops. In Bosnia-Herzegovina and Romania, profi tability is dependent largely on the relationship between the cost of purchasing raw sugar (as the local raw material) and the market price of white sugar. For the raw sugar refi neries, the procurement risk for raw sugar consists of a high raw sugar price and the market access rules for the importation of white and raw sugar into the EU. The required quantities of raw sugar are hedged in terms of volume and price through commodity derivatives where fi nancially appropriate. These hedges are subject to the same strict policies as those for grains.
76 Unfavourable weather and plant diseases may cause serious crop failures in the Fruit segment, with eff ects both on raw material supply and prices. Thanks to the central purchasing organisation in the fruit preparations business with its worldwide presence and its knowledge of global raw material markets, supply bottlenecks can be spotted early and timely action taken in response. To provide year-round security of supply, one-year contracts with suppliers are also concluded. This ensures consistent high quality, reliable deliveries and secure production. To match contract maturities to those of purchasing contracts, one-year sales agreements are also used with customers.
Through continual investment in the improvement of energy effi ciency, of production facilities and through the cost-optimised use of diff erent forms of energy (including alternative energy sources), AGRANA reduces its energy price risk. The quantities and prices of the required energy sources are, when possible, secured in advance through short- and mediumterm contracts for physical delivery.
AGRANA, as a processor of agricultural products for the food industry, complies with all relevant food and beverage legislation as a matter of course. Through extremely rigorous, certifi ed internal quality management systems, AGRANA mitigates risks associated with processing defects or quality shortcomings, such as might arise, for example, from contaminated raw materials. Adherence to the associated quality standards is regularly monitored and certifi ed in the entire Group. As an added precaution, the product liability insurance carried aff ords suffi cient cover for potential payment of damages.
In its global business activities, AGRANA is exposed to intense competition. A detailed monthly analysis of sales variances by customer and product enables the Group to detect changes in demand patterns quickly and take timely remedial action. AGRANA also regularly evaluates its market position in the relevant markets and, when necessary, adjusts the business strategy accordingly. This and the on-going optimisation of cost structures in every part of the Group ensures its competitiveness both in the short and long term.
The Group is always exposed to the risk of possible changes in the legal setting, particularly in food and environmental legislation. AGRANA identifi es such risks at an early stage, assesses their potential impact on the Group's business activity and takes countermeasures where appropriate.
There are currently no civil actions pending against AGRANA or its Group companies that could have material impacts on the Group's fi nancial situation.
As noted in the last annual report, in the 2009|10 fi nancial year, antitrust investigations were initiated against AGRANA subsidiaries in Slovakia and Hungary. In the year under review and as at the time of preparation of the fi nancial statements, there was no substantiation of the allegations by the competition authorities.
In September 2010, as noted in the prior-year annual report, the Austrian Federal Competition Authority fi led an application with the Cartel Court in Vienna for a declaratory judgement against, among other parties, AGRANA's subsidiary AGRANA Zucker GmbH, Vienna, and Südzucker AG Mann heim/ Ochsenfurt, Mannheim, Germany, for an alleged contravention of antitrust law. The allegation is that of participation in competition-restricting arrangements with respect to Austria. In October 2011 the Federal Competition Authority applied to the competent Cartel Court to impose a fi ne. The parties named in the suit (AGRANA Zucker GmbH and Südzucker AG Mannheim/Ochsenfurt) continue to regard the underlying allegation as unfounded and believe that the evidentiary hearings conducted by the Cartel Court do not substantiate the Competition Authority's October 2011 application for a fi ne. The evidentiary hearings are not yet concluded and a ruling by the Cartel Court is therefore still pending.
AGRANA is subject to risks from movements in exchange rates, interest rates and product prices; these risks are described below. The fi nancing of the Group is largely provided centrally by the Treasury department, which regularly reports to the Management Board on the movement in the Group's net debt and the size and results of the hedging positions taken.
Interest rate risks represent the risk that fi nancial instruments will fl uctuate in value as a result of changes in market interest rates; this is referred to as interest rate price risk and aff ects mainly fi xed interest investments. By contrast, fl oating rate investments or borrowings are subject to minimal price risk, as their interest rate is adjusted to market rates very frequently. However, the fl uctuation in the shortterm interest rate creates risk as to the amounts of future interest rate payments; this is referred to as interest rate cash fl ow risk. In accordance with IFRS 7, a sensitivity analysis was conducted with regard to interest rate movements, which is presented in detail in the notes to the consolidated fi nancial statements.
Currency risks arise mainly from the purchase and sale of goods in foreign currencies and from fi nancing in foreign currencies or local fi nancing in euros. For AGRANA, the principal relevant exchange rates are those between the euro and the US dollar, Hungarian forint, Polish zloty, Romanian leu, Ukrainian hryvnia and Russian ruble.
For hedging, AGRANA primarily employs forward foreign exchange contracts (also known as currency forwards). Through these, the value of cash fl ows denominated in foreign currencies is protected against exchange rate movements. In countries with volatile currencies, these risks are further reduced through the shortening of credit periods, indexing of selling prices to the euro or US dollar, and similar methods of risk mitigation.
In debt fi nancing, the exchange rate risk on foreign-currency fi nancing is continually compared with interest costs for local-currency funding, thus supporting decisions that optimise costs.
Product price risks arise from price fl uctuation in world markets, both for raw materials and energy. The Group companies in Romania and Bosnia-Herzegovina are subject to additional currency risk from raw sugar purchases made in US dollars, which is hedged with commodity derivatives.
Liquidity risks are detected early through the standardised reporting, thus allowing timely mitigative actions to be taken as appropriate. The liquidity of the AGRANA Group is suffi ciently assured at all times through credit lines committed by banks.
Risks of default on receivables are mitigated by obtaining trade credit insurance, by setting strict upper limits on receivables balances, and by the ongoing monitoring of customers' credit quality. The residual risk is covered by raising appropriate amounts of provisions.
Overall, the Group's aggregate risk exposure remained the same as in the prior year. At the balance sheet date there were no risks to AGRANA's ability to continue in business as a going concern. No material changes in the Group's economic environment are expected for the 2012|13 fi nancial year.
On balance for 2012|13, the Management Board currently sees no risks to AGRANA's ability to continue in business.
The Management Board of AGRANA recognises its responsibility for the establishment and design of an internal control system and risk management system in respect of the accounting process and compliance with the relevant legal requirements.
Standardised Group-wide accounting rules, the internal control system and International Financial Reporting Standards (IFRS) assure both the uniformity of accounting and the reliability of the fi nancial reporting and externally published fi nancial statements.
The fi nancial and management accounting in most Group companies is performed using SAP. This ensures that the internal and external reporting are based on the same data. The Controlling and Group Accounting departments validate the internal and external reports monthly and quarterly, respectively, and assure the congruence of internal and external reports. The consolidated fi nancial statements are prepared by the Group Accounting department, whose main area of responsibility is to ensure the correct and complete transfer of fi nancial data from Group companies, carry out the fi nancial statement consolidation and eliminations, generate analytical reports from the consolidated fi nancial statement data, and prepare fi nancial reports.
78 The primary control tool for AGRANA's management is the enterprise-wide, uniform planning and reporting system. The system comprises a medium-term plan with a planning horizon of fi ve years, budget planning for the next fi nancial year, monthly reporting including a separate monthly risk report, and, four times per year, a projection for the current fi nancial year that incorporates the signifi cant fi nancial developments. In the event of substantial changes in the planning assumptions, this system is rounded out by ad-hoc forecasts.
The monthly report produced by Controlling portrays the performance of all Group companies. The contents of the report are standardised across the Group and include detailed sales data, the balance sheet, income statement and the fi nancials that can be derived from them, as well as an analysis of signifi cant variances. This monthly report includes a dedicated risk report both for each business segment and the AGRANA Group. It calculates the risk potential for the current and the next fi nancial year, based on the assumption that the key profi tability factors (energy prices, raw material prices, selling prices, etc.) remain constant at their current level to the end of the respective fi nancial year.
A Group-wide risk management system at both operational and strategic level in which all sources and types of risk relevant to AGRANA – such as the regulatory and legal environment, raw material procurement, competitive and market risks, and fi nancing – are analysed for risks and opportunities, enables the management to identify changes in the Group's environment at an early stage and to take timely corrective action as required.
Internal Audit monitors all operational and business processes in the Group for compliance with legal provisions and internal policies and procedures, and for the eff ectiveness of risk management and the systems of internal control. The unit's audit activities are guided by a Management-Boardapproved annual audit plan that is based on a Group-wide risk assessment. When requested by the Management Board, Internal Audit also performs ad-hoc audits focusing on current and future risks. The audit fi ndings are regularly reported to AGRANA's Management Board and the respective management responsible. The implementation of the actions proposed by Internal Audit is assured through follow-up verifi cations.
As part of the audit of the fi nancial statements, the external independent auditor, to the extent required for the audit opinion, annually evaluates the internal control system of the accounting processes and of the information technology systems. The audit fi ndings are reported to the Audit Committee of the Supervisory Board.
The share capital of AGRANA Beteiligungs-AG at the balance sheet date of 29 February 2012 was € 103.2 million, divided into 14,202,040 voting ordinary bearer shares. There are no other classes of shares.
Z&S Zucker und Stärke Holding AG ("Z&S"), based in Vienna, is the majority shareholder, holding 75.5% of the share capital of AGRANA Beteiligungs-AG. Z&S is a wholly owned subsidiary of Vienna-based AGRANA Zucker, Stärke und Frucht Holding AG, which in turn is 50% owned by Südzucker AG Mannheim/Ochsenfurt ("Südzucker") of Mannheim, Germany, and 50% owned by Zucker-Beteiligungsgesellschaft m.b.H. ("ZBG"), Vienna. The following fi ve Vienna-based entities are shareholders of ZBG: "ALMARA" Holding GmbH (a subsidiary of Raiff eisen-Holding Niederösterreich-Wien registrierte Genossenschaft mit beschränkter Haftung); Marchfelder Zucker fabriken Gesellschaft m.b.H.; Estezet Beteiligungs gesellschaft m.b.H.; Rübenproduzenten Beteiligungs GesmbH; and Leipnik-Lundenburger Invest Beteiligungs AG. Under a syndicate agreement between Südzucker and ZBG, the voting rights of the syndicate partners are combined in Z&S, there are restrictions on the transfer of shares, and the partners in the syndicate have certain mutual rights to appoint members of each other's management board and supervisory board. Thus, Johann Marihart has been appointed by ZBG as a management board member of Südzucker, and Thomas Kölbl has been appointed by Südzucker as a management board member of AGRANA Beteiligungs-AG.
The London, UK-based fi nancial services company Prudential plc together with some of its subsidiaries holds, in the form of free fl oat, more than 15% of the share capital of AGRANA Beteiligungs-AG.
No shareholder has special rights of control. Employees who are also shareholders of AGRANA Beteiligungs-AG exercise their voting rights individually.
The Management Board does not have powers within the meaning of section 243a (7) Austrian Commercial Code to issue or repurchase shares.
AGRANA Beteiligungs-AG has no signifi cant agreements that take eff ect, change materially, or end, in the case of a change of control in the Company resulting from a takeover off er. No compensation agreements in the event of a public takeover off er exist between the Company and its Management Board, Supervisory Board or other staff .
The very profi table 2011|12 fi nancial year represents a challenging benchmark for the Group's performance in 2012|13. However, in view of the sound balance sheet structure on 29 February 2012 and the diversifi ed business model, AGRANA believes it is well positioned for the new fi nancial year and expects solid earnings in all business segments.
Through steadily continuing structural improvements and vigorous marketing, the Group intends to master the challenges of persistent market volatility and is optimistic that it will achieve sustainable growth. The long-term trend towards higher-quality, healthful nutrition also remains a growth-driver for AGRANA, as does the ever-increasing focus on emerging markets.
AGRANA currently expects Group revenue to increase moderately in 2012|13 on overall slight volume growth and a high level of prices. As a result of the subdued macroeconomic trend and its eff ect on demand and prices, in 2012|13 AGRANA does not expect to be able to hold the line on last year's extraordinarily good Group operating profi t before exceptional items. However, it is AGRANA's goal to entrench the earnings position at its present general level soon, through continual refi nement of purchasing and cost management as well as focused improvements in energy consumption and in administration.
In the Sugar segment AGRANA plans to continue along the path taken in the last several years: maximizing capacity utilisation and strengthening the market presence in Southeastern Europe. In all countries where AGRANA contracts with growers to produce sugar beet, an average expansion of about 10% in beet acreage is planned. AGRANA is projecting a stable sugar price trend in 2012. At world market level, for the sugar marketing year 2011|12, growth in sugar stocks and a supply surplus are forecast in expectation of good harvests in Asia, despite a small decline in Brazil. In the EU the European Commission regularly takes measures to keep the market balanced and suffi ciently supplied (through imports and the reclassifi cation of non-quota to quota sugar). Prices of by-products, after their record heights of 2010|11 and subsequent decline, should now fi nd a good level. For profi t in the Sugar segment, following the outstanding performance in 2011|12, AGRANA expects a slight decrease as a result of the situation in raw material prices, but at a persistent high absolute level of earnings. Further volume growth is the goal, which should be realistic considering the existing market potential and the available product quantities from the good 2011 campaign.
Depreciation and amortisation refl ected in operating profi t before exceptional items
Ratio of investment to depreciation and amortisation
A stabilisation of pre-exceptionals operating profi t at an elevated level is the objective – However, replicating last year's profi t is not realistic for 2012|13.
80 In the Starch segment, revenue is forecast to ease somewhat in 2012|13. While sales volumes should expand, selling prices are expected to trend narrowly lower than last year. The pull-back in market prices, particularly for native starch and saccharifi cation products, is caused above all by the growing competition between vendors amid the economic weakness in the core markets. The volume trend in bioethanol sales is directly linked to the legislation on fuel share requirements. Intense political debate is in progress in Austria after Germany's experience with the introduction of the E10 ethanol blend; a decision on the timing of introduction in Austria is not yet in sight. In the Starch segment the starch potato contracts with growers will be increased in the 2012 campaign year after the elimination of the production cap. Concerning the raw material supply of the corn starch and bioethanol plants in Austria, Hungary and Romania, large percentages of the required quantities are already contractually secured until up to the new 2012 crop. With the projected expansion in areas planted to corn, the price trend is expected to be relatively stable, provided the crop develops well. Operating profi t before exceptional items is expected to come in below last year's unusually strong result. This outlook is due primarily to raw material and energy costs that will on balance stabilise at a higher level than before, while the obtainable selling prices will ease somewhat compared with 2011|12.
The Fruit segment's operating profi t before exceptional items is expected to resume a slight rising trend in 2012|13. For the fruit preparations side, AGRANA sees a continuing challenging market environment in 2012|13, similar to 2011|12. But in the European Union, further innovations in the naturalness and health space (fewer calories, less fat) should stimulate the market. Outside the EU, per-capita consumption to date is only about 25% to 50% of the European average and thus holds long-term growth opportunities. AGRANA's worldwide presence is becoming an increasingly signifi cant competitive advantage. The Group is known for high product quality and good service. There are also many growth-driving projects in the fruit preparations business that are close to implementation or completion. A number of new developments and additional products have already been launched since the end of the 2011|12 fi nancial year. These activities should enable revenue to be increased further in constant market conditions. The price trend for agricultural raw materials remains a challenge in the fruit preparations business. Yet a recovery in operating profi t is
expected, thanks to volume growth and cost reduction measures. In the fruit juice concentrate activities, the expectation is for further revenue growth propelled by small increases in sales volumes coupled with continuing quite high selling prices, especially for apple juice concentrates. One of the elements of uncertainty for the results of the concentrate business will be the success of the 2012 harvest, which will help determine the coming trend in raw material prices – and thus revenue – in the second half of 2012|13. Pre-exceptionals operating profi t in fruit juice concentrates is predicted to stabilise at its approximate 2011|12 level. On balance, then, with the likely positive sales trend and stable selling prices, the Fruit segment can be expected to deliver a small increase in pre-exceptionals operating profi t. Additional growth will come from the merger with Ybbstaler Fruit Austria GmbH (based in Kröllendorf, Austria), which received antitrust approval in early April 2012. The fi rst-time consolidation of the new companies is scheduled for the second quarter of 2012|13.
As in the prior year, capital expenditure in 2011|12 is to increase and will signifi cantly exceed depreciation. Total investment in all three segments will reach about € 140 million in 2012|13, providing solid support for the Group's lasting growth.
Investment planned for the Sugar segment in the 2012|13 fi nancial year is approximately € 55 million. Spending priorities are the optimisation of manufacturing to further reduce energy consumption, and expansion of storage and packaging capacity to improve logistics and the fl exibility with which customer needs are met. The project for the construction of low-temperature dryers at the Austrian sites in Leopoldsdorf and Tulln, as the largest cost item in the segment's investment budget, will signifi cantly reduce the amount of energy consumed for the drying of spent beet pulp. At the sugar factory in Brčko, Bosnia-Herzegovina, a 25,000 tonne capacity sugar silo is to be erected to create needed storage space and optimally condition the sugar in the silo for higher quality. Another investment focus will be Kaposvár, Hungary. To further expand this facility, a 60,000 tonne sugar silo is planned for greater storage capacity, as well as a beet thinjuice softening plant for the further improvement of sugar quality.
81
In the Starch segment, with total budgeted capital spending of about € 50 million, the biggest investment project is the construction of the new wheat starch factory in Pischelsdorf, Austria. The foundation work for the buildings began in early April and machinery installation is to start in the third quarter of the current 2012|13 fi nancial year. In Aschach, Austria, the project to increase storage capacity for specialty corn will be completed; the expansion silo is to be commissioned in September 2012 when the wet-corn campaign begins. In the plant in Hungary, a new gas turbine is to be installed; its waste heat will be used directly to pre-warm the dryer air for corn gluten and corn starch.
The planned level of capital investment in the Fruit segment in 2012|13 is approximately € 35 million. Most of this will be spent to complete growth projects already underway. A third production line is being installed at the fruit preparations plant in Centerville, Tennessee, to keep up with growing sales. As part of a diversifi cation project in Mexico, a building is being constructed to begin production of dried fruit. A second production line is being added in Egypt, to gain the capacity to produce the sales quantities expected for 2013|14. In Dachang, China, the new plant under construction is to be completed and the entire production operations moved into this new space, by installing the new lines and transferring existing ones. Numerous asset replacement projects are being carried out at AGRANA Juice, with an emphasis on measures to optimise energy consumption.
103 Accounting policies
110 Notes to the consolidated income statement
| 84 |
|---|
| ¤000 | 2011 12 | 2010 111 |
|---|---|---|
| Revenue | 2,577,631 | 2,165,902 |
| Changes in inventories of fi nished and unfi nished goods | 187,035 | 18,428 |
| Own work capitalised | 4,208 | 3,115 |
| Other operating income | 36,908 | 31,093 |
| Cost of materials | (1,919,755) | (1,501,561) |
| Staff costs | (245,197) | (225,231) |
| Depreciation, amortisation and impairment losses | (76,608) | (79,182) |
| Other operating expenses | (333,231) | (283,941) |
| Operating profi t after exceptional items | 230,991 | 128,623 |
| Finance income | 13,212 | 14,980 |
| Finance expense | (37,947) | (33,939) |
| Net fi nancial items | (24,735) | (18,959) |
| Profi t before tax | 206,256 | 109,664 |
| Income tax expense | (50,583) | (22,603) |
| Profi t for the period | 155,673 | 87,061 |
| – Attributable to shareholders of the parent | 152,360 | 84,890 |
| – Attributable to non-controlling interests | 3,313 | 2,171 |
| Earnings per share under IFRS (basic and diluted) | € 10.73 | € 5.98 |
| ¤000 | 2011 12 | 2010 111 |
|---|---|---|
| Profi t for the period | 155,673 | 87,061 |
| Other comprehensive (expense)/income | ||
| Currency translation diff erences | (11,134) | 5,737 |
| Available-for-sale fi nancial assets | 747 | (651) |
| Tax eff ect of available-for-sale fi nancial assets | (149) | 121 |
| Cash fl ow hedges | (3,926) | (973) |
| Tax eff ect of cash fl ow hedges | 931 | 14 |
| Change in actuarial gains and losses | ||
| on defi ned benefi t pension obligations | ||
| and similar liabilities | (3,981) | (976) |
| Tax eff ect of change in actuarial gains and losses | ||
| on defi ned benefi t pension obligations | ||
| and similar liabilities | 1,038 | 216 |
| Other comprehensive (expense)/income for the period | (16,474) | 3,488 |
| Total comprehensive income for the period | 139,199 | 90,549 |
| – Attributable to shareholders of the parent | 137,906 | 88,390 |
| – Attributable to non-controlling interests | 1,293 | 2,159 |
85
(13)
(14)
(15)
¤000 2011|12 2010|111 Profi t for the period 155,673 87,061 Depreciation, amortisation and impairment of non-current assets 76,608 79,182 Changes in non-current provisions (2,515) (3,978) Other non-cash expenses 20,349 6,784 Operating cash fl ow before changes in working capital 250,115 169,049 (Gains)/losses on disposal of non-current assets (627) 87 Changes in inventories (238,956) (59,666) Changes in receivables, deferred tax assets and current assets (76,923) (66,354) Changes in current provisions (13,009) 11,195 Changes in payables (excluding borrowings) 125,470 19,190 Eff ect of movements in foreign exchange rates on non-cash items (2,889) 1,929 Changes in working capital (206,307) (93,706) Net cash from operating activities 43,181 75,430 Proceeds from disposal of non-current assets 2,680 3,978 Purchases of property, plant and equipment and intangible assets, net of government grants (96,942) (55,859) Proceeds from disposal/(outfl ows from purchases) of securities 3,588 (896) Purchases of non-current fi nancial assets (1,718) (116) (Outfl ows)/proceeds from purchases of businesses (5,465) 1,304 Net cash (used in) investing activities (97,857) (51,589) Capital increase in a subsidiary through non-controlling interests 4,140 0 Changes in non-current borrowings 65,086 58,702 Changes in current borrowings 48,319 (55,542) Dividends paid (34,839) (28,170) Net cash from/(used in) fi nancing activities 82,706 (25,010) Net increase/(decrease) in cash and cash equivalents 28,030 (1,169) Eff ect of movements in foreign exchange rates on cash and cash equivalents 47 1,208 Cash and cash equivalents at beginning of period 70,427 70,388 Cash and cash equivalents at end of period 98,504 70,427
| ¤000 | 29 February | 28 February | 28 February |
|---|---|---|---|
| 2012 | 20111 | 20101 | |
| ASSETS | |||
| A. Non-current assets | |||
| Intangible assets | 248,383 | 248,551 | 252,446 |
| Property, plant and equipment | 595,924 | 577,709 | 597,788 |
| Securities | 104,909 | 104,598 | 104,977 |
| Investments in non-consolidated subsidiaries | |||
| and outside companies, and loan receivables | 7,265 | 6,152 | 7,027 |
| Receivables and other assets | 6,558 | 13,827 | 10,652 |
| Deferred tax assets | 29,764 | 31,462 | 31,318 |
| 992,803 | 982,299 | 1,004,208 | |
| B. Current assets | |||
| Inventories | 768,569 | 528,241 | 468,576 |
| Trade receivables and other assets | 492,720 | 400,107 | 336,688 |
| Current tax assets | 8,173 | 7,179 | 5,013 |
| Securities | 1,352 | 4,411 | 3,515 |
| Cash and cash equivalents | 98,504 | 70,427 | 70,388 |
| 1,369,318 | 1,010,365 | 884,180 | |
| Total assets | 2,362,121 | 1,992,664 | 1,888,388 |
| (23) | A. Equity | |||
|---|---|---|---|---|
| Share capital | 103,210 | 103,210 | 103,210 | |
| Share premium and other capital reserves | 411,362 | 411,362 | 411,362 | |
| Retained earnings | 524,900 | 421,025 | 358,504 | |
| Equity attributable to shareholders of the parent | 1,039,472 | 935,597 | 873,076 | |
| Non-controlling interests | 33,516 | 28,558 | 25,425 | |
| 1,072,988 | 964,155 | 898,501 | ||
| B. Non-current liabilities | ||||
| (24a) | Retirement and termination benefi t obligations | 52,674 | 50,634 | 52,534 |
| (24b) | Other provisions | 12,397 | 12,971 | 14,073 |
| (25) | Borrowings | 332,090 | 267,004 | 208,301 |
| (26) | Other payables | 2,013 | 2,308 | 2,229 |
| (27) | Deferred tax liabilities | 17,253 | 17,412 | 17,724 |
| 416,427 | 350,329 | 294,861 | ||
| C. Current liabilities | ||||
| (24b) | Other provisions | 26,777 | 39,787 | 28,592 |
| (25) | Borrowings | 341,885 | 294,868 | 347,160 |
| (26) | Trade and other payables | 469,465 | 328,619 | 308,533 |
| Current tax liabilities | 34,579 | 14,906 | 10,741 | |
| 872,706 | 678,180 | 695,026 | ||
| Total equity and liabilities | 2,362,121 | 1,992,664 | 1,888,388 |
88 Attributable to the shareholders
| Retained | ||||||
|---|---|---|---|---|---|---|
| ¤000 | Share | Share | Available- | Cash fl ow | Reserve for | |
| capital | premium | for-sale | hedge | actuarial | ||
| and other | reserve | reserve | gains and | |||
| capital | losses | |||||
| reserves | ||||||
| 2011 12 | ||||||
| At 1 March 2011 | 103,210 | 411,362 | 3,591 | 40 | (6,914) | |
| Fair value movements | ||||||
| under IAS 39 | 0 | 0 | 655 | (2,142) | 0 | |
| Change in actuarial gains and | ||||||
| losses on defi ned benefi t pension | ||||||
| obligations and similar liabilities | 0 | 0 | 0 | 0 | (3,903) | |
| Tax eff ects | 0 | 0 | (149) | 494 | 1,018 | |
| Currency translation loss | 0 | 0 | 0 | 0 | 0 | |
| Other comprehensive | ||||||
| income/(expense) for the period | 0 | 0 | 506 | (1,648) | (2,885) | |
| Profi t for the period | 0 | 0 | 0 | 0 | 0 | |
| Total comprehensive income | ||||||
| for the period | 0 | 0 | 506 | (1,648) | (2,885) | |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | |
| Transfer to reserves | 0 | 0 | 0 | 0 | 0 | |
| Additional contributions | ||||||
| from other shareholders | 0 | 0 | 0 | 0 | 0 | |
| Other changes | 0 | 0 | 0 | 0 | 0 | |
| At 29 February 2012 | 103,210 | 411,362 | 4,097 | (1,608) | (9,799) | |
| 524,900 | ||||||
| 2010 111 | ||||||
| Published at 1 March 2010 | 103,210 | 411,362 | 4,121 | 936 | 0 | |
| IAS 19 restatement | 0 | 0 | 0 | 0 | (6,154) | |
| Restated at 1 March 2010 | 103,210 | 411,362 | 4,121 | 936 | (6,154) | |
| Fair value movements | ||||||
| under IAS 39 | 0 | 0 | (651) | (976) | 0 | |
| IAS 19 restatement | 0 | 0 | 0 | 0 | (976) | |
| Tax eff ects | 0 | 0 | 121 | 80 | 216 | |
| Currency translation gain | 0 | 0 | 0 | 0 | 0 | |
| Other comprehensive | ||||||
| (expense)/income for the period | 0 | 0 | (530) | (896) | (760) | |
| Profi t for the period | 0 | 0 | 0 | 0 | 0 | |
| Total comprehensive income | ||||||
| for the period | 0 | 0 | (530) | (896) | (760) | |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | |
| Transfer to reserves | 0 | 0 | 0 | 0 | 0 | |
| Other changes | 0 | 0 | 0 | 0 | 0 |
421,025
At 28 February 2011 103,210 411,362 3,591 40 (6,914)
89
| of AGRANA Beteiligungs-AG | |||||
|---|---|---|---|---|---|
| earnings | |||||
| Other | Currency | Profi t | Equity | Non- | Total |
| retained | translation | for the | attributable | controlling | |
| earnings | reserve | period | to share- | interests | |
| holders of | |||||
| the parent | |||||
| 363,371 | (23,953) | 84,890 | 935,597 | 28,558 | 964,155 |
| 0 | 0 | 0 | (1,487) | (1,692) | (3,179) |
| 0 | 0 | 0 | (3,903) | (78) | (3,981) |
| 0 | 0 | 0 | 1,363 | 457 | 1,820 |
| 0 | (10,427) | 0 | (10,427) | (707) | (11,134) |
| 0 | (10,427) | 0 | (14,454) | (2,020) | (16,474) |
| 0 | 0 | 152,360 | 152,360 | 3,313 | 155,673 |
| 0 | (10,427) | 152,360 | 137,906 | 1,293 | 139,199 |
| 0 | 0 | (34,085) | (34,085) | (755) | (34,840) |
| 50,805 | 0 | (50,805) | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 4,140 | 4,140 |
| 54 | 0 | 0 | 54 | 280 | 334 |
| 414,230 | (34,380) | 152,360 | 1,039,472 | 33,516 | 1,072,988 |
| 904,654 | 25,425 | 879,229 | 72,162 | (29,639) | 317,077 |
|---|---|---|---|---|---|
| (6,154) | 0 | (6,154) | 0 | 0 | 0 |
| 898,500 | 25,425 | 873,075 | 72,162 | (29,639) | 317,077 |
| (1,624) | 3 | (1,627) | 0 | 0 | 0 |
| (976) | 0 | (976) | 0 | 0 | 0 |
| 351 | (66) | 417 | 0 | 0 | 0 |
| 5,737 | 51 | 5,686 | 0 | 5,686 | 0 |
| 3,488 | (12) | 3,500 | 0 | 5,686 | 0 |
| 87,061 | 2,171 | 84,890 | 84,890 | 0 | 0 |
| 90,549 | 2,159 | 88,390 | 84,890 | 5,686 | 0 |
| (28,171) | (477) | (27,694) | (27,694) | 0 | 0 |
| 0 | 0 | 0 | (44,468) | 0 | 44,468 |
| 3,277 | 1,451 | 1,826 | 0 | 0 | 1,826 |
| 964,155 | 28,558 | 935,597 | 84,890 | (23,953) | 363,371 |
The segment reporting, which conforms with International Financial Reporting Standard (IFRS) 8, distinguishes between three business segments – Sugar, Starch and Fruit – and thus follows the AGRANA Group's internal reporting structure.
The AGRANA Group has the three reportable segments Sugar, Starch and Fruit, which correspond to its strategic businesses. Each of the segments off ers a diff erent product portfolio and is managed separately in view of the diff erent production technologies, raw material procurement and sales strategies. AGRANA Beteiligungs-AG, the Group's holding company, is considered part of the Sugar segment.
For each segment, there is internal monthly reporting to the respective managing directors (the chief operating decision makers) and their management team. Information on the results of the reportable segments is given below. Segment profi tability is evaluated primarily on the basis of operating profi t before exceptional items, which is a key performance indicator in every internal management report.
| ¤000 | Sugar | Starch | Fruit | Consoli- dation |
Group |
|---|---|---|---|---|---|
| 2011 12 | |||||
| Total revenue | 967,229 | 773,217 | 930,265 | (93,080) | 2,577,631 |
| Inter-segment revenue | (82,812) | (8,941) | (1,327) | 93,080 | 0 |
| Revenue | 884,417 | 764,276 | 928,938 | 0 | 2,577,631 |
| EBITDA | 129,126 | 106,080 | 73,826 | 0 | 309,032 |
| Depreciation, amortisation and | |||||
| impairment of property, plant | |||||
| and equipment and intangibles1 | (16,858) | (24,132) | (35,618) | 0 | (76,608) |
| Operating profi t before | |||||
| exceptional items | 112,268 | 81,948 | 38,208 | 0 | 232,424 |
| Exceptional items | 0 | 0 | (1,433) | 0 | (1,433) |
| Operating profi t after | |||||
| exceptional items | 112,268 | 81,948 | 36,775 | 0 | 230,991 |
| Segment assets | 730,167 | 402,660 | 946,162 | 0 | 2,078,989 |
| Segment liabilities | 330,161 | 89,317 | 143,848 | 0 | 563,326 |
| Purchases of property, plant and | |||||
| equipment and intangibles1 | 25,328 | 29,303 | 42,462 | 0 | 97,093 |
| Purchases of non-current | |||||
| fi nancial assets | 490 | 0 | 1,228 | 0 | 1,718 |
| Total capital expenditure | 25,818 | 29,303 | 43,690 | 0 | 98,811 |
| Staff count | 2,249 | 911 | 4,822 | 0 | 7,982 |
| ¤000 | Sugar | Starch | Fruit | Consoli- dation |
Group |
|---|---|---|---|---|---|
| 2010 11 | |||||
| Total revenue | 770,587 | 617,300 | 873,787 | (95,772) | 2,165,902 |
| Inter-segment revenue | (57,500) | (34,097) | (4,175) | 95,772 | 0 |
| Revenue | 713,087 | 583,203 | 869,612 | 0 | 2,165,902 |
| EBITDA | 51,338 | 73,876 | 82,020 | 0 | 207,234 |
| IAS 19 restatement1 | 617 | 0 | (47) | 0 | 570 |
| EBITDA after IAS 19 restatement1 | 51,955 | 73,876 | 81,973 | 0 | 207,804 |
| Depreciation, amortisation and | |||||
| impairment of property, plant | |||||
| and equipment and intangibles2 | (18,197) | (25,695) | (35,289) | 0 | (79,181) |
| Operating profi t before | |||||
| exceptional items | 33,141 | 48,181 | 46,731 | 0 | 128,053 |
| Operating profi t before | |||||
| exceptional items | |||||
| after IAS 19 restatement1 | 33,758 | 48,181 | 46,684 | 0 | 128,623 |
| Operating profi t/(loss) after | |||||
| exceptional items | 33,758 | 48,181 | 46,684 | 0 | 128,623 |
| Segment assets | 532,803 | 384,881 | 832,294 | 0 | 1,749,978 |
| Segment assets | |||||
| after IAS 19 restatement1 | 532,803 | 384,881 | 832,294 | 0 | 1,749,978 |
| Segment liabilities | 193,075 | 88,365 | 144,203 | 0 | 425,643 |
| IAS 19 restatement1 | 7,610 | 415 | 652 | 0 | 8,677 |
| Segment liabilities after | |||||
| IAS 19 restatement1 | 200,685 | 88,780 | 144,855 | 0 | 434,320 |
| Purchases of property, plant and | |||||
| equipment and intangibles2 | 16,031 | 8,996 | 30,832 | 0 | 55,859 |
| Purchases of non-current | |||||
| fi nancial assets | 3 | 0 | 115 | 0 | 118 |
| Total capital expenditure | 16,034 | 8,996 | 30,947 | 0 | 55,977 |
| Staff count | 2,245 | 880 | 5,118 | 0 | 8,243 |
The revenue and asset data represent consolidated amounts. Inter-segment charges for products and services are based on comparable market prices.
The sole exceptional item – an expense of € 1,433 thousand – relates to the unwinding of the joint ventures of the Juice companies in China, in the course of which AGRANA acquired the shares of AGRANA JUICE (XIANYANG) CO., LTD that it did not already own and disposed of its shares of Yongji Andre Juice Co., Ltd. This amount is reported in the consolidated income statement within other operating expenses.
The items "segment assets" and "segment liabilities" are based on total assets and liabilities, respectively, and do not include non-current fi nancial assets, certain current fi nancial assets, or borrowings. As well, the following items are eliminated in the segment data to the extent that they cannot be allocated: investments in outside companies, securities and loan receivables. Current and deferred tax assets/liabilities are also eliminated.
2 Excluding goodwill.
| ¤000 | 29 Feb 2012 28 Feb 2011 | IAS 19 | 28 Feb 2011 | |
|---|---|---|---|---|
| restated restatement | published | |||
| Total assets | 2,362,121 | 1,992,664 | 462 | 1,992,202 |
| Less non-current fi nancial assets | (112,174) | (110,750) | 0 | (110,750) |
| Less securities, | ||||
| cash and cash equivalents | (99,855) | (74,838) | 0 | (74,838) |
| Less tax assets and other assets | (71,103) | (57,098) | (462) | (56,636) |
| Segment assets | 2,078,989 | 1,749,978 | 0 | 1,749,978 |
| Provisions and other liabilities | 1,289,133 | 1,028,510 | 7,001 | 1,021,509 |
| Less borrowings | (673,975) | (561,872) | 0 | (561,872) |
| Less deferred and current tax liabilities | (51,832) | (32,318) | 1,676 | (33,994) |
| Segment liabilities | 563,326 | 434,320 | 8,677 | 425,643 |
Companies are assigned to geographic segments based on the location of their registered offi ce.
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Revenue | ||
| Austria | 1,306,761 | 1,044,467 |
| Hungary | 273,985 | 217,009 |
| Romania | 183,098 | 147,638 |
| Rest of EU | 366,616 | 329,819 |
| EU-27 | 2,130,460 | 1,738,933 |
| Rest of Europe (Bosnia-Herzegovina, | ||
| Russia, Serbia, Turkey, Ukraine) | 135,865 | 136,338 |
| Other foreign countries | 311,306 | 290,632 |
| Total | 2,577,631 | 2,165,902 |
Group revenue grew by approximately 19% from the prior year. The revenue generated by the Eastern European companies was € 763,300 thousand (prior year: € 632,592 thousand), or about 29.6% of total revenue. The countries defi ned as Eastern Europe are Hungary, Slovakia, Czech Republic, Romania, Bulgaria, Poland, Russia, Ukraine, Turkey, Serbia and Bosnia-Herzegovina. No single customer represented 10% or more of the consolidated revenue of the AGRANA Group.
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Segment assets | ||
| Austria | 742,492 | 648,345 |
| Hungary | 279,256 | 210,634 |
| Romania | 109,802 | 93,321 |
| Rest of EU | 553,189 | 486,383 |
| EU-27 | 1,684,739 | 1,438,683 |
| Rest of Europe (Bosnia-Herzegovina, | ||
| Russia, Serbia, Turkey, Ukraine) | 133,202 | 106,953 |
| Other foreign countries | 261,048 | 204,342 |
| Total | 2,078,989 | 1,749,978 |
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Purchases of property, plant and | ||
| equipment and intangibles1 | ||
| Austria | 39,602 | 17,509 |
| Hungary | 13,078 | 6,278 |
| Romania | 3,795 | 1,372 |
| Rest of EU | 15,972 | 14,439 |
| EU-27 | 72,447 | 39,598 |
| Rest of Europe (Bosnia-Herzegovina, | ||
| Russia, Serbia, Turkey, Ukraine) | 10,137 | 5,196 |
| Other foreign countries | 14,509 | 11,065 |
| Total | 97,093 | 55,859 |
AGRANA Beteiligungs-AG ("the Company") is the parent company and has its registered offi ce at Donau-City-Strasse 9, 1220 Vienna. Together with its subsidiaries, the Company constitutes an international group engaged mainly in the worldwide processing of agricultural raw materials.
The consolidated fi nancial statements of the AGRANA Group for 2011|12 were prepared in accordance with International Financial Reporting Standards (IFRS) in eff ect at the balance sheet date and with International Financial Reporting Interpretations Committee (IFRIC) interpretations, as adopted by the European Union.
Amounts in the consolidated fi nancial statements are presented in thousands of euros (€000) unless otherwise indicated. As a result of automated calculation, rounding errors may occur in totals of rounded amounts and percentages.
In preparing the consolidated fi nancial statements, the principles of clarity, understandability and materiality were observed. In the presentation of the income statement, the nature of expense method was used. The separate fi nancial statements of the fully consolidated companies repre sented in the consolidated fi nancial statements are based on uniform accounting policies.
In addition to the income statement, statement of comprehensive income, cash fl ow statement and balance sheet, a statement of changes in equity is presented. The notes also include information on the business segments.
All IFRS issued by the International Accounting Standards Board (IASB) that were eff ective at the time of preparation of these consolidated fi nancial statements and applied by AGRANA Beteiligungs-AG have been adopted by the European Commission for application in the EU.
Beginning in the 2011|12 fi nancial year, the following new or revised standards and interpretations issued by the IASB were eff ective, i.e., their application became mandatory for AGRANA; they have no, or no material, eff ects on AGRANA's consolidated fi nancial statements:
94 In May 2010 the IASB published the third collection of amendments in its annual improvement project, Improvements to IFRSs (2010). The amendments address details of the recognition, measurement and disclosure of business events, standardise terminology and consist mainly of editorial changes to existing standards.
The following standards and interpretations either are eff ective from the 2012|13 fi nancial year, or have been issued by the IASB but not yet adopted by the European Union. In the latter case, the eff ective year given in the table represents the expected time of adoption:
| Standard/Interpretation | Issued | Eff ective | Adopted |
|---|---|---|---|
| by the IASB | for AGRANA | by the EU | |
| from FY | |||
| IFRS 7: Financial Instruments: Disclosures (Amended) | 07/10/2010 | 2012 13 | 22/11/2011 |
| IAS 1: Presentation of Financial Statements (Amended) | 16/06/2011 | 2013 14 | No |
| IAS 12: Income Taxes (Amended) | 20/12/2010 | 2012 13 | No |
| IAS 19: Employee Benefi ts (Revised) | 16/06/2011 | 2013 14 | No |
| IAS 27: Separate Financial Statements (Revised) | 12/05/2011 | 2013 14 | No |
| IAS 28: Investments in Associates and | |||
| Joint Ventures (Revised) | 12/05/2011 | 2013 14 | No |
| IAS 32: Financial instruments: Presentation (Amended) | 16/12/2011 | 2014 15 | No |
| IFRS 1: First-time Adoption of International | |||
| Financial Reporting Standards (Amended) | 20/12/2010 | 2012 13 | No |
| IFRS 9: Financial Instruments | 16/12/2011 | 2015 16 | No |
| IFRS 10: Consolidated Financial Statements | 12/05/2011 | 2013 14 | No |
| IFRS 11: Joint Arrangements | 12/05/2011 | 2013 14 | No |
| IFRS 12: Disclosure of Interests in Other Entities | 12/05/2011 | 2013 14 | No |
| IFRS 13: Fair Value Measurement | 12/05/2011 | 2013 14 | No |
| IFRIC 20: Stripping Costs in the Production Phase | |||
| of a Surface Mine | 19/10/2011 | 2013 14 | No |
In November 2011 the EU adopted IFRS 7 (Financial Instruments: Disclosures – 2010) into European law. This amendment to IFRS 7 relates to disclosures on derecognition of transferred fi nancial assets. The changed standard is eff ective for AGRANA beginning with the 2012|13 fi nancial year; the amendment is not relevant to AGRANA.
The following standards, interpretations, amendments and revisions have been published by the IASB, but not yet adopted by the EU into European law. The changed and new standards and interpretations cited in the table above relate to the following changes:
█ IAS 12 (Income Taxes): The amendments to IAS 12 relate to the measurement of deferred tax according to whether the carrying amount is realised by use or sale (rebuttable presumption) The amendments are eff ective for fi nancial years beginning on or after 1 January 2012.
█ IAS 27 (Separate Financial Statements): The standard is renamed from "Consolidated and Separate Financial Statements" to "Separate Financial Statements" and now covers only separate accounts. The standard becomes eff ective for fi nancial years beginning on or after 1 January 2013.
In October 2010 the IASB reissued IFRS 9 (Financial Instruments). This standard to date consists of the fi rst part of the three-stage IASB project to replace the current IAS 39 (Financial Instruments: Recognition and Measurement). The new IFRS 9 provides only two categories for the classifi cation of fi nancial assets: measurement at amortised cost and measurement at fair value. The existing more complex classifi cation and measurement model of IAS 39 is to be eliminated. This second version of IFRS 9 incorporates new requirements on accounting for fi nancial liabilities and carries over the requirements from IAS 39 for derecognition of fi nancial assets and fi nancial liabilities. The IASB announced in December 2011 that the mandatory eff ective date is postponed to annual periods beginning in 2015. The delay results from the fact that the publication of the second phase of IFRS 9 (relating to impairment) and of its third phase (relating to hedge accounting) is still outstanding. The European Financial Reporting Advisory Group (EFRAG) has deferred its endorsement advice on IFRS 9 in order to gain more time to assess the results of the IASB project to improve accounting for fi nancial instruments. As AGRANA's accounting already largely conforms to the future new standards, their application is not expected to have a material eff ect on the Group's consolidated fi nancial statements.
96 On 12 May 2011 the IASB published IFRS 11 (Joint Arrangements) in conjunction with the revised IAS 28 (Investments in Associates and Joint Ventures). The new rules defi ne two types of joint arrangements – joint operations and joint ventures. The existing option to account for jointly controlled entities using proportionate consolidation is removed. Partner entities in a joint venture (joint venturers) must now use the equity method of accounting. The accounting rules for parties to joint operations (joint operators) become consistent with the existing accounting treatment of jointly controlled assets and jointly controlled operations. The standard is eff ective for fi nancial years beginning on or after 1 January 2013. AGRANA is reviewing the impact on the consolidated fi nancial statements.
On 16 June 2011 the IASB published the revised IAS 19 (Employee Benefi ts). The key change was that actuarial gains and losses require immediate and complete recognition in the current period in other comprehensive income, outside the income statement. The past options of deferral using the corridor approach or of immediate recognition in the income statement are removed. As well, under the revised IAS 19 the expected return on plan assets can only be recognised to the extent of interest come calculated at the discount rate, thus leading to net interest expense or income respectively for a plan defi cit or plan surplus. Further, the disclosures in the notes are being signifi cantly expanded; in particular, disclosures will be required on the risk structure of benefi t plans and sensitivity analyses regarding the fl uctuation range of pension obligations in response to changes in valuation assumptions. The new IAS 19 also includes clarifi cations on the nature of short-term and other long-term employee benefi ts, on curtailments, the allocation of past service cost and the defi nition of termination benefi ts. These changes can aff ect especially the timing of recognition of obligations from partial-retirement and similar programmes. If adopted into European law as scheduled, the revised IAS 19 becomes eff ective for AGRANA from the 2013|14 fi nancial year.
On 16 December 2011 the IASB issued further amendments to IFRS 9 and IFRS 7 (Mandatory Eff ective Date and Transition Disclosures) and amendments to IAS 32 and IFRS 7 (Off setting Financial Assets and Financial Liabilities). These changes are expected to become eff ective for the 2013|14 fi nancial year.
To improve the comparability of reporting on pensions and similar obligations, AGRANA has decided, as permitted under the existing IAS 19 (Employee Benefi ts), to recognise actuarial gains and losses entirely in the period in which they occur. From the 2011|12 fi nancial year onwards, the actuarial gains and losses – adjusted for deferred taxes – are reported directly in equity as income and expense. The accounting policy change was applied retrospectively and has eff ects on the consolidated statement of comprehensive income and the consolidated balance sheet, but not on the subtotals in the consolidated cash fl ow statement.
Except for the changes described above relating to the accounting and measurement of pension obligations, AGRANA did not make changes to the accounting methods.
For retrospectively applied changes in accounting, IAS 8 requires the additional disclosure of the opening balance sheet of the earliest comparative period. A balance sheet at 28 February 2010 is therefore shown. The restatement adjustments made at 1 March 2010 and 28 February 2011 to the aff ected items of the consolidated balance sheet and of the 2010|11 consolidated income statement and statement of comprehensive income are presented below:
| €000 | Restated | IAS 19 | Published | |
|---|---|---|---|---|
| restatement | ||||
| At 1 March 2010 | ||||
| ASSETS | ||||
| A. Non-current assets | 1,004,208 | 473 | 1,003,735 | |
| Deferred tax assets | 31,318 | 473 | 30,845 | |
| B. Current assets | 884,180 | 0 | 884,180 | |
| Total assets | 1,888,388 | 473 | 1,887,915 | |
| EQUITY AND LIABILITIES | ||||
| A. Equity | 898,500 | (6,154) | 904,654 | |
| Retained earnings | 358,503 | (6,154) | 364,657 | |
| B. Non-current liabilities | 294,862 | 6,627 | 288,235 | |
| Retirement and termination benefi t obligations | 52,534 | 8,271 | 44,263 | |
| Deferred tax liabilities | 17,725 | (1,644) | 19,369 | |
| C. Current liabilities | 695,026 | 0 | 695,026 | |
| Total equity and liabilities | 1,888,388 | 473 | 1,887,915 | |
| At 28 February 2011 | ||||
| ASSETS | ||||
| A. Non-current assets | 982,299 | 462 | 981,837 | |
| Deferred tax assets | 31,462 | 462 | 31,000 | |
| B. Current assets | 1,010,365 | 0 | 1,010,365 | |
| Total assets | 1,992,664 | 462 | 1,992,202 | |
| EQUITY AND LIABILITIES | ||||
| A. Equity Retained earnings |
964,155 421,025 |
(6,539) (6,539) |
970,694 427,564 |
|
| B. Non-current liabilities | 350,329 | 7,001 | 343,328 | |
| Retirement and termination benefi t obligations | 50,634 | 8,677 | 41,957 | |
| Deferred tax liabilities | 17,412 | (1,676) | 19,088 | |
| C. Current liabilities | 678,180 | 0 | 678,180 | |
| Total equity and liabilities | 1,992,664 | 462 | 1,992,202 |
for the year ended 28 February 2011
| €000 | Restated | IAS 19 | Published |
|---|---|---|---|
| restatement | |||
| 2010 11 | |||
| Staff costs | (225,231) | 570 | (225,801) |
| Operating profi t after exceptional items | 128,623 | 570 | 128,053 |
| Profi t before tax | 109,664 | 570 | 109,094 |
| Income tax expense | (22,603) | (195) | (22,408) |
| Profi t for the period | 87,061 | 375 | 86,686 |
for the year ended 28 February 2011
| €000 | Restated | IAS 19 | Published |
|---|---|---|---|
| restatement | |||
| 2010 11 | |||
| Profi t for the period | 87,061 | 375 | 86,686 |
| Other comprehensive income/(expense) | |||
| Currency translation diff erences | 5,737 | 0 | 5,737 |
| Available-for-sale fi nancial assets | (651) | 0 | (651) |
| Tax eff ect of available-for-sale fi nancial assets | 121 | 0 | 121 |
| Cash fl ow hedges | (973) | 0 | (973) |
| Tax eff ect of cash fl ow hedges | 14 | 0 | 14 |
| Change in actuarial gains and losses | |||
| on defi ned benefi t pension obligations | |||
| and similar liabilities | (976) | (976) | 0 |
| Tax eff ect of change in actuarial gains and losses | |||
| on defi ned benefi t pension obligations | |||
| and similar liabilities | 216 | 216 | 0 |
| Other comprehensive income/(expense) for the period | 3,488 | (760) | 4,248 |
| Total comprehensive income for the period | 90,549 | (385) | 90,934 |
| – Attributable to shareholders of the parent | 88,390 | (385) | 88,775 |
| – Attributable to non-controlling interests | 2,159 | 0 | 2,159 |
The consolidated fi nancial statements include by full consolidation all domestic and foreign companies controlled by AGRANA Beteiligungs-AG (i.e., all subsidiaries), except where the subsidiary's eff ect on the Group's fi nancial position, results of operations and cash fl ows is immaterial. Subsidiaries' accounts are consolidated from the time that control is acquired until control ceases.
Companies managed jointly with another entity (joint ventures) are included in the consolidated fi nancial statements by proportionate consolidation based on the Group's equity interest in the joint venture.
At the balance sheet date, 63 (prior year: 59) companies besides the parent were fully consolidated in the Group fi nancial statements and 7 (prior year: 9) companies were proportionately consolidated.
An overview of the fully consolidated and proportionately consolidated entities and other business interests is given beginning on page 152.
The number of companies that were fully or proportionately consolidated changed as follows in the 2011|12 fi nancial year:
| Full consolidation |
Proportionate consolidation |
|
|---|---|---|
| At 1 March 2011 | 59 | 9 |
| Change in method of inclusion | 4 | (1) |
| First-time inclusion | 1 | 0 |
| Merger | (1) | 0 |
| Deconsolidation | 0 | (1) |
| At 29 February 2012 | 63 | 7 |
█ AGRANA Juice Ukraine TOV, Vinnytsia, Ukraine Activity: Production of juice concentrates Included from: August 2011 (establishment date) Equity interest: 100% Establishment cost in cash: € 2 thousand The inclusion of AGRANA Juice Ukraine TOV did not give rise to goodwill or negative goodwill.
100 █ AGRANA JUICE (XIANYANG) CO., LTD, Xianyang City, China Activity: Production of juice concentrates Included from: August 2011 Nature of change: From "Joint ventures accounted for by proportionate consolidation" to "Fully consolidated subsidiaries". Equity interest: 100%
In January 2012, AGRANA Juice Romania Carei SRL, Carei, Romania, was merged into AGRANA Juice Romania Vaslui s.r.l., Vaslui, Romania, the acquiring company. There were no deconsolidation eff ects.
The Group deconsolidated Yongji Andre Juice Co., Ltd., Yongji City, China, in the course of the unwinding of joint ventures.
The unwinding of two joint ventures in China was completed at the end of July 2011. Until then, the two joint ventures, which produce apple juice concentrate in China, had been accounted for using proportionate consolidation. Under the separation arrangements, AGRANA acquired full ownership of the former joint venture Xianyang Andre Juice Co., Ltd. This company has been fully consolidated since 1 August 2011.
The shares fully divested by AGRANA of the past joint venture Yongji Andre Juice Co., Ltd. were valued in an external expert valuation at € 6,000 thousand, while the shares of Xianyang Andre Juice Co., Ltd. acquired by AGRANA were valued at € 11,500 thousand; Yongji Andre Juice Co., Ltd. was deconsolidated at 1 August 2011. To off set the excess value of the acquired stake, AGRANA was required to pay € 5,500 thousand to the former joint venture partner, Yantai North Andre, which now has full ownership of the second former joint venture, Yongji Andre Juice Co., Ltd. This compensating payment is reported as a purchase of non-current fi nancial assets in the con solidated cash fl ow statement.
The net assets of Xianyang Andre Juice Co., Ltd. (stated at 100%) at initial full consolidation and the goodwill arising on acquisition were as shown below:
| €000 | Carrying amount |
|---|---|
| at acquisition date | |
| Non-current assets | 14,338 |
| Inventories | 2,744 |
| Receivables and other assets | 6,517 |
| Cash, cash equivalents and securities | 69 |
| Current assets | 9,330 |
| Total assets | 23,668 |
| Less current liabilities | (15,808) |
| Net assets [equity] | 7,860 |
| Goodwill | 15,140 |
| Purchase price | 23,000 |
In total, the unwinding of the joint ventures led to an increase of € 3,109 thousand in goodwill and an expense of € 1,433 thousand. The sales revenue recognised since the fi rst-time full consolidation at 1 August 2011 was about € 8,286 thousand.
The information below presents the Group's share of the aggregated results of the proportionately consolidated companies. The companies involved included the joint venture HUNGRANA Keményitö- és Izocukorgyártó és Forgalmazó Kft., Szabadegyhaza, Hungary (of which AGRANA Stärke GmbH, Vienna, owns 50%) and its Hungary-based subsidiaries Hungranatrans Kft., Szabadegyháza, and GreenPower E85 Kft., Szabadegyháza. Also included by proportionate consolidation were AGRANA-STUDEN Beteiligungs GmbH, Vienna; STUDEN-AGRANA Rafi nerija Secera d.o.o., Brčko, Bosnia-Herzegovina; AGRANA Studen Sugar Trading GmbH, Vienna; and AGRAGOLD Holding GmbH, Vienna.
| €000 | 29 Feb 2012 | 28 Feb 2011 |
|---|---|---|
| Non-current assets | 99,536 | 129,736 |
| Inventories | 25,571 | 29,525 |
| Receivables and other assets | 79,628 | 57,632 |
| Cash, cash equivalents and securities | 10,055 | 3,924 |
| Current assets | 115,254 | 91,081 |
| Total assets | 214,790 | 220,817 |
| Equity | 91,129 | 99,914 |
| Non-current liabilities | 10,104 | 20,077 |
| Current liabilities | 113,557 | 100,826 |
| Total equity and liabilities | 214,790 | 220,817 |
| Revenue | 370,172 | 297,791 |
| Net other (expense) | (336,644) | (272,071) |
| Profi t for the period | 33,528 | 25,720 |
The balance sheet date (reporting date) of the consolidated fi nancial statements is the last day of February. Group companies with other reporting dates prepare interim fi nancial statements at the Group reporting date.
█ Acquisitions of companies that are fully or proportionately consolidated are accounted for using the purchase method, by allocating their acquisition cost to the acquired identifi able assets and liabilities (including contingent liabilities) at the time of acquisition. Where the acquisition cost exceeds the net fair value of the acquired assets and liabilities, the diff erence is recognised as goodwill under intangible assets. Conversely, where the acquisition cost is less than the net fair value of the acquired assets and liabilities, this diff erence arising on initial consolidation (sometimes referred to as "negative goodwill") is recognised in income in the period of acquisition.
█ Pursuant to IFRS 3, goodwill is not amortised. Instead, using the impairment-only approach, goodwill is tested for impairment at least annually and written down only in the event of impairment.
102 █ All expenses, income, receivables, payables and provisions resulting from transactions between fully or proportionately consolidated companies are eliminated.
█ For assets that arise from intragroup fl ows of products or services and are included in noncurrent assets or in inventories, intercompany balances are eliminated unless immaterial.
█ Financial statements of foreign Group companies are translated into euros in accordance with IAS 21. The functional currency of every Group company is its respective national currency. Assets and liabilities are translated at middle rates of exchange at the balance sheet date. Expenses and income are translated at annual average rates of exchange, with the exception of the currency translation gains and losses from the measurement of receivables and liabilities related to Group fi nancing.
█ Diff erences compared to prior-year amounts arising from the translation of balance sheet items at current balance sheet date exchange rates or arising from the use of average rates in translating expenses and income compared to the use of current balance sheet date rates are recognised directly in equity.
█ Foreign currency monetary items are measured at exchange rates at the balance sheet date, with currency translation gains and losses recognised in profi t or loss in the consolidated income statement.
█ In translating the fi nancial statements of foreign Group companies, the following exchange rates were applied:
| Rate at reporting date | Average rate for year | ||||
|---|---|---|---|---|---|
| € | Currency | 29 Feb 2012 28 Feb 2011 | 1 Mar 2011– 1 Mar 2010– | ||
| 29 Feb 2012 | 28 Feb 2011 | ||||
| Argentina | ARS | 5.82 | 5.56 | 5.79 | 5.20 |
| Australia | AUD | 1.24 | 1.36 | 1.33 | 1.41 |
| Bosnia | BAM | 1.96 | 1.96 | 1.96 | 1.96 |
| Brazil | BRL | 2.29 | 2.29 | 2.33 | 2.29 |
| Bulgaria | BGN | 1.96 | 1.96 | 1.96 | 1.96 |
| China | CNY | 8.46 | 9.09 | 8.89 | 8.87 |
| Czech Republic | CZK | 24.84 | 24.35 | 24.74 | 25.01 |
| Denmark | DKK | 7.44 | 7.46 | 7.45 | 7.45 |
| Egypt | EGP | 8.18 | 8.12 | 8.26 | 7.52 |
| Fiji | FJD | 2.35 | 2.51 | 2.47 | 2.51 |
| Hungary | HUF | 288.71 | 270.72 | 283.64 | 275.84 |
| Mexico | MXN | 17.19 | 16.74 | 17.41 | 16.47 |
| Morocco | MAD | 11.18 | 11.24 | 11.24 | 11.10 |
| Poland | PLN | 4.14 | 3.98 | 4.18 | 3.97 |
| Romania | RON | 4.35 | 4.21 | 4.25 | 4.23 |
| Russia | RUB | 39.14 | 39.90 | 40.85 | 39.97 |
| Serbia | CSD | 110.19 | 103.22 | 102.33 | 104.04 |
| South Africa | ZAR | 10.01 | 9.64 | 10.21 | 9.55 |
| South Korea | KRW | 1,502.28 | 1,557.85 | 1,536.01 | 1,516.73 |
| Turkey | TRY | 2.35 | 2.21 | 2.37 | 2.00 |
| USA | USD | 1.34 | 1.38 | 1.38 | 1.32 |
| Ukraine | UAH | 10.75 | 10.91 | 11.04 | 10.45 |
█ The explanations of the change in the option chosen regarding the current IAS 19 are provided from page 96.
█ Purchased intangible assets (other than goodwill) are capitalised at cost and amortised on a straight-line basis over their expected useful lives of between 5 and 15 years. All intangible assets other than goodwill have a determinable useful life.
█ Goodwill is not amortised, but is reviewed at least annually for impairment. Details on this impairment test are presented in the notes to the balance sheet.
█ Intangible assets acquired through business combinations are recorded separately from goodwill if they are separable by the defi nition in IAS 38 or if they result from a contractual or legal right and their fair value can be reliably measured.
█ Product development costs are capitalised at cost if they can be accurately allocated to a product and if both the technical feasibility and the marketing of the new product are assured. In addition, the development work must be suffi ciently likely to generate future cash infl ows. Under IAS 38, research costs cannot be capitalised. They are charged directly to expense in the income statement.
█ Items of property, plant and equipment are valued at cost of purchase and/or conversion, less straight-line depreciation and impairment losses. For the bioethanol plant in Austria, a unitof-production method of depreciation was used in the fi nancial year. Besides materials and labour costs, prorated overheads are capitalised in the conversion costs of internally generated assets. Borrowing costs directly attributable to the production of an asset that are incurred during the production period are capitalised in accordance with IAS 23. All other borrowing costs are recognised as an expense in the period during which they are incurred. Maintenance costs are expensed as incurred, unless they result in an expansion or material improvement of the asset concerned, in which case they are capitalised.
█ Where rental agreements or leases transfer all material risks and rewards of ownership to the AGRANA Group (fi nance leases), the assets rented or leased are recorded as an asset. The asset is initially measured at the lower of (i) its fair value at the inception of the rental period or lease and (ii) the present value of the future minimum rental or lease payments. This amount is simultaneously recorded as a liability under borrowings.
█ Depreciation of property, plant and equipment is generally based on the following useful lives:
| Buildings | 15 to 50 years |
|---|---|
| Plant and machinery | 10 to 15 years |
| Offi ce furniture and equipment | 3 to 10 years |
104 █ Impairment losses are recognised, in accordance with IAS 36, if the recoverable amount of an asset has declined below its carrying amount. The recoverable amount is the higher of the asset's net selling price and its value in use.
█ Government grants to reimburse the Group for costs are recognised as other operating income in the period in which the related costs are incurred, unless the grant is contingent on conditions that are not yet suffi ciently likely to be met.
█ Grants to support capital expenditure are deducted from the cost of intangible assets and property, plant and equipment beginning at the time of the binding award of the grant.
█ The AGRANA Group distinguishes the following classes of fi nancial instruments:
█ Investments in non-consolidated subsidiaries and outside companies are as a rule measured at fair value in accordance with IAS 39. If fair value cannot be reliably determined, they are recorded at cost. An impairment loss is recognised upon evidence of sustained impairment.
█ Loan receivables are measured at their nominal amount. Interest-free or low-interest long-term loans are measured at their present value.
█ Inasmuch as the Group has the intent and ability to hold fi xed-maturity securities until maturity (these assets are referred to as "held-to-maturity"), they are measured at amortised cost. Any diff erence between their cost and redemption value is allocated over the total life of the security using the eff ective interest method. Securities "held for trading" are measured at market prices, with changes in fair value recognised in profi t or loss. All other securities (these assets are referred to as "available-for-sale") are measured at market prices, with changes in fair value recognised directly (after deferred taxes) in equity in a separate reserve item. Only after the cumulative changes in fair value are realised by selling the security are they recognised in profi t or loss.
█ Financial assets are recognised at the settlement date.
█ Where there is substantial evidence of impairment and the estimated recoverable amount of a non-current fi nancial asset is lower than its carrying amount, an impairment loss is recognised in the income statement for the period.
█ Cash and cash equivalents are measured at their face amount, which represents their market value. Cash and cash equivalents include cash on hand and bank deposits having a remaining term to maturity of up to three months at the time of investment.
█ Derivative fi nancial instruments are used to hedge risks from changes in interest rates, exchange rates and commodity prices. At inception of the derivative contract, derivatives are recognised at cost. Subsequently they are measured at market value at every balance sheet date. Value changes are as a rule recognised in profi t or loss. Where the conditions for cash fl ow hedge accounting under IAS 39 are met, unrealised fair value changes are recognised directly in equity.
█ The market value of derivative fi nancial instruments is determined on the basis of quoted market prices, information from banks or discounting-based valuation methods. The market value of forward foreign exchange contracts is the diff erence between the contract rate and the current forward rate.
█ Receivables are initially recognised at fair value and subsequently measured at amortised cost. Non-interest-bearing receivables with a remaining maturity of more than one year are recognised at their present value using the eff ective interest method. For default risks or other risks contained in receivables, suffi cient impairment provisions are individually allowed. The face amounts of the receivables net of necessary impairment provisions represent the fair values. Irrecoverable receivables are derecognised on an individual case-by-case basis. Impairment provisions are recorded in an allowance account. If the reasons for an impairment provision cease to apply, the impairment loss is reversed, to no more than the asset's historical cost.
█ Borrowings are initially measured at their actual proceeds. Premiums, discounts or other diff erences between the proceeds and the repayment amount are realised over the term of the instrument by the eff ective interest method and recognised in net fi nancial items (at amortised cost).
█ Trade payables are initially measured (at inception of the liability) at the fair value of the goods or services received. Subsequently these payables are measured at amortised cost. Other payables not resulting from the receipt of goods or services are measured at their payable amount.
█ Payables denominated in foreign currencies are recognised at middle rates of exchange at the balance sheet date.
█ Inventories are measured at the lower of cost of purchase and/or conversion and net selling price. The weighted average cost formula is used. In accordance with IAS 2, the conversion costs of unfi nished and fi nished products include – in addition to directly attributable unit costs – reasonable proportions of the necessary material costs and production overheads inclusive of depreciation of manufacturing plant (based on the assumption of normal capacity utilisation) as well as production-related administrative costs. Financing costs are not taken into account. To the extent that inventories are at risk as a result of prolonged storage or reduced saleability, a writedown is recognised.
█ Emission rights are accounted for in accordance with IAS 38 (Intangible Assets), IAS 20 (Accounting for Government Grants and Disclosure of Government Assistance) and IAS 37 (Provisions, Contingent Liabilities and Contingent Assets). Emission allowances are issued for a given calendar year and are intangible assets for the purposes of IAS 38 that, except as noted below, are to be classifi ed as current assets. They are assigned a cost of zero. From the point when emissions exceed allocated allowances (one allowance represents one tonne of carbon dioxide), a provision for CO2 emissions must be established for actual additional emissions and recognised in the income statement. The provision is calculated by taking into account the cost incurred for purchased emission allowances or any excess of their market value at the measurement date over their cost. CO2 emission allowances that have already been purchased for use in a subsequent trading period are recorded in non-current assets.
█ Assets (other than inventories and deferred tax assets) are tested at every balance sheet date for evidence of impairment. Goodwill and other intangible assets with an indefi nite useful life are reviewed for impairment annually at 31 August regardless of whether there is indication of possible impairment.
█ The impairment test involves determining the asset's recoverable amount. The recoverable amount is the higher of the asset's value in use and its net selling price. If the asset's recoverable amount is less than its carrying amount, the diff erence is expensed as an impairment loss in the income statement.
█ An asset's value in use is the present value of the estimated future cash fl ows from the asset's continuing use and from its disposal at the end of its useful life. The discount rate used in determining present value is a pre-tax market rate adjusted for the specifi c risks of the asset concerned. Where no independent cash fl ows can be determined for the individual asset, value in use is determined on the basis of the next larger unit (the cash-generating unit) to which the asset belongs and for which independent cash fl ows can be identifi ed.
█ The net selling price of an asset is its fair value (the amount obtainable from its sale in a bargained transaction between knowledgeable, willing parties) less costs to sell.
█ Where an impairment loss later decreases or is eliminated, the amount of the reversal of the impairment loss (except in the case of goodwill and equity-like securities classifi ed as available-forsale) is recognised as income in the income statement up to the lower of amortised original cost and value in use. Impairment losses on goodwill are not reversed.
█ The AGRANA Group maintains both defi ned contribution and defi ned benefi t pension plans. Under the defi ned contribution pension arrangements, AGRANA has no further obligation after paying the agreed premium. Therefore no provision is recognised for defi ned contribution plans.
█ The provisions for defi ned benefi t retirement, termination and long-service obligations are calculated using the projected unit credit method in accordance with IAS 19 (Employee Benefi ts), based on actuarial valuations. This involves determining the present value of the defi ned benefi t obligation and comparing it to the fair value of plan assets at the balance sheet date. In the case of a defi cit, a provision is recorded; in the case of a surplus, an asset (other receivable) is recorded. The defi ned benefi t obligation is measured by the projected unit credit method. Under this method, the future payments determined on the basis of realistic assumptions are accumulated over the period during which the respective benefi ciaries acquire the entitlement to these benefi ts.
█ Actuarial gains and losses arising from changes in actuarial assumptions or from diff erences between previous actuarial assumptions and observed outcomes are recognised directly in equity in the period in which they occur, along with their eff ect on deferred taxes. Correspondingly, the full amount of the obligation is recognised in the balance sheet. The changes in actuarial gains and losses recognised in the respective period are presented separately on the face of the statement of comprehensive income.
█ The calculation is based on extrapolated future trends in salaries, retirement benefi ts and employee turnover, as well as a discount rate of 4.5% (prior year: 5.0%).
█ A portion of pension obligations was transferred to pension funds. Retirement benefi t contributions are calculated so as to fully fund the retirement benefi t obligation at the time of retirement. If a plan defi cit occurs, there is an obligation to fund the shortfall. The individual assets allocated to the pension fund are netted against the provision for retirement benefi ts.
█ Other provisions are recognised where the following conditions are met: the AGRANA Group has a legal or constructive obligation to a third party as a result of a past event, the obligation is likely to lead to an outfl ow of resources, and whether the amount of the obligation can be reliably estimated.
█ Provisions are measured at the amount representing the best estimate of the expenditure required to settle the obligation. If the present value of the obligation determined on the basis of a market interest rate diff ers materially from its nominal amount, the present value of the obligation is used.
█ The risks arising from contingent liabilities are covered by suffi cient provisions.
█ Deferred taxes are recognised on temporary diff erences between the IFRS carrying amounts of assets and liabilities and the tax base; on consolidation entries; and on tax loss carryforwards expected to be utilised. Signifi cant diff erences existed between the IFRS carrying amounts and the tax base for property, plant and equipment, inventories and provisions. Deferred tax assets are recognised for unused tax loss carryforwards insofar as these are expected to be utilised within fi ve years.
█ Deferred taxes are calculated by the liability method (under IAS 12), based on the pertinent national income tax rates. Consequently, with the exception of goodwill arising on consolidation, deferred taxes are recognised for all temporary diff erences between the IFRS balance sheet and the tax base.
█ The income tax reported represents the tax levied in the individual countries on taxable income, and the movement in deferred taxes. The current income tax reported is measured on the basis of legislation in force or enacted at the balance sheet date, in the amount expected to be payable. Future changes in tax rates are taken into account if the change in tax rate has already been enacted in law at the time of preparation of the fi nancial statements.
█ When income and expenses are recognised directly in equity, the respective deferred tax assets and liabilities are also taken directly to equity. The assessment of the recoverability of deferred tax assets arising from temporary diff erences and from tax loss carryforwards takes into account company-specifi c forecasts of, for instance, the future earnings situation in the respective Group company.
█ Deferred tax assets are classifi ed as non-current assets; deferred tax liabilities are recorded as non-current liabilities. Deferred tax assets are off set against deferred tax liabilities if they relate to the same tax authority.
█ Revenue from goods sold is recognised when substantially all risks and rewards incident to ownership have passed to the purchaser. Revenue from services provided is recognised to the extent that the services have been rendered by the balance sheet date.
█ Operating expenses are recognised in the income statement upon use of the product or service or as incurred.
█ Finance expenses comprise the interest expense, similar expenses and transaction costs on borrowings including fi nance leases; fi nancing-related currency translation gains and losses; and fi nancing-related hedging gains and losses.
█ Income from fi nancial investments represents interest, dividend and similar income realised from cash-equivalent investments and investments in other fi nancial assets; gains and losses on the disposal of fi nancial assets; as well as impairment losses and impairment loss reversals.
█ Interest income is recognised on an accrual basis using the eff ective interest method. Dividend income is recognised at the time of the decision to pay the dividend.
█ The preparation of these consolidated fi nancial statements in accordance with IFRS requires the Company's management to make judgements and to proceed on assumptions about future developments. These judgements and assumptions can have a material eff ect on the recognition and measurement of the assets and liabilities, the disclosure of other liabilities at the balance sheet date, and the amounts of income and expenses reported for the fi nancial year.
█ The following assumptions involve a not insignifi cant risk that they may lead to a material change in the carrying amounts of assets and liabilities in the next fi nancial year:
| Discount rate | ||
|---|---|---|
| €000 | If 1%-point higher |
If 1%-point lower |
| Retirement benefi ts | 3,058 | 3,613 |
| Termination benefi ts | 1,920 | 2,197 |
110 █ The estimates and underlying assumptions are reviewed on an ongoing basis. The actual values may deviate from the assumptions and estimates made if the actual general conditions do not match the expectations held at the balance sheet date. Changes in estimates of assets, liabilities, income and expense are recognised in profi t or loss as they become known, and the assumptions adjusted accordingly.
█ In the 2011|12 fi nancial year, except for the transition from the corridor approach to the direct recognition of actuarial gains and losses in other comprehensive income (OCI), there were no material changes in accounting methods. This changeover to the OCI method is discussed in section 2. Basis of Preparation (from page 93) and in section 6. Accounting Policies under 6.10. Deferred Taxes (on page 108).
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| By nature of activity | ||
| Revenue from sale of fi nished goods | 2,382,924 | 2,026,331 |
| Revenue from sale of goods purchased for resale | 188,289 | 131,831 |
| Service revenue | 6,418 | 7,740 |
| Total | 2,577,631 | 2,165,902 |
The regional analysis of revenue is presented in the Segment reporting section (see page 92).
The Group's top ten customers accounted for 28% of consolidated revenue.
Note (2)
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Change in inventories of fi nished and unfi nished goods | 187,035 | 18,428 |
| Own work capitalised | 4,208 | 3,115 |
The increase of € 187,035 thousand in inventories of fi nished and unfi nished goods (prior year: € 18,428 thousand) occurred mainly in the Sugar segment, at a rise of € 126,925 thousand (prior year: € 1,755 thousand), and in the Fruit segment (particularly the juice activities), at an increase of € 51,121 thousand (prior year: € 12,421 thousand).
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Income from | ||
| Beet and pulp cleaning, transport and handling | 10,672 | 4,455 |
| Insurance benefi ts and payments for damages | 5,327 | 1,607 |
| Currency translation gains | 2,961 | 0 |
| Derivatives | 2,885 | 848 |
| Services rendered to third parties | 2,828 | 5,931 |
| Rent and leases | 1,174 | 1,207 |
| Disposal of non-current assets other than fi nancial assets | 314 | 495 |
| Other items | 10,747 | 16,550 |
| Total | 36,908 | 31,093 |
Within other operating income, "other items" represent, for instance, revenue from the sale of raw materials and consumables, from any damage payments and from contract processing.
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Cost of | ||
| Raw materials | 1,114,154 | 819,139 |
| Consumables and goods purchased for resale | 752,921 | 649,021 |
| Purchased services | 52,680 | 33,401 |
| Total | 1,919,755 | 1,501,561 |
| €000 | 2011 12 | 2010 11 | IAS 19 | 2010 11 |
|---|---|---|---|---|
| restated | restatement | published | ||
| Wages and salaries | 192,416 | 176,817 | 0 | 176,817 |
| Social security taxes | 46,748 | 43,706 | 0 | 43,706 |
| Expenses for retirement benefi ts | 1,790 | 893 | (570) | 1,463 |
| Expenses for termination benefi ts | 4,243 | 3,815 | 0 | 3,815 |
| Total | 245,197 | 225,231 | (570) | 225,801 |
Additions to the provisions for retirement and termination are reported in staff costs, without their interest component. Net interest expense of € 2,651 thousand (prior year: € 2,753 thousand) arising from these items is included in net fi nancial items.
In the 2011|12 fi nancial year an expense of € 6,617 thousand (prior year: € 7,040 thousand) was recognised for contributions to government pension plans.
| 2011 12 | 2010 11 | |
|---|---|---|
| By employee category | ||
| Wage-earning staff | 5,695 | 6,045 |
| Salaried staff | 2,228 | 2,138 |
| Apprentices | 59 | 60 |
| Total | 7,982 | 8,243 |
| By region | ||
| Austria | 1,812 | 1,746 |
| Hungary | 475 | 470 |
| Romania | 756 | 807 |
| Rest of EU | 1,546 | 1,538 |
| EU-27 | 4,589 | 4,561 |
| Rest of Europe (Bosnia-Herzegovina, | ||
| Russia, Serbia, Turkey, Ukraine) | 1,025 | 1,272 |
| Other foreign countries | 2,368 | 2,410 |
| Total | 7,982 | 8,243 |
The average number of employees in joint ventures was as follows (stated at 50% of these companies' total employees):
| 2011 12 | 2010 11 | |
|---|---|---|
| Wage-earning staff | 278 | 290 |
| Salaried staff | 86 | 100 |
| Total | 364 | 390 |
| ¤000 | 2011 12 | 2010 11 | ||||
|---|---|---|---|---|---|---|
| Total Amortisation, | Impairment | Total Amortisation, | Impairment | |||
| depreciation | depreciation | |||||
| Intangible assets | 8,180 | 8,180 | 0 | 7,462 | 7,462 | 0 |
| Property, plant and equipment | 68,428 | 68,428 | 0 | 71,720 | 69,911 | 1,809 |
| Depreciation, amortisation | ||||||
| and impairment recognised in | ||||||
| operating profi t before exceptional items | 76,608 | 76,608 | 0 | 79,182 | 77,373 | 1,809 |
| Depreciation, amortisation | ||||||
| and impairment recognised in | ||||||
| operating profi t after exceptional items | 76,608 | 76,608 | 0 | 79,182 | 77,373 | 1,809 |
| Financial assets | 0 | 0 | 0 | 7 | 7 | 0 |
| Depreciation, amortisation | ||||||
| and impairment recognised in | ||||||
| net fi nancial items | 0 | 0 | 0 | 7 | 7 | 0 |
| Total | 76,608 | 76,608 | 0 | 79,189 | 77,380 | 1,809 |
Impairment by segment was as follows:
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Sugar segment | 0 | 838 |
| Starch segment | 0 | 971 |
| Fruit segment | 0 | 0 |
| Total | 0 | 1,809 |
Note (7)
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Selling and freight costs | 117,562 | 106,964 |
| Operating and administrative expenses | 112,809 | 96,645 |
| Payments to beet farmers | 28,600 | 0 |
| Operating expenses arising from third-party inputs | 11,394 | 12,722 |
| Advertising expenses | 10,542 | 7,321 |
| Rent and lease expenses | 7,304 | 8,352 |
| Research and development expenses (external) | 6,466 | 6,392 |
| Other taxes | 5,952 | 6,390 |
| Reclassifi cation of non-quota sugar | 4,659 | 0 |
| Production levy | 4,589 | 4,399 |
| Losses on disposal of non-current assets | 500 | 1,393 |
| Derivatives | 234 | 409 |
| Currency translation losses | 0 | 1,008 |
| Other items | 22,620 | 31,946 |
| Total | 333,231 | 283,941 |
Internal and external R&D costs totalled € 15,139 thousand (prior year: € 14,478 thousand).
Within other operating expenses, "other items" included additional expenses from sales of industrial sugar; lease and rental costs; damage payments; risk provisions; and waste removal and cleaning.
The costs incurred in the fi nancial year for the auditors were € 320 thousand (prior year: € 317 thousand) for KPMG Austria AG Wirtschaftsprüfungs- und Steuerberatungsgesellschaft and € 179 thousand (prior year: € 183 thousand) for MULTICONT Revisions- und Treuhand Gesellschaft m.b.H. The expenses related entirely to the audit of the consolidated fi nancial statements (including the audits of separate fi nancial statements of individual subsidiaries and joint ventures); no other consulting services were provided by the auditors.
| €000 | 2011 12 | 2010 11 restated |
IAS 19 restatement |
2010 11 published |
|---|---|---|---|---|
| Operating profi t before exceptional items | 232,424 | 128,623 | 570 | 128,053 |
| Exceptional items | (1,433) | 0 | 0 | 0 |
| Total | 230,991 | 128,623 | 570 | 128,053 |
113
Note (9)
tion with the unwinding of joint ventures by the Juice companies in China. It is reported in other operating expenses in the consolidated income statement.
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Interest income | 10,864 | 12,642 |
| Other fi nance income | ||
| Share of results of non-consolidated subsidiaries | 1,029 | 1,029 |
| Gains on derivatives | 1,166 | 1,260 |
| Other fi nance income | 153 | 49 |
| Total | 13,212 | 14,980 |
Interest income by segment was as follows:
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Sugar segment | 9,338 | 10,788 |
| Starch segment | 331 | 115 |
| Fruit segment | 1,195 | 1,739 |
| Total | 10,864 | 12,642 |
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Interest expense | 32,984 | 28,502 |
| Other fi nance expenses | ||
| Currency translation losses | 775 | 2,499 |
| Losses from derivatives | 2,369 | 982 |
| Other | 1,819 | 1,956 |
| Total | 37,947 | 33,939 |
Interest expense by segment was as follows:
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Sugar segment | 9,817 | 5,650 |
| Starch segment | 3,363 | 3,060 |
| Fruit segment | 19,804 | 19,792 |
| Total | 32,984 | 28,502 |
Interest expense includes the interest component of allocations to the provisions for retirement and termination benefi ts. In the fi nancial year, this interest component was € 2,651 thousand (prior year: € 2,753 thousand).
The analysis of net fi nancial items (fi nance income less expense) is as follows:
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Net interest (expense) | (22,120) | (15,860) |
| Currency translation diff erences | (775) | (2,499) |
| Share of results of non-consolidated subsidiaries | ||
| and outside companies | 1,029 | 1,029 |
| Net (loss) on disposal of non-consolidated subsidiaries | ||
| and outside companies | (174) | (51) |
| Other fi nancial items | (2,695) | (1,578) |
| Total | (24,735) | (18,959) |
Net currency translation diff erences on fi nancing activities amounted to a loss of € 775 thousand. This was composed of a realised loss of € 2,078 thousand and an unrealised gain of € 1,303 thousand.
Current and deferred tax expenses and credits pertained to Austrian and foreign income taxes and had the following composition:
| €000 | 2011 12 | 2010 11 | IAS 19 | 2010 11 |
|---|---|---|---|---|
| restated | restatement | published | ||
| Current tax expense | 47,990 | 20,993 | 0 | 20,993 |
| – Of which Austrian | 20,973 | 3,471 | 0 | 3,471 |
| – Of which foreign | 27,017 | 17,522 | 0 | 17,522 |
| Deferred tax expense | 2,593 | 1,610 | 195 | 1,415 |
| – Of which Austrian | 3,395 | 1,132 | 185 | 947 |
| – Of which foreign | (802) | 478 | 10 | 468 |
| Total tax expense | 50,583 | 22,603 | 195 | 22,408 |
| – Of which Austrian | 24,368 | 4,603 | 185 | 4,418 |
| – Of which foreign | 26,215 | 18,000 | 10 | 17,990 |
Reconciliation of the deferred tax amounts in the balance sheet to the deferred taxes in the income statement:
| €000 | 2011 12 | 2010 11 | IAS 19 | 2010 11 |
|---|---|---|---|---|
| restated | restatement | published | ||
| (Decrease)/increase in deferred tax assets | ||||
| in the consolidated balance sheet | (1,698) | 617 | 462 | 155 |
| Decrease in deferred tax liabilities | ||||
| in the consolidated balance sheet | 159 | 1,957 | 1,676 | 281 |
| Total change in deferred taxes | (1,539) | 2,574 | 2,138 | 436 |
| – Of which from other changes recognised | ||||
| directly in equity [fair value changes, | ||||
| cash fl ow hedges, IAS 19, and other] | 1,054 | 4,184 | 2,333 | 1,851 |
| – Of which from changes recognised | ||||
| in the income statement | (2,593) | (1,610) | (195) | (1,415) |
| €000 | 2011 12 | 2010 11 | IAS 19 | 2010 11 |
|---|---|---|---|---|
| restated | restatement | published | ||
| Profi t before tax | 206,256 | 109,664 | 570 | 109,094 |
| Standard Austrian tax rate | 25% | 25% | – | 25% |
| Nominal tax expense | ||||
| at standard Austrian rate | 51,564 | 27,416 | 143 | 27,273 |
| Tax eff ect of | ||||
| Diff erent tax rates | ||||
| applied on foreign income | (9,103) | (949) | 0 | (949) |
| Tax-exempt income and tax deductions | (1,554) | (1,560) | 0 | (1,560) |
| Non-tax-deductible expenses | ||||
| and additional tax debits | 1,789 | 2,401 | 0 | 2,401 |
| Non-recurring tax expenses | 2,481 | 1,397 | 0 | 1,397 |
| Non-temporary diff erences resulting | ||||
| from consolidation | 5,406 | (6,154) | 0 | (6,154) |
| IAS 19 restatement | 0 | 52 | 52 | 0 |
| Income tax expense | 50,583 | 22,603 | 195 | 22,408 |
| Eff ective tax rate | 24.5% | 20.6% | – | 20.5% |
The nominal tax charge or credit is based on application of the standard Austrian corporation tax rate of 25%.
The Tax Reform Act of 2005 introduced a new concept for the taxation of company groups. In accordance with the provisions of this Act, the AGRANA Group established a group consisting of AGRANA Beteiligungs-AG as the group parent and the following group members: AGRANA Zucker GmbH, AGRANA Stärke GmbH, AGRANA Marketing- und Vertriebsservice Gesellschaft mbH, AGRANA Bioethanol GmbH, Agrofrucht GmbH, AGRANA J&F Holding GmbH, AGRANA Internationale Verwaltungs- und Asset-Management GmbH, AGRANA Juice Holding GmbH, AGRANA Group-Services GmbH, Instantina Nahrungsmittel Entwicklungs- und Produktionsgesellschaft mbH and AGRANA Juice Sales & Customer Service GmbH.
Deferred taxes are recognised on diff erences between carrying amounts in the consolidated fi nancial statements and the tax bases of the individual companies in their home countries. Deferred taxes take into account carryforwards of unused tax losses.
In the interest of conservative planning, deferred taxes refl ect carryforwards of tax losses only to the extent that suffi cient taxable profi t is likely to be earned over the next fi ve years to utilise the deferred tax assets. € 12,692 thousand (prior year: € 14,919 thousand) of potential tax assets were not recognised. At the balance sheet date there were cumulative unused tax losses of € 62,074 thousand (prior year: € 74,386 thousand).
At the balance sheet date the deferred tax assets and liabilities recognised directly in equity amounted to a net asset of € 2,619 thousand (prior year as originally published: net liability of € 1,077 thousand; prior year restated for IAS 19: net asset of € 1,256 thousand).
| 2011 12 | 2010 11 restated |
IAS 19 restatement |
2010 11 published |
||
|---|---|---|---|---|---|
| Profi t for the period attributable | |||||
| to shareholders of the parent | |||||
| (AGRANA Beteiligungs-AG) | €000 | 152,360 | 84,890 | 375 | 84,515 |
| Average number | |||||
| of shares outstanding | 14,202,040 | 14,202,040 | – | 14,202,040 | |
| Earnings per share based on IFRS | |||||
| (basic and diluted) | € | 10.73 | 5.98 | 0.03 | 5.95 |
| Dividend per share | € | 3.601 | 2.40 | – | 2.40 |
Subject to the Annual General Meeting's approval of the proposed appropriation of profi t for the 2011|12 fi nancial year, AGRANA Beteiligungs-AG will pay a dividend of € 51,127 thousand (prior year: € 34,085 thousand).
The cash fl ow statement is prepared using the indirect method and in accordance with IAS 7. The statement traces the movements in the AGRANA Group's cash and cash equivalents arising from operating, investing and fi nancing activities.
Cash and cash equivalents, for the purpose of the cash fl ow statement, represent cash on hand, cheques and bank deposits. They do not include current bank borrowings or securities classifi ed as current assets.
The eff ects of business acquisitions are stated in the item "purchases of businesses".
Currency translation diff erences, with the exception of those relating to cash and cash equivalents, are already eliminated within the corresponding items in the balance sheet.
Operating cash fl ow before changes in working capital was € 250,115 thousand (prior year: € 169,049 thousand), or 9.70% of revenue (prior year: 7.81%). The item "other non-cash expenses/ income" consisted of, among other items, the unrealised foreign currency translation gains refl ected in net fi nancial items, with a negative eff ect of € 1,303 thousand in the cash fl ow statement (prior year: translation losses with a positive impact of € 3,251), the positive eff ect of deferred taxes (€ 1,539 thousand; prior year: negative eff ect of € 2,574 thousand), the positive current non-cash tax eff ect (€ 18,680 thousand; prior year: € 1,999 thousand) and the positive eff ect of a cash net exceptional items expense of € 1,433 thousand from the unwinding of joint ventures. After changes in working capital, net cash from operating activities was € 43,181 thousand (prior year: € 75,430 thousand).
118 Cash fl ows from operating activities included the following interest, tax and dividend payments:
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Interest received | 15,893 | 12,197 |
| Interest paid | 29,838 | 26,643 |
| Tax paid | 29,310 | 18,994 |
| Dividends received | 1,029 | 1,029 |
There were no restrictions on the use of items of cash and cash equivalents.
In the fi nancial year, € 97,857 thousand was required to fund the investing activities (prior year: € 51,589 thousand).
Outfl ows from purchases of property, plant and equipment and intangible assets increased to € 96,942 thousand (prior year: € 55,859 thousand).
Proceeds from disposal of non-current assets were € 2,680 thousand (prior year: € 3,978 thousand).
In the fi nancial year, payments were recognised for the acquisition of businesses that relate to the purchase of 50% of the shares of Xianyang Andre Juice Co., Ltd., the former joint venture. The payments made for this acquisition represent the net amount resulting from off setting the acquired cash and cash equivalents of € 35 thousand against the purchase price of € 5,500 thousand.
In the 2011|12 fi nancial year, borrowings increased by € 113,405 thousand (prior year: by € 3,160 thou sand). Dividends paid consisted mainly of the cash dividend distributed to the shareholders of AGRANA Beteiligungs-AG.
| €000 | Goodwill | Concessions, licences, |
Total |
|---|---|---|---|
| sugar quota, | |||
| similar rights | |||
| 2011 12 | |||
| Cost | |||
| At 1 March 2011 | 219,223 | 91,336 | 310,559 |
| Currency translation diff erences | 0 | (44) | (44) |
| Changes in scope of consolidation | 3,109 | 26 | 3,135 |
| Additions | 0 | 4,650 | 4,650 |
| Reclassifi cations | 0 | 187 | 187 |
| Disposals | 0 | (9,920) | (9,920) |
| At 29 February 2012 | 222,332 | 86,235 | 308,567 |
| €000 | Goodwill | Concessions, licences, sugar quota, similar rights |
Total |
|---|---|---|---|
| Accumulated amortisation and impairment | |||
| At 1 March 2011 | 0 | 62,008 | 62,008 |
| Currency translation diff erences | 0 | (43) | (43) |
| Amortisation for the period | 0 | 8,180 | 8,180 |
| Reclassifi cations | 0 | (90) | (90) |
| Disposals | 0 | (9,871) | (9,871) |
| At 29 February 2012 | 0 | 60,184 | 60,184 |
| Carrying amount at 29 February 2012 | 222,332 | 26,051 | 248,383 |
| 2010 11 | |||
| Cost | |||
| At 1 March 2010 | 220,280 | 98,263 | 318,543 |
| Currency translation diff erences | 0 | 275 | 275 |
| Changes in scope of consolidation | 0 | 1 | 1 |
| Additions | 0 | 2,443 | 2,443 |
| Reclassifi cations | 0 | 2,256 | 2,256 |
| Disposals | (1,057) | (11,902) | (12,959) |
| At 28 February 2011 | 219,223 | 91,336 | 310,559 |
| Accumulated amortisation and impairment | |||
| At 1 March 2010 | 0 | 66,097 | 66,097 |
| Currency translation diff erences | 0 | 225 | 225 |
| Amortisation for the period | 0 | 7,462 | 7,462 |
| Disposals | 0 | (11,776) | (11,776) |
| At 28 February 2011 | 0 | 62,008 | 62,008 |
| Carrying amount at 28 February 2011 | 219,223 | 29,328 | 248,551 |
█ The disposals of € 9,920 thousand of non-goodwill intangible assets related primarily to disposals of patents (€ 8,689 thousand).
█ The amount of € 3,109 thousand associated with changes in the scope of consolidation relates to the unwinding of the two Juice joint ventures in China.
█ Intangible assets consist largely of goodwill, capitalised in accordance with IFRS 3, that resulted from the acquisition of companies beginning in the 1995|96 fi nancial year. Intangibles also include acquired customer relationships, software, patents and similar rights, as well as non-current prepayments.
█ Of the total carrying amount of goodwill, the Sugar segment accounted for € 21,384 thousand (prior year: € 21,384 thousand), the Starch segment for € 2,090 thousand (prior year: € 2,090 thousand) and the Fruit segment for € 198,858 thousand (prior year: € 195,749 thousand).
120 █ To satisfy the provisions of IFRS 3 in conjunction with IAS 36 and to allow the calculation of any impairment of goodwill, AGRANA has defi ned its cash-generating units to match its internal reporting structure. The cash-generating units in the AGRANA Group are the Sugar segment, Starch segment and Fruit segment, consistent with the internal management accounting and reporting processes. All goodwill was allocated to cash-generating units.
█ To test for impairment, the carrying amount of each cash-generating unit is measured by allocating to it the corresponding assets and liabilities, inclusive of attributable goodwill and other intangible assets. An impairment loss is recognised in profi t or loss when the recoverable amount of a cash-generating unit is less than its carrying amount inclusive of goodwill. The recoverable amount is the higher of net realisable value and the present value of future cash fl ows expected from an asset.
█ In testing for impairment, AGRANA uses a discounted cash fl ow method to determine the value in use of the cash-generating units. The determination of expected cash fl ows from each cashgenerating unit is based on business plans that are validated and approved by Supervisory Board committees and have a planning horizon of fi ve years. Projections beyond a fi ve-year horizon are based on the assumption of a constant, infl ation-induced growth rate of 0.75% per year (assumption in the prior year: 0.75%). The weighted average cost of capital (WACC) derived from the AGRANA Group's capital costs is calculated at 9.5% (prior year: 9.6%) for the Fruit segment, at 9.6% (prior year: 8.5%) for the Starch segment and at 9.1% (prior year: 8.1%) for the Sugar segment.
█ The quality of the forecast data is frequently tested against actual outcomes with the help of variance analysis. The insights gained are then taken into account during the preparation of the next annual plan. Projections of value in use are highly sensitive to assumptions regarding future local market developments and volume trends. Value in use is therefore ascertained both on the basis of experience and of assumptions that are reviewed with experts for the regional markets.
█ Regarding the measurement of value in use of the CGUs, the management of the AGRANA Group is confi dent that realistic changes in the assumptions for the determination of the recoverable amount of the Group's CGUs would not lead to an impairment. The excess of the recoverable amount over the carrying amount was € 201 million in the Fruit segment (prior year: € 121 million), € 449 million in the Starch segment (prior year: € 400 million) and € 86 million in the Sugar segment (prior year: € 80 million).
█ All goodwill reported in the consolidated fi nancial statements was shown to be free of impairment.
█ Had the WACC been 1 percentage point higher, no goodwill impairment would have had to be recognised in any of the segments.
█ No other intangible assets with indefi nite useful lives required recognition at the balance sheet date.
| €000 | Land, leasehold buildings |
plant and rights and machinery |
Technical Other plant, furniture and equipment |
Assets under con- struction |
Borrowing costs |
Total |
|---|---|---|---|---|---|---|
| 2011 12 | ||||||
| Cost | ||||||
| At 1 March 2011 | 469,404 | 993,995 | 171,636 | 29,588 | 0 | 1,664,623 |
| Currency translation | ||||||
| diff erences | (5,202) | (7,734) | (597) | (275) | 4 | (13,804) |
| Changes in scope | ||||||
| of consolidation | 1,057 | 2,353 | 161 | 88 | 0 | 3,659 |
| Additions | 18,657 | 22,736 | 11,574 | 39,374 | 102 | 92,443 |
| Reclassifi cations | 8,485 | 15,988 | 1,819 | (26,479) | 0 | (187) |
| Disposals | (3,232) | (2,524) | (2,941) | (44) | 0 | (8,741) |
| Government grants | (8) | (319) | (22) | 0 | 0 | (349) |
| At 29 February 2012 | 489,161 | 1,024,495 | 181,630 | 42,252 | 106 | 1,737,644 |
| Accumulated depreciation | ||||||
| and impairment | ||||||
| At 1 March 2011 | 251,401 | 703,026 | 131,951 | 536 | 0 | 1,086,914 |
| Currency translation | ||||||
| diff erences | (2,294) | (4,855) | (485) | 0 | 0 | (7,634) |
| Changes in scope | ||||||
| of consolidation | 293 | 926 | 51 | 0 | 0 | 1,270 |
| Depreciation | ||||||
| for the period | 13,700 | 44,129 | 10,545 | 54 | 0 | 68,428 |
| Reclassifi cations | 50 | 40 | 0 | 0 | 0 | 90 |
| Disposals | (2,279) | (2,288) | (2,781) | 0 | 0 | (7,348) |
| At 29 February 2012 | 260,871 | 740,978 | 139,281 | 590 | 0 | 1,141,720 |
| Carrying amount | ||||||
| at 29 February 2012 | 228,290 | 283,517 | 42,349 | 41,662 | 106 | 595,924 |
| €000 | Land, leasehold rights and buildings |
Technical plant and machinery |
Other plant, furniture and equipment |
Assets under con- struction |
Total |
|---|---|---|---|---|---|
| 2010 11 | |||||
| Cost | |||||
| At 1 March 2010 | 464,326 | 979,623 | 167,000 | 18,504 | 1,629,453 |
| Currency translation | |||||
| diff erences | 1,697 | 2,925 | 405 | (105) | 4,922 |
| Changes in scope | |||||
| of consolidation | (64) | 0 | 0 | 0 | (64) |
| Additions | 3,228 | 15,783 | 7,261 | 27,144 | 53,416 |
| Reclassifi cations | 3,333 | 8,295 | 1,941 | (15,825) | (2,256) |
| Disposals | (3,116) | (12,631) | (4,971) | (130) | (20,848) |
| At 28 February 2011 | 469,404 | 993,995 | 171,636 | 29,588 | 1,664,623 |
| 122 | ||||||
|---|---|---|---|---|---|---|
| €000 | Land, | Technical | Other plant, | Assets | Total | |
| leasehold | plant and | furniture | under con- | |||
| rights and | machinery | and | struction | |||
| buildings | equipment | |||||
| Accumulated depreciation | ||||||
| and impairment | ||||||
| At 1 March 2010 | 238,751 | 666,046 | 126,391 | 477 | 1,031,665 | |
| Currency translation | ||||||
| diff erences | 445 | 1,981 | 328 | (3) | 2,751 | |
| Changes in scope | ||||||
| of consolidation | (42) | 0 | 0 | 0 | (42) | |
| Depreciation | ||||||
| for the period | 14,002 | 45,736 | 10,173 | 0 | 69,911 | |
| Impairment | 808 | 841 | 0 | 160 | 1,809 | |
| Reclassifi cations | (70) | 70 | 0 | 0 | 0 |
| Disposals | (2,493) | (11,648) | (4,941) | (98) | (19,180) |
|---|---|---|---|---|---|
| At 28 February 2011 | 251,401 | 703,026 | 131,951 | 536 | 1,086,914 |
| Carrying amount at 28 February 2011 |
218,003 | 290,969 | 39,685 | 29,052 | 577,709 |
█ Additions (i. e., purchases) of intangible assets (other than goodwill) and property, plant and equipment:
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Sugar segment | 25,328 | 16,031 |
| Starch segment | 29,303 | 8,996 |
| Fruit segment | 42,462 | 30,832 |
| Total | 97,093 | 55,859 |
█ Currency translation diff erences are the diff erences between amounts arising from the translation of the opening balances of foreign Group companies at the exchange rates prevailing at the start and at the end of the reporting period.
█ The government grants consisted of investment assistance from the province of Lower Austria (in the Sugar segment) and investment assistance in Romania (in the Fruit segment).
█ The average interest rate on borrowings was 5.45%.
█ The AGRANA Group, in addition to operating leases, also employs a small number of fi nance leases. The movement in property, plant and equipment under fi nance leases was as follows:
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Cost | 246 | 300 |
| Less accumulated depreciation and impairment | (98) | (121) |
| Carrying amount | 148 | 179 |
█ The use of off -balance sheet property, plant and equipment (under operating leases) gives rise to the following obligations under lease, licence and rental agreements:
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| In the subsequent year | 2,446 | 2,657 |
| In years 2 to 5 | 4,656 | 6,287 |
| In more than 5 years | 487 | 603 |
█ Expenses for operating leases, licence and rental agreements were € 9,491 thousand (prior year: € 10,414 thousand).
█ The AGRANA Group does not act as a lessor.
| €000 | Investments1 | Securities | Total |
|---|---|---|---|
| (non-current) | |||
| 2011 12 | |||
| At 1 March 2011 | 6,152 | 104,598 | 110,750 |
| Currency translation diff erences | (1) | 10 | 9 |
| Additions | 1,120 | 598 | 1,718 |
| Disposals | (6) | (424) | (430) |
| Fair value changes under IAS 39 | 0 | 127 | 127 |
| At 29 February 2012 | 7,265 | 104,909 | 112,174 |
| At 28 February 2011 | 6,152 | 104,598 | 110,750 |
|---|---|---|---|
| Fair value changes under IAS 39 | 0 | (467) | (467) |
| Disposals | (902) | 0 | (902) |
| Impairment | (7) | 0 | (7) |
| Additions | 36 | 79 | 115 |
| Currency translation diff erences | (2) | 9 | 7 |
| At 1 March 2010 | 7,027 | 104,977 | 112,004 |
█ The securities were predominantly securities of Austrian issuers.
█ Within additions to investments, the main component, at € 1,000 thousand, was the founding of YBBSTALER AGRANA JUICE GmbH, Kröllendorf (municipality of Allhartsberg), Austria.
Note (19)
| €000 | 29 Feb 2012 | 28 Feb 2011 |
|---|---|---|
| Trade receivables | 290,760 | 275,332 |
| – Of which due after more than 1 year | 117 | 61 |
| Amounts due from affi liated companies | 22,904 | 12,855 |
| – Of which due after more than 1 year | 30 | 124 |
| Positive fair value of derivatives | 6,335 | 2,992 |
| Reimbursement receivable under the sugar regime | 5,374 | 8,388 |
| Receivable under government grants | 3,800 | 3,841 |
| – Of which due after more than 1 year | 0 | 3,841 |
| Amounts due from associates in the Südzucker group | 2,708 | 0 |
| Receivable for legacy soil reclamation | 1,650 | 1,506 |
| – Of which due after more than 1 year | 1,432 | 1,308 |
| Insurance and damage payments | 655 | 1,094 |
| – Of which due after more than 1 year | 646 | 1,089 |
| Security deposits | 52 | 40 |
| Other assets | 39,588 | 32,474 |
| – Of which due after more than 1 year | 4,161 | 7,134 |
| Financial instruments | 373,826 | 338,522 |
| – Of which due after more than 1 year | 6,386 | 13,557 |
| VAT credits and other tax credits | 99,284 | 63,220 |
| – Of which due after more than 1 year | 172 | 270 |
| Accrued income | 7,408 | 5,727 |
| Prepaid expenses | 18,760 | 6,465 |
| Total | 499,278 | 413,934 |
| – Of which due after more than 1 year | 6,558 | 13,827 |
Amounts due from affi liated companies represent open accounts with non-consolidated subsidiaries as well as with the Group's parent – Südzucker AG – and the parent's subsidiaries.
The net carrying amount of trade receivables after provision for impairment is determined as follows:
| €000 | 29 Feb 2012 | 28 Feb 2011 |
|---|---|---|
| Carrying amount of trade receivables, gross | 297,914 | 283,227 |
| Provisions for impairment of trade receivables | (7,154) | (7,895) |
| Carrying amount, net | 290,760 | 275,332 |
The provision for impairment of trade receivables showed the following movements:
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Provision at 1 March | 7,895 | 7,110 |
| Currency translation adjustments/Other change | (289) | (10) |
| Added | 1,159 | 2,835 |
| Used | (525) | (1,132) |
| Released | (1,086) | (908) |
| Provision at 29/28 February | 7,154 | 7,895 |
The partial release of the provision resulted in interest income of € 16 thousand (prior year: € 16 thousand).
Receivables are as a rule individually reviewed for their collectability and measured on the basis of estimated future cash fl ows.
Where advance fi nancing is extended to growers, AGRANA receives liens to secure the credit exposure.
The table below provides information on the credit risks in respect of trade receivables. The maturity profi le of trade receivables was as follows:
| €000 | 29 Feb 2012 | 28 Feb 2011 |
|---|---|---|
| Trade receivables not past due and with no impairment provided | 237,680 | 207,538 |
| Trade receivables past due and with no impairment provided | ||
| Up to 30 days | 27,568 | 41,113 |
| 31 to 90 days | 9,551 | 8,880 |
| More than 90 days | 8,807 | 9,906 |
| Subtotal of trade receivables | ||
| for which no impairment was provided | 45,926 | 59,899 |
Deferred tax assets were attributable to balance sheet items as follows:
| €000 | 29 Feb 2012 | 28 Feb 2011 | IAS 19 | 28 Feb 2011 |
|---|---|---|---|---|
| restated | restatement | published | ||
| Deferred tax assets | ||||
| Retirement, termination and | ||||
| long-service benefi t obligations | 4,385 | 3,002 | 2,138 | 864 |
| Non-current fi nancial assets | ||||
| (primarily "one-seventh" write-downs | ||||
| on non-consolidated subsidiaries | ||||
| and on outside companies) | 8,082 | 11,559 | 0 | 11,559 |
| Inventories | 4,150 | 0 | 0 | 0 |
| Other provisions and liabilities | 4,763 | 4,655 | 0 | 4,655 |
| Carryforwards of unused tax losses | 3,510 | 5,471 | 0 | 5,471 |
| Total deferred tax assets | 24,890 | 24,687 | 2,138 | 22,549 |
| Deferred tax assets off set against | ||||
| deferred tax liabilities | ||||
| relating to the same tax authority | 4,874 | 6,775 | (1,676) | 8,451 |
| Net deferred tax assets | 29,764 | 31,462 | 462 | 31,000 |
Deferred tax liabilities are detailed in note 27.
Note (21)
| €000 | 29 Feb 2012 | 28 Feb 2011 |
|---|---|---|
| Raw materials and consumables | 198,369 | 159,258 |
| Finished and unfi nished goods | 500,447 | 319,456 |
| Goods purchased for resale | 69,753 | 49,527 |
| Total | 768,569 | 528,241 |
The carrying amount of those inventories measured at fair value less costs to sell was € 19,826 thousand (prior year: € 3,532 thousand).
Write-downs of € 1,101 thousand were recognised on inventories (prior year: write-downs of € 213 thousand).
Securities held as current assets had a carrying amount of € 1,352 thousand (prior year: € 4,411 thousand) and consisted mainly of fl oating rate debt securities held as a liquidity reserve.
█ The Company had share capital of € 103,210,250 at the balance sheet date, consisting of 14,202,040 ordinary voting bearer shares without par value. All shares were fully paid.
█ The movements in the Group's equity are presented on pages 88 and 89.
█ The capital reserves ("share premium and other capital reserves") consist of share premium (i. e., additional paid-in capital) and of reserves resulting from the reorganisation of companies. The capital reserves remained unchanged in the 2011|12 fi nancial year. Retained earnings consist of the available-for-sale reserve, the cash fl ow hedge reserve, the eff ects of consolidation-related foreign currency translation, and accumulated profi ts and losses.
█ The changeover to the direct recognition of actuarial gains and losses in other operating income (the OCI method) led to the separate presentation of the actuarial eff ects.
A key goal of equity management is the maintenance of suffi cient equity resources to safeguard the Company's continuing existence as a going concern and ensure continuity of dividends. Equity bore the following relationship to total capital:
| €000 | 29 Feb 2012 | 28 Feb 2011 | IAS 19 | 28 Feb 2011 |
|---|---|---|---|---|
| restated | restatement | published | ||
| Total equity | 1,072,988 | 964,155 | (6,539) | 970,694 |
| Total assets | 2,362,121 | 1,992,664 | 462 | 1,992,202 |
| Equity ratio | 45.4% | 48.4% | – | 48.7% |
Capital management at AGRANA means the management of equity and of net debt. By optimising these two quantities, the Company seeks to achieve the best possible shareholder returns. In addition to the equity ratio, the most important control variable is the gearing ratio (net debt divided by total equity). The total cost of equity and debt capital employed and the risks associated with the diff erent types of capital are continuously monitored.
The sound equity base gives AGRANA strategic fl exibility and also demonstrates the Group's fi nancial stability and independence. In addition to its self-fi nancing ability, AGRANA also has access to high, committed credit lines for its overall fi nancing needs.
The approach to capital management was unchanged from the prior year.
| €000 | 29 Feb 2012 | 28 Feb 2011 | IAS 19 | 28 Feb 2011 |
|---|---|---|---|---|
| restated | restatement | published | ||
| Provisions for | ||||
| Retirement benefi ts | 29,615 | 29,284 | 3,719 | 25,565 |
| Termination benefi ts | 23,059 | 21,350 | 4,958 | 16,392 |
| Other | 39,174 | 52,758 | 0 | 52,758 |
| Total | 91,848 | 103,392 | 8,677 | 94,715 |
Provisions for retirement and termination benefi ts are measured using the projected unit credit method, taking into account future trends on an actuarial basis. For both the retirement and termination benefi t obligations, the plans are defi ned benefi t plans.
For the Austrian companies, the following assumptions were made regarding probable future rates of increase in pay and retirement benefi ts, and the discount rate:
| % | 29 Feb 2012 | 28 Feb 2011 |
|---|---|---|
| Expected rate of wage and salary increases | 2.50 | 2.50 |
| Expected rate of pension increases | 2.00 | 2.00 |
| Discount rate | 4.50 | 5.00 |
For foreign entities the assumptions are adjusted to refl ect local conditions.
The discount rate for retirement benefi t obligations is determined by reference to yields of senior fi xed income corporate bonds observable in the fi nancial markets at the balance sheet date. For Austria, the biometric basis for the calculations consists of the version of the computation tables by Pagler & Pagler specifi c to salaried employees ("AVÖ 2008-P-Rechnungsgrundlagen für die Pensionsversicherung").
128 The expected rates of return on external plan assets were as follows:
| % | 29 Feb 2012 | 28 Feb 2011 | |
|---|---|---|---|
| Expected rate of return on plan assets | Europe: | 4.50 | 4.25 |
| Mexico: | 7.00 | 7.60 |
The rate of return on the plan assets depends on the strategic portfolio structure of the pension fund.
€ 990 thousand (prior year: € 660 thousand) of contributions are expected to be paid into the plan in the subsequent reporting period.
Over the last fi ve years the present values of the defi ned benefi t obligations changed as follows:
| €000 | 29 Feb 2012 28 Feb 2011 28 Feb 2010 28 Feb 2009 | 29 Feb 2008 | |||
|---|---|---|---|---|---|
| Retirement benefi ts | 35,729 | 34,924 | 36,462 | 35,780 | 35,090 |
| Termination benefi ts | 23,432 | 21,373 | 20,867 | 19,147 | 17,564 |
| €000 | 29 Feb 2012 28 Feb 2011 28 Feb 2010 28 Feb 2009 | 29 Feb 2008 | |||
|---|---|---|---|---|---|
| Present value of obligation | 35,729 | 34,924 | 36,462 | 35,780 | 35,090 |
| Plan assets | 6,114 | 5,640 | 4,767 | 3,587 | 3,550 |
| Unfunded obligation | 29,615 | 29,284 | 31,695 | 32,193 | 31,540 |
The provisions showed the following movements:
| €000 | Retirement | Termination |
|---|---|---|
| benefi ts | benefi ts | |
| 2011 12 | ||
| Provision in balance sheet at 1 March 2011 | 29,284 | 21,350 |
| Current service cost | 597 | 1,008 |
| Interest cost | 1,666 | 985 |
| Expected income from plan assets | (256) | (2) |
| Actuarial gain | (17) | (157) |
| Total amount recognised in income statement | 1,990 | 1,834 |
| Changes in scope of consolidation | 0 | (156) |
| Benefi ts paid | (3,256) | (1,614) |
| Contributions to plan assets | (654) | 0 |
| Currency translation diff erences | 0 | 0 |
| Actuarial loss (OCI method) | 2,251 | 1,645 |
| Provision in balance sheet at 29 February 2012 | 29,615 | 23,059 |
| Unrecognised actuarial loss | 0 | 350 |
| Fair value of plan assets | 6,114 | 23 |
| Present value of obligation at 29 February 2012 | 35,729 | 23,432 |
| Retirement benefi ts | Termination benefi ts | |||
|---|---|---|---|---|
| €000 | OCI | Corridor | OCI | Corridor |
| 2010 11 | ||||
| Provision in balance sheet | ||||
| at 1 March 2010 (corridor method) | 28,154 | 28,154 | 16,109 | 16,109 |
| Reconciliation to OCI method | 3,541 | 0 | 4,730 | 0 |
| Provision in balance sheet | ||||
| at 1 March 2010 (OCI method) | 31,695 | 0 | 20,839 | 0 |
| Provision in balance sheet | ||||
| at 1 March 2010 | 31,695 | 28,154 | 20,839 | 16,109 |
| Current service cost | 341 | 341 | 1,078 | 1,078 |
| Interest cost | 1,755 | 1,755 | 998 | 998 |
| Expected income from plan assets | (278) | (278) | (2) | (2) |
| Actuarial (gain)/loss | (9) | 369 | 206 | 302 |
| Total amount recognised in income statement | 1,809 | 2,187 | 2,280 | 2,376 |
| Changes in scope of consolidation | 0 | 0 | (44) | (44) |
| Benefi ts paid | (4,110) | (4,110) | (2,045) | (2,045) |
| Contributions to plan assets | (663) | (663) | 0 | 0 |
| Currency translation diff erences | (3) | (3) | (4) | (4) |
| Actuarial loss (OCI method) | 556 | 0 | 324 | 0 |
| Provision in balance sheet | ||||
| at 28 February 2011 | 29,284 | 25,565 | 21,350 | 16,392 |
| Unrecognised actuarial loss | 0 | 3,719 | 0 | 4,957 |
| Fair value of plan assets | 5,640 | 5,640 | 23 | 23 |
| Present value of obligation | ||||
| at 28 February 2011 | 34,924 | 34,924 | 21,373 | 21,372 |
The present value of expected future benefi ts refl ects the benefi ts to which employees are expected to be entitled based on conditions at the balance sheet date. It includes actuarial gains and losses resulting from the diff erences between expected risks and actual experience. Similar obligations exist, in particular, in foreign Group companies. They are measured on an actuarial basis and by taking into account future cost trends.
Experience adjustments for the diff erence between actuarial assumptions made and actual plan experience amounted to a loss of € 587 thousand (prior year: loss of € 1,226 thousand).
| €000 | 29 Feb 2012 28 Feb 2011 28 Feb 2010 28 Feb 2009 | 29 Feb 2008 | |||
|---|---|---|---|---|---|
| Experience adjustments | (587) | (1,226) | (1,418) | (3,272) | (1,239) |
129
130 The movement in plan assets was as follows:
| €000 | 2011 12 | 2010 11 |
|---|---|---|
| Fair value of plan assets at 1 March | 5,640 | 4,767 |
| Currency translation diff erences | (3) | 4 |
| Actual (expenses)/income from plan assets | (177) | 206 |
| Employer contributions to plan assets | 654 | 663 |
| Fair value of plan assets at 29/28 February | 6,114 | 5,640 |
The plan assets consist primarily of investments in an external pension fund. The investments within this pension fund consisted of 62% bonds (prior year: 43%), 15% equity instruments (prior year: 29%) and 22% other assets (prior year: 28%).
| €000 | Recultivation | Staff costs including long-service |
Uncertain liabilities |
Total |
|---|---|---|---|---|
| awards | ||||
| 2011 12 | ||||
| At 1 March 2011 | 5,485 | 11,163 | 36,110 | 52,758 |
| Currency translation diff erences | (61) | (10) | (55) | (126) |
| Changes in scope of consolidation | 0 | 0 | 15 | 15 |
| Used | (52) | (1,194) | (17,414) | (18,660) |
| Released | (1,641) | (1,623) | (7,464) | (10,728) |
| Added | 89 | 4,007 | 11,819 | 15,915 |
| At 29 February 2012 | 3,820 | 12,343 | 23,011 | 39,174 |
| – Of which due within 1 year | 27 | 4,744 | 22,006 | 26,777 |
| 2010 11 | ||||
| At 1 March 2010 | 8,703 | 11,956 | 22,006 | 42,665 |
| Currency translation diff erences | (16) | (17) | 39 | 6 |
| Changes in scope of consolidation | 0 | 0 | (480) | (480) |
| Used | (457) | (1,745) | (4,981) | (7,183) |
|---|---|---|---|---|
| Released | (3,862) | (1,538) | (9,149) | (14,549) |
| Added | 1,117 | 2,507 | 28,675 | 32,299 |
| At 28 February 2011 | 5,485 | 11,163 | 36,110 | 52,758 |
| – Of which due within 1 year | 1,356 | 4,028 | 34,403 | 39,787 |
Of the total other provisions, € 12,397 thousand (prior year: € 12,971 thousand) were classifi ed as non-current liabilities and € 26,777 thousand (prior year: € 39,787 thousand) were current liabilities.
The provision for reclamation comprises recultivation obligations as well as the emptying of landfi lls and removal of waste residues. The provisions for staff costs also include the provision for long-service awards. The provisions for uncertain liabilities include, among other items, provisions for litigation risks (€ 1,507 thousand; prior year: € 1,374 thousand), beet transitional storage costs charged by Vereinigung Österreichischer Rübenbauern (the umbrella organisation of Austrian beet farmers) (€ 3,566 thousand; prior year: € 9,977 thousand), and other risk provisions (€ 3,580 thousand; prior year: € 8,264 thousand).
Note (24b)
| ¤000 | 29 Feb | Of which due in | 28 Feb | Of which due in | ||||
|---|---|---|---|---|---|---|---|---|
| 2012 | Up to | 1 to | More than | 2011 | Up to | 1 to | More than | |
| 1 year | 5 years | 5 years | 1 year | 5 years | 5 years | |||
| Bank loans and overdrafts, | ||||||||
| and other loans from | ||||||||
| non-Group entities | 473,827 | 271,866 | 178,893 | 23,068 | 361,707 | 254,842 | 95,968 | 10,897 |
| Borrowings from | ||||||||
| affi liated companies | ||||||||
| in the Südzucker group | ||||||||
| 200,000 | 70,000 | 30,000 | 100,000 | 200,000 | 40,000 | 60,000 | 100,000 | |
| Lease liabilities | 148 | 19 | 129 | 0 | 165 | 26 | 139 | 0 |
| Borrowings | 673,975 | 341,885 | 209,022 | 123,068 | 561,872 | 294,868 | 156,107 | 110,897 |
| Securities | ||||||||
| (non-current assets) | (104,909) | (104,598) | ||||||
| Securities (current assets) | (1,352) | (4,411) | ||||||
| Cash and cash equivalents | (98,504) | (70,427) | ||||||
| Net debt | 469,210 | 382,436 |
Details of bank loans and overdrafts are presented under 10.1. to 10.4.
Bank loans and overdrafts were secured as follows at the balance sheet date:
| €000 | 29 Feb 2012 | 28 Feb 2011 |
|---|---|---|
| Mortgage liens | 703 | 800 |
| Other liens | 19,391 | 21,602 |
| Total | 20,094 | 22,402 |
The item "other liens" relates to collateral for an export credit of the same carrying amount.
| ¤000 | 29 Feb | Of which due in | 28 Feb | Of which due in | ||
|---|---|---|---|---|---|---|
| 2012 | Up to | More than | 2011 | Up to | More than | |
| 1 year | 1 year | 1 year | 1 year | |||
| Trade payables | 299,397 | 299,397 | 0 | 218,666 | 218,666 | 0 |
| Amounts due to affi liated | ||||||
| companies in the Südzucker group | 52,267 | 52,267 | 0 | 8,864 | 8,864 | 0 |
| Financial other payables | 93,261 | 91,248 | 2,013 | 78,062 | 75,754 | 2,308 |
| Non-fi nancial other payables | 26,553 | 26,553 | 0 | 25,335 | 25,335 | 0 |
| – Of which deferred income | 5,238 | 5,238 | 0 | 7,851 | 7,851 | 0 |
| – Of which prepayments | 964 | 964 | 0 | 380 | 380 | 0 |
| – Of which other tax | 15,384 | 15,384 | 0 | 12,740 | 12,740 | 0 |
| – Of which social security | 4,967 | 4,967 | 0 | 4,364 | 4,364 | 0 |
| Total | 471,478 | 469,465 | 2,013 | 330,927 | 328,619 | 2,308 |
132 Trade payables included obligations to beet growers of € 127,728 thousand (prior year: € 60,369 thousand).
Financial other payables included, among other items, liabilities to employees, payroll liabilities, and liabilities from derivatives.
Deferred tax liabilities were attributable to balance sheet items as follows:
| €000 | 29 Feb 2012 | 28 Feb 2011 | IAS 19 | 28 Feb 2011 |
|---|---|---|---|---|
| restated | restatement | published | ||
| Deferred tax liabilities | ||||
| Non-current assets | 5,191 | 3,844 | 0 | 3,844 |
| Inventories and receivables | 1,118 | 604 | 0 | 604 |
| Untaxed reserves in separate | ||||
| fi nancial statements | 6,070 | 6,189 | 0 | 6,189 |
| Total deferred tax liabilities | 12,379 | 10,637 | 0 | 10,637 |
| Deferred tax assets off set | ||||
| against deferred tax liabilities | ||||
| relating to the same tax authority | 4,874 | 6,775 | (1,676) | 8,451 |
| Net deferred tax liabilities | 17,253 | 17,412 | (1,676) | 19,088 |
Deferred tax assets are detailed in note 20.
To cover its overall funding needs, the AGRANA Group, in addition to its self-fi nancing capability, has access to syndicated credit lines and bilateral credit lines from banks.
Financial instruments are generally procured centrally and distributed Group-wide. The principal aims of obtaining fi nancing are to achieve a sustained increase in enterprise value, safeguard the Group's credit quality and ensure its liquidity.
To manage the seasonally fl uctuating cash fl ows, the AGRANA Group in the course of its day-today fi nancial management uses conventional investments (demand deposits, time deposits and securities) and borrowings (in the form of overdrafts, short-term funds and fi xed rate loans).
| Average eff ective | 29 Feb | Of which due in | 28 Feb | Of which due in | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| interest rate | 2012 | Up to | 1 to | More than | 2011 | Up to | 1 to | More than | ||
| 2011 12 | 2010 11 | 1 year | 5 years | 5 years | 1 year | 5 years | 5 years | |||
| % | % | €000 | €000 | €000 | €000 | €000 | €000 | €000 | €000 | |
| Fixed rate | ||||||||||
| EUR | 3.80 | 3.96 | 233,589 | 42,593 | 69,488 | 121,508 | 244,140 | 21,856 | 112,947 | 109,337 |
| 3.80 | 3.96 | 233,589 | 42,593 | 69,488 | 121,508 | 244,140 | 21,856 | 112,947 | 109,337 | |
| Variable rate | ||||||||||
| BAM | 5.35 | 5.35 | 344 | 344 | 0 | 0 | 494 | 494 | 0 | 0 |
| CNY | 6.10 | 0.00 | 5,980 | 5,980 | 0 | 0 | 0 | 0 | 0 | 0 |
| EGP | 8.18 | 0.00 | 397 | 397 | 0 | 0 | 258,799 | 214,218 | 43,021 | 1,560 |
| EUR | 2.12 | 2.35 | 340,493 | 199,633 | 139,300 | 1,560 | 0 | 0 | 0 | 0 |
| GBP | 1.56 | 0.00 | 1 | 1 | 0 | 0 | 30,014 | 30,014 | 0 | 0 |
| HUF | 7.65 | 6.87 | 46,691 | 46,691 | 0 | 0 | 962 | 962 | 0 | 0 |
| KRW | 5.22 | 5.42 | 3,328 | 3,328 | 0 | 0 | 7,561 | 7,561 | 0 | 0 |
| PLN | 5.54 | 5.49 | 7,306 | 7,306 | 0 | 0 | 0 | 0 | 0 | 0 |
| MXN | 6.25 | 0.00 | 20,763 | 20,763 | 0 | 0 | 0 | 0 | 0 | 0 |
| USD | 1.61 | 1.32 | 14,935 | 14,830 | 105 | 0 | 19,737 | 19,737 | 0 | 0 |
| 2.87 | 2.80 | 440,238 | 299,273 | 139,405 | 1,560 | 317,567 | 272,986 | 43,021 | 1,560 | |
| Total | 3.21 | 3.30 | 673,827 | 341,866 | 208,893 | 123,068 | 561,707 | 294,842 | 155,968 | 110,897 |
Bank loans and overdrafts, other loans from non-Group entities (excluding fi nance leases) and borrowings from affi liated companies amounted to € 673,827 thousand (prior year: € 561,707 thousand) and carried interest at an average rate of 3.21% (prior year: 3.30%). They are measured at repayable amounts. In the case of bank debt denominated in foreign currencies, nominal values are translated into euros by applying the exchange rates prevailing at the balance sheet date. Fair values may therefore increase or decrease from the prior-period values, depending on movements in exchange rates.
The fi xed interest portion of bank loans and overdrafts and borrowings from affi liated companies was € 233,589 thousand (prior year: € 244,140 thousand). The fair values (i.e., market values) of the variable rate bank loans and overdrafts are equivalent to their carrying amounts. At the balance sheet date, € 703 thousand (prior year: € 800 thousand) of bank loans and overdrafts were secured by mortgage liens and € 19,391 thousand (prior year: € 21,602 thousand) were secured by other liens.
In the course of its day-to-day fi nancial management, the Group invests in demand deposits and time deposits. Compared to the prior year, cash and cash equivalents increased by € 28,077 thousand to € 98,504 thousand. In addition, there were securities in the amount of € 1,352 thousand (prior year: € 4,411 thousand) held as current assets; these were categorised as held-for-trading.
To hedge part of the risks arising from its operating activities (risks due to movements in interest rates, foreign exchange rates and raw material prices), the AGRANA Group to a limited extent uses derivative fi nancial instruments. AGRANA employs derivatives largely to hedge the following exposures:
█ Interest rate risks from money market rates, arising mainly from liquidity fl uctuation typical during campaigns or from existing or planned fl oating rate borrowings.
█ Currency risks, which may arise primarily from the purchase and sale of products in US dollars and Eastern European currencies and from fi nance in foreign currencies.
134 █ Market price risks arise especially from changes in commodity prices for sugar in the world market, from energy and grain prices, and selling prices for sugar and ethanol.
The Group employs only conventional derivatives for which there is a suffi ciently liquid market (for example, interest rate swaps, interest rate options, caps, forward foreign exchange contracts, currency options or commodity futures). The use of these instruments is governed by Group policies under the Group's risk management system. These policies prohibit the speculative use of derivative fi nancial instruments, set ceilings appropriate to the underlying transactions, defi ne authorisation procedures, minimise credit risks, and specify internal reporting rules and the organisational separation of risk-taking and risk oversight. Adherence to these standards and the proper processing and valuation of transactions are regularly monitored by an internal department whose independence is ensured by organisational separation from risk origination.
The notional principal amounts and the fair values of the derivative fi nancial instruments held by the AGRANA Group were as follows:
| Notional principal amount | Fair value | ||||
|---|---|---|---|---|---|
| €000 | 29 Feb 2012 28 Feb 2011 29 Feb 2012 | 28 Feb 2011 | |||
| Purchase of USD | 4,711 | 23,346 | 105 | (322) | |
| Sale of USD | 6,637 | – | 13 | – | |
| Purchase of AUD | 403 | 1,161 | (4) | 8 | |
| Purchase of CZK | 15,898 | 12,756 | 130 | 63 | |
| Purchase of HUF | 18,548 | 17,740 | 740 | 493 | |
| Purchase of PLN | 95,833 | 51,167 | 3,037 | (170) | |
| Sale of PLN | 1,000 | 28,044 | (10) | 483 | |
| Purchase of DKK | 1,211 | – | – | – | |
| Sale of DKK | – | 3,220 | – | 1 | |
| Currency derivatives | 144,241 | 137,434 | 4,011 | 556 | |
| Interest rate derivatives | 171,439 | 87,229 | (6,165) | (1,228) | |
| Commodity derivatives (hedge accounting) | 66,546 | 15,128 | (5,856) | 951 | |
| Total | 382,226 | 239,791 | (8,010) | 279 |
The currency derivatives and commodity derivatives are used to hedge cash fl ows over periods of up to one year; the interest rate derivatives serve to hedge cash fl ows for periods of one to ten years.
The notional principal amount of the derivatives represents the face amount of all hedges, translated into euros.
The fair value of a derivative is the amount which the AGRANA Group would have to pay or would receive at the balance sheet date in the hypothetical event of early termination of the hedge position. As the hedging transactions involve only standardised, fungible fi nancial instruments, fair value is determined on the basis of quoted market prices.
Fair value changes of derivatives employed to hedge future cash fl ows (cash fl ow hedges) are initially recognised directly in equity. Only when the cash fl ows are realised are the value changes recognised in profi t or loss. The fair value of cash fl ow hedges at 29 February 2012 was a liability of € 3,616 thousand (prior year: asset of € 525 thousand).
The value changes of those derivative positions to which cash fl ow hedge accounting is not applied are recognised in profi t or loss. The hedging transactions were carried out both to hedge sales revenue and raw material costs for the Juice activities, and to hedge sales contracts in the Sugar segment. To some extent, fair value hedge accounting under IAS 39 was used for the transactions presented. The fl uctuations in the value of these hedging instruments are off set against the fl uctuations in the value of the hedged items.
Set out in the table below are the carrying amounts and fair values of the Group's fi nancial assets and liabilities. The fair value of a fi nancial instrument is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
| 29 Feb 2012 | 28 Feb 2011 | |||||
|---|---|---|---|---|---|---|
| €000 | Measurement category | Carrying | Fair value | Carrying | Fair value | |
| under IAS 39 | amount | amount | ||||
| Financial assets | ||||||
| Securities (non-current) | Available-for-sale | 85,000 | 85,000 | 85,000 | 85,000 | |
| fi nancial assets (at cost) | ||||||
| Securities (non-current) | Available-for-sale | 19,909 | 19,909 | 19,598 | 19,598 | |
| fi nancial assets | ||||||
| Securities (non-current) | 104,909 | 104,909 | 104,598 | 104,598 | ||
| Investments in non- | Available-for-sale | 278 | 278 | 283 | 283 | |
| consolidated subsidiaries | fi nancial assets | |||||
| and outside companies | ||||||
| Investments in non- | Available-for-sale | 6,987 | 6,987 | 5,869 | 5,869 | |
| consolidated subsidiaries | fi nancial assets (at cost) | |||||
| and outside companies | ||||||
| Investments in non- | 7,265 | 7,265 | 6,152 | 6,152 | ||
| consolidated subsidiaries | ||||||
| and outside companies, | ||||||
| and loan receivables | ||||||
| (non-current assets) | ||||||
| Trade receivables | Loans and receivables | 290,760 | 290,760 | 275,332 | 275,332 | |
| Other fi nancial assets1 | Loans and receivables | 76,731 | 76,731 | 61,150 | 61,150 | |
| Derivative fi nancial | Derivatives at fair value | 3,495 | 3,495 | 14 | 14 | |
| assets | through equity | |||||
| (hedge accounting) | ||||||
| Derivative fi nancial | Derivatives at fair value | 2,840 | 2,840 | 2,026 | 2,026 | |
| assets | through profi t or loss | |||||
| (held for trading) | ||||||
| Trade receivables | 373,826 | 373,826 | 338,522 | 338,522 | ||
| and other assets | ||||||
| Securities (current) | Available-for-sale | 1,352 | 1,352 | 4,411 | 4,411 | |
| fi nancial assets | ||||||
| Securities (current) | 1,352 | 1,352 | 4,411 | 4,411 | ||
| Cash and | Loans and receivables | 98,504 | 98,504 | 70,427 | 70,427 | |
| cash equivalents | ||||||
| Total | 585,856 | 585,856 | 524,110 | 524,110 |
| 29 Feb 2012 | 28 Feb 2011 | |||||
|---|---|---|---|---|---|---|
| €000 | Measurement category | Carrying | Fair value | Carrying | Fair value | |
| under IAS 39 | amount | amount | ||||
| Financial liabilities | ||||||
| Bank loans and overdrafts, | Liabilities at | 473,827 | 464,389 | 361,707 | 362,893 | |
| and other loans | (amortised) cost | |||||
| from non-Group entities | ||||||
| Borrowings from | Liabilities at | 200,000 | 176,425 | 200,000 | 192,661 | |
| affi liated companies | (amortised) cost | |||||
| in the Südzucker group | ||||||
| Borrowings | 673,827 | 640,814 | 561,707 | 555,554 | ||
| Trade payables | Liabilities at | 299,397 | 299,397 | 218,666 | 218,666 | |
| (amortised) cost | ||||||
| Other payables1 | Liabilities at | 131,183 | 131,183 | 84,227 | 84,227 | |
| (amortised) cost | ||||||
| Derivative liabilities | Financial liabilities | 14,345 | 14,345 | 2,699 | 2,699 | |
| at fair value | ||||||
| through profi t or loss | ||||||
| (held for trading) | ||||||
| Trade and other payables | 444,925 | 444,925 | 305,592 | 305,592 | ||
| Total | 1,118,752 | 1,085,739 | 867,299 | 861,146 |
The carrying amounts and fair values of fi nancial instruments had the following composition by measurement category:
| 29 Feb 2012 | 28 Feb 2011 | ||||
|---|---|---|---|---|---|
| €000 | Carrying | Fair value | Carrying | Fair value | |
| amount | amount | ||||
| Total by measurement | |||||
| category under IAS 39 | |||||
| Available-for-sale | 21,539 | 21,539 | 24,292 | 24,292 | |
| fi nancial assets | |||||
| Available-for-sale | 91,987 | 91,987 | 90,869 | 90,869 | |
| fi nancial assets (at cost) | |||||
| Loans and receivables | 465,994 | 465,994 | 406,909 | 406,909 | |
| Liabilities at (amortised) cost | (1,104,407) | (1,071,395) | (864,600) | (858,447) | |
| Derivatives at | 3,495 | 3,495 | 14 | 14 | |
| fair value through equity | |||||
| (hedge accounting) | |||||
| Financial assets/liabilities | (11,505) | (11,505) | (673) | (673) | |
| at fair value through | |||||
| profi t or loss (held for trading) |
The fair values of fi nancial instruments were determined on the basis of the market information available at the balance sheet date and of the methods and assumptions outlined below.
The non-current assets item "investments in non-consolidated subsidiaries and outside companies", and the securities held as non-current and as current assets, include available-for-sale securities. These are measured at current securities exchange prices or market value.
Other investees as well as those securities for which fair value could not be determined due to a lack of market prices in absence of active markets, are measured at cost. These are primarily shares of unlisted companies where the shares were not measured by the discounted cash fl ow method because cash fl ows could not be reliably determined. For these shares it is assumed that the fair values are equivalent to the carrying amounts.
As the non-current loan receivables bear interest at fl oating rates, their carrying amount is substantially equivalent to their market value.
As a result of the short maturities of the trade receivables, other assets and cash and cash equivalents, their fair values are assumed to be equivalent to their carrying amounts.
The positive and negative fair values of interest rate, currency and commodity derivatives relate both to fair value hedges and cash fl ow hedges. For the interest rate hedges, the fair values are determined on the basis of discounted future cash fl ows. Forward foreign exchange contracts are measured on the basis of reference rates, taking into account forward premiums or discounts. The fair values of interest rate and commodity derivatives are obtained from the bank confi rmations as at the balance sheet date. The fair values of currency derivatives represent the diff erence between the forward rates determined by AGRANA at the balance sheet date and the hedged exchange rates. The interest rates and exchange rates used for the determination of the forward rates are based on the reference rates published by the ECB or the national central banks. In some cases, as a result of diff erences in interest rates, the fair values determined by the Group may diff er to an insignifi cant extent from the fair values calculated by the commercial banks that issue the bank confi rmations.
For trade payables and current other payables, it is assumed in view of the short maturities that the fair values equal the carrying amounts.
Non-current other payables are generally carried at their present values. Accordingly, it is assumed that the fair values are equivalent to the carrying amounts.
The table below shows how the fair values were determined, broken down by category of fi nancial instrument. The fair value measurements were classifi ed into three categories according to how closely the inputs used were based on quoted market data:
| €000 | Measurement category | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| 2011 12 | ||||
| Securities (non-current) | Available-for-sale | 19,909 | 0 | 0 |
| fi nancial assets | ||||
| Securities (current) | Available-for-sale | 1,352 | 0 | 0 |
| fi nancial assets | ||||
| Investments in | Available-for-sale | 0 | 0 | 278 |
| non-consolidated subsidiaries | fi nancial assets | |||
| and outside companies | ||||
| (non-current) | ||||
| Financial assets available-for-sale | 21,261 | 0 | 278 | |
| Derivative assets | Derivatives at | 0 | 3,495 | 0 |
| fair value through equity | ||||
| Financial assets at | 0 | 3,495 | 0 | |
| fair value through equity | ||||
| Derivative assets | Financial assets at | 0 | 2,840 | 0 |
| fair value through profi t or loss | ||||
| (held for trading) | ||||
| Financial assets at | 0 | 2,840 | 0 | |
| fair value through profi t or loss | ||||
| (held for trading) | ||||
| Financial assets at fair value | 21,261 | 6,335 | 278 | |
| Derivative liabilities | Financial liabilities at | 0 | 14,345 | 0 |
| fair value through profi t or loss | ||||
| (held for trading) | ||||
| Financial liabilities at | 0 | 14,345 | 0 | |
| fair value through profi t or loss | ||||
| (held for trading) | ||||
| Financial liabilities at fair value | 0 | 14,345 | 0 | |
| €000 | Measurement category | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| 2010 11 | ||||
| Securities (non-current) | Available-for-sale | 9,799 | 9,799 | 0 |
| fi nancial assets | ||||
| Securities (current) | Available-for-sale | 4,411 | 0 | 0 |
| fi nancial assets | ||||
| Investments in | Available-for-sale | 0 | 0 | 283 |
| non-consolidated subsidiaries | fi nancial assets | |||
| and outside companies | ||||
| (non-current) | ||||
| Financial assets available-for-sale | 14,210 | 9,799 | 283 | |
| Derivative assets | Derivatives at | 0 | 14 | 0 |
| fair value through equity | ||||
| Financial assets at | 0 | 14 | 0 | |
| fair value through equity | ||||
| Derivative assets | Financial assets at | 0 | 2,026 | 0 |
| fair value through profi t or loss | ||||
| (held for trading) | ||||
| Financial assets at | 0 | 2,026 | 0 | |
| fair value through profi t or loss | ||||
| (held for trading) | ||||
| Financial assets at fair value | 14,210 | 11,839 | 283 | |
| Derivative liabilities | Financial liabilities at | 0 | 2,698 | 0 |
| fair value through profi t or loss | ||||
| (held for trading) | ||||
| Financial liabilities at | 0 | 2,698 | 0 | |
| fair value through profi t or loss | ||||
| (held for trading) | ||||
| Financial liabilities at fair value | 0 | 2,698 | 0 |
The three levels were defi ned as follows:
█ Level 1 consists of those fi nancial instruments for which the fair value represents exchange or market prices quoted for the exact instrument on an active market (i. e., these prices are used without adjustment or change in composition).
█ In Level 2, the fair values are determined on the basis of exchange or market prices quoted on an active market for similar assets or liabilities, or using other valuation techniques for which the signifi cant inputs are based on observable market data.
█ Level 3 consists of those fi nancial instruments for which the fair values are determined on the basis of valuation techniques using signifi cant inputs that are not based on observable market data.
140 Financial instruments were recorded in the income statement at the following net amounts for each measurement category:
| Assets | Liabilities | Reconciliation | ||||||
|---|---|---|---|---|---|---|---|---|
| €000 | Available | Held to | Loans | Financial | Not | Total | Not a | Net |
| for sale | maturity | and | liabilities | classifi ed | fi nancial | fi nancial | ||
| receivables | at cost | instru- | item | |||||
| ment | ||||||||
| 2011 12 | ||||||||
| Net interest income/(expense) | 0 | 0 | 6,164 | (18,813) | 0 | (12,649) | 0 | (12,649) |
| Interest on derivatives | 0 | 0 | 0 | 0 | (6,820) | (6,820) | 0 | (6,820) |
| Interest component of | ||||||||
| retirement benefi t provisions | 0 | 0 | 0 | 0 | 0 | 0 | (2,651) | (2,651) |
| Total net interest income/(expense) | 0 | 0 | 6,164 | (18,813) | (6,820) | (19,469) | (2,651) | (22,120) |
| Share of results of | ||||||||
| non-consolidated subsidiaries | ||||||||
| and outside companies | 1,029 | (174) | 0 | 0 | 0 | 855 | 0 | 855 |
| Total share of results of | ||||||||
| non-consolidated subsidiaries | ||||||||
| and outside companies | 1,029 | (174) | 0 | 0 | 0 | 855 | 0 | 855 |
| Currency translation losses | 0 | 0 | 0 | (775) | 0 | (775) | 0 | (775) |
| Total other net fi nancial items | 0 | 0 | 0 | (1,492) | 0 | (1,492) | 0 | (1,492) |
| Net fi nancial items from derivatives | 0 | 0 | 0 | 0 | (1,203) | (1,203) | 0 | (1,203) |
| Total net fi nancial items | 0 | 0 | 0 | (2,267) | (1,203) | (3,470) | 0 | (3,470) |
| Total net gains/(losses) | ||||||||
| in net fi nancial items | 1,029 | (174) | 6,164 | (21,080) | (8,023) | (22,084) | (2,651) | (24,735) |
| Net loss on derivatives | 0 | 0 | (2,272) | 0 | 0 | (2,272) | 0 | (2,272) |
| Currency translation gains | 0 | 0 | 0 | 0 | 2,962 | 2,962 | 0 | 2,962 |
| Impairment loss on receivables | 0 | 0 | (2,530) | 0 | 0 | (2,530) | 0 | (2,530) |
| Total net (losses)/gains in operating | ||||||||
| profi t before exceptional items | 0 | 0 | (4,802) | 0 | 2,962 | (1,840) | 0 | (1,840) |
| 2010 11 | ||||||||
| Net interest income/(expense) | 0 | 0 | 5,948 | (17,971) | 0 | (12,023) | 0 | (12,023) |
| Interest on derivatives | 0 | 0 | 0 | 0 | (1,001) | (1,001) | 0 | (1,001) |
| Interest component of | ||||||||
| retirement benefi t provisions | 0 | 0 | 0 | 0 | 0 | 0 | (2,836) | (2,836) |
| Total net interest income/(expense) | 0 | 0 | 5,948 | (17,971) | (1,001) | (13,024) | (2,836) | (15,860) |
| Share of results of | ||||||||
| non-consolidated subsidiaries | ||||||||
| and outside companies | 1,022 | (51) | 0 | 0 | 0 | 971 | 0 | 971 |
| Total share of results of | ||||||||
| non-consolidated subsidiaries | ||||||||
| and outside companies | 1,022 | (51) | 0 | 0 | 0 | 971 | 0 | 971 |
| Currency translation losses | 0 | 0 | 0 | (4,348) | 0 | (4,348) | 0 | (4,348) |
| Total other net fi nancial items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net fi nancial items from derivatives | 0 | 0 | 0 | 0 | 278 | 278 | 0 | 278 |
| Total net fi nancial items | 0 | 0 | 0 | (4,348) | 278 | (4,070) | 0 | (4,070) |
| Total net gains/(losses) | ||||||||
| in net fi nancial items | 1,022 | (51) | 5,948 | (22,319) | (723) | (16,123) | (2,836) | (18,959) |
| Assets | Liabilities | Reconciliation | ||||||
|---|---|---|---|---|---|---|---|---|
| €000 | Available | Held to | Loans | Financial | Not | Total | Not a | Net |
| for sale | maturity | and | liabilities | classifi ed | fi nancial | fi nancial | ||
| receivables | at cost | instru- | item | |||||
| ment | ||||||||
| Net gain on derivatives | 0 | 0 | 4,553 | 0 | 0 | 4,553 | 0 | 4,553 |
| Currency translation losses | 0 | 0 | 0 | 0 | (1,008) | (1,008) | 0 | (1,008) |
| Impairment loss on receivables | 0 | 0 | (2,692) | 0 | 0 | (2,692) | 0 | (2,692) |
| Total net gains/(losses) in operating | ||||||||
| profi t before exceptional items | 0 | 0 | 1,861 | 0 | (1,008) | 853 | 0 | 853 |
The AGRANA Group is exposed to market price risks through changes in exchange rates, interest rates and security prices. In the Group's operating activities, price risks arise largely from the costs of raw materials (mainly sugar beet, sugar purchased in the world market, grains, potatoes, and fruit) and energy, and from selling prices of sugar, starch, ethanol and fruit products. In addition, the Group is exposed to credit risks, associated especially with trade receivables.
AGRANA uses an integrated system for the early identifi cation and monitoring of risks relevant to the Group. The Group's proven approach to risk management is guided by the aim of balancing risks and returns. The Group's risk culture is characterised by risk-aware behaviour, clearly defi ned responsibilities, independent risk control, and the implementation of internal control systems.
AGRANA regards the responsible management of business risks and opportunities as an important part of sustainable, value-driven corporate governance. Risk management thus forms an integral part of the entire planning, management and reporting process and is directed by the Management Board. The parent company and all subsidiaries employ risk management systems that are tailored to their respective operating activity. The systems' purpose is the methodical identifi cation, assessment, control and documenting of risks.
In a three-pronged approach, risk management at the AGRANA Group is based on risk control at the operational level, on strategic control of Group companies by the Group, and on an internal monitoring system delivered by the Group's internal audit department.
In addition, emerging trends that could develop into threats to the viability of the AGRANA Group as a going concern are identifi ed and analysed at an early stage and continually re-evaluated as part of the risk management process.
Credit risk is the risk of an economic loss as a result of a counterparty's failure to honour its payment obligations. Credit risk includes both the risk of a deterioration in customers' or other counterparties' credit quality, and the risk of their immediate default.
The trade receivables of the AGRANA Group are largely with the food, chemical and retail industries. Credit risk in respect of trade receivables is managed on the basis of internal standards and guidelines. Thus, a credit analysis is generally conducted for new customers. The Group also uses credit insurance and security such as bank guarantees.
For the residual risk from trade receivables, the Group establishes provisions for impairment. The maximum exposure from trade receivables is equivalent to the carrying amount of the trade receivables. The carrying amounts of past due and of impaired trade receivables are set out in note 19.
142 The maximum exposure of € 541,352 thousand (prior year: € 442,892 thousand) to credit risk consisted of the carrying amounts of all receivables and other current assets plus contingent liabilities, and was equivalent to the carrying amount of these instruments. AGRANA does not consider the actual credit risk to be material.
AGRANA maintains business relationships with many large international industrial customers having excellent credit ratings.
Liquidity risk is the risk that a company will not be able to meet its fi nancial obligations when due or in suffi cient measure.
The AGRANA Group generates liquidity with its business operations and from external fi nancing. The funds are used to fund working capital, investment and business acquisitions.
In order to ensure the Group's solvency at all times and safeguard its fi nancial fl exibility, a liquidity reserve is maintained in the form of credit lines and, to the extent necessary, of cash.
To manage the seasonally fl uctuating cash fl ows, both short-term and long-term fi nance is raised in the course of day-to-day fi nancial management.
The following maturity profi le shows the eff ects of the cash outfl ows from liabilities as at 29 February 2012 on the Group's liquidity situation. All cash outfl ows are undiscounted.
| Contractual payment outfl ows | ||||||||
|---|---|---|---|---|---|---|---|---|
| €000 | Carrying | Total | Up to | 1 to | 2 to | 3 to | 4 to More than | |
| amount | 1 year | 2 years | 3 years | 4 years | 5 years | 5 years | ||
| 29 February 2012 | ||||||||
| Borrowings | ||||||||
| Bank loans and overdrafts, | ||||||||
| and other loans from | ||||||||
| non-Group entities | 473,827 | 495,570 | 278,800 | 12,982 | 122,696 | 4,181 | 52,272 | 24,639 |
| Borrowings from | ||||||||
| affi liated companies | ||||||||
| in the Südzucker group | 200,000 | 223,938 | 75,715 | 5,413 | 33,822 | 3,568 | 3,558 | 101,862 |
| Obligations under | ||||||||
| fi nance leases | 148 | 162 | 20 | 142 | 0 | 0 | 0 | 0 |
| 673,975 | 719,670 | 354,535 | 18,537 | 156,518 | 7,749 | 55,830 | 126,501 | |
| Trade and other payables | ||||||||
| Trade payables | 299,397 | 299,397 | 299,397 | 0 | 0 | 0 | 0 | 0 |
| Other fi nancial obligations | 145,528 | 145,528 | 143,515 | 2,013 | 0 | 0 | 0 | 0 |
| – Of which interest rate derivatives | 6,538 | 6,538 | 6,538 | 0 | 0 | 0 | 0 | 0 |
| – Of which currency derivatives | 594 | 594 | 594 | 0 | 0 | 0 | 0 | 0 |
| – Of which commodity derivatives | 112 | 112 | 112 | 0 | 0 | 0 | 0 | 0 |
| – Of which other derivatives | 7,101 | 7,101 | 7,101 | 0 | 0 | 0 | 0 | 0 |
| 444,925 | 444,925 | 442,912 | 2,013 | 0 | 0 | 0 | 0 |
| Contractual payment outfl ows | ||||||||
|---|---|---|---|---|---|---|---|---|
| €000 | Carrying | Total | Up to | 1 to | 2 to | 3 to | 4 to More than | |
| amount | 1 year | 2 years | 3 years | 4 years | 5 years | 5 years | ||
| 28 February 2011 | ||||||||
| Borrowings | ||||||||
| Bank loans and overdrafts, | ||||||||
| and other loans from | ||||||||
| non-Group entities | 361,707 | 375,413 | 260,503 | 34,668 | 5,408 | 63,047 | 525 | 11,262 |
| Borrowings from | ||||||||
| affi liated companies | ||||||||
| in the Südzucker group | 200,000 | 249,012 | 47,690 | 36,940 | 37,116 | 7,216 | 7,400 | 112,650 |
| Obligations under fi nance leases | 165 | 180 | 28 | 152 | 0 | 0 | 0 | 0 |
| 561,872 | 624,605 | 308,221 | 71,760 | 42,524 | 70,263 | 7,925 | 123,912 | |
| Trade and other payables | ||||||||
| Trade payables | 218,666 | 218,666 | 218,666 | 0 | 0 | 0 | 0 | 0 |
| Other fi nancial obligations | 86,926 | 86,926 | 84,618 | 2,308 | 0 | 0 | 0 | 0 |
| – Of which interest rate derivatives | 2,044 | 2,044 | 2,044 | 0 | 0 | 0 | 0 | 0 |
| – Of which currency derivatives | 655 | 655 | 655 | 0 | 0 | 0 | 0 | 0 |
| 305,592 | 305,592 | 303,284 | 2,308 | 0 | 0 | 0 | 0 |
The undiscounted cash outfl ows as presented are based on the assumption that repayment of liabilities is applied to the earliest maturity date. Interest payments on fl oating rate fi nancial instruments are determined by reference to the most recent prevailing rates.
The following table shows the projected cash fl ows from derivatives used for cash fl ow hedging:
| Contractual payment outfl ows | ||||||
|---|---|---|---|---|---|---|
| €000 | Carrying | Total | Up to | 6 to | 1 to | More than |
| amount | 6 months | 12 months | 2 years | 2 years | ||
| 29 February 2012 | ||||||
| Forward foreign | ||||||
| exchange contracts | ||||||
| CZK | 9,761 | 9,700 | 2,700 | 7,000 | 0 | 0 |
| HUF | 17,597 | 16,920 | 8,032 | 8,888 | 0 | 0 |
| PLN | 48,870 | 46,124 | 39,724 | 6,400 | 0 | 0 |
| 76,228 | 72,744 | 50,456 | 22,288 | 0 | 0 | |
| 28 February 2011 | ||||||
| Forward foreign | ||||||
| exchange contracts | ||||||
| CZK | 5,122 | 5,000 | 3,500 | 1,500 | 0 | 0 |
| HUF | 6,033 | 5,879 | 4,864 | 1,015 | 0 | 0 |
| PLN | 25,776 | 25,733 | 16,902 | 8,831 | 0 | 0 |
36,931 36,612 25,266 11,346 0 0
Interest rate swaps and currency swaps were all hedged at fair value.
The Group's international business operations expose AGRANA to foreign exchange risks from fi nancing and fi nancial investment as well as from trade receivables and trade payables. To measure and control these risks, from the 2011|12 fi nancial year onwards the AGRANA Group uses Valueat-Risk (VaR) based on the variance-covariance approach at a 95% confi dence level. This involves the measurement of the various currency pairs at the given volatilities and takes into account the correlations between them. The result is stated as the diversifi ed VaR from currencies and is analysed by borrowings and operating business:
| Value-at-Risk | |||||
|---|---|---|---|---|---|
| Value-at-Risk | from operating | ||||
| from borrowings | receivables/payables | ||||
| €000 | 29 Feb 2012 28 Feb 2011 | 29 Feb 2012 | 28 Feb 2011 | ||
| Sum of absolute net positions | |||||
| of the currency pairs | 213,413 | 179,037 | 93,588 | 79,667 | |
| Value-at-Risk diversifi ed | 10,401 | 11,011 | 3,885 | 5,808 |
Most of the foreign exchange risk in the operating business arises when revenue is generated in a diff erent currency than the related costs.
In the Sugar segment, Group companies based in the European Union whose local currency is not the euro are exposed to sugar-regime-induced foreign exchange risk between the euro and their respective local currency, as the beet prices for a given campaign are set in euros EU-wide. The subsidiaries in Romania and Bosnia-Herzegovina are subject to additional currency risk from raw sugar purchases in US dollars
In the Starch segment, foreign exchange risks arise from borrowings not denominated in local currency.
In the Fruit segment, foreign exchange risks arise when revenue and materials costs are in foreign currency rather than local currency. In addition, risks arise from borrowings not denominated in local currency.
For active hedging of risks, the AGRANA Group mainly uses forward foreign exchange contracts. In the fi nancial year under review, forward foreign exchange contracts were employed to hedge revenue, purchasing commitments and foreign currency borrowings totalling a gross € 367,596 thousand (prior year: € 228,287 thousand) against exchange rate fl uctuation. The following currencies were hedged:
| 2011 12 | 2010 11 | |||
|---|---|---|---|---|
| '000 | Hedged | EUR | Hedged | EUR |
| currency | currency | |||
| Hungarian forint (HUF) | 27,504,889 | 97,683 | 23,944,640 | 85,836 |
| US dollar (USD) | 192,787 | 137,015 | 68,644 | 52,862 |
| Czech koruna (CZK) | 178,616 | 7,464 | 264,868 | 9,981 |
| Romanian leu (RON) | 123,527 | 29,799 | 62,238 | 14,252 |
| Polish zloty (PLN) | 380,197 | 92,693 | 236,093 | 58,327 |
| Australian dollar (AUD) | 793 | 457 | 4,883 | 4,006 |
| Danish krone (DKK) | 18,520 | 2,485 | 22,551 | 3,023 |
| Total | 367,595 | 228,287 |
The AGRANA Group is exposed to interest rate risks primarily in the euro zone.
Beginning in the year under review, risks from potential changes in interest rates are reported on an "at risk" basis. AGRANA distinguishes between Cash-Flow-at-Risk (CFaR) for variable rate borrowings and Value-at-Risk (VaR) for changes in market interest rates on fi xed rate borrowings.
CFaR: An increase in interest rates would cause an increase in funding costs from variable rate borrowings. The CFaR analysis is based on the volatilities of the individual funding currencies and the correlations between them.
VaR: The analysis examines the implied risk from a decrease in interest rates, as existing fi xed rate borrowings would continue to incur interest costs at a constant rate instead of following the market trend. The diff erent maturities of fi xed interest borrowings are taken into account through weighted present values and a potential change in variable interest rates under the modifi ed duration approach. The CFaR and VaR from borrowings were as follows:
| €000 | 29 Feb 2012 | 28 Feb 2011 |
|---|---|---|
| Net position of variable interest borrowings | 418,237 | 317,567 |
| Cashfl ow-at-Risk diversifi ed | 2,147 | 1,749 |
| Net position of fi xed interest borrowings | 233,737 | 244,305 |
| Value-at-Risk upon change in interest rate | 8,424 | 9,092 |
The variable rate borrowings are subject to interest rate risk. To hedge against this risk, interest rate swaps were entered into for a portion of the borrowings, thus achieving fi xed interest rates on this portion.
AGRANA's business activities expose it to market price risk from purchases of commodities and the sale of fi nished products (ethanol). This is particularly true in the production of bioethanol, where the most important cost factors by far are the prices of the main inputs, corn and wheat. To a lesser but still signifi cant extent, the Sugar segment has exposure to the purchase prices of raw sugar.
At the balance sheet date the Group had open commodity derivative contracts to purchase 16,510 tonnes of raw sugar in Eastern Europe (prior year: 20,981 tonnes), to sell 20,500 tonnes of white sugar (prior year: no hedges), to purchase 63,900 tonnes of wheat for the Austrian bio ethanol production facility (prior year: 19,750 tonnes) and to sell 59,730 tonnes of gasoline (prior year: no hedges). There were no hedges for purchases of corn (prior year: 12,400 tonnes). These positions represented an aggregate contract amount of € 66,545 thousand (prior year: € 15,128 thousand) and, based on the underlying closing prices, had a positive fair value of € 5,997 thousand (prior year: € 965 thousand).
146 A change in the underlying raw material prices of plus or minus 10% would result in the following changes in the value of these commodity derivative positions:
| 29 Feb 2012 | 28 Feb 2011 | ||||
|---|---|---|---|---|---|
| €000 | Sensitivity | Sensitivity | Sensitivity | Sensitivity | |
| if 10% | if 10% | if 10% | if 10% | ||
| higher | lower | higher | lower | ||
| Change in value of commodity derivatives | 5,918 | (5,015) | 1,323 | (1,758) | |
| – Of which recognised directly in equity | 3,424 | (3,424) | 814 | (817) |
In September 2010, as noted in the prior-year annual report, the Austrian Federal Competition Authority fi led an application with the Cartel Court in Vienna for a declaratory judgement against, among other parties, AGRANA's subsidiary AGRANA Zucker GmbH, Vienna, and Südzucker AG Mannheim/Ochsenfurt, Mannheim, Germany, for an alleged contravention of antitrust law. The allegation is that of participation in competition-restricting arrangements with respect to Austria. In October 2011 the Federal Competition Authority applied to the competent Cartel Court to impose a fi ne. The parties named in the suit (AGRANA Zucker GmbH and Südzucker AG Mannheim/Ochsenfurt) continue to regard the underlying allegation as unfounded and believe that the evidentiary hearings conducted by the Cartel Court do not substantiate the Competition Authority's October 2011 application for a fi ne. The evidentiary hearings are not yet concluded and a ruling by the Cartel Court is therefore still pending.
The guarantees relate primarily to bank loans of the joint ventures in the Sugar segment and in the Juice business.
| €000 | 29 Feb 2012 | 28 Feb 2011 |
|---|---|---|
| Guarantees | 41,073 | 41,136 |
| Warranties, cooperative liabilities | 1,649 | 1,649 |
| Contingent liabilities | 42,722 | 42,785 |
Guarantees issued on behalf of related companies amounted to € 15,082 thousand (prior year: € 15,000 thousand). The guarantees are not expected to be utilised.
Commitments were as presented in the table below:
| €000 | 29 Feb 2012 | 28 Feb 2011 |
|---|---|---|
| Present value of lease payments due within 5 years | 7,102 | 8,944 |
| Commitments for the purchase of property, plant and equipment | 41,760 | 8,724 |
| Commitments | 48,862 | 17,668 |
On 4 April 2012 the European Commission issued the approval for AGRANA Beteiligungs-AG and Vienna-based RWA Raiff eisen Ware Austria AG to merge their fruit juice concentrate subsidiaries AGRANA Juice Holding GmbH, based in Vienna, and Ybbstaler Fruit Austria GmbH, based in Kröllendorf (municipality of Allhartsberg), Austria, as a joint venture. The competition-law requirements for fi nalising this undertaking are thus satisfi ed. The transaction is scheduled to close at the beginning of June 2012.
The new joint venture, YBBSTALER AGRANA JUICE GmbH, will have its registered offi ce in Kröllen dorf, Austria, with 14 production sites in Austria, Denmark, Hungary, Poland, Romania, Ukraine and China. In addition to fruit juice concentrates, the product portfolio will include fruit purees and natural aromas as well as not-from-concentrate juices for the beverage industry. The joint venture, with revenue of about € 350 million, will be fully consolidated by AGRANA.
No other signifi cant events occurred after the balance sheet date of 29 February 2012 that had a material eff ect on AGRANA's fi nancial position, results of operations or cash fl ows.
AGRANA Zucker, Stärke und Frucht Holding AG, Vienna, holds 100% of the ordinary shares of Z&S Zucker und Stärke Holding AG, Vienna, which in turn holds 75.5% of the ordinary shares of AGRANA Beteiligungs-AG. Both holding companies are exempt from the obligation to prepare consolidated fi nancial statements, as their accounts are included in the consolidated fi nancial statements of Südzucker AG Mannheim/Ochsenfurt, Mannheim, Germany.
Related parties for the purposes of IAS 24 are Südzucker AG Mannheim/Ochsenfurt, Mannheim, Germany, and Zucker-Beteiligungsges.m.b.H., Vienna, as shareholders of AGRANA Zucker, Stärke und Frucht Holding AG, Vienna. AGRANA's consolidated fi nancial statements are included in the consolidated accounts of Südzucker AG Mannheim/Ochsenfurt.
In addition to Südzucker AG Mannheim/Ochsenfurt, Mannheim, Germany, and its subsidiaries, other related parties are Raiff eisen-Holding Niederösterreich-Wien reg. Gen.b.H., Vienna, and its subsidiaries. These are referred to below as indirect shareholders.
| €000 | Indirect shareholders |
Companies with signifi cant infl uence |
Joint ventures |
Total |
|---|---|---|---|---|
| 2011 12 | ||||
| Revenue | 127,948 | 0 | 0 | 127,948 |
| Credit relationships | (200,233) | (111,474) | 0 | (311,707) |
| Net interest (expense)/income | (7,772) | (3,435) | 52 | (11,155) |
| Guarantees issued | 8,200 | 99,458 | 0 | 107,658 |
| Guarantees utilised | 6,164 | 84,023 | 0 | 90,187 |
Business relationships with related parties at the balance sheet date can be analysed as follows:
147
| 148 | |||||
|---|---|---|---|---|---|
| €000 | Indirect | Companies | Joint | Total | |
| shareholders | with | ventures | |||
| signifi cant | |||||
| infl uence | |||||
| 2010 11 | |||||
| Revenue | 97,255 | 0 | 0 | 97,255 | |
| Credit relationships | (201,426) | (135,433) | 16,862 | (319,997) | |
| Net interest (expense)/income | (5,662) | (3,884) | 362 | (9,184) | |
| Guarantees issued | 8,200 | 143,888 | 22,000 | 174,088 | |
| Guarantees utilised | 6,129 | 124,065 | 0 | 130,194 |
In addition, at the balance sheet date, borrowings from related parties amounted to € 311,474 thousand (prior year: € 335,433 thousand); these borrowings were on normal commercial terms. Of this total, € 160,087 thousand represented non-current borrowings (prior year: € 190,178 thousand).
With related parties, there were current net trade payables of € 35,773 thousand from the sale and purchase of goods (prior year: net receivables of € 374 thousand).
In respect of joint venture partners, there were other receivables of € 4 thousand (prior year: € 8,406 thousand.
The remuneration of the members of the Management Board of AGRANA Beteiligungs-AG totalled € 2,584 thousand (prior year: € 2,395 thousand), consisting of total fi xed base salaries of € 1,475 thousand (prior year: € 1,475 thousand) and a total performance-based and non-recurring component of € 1,109 thousand (prior year: € 920 thousand). The performance-based elements of the compensation are linked to the amount of the dividend to be paid for the fi nancial year completed. The Management Board member of AGRANA Beteiligungs-AG appointed on the basis of the syndicate agreement between Südzucker AG Mannheim/Ochsenfurt, Mannheim, Germany, and Zucker-Beteiligungsges.m.b.H, Vienna, does not receive compensation for serving in this capacity.
On 1 July 2011 the Annual General Meeting approved an annual aggregate remuneration for the Supervisory Board of € 200 thousand (prior year: € 165 thousand) and the responsibility for allocating this sum was delegated to the Supervisory Board Chairman. The amount paid to the individual Supervisory Board members is tied to their function on the Board. No meeting fees were paid in the year under review.
Post-employment benefi ts granted to the Management Board under the Company's plan are pension, disability insurance and survivor benefi ts. The pension becomes available when the pension eligibility criteria of the Austrian public pension scheme (ASVG) are met. The amount of the pension is calculated as a percentage of a contractually agreed assessment base. In the event of early retirement within ASVG rules, the amount of the pension is reduced.
The retirement benefi t obligations in respect of the Management Board are administered by an external pension fund. For the 2011|12 fi nancial year, pension fund contributions of € 690 thousand (prior year: € 695 thousand) were paid, while € 783 thousand (prior year: € 86 thousand) was added to provisions for pension obligations within the balance sheet item "other provisions". An amount of € 2,437 thousand (prior year: € 1,654 thousand) was recognised in the balance sheet at 29 February 2012, with the method of calculation having changed from the corridor method to the new OCI method in accordance with IAS 19.
In the event that a Management Board appointment is withdrawn, severance pay has been agreed consistent with the Employees Act.
Information on the Management Board and Supervisory Board is provided on page 151.
On 30 April 2012 the Management Board of AGRANA Beteiligungs-AG released the consolidated fi nancial statements for review by the Supervisory Board and the Audit Committee and for presentation to the Annual General Meeting and subsequent publication. The Supervisory Board has responsibility for reviewing the consolidated fi nancial statements and stating whether it approves them.
Vienna, 30 April 2012
Walter Grausam Thomas Kölbl Member of the Management Board Member of the Management Board
Johann Marihart Fritz Gattermayer Chief Executive Offi cer Member of the Management Board
150 In accordance with section 82 (4) Austrian Stock Exchange Act, the undersigned members of the Management Board, as the legal representatives of AGRANA Beteiligungs-AG, confi rm to the best of their knowledge that:
█ the consolidated fi nancial statements for the year ended 29 February 2012 give a true and fair view of the fi nancial position, results of operations and cash fl ows of the AGRANA Group as required by the applicable accounting standards;
█ the Group management report for the 2011|12 fi nancial year presents the business performance, fi nancial results and situation of the AGRANA Group in such a way as to provide a true and fair view of the Group's fi nancial position, results of operations and cash fl ows, together with a description of the principal risks and uncertainties faced by the Group.
Vienna, 30 April 2012
Johann Marihart Fritz Gattermayer Chief Executive Offi cer Member of the Management Board Present responsibilities: Business Strategy, Present responsibilities: Sales, Raw Materials, Production, Quality Management, Human Resources, Purchasing, and Sugar Segment Communication (including Investor Relations), Research & Develop ment, and Starch Segment
Walter Grausam Thomas Kölbl Member of the Management Board Member of the Management Board Present responsibilities: Finance, Controlling, Responsibility on Internal Audit Treasury, Information Technology and Organisation, Mergers & Acquisitions, Legal, and Fruit Segment
More information on the Management Board, the Supervisory Board and its committees is provided in the corporate governance section of this report beginning on page 38.
Johann Marihart Chief Executive Offi cer
Fritz Gattermayer Member
Walter Grausam Member
Thomas Kölbl Member
Christian Konrad Chairman
Wolfgang Heer First Vice-Chairman
Erwin Hameseder Second Vice-Chairman
Jochen Fenner Member
Hans-Jörg Gebhard Member
Ernst Karpfi nger Member
Thomas Kirchberg Member
Christian Teufl Member
Thomas Buder Central Staff Council
Gerhard Glatz
Stephan Savic
Peter Vymyslicky
| Name of company | City/town | Country | Equity interest | |
|---|---|---|---|---|
| Direct | Indirect | |||
| AGRANA Beteiligungs-AG (the parent company) | Vienna | Austria | – | – |
| I. Subsidiaries | ||||
| Fully consolidated subsidiaries | ||||
| AGRANA AGRO SRL | Roman | Romania | – | 100.00% |
| AGRANA BiH Holding GmbH | Vienna | Austria | – | 75.00% |
| AGRANA Bioethanol GmbH | Vienna | Austria | – | 74.90% |
| AGRANA Bulgaria AD | Sofi a | Bulgaria | – | 100.00% |
| AGRANA BUZAU SRL | Buzău | Romania | – | 100.00% |
| AGRANA Fruit Argentina S.A. | Buenos Aires | Argentina | – | 99.99% |
| AGRANA Fruit Australia Pty Ltd. | Central Mangrove | Australia | – | 100.00% |
| AGRANA Fruit Austria GmbH | Gleisdorf | Austria | – | 100.00% |
| AGRANA Fruit Brasil Indústria, Comércio, | ||||
| Importaçao e Exportaçao Ltda. | São Paulo | Brazil | – | 81.53% |
| AGRANA Fruit Brasil Participacoes Ltda. | São Paulo | Brazil | – | 99.99% |
| AGRANA Fruit Dachang Co., Ltd. | Dachang | China | – | 100.00% |
| AGRANA Fruit Fiji Pty Ltd. | Sigatoka | Fiji | – | 100.00% |
| AGRANA Fruit France S.A. | Mitry-Mory | France | – | 100.00% |
| AGRANA Fruit Germany GmbH | Konstanz | Germany | – | 100.00% |
| AGRANA Fruit Istanbul Gida Sanayi ve Ticaret A.S. | Zincirlikuyu | Turkey | – | 100.00% |
| AGRANA Fruit Korea Co. Ltd. | Seoul | South Korea | – | 100.00% |
| AGRANA Fruit Latinoamerica S. de R.L. de C.V. | Michoacán | Mexico | – | 99.99% |
| AGRANA Fruit Luka TOV | Vinnytsia | Ukraine | – | 99.97% |
| AGRANA Fruit México, S.A. de C.V. | Michoacán | Mexico | – | 100.00% |
| AGRANA Fruit Polska SP z.o.o. | Ostrołęka | Poland | – | 100.00% |
| AGRANA Fruit S.A.S. | Mitry-Mory | France | – | 100.00% |
| AGRANA Fruit Services GmbH | Vienna | Austria | – | 100.00% |
| AGRANA Fruit Services Inc. | Brecksville | USA | – | 100.00% |
| AGRANA Fruit Services S.A.S. | Mitry-Mory | France | – | 100.00% |
| AGRANA Fruit South Africa (Proprietary) Ltd. | Cape Town | South Africa | – | 100.00% |
| AGRANA Fruit Ukraine TOV | Vinnytsia | Ukraine | – | 99.80% |
| AGRANA Fruit US, Inc. | Brecksville | USA | – | 100.00% |
| AGRANA Group-Services GmbH | Vienna | Austria | – | 100.00% |
| AGRANA Internationale Verwaltungs- und Asset-Management GmbH | Vienna | Austria | – | 100.00% |
| AGRANA J & F Holding GmbH | Vienna | Austria | 98.91% | 1.09% |
| AGRANA Juice Denmark A/S | Køge | Denmark | – | 100.00% |
| AGRANA Juice Holding GmbH | Gleisdorf | Austria | – | 100.00% |
| AGRANA Juice Magyarorzság Kft. | Vásárosnamény | Hungary | – | 100.00% |
| AGRANA Juice Poland Sp. z.o.o. | Białobrzegi | Polen | – | 100.00% |
| AGRANA Juice Romania Vaslui s.r.l. | Vaslui | Romania | – | 100.00% |
| AGRANA Juice Sales & Customer Service GmbH | Gleisdorf | Austria | – | 100.00% |
| AGRANA Juice Sales & Marketing GmbH | Bingen | Germany | – | 100.00% |
| AGRANA Juice Service & Logistik GmbH | Bingen | Germany | – | 100.00% |
| AGRANA Juice Ukraine TOV | Vinnytsia | Ukraine | – | 100.00% |
| AGRANA JUICE (XIANYANG) CO., LTD | Xianyang City | China | – | 100.00% |
| AGRANA Magyarország Értékesitési Kft. | Budapest | Hungary | – | 100.00% |
| AGRANA Marketing- und Vertriebsservice Gesellschaft m.b.H. | Vienna | Austria | 100.00% | – |
| AGRANA Nile Fruits Processing (SAE) | Qalyoubia | Egypt | – | 51.00% |
| AGRANA Stärke GmbH | Vienna | Austria | 98.91% | 1.09% |
| AGRANA TANDAREI SRL | Ţăndărei | Romania | – | 100.00% |
| AGRANA Trading EOOD | Sofi a | Bulgaria | – | 100.00% |
| AGRANA Zucker GmbH | Vienna | Austria | 98.91% | 1.09% |
| Agrofrucht, Handel mit landwirtschaftlichen | ||||
| Vienna | Austria | – | 100.00% | |
| Produkten Gesellschaft m.b.H. |
| Name of company | City/town | Country | Equity interest | |
|---|---|---|---|---|
| Direct | Indirect | |||
| Biogáz Fejlesztő Kft. | Kaposvár | Hungary | – | 100.00% |
| Dirafrost FFI N. V. | Herk-de-Stad | Belgium | – | 100.00% |
| Dirafrost Maroc SARL | Laouamra | Morocco | – | 100.00% |
| Financière Atys S.A.S. | Mitry-Mory | France | – | 100.00% |
| Flavors from Florida, Inc. | Bartow | USA | – | 100.00% |
| Frefrost SARL | Laouamra | Morocco | – | 100.00% |
| INSTANTINA Nahrungsmittel | ||||
| Entwicklungs- und Produktionsgesellschaft m.b.H. | Vienna | Austria | 66.67% | – |
| Koronás Irodaház Szolgáltató Korlátolt Felelösségü Társaság | Budapest | Hungary | – | 100.00% |
| Magyar Cukorgyártó és Forgalmazó Zrt. | Budapest | Hungary | – | 87.56% |
| Moravskoslezské Cukrovary A.S. | Hrušovany | Czech Republic | – | 97.66% |
| o.o.o. AGRANA Fruit Moscow Region | Serpuchov | Russia | – | 100.00% |
| S.C. A.G.F.D. Tandarei s.r.l. | Ţăndărei | Romania | – | 99.99% |
| S.C. AGRANA Romania S.A. | Bucharest | Romania | – | 91.33% |
| Slovenské Cukrovary s.r.o. | Sereď | Slovakia | – | 100.00% |
| Yube d.o.o. | Požega | Serbia | – | 100.00% |
| Non-consolidated subsidiaries | ||||
| AGRANA d.o.o. | Brčko | Bosnia- | – | 100.00% |
| Reporting date: 31 Dec 2011 I Equity: € 100.0 thousand I Profi t for the period: € 0 | Herzegovina | |||
| AGRANA Skrob s.r.o. | Hrušovany | Czech Republic | – | 100.00% |
| Reporting date: 31 Dec 2011 I Equity: € 1.0 thousand I Profi t for the period: € 17.7 thousand | ||||
| Company for trade and services AGRANA-STUDEN Serbia d.o.o. Beograd | Belgrade | Serbia | – | 100.00% |
| Reporting date: 31 Dec 2011 I Equity: € 0 I Profi t for the period: € 0 | ||||
| Dr. Hauser Gesellschaft m.b.H. | Hamburg | Germany | – | 100.00% |
| Reporting date: 29 Feb 2012 I Equity: € 97.6 thousand I Loss for the period: € 5.4 thousand | ||||
| Österreichische Rübensamenzucht Gesellschaft m.b.H. | Vienna | Austria | – | 86.00% |
| Reporting date: 30 Apr 2011 I Equity: € 1,100.8 thousand I Loss for the period: € 456.0 thousand | ||||
| PERCA s.r.o. | Hrušovany | Czech Republic | – | 100.00% |
| Reporting date: 31 Dec 2011 I Equity: € 379.2 thousand I Profi t for the period: € 57.7 thousand | ||||
| "Tremaldi" Beteiligungsverwaltung GmbH | Vienna | Austria | – | 100.00% |
| Reporting date: 29 Feb 2012 I Equity: € 24.3 thousand I Loss for the period: € 1.9 thousand | ||||
| YBBSTALER AGRANA JUICE GmbH | Kröllendorf1 | Austria | – | 100.00% |
| Reporting date: 31 Dec 2011 I Equity: € 990.2 thousand I Loss for the period: € 10.5 thousand | ||||
| Zuckerforschung Tulln Gesellschaft m.b.H. | Vienna | Austria | 100.00% | – |
| Reporting date: 31 Dec 2011 I Equity: € 3,350.0 thousand I Profi t for the period: € 1,430.7 thousand |
| Joint ventures accounted for by proportionate consolidation | ||||
|---|---|---|---|---|
| AGRAGOLD Holding GmbH | Vienna | Austria | – | 50.00% |
| AGRANA-STUDEN Beteiligungs GmbH | Vienna | Austria | – | 50.00% |
| AGRANA-STUDEN Sugar Trading GmbH | Vienna | Austria | – | 50.00% |
| GreenPower E85 Kft | Szabadegyháza | Hungary | – | 50.00% |
| HUNGRANA Keményitö- és Isocukorgyártó és Forgalmazó Kft. | Szabadegyháza | Hungary | – | 50.00% |
| HungranaTrans Kft. | Szabadegyháza | Hungary | – | 50.00% |
| STUDEN-AGRANA Rafi nerija Secera d.o.o. | Brčko | Bosnia- | – | 50.00% |
| Herzegovina | ||||
| Non-consolidated joint ventures | ||||
| "AGRAGOLD" d.o.o. | Brčko | Bosnia- | 50.00% | |
| Herzegovina | ||||
| AGRAGOLD d.o.o. | Zagreb | Croatia | – | 50.00% |
| AGRAGOLD dooel Skopje | Skopje | Macedonia | – | 50.00% |
| AGRAGOLD trgovina d.o.o. | Ljubljana | Slovenia | – | 50.00% |
SCO STUDEN & CO. BRASIL EXPORTACAO E IMPORTACAO LTDA. São Paulo Brazil – 37.75%
153
AGRANA BETEILIGUNGS-AG 2011 | 12
We have audited the accompanying consolidated fi nancial statements of AGRANA Beteiligungs-AG, Vienna, for the year from 1 March 2011 to 29 February 2012. These consolidated fi nancial statements comprise the consolidated balance sheet as of 29 February 2012, the consolidated income statement, the statement of comprehensive income, the consolidated statement of cash fl ows and the consolidated statement of changes in equity for the fi scal year 2012 and a summary of signifi cant accounting policies and other explanatory notes.
The Company's management is responsible for the group accounting system and for the preparation and fair presentation of these consolidated fi nancial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the consolidated fi nancial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Our responsibility is to express an opinion on these consolidated fi nancial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and Austrian Standards on Auditing, as well as in accordance with International Standards on Auditing, issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Those standards require that we comply with professional guidelines and that we plan and perform the audit to obtain reasonable assurance about whether the consolidated fi nancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated fi nancial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group's preparation and fair presentation of the consolidated fi nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the eff ectiveness of the Group's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated fi nancial statements.
We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.
Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the consolidated fi nancial statements comply with legal requirements and give a true and fair view of the fi nancial position of the Group as of 29 February 2012 and of its fi nancial performance and its cash fl ows for the year from 1 March 2011 to 29 February 2012 in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU.
Pursuant to statutory provisions, the management report for the Group is to be audited as to whether it is consistent with the consolidated fi nancial statements and as to whether the other disclosures are not misleading with respect to the Company's position. The auditor's report also has to contain a statement as to whether the management report for the Group is consistent with the consolidated fi nancial statements and whether the disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
In our opinion, the management report for the Group is consistent with the consolidated fi nancial statements. The disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
Vienna, 30 April 2012
KPMG Austria AG Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
signed by:
Wirtschaftsprüfer Wirtschaftsprüferin
Mag. Wilhelm Kovsca ppa. Mag. Claudia Draxler-Eisert
(Austrian Chartered Accountants)
The consolidated fi nancial statements together with our auditor's opinion may only be published if the consolidated fi nancial statements are identical with the audited version attached to this report. Section 281 paragraph 2 UGB (Austrian Commercial Code) applies.
156
| Abbreviation | Indicator | 2011 12 | 2010 111 | |
|---|---|---|---|---|
| if any | Defi nition | |||
| Borrowings | €000 | 673,975 | 561,872 | |
| = Bank loans and overdrafts, and other loans from non-Group entities | ||||
| + borrowings from affi liated companies | ||||
| + lease liabilities | ||||
| CE | Capital employed | €000 | 1,617,553 | 1,383,054 |
| = (PP&E + intangibles including goodwill) + working capital I | ||||
| Dividend yield | % | 4.3 | 3.0 | |
| = Dividend per share ÷ closing share price | ||||
| EBITDA | Earnings before interest, tax, depreciation | |||
| and amortisation | €000 | 309,032 | 207,804 | |
| = Operating profi t before exceptional items | ||||
| + depreciation and amortisation | ||||
| EBITDA margin | = EBITDA × 100 ÷ revenue | % | 12.0 | 9.6 |
| EPS | Earnings per share | € | 10.73 | 5.98 |
| = Profi t/(loss) for the period ÷ number of shares outstanding | ||||
| Equity ratio | % | 45.4 | 48.4 | |
| = Equity ÷ total assets | ||||
| EVS | Equity value per share | € | 73.2 | 65.9 |
| = Equity attributable to shareholders of the parent | ||||
| ÷ number of shares outstanding | ||||
| FCF | Free cash fl ow | €000 | (54,676) | 23,841 |
| = Net cash fl ow from/used in operating activities | ||||
| + net cash from/used in investing activities | ||||
| Gearing | % | 43.7 | 39.7 | |
| = Net debt ÷ total equity × 100 | ||||
| Intangible assets including goodwill | €000 | 248,383 | 248,551 | |
| Net debt | €000 | 469,210 | 382,436 | |
| = Borrowings less (cash + cheques + other bank deposits | ||||
| + current securities + non-current securities) | ||||
| Operating margin | % | 9.0 | 5.9 | |
| = Operating profi t before exceptional items × 100 ÷ revenue | ||||
| Operating profi t before exceptional items | €000 | 232,424 | 128,623 | |
| = Earnings before interest, tax and exceptional items | ||||
| P/E | Price/earnings ratio | 7.8 | 13.2 | |
| = Closing share price at fi nancial year end ÷ earnings per share | ||||
| PP&E | Property, plant and equipment | €000 | 595,924 | 577,709 |
| ROCE | Return on capital employed | % | 14.4 | 9.3 |
| = Operating profi t before exceptional items ÷ capital employed | ||||
| ROS | Return on sales | % | 8.0 | 5.1 |
| = Profi t/(loss) before tax × 100 ÷ revenue | ||||
| WC I | Working capital I | €000 | 773,246 | 556,794 |
| = Inventories + trade receivables + other assets | ||||
| – current provisions – current prepayments received | ||||
| – trade payables – other payables |
AGRANA BETEILIGUNGS-AG BASED ON AUSTRIAN COMMERCIAL CODE (UGB)
Parent company management report
Parent company fi nancial statements Parent company income statement Parent company balance sheet Anhang
Statement by the members of the Management Board
Proposed appropriation of profi t
Independent auditor's report
A-1220 Wien, Donau-City-Straße 9
www.agrana.com
Überblick Geschäftsverlauf und wirtschaftliche Lage der AGRANA Beteiligungs-Aktiengesellschaft Beteiligungen der AGRANA Beteiligungs-Aktiengesellschaft Segmente der AGRANA-Gruppe Umwelt und Nachhaltigkeit Forschung und Entwicklung Personal- und Sozialbericht Risikomanagement und Internes Kontrollsystem Zweigniederlassungen Ereignisse nach dem Bilanzstichtag Prognosebericht
Die AGRANA Beteiligungs-Aktiengesellschaft ist die Holding-Gesellschaft der AGRANA-Gruppe ("AGRANA"). Die AGRANA-Gruppe ist ein international ausgerichteter Konzern, welcher landwirtschaftliche Rohstoffe zu einer Vielzahl von industriellen Produkten für die weiterverarbeitende Industrie veredelt. Rund 8.000 Mitarbeiter an 53 Produktionsstandorten auf allen fünf Kontinenten erwirtschafteten im Geschäftsjahr 2011/12 einen Konzernumsatz von rund 2,5 Mrd. €. Die AGRANA Beteiligungs-Aktiengesellschaft notiert seit 1991 im Prime Market Segment der Wiener Börse.
AGRANA beliefert in den drei Geschäftssegmenten Zucker, Stärke (inklusive Bioethanol) und Frucht lokale Produzenten sowie große internationale Konzerne speziell im Nahrungsmittelsektor. Im Segment Zucker wird auch der Endkonsument direkt über den Lebensmitteleinzelhandel bedient.
Folgendes Organigramm zeigt die Eigentümerstruktur sowie wesentliche Beteiligungen der AGRANA Beteiligungs-Aktiengesellschaft zum 29. Februar 2012:
*) Die rest lichen Ant eile auf 100 % werden von der Tocht ergesellschaf t AGRANA Market ing- und Vert riebsservice Gesellschaf t m.b.H. gehalten.
Die AGRANA Beteiligungs-Aktiengesellschaft hält zum 29. Februar 2012 auch Beteiligungen an INSTANTINA Nahrungsmittel Entwicklungs- und Produktions Gesellschaft m.b.H., Wien (66,67 %), Zuckerforschung Tulln Ges.m.b.H., Tulln (100,00 %) und AGRANA Marketing- und Vertriebsservice Gesellschaft m.b.H., Wien (100,00 %).
basierend auf dem Jahresabschluss nach UGB zum 29. Februar 2012
| Veränderung | ||||
|---|---|---|---|---|
| Geschäftsentwicklung | 2011/12 | 2010/11 | in % | |
| Umsatzerlöse | t€ | 69 | 71 | -2,2 |
| Sonstige betriebliche Erträge | t€ | 34.245 | 24.461 | 40,0 |
| Betriebsleistung | t€ | 34.314 | 24.532 | 39,9 |
| Operatives Ergebnis (Betriebserfolg) | t€ | -8.615 | -11.613 | -25,8 |
| Operative Marge ¹ | % | -25,1 | -47,3 | -46,9 |
| Beteiligungserträge | t€ | 53.825 | 37.860 | 42,2 |
| Finanzerfolg | t€ | 60.350 | 45.421 | 32,9 |
| Ergebnis der gewöhnlichen | ||||
| Geschäftstätigkeit | t€ | 51.735 | 33.808 | 53,0 |
| Jahresüberschuss | t€ | 52.543 | 34.880 | 50,6 |
| Investitionen in Sachanlagen und | t€ | |||
| immaterielle Vermögenswerte | t€ | 2.131 | 916 | x |
| Investitionen in Finanzanlagen | t€ | 13.335 | 36.500 | -63,5 |
¹ Operative Marge = Operatives Ergebnis / Betriebsleistung
Das Geschäftsjahr 2011/12 war für die gesamte AGRANA-Gruppe sehr erfolgreich. Bei der AGRANA Beteiligungs-Aktiengesellschaft konnten sowohl das Ergebnis der gewöhnlichen Geschäftstätigkeit als auch der Jahresüberschuss gegenüber dem Vorjahr deutlich gesteigert werden.
Dies ist neben einem Anstieg der Betriebsleistung um 9.782 t€ bzw. 39,9 % vor allem auf höhere Beteiligungserträge (+15.965 t€ bzw. 42,2 %) zurückzuführen.
Die Investitionen in Finanzanlagen betrafen Gesellschafterzuschüsse an die AGRANA Bioethanol GmbH und die AGRANA Juice Holding GmbH zur Stärkung der Eigenkapitalausstattung.
| Veränderung | ||||
|---|---|---|---|---|
| Bilanzkennzahlen | 2011/12 | 2010/11 | in % | |
| Bilanzsumme | t€ | 631.938 | 596.496 | 5,9 |
| Grundkapital | t€ | 103.210 | 103.210 | 0,0 |
| Immaterielle Vermögensgegenstände | t€ | |||
| und Sachanlagen | t€ | 2.689 | 2.127 | 26,4 |
| Anteile an verbundenen Unternehmen | t€ | 403.678 | 390.343 | 3,4 |
| Andere Finanzanlagen | t€ | 85.456 | 85.456 | 0,0 |
| Eigenkapital | t€ | 590.867 | 572.409 | 6,1 |
| Eigenkapitalquote ¹ | % | 93,5 | 96,0 | -2,6 |
| Haftungsverhältnisse | t€ | 465.821 | 321.758 | 44,8 |
¹ Eigenkapitalquote = Eigenkapital / Gesamtkapital
Die Bilanzsumme verzeichnete gegenüber dem Vorjahr einen Anstieg von 35.442 t€ bzw. 5,9 %. Dieser ist vor allem auf die Zugänge bei den Anteilen an verbundenen Unternehmen (13.335 t€) und die Zunahme der Forderungen gegenüber verbundenen Unternehmen (35.092 t€) zurückzuführen.
Die Eigenkapitalquote von 93,5 % (Vorjahr: 96,0 %) unterstreicht die solide Eigenkapitalausstattung und Bilanzstruktur der Gesellschaft.
| Veränderung | ||||
|---|---|---|---|---|
| 2011/12 | 2010/11 | in % | ||
| Cashflow aus laufender | ||||
| Geschäftstätigkeit | t€ | 40.001 | 4.308 | x |
| Cashflow aus Investitionstätigkeit | t€ | -15.466 | -37.388 | -58,6 |
| Cashflow aus Finanzierungstätigkeit | t€ | -34.089 | -27.697 | 23,1 |
| Veränderung der flüssigen Mittel | t€ | -9.552 | -60.777 | -84,3 |
| Bestand an flüssigen Mittel | t€ | 21.098 | 30.651 | -31,2 |
¹ einschließlich Forderungen gegenüber dem Konzern-Cash-Pooling mit AGRANA Group-Services GmbH (2011/12: t€ 21.014; 2010/11: t€ 30.647)
Der Cashflow aus der laufenden Geschäftstätigkeit erhöhte sich im Geschäftsjahr 2011/12 um 35.693 t€ auf 40.001 t€ (Vorjahr: 4.308 t€).
Der Cash-Flow aus der Investitionstätigkeit reduzierte sich im Vergleich zum Vorjahr um 58,6 % auf -15.466 t€ und enthält im Wesentlichen Investitionen in Finanzanlagen (13.335 t€).
Der Rückgang des Cash Flows aus der Finanzierungstätigkeit um 23,1% auf -34.089 t€ (Vorjahr: -27.697 t€) ist auf die höhere Ausschüttung von Dividenden zurückzuführen.
Die AGRANA Zucker GmbH ist als Dachgesellschaft für die Zuckeraktivitäten des Konzerns operativ in Österreich tätig und fungiert als Holding für die Zucker-Beteiligungen in Ungarn, Tschechien, der Slowakei, Rumänien, Bulgarien und Bosnien-Herzegowina. Der Zuckervertrieb sowie der Vertrieb der Gastronomie-Produkte der zur PortionPack Europe-Gruppe gehörenden Hellma Lebensmittel-Verpackungs Ges.m.b.H. erfolgen ebenfalls durch die AGRANA Zucker GmbH.
Die AGRANA Zucker GmbH konnte im Geschäftsjahr 2011/12 im Vergleich zum Vorjahr um 28,9 % mehr Zucker absetzen. Diese Steigerung war hauptsächlich auf ein Absatzplus von Nicht-Quotenzucker zurückzuführen. Hohe Quotenzuckerabsätze erfolgten zur Versorgung der Defizitmärkte wie Ungarn, Rumänien und Bulgarien. Die Ursache des gestiegenen Handelsabsatzes fand sich vor allem in sogenannten "Hamsterkäufen" durch größtenteils ungarische Konsumenten und Händler im österreichisch-ungarischen Grenzgebiet während des Sommers 2011 wieder. Ein erfreuliches Ergebnis zeigte auch die Entwicklung der Bio-Sparte (+20,8 %).
Für Erläuterungen des wirtschaftlichen Umfelds und der Geschäftsentwicklung des Segments ZUCKER wird auf die nachfolgenden Ausführungen im Kapitel "Segmente der AGRANA-Gruppe" verwiesen.
Die AGRANA Stärke GmbH stellt an den österreichischen Produktionsstandorten Gmünd und Aschach Kartoffel- und Maisstärkeprodukte her und fungiert als Holding für die internationalen Beteiligungen in Ungarn und Rumänien sowie für die AGRANA Bioethanol GmbH, Wien.
Im Geschäftsjahr 2011/12 stieg der Umsatz der österreichischen AGRANA Stärke GmbH um rund 24 %, was auf höhere Verkaufspreise bei Haupt- und Nebenprodukten zurückzuführen war. Der Mengenabsatz sank leicht von 1.179.300 Tonnen im Vorjahr auf 1.170.300 Tonnen. Aufgrund einer intakten Marktnachfrage und einer konsequenten Marktbearbeitung konnten die Verkaufspreise der Hauptprodukte gegenüber dem Vorjahr gesteigert werden, auch die Nebenprodukte (Maiskraftfutter, Maiskeime und Kartoffelproteine) konnten das Preisniveau des Vorjahres übertreffen. Im Bereich Lebensmittelstärken konnte das Absatzvolumen im Vergleich zum Vorjahresniveau weiter ausgebaut werden. Bei den technischen Stärken konnten höhere Mengen an die Textil- und Bauindustrie abgesetzt werden, das Absatzvolumen an die Papier- und Wellpappenindustrie reduzierte sich etwas im Vergleich zum Vorjahr. Der Absatz von Nebenprodukten (inklusive Futtermittel-Handelswaren) lag mit 705.000 (Vorjahr: 708.600) Tonnen knapp unter dem Vorjahr, was insbesondere auf geringere Verkäufe von Futtermittel-Handelswaren zurückzuführen war.
Für Erläuterungen des wirtschaftlichen Umfelds und der Geschäftsentwicklung des Segments STÄRKE wird auf die nachfolgenden Ausführungen im Kapitel "Segmente der AGRANA-Gruppe" verwiesen.
Die AGRANA J & F Holding GmbH fungiert als Holding für sämtliche nationale und internationale Tochtergesellschaften im Segment Frucht. Die Koordination und operative Führung für den Bereich Fruchtzubereitungen erfolgt durch die Holdinggesellschaft AGRANA Fruit S.A.S. mit Sitz in Mitry-Mory/Frankreich. Im Bereich Fruchtsaftkonzentrate operiert als Holding die AGRANA Juice Holding GmbH mit Sitz in Gleisdorf/Österreich.
Für Erläuterungen des wirtschaftlichen Umfelds und der Geschäftsentwicklung des Segments FRUCHT wird auf die nachfolgenden Ausführungen im Kapitel "Segmente der AGRANA-Gruppe" verwiesen.
Die INSTANTINA Nahrungsmittel Entwicklungs- und Produktions Gesellschaft m.b.H. ist auf die Entwicklung und Produktion von Instantprodukten spezialisiert und ist dem Segment Zucker zugeordnet.
Die AGRANA Marketing- und Vertriebsservice Gesellschaft m.b.H. fungiert als Holding Gesellschaft und hält neben der AGRANA Beteiligungs-Aktiengesellschaft die Anteile an AGRANA Zucker GmbH, AGRANA Stärke GmbH und AGRANA J & F Holding GmbH.
Bei der Zuckerforschung Tulln Ges.m.b.H, Tulln, werden schwerpunktmäßig die Forschungs- und Entwicklungsaktivitäten für Zucker und Stärke der AGRANA-Gruppe gebündelt.
Da die AGRANA Beteiligungs-Aktiengesellschaft die Holding-Funktion für die AGRANA-Gruppe ("AGRANA") und ihre wesentlichen Beteiligungen die Holding-Funktionen für die Segmente der Gruppe übernehmen, wird nachfolgend auch auf die Geschäftsentwicklung und das wirtschaftliche Umfeld der Segmente eingegangen.
Angaben zur Geschäftsentwicklung basieren auf dem IFRS-Konzernabschluss der AGRANA-Gruppe für das Geschäftsjahr 2011/12.
Die AGRANA Zucker GmbH, Wien, ist als Dachgesellschaft für die Zuckeraktivitäten des Konzerns operativ in Österreich tätig und fungiert als Holding für die Zucker-Beteiligungen in Ungarn, Tschechien, der Slowakei, Rumänien, Bulgarien und Bosnien-Herzegowina. Im Segment Zucker sind weiters die Instantina Nahrungsmittel Entwicklungs- und Produktionsgesellschaft m.b.H., Wien, sowie die AGRANA Beteiligungs-AG, Wien, als Gruppen-Holding angesiedelt. Der Zuckervertrieb sowie der Vertrieb der Gastronomie-Produkte der zur PortionPack Europe-Gruppe gehörenden Hellma Lebensmittel-Verpackungs Ges.m.b.H., Wien, erfolgen ebenfalls durch die AGRANA Zucker GmbH.
Für das Zuckerwirtschaftsjahr (ZWJ) 2011/12 (Oktober 2011 bis September 2012) geht F.O. Licht in der zweiten Schätzung der Weltzuckerbilanz vom März 2012 von einer Erzeugung von 176,9 (ZWJ 2010/11: 165,4) Mio. Tonnen und einem Verbrauch von 164,9 (ZWJ 2010/11: 160,4) Mio. Tonnen aus. Dadurch würden sich die Weltzuckerbestände nach wie vor auf niedrigem Niveau bewegen und mit 70,5 (ZWJ 2010/11: 62,8) Mio. Tonnen bei 42,8 % (ZWJ 2010/11: 39,1 %) eines Jahresverbrauchs liegen.
Auch das Geschäftsjahr 2011/12 war von einer hohen Preisvolatilität am Zuckerweltmarkt geprägt. Nach einem neuen Allzeithoch von 623 € je Tonne Weißzucker im Juli 2011 gingen die Notierungen bei starken Schwankungen wieder zurück. Ende Februar 2012 lag der Weltmarktpreis für Weißzucker bei 485 € je Tonne.
Die Zuckerproduktion der EU-27 für die Saison 2011/12 wird im Vergleich zum Vorjahr um rund 2,9 Mio. auf 18,3 Mio. Tonnen steigen. Neben der Rübenmenge wird auch der Zuckergehalt einen über- bzw. durchschnittlichen Wert erreichen.
Um das Zuckerangebot am Binnenmarkt im ZWJ 2011/12 zu erhöhen, hat die EU-Kommission zwei Maßnahmen umgesetzt. Im Dezember 2011 genehmigte sie den Verkauf von 400.000 Tonnen Nicht-Quotenzucker für den EU-Food-Markt. Im April 2012 wurden weitere 250.000 Tonnen Nichtquotenzucker dafür freigegeben. Die Zuckerproduzenten hatten für diese "Umwidmung" eine Abgabe in Höhe von 85 € beziehungsweise 211 € je Tonne zu entrichten. Neben dieser Maßnahme hat die EU-Kommission für die Zeiträume Dezember 2011 bis Februar 2012 und Juni bis Juli 2012 eine Dauerausschreibung für Einfuhren von Zucker zu einem ermäßigten Zollsatz eröffnet. Bis Jänner 2012 wurden rund 200.000 Tonnen Rohzucker zu einem reduzierten Zollsatz für den Import freigegeben. Die Dauerausschreibungen wurden nach der ersten Jänner-Ausschreibung für die Monate Jänner und Februar 2012 von der EU-Kommission ausgesetzt.
Aufgrund der hohen Zuckerproduktion innerhalb der EU hat die EU-Kommission Exportkontingente für europäischen Nichtquotenzucker geöffnet. Für das zurückliegende ZWJ 2010/11 wurden in zwei Tranchen insgesamt 1,35 Mio. Tonnen Zucker zum Export freigegeben, davon 700.000 Tonnen im Zeitraum September bis Dezember 2011. Für das laufende ZWJ 2011/12 wurde bereits im März 2011 beschlossen, 650.000 Tonnen Exportlizenzen ab Jänner 2012 zuzuteilen, im November 2011 wurde der Export weiterer 700.000 Tonnen Zucker ermöglicht. Für das kommende Zuckerwirtschaftsjahr 2012/13 wurde bereits im April 2012 entschieden, Exporte in Höhe von 650.000 Tonnen zuzulassen.
Am 12. Oktober 2011 hat die EU-Kommission dem Agrarministerrat und dem EU-Parlament einen legislativen Vorschlag vorgelegt, die geltenden Quoten- und Preisregelungen nicht über den 30. September 2015 hinaus zu verlängern. Im Gegensatz dazu hatte sich das EU-Parlament bereits im Juni 2011 für eine unveränderte Fortsetzung der bisherigen Regelungen bis mindestens 2020 ausgesprochen. Eine Entscheidung von Seiten des Europäischen Parlaments und des Ministerrates wird in der zweiten Jahreshälfte 2012 erwartet.
Die seit 2001 laufenden WTO-II-Verhandlungen ("Doha-Runde") konnten bisher nicht zum Abschluss gebracht werden. Auch für das Jahr 2012 ist aufgrund der amerikanischen Präsidentschaftswahlen nicht damit zu rechnen.
In der AGRANA-Gruppe wurde der Zuckerrübenanbau für das ZWJ 2011/12 auf rund 92.000 Hektar (Vorjahr: 86.150 Hektar) ausgeweitet. Rund 8.100 (Vorjahr: rund 8.400) Rübenbauern ernteten im Geschäftsjahr 2011/12 eine Rübenmenge von mehr als 5,9 Mio. Tonnen (Vorjahr: 5,4 Tonnen). Infolge schwieriger Aufgangs- und Witterungsverhältnisse gingen rund 2.000 Hektar Anbaufläche in den Ländern Ungarn und Rumänien verloren. Die Rübenerträge waren vor allem in Österreich, Tschechien und der Slowakei sehr zufriedenstellend. Vergleichsweise geringe Niederschläge in Ungarn und Rumänien, vor allem während der Monate August und September, führten zu Ertragsrückgängen und Ernteausfällen, sodass die Durchschnittserträge in diesen Ländern auf normalem Niveau blieben. In der Gruppe konnte der mittlere Rübenertrag je Hektar auf rund 66 Tonnen (Vorjahr: rund 63 Tonnen) gesteigert werden. In allen Regionen ist durch die vorherrschende Witterung während der Vegetationsperiode und der Ernteperiode der Zuckergehalt mit über 17,6 % im Durchschnitt auf ein vergleichsweise hohes Niveau angestiegen (Vorjahr: 16,5 %).
Die sieben Zuckerrübenfabriken verarbeiteten täglich rund 48.200 (Vorjahr: 47.900) Tonnen Rüben. In durchschnittlich 124 (Vorjahr: 113) Tagen pro Werk wurden daraus rund 945.000 (Vorjahr: 803.000) Tonnen Zucker erzeugt. Die Zuckerproduktion lag damit deutlich über der AGRANA-EU-Rübenzuckerquote von 618.000 Tonnen. Die die Quote übersteigenden Mengen werden als Nicht-Quotenzucker an die chemische Industrie
vermarktet, im Rahmen der von der EU dafür freigegebenen Mengen im EU-Food-Markt abgesetzt oder auf dem Weltmarkt exportiert. Zur Versorgung des Defizitmarktes Ungarn wurde in Kaposvár/Ungarn erstmals vor und nach der Rübenkampagne jeweils eine Rohzuckerkampagne gefahren und dabei konnten rund 50.100 Tonnen Weißzucker gewonnen werden. Insgesamt (inklusive Bosnien-Herzegowina und Rumänien) wurden im Konzern im Geschäftsjahr 2011/12 rund 402.000 (Vorjahr: 204.000) Tonnen Weißzucker aus Rohzucker raffiniert. Diese Steigerung ist einerseits auf die Nutzung der zusätzlichen Kapazität in Ungarn und andererseits auf eine gegenüber Vorjahr höhere Rohzuckerverarbeitung in Brčko/Bosnien-Herzegowina (+128 %) und eine verbesserte Auslastung in Rumänien (+77 %) zurückzuführen.
Aufgrund der großen Rübenmenge verzeichnete das österreichische Werk Tulln die längste je durchgeführte Zuckerkampagne. Bezogen auf die gewonnene Zuckermenge konnte der Energieverbrauch der gesamten Gruppe um mehr als 8 % gesenkt werden. In Ungarn wurden rund 52 % des Primärenergiebedarfes in der Kampagne durch eigenes Biogas substituiert (Vorjahr: 48 %). AGRANA konnte die Produktion aus kontrolliert biologischem Anbau im Geschäftsjahr 2011/12 auf 6.900 (Vorjahr: 4.100) Tonnen Bio-Rübenzucker steigern.
Im Segment Zucker wurden im Geschäftsjahr 2011/12 25,1 (Vorjahr: 16,0) m€ für Neuund Ersatzinvestitionen aufgewendet. In Tulln/Österreich investierte AGRANA in den Bau eines neuen Zuckersilos für 70.000 Tonnen Kristallzucker, der Mitte Oktober 2011 in Betrieb genommen wurde, und in eine Gelierzuckerabpackung. In Kaposvár/Ungarn wurde ein dritter Fermenter für die Biogasanlage gebaut und in Opava/Tschechien wurde eine zusätzliche Schnitzelpresse installiert. Eine Erneuerung der Steuerung der Zentrifugenstation wurde in Sereď/Slowakei vorgenommen. In Buzau/Rumänien wurde die Errichtung einer neuen 1 kg-Abpackung begonnen, um den gestiegenen Marktanforderungen gerecht zu werden. Dieses Vorhaben wird zu Beginn des Geschäftsjahres 2012/13 abgeschlossen werden.
| 2011/12 | 2010/11¹ | ||
|---|---|---|---|
| Umsatzerlöse (brutto) | t€ | 967.229 | 770.587 |
| Umsätze zwischen den Segmenten | t€ | -82.812 | -57.500 |
| Umsatzerlöse | t€ | 884.417 | 713.087 |
| EBITDA ² | t€ | 129.126 | 51.955 |
| Operatives Ergebnis ² | t€ | 112.268 | 33.758 |
| Operative Marge | % | 12,7 | 5 |
| Ergebnis aus Sondereinflüssen | t€ | 0 | 0 |
| Ergebnis der Betriebstätigkeit | t€ | 112.268 | 33.758 |
| Investitionen in Sachanlagen und immaterielle | |||
| Vermögenswerte ³ | t€ | 25.328 | 16.031 |
| Investitionen in Finanzanlagen | t€ | 490 | 3 |
| Mitarbeiter | 2.249 | 2.245 |
¹ Anpassung des Vorjahres aufgrund einer rückwirkend angewendeten Änderung der Bilanzierung in Zusammenhang mit IAS 19 (Leistungen an Arbeitnehmer).
² Vor Sondereinflüssen.
³ Ausgenommen Geschäfts-/Firmenwerte.
Der Umsatz im Segment Zucker stieg im Geschäftsjahr 2011/12 um 24,0 % auf 884,4 (Vorjahr: 713,1) m€. Sowohl im Handels- als auch Industriegeschäft wurden hohe Quotenzucker-Absätze erzielt, die aufgrund der allgemein schwierigen Versorgungslage in den Defizitmärkten nur durch rechtzeitige Zukäufe und Importe von Weltmarktzucker realisiert werden konnten. Der signifikante Weltmarktpreisanstieg im ersten Drittel des Jahres führte in allen Absatzbereichen, vor allem in Osteuropa, zu höheren Zuckerpreisen. AGRANA ist es trotz der schwierigen Umfeldbedingungen gelungen, alle bestehenden Vereinbarungen mit ihren Kunden hinsichtlich Mengen und Preise einzuhalten. Die zum Teil schwierige Versorgungssituation in Defizitmärkten wie Ungarn und Rumänien, führte auf Kundenseite zu einem erhöhten Interesse an mittelfristigen Kontrakten. Der Umsatzanteil des Segments Zucker am Konzernumsatz betrug 34,3 % (Vorjahr: 32,9 %).
Das operative Ergebnis des Segments Zucker lag mit 112,3 m€ markant über dem Vorjahreswert (33,8 m€). Beigetragen haben dazu vor allem der verfügbare Nicht-Quotenzucker und eine rechtzeitige Zuckerbeschaffung am Weltmarkt, eine konsequente Marktbearbeitung sowie ein flexibles Reagieren auf die Chancen der sich ändernden Marktbedingungen, wie die zusätzlichen Importmöglichkeiten oder die Verkäufe von Nicht-Quotenzucker als Quotenzucker im EU-Lebensmittelbereich aufgrund der Freigabe durch die EU-Kommission. Erfreulich lief auch die Rübenkampagne 2011/12 mit einer hohen Rübenqualität und großen Mengen. Neben dem Rübenzuckergeschäft konnte auch das Raffinations- und Handelsgeschäft mit deutlich besseren Margen betrieben werden.
Das Segment Stärke umfasst die AGRANA Stärke GmbH mit den österreichischen Stärkeprodukten der Kartoffelstärkefabrik in Gmünd und der Maisstärkefabrik in Aschach sowie die Führung und Koordination der internationalen Beteiligungen in Ungarn und Rumänien. Das Geschäftsfeld Bioethanol ist ebenfalls Teil des Segments Stärke.
Die Weltgetreidebilanz für das Wirtschaftsjahr 2011/12 zeigt nach Informationen des Internationalen Getreiderats (IGC - International Grains Council) eine gegenüber dem Vorjahr deutlich erhöhte Produktion bei einer ebenfalls gestiegenen Nachfrage. Die weltweite Maisproduktion wird mit 864 Mio. Tonnen etwas unter dem Verbrauch von 874 Mio. Tonnen liegen. Im Gegensatz dazu wird die globale Weizenproduktion mit 696 Mio. Tonnen die -nachfrage von 681 Mio. Tonnen übertreffen.1 Demnach wird für die globalen Lagerbestände bei Weizen ein leichter Anstieg erwartet, während es bei Mais zu einem weiteren Absinken der Vorräte kommen sollte.
Der engen Versorgungssituation auf den internationalen Rohstoffmärkten folgend bewegen sich die Terminnotierungen weiter auf hohem Niveau. Nach einem stetigen Rückgang der Rohstoffpreise für Mais und Weizen im Sommer bis Herbst 2011 auf rund 180 € je Tonne setzte gegen Ende des Kalenderjahres 2011 wieder ein Anstieg der Notierungen ein. Zum Zeitpunkt Anfang März 2012 lag sowohl der Preis für Mais als auch für Weizen an der Pariser Warenterminbörse Euronext LIFFE deutlich über 200 € je Tonne.
Die EU-Marktordnung für Kartoffelstärke läuft mit Ende des Getreidewirtschaftsjahres per Ende Juni 2012 aus. Damit werden die Produktionsquoten sowie die Rohstoff-Mindestpreise abgeschafft. Weiters werden die bisher an die Produktion gekoppelten Beihilfen für die Jahre 2012 und 2013 in entkoppelter Form an die Produzenten ausbezahlt. Die neuen Regelungen gelten erstmals für die Ernte 2012.
Die gesamte Isoglukose-Quote in der EU-27 beträgt im Wirtschaftsjahr 2011/12 rund 690.000 Tonnen. HUNGRANA hält mit 220.000 Tonnen die größte europäische Isoglukosequote.
Die EU-Kommission hat am 25. November 2011 eine Anti-Dumping sowie eine Anti-Subventionsverfahren gegen die Einfuhren von Bioethanol mit Ursprung in den USA eingeleitet. Die Verfahren wurden vom europäischen Bioethanolverband ePURE ("The European Renewable Ethanol Association") beantragt, da die sprunghaft gestiegenen Bioethanoleinfuhren aus den USA die Preise negativ beeinflusst und zu erheblichen wirtschaftlichen Nachteilen für die europäische Bioethanolindustrie geführt haben. Ursache dieses Anstiegs der Bioethanolimporte aus den USA sind ePURE zufolge staatliche Maßnahmen auf Bundesebene und in mehreren US-Bundesstaaten. Diese staatlichen Förderungen zielten ursprünglich darauf ab, die Nutzung von Bioethanol als Kraftstoff in den USA zu unterstützen. Angesichts eines Angebotsüberschusses in den USA wirken sich diese Maßnahmen nun jedoch zunehmend handelsverzerrend aus. Die EU-Kommission prüft derzeit, ob diese Praktiken zu einer wesentlichen Schädigung der europäischen Bioethanolindustrie geführt haben. Die EU-Kommission wird bis spätestens 26. August 2012 über die Einführung von vorläufigen Ausgleichszöllen entscheiden.
1 Quelle: IGC Schätzungen vom 2. April 2012
Die gesamte Maisverarbeitungsmenge (ohne Bioethanolverarbeitung) in den AGRANA-Stärkefabriken in Österreich, Ungarn (50 %) und Rumänien erhöhte sich im Geschäftsjahr 2011|12 auf rund 747.000 (Vorjahr: 724.000) Tonnen. Davon betraf die Verarbeitung von erntefrischem Nassmais eine Menge von rund 161.000 (Vorjahr: 150.000) Tonnen. Der Anteil an Spezialmais (Wachsmais, Bio-Mais, Garantiert Gentechnikfreier Mais) erhöhte sich dabei auf rund 57.000 (Vorjahr: 44.000) Tonnen.
In der Kampagne 2011|12 hat die österreichische Stärkefabrik in Gmünd in 145 (Vorjahr: 114) Tagen rund 235.500 (Vorjahr: 186.300) Tonnen Stärkeindustriekartoffeln mit einem durchschnittlichen Stärkegehalt von 19,2 % zu 52.100 (Vorjahr: 40.100) Tonnen Kartoffelstärke verarbeitet. Die österreichische Kartoffelstärke-Quote von 47.691 Tonnen wurde um 9 % überschritten. Dabei lag der Bio-Anteil, gemessen an der Einsatzmenge, bei rund 6 % (Vorjahr: rund 3 %). Für das Anbaujahr 2012 kommt die bisher bestehende EU-Marktordnung nicht mehr zur Anwendung. Den Wegfall der bisherigen Quote möchte AGRANA zu einer Aufstockung der Kontraktmenge um 20 % gegenüber dem Vorjahr nutzen. Wie im Vorjahr wurden aus rund 25.000 Tonnen Speiseindustriekartoffeln bei einem Bio-Anteil von rund 25 % wieder etwa 4.600 Tonnen Kartoffeldauerprodukte produziert.
AGRANA betreibt gemeinsam mit den österreichischen Rübenbauern (AGRANA Stärke GmbH mit einem Anteil von 74,9 %, Rübenproduzenten Beteiligungs GesmbH mit 25,1 %) ein Bioethanolwerk in Pischelsdorf/Österreich und im Rahmen ihrer 50%-Beteiligung an HUNGRANA Kft. eine kombinierte Stärke- und Bioethanolerzeugungsanlage in Szabadegyháza/Ungarn. Bioethanol aus den AGRANA-Produktionswerken in Österreich und Ungarn spart gemäß Studien der Joanneum Research Forschungsgesellschaft über den gesamten Lebenszyklus von der Produktion der Rohstoffe, deren Düngung, Transport und Verarbeitung bis zum Einsatz von Bioethanol im Motor mehr als 50 % an Treibhausgasemissionen gegenüber Benzin.
Die gesamte Bioethanol-Produktionskapazität der beiden Werke in Österreich und Ungarn beträgt rund 400.000 m3 .
Für die Bioethanolherstellung in Österreich werden vor allem Weizen, Mais und Tritikale als Rohstoffe eingesetzt. Neben Bioethanol werden jährlich bis zu 190.000 Tonnen des hochwertigen Eiweißfuttermittels ActiProt® erzeugt. Die Gesamtverarbeitung lag im Geschäftsjahr 2011/12 bei rund 554.000 (Vorjahr: 537.000) Tonnen Getreide mit einem Verhältnis von Weizen und Tritikale zu Mais von etwa 1:1. Aus der Ernte 2011 wurden über Vorverträge mit Landwirten rund 28.000 Tonnen Ethanolweizen und –tritikale kontrahiert. Für die Ernte 2012 wurden wiederum Anbauverträge für Ethanolgetreide angeboten.
Die ungarische Ethanolproduktion ist Teil einer Stärkefabrik, die Mais zu Stärke, Isoglukose und Bioethanol verarbeitet. Bei HUNGRANA wurden rund 206.000 Tonnen Mais (bezogen auf einen 50 %-AGRANA-Anteil) für die Verarbeitung zu Bioethanol eingesetzt.
Der Absatz von Bioethanol (konsolidiert Österreich und 50 %-Anteil Ungarn) stieg um rund 24.400 m³ auf 331.300 m³. Die Verkaufspreise von Bioethanol sowie ActiProt® konnten im Vergleich zum Vorjahr weiter angehoben werden.
Die Investitionen im Segment Stärke betrugen im Geschäftsjahr 2011/12 29,3 (Vorjahr 9,0) m€. Am Standort Pischelsdorf/Österreich wurde mit den Vorarbeiten für das neue Weizenstärkeprojekt ("Bioraffinerie") begonnen und die Schlempeeindampfung erweitert. Dadurch wird die Energieeffizienz der Anlage weiter verbessert und der Durchsatz bei der nachfolgenden Trocknung erhöht. Bei der ungarischen Beteiligung HUNGRANA wurde vor allem in einen Strohverbrennungskessel investiert, in welchem zukünftig Biomasse zur Prozesswärmeenergiegewinnung verwertet wird. Weiters wurde in Ungarn in die Erhöhung der Produktionsleistung auf eine tägliche Verarbeitung von 3.500 Tonnen investiert. Im Werk Gmünd/Österreich wurden in der Produktionsanlage für Kartoffeldauerprodukte die Kartoffelwaschanlage sowie der Dämpfer erneuert, wodurch der Energieverbrauch reduziert und die Rohstoffausbeute erhöht werden konnte. In der Stärkefabrik Aschach/Österreich wurde das Projekt der Wärmerückgewinnung aus der Futtermitteltrocknerabluft zur Verbesserung der Energieeffizienz abgeschlossen. Weiters wurden an diesem Standort auch zusätzliche Reserveflächen erworben. In der rumänischen Fabrik in Tăndărei wurde vor allem in eine höhere Rohstoffverarbeitungsleistung von 150 Tonnen pro Tag investiert.
| 2011/12 | 2010/11 | |
|---|---|---|
| t€ | 773.217 | 617.300 |
| t€ | -8.941 | -34.097 |
| t€ | 764.276 | 583.203 |
| t€ | 106.080 | 73.876 |
| t€ | 81.948 | 48.181 |
| % | 10,7 | 8,3 |
| t€ | 0 | 0 |
| t€ | 81.948 | 48.181 |
| t€ | ||
| 29.303 | 8.996 | |
| t€ | 0 | 0 |
| 911 | 880 | |
1 Vor Sondereinflüssen.
2 Ausgenommen Geschäfts-/Firmenwerte. Der Umsatzzuwachs von 31,0 % im Segment Stärke im Geschäftsjahr 2011/12 auf 764,3 (Vorjahr: 583,2) m€ war hauptsächlich auf höhere Verkaufspreise bei allen wesentlichen Haupt- und Nebenproduktgruppen zurückzuführen. Mengenmäßig konnte das Vorjahr ebenfalls leicht übertroffen werden, insbesondere aufgrund höherer Absätze von Nebenprodukten. Im Bereich Bioethanol überstiegen sowohl die Verkaufspreise als auch mengen das Vorjahresniveau. Weiters sorgte der Preisanstieg am Zuckermarkt für eine Belebung des Geschäftes mit Stärkeverzuckerungsprodukten. Der Umsatzanteil des Segments Stärke am Konzernumsatz betrug 29,7 % nach 26,9 % im Vorjahr.
Mit einem operativen Ergebnis von 81,9 m€ wurde der Vorjahreswert um 33,7 m€ deutlich übertroffen. Die höheren Verkaufspreise bei allen Hauptprodukten konnten die gestiegenen Rohstoffpreise überkompensieren und waren neben Effizienzmaßnahmen für die Steigerung des operativen Ergebnisses ausschlaggebend. Sowohl die AGRANA Stärke GmbH als auch die Stärkefabriken in Ungarn und Rumänien erwirtschafteten sehr gute Ergebnisse.
Die AGRANA J&F Holding GmbH hält mittelbar alle nationalen und internationalen Tochtergesellschaften im Segment Frucht. Die Koordination und operative Führung für den Bereich Fruchtzubereitungen erfolgt durch die Holdinggesellschaft AGRANA Fruit S.A.S. mit Sitz in Mitry-Mory/Frankreich. Im Bereich Fruchtsaftkonzentrate operiert die AGRANA Juice Holding GmbH mit Sitz in Gleisdorf/Österreich als Holding.
Im Gegensatz zu früheren Jahren stagnierte der weltweite Markt für Fruchtjoghurts im abgelaufenen Geschäftsjahr. Während der Markt in West- und Zentraleuropa um 1 bis 2,5 % zurückging, lagen die Wachstumsraten in den außereuropäischen Märkten bei etwas über 2%. Die Ursachen für diese Marktstagnation lagen einerseits in den stark gestiegenen Preisen für Molkereiprodukte aufgrund hoher Milchpreise und in der Verunsicherung der Konsumenten durch das makroökonomische Umfeld. Andererseits waren bei den Herstellern von Fruchtjoghurt aufgrund der hohen Herstellkosten umfangreiche Einsparungen festzustellen, was in deutlich gesunkenen Werbeausgaben, verschobenen Produktneueinführungen aber auch Dosierungsänderungen resultierte. Das schwierige Marktumfeld betraf gleichermaßen entwickelte Märkte mit hohem und Schwellenländer mit niedrigem Pro-Kopf-Verbrauch.
Im Konzentratgeschäft hat sich der Trend zu Fruchtsaftgetränken mit niedrigem Saftgehalt und Getränken mit reduziertem Kalorien- und damit geringerem Fruchtsaftgehalt fortgesetzt. Dieser Trend wurde durch die Konzentratpreissteigerungen noch zusätzlich gefördert. Marktbestimmend war auch der Preisdruck im Handelsmarkengeschäft, wodurch Abfüller Schwierigkeiten hatten, die Konzentratpreissteigerungen an die Handelsketten weiterzugeben.
Bedingt durch eine geringere Ernte in Polen, gestiegenen Rohstoffkosten in China und weltweit niedrige Lagerstände sind die Weltmarktpreise bei allen Konzentraten ab der Ernte 2010 erheblich gestiegen und auch während der Ernte 2011 nicht mehr wesentlich gesunken. In China hat sich in den letzten vier Jahren der Frischmarktabsatz bei allen Früchten überdurchschnittlich entwickelt. Mittlerweile werden auch Früchte der Klasse II und III in städtischen Ballungszentren erfolgreich vermarktet, wodurch erhebliche Fruchtmengen für die Konzentratverarbeitung fehlen. Dies führte zu einem geringen Angebot am Weltmarkt und damit zu höheren Preisen.
Die Absätze in den GUS-Staaten haben sich nach der Krise wieder erholt, das Marktwachstum liegt aber bislang unter den Erwartungen. Der Trend zu billigeren Getränken mit geringerem Saftgehalt machte sich auch in diesen Staaten bemerkbar.
AGRANA ist weltweit führender Hersteller von Fruchtzubereitungen für die Molkerei-, Backwaren- sowie Eiscremeindustrie mit einem globalen Marktanteil von rund einem Drittel. Insgesamt betrieb die Gruppe zum Bilanzstichtag 27 Produktionsstandorte für Fruchtzubereitungen in 20 Ländern. Im Geschäftsjahr 2011/12 erfolgte die Inbetriebnahme von zwei neuen Werken im afrikanischen Raum. Im Juni 2011 eröffnete AGRANA einen kleinen Standort in Ägypten, Anfang November 2011 erweiterte der Konzern seine Präsenz in Südafrika mit einem Werk in Johannesburg.
Mit zehn europäischen Produktionsstandorten ist AGRANA einer der führenden Hersteller von Apfel- und Beerensaftkonzentraten in Europa. Von 2006 bis zum Sommer 2011 gab es eine strategische Zusammenarbeit für die Produktion von Apfelsaftkonzentrat in China mit Yantai North Andre (YNA). AGRANA betrieb mit dem 50:50-Joint Venture-Partner je ein Werk in Xianyang City (Provinz Shaanxi) und seit 2008 auch in Yongji City (Provinz Shanxi). Zum 1. August 2011 wurde das bis dahin gemeinschaftlich geführte Unternehmen Yongji Andre Juice Co., Ltd. an YNA abgegeben. Gleichzeitig übernahm AGRANA das bisherige Joint Venture-Unternehmen Xianyang Andre Juice Co., Ltd. zu 100%. Der nunmehr einzige chinesische Juice-Standort der Gruppe liegt in der größten Apfelanbauregion der Welt und zeichnet sich dementsprechend durch eine prinzipiell gute Rohstoffversorgung für "süßes" chinesisches Apfelsaftkonzentrat aus.
Die europäischen Konzentratstandorte produzieren hauptsächlich Apfelsaftkonzentrat mit höherem Säuregrad, welches zur Herstellung von 100%-Apfelsäften und Apfelschorlen verwendet wird. Neben Äpfeln verarbeitet AGRANA auch Beeren zu Buntsaftkonzentraten für den Absatz auf dem europäischen und internationalen Markt.
Die Investitionen im Segment Frucht betrugen 42,5 (Vorjahr: 30,8) m€ und betrafen neben Erhaltungsmaßnahmen auch Kapazitätserweiterungen. Das neue Fertigwarenlager in Serpuchov/Russland wurde im Juni 2011 in Betrieb genommen und der Zubau für die geplante Erhöhung der Kapazitäten ist bereits im Gange. In China wurde der erste Bauabschnitt des neuen Fruchtzubereitungswerks in Dachang (Produktionsverlagerung) fertiggestellt, in Südafrika erfolgten Investitionen in die neue Produktionsstätte in Johannesburg. Darüber hinaus wurde in zahlreiche Austausch- und Ersatzarbeiten investiert, so zum Beispiel in Polen (Produktionslinienersatz sowie neuer Kocher) und in Frankreich (Gefrierlagerumbau in Mitry-Mory und Ersatz des Kühllagerhauses in Valence). Ein größerer Betrag floss in den Ankauf von Edelstahlcontainern für den Fruchtzubereitungstransport und in den USA erfolgte die Implementierung eines neuen ERP-Software-Tools. Der Produktivitätssteigerung dienten auch Investitionen in Gleisdorf/Österreich. Im Konzentratbereich wurden vor allem in Polen und Ungarn Investitionen zur Betriebsoptimierung getätigt.
Das abgelaufene Geschäftsjahr war von deutlich gestiegenen Preisen bei den Basisrohstoffen wie Zucker, Stärke und Flüssigzucker sowie einer angespannten Versorgungslage bei Früchten geprägt. Gleichzeitig war auf allen relevanten Beschaffungsmärkten eine erhöhte Nachfrage nach Rohstoffen festzustellen.
Beginnend mit der Winterernte 2011 in Mexiko, Südamerika, Marokko und Ägypten etablierte sich durch die starke Nachfrage in allen Anbauregionen ein sehr hohes Preisniveau. Auch nach den Sommerernten in Europa und Nordamerika änderte sich an dieser Situation wenig und markante Preissteigerungen waren speziell bei Beerenfrüchten wie auch vereinzelt bei Stein- und Kernfrüchten feststellbar. Auch bei tropischen Früchten gab es eine ähnliche Entwicklung der Preise, hier im speziellen bedingt durch eine starke Nachfrage der "Emerging Markets". Das Preisrisiko konnte zwar einerseits durch eine spezifische Deckungspolitik und andererseits durch Diversifizierung bei der Beschaffung im Rahmen der globalen Einkaufsorganisation reduziert werden. Ein Teil der massiven Preiserhöhungen konnte jedoch im wettbewerbsintensiven Marktumfeld nicht überwälzt werden und belastete das Ergebnis.
AGRANA verfügt aber im Bereich Fruchtzubereitungen über ein weltweit dichtes, hochqualifiziertes Lieferantennetzwerk, das unter anderem dabei hilft, Rohstoffkrisen ähnlich jener des abgelaufenen Wirtschaftsjahres zu bewältigen. Aktuelle Anzeichen sprechen dafür, dass das Jahr 2011/12 einen Höhepunkt bei den Preisentwicklungen für Früchte darstellte und man nunmehr von einer gewissen Entspannung am Markt, wenngleich auch auf relativ hohem Niveau ausgehen kann. Regional erratische Vegetations- und Ernteverläufe bleiben weiterhin ein Risiko, das die Preise in einzelnen Regionen markant beeinflussen kann.
Im Bereich Fruchtsaftkonzentrate lag die europäische Kern- und Beerenobsternte 2011/12 bei einzelnen Früchten um bis zu 25% unter einer durchschnittlichen Ausbringung. Dadurch gab es besonders bei Erdbeeren-, Schwarze Johannisbeeren- und Sauerkirschenkonzentrat einen erheblichen Rohwarenpreisanstieg. Es gelang AGRANA Juice, die Rohstoffkostensteigerungen an die Konzentratkunden weiterzugeben. In Ungarn, einem wichtigem Rohstoffgebiet für Industrieäpfel, wurde Anfang Mai 2011 durch deinen Blütenfrost die Ernte zu 70 % zerstört. Durch eine frühzeitige gezielte Anpassung der Einkaufsstrategien für Rohware und Apfelsaftkonzentrat in den jeweiligen Produktionsländern ist es gelungen, die für die Kundendeckung unbedingt erforderlichen Rohstoff- und Konzentratmengen zu sichern.
Die Verarbeitung von Bio-Äpfeln in Ungarn zu Konzentrat und Direktsaft konnte weiter ausgebaut werden.
Trotz einer guten Apfelernte von rund 30 Mio. Tonnen in China verringerte sich das Apfelangebot für die industrielle Verarbeitung durch eine hohe Nachfrage nach Frischobst. Schätzungen zufolge lag die gesamte chinesische Produktionsmenge von Apfelsaftkonzentrat für das Jahr 2011 um 50 % unter dem Wert des Rekordjahres 2007.
Für 2012 wird bei einem normalen Witterungsverlauf auch eine Entspannung auf den Rohstoffmärkten für Fruchtsaftkonzentrathersteller erwartet.
| 2011/12 | 2010/11¹ | |
|---|---|---|
| Umsatzerlöse (brutto) t€ |
930.265 | 873.787 |
| Umsätze zwischen den Segmenten t€ |
-1.327 | -4.175 |
| Umsatzerlöse t€ |
928.938 | 869.612 |
| EBITDA ² t€ |
73.826 | 81.973 |
| Operatives Ergebnis ² t€ |
38.208 | 46.684 |
| Operative Marge % |
4,1 | 5,4 |
| Ergebnis aus Sondereinflüssen t€ |
-1.433 | 0 |
| Ergebnis der Betriebstätigkeit t€ |
36.775 | 46.684 |
| Investitionen in Sachanlagen und immaterielle | ||
| Vermögenswerte ³ t€ |
42.462 | 30.832 |
| Investitionen in Finanzanlagen t€ |
1.228 | 115 |
| Mitarbeiter | 4.822 | 5.118 |
¹ Anpassung des Vorjahres aufgrund einer rückwirkend angewendeten Änderung der Bilanzierung in Zusammenhang mit IAS 19 (Leistungen an Arbeitnehmer).
² Vor Sondereinflüssen.
³ Ausgenommen Geschäfts-/Firmenwerte.
Der Umsatz im Segment Frucht stieg im Geschäftsjahr 2011/12 um 59,3 m€ bzw. 6,8 % auf 928,9 (Vorjahr: 869,6) m€. Im Bereich Fruchtzubereitungen ging der Absatz in einem schwierigen Marktumfeld gegenüber dem Vorjahr zurück. Neben teilweise rückläufigen Märkten lag dies am Eintritt eines neuen Wettbewerbers in Russland und Marktanteilsverlusten in Westeuropa und Nordamerika, teilweise auch aufgrund von Marktanteilsverschiebungen zwischen den Herstellern der Konsumentenendprodukte. Im besonders wettbewerbs-intensiven Markt Zentraleuropa sowie in Südamerika konnte sich AGRANA gut behaupten und den Marktanteil halten. In Asien wurde ein leichter Marktanteilsanstieg verzeichnet; der Umsatzrückgang in China aufgrund niedriger Preise und neuer Joghurtprodukte ohne Fruchtanteil konnte durch Erfolge in Südkorea, Australien und Südafrika wettgemacht werden. Die neuen Fabriken in Ägypten und Südafrika haben ihre Produktion erfolgreich aufgenommen und mit der Belieferung der lokalen Märkte begonnen. Im Bereich des Fruchtsaftkonzentratgeschäfts ist der Preis für europäisches Apfelsaftkonzentrat während der letzten 12 Monate bei einer durchschnittlichen europäischen Ernte leicht gesunken. Der Preis für chinesisches Apfelsaftkonzentrat hingegen kletterte auf ein historisch hohes Niveau, da infolge der großen Nachfrage nach Tafeläpfeln auch die Preise von Pressäpfeln in China stark anstiegen. Insgesamt zeigten sich die Verkaufspreise bei Fruchtsaftkonzentraten weiterhin auf hohem Niveau stabil, die Verkaufsmengen hingegen waren vor allem in den letzten Monaten etwas rückläufig. Der Umsatzanteil des Segments Frucht am Konzernumsatz betrug 36,0 % (Vorjahr: 40,2 %).
Das operative Ergebnis im Geschäftsjahr 2011/12 konnte mit 38,2 m€ den Vorjahreswert von 46,7 m€ nicht erreichen. Während bei Fruchtsaftkonzentraten ein zufriedenstellendes Ergebnis erreicht wurde, führten die Volumenrückgänge sowie die rohstoffkostenbedingt niedrigere Margensituation bei Fruchtzubereitungen zu einem rückläufigen Segmentergebnis.
Die EU-Kommission hat am 4. April 2012 den Unternehmen AGRANA Beteiligungs-AG und RWA Raiffeisen Ware Austria AG, Wien, die Zustimmung zur Fusion ihrer im Bereich Fruchtsaftkonzentrat tätigen Tochtergesellschaften AGRANA Juice Holding GmbH, Gleisdorf/Österreich, und Ybbstaler Fruit Austria GmbH, Kröllendorf/Österreich, im Rahmen eines Joint Ventures erteilt. Damit sind die wettbewerbsrechtlichen Voraussetzungen für eine Finalisierung dieses Vorhabens gegeben. Das Closing ist für Anfang Juni 2012 geplant.
Das neu gegründete Joint Venture YBBSTALER AGRANA JUICE GmbH wird seinen Firmensitz in Kröllendorf/Österreich haben und über 14 Produktionsstandorte in Österreich, Dänemark, Ungarn, Polen, Rumänien, der Ukraine und China verfügen. Produziert werden neben Fruchtsaftkonzentraten auch Fruchtpürees und natürliche Aromen sowie Direktsäfte für die weiterverabeitende Getränkeindustrie. Das Joint Venture mit einem Umsatz von rund 350 m€ wird durch AGRANA voll konsolidiert werden.
Als bedeutendes Industrieunternehmen mit globaler Präsenz im Food- und Non-Food-Bereich ist AGRANA bestrebt, ihre Verantwortung im Bereich Corporate Social Responsibility (CSR) wahrzunehmen und dabei auf die vielfältigen Anforderungen, die aufgrund regionaler Unterschiede bestehen, so gut wie möglich einzugehen. Hierbei ist es für AGRANA ein erklärtes Ziel, die Balance zwischen ökologischer, ökonomischer und sozialer Verantwortung bestmöglich herzustellen und langfristig aufrecht zu erhalten. Somit ist CSR für AGRANA kein auf einen Endpunkt hin definiertes Projekt, sondern stellt einen kontinuierlichen, auf Langfristigkeit ausgelegten Prozess dar, der tagtäglich gelebt und laufend verbessert wird.
Nachhaltigkeit beginnt für AGRANA bereits bei der Beschaffung der landwirtschaftlichen Rohstoffe, die danach in den eigenen Werken unter Einsatz möglichst effizienter, umweltschonender und im Energieeinsatz optimierter Produktionsverfahren veredelt werden.
Unter diesem Aspekt lagen AGRANAs Schwerpunkte im Bereich Ökologie im abgelaufenen Jahr neben dem Thema Energieeffizienz auch auf der Gewinnung und weitergehenden Nutzung wertvoller Nebenprodukte im Sinne einer möglichst geschlossenen Kreislaufwirtschaft. Die im Zuge der Nahrungsmittelproduktion gewonnenen Nebenprodukte dienen etwa zur Weiterverarbeitung in der Lebensmittel- und Non-Food-Industrie, werden als Futter- und Düngemittel vertrieben oder auch zur Energiegewinnung genutzt. Somit kommt es zu einer annähernd vollständigen Verwertung der landwirtschaftlichen Rohstoffe und - durch die damit erreichte Reduktion von Abfällen auch zu einer Minimierung von Umweltbelastungen.
Neben Maßnahmen wie Energieeffizienz, Ressourcenschonung und CO2-Einsparung, die wesentlich zum Klima- und Umweltschutz beitragen, bedeutet gelebte Nachhaltigkeit für AGRANA auch, sich ihrer ökonomischen Verantwortung bewusst zu sein und diese tagtäglich wahrzunehmen. Dies umfasst nicht nur AGRANAs Finanzgebarung sondern schließt auch Themen wie Fairness im Umgang mit Mitbewerbern, Integrität im Geschäftsverkehr oder auch ordnungsgemäße und transparente Finanzberichterstattung, die eine Gleichbehandlung aller Interessensgruppen gewährleistet, mit ein. AGRANA hat dazu "Compliance-Unternehmensgrundsätze" festgelegt, die für jeden Mitarbeiter gültig sind. Im Rahmen dieser bekennt sich AGRANA beispielsweise zum Wettbewerb mit fairen Mitteln, insbesondere zur strikten Einhaltung des Kartellrechts. Ebenso stellt sich AGRANA gegen Korruption und verpflichtet sich, alle einschlägigen nationalen und internationalen Rechtsvorschriften strikt zu befolgen. Neben der Sicherstellung einer ordnungsgemäßen Buchführung sowie dem Bestreben eines kooperativen Umgangs mit Behörden stellt unter anderem auch das Thema "Fairer und respektvoller Umgang mit Kollegen und Dritten" einen zentralen Bestandteil von AGRANAs Compliance-Unternehmensgrundsätzen dar.
Zu umfassender CSR zählt auch die Wahrnehmung sozialer Verantwortung, im Rahmen derer AGRANA beispielsweise einen Schwerpunkt auf den Vertrieb von "Fair Trade"- Produkten legt. Daneben unterstützt das Unternehmen aber auch karitative und soziale Projekte rund um den Globus und engagiert sich schon viele Jahre im Bereich Sponsoring.
Neben ihrem traditionellen kulturellen Engagement hat das Unternehmen im abgelaufenen Geschäftsjahr eine Reihe sozialer und karitativer Einrichtungen finanziell gefördert. So hat AGRANA etwa zu Weihnachten 2011 unter dem Motto "Marmelade mit MEHRwert" Kleinbauern-Familien im verarmten Nordosten Brasiliens bei der besseren Vermarktung ihrer Ernte unterstützt. Konkret wurde durch AGRANAs Spende in Zusammenarbeit mit der österreichischen Entwicklungsorganisation ICEP ("Institut zur Cooperation bei Entwicklungsprojekten") die Professionalisierung der brasilianischen Kooperative cooperCUC ("Cooperativa Agropecuária Familiar de Canudos Uauá e Curaçá") gezielt gefördert. cooperCuC ist eine Kleinbauern-Kooperative, die sich durch die Verarbeitung und Vermarktung heimischer Früchte zu Fruchtaufstrichen, allen voran den Früchten des Umbu-Baums (auch "brasilianische Zwetschke" genannt), eine Einkommensquelle geschaffen hat. Neben Beratungsmaßnahmen für eine professionelle Buchhaltung wurde die Kooperative bei der Entwicklung eines Marketingkonzepts für die kommenden Jahre unterstützt und damit zur langfristigen Sicherung des Einkommens von mehr als 300 Kleinbauern-Familien beigetragen. Um sicherzustellen, dass das Geld vor Ort zweckgewidmet eingesetzt wird, bekommt AGRANA den Projektfortschritt von ICEP lückenlos dokumentiert.
Darüber hinaus startete AGRANA im Herbst anlässlich der Hungerkatastrophe in Ostafrika 2011 eine gemeinsame Hilfsaktion mit ihren Mitarbeitern. Im Rahmen dieser Aktion verdoppelte das Unternehmen die seitens seiner Mitarbeiter eingegangenen Gelder und spendete diese an die Caritas Wien für deren Ostafrika-Hilfe.
Weitere karitative Einrichtungen, die AGRANA im abgelaufenen Geschäftsjahr unterstützte, waren beispielsweise "die möwe"-Kinderschutzzentren, der Vorsorgepreis "Gesundes Niederösterreich" oder die idance company, welche sich mit der Förderung der künstlerischen Ausdrucksfähigkeiten von Menschen mit Down-Syndrom beschäftigt.
AGRANA ist an einer kontinuierlichen Vertiefung ihres CSR-Ansatzes interessiert. Dies zeigt sich anhand zahlreicher Projekte, welche CSR und dessen weitere Integration in die Geschäftsprozesse des Unternehmens zum Thema haben.
So wurde im abgelaufenen Geschäftsjahr im Rahmen der AGRANA-internen Talenteförderung ("ACT II" – Programm, "AGRANA Competencies Training") das Projekt "CaeSaR – Corporate Social Responsibilty" durchgeführt. Ergebnisse dieses Projektes, welches teilweise vom Nachhaltigkeitsansatz des Segments Frucht inspiriert wurde, waren ein Überblick über die Stakeholderstruktur des Unternehmens sowie die Identifikation relevanter Kernthemen rund um den Bereich gesellschaftliche Verantwortung bei AGRANA. Diese erarbeiteten Kernthemen wurden in weiterer Folge im Rahmen einer Soll-Ist-Analyse den derzeitigen Geschäftspraktiken des Unternehmens gegenübergestellt, um mögliche weitere Handlungsfelder zu eruieren. Dabei wurde herausgefunden, dass - mit wenigen Ausnahmen - die wichtigsten Kernthemen bereits durch den AGRANA-Verhaltenskodex, die Compliance Unternehmensgrundsätze und die AGRANA Unternehmens- und Qualitätspolitik abgedeckt sind. Zur weiteren strukturierten Bearbeitung der einzelnen Kernthemen soll weiterhin auf die Werkzeuge und Informationen der SEDEX-Datenbank (SEDEX Supplier Ethical Data Exchange – "Nachhaltigkeitsdatenbank") zurückgegriffen werden. Als Grundlage des gesamten Projektes diente der ISO 26000 Leitfaden, der aus sieben Prinzipien (Rechenschaftspflicht, Transparenz, Ethisches Verhalten, Achtung der Interessen der Anspruchsgruppen, Achtung der Rechtsstaatlichkeit, Achtung internationaler Verhaltensstandards und Achtung der Menschenrechte) sowie aus sieben Kernthemen (Organisationsführung, Menschenrechte, Arbeitspraktiken, faire Betriebs- und Geschäftspraktiken, Konsumentenanliegen, Umwelt und Einbindung sowie Entwicklung der Gesellschaft) besteht.
Ende 2011 wurde ein übergeordneter Prozess gestartet, der ausgehend von der Implementierung eines CSR-Konzeptes in der AGRANA-Gruppe zum Ziel hat, nicht nur das Gleichgewicht zwischen den drei Säulen der Nachhaltigkeit - Ökonomie, Ökologie und Soziales – herzustellen, sondern auch sicherzustellen, dass die Werte und Vorgaben des AGRANA-Verhaltenskodex an allen Standorten und von allen Lieferanten und Vertragspartnern verstanden und respektiert werden. Teile des CSR-Konzepts sind eine erweiterte Kernthemen- und Handlungsfeld-Analyse sowie die Beschreibung eines AGRANA-CSR-Managementprozesses. Die Erhebung von Verbesserungspotentialen und eine entsprechende Umsetzung von Verbesserungsmaßnahmen erfolgt im Rahmen eines kontinuierlichen Verbesserungsprozesses.
Zusammenfassend versteht AGRANA CSR als Marktchance sowie als Möglichkeit, betriebswirtschaftliche Ziele mit gesellschaftlichen Interessen zu verbinden. Ressourcenschonende Produktionsverfahren, verantwortungsvolle Liefer- und Wertschöpfungsketten, laufende Produkt- und Prozessinnovationen sowie fair gehandelte Produkte ermöglichen aus AGRANA-Sicht nicht nur die Erschließung neuer Märkte, sondern dienen darüber hinaus auch der Sicherung bestehender Partnerschaften.
Die AGRANA Beteiligungs-Aktiengesellschaft betreibt selbst keine Forschung- und Entwicklungstätigkeit.
Die AGRANA-Gruppe ("AGRANA") verfolgt in einem hochkompetitiven Marktumfeld das strategische Ziel, durch Produktinnovationen Markttrends zu setzen und sich von den Mitbewerbern zu differenzieren. In enger Partnerschaft mit ihren Kunden entwickelt AGRANA laufend neue Rezepturen, Spezialprodukte und neue, innovative Anwendungsmöglichkeiten bestehender Produkte. Der Bereich Forschung und Entwicklung (F&E) stellt somit einen unverzichtbareren Bestandteil der auf nachhaltigen Erfolg ausgelegten Unternehmensstrategie dar.
AGRANA unterhält mehrere Forschungs- und Entwicklungseinrichtungen. Das Leistungsspektrum der Zuckerforschung Tulln Ges.m.b.H. (ZFT) in Österreich reicht von der Landwirtschaft über die Lebensmittel-, Zucker-, Stärke- und Bioethanoltechnologie bis hin zur Mikrobiologie und Biotechnologie.
Im Innovations- und Kompetenzzentrum (ICC, "Innovation and Competence Center") Gleisdorf/Österreich ist die zentrale Forschung und Entwicklung des Fruchtzubereitungsbereichs organisiert. Aufgabe dieser Einrichtung ist die Entwicklung von innovativen Produkten und Produktionsverfahren sowie die Durchführung längerfristiger F&E-Projekte, um den international tätigen AGRANA-Kunden marktnahe Lösungen zu präsentieren. Eine zentrale Marktentwicklungsabteilung in Mitry-Mory/Frankreich unterstützt das ICC in Gleisdorf.
Im Geschäftsjahr 2011|12 investierte AGRANA rund 15,1 (Vorjahr: 14,5) m€ in Forschung und Entwicklung, was, gemessen am Konzernumsatz, einer F&E-Quote von 0,59 % (Vorjahr: 0,67 %) entsprach. Innerhalb der AGRANA-Gruppe waren 199 (Vorjahr: 194) Mitarbeiter mit Forschung und Produktentwicklung beschäftigt.
Im Geschäftsjahr 2011/12 beschäftigte die AGRANA Beteiligungs-Aktiengesellschaft durchschnittlich 145 (Vorjahr 127) Mitarbeiter (ohne Vorstandsmitglieder).
In der gesamten AGRANA-Gruppe waren im Geschäftsjahr 2011/12 durchschnittlich 7.982 (Vorjahr 8.243) Mitarbeiter tätig. Davon waren 1.812 (Vorjahr 1.746) Mitarbeiter in Österreich und 6.170 (Vorjahr 6.497) Mitarbeiter in den internationalen Beteiligungen tätig.
AGRANA versteht sich als internationale Unternehmensgruppe. Integrität, Leistungsbereitschaft und soziales Bewusstsein sollen verbinden, die Mitarbeiter werden gefördert und ermutigt, unternehmerisch zu denken und zu handeln. Der Arbeits- und Führungsstil ist von Kooperation und gegenseitiger Wertschätzung bestimmt.
In diesem Sinne übernimmt auch jeder AGRANA-Mitarbeiter Verantwortung für die eigene Weiterentwicklung. Die Führungskräfte und die Personalabteilungen bieten dafür allen Mitarbeitern Möglichkeiten und Hilfestellungen im Einklang mit den Geschäftszielen. Dadurch konnte ein wertvoller Beitrag zur Profitabilität und zum Wachstum der Geschäftsbereiche geleistet werden.
Zur Unterstützung der strategischen Ziele existiert ein konzernweit implementiertes "Performance-Management" in Verbindung mit einem erfolgsabhängigen Entlohnungssystem für das Management. Die Kriterien für die variable Vergütung umfassen neben Finanz- und Ertragszielen auch individuelle Zielvereinbarungen. Im Geschäftsjahr 2011|12 waren 5,8 % (Vorjahr: 5,2 %) aller Beschäftigten Teil dieses erfolgsorientierten Entlohnungssystems.
Im Rahmen der Personalstrategie war das vergangene Geschäftsjahr von der Umsetzung einer Vielzahl von Human Resources (HR) - Projekten geprägt, wie zum Beispiel IT-Systemverbesserungen oder die Einführung eines HR-Shared Service Centers (SSC) in Österreich. Mit diesen geschaffenen organisatorischen Voraussetzungen wird im Geschäftsjahr 2012/13 der Fokus darauf gelegt, die Personalprozesse noch effizienter zu gestalten, um somit die bestmögliche Unterstützung der Fachbereiche zu gewährleisten. Aber auch Projekte, die die Funktion HR weiter in Richtung strategischer Partner der Fachbereiche entwickeln sollen, werden zu den Aufgaben und Herausforderungen zählen. Dazu zählt beispielsweise die Einführung einer elektronischen Bewerberdatenbank.
Bei der Umsetzung der Personalstrategie für das Geschäftsjahr 2012/13 werden die intensiven Bemühungen um Qualifizierung und Weiterentwicklung der Mitarbeiter fortgeführt.
Personalentwicklung und Qualifizierung der Mitarbeiter und Führungskräfte hatte auch im Geschäftsjahr 2011/12 besondere Bedeutung in der Personalarbeit der AGRANA. Sowohl die Holding als auch lokale Tochtergesellschaften organisierten zahlreiche Trainings, sowohl im fachlichen wie auch im persönlichkeitsbildenden Bereich.
Im Zuge des "Talent Development"-Prozesses hat zum zweiten Mal eine rund 30 Personen umfassende Gruppe an Mitarbeitern und Führungskräften mit hohem Potential und hoher Leistung aus dem gesamten AGRANA-Konzern das AGRANA Competencies Training ("ACT") – Programm mit großem Erfolg abgeschlossen.
Einer der Schwerpunkte im Bereich Aus- und Weiterbildung lag im Geschäftsjahr 2011/12 auf der Führungskräfteentwicklung. Diese Trainings wurden verstärkt weiterentwickelt, um durchgängige Schulungen im Bereich Führung bieten zu können und das hohe Niveau der Führungskräfte weiter zu verbessern. Darüber hinaus wurde ein Schulungsschwerpunkt auf den Bereich des konzernweiten Projektmanagements gelegt. Das Angebot an Trainings wurde erweitert und zusätzlich auf die internen Bedürfnisse zugeschnitten. Das Basistraining "Grundlagen des Projektmanagements" wird nun mittels E-Learning angeboten, wodurch eine breitere Streuung der Inhalte ermöglicht wird.
Zusätzlich zum Angebot der laufenden arbeitsmedizinischen Betreuung bestehen an einigen Standorten individuelle Kooperationen mit lokalen Fitnesseinrichtungen. Ziel ist die Verbesserung des Gesundheitszustandes sowie des Wohlbefindens der Mitarbeiter.
Neben weiteren sportlichen Angeboten wie zum Beispiel Schitagen oder Wirbelsäulengymnastik gelang es erneut, zahlreiche Laufsportler für die Teilnahme am jährlichen "Wien Energie Business Run" zu begeistern. AGRANA war im September 2011 mit insgesamt 32 Teams (zu je drei Teilnehmern) aus allen Geschäftsbereichen am Start.
Im Segment Zucker wurde zusätzlich zum bewährten Angebot des "AGRANA-Fit"- Programms mit der Aktion "Obstkorb" auf die Wichtigkeit einer gesunden und vitaminreichen Ernährung hingewiesen. Mit dem Projekt "Weitwinkel" wurde das Sicherheitsbewusstsein der Lehrlinge geschult. Dabei wurden diese beauftragt, mit einer Fotokamera das Werk zu begehen und Sicherheitsmängel fotografisch festzuhalten; die besten Bilder wurden ausgezeichnet. Letztlich wurden konzernweit zahlreiche Aktivitäten im Bereich "Health & Safety" durchgeführt, so zum Beispiel Trainings zur Vermeidung von Arbeitsunfällen, Trainings zur Feuerprävention und Workshops zur Reduktion von Lärm und Umweltverschmutzung.
Der AGRANA-Vorstand bekennt sich zu seiner Verantwortung zur Früherkennung und Gegensteuerung bestandsgefährdender Risiken. Ziel des Risikomanagements ist es, Chancen und Risiken frühzeitig zu erkennen und geeignete Maßnahmen zu entwickeln, um negative Auswirkungen auf die wirtschaftlichen Ergebnisse auf ein Minimum zu reduzieren.
Ein integriertes System zur Früherkennung und Überwachung von konzernspezifischen Chancen und Risiken ermöglicht es AGRANA, die vorhandenen unternehmerischen Ressourcen effizient zur Erreichung ihrer strategischen Ziele einzusetzen. Dabei wird der Vorstand durch effiziente Kontroll- und Berichtssysteme unterstützt.
Zur Steuerung ihrer Risiken bedient sich AGRANA zweier, einander ergänzender Systeme:
Das wesentliche operative Steuerungsinstrument ist das konzernweit implementierte, einheitliche Planungs- und Berichtssystem. Ergänzt wird dieses durch einen monatlichen Risikobericht, in welchem über das Risikopotential sowohl für die AGRANA-Gruppe als auch für jedes einzelne Segment für das laufende sowie auch das nachfolgende Geschäftsjahr berichtet wird.
Ziel des strategischen Risikomanagements ist es, Chancen und Risiken des AGRANA-Geschäftsmodells aufzuzeigen. Der Beobachtungshorizont ist dabei mittel- bis langfristig angelegt. Unterstützt wird der Vorstand bei dieser Aufgabe von einem eigenständigen, unabhängigen Risikomanagement-Team. Zweimal jährlich werden gemeinsam mit Experten aus allen Segmenten und Geschäftsbereichen die wirtschaftlichen, rechtlichen und politischen Rahmenbedingungen in einem "Strategischen Risk Review" analysiert. Die erkannten Chancen und Bedrohungen werden hinsichtlich ihres Potentials und ihrer Eintrittswahrscheinlichkeit evaluiert, Frühwarnindikatoren festgelegt und Maßnahmen zur Gegensteuerung definiert. Das Ergebnis wird in einem Risikokatalog zusammengefasst. Im Zuge dieses Prozesses wird als ergänzende Information für das Management ein "Worst Case"-Szenario für das laufende Geschäftsjahr entwickelt und mittels einer "Monte Carlo Simulation" die maximal theoretisch denkbare negative Abweichung vom geplanten Ergebnis ermittelt. Die Ergebnisse des "Strategischen Risk Reviews" werden in einem Risikohandbuch zusammengefasst und dem Vorstand sowie dem Prüfungsausschuss des Aufsichtsrates berichtet.
Um im Risikofall den Schaden auf ein Minimum zu begrenzen, sind in jeder Tochtergesellschaft eigene lokale Risikomanagement-Teams nominiert, die bei Bedarf rasche und koordinierte Gegensteuerungsmaßnahmen einleiten.
Das direkt dem Vorstand berichtende Risikomanagement-Team auf Konzernebene legt besonderes Augenmerk auf die laufende Überprüfung und Aktualisierung der Chancen und Risiken und die Stärkung des Risikobewusstseins aller Mitarbeiter im Konzern.
Chancen und Risiken sind untrennbar mit unternehmerischem Handeln und Entscheiden verbunden. Zielsetzung eines erfolgreichen Risikomanagement ist es, ein ausgewogenes Gleichgewicht von Chancen und Risiken zu erhalten.
Grundsätzlich ist der Konzern bereit, Risiken im Rahmen der Kernkompetenz des Unternehmens in Kauf zu nehmen, wobei aber Risiken, die nicht auf ein wirtschaftlich vertretbares Maß reduziert werden können, möglichst vermieden werden sollen. Risiken, die sich nicht auf Kern- oder Unterstützungsprozesse beziehen, werden prinzipiell nicht eingegangen.
Die Umsetzung der vom Vorstand festgelegten Risikostrategie und die Abwicklung der tatsächlich angewandten Sicherungsmaßnahmen erfolgt für den gesamten Konzern zentral und koordiniert durch die AGRANA Beteiligungs-AG.
Derivative Instrumentarien werden nur zur Absicherung von Grundgeschäften angewendet, deren Einsatz zu Spekulationszwecken ist ausdrücklich verboten. Durch Richtlinien, Limits, laufende Kontrollen und Berichte an den Vorstand wird die Einhaltung dieses Grundsatzes abgesichert.
Zivilrechtliche Klagen gegen die AGRANA Beteiligungs-Aktiengesellschaft als Beklagte, die wesentliche Auswirkungen auf die finanzielle Lage der Gesellschaft haben könnten, bestehen derzeit nicht.
Das Beteiligungsrisiko umfasst im Wesentlichen potenzielle Wertverluste aufgrund von Dividendenausfällen, Teilwertabschreibungen, Veräußerungsverlusten und der Reduktion von stillen Reserven.
Im Rahmen des Beteiligungsmanagements der AGRANA Beteiligungs-Aktiengesellschaft werden bereits beim Eingehen neuer Beteiligungen bzw. bei Beteiligungsveränderungen im Rahmen von Due Diligence Maßnahmen ausführliche qualitative Analysen hinsichtlich der Ertragskraft und Plausibilität von Planzahlen erstellt, um Risiken und Chancen zu identifizieren.
Für die Überwachung der bestehenden Beteiligungen ist das Beteiligungscontrolling der AGRANA Beteiligungs-Aktiengesellschaft verantwortlich. Das wesentliche Steuerungsinstrument für das Management von AGRANA ist das konzernweit implementierte einheitliche Planungs- und Berichtssystem. Dieses ermöglicht dem Management Chancen und Risiken rechtzeitig zu erkennen und zu steuern. Es umfasst eine Mittelfristplanung mit einem Planungshorizont von 5 Jahren, Budgetplanung (laufendes Geschäftsjahr), Monatsberichte inklusive eines eigenen Risikoberichtes sowie viermal jährlich eine Vorschaurechnung des laufenden Geschäftsjahres, in dem die wesentlichen wirtschaftlichen Entwicklungen berücksichtigt werden.
Der vom Controlling erstellte Monatsbericht zeigt die Entwicklung aller Konzerngesellschaften. Der Inhalt dieses Berichtes ist konzernweit vereinheitlicht und umfasst neben detaillierten Verkaufsdaten, Bilanz, Gewinn- und Verlustrechnung, die daraus ableitbaren Kennzahlen und auch eine Analyse der wesentlichen Abweichungen.
Teil dieses Monatsberichtes ist auch ein eigener Risikobericht je Segment, der Aufschluss über die wirtschaftliche Entwicklung des laufenden Geschäftsjahres unter Annahme des Einfrierens der wesentlichen Ergebnisfaktoren (wie z.B. Energiepreise, Rohstoffpreise, Verkaufspreise etc.) auf das aktuelle Niveau bis Geschäftsjahresende gibt. Das Ergebnis wird im Rahmen der monatlichen Divisionsmeetings an den AGRANA-Vorstand berichtet.
Zinsänderungsrisiken sind durch Wertschwankungen von Finanzinstrumenten infolge einer Änderung des Marktzinssatzes bestimmt (zinsbedingtes Kursrisiko). Variabel verzinsliche Anlagen oder Kreditaufnahmen unterliegen dagegen keinem Kursrisiko, da der Zinssatz zeitnah der Marktzinslage angepasst wird. Durch die Schwankung des kurzfristigen Zinssatzes ergibt sich aber ein Risiko hinsichtlich der künftigen Zinszahlung (zinsbedingtes Zahlungsstromrisiko). Zur Absicherung werden in einem begrenzten Umfang derivative Instrumente eingesetzt.
Währungsrisiken können im Wesentlichen aufgrund von Finanzierungen in Fremdwährungen entstehen. Durch die globale Ausrichtung der AGRANA-Gruppe betreffen diese Risiken vor allem die Kursrelationen von US-Dollar, ungarischem Forint, polnischem Zloty, rumänischem Leu, ukrainischer Hrivna bzw. russischem Rubel zum Euro. Zur Absicherung werden in einem begrenzten Umfang derivative Instrumente eingesetzt.
Liquiditätsrisiken infolge von Schwankungen im Cashflow werden durch die Liquiditätsplanung erkannt, die einen integrierten Bestandteil der Unternehmensplanung und des Berichtssystems bildet, was wiederum eine rechtzeitige Einleitung von Maßnahmen zur Gegensteuerung ermöglicht. Ausreichende, von Kreditinstituten zugesagte Kreditlinien sichern jederzeit die Liquidität der AGRANA-Gruppe.
Risiken aus Forderungsausfällen werden durch die laufende Überprüfung der Bonität und des Zahlungsverhaltens der Kunden sowie durch die Vorgabe strikter Obergrenzen für offene Forderungen minimiert. Besonderes Augenmerk wird auf die ausgezeichnete Bonität von Geschäftspartnern und Kreditinstituten gelegt. Das verbleibende Risiko wird durch Rückstellungen in angemessener Höhe abgedeckt.
Die AGRANA Beteiligungs-Aktiengesellschaft hat Haftungen für Konzerngesellschaften übernommen. Sollten Haftungen schlagend werden, ergibt sich daraus ein nicht unerhebliches Liquiditätsrisiko.
Durch die laufende Überwachung der Beteiligungen sowie die konzernweite Liquiditätsund Finanzplanung kann Zahlungsengpässen zeitgerecht entgegengewirkt werden.
Zusammenfassend sieht der Vorstand der AGRANA Beteiligungs-AG keine bestandsgefährdenden Risiken für das Geschäftsjahr 2011/12.
Der AGRANA-Vorstand bekennt sich zur Verantwortung der Einrichtung und Ausgestaltung eines internen Kontrollsystems (IKS) und Risikomanagementsystems (RMS) im Hinblick auf den Rechnungslegungsprozess sowie die Einhaltung der maßgeblichen gesetzlichen Vorschriften. Das interne Kontrollsystem von AGRANA ist so ausgestattet, dass die erforderliche Sicherheit für die Verlässlichkeit der Finanzberichterstattung und der extern publizierten Jahresabschlüsse gewährleistet ist.
Vom Controlling wird monatlich ein standardisierter Bericht erstellt, der Informationen über die Entwicklung der Konzerngesellschaften enthält. Der Umfang ist konzerneinheitlich festgelegt und umfasst neben detaillierten Absatzdaten, Bilanz, Gewinn- und Verlustrechnung und die daraus ableitbaren Kenzahlen, wie Cashflow, ROCE, Working Capital, Deckungsbeitrag etc.
AGRANA verfügt über ein unternehmensweites Risikomanagementsystem, in dessen Rahmen alle relevanten Chancen und Risiken identifiziert, evaluiert und Maßnahmen zur Gegensteuerung definiert werden. Schwerpunkte sind dabei die für das Unternehmen relevanten Risikofelder wie regulatorische und rechtliche Rahmenbedingungen, Rohstoffbeschaffung, Wettbewerbs- und Marktrisiken sowie Finanzierung. Das direkt dem Vorstand berichtende Risikomanagementteam legt besonderes Augenmerk auf die laufende Überprüfung und Aktualisierung der Chancen und Risiken und auf die Stärkung des Risikobewusstseins aller Mitarbeiter im Konzern.
Auf Grundlage eines vom Vorstand genehmigten jährlichen Revisionsplanes und einer konzernweiten Risikobewertung aller Unternehmensaktivitäten überprüft die interne Revision operative Prozesse auf Risikomanagement und Effizienzverbesserungsmöglichkeit. Weiters überwacht sie die Einhaltung gesetzlicher Bestimmungen, interner Richtlinien und Prozesse. Ein weiteres Betätigungsfeld der internen Revision sind Ad-hoc-Prüfungen, die auf Veranlassung des Managements erfolgen und auf aktuelle und zukünftige Risiken abzielen. Die Ergebnisse werden regelmäßig an den AGRANA-Vorstand sowie die jeweilige Geschäftsführung berichtet.
Im Rahmen der Jahresabschlussprüfung beurteilt der Wirtschaftsprüfer jährlich, soweit es für sein Prüfungsurteil erforderlich ist, das interne Kontrollsystem des Rechnungslegungsprozesses und der IT-Systeme. Die Ergebnisse der Prüfungshandlungen werden dem Prüfungsausschuss im Aufsichtsrat berichtet.
Als wesentliches Kontrollorgan fungiert der Aufsichtsrat der AGRANA Beteiligungs-Aktiengesellschaft. Der Aufsichtsrat hielt im Geschäftsjahr 2011/12 vier Sitzungen ab. Seine Beratungs- und Kontrolltätigkeit übt der Aufsichtsrat entsprechend der Bedeutung der Thematik und ihrer sachlichen Zuordnung auch mittels dreier Ausschüsse aus:
Der Personalausschuss befasst sich mit den Rechtsbeziehungen zwischen der Gesellschaft und den Mitgliedern des Vorstandes. Als Nominierungs- und Vergütungsausschuss ist er zuständig für die Nachfolgeplanung im Vorstand und beschließt die Vergütungsschemata für die Mitglieder des Vorstandes. Der Präsidialausschuss, der gleichzeitig als Strategieausschuss fungiert, hat die Beschlussfassung in strategischen Angelegenheiten des Aufsichtsrates vorzubereiten und in dringenden Fällen Entscheidungen zu treffen. Der Prüfungsausschuss befasst sich vorbereitend für den Aufsichtsrat mit allen Fragen des Jahresabschlusses und der Prüfung der Rechnungslegung und des Konzernabschlusses. Er überwacht die Wirksamkeit des internen Kontroll-, Revisions- und Risikomanagementsystems und überprüft die Unabhängigkeit und Qualifikation des Abschlussprüfers.
Das Grundkapital der AGRANA Beteiligungs-AG beträgt zum Stichtag 29. Februar 2012 103,2 m€ und ist in 14.202.040 auf Inhaber lautende Stückaktien (Stammaktien mit Stimmrecht) geteilt. Weitere Aktiengattungen bestehen nicht.
Die Z&S Zucker und Stärke Holding AG (Z&S) mit Sitz in Wien hält als Mehrheitsaktionär 75,5 % des Grundkapitals der AGRANA Beteiligungs-AG. Die Z&S ist eine 100 %-Tochter der AGRANA Zucker, Stärke und Frucht Holding AG mit Sitz in Wien, an welcher die Südzucker AG Mannheim/Ochsenfurt (Südzucker) mit Sitz in Mannheim/Deutschland und die Zucker-Beteiligungsgesellschaft m.b.H. (ZBG) mit Sitz in Wien je zur Hälfte beteiligt sind. An der ZBG halten die "ALMARA" Holding GmbH, eine Tochtergesellschaft der Raiffeisen-Holding Niederösterreich Wien registrierte Genossenschaft mit beschränkter Haftung, die Marchfelder Zuckerfabriken Gesellschaft m.b.H., die Estezet Beteiligungsgesellschaft m.b.H., die Rübenproduzenten Beteiligungs GesmbH und die Leipnik-Lundenburger Invest Beteiligungs AG, jeweils Wien, Beteiligungen.
Aufgrund eines zwischen der Südzucker und der ZBG abgeschlossenen Syndikatsvertrages sind die Stimmrechte der Syndikatspartner in der Z&S gebündelt, und es bestehen unter anderem Übertragungsbeschränkungen der Aktien und bestimmte Nominierungsrechte der Syndikatspartner für die Organe der AGRANA Beteiligungs-AG und der Südzucker. So ist Dipl.-Ing. Johann Marihart von der ZBG als Mitglied des Vorstandes der Südzucker und Dkfm. Thomas Kölbl seitens Südzucker als Vorstandsmitglied der AGRANA Beteiligungs-AG bestellt.
Die restlichen 24,5 % des Grundkapitals befinden sich im Streubesitz. Das britische Finanzunternehmen Prudential plc, London/Großbritannien, und einige seiner Tochtergesellschaften sind seit Februar 2011 mit einem Anteil von mehr als 15% am AGRANA-Grundkapital beteiligt.
Keine Inhaber von Aktien verfügen über besondere Kontrollrechte. Mitarbeiter, die auch Aktionäre der AGRANA Beteiligungs-AG sind, üben ihre Stimmrechte individuell aus.
Hinsichtlich der Möglichkeit des Vorstandes, Aktien auszugeben oder zurückzukaufen, bestehen keine Befugnisse des Vorstandes im Sinne des § 243a Z. 7 UGB.
Die AGRANA Beteiligungs-Aktiengesellschaft hatte in 2011/12 keine Zweigniederlassungen
Abgesehen von der Zustimmung der EU-Kommission zur Fusion der im Bereich Fruchtsaftkonzentrat tätigen Gesellschaften AGRANA Juice Holding GmbH, Gleisdorf/Österreich, und Ybbstaler Fruit Austria GmbH, Kröllendorf/Österreich, welche von der AGRANA Beteiligungs-AG bzw. der RWA Raiffeisen Ware Austria AG, Wien, gehalten werden, sind nach dem Bilanzstichtag am 29. Februar 2012 keine keine wesentlichen berichtspflichtigen Ereignisse eingetreten. Näheres zur genehmigten Fusion ist auf Seite 18 dieser Beilage angeführt.
Das sehr erfolgreiche Geschäftsjahr 2011/12 stellt eine herausfordernde Vorgabe für 2012/13 dar. Basierend auf einer soliden Bilanzstruktur zum 29. Februar 2012 und einem diversifizierten Geschäftsmodell sieht sich AGRANA aber auch für das neue Geschäftsjahr gut gerüstet und rechnet mit einer soliden Ergebnisentwicklung in allen Geschäftsbereichen.
Durch kontinuierlich fortgeführte Strukturverbesserungen und konsequente Marktbearbeitung will der Konzern die Herausforderungen im Rahmen weiterhin volatiler Märkte meistern und ist optimistisch, das Wachstum nachhaltig weiterzuentwickeln. Auch der langfristige Trend hin zu höherwertiger, gesunder Ernährung bleibt für AGRANA ebenso ein Wachstumstreiber wie die Ausrichtung auf Emerging Markets.
Die AGRANA Beteiligungs-Aktiengesellschaft erwartet vor diesem Hintergrund auch für das Geschäftsjahr 2012/13 ein weiteres Wertwachstum ihrer Beteiligungen und ein stabiles Beteiligungsergebnis.
Wien, am 30. April 2012
Dipl.-Ing. Johann Marihart e.h. Mag. Dipl.-Ing. Dr. Fritz Gattermayer e.h.
Mag. Walter Grausam e.h. Dkfm. Thomas Kölbl e.h.
zum
der
Donau-City-Straße 9, 1220 Wien
| Gewinn- und Verlustrechnung vom 1.03.2011 - 29.02.2012 |
Vorjahr | ||
|---|---|---|---|
| EUR | EUR | TEUR | |
| 1. Umsatzerlöse | 69.024,12 | 71 | |
| 2. Sonstige betriebliche Erträge a) Erträge aus dem Abgang vom Anlagevermögen |
|||
| mit Ausnahme der Finanzanlagen | 185,00 | 18 | |
| b) Erträge aus der Auflösung von Rückstellungen c) Übrige |
517.256,56 33.727.782,43 |
21 24.422 |
|
| 34.245.223,99 | 24.461 | ||
| 3. Personalaufwand | |||
| a) Gehälter | -13.823.471,24 | -11.740 | |
| b) Aufwendungen für Abfertigungen u. Leistungen an betriebliche Mitarbeitervorsorgekassen |
-315.547,92 | -358 | |
| c) Aufwendungen für Altersversorgung | -1.201.111,83 | -609 | |
| d) Aufwendungen für gesetzlich vorgeschriebene | |||
| Sozialabgaben sowie vom Entgelt abhängige | |||
| Abgaben und Pflichtbeiträge e) Sonstige Sozialaufwendungen |
-2.592.238,66 -133.081,79 |
-2.282 -116 |
|
| -18.065.451,44 | -15.104 | ||
| 4. Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen |
-1.568.668,57 | -1.845 | |
| 5. Sonstige betriebliche Aufwendungen | |||
| a) übrige | -23.295.380,06 | -19.196 | |
| 6. Zwischensumme aus Z 1 bis 5 (Betriebserfolg) | -8.615.251,96 | -11.613 | |
| 7. Erträge aus Beteiligungen davon aus verbundenen Unternehmen EUR 53.820.266,00 (Vorjahr TEUR 37.855) |
53.825.266,00 | 37.860 | |
| 8. Erträge aus anderen Wertpapieren des | |||
| Finanzanlagevermögens | 5.215.374,93 | 5.235 | |
| 9. Sonstige Zinsen und ähnliche Erträge | 1.311.588,04 | 2.761 | |
| davon aus verbundenen Unternehmen EUR 1.306.954,13 (Vorjahr TEUR 381) |
|||
| 10. Zinsenaufwendungen davon betreffend verbundenene Unternehmen EUR 0 (Vorjahr TEUR 0) |
-2.407,38 | -435 | |
| 11. Zwischensumme aus Z 7 bis 10 ( Finanzerfolg) | 60.349.821,59 | 45.421 | |
| 12. Ergebnis der gewöhnlichen Geschäftstätigkeit | 51.734.569,63 | 33.808 | |
| 13. Steuern vom Einkommen davon Steuerumlagen EUR 18.169.923,49 (Vorjahr TEUR 3.141) |
808.025,91 | 1.072 | |
| 14. Jahresüberschuss | 52.542.595,54 | 34.880 | |
| 15. Gewinnvortrag aus dem Vorjahr | 2.196.361,48 | 1.401 | |
| 16. Bilanzgewinn | 54.738.957,02 | 36.281 |
| Bilanz zum 29. Feber 2012 |
Vorjahr | ||
|---|---|---|---|
| A K T I V A | EUR | EUR | TEUR |
| A. Anlagevermögen | |||
| I. Immaterielle Vermögensgegenstände | 1.641.189,00 | 1.228 | |
| II. Sachanlagen | 1.047.381,27 | 899 | |
| III. Finanzanlagen | 489.134.525,68 | 475.800 | |
| 491.823.095,95 | 477.927 | ||
| B. Umlaufvermögen | |||
| I. Forderungen und sonstige Vermögens- gegenstände |
|||
| 1. Forderungen gegenüber verbundenen Unternehmen |
130.826.908,11 | 95.734 | |
| 2. Sonstige Forderungen und Vermögens- gegenstände |
9.203.743,42 | 22.832 | |
| 140.030.651,53 | 118.566 | ||
| II. Kassenbestand, Guthaben bei Kreditinstituten |
84.193,31 | 4 | |
| 140.114.844,84 | 118.570 | ||
| 631.937.940,79 | 596.496 |
| Bilanz zum 29. Feber 2012 |
Vorjahr | ||
|---|---|---|---|
| P A S S I V A | EUR | EUR | TEUR |
| A. Eigenkapital | |||
| I. Grundkapital | 103.210.249,78 | 103.210 | |
| II. Kapitalrücklagen | |||
| 1. Gebundene 2. Nicht gebundene |
373.422.710,55 45.566.884,45 |
373.423 45.567 |
|
| III. Gewinnrücklagen | 418.989.595,00 | 418.990 | |
| 1. Gesetzliche Rücklage 2. Andere (freie) Rücklagen |
47.964,07 13.880.000,00 |
13.927.964,07 | 48 13.880 13.928 |
| IV. Bilanzgewinn davon Gewinnvortrag EUR 2.196.361,48 (Vorjahr TEUR 1.401) |
54.738.957,02 | 36.281 | |
| B. Rückstellungen | 590.866.765,87 | 572.409 | |
| 1. Rückstellungen für Abfertigungen 2. Steuerrückstellungen 3. Sonstige Rückstellungen |
2.572.090,03 21.766.210,40 4.179.659,32 |
28.517.959,75 | 2.429 6.960 3.208 12.597 |
| C. Verbindlichkeiten | |||
| 1. Verbindlichkeiten gegenüber Kreditinstituten 2. Verbindlichkeiten aus Lieferungen und Leistungen |
202,45 1.045.983,83 |
0 560 |
|
| 3. Verbindlichkeiten gegenüber verbundenen Unternehmen 4. Sonstige Verbindlichkeiten davon aus Steuern EUR 1.192.202,65 (Vorjahr TEUR 516) davon im Rahmen der sozialen Sicherheit |
7.445.014,11 4.062.014,78 |
7.845 3.085 |
|
| EUR 232.590,23 (Vorjahr TEUR 186) | 12.553.215,17 | 11.490 | |
| 631.937.940,79 | 596.496 | ||
| Haftungsverhältnisse | 465.820.888,00 | 321.758 |
Die Erstellung des Jahresabschlusses erfolgte nach den Bestimmungen des Unternehmensgesetzbuches (§ 189 ff UGB) in der geltenden Fassung.
Die Gliederungsvorschriften der §§ 224 und 231 Abs 2 UGB wurden eingehalten, wobei für den Ausweis des Anlagevermögens das Wahlrecht gemäß § 223 Abs 6 UGB zur Verbesserung der Klarheit der Darstellung in Anspruch genommen wurde. Die zusammengefassten Posten sind im Anhang aufgegliedert.
Die zahlenmäßige Darstellung erfolgt in EURO (EUR), jene der Vorjahresbeträge in tausend EURO (TEUR).
Für die Darstellung der Gewinn- und Verlustrechnung wurde das Gesamtkostenverfahren gewählt.
Der Jahresabschluss wurde unter Beachtung der Grundsätze ordnungsmäßiger Buchführung sowie unter Beachtung der Generalnorm, ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens zu vermitteln, aufgestellt.
Bei der Erstellung des Jahresabschlusses wurde der Grundsatz der Vollständigkeit eingehalten.
Bei der Bewertung der einzelnen Vermögensgegenstände und Schulden wurde der Grundsatz der Einzelbewertung beachtet und eine Fortführung des Unternehmens unterstellt.
Dem Vorsichtsprinzip wurde dadurch Rechnung getragen, dass nur die am Abschlussstichtag verwirklichten Gewinne ausgewiesen wurden. Alle erkennbaren Risiken und drohenden Verluste wurden berücksichtigt.
Der Jahresabschluss der Gesellschaft wird beim Firmenbuch des Handelsgerichtes Wien eingereicht.
Der Teil-Konzernabschluss der AGRANA Beteiligungs-Aktiengesellschaft, Wien, wird in den Konzernabschluss der Südzucker Aktiengesellschaft Mannheim/Ochsenfurt, Mannheim aufgenommen und dieser beim Handelsregister des Amtsgerichtes Mannheim hinterlegt. Der Konzernabschluss der AGRANA Beteiligungs-Aktiengesellschaft wird beim Handelsgericht Wien hinterlegt.
Die immateriellen Vermögensgegenstände werden zu Anschaffungskosten bewertet, die um die planmäßigen Abschreibungen vermindert sind.
Die planmäßige Abschreibung wird linear vorgenommen.
Folgende Nutzungsdauer wird der planmäßigen Abschreibung zugrundegelegt:
| Jahre | Prozent | |
|---|---|---|
| Markenrechte | 10 | 10 |
| EDV-Software | 3 - 4 | 33 - 25 |
Außerplanmäßige Abschreibungen auf einen zum Abschlussstichtag niedrigeren beizulegenden Wert werden vorgenommen, wenn die Wertminderungen voraussichtlich von Dauer sind.
Das Sachanlagevermögen wird zu Anschaffungskosten bewertet, die um die planmäßigen Abschreibungen vermindert sind.
Die planmäßige Abschreibung wird linear vorgenommen.
Folgende Nutzungsdauern werden der planmäßigen Abschreibung zugrundegelegt:
| Jahre | Prozent | |
|---|---|---|
| Gebäude | 40 - 50 | 2,5 - 2 |
| Geschäftsausstattung | 5-10 | 20 - 10 |
| EDV-Ausstattung | 3 | 33,33 |
| Gebrauchte Geschäftsausstattung und EDV | 1 - 5 | 100 - 20 |
Gemäß Strukturanpassungsgesetz 1996 ergibt sich eine steuerliche Abschreibungsdauer für Personenkraftfahrzeuge von 8 Jahren. Unternehmensrechtlich wird eine Nutzungsdauer von 5 Jahren zugrundegelegt.
Außerplanmäßige Abschreibungen auf einen zum Abschlussstichtag niedrigeren beizulegenden Wert werden vorgenommen, wenn die Wertminderungen voraussichtlich von Dauer sind
Die Beteiligungen werden zu Anschaffungskosten oder zu dem niedrigeren Wert, der ihnen gemäß § 204 (2) UGB beizulegen ist, bewertet.
Gemäß Strukturanpassungsgesetz 1996 werden Abschreibungen bzw. Verluste aus Beteiligungen steuerrechtlich auf 7 Jahre verteilt angesetzt. Unternehmensrechtlich wird dieser Aufwand im Entstehungsjahr zur Gänze geltend gemacht.
Wertpapiere (Wertrechte) des Anlagevermögens werden zu den Anschaffungskosten bzw. niedrigeren Marktwerten am Bilanzstichtag bewertet.
Der Gesamtwert der unterlassenen Zuschreibung (gemäß § 208 Abs. 3 UGB) beläuft sich bei Wertpapieren auf EUR 7.666,00 (im Vorjahr 1 TEUR).
Die Forderungen und sonstigen Vermögensgegenstände sind mit dem Nennwert angesetzt, soweit nicht im Fall erkennbarer Einzelrisken der niedrigere beizulegende Wert angesetzt wird.
Der gemäß § 198 (10) UGB aktivierbare Betrag in der Höhe von EUR 369.366,78 (im Vorjahr 315 TEUR) wurde in die Bilanz nicht aufgenommen.
Die Rückstellungen für Abfertigungen wurden gemäß § 198 und 211 UGB nach finanzmathematischen Grundsätzen ermittelt. Dazu wurde ein Gutachten der Valida Consulting GmbH, Wien, eingeholt. Der Rückstellungsberechnung liegen ein Rechnungszinssatz von 4,5 % (im Vorjahr 4 %), Fluktuationsabschläge je nach Dienstangehörigkeit von 0-7,89 % (im Vorjahr 0-8,9 %) sowie Gehaltsanpassungen zugrunde.
Die Pensionsverpflichtungen sind seit 2002 an eine Pensionskasse ausgegliedert. Es wurde der Gesamtbetrag der rückgestellten Pensionsansprüche an die Kasse übertragen.
Die zu entrichtenden Pensionsbeiträge werden auf Basis eines Rechnungszinssatzes von 3,5 % so bemessen, dass die vereinbarte Alterspension ausfinanziert ist, wenn die Anwartschaftsberechtigten das 65. (Vorjahr: 65) Lebensjahr vollendet haben. Bei Auftreten von kapitalmäßigen Deckungslücken besteht eine Nachschusspflicht an die Pensionskassa. Die Rückstellung für die Nachschussverpflichtung wird unter den sonstigen Rückstellungen ausgewiesen.
Die Rückstellungen für nicht verbrauchte Urlaube wurden in voller erforderlicher Höhe passiviert. Die Jubiläumsgelder wurden nach finanzmathematischen Grundsätzen ermittelt und konzerneinheitlich der Rechnungszinssatz von 4,5 % (im Vorjahr 4 %) verwendet, wobei je nach Dienstangehörigkeit von 0- 7,89 % (im Vorjahr 0-8,9 %) Fluktuationsabschlag in der Berechnung berücksichtigt wurden.
Die übrigen Rückstellungen berücksichtigen alle nach vernünftiger unternehmerischer Beurteilung erkennbaren Risiken und ungewissen Verpflichtungen.
Die Verbindlichkeiten sind mit dem Rückzahlungsbetrag angesetzt. Fremdwährungsverbindlichkeiten sind mit dem höheren Devisenbriefkurs am Bilanzstichtag bewertet.
Die Entwicklung der einzelnen Posten des Anlagevermögens ist im Anlagespiegel (Anlage 1) dargestellt.
Der Anteilsbesitz gemäß § 238 Z 2 UGB (mindestens 20 % Kapitalanteil) stellt sich wie folgt dar:
| Höhe | Eigenkapital gem. | Ge | Jahresüber | |
|---|---|---|---|---|
| Beteiligungsunternehmen | des | § 229 UGB | schäfts | schuss/fehlbetr |
| Anteils | EUR | jahr | ag | |
| % | EUR | |||
| Anteile an verbundenen Unternehmen: | ||||
| AGRANA Marketing- und | ||||
| Vertriebsservice Ges.m.b.H, Wien | 100,00 | 5.693.697,75 | 2011/1 | 416.618,77 |
| 2 | ||||
| AGRANA J & F Holding GmbH, Wien*) | 98,91 | 249.002.586,12 | 2011/1 | -718.688,35 |
| 2 | ||||
| AGRANA Zucker GmbH., Wien *) | 98,91 | 282.335.832,54 | 2011/1 | 66.500.699,34 |
| 2 | ||||
| AGRANA Stärke GmbH., Wien *) | 98,91 | 198.881.949,17 | 2011/1 | 58.366.370,29 |
| 2 | ||||
| INSTANTINA Nahrungsmittel Entwick | ||||
| lungs- und Produktions- GesmbH, Wien | 66,67 | 7.706.532,48 | 2011/1 | 938.781,76 |
| 2 | ||||
| Zuckerforschung Tulln Ges.m.b.H., Tulln | 100,00 | 3.349.958,22 | 2011 | 1.430.707,56 |
*) Die restlichen Anteile auf 100 % werden von Tochtergesellschaften gehalten.
| Restlaufzeit | Restlaufzeit | Bilanzwert | |
|---|---|---|---|
| in EUR (Vorjahr in TEUR) | bis 1 Jahr | von mehr | |
| als 1 Jahr | |||
| Forderungen gegenüber verbundenen | |||
| Unternehmen | 130.826.908,1 | 0 | 130.826.908,11 |
| (28.02.2011) | 1 | (0) | (95.734) |
| (95.734) | |||
| Sonstige Forderungen und | |||
| Vermögensgegenstände | 9.185.698,42 | 18.045,00 | 9.203.743,42 |
| (28.02.2011) | (22.813) | (18) | (22.832) |
| Summe | 140.012.606, | 18.045,0 | 140.030.651, |
| (28.02.2011) | 53 | 0 | 53 |
| (118.547) | (18) | (118.566) |
Die Forderungen gegen verbundene Unternehmen im Betrag von EUR 130.826.908,11 (im Vorjahr 95.734 TEUR) betreffen in Höhe von EUR 116.649.392,46 (im Vorjahr 95.734 TEUR) sonstige Forderungen und in Höhe von EUR 14.177.515,65 Kreditforderungen gegenüber der AGRANA JUICE (XIANYANG) CO. LTD (vormals Xianyang Andre Juice Co., Ltd). Letztere werden im Unterschied zum Vorjahr nicht unter den sonstigen Forderungen und Vermögensgegenständen, sondern unter diesem Posten ausgewiesen, da im Zuge der Auflösung der Joint Ventures an den chinesischen Juice-Gesellschaften die restlichen 50% der Anteile an der AGRANA JUICE (XIANYANG) CO. LTD (vormals Xianyang Andre Juice Co., Ltd) erworben wurden.
Die sonstigen Forderungen und Vermögensgegenstände enthalten im Wesentlichen Abgrenzungen von Zinsen aus Partizipationsscheinen in Höhe von EUR 5.206.250,00 (im Vorjahr 5.206 TEUR), Forderungen aus Kapitalertragsteuer gegenüber dem Finanzamt Wien 1/23 in Höhe von EUR 2.505.779,11 (im Vorjahr 1.219 TEUR), die Kreditforderung gegenüber Yongji Andre Juice Co., Ltd. in Höhe von EUR 1.088.731,50 (im Vorjahr TEUR 2.178), Abgrenzungen aus Wertpapierzinsen sowie andere kurzfristige Forderungen. Die Kreditforderung gegenüber Yongji Andre Juice Co., Ltd. wurde im Betrag von EUR 1.136.412,71 (im Vorjahr TEUR 47) wertberichtigt.
In den sonstigen Forderungen sind wesentliche Erträge, die erst nach dem Bilanzstichtag zahlungswirksam werden, in der Höhe von EUR 5.214.427,53 (im Vorjahr 5.214 TEUR) enthalten.
Das Grundkapital in Höhe von EUR 103.210.249,78 setzt sich wie folgt zusammen:
14.202.040 Stück nennbetragslose Stückaktien - Stammaktien
| Kapitalrücklagen | Stand | Veränderung | Stand 29.02.2012 |
|---|---|---|---|
| 01.03.2011 | EUR | EUR | |
| EUR | |||
| Gebundene | 373.422.710,55 | 0,00 | 373.422.710,55 |
| Nicht gebundene | 45.566.884,45 | 0,00 | 45.566.884,45 |
| Summe | 418.989.595, | 0,00 | 418.989.595,0 |
| 00 | 0 |
| Stand | Veränderung | Stand 29.02.2012 | |
|---|---|---|---|
| 01.03.2011 | EUR | EUR | |
| EUR | |||
| Gesetzliche Rücklage | 47.964,07 | 0,00 | 47.964,07 |
| Andere Rücklagen (freie Rückla | 13.880.000,00 | 0,00 | 13.880.000,00 |
| gen) | |||
| Summe | 13.927.964,0 | 0,00 | 13.927.964,07 |
| 7 |
Die Berechnung der Rückstellungen für Abfertigungen und der sonstigen Rückstellungenwird unter den Bilanzierungs- und Bewertungsgrundsätzen erläutert.
Die sonstigen Rückstellungen gliedern sich wie folgt:
| Stand | (V) Verbrauch | Zuweisung | Stand am | ||
|---|---|---|---|---|---|
| 01.03.2011 | (A) Auflösung | 29.02.2012 | |||
| in EUR | in EUR | in EUR | in EUR | ||
| Nicht konsumierte Ur | |||||
| laube | 1.203.481,29 | 0,00 | 222.209,89 | 1.425.691,18 | |
| Aufsichtsratsvergütun | |||||
| gen | 165.000,00 | (V) | 165.000,00 | 200.000,00 | 200.000,00 |
| Sonderzahlungen | 277.066,61 | 0,00 | 54.211,62 | 331.278,23 | |
| Nachschussverpflichtung | |||||
| an die Pensionskasse | 0,00 | 0,00 | 354.550,00 | 354.550,00 | |
| Jubiläumsgelder | 283.243,50 | (A) | 54.571,00 | 0,00 | 228.672,50 |
| (V) | 167.680,00 | ||||
| Prüfungsaufwand | 216.700,00 | (A) | 10.120,00 | 175.000,00 | 213.900,00 |
| Pensionsansprüche | 129.860,67 | 0,00 | 82.201,35 | 212.062,02 | |
| Veröffentlichungsauf | (V) | 171.592,90 | |||
| wand | 176.000,00 | (A) | 4.407,10 | 176.000,00 | 176.000,00 |
| Ausstehende Eingangs | (V) | 977.052,91 | |||
| rechnungen | 628.000,00 | (A) | 500.947,09 | 1.724.775,00 | 874.775,00 |
| Altersteilzeit | 92.196,43 | 0,00 | 12.683,96 | 104.880,39 | |
| Kosten der Hauptver | |||||
| sammlung | 32.000,00 | (V) | 32.000,00 | 38.000,00 | 38.000,00 |
| Kosten Bilanzpressekon | (V) | 2.967,63 | |||
| ferenz | 3.500,00 | (A) | 532,37 | 3.800,00 | 3.800,00 |
| (V) | 250,00 | ||||
| Sonstiges | 1.500,00 | (A) | 1.250,00 | 16.050,00 | 16.050,00 |
| 3.208.548, | (V)1.516.543,44 | 3.059.481, | 4.179.659, | ||
| Summe | 50 | (A) 571.827,56 | 82 | 32 |
| 29.02.2012 | 28.02.2011 | |
|---|---|---|
| in EUR | in TEUR | |
| Verbindlichkeiten gegenüber Kreditinstituten | 202,45 | 0,17 |
| davon mit RLZ von bis 1 Jahr | (202,45) | (0,17) |
| davon mit RLZ von 1 bis 5 Jahren | (0) | (0) |
| Verbindlichkeiten aus Lieferungen und Leis | 1.045.983,83 | 559 |
| tungen | (1.022.394,70) | (533) |
| davon mit RLZ von bis 1 Jahr | (14.785,28) | (14) |
| davon mit RLZ von 1 bis 5 Jahren | (8.803,85) | (12) |
| davon mit RLZ von mehr als 5 Jahren | ||
| Verbindlichkeiten gegenüber | ||
| verbundenen Unternehmen | 7.445.014,11 | 7.844 |
| davon mit RLZ von bis 1 Jahr | (7.445.014,11) | (7.844) |
| Sonstige Verbindlichkeiten | 4.062.014,78 | 3.085 |
| davon mit RLZ von bis 1 Jahr | (4.062.014,78) | (3.085) |
| Summe | 12.553.215,17 | 11.489 |
| davon mit RLZ von bis 1 Jahr | (12.529.626,04) | (11.463) |
| davon mit RLZ von 1 bis 5 Jahren | (14.785,28) | (14) |
| davon mit RLZ von mehr als 5 Jahren | (8.803,85) | (12) |
In den sonstigen Verbindlichkeiten sind die Abgrenzungen für erfolgsabhängige Personalprämien in Höhe von EUR 2.549.362,12 (im Vorjahr 2.165 TEUR), Verbindlichkeiten von Abgaben in Höhe von EUR 1.424.792,88 (im Vorjahr 703 TEUR) sowie sonstige Verbindlichkeiten in Höhe von EUR 87.859,78 (im Vorjahr 216 TEUR), enthalten.
In den sonstigen Verbindlichkeiten sind wesentliche Aufwendungen, die erst nach dem Bilanzstichtag zahlungswirksam werden, in folgender Höhe enthalten: erfolgsabhängige Personalprämien EUR 2.549.362,12 (im Vorjahr 2.165 TEUR) sowie Verbindlichkeiten von Abgaben in Höhe von EUR 576.862,04 (im Vorjahr 470 TEUR).
In den Verbindlichkeiten gegen verbundenen Unternehmen sind sonstige Verbindlichkeiten in Höhe von EUR 7.445.014,11 (im Vorjahr 7.844 TEUR) enthalten.
Die Miete Strabaghaus für 2012/13 beträgt EUR 1.041.213,00. Für fünf Jahre beträgt die Miete aus heutiger Sicht insgesamt EUR 5.206.065,00 (im Vorjahr 5.036 TEUR).
Die Miete für die Telefonanlage Alcatel beträgt 2012/13 EUR 185.882,35 (im Vorjahr 184 TEUR). Bis zum Ende des Mietvertrages am 31.07.2013 beträgt die Miete aus heutiger Sicht EUR 264.007,62.
| 29.02.2012 | 28.02.2011 | |
|---|---|---|
| in EUR | in TEUR | |
| Haftungen aus Wechselobligo | 37.800.000,00 | 39.810 |
| Haftungen aus Zahlungsgarantien | 428.020.888,00 | 281.947 |
| Summe | 465.820.888,00 | 321.757 |
| davon gegenüber verbundenen Unternehmen | 364.702.034,00 | 258.529 |
Die Gewinn- und Verlustrechnung umfasst im Berichtsjahr den Zeitraum vom 01. März 2011 bis 29. Februar 2012, im Vorjahr jenen vom 01. März 2010 bis 28. Februar 2011.
Die Umsatzerlöse in Höhe von EUR 69.024,12 (im Vorjahr 70 TEUR) beinhalten nur Inlandsumsätze.
(10) Die Erträge aus dem Abgang von Anlagevermögen mit Ausnahme der Finanzanlagen belaufen sich auf EUR 185,00 (im Vorjahr 18 TEUR).
(11) Die Erträge aus der Auflösung von Rückstellungen von EUR 517.256,56 (im Vorjahr 20 TEUR) beinhalten im Wesentlichen die Auflösung von Rückstellungen für Projekte (EUR 500.000,00; im Vorjahr 0 TEUR) und die teilweise Auflösung der Rückstellung für Prüfungskosten (EUR 10.120,00; im Vorjahr 5 TEUR).
(12) Die übrigen sonstigen betrieblichen Erträge von Euro 33.727.782,43 (im Vorjahr 24.422 TEUR) enthalten Erträge aus Konzernverrechnungen für die Nutzung der Markenrechte in Höhe von EUR 12.860.300,00 (im Vorjahr 10.515 TEUR) sowie solche für IT-Leistungen, Personal und Sonstiges in Höhe von EUR 19.711.018,06 (im Vorjahr 13.563 TEUR), Durchlaufposten in Höhe von EUR 884.038,20 (im Vorjahr 45 TEUR) sowie andere Erträge in Höhe von EUR 272.426,17 (im Vorjahr 298 TEUR).
| 2011/12 in EUR |
2010/11 in TEUR |
|
|---|---|---|
| Gehälter | 13.823.471,24 | 11.741 |
| Aufwendungen für Abfertigungen | 220.402,69 | 282 |
| Leistungen an betriebliche Mitarbeitervor | ||
| sorgekassen (MVK) | 95.145,23 | 75 |
| Aufwendungen für Altersversorgung | 1.201.111,83 | 609 |
| Sozialabgaben und Personalnebenkosten | 2.592.238,66 | 2.281 |
| Sonstige Sozialaufwendungen | 133.081,79 | 116 |
| Summe | 18.065.451,44 | 15.104 |
| Abfertigungen und Leis | tungen an betriebliche Mitarbeitervorsorgekassen |
Pensionen (Rückstellungen) | ||
|---|---|---|---|---|
| 2011/12 | 2010/11 | 2011/12 | 2010/11 | |
| EUR | TEUR | TEUR | TEUR | |
| Vorstand u. Personen lt. § 80 AktG |
94.316,53 | 123 | 1.185.181,89 | 597 |
| andere Arbeitnehmer | 221.231.39 | 234 | 15.929,94 | 11 |
| Summe | 315.547,9 2 |
357 | 1.201.111, 83 |
608 |
Die durchschnittliche Zahl der Arbeitnehmer (ohne Vorstandsmitglieder) während des Geschäftsjahres betrug 145 Angestellte (im Vorjahr 127 Angestellte).
Die Gesamtbezüge der Vorstandsmitglieder betrugen im Berichtsjahr EUR 2.584.071,40 (im Vorjahr 2.395 TEUR). An die Pensionskasse wurden an laufenden Beiträgen EUR 748.430,54 (im Vorjahr 613 TEUR) für die Vorstandsmitglieder bezahlt. Weiters wurde der Vorsorge für künftige Pensionsansprüche ein Betrag in Höhe von EUR 82.201,35 (im Vorjahr 16 TEUR Auflösung) zugewiesen und eine Rückstellung für die Nachschussverpflichtung in Höhe von EUR 354.550,00 (im Vorjahr 0 TEUR) gebildet.
Die Mitglieder des Aufsichtsrates erhielten für ihre Tätigkeit im Geschäftsjahr 2011/12 eine Vergütung von EUR 200.000,00 (im Vorjahr 165 TEUR).
Dieübrigen sonstigen betriebliche Aufwendungen betragen EUR 23.295.380,06 (im Vorjahr 19.196 TEUR) und umfassen im Wesentlichen EDV-Aufwand inkl. EDV Beratung von EUR 7.381.798,90 (im Vorjahr 6.440 TEUR), Rechts-, Prüfungs- und Beratungsaufwendungen von EUR 5.927.231,26 (im Vorjahr 5.544 TEUR), Leasing, Mieten und Pachten von EUR 1.292.165,24 (im Vorjahr 1.270 TEUR), die Zuweisung zur Einzelwertberichtigung Forderung von EUR 1.088.731,50 (im Vorjahr 362 TEUR), Werbeaufwendungen von EUR 1.042.361,74 (im Vorjahr 958 TEUR) sowie andere Aufwendungen in Höhe von EUR 6.563.091,42 (im Vorjahr 4.621 TEUR).
| (15) Erträge aus Beteiligungen | |||
|---|---|---|---|
| -- | -- | -- | -------------------------------- |
| 2011/12 | 2010/2011 | |
|---|---|---|
| in EUR | in TEUR | |
| Erträge von verbundenen Unternehmen | 53.820.266,00 | 37.855 |
| Erträge von sonstigen Beteiligungen | 5.000,00 | 5 |
| Summe | 53.825.266,00 | 37.860 |
| 2011/12 | 2010/2011 | |
|---|---|---|
| in EUR | in TEUR | |
| Körperschaftsteuer | 17.391.795,90 | 2.005 |
| Körperschaftsteuer Vorperioden | -62.102,58 | -10 |
| Steuerumlagen | -18.169.923,49 | -3.140 |
| nicht abzugsfähige Quellensteuer | 32.204,26 | 73 |
| Summe | -808.025,91 | -1.072 |
Mit dem Steuerreformgesetz 2005 wurde ein neues Konzept der Besteuerung von Unternehmensgruppen eingeführt. Die AGRANA-Gruppe hat entsprechend dieser Bestimmungen eine Unternehmensgruppe bestehend aus AGRANA Beteiligungs-AG als Gruppenträger und AGRANA Zucker GmbH, AGRANA Stärke GmbH, AGRANA Marketing- und Vertriebsservice Gesellschaft m.b.H., AGRANA Bioethanol GmbH, AGRANA Internationale Verwaltungs- und Asset-Management GmbH, AGRANA J & F Holding GmbH, AGRANA Juice Holding GmbH, Agrofrucht, Handel mit landwirtschaftlichen Produkten GmbH, AGRANA Group-Services GmbH, INSTANTINA Nahrungsmittel Entwicklungs- und Produktionsgesellschaft m.b.H. und die AGRANA Juice Sales & Customer Service GmbH als Gruppenmitglieder gebildet. Zwischen den Gruppenmitgliedern und dem Gruppenträger erfolgt eine Steuerumlagenverrechnung.
AGRANA AGRO SRL, Roman, Rumänien AGRANA Beteiligungs-Aktiengesellschaft, Wien, Österreich AGRANA BiH Holding GmbH, Wien, Österreich AGRANA Bioethanol GmbH, Wien, Österreich AGRANA Bulgaria AD, Sofia, Bulgarien AGRANA BUZAU SRL, Buzau, Rumänien AGRANA d.o.o., Brčko, Bosnien-Herzegowina AGRANA Fruit Argentina S.A., Buenos Aires, Argentinien AGRANA Fruit Australia Pty Ltd, Central Mangrove, Australien AGRANA Fruit Austria GmbH, Gleisdorf, Österreich AGRANA Fruit Brasil Indústria, Comércio, Importacao e Exportacao Ltda., São Paulo, Brasilien AGRANA Fruit Brasil Participacoes Ltda., São Paulo, Brasilien AGRANA Fruit Dachang Co., Ltd, Dachang, China AGRANA Fruit Fiji Pty. Ltd, Sigatoka, Fidschi AGRANA Fruit France S.A., Mitry-Mory, Frankreich AGRANA Fruit Germany GmbH, Konstanz, Deutschland AGRANA Fruit Istanbul Gida Sanayi ve Ticaret A.S., Zincirlikuyu, Türkei AGRANA Fruit Korea Co. Ltd, Seoul, Südkorea AGRANA Fruit Latinoamerica S. de R.L de C.V, Michoacán, Mexico AGRANA Fruit Luka TOV, Winniza, Ukraine AGRANA Fruit México, S.A. de C.V., Michoacán, Mexico AGRANA Fruit Polska SP z.o.o., Ostrołęka, Polen AGRANA Fruit S.A.S., Mitry-Mory, Frankreich AGRANA Fruit Services GmbH, Wien, Österreich AGRANA Fruit Services Inc., Brecksville, USA AGRANA Fruit Services S.A.S., Mitry-Mory, Frankreich AGRANA Fruit South Africa (Proprietary) Ltd, Kapstadt, Südafrika AGRANA Fruit Ukraine TOV, Winniza, Ukraine
AGRANA Fruit US, Inc, Brecksville, USA
AGRANA Group-Services GmbH, Wien, Österreich
AGRANA Internationale Verwaltungs- und Asset-Management GmbH, Wien, Österreich
AGRANA J & F Holding GmbH, Wien, Österreich
AGRANA Juice Denmark A/S, Køge, Dänemark
AGRANA Juice Holding GmbH, Gleisdorf, Österreich
AGRANA Juice Magyarorzág Kft., Vásásarosnamény, Ungarn
AGRANA Juice Poland Sp z.o.o., Białobrzegi, Polen
AGRANA Juice Romania Vaslui s.r.l., Vaslui, Rumänien
AGRANA Juice Sales & Customer Service GmbH, Gleisdorf, Österreich
AGRANA Juice Sales & Marketing GmbH, Bingen, Deutschland
AGRANA Juice Service & Logistik GmbH, Bingen, Deutschland
AGRANA Juice Ukraine TOV, Winniza, Ukraine
AGRANA JUICE (XIANYANG) CO.,LTD, Xianyang City, China
AGRANA Magyarorzág Értékesitési Kft., Budapest, Ungarn
AGRANA Marketing- und Vertriebsservice Gesellschaft m.b.H., Wien, Österreich
AGRANA Nile Fruits Processing (SAE), Qalyoubia, Ägypten
AGRANA Skrob s.r.o., Hrusšvany, Tschechien
AGRANA Stärke GmbH, Wien, Österreich
AGRANA TANDAREI SRL, Ţăndărei, Rumänien
AGRANA Trading EOOD, Sofia, Bulgarien
AGRANA Zucker GmbH, Wien, Österreich
Agrofrucht, Handel mit landwirtschaftlichen Produkten Gesellschaft m.b.H., Wien, Österreich
Biogáz Fejlesztő Kft., Kaposvár, Ungarn
Company for trade and services AGRANA-STUDEN Serbia d.o.o. Beograd, Beograd , Serbien
Dirafrost FFI N.V., Herk-de-Stad, Belgien
Dirafrost Maroc SARL, Laouamra, Marokko
Dr. Hauser Gesellschaft m.b.H., Hamburg, Deutschland
Financière Atys S.A.S., Mitry-Mory, Frankreich
Flavors from Florida, Inc, Bartow, USA
Frefrost SARL, Laouamra, Marokko
INSTANTINA Nahrungsmittel Entwicklungs- und Produktionsgesellschaft m.b.H., Wien, Österreich
Koronás Irodaház Szolgáltató Korlátolt Felelösségü Társaság, Budapest, Ungarn
Magyar Cukorgyártó és Forgalmazó Zrt., Budapest, Ungarn Moravskoslezské Cukrovary A.S., Hrušovany, Tschechien o.o.o. AGRANA Fruit Moscow Region, Serpuchov, Russland Österreichische Rübensamenzucht Gesellschaft m.b.H., Wien, Österreich PERCA s.r.o., Hrušovany, Tschechien S.C. A.G.F.D. Tandarei s.r.l., Ţăndărei, Rumänien S.C. AGRANA Romania S.A., Bukarest, Rumänien Slovenské Cukrovary s.r.o., Sered', Slowakei "Tremaldi" Beteiligungsverwaltung GmbH, Wien, Österreich YBBSTALER AGRANA JUICE GmbH, Kröllendorf (pol. Gemeinde Allhartsberg), Österreich Yube d.o.o., Požega, Serbien Zuckerforschung Tulln Gesellschaft m.b.H., Wien, Österreich
SÜDZUCKER Aktiengesellschaft Mannheim/Ochsenfurt, Mannheim, Deutschland mit ihren Tochtergesellschaften
AGRAGOLD Holding GmbH, Wien, Österreich AGRANA-STUDEN Beteiligungs GmbH, Wien, Österreich AGRANA-STUDEN Sugar Trading GmbH, Wien, Österreich GreenPower E85 Kft, Szabadegyháza, Ungarn HUNGRANA Keményitö- és Isocukorgyártó és Forgalmazó Kft., Szabadegyháza, Ungarn HungranaTrans Kft., Szabadegyháza, Ungarn STUDEN-AGRANA Rafinerija Secera d.o.o., Brčko, Bosnien-Herzegowina
| G. Aufwendungen für den Abschlussprüfer (§ 237 Z14 UGB) | |||
|---|---|---|---|
| 2011/12 Jahres abschluss |
Andere Bestätigungs leistungen |
Gesamt | 2010/ 11 Jahres ab schluss |
Andere Bestäti gungsleis tungen |
Gesamt | |
|---|---|---|---|---|---|---|
| EUR | EUR | EUR | TEUR | TEUR | TEUR | |
| KPMG Austria AG Wirtschaftsprüfungs und Steuerberatungs |
||||||
| gesellschaft | 25.309,0 0 |
322.871,20 | 348.180,2 0 |
24 | 146 | 170 |
| Summe | 25.309, 00 |
322.871,2 0 |
348.180, 20 |
24 | 146 | 170 |
Dr. Christian KONRAD, Wien Vorsitzender Dr. Wolfgang HEER, Mannheim Stellvertreter des Vorsitzenden Mag. Erwin HAMESEDER, Mühldorf Stellvertreter des Vorsitzenden Dr. Hans-Jörg GEBHARD, Eppingen Mag. Christian TEUFL, Wien Dipl. Ing. Ernst KARPFINGER, Oberweiden Dr. Thomas KIRCHBERG, Ochsenfurt Dr. Jochen FENNER, Gelchsheim
Vom Betriebsrat delegiert: Dipl.Ing. Stephan SAVIC, Wien Ing. Peter VYMYSLICKY, Leopoldsdorf Thomas BUDER, Katzelsdorf Gerhard GLATZ, Hohenberg
Dipl.-Ing. Johann MARIHART, Limberg Vorsitzender Mag. Walter GRAUSAM, Wien Dipl.-Ing. Dr. Fritz GATTERMAYER, Klosterneuburg Dkfm. Thomas KÖLBL, Mannheim-Lindenhof
Wien, am 30. April 2012
Dipl.-Ing. Johann Marihart e.h.
Mag. Walter Grausam e.h.
Dkfm. Thomas Kölbl e.h.
Dipl.-Ing. Dr. Fritz Gattermayer e.h.
AGRANA Beteiligungs-Aktiengesellschaft Anlage 1 Entwicklung des Anlagevermögens im Geschäftsjahr 2011/2012
| A N L A G E V E R M Ö G E N | Anschaffun | gskosten | Abschreibun | gen | Buchwerte | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Stand | Zugang | Abgang | Stand | Stand | Jahres- | gang Ab |
Stand | Stand | Stand | |
| 01.03.11 | 29.02.12 | 01.03.11 | g abschreibun |
29.02.12 | 29.02.12 | 28.02.11 | ||||
| I. Immaterielle Vermögensgegenstände | ||||||||||
| 1. Markenrechte | 611.300,93 | 0,00 | 0,00 | 611.300,93 | 258.254,93 | 61.060,00 | 0,00 | 319.314,93 | 291.986,00 | 353.046,00 |
| gwertige Vermögensgegenstände 2. EDV-Software 3. Gerin |
0,00 4.607.837,52 |
1.481.768,85 23.782,72 |
0,00 23.782,72 |
6.089.606,37 0,00 |
3.733.185,52 0,00 |
1.007.217,85 23.782,72 |
0,00 23.782,72 |
4.740.403,37 0,00 |
1.349.203,00 0,00 |
874.652,00 0,00 |
| 5.219.138,45 | 1.505.551,57 | 23.782,72 | 6.700.907,30 | 3.991.440,45 | 1.092.060,57 | 23.782,72 | 5.059.718,30 | 1.641.189,00 | 1.227.698,00 | |
| II. Sachanlagen | ||||||||||
| 1. Bauten, einschließlich der Bauten auf fremdem Grund |
146.090,57 | 0,00 | 0,00 | 146.090,57 | 52.446,48 | 2.835,00 | 0,00 | 55.281,48 | 90.809,09 | 93.644,09 |
| g 2. Betriebs- und Geschäftsausstattun |
2.771.206,14 | 611.422,35 | 336.157,06 | 3.046.471,43 | 1.965.416,96 | 460.150,35 | 335.668,06 | 2.089.899,25 | 956.572,18 | 805.789,18 |
| gwertige Vermögensgegenstände 3. Gerin |
0,00 | 13.622,65 | 13.622,65 | 0,00 | 0,00 | 13.622,65 | 13.622,65 | 0,00 | 0,00 | 0,00 |
| 2.917.296,71 | 625.045,00 | 349.779,71 | 3.192.562,00 | 2.017.863,44 | 476.608,00 | 349.290,71 | 2.145.180,73 | 1.047.381,27 | 899.433,27 | |
| III. Finanzanlagen | ||||||||||
| 1. Anteile an verbundenen Unternehmen | 391.554.765,83 | 13.335.000,00 | 0,00 | 404.889.765,83 | 1.211.456,15 | 0,00 | 0,00 | 1.211.456,15 | 403.678.309,68 | 390.343.309,68 |
| papiere (Wertrechte) des gungen 2. Beteili 3. Wert |
258.620,00 | 0,00 | 0,00 | 258.620,00 | 0,00 | 0,00 | 0,00 | 0,00 | 258.620,00 | 258.620,00 |
| gevermögens Anla |
85.206.800,00 | 0,00 | 0,00 | 85.206.800,00 | 9.204,00 | 0,00 | 0,00 | 9.204,00 | 85.197.596,00 | 85.197.596,00 |
| 477.020.185,83 | 13.335.000,00 | 0,00 | 490.355.185,83 | 1.220.660,15 | 0,00 | 0,00 | 1.220.660,15 | 489.134.525,68 | 475.799.525,68 | |
| Gesamtsumme | 485.156.620,99 | 15.465.596,57 | 373.562,43 | 500.248.655,13 | 7.229.964,04 | 1.568.668,57 | 373.073,43 | 8.425.559,18 | 491.823.095,95 | 477.926.656,95 |
160 In accordance with section 82 (4) Austrian Stock Exchange Act, the undersigned members of the Management Board, as the legal representatives of AGRANA Beteiligungs-AG, confi rm to the best of their knowledge that:
█ the separate fi nancial statements for the year ended 29 February 2012 give a true and fair view of the fi nancial position, results of operations and cash fl ows of the parent company as required by the applicable accounting standards;
█ the management report for the 2011|12 fi nancial year presents the business performance, fi nancial results and situation of AGRANA Beteiligungs-AG in such a way as to provide a true and fair view of AGRANA's fi nancial position, results of operations and cash fl ows, together with a description of the principal risks and uncertainties faced by the company.
Vienna, 30 April 2012
Johann Marihart Fritz Gattermayer Chief Executive Offi cer Member of the Management Board Present responsibilities: Business Strategy, Present responsibilities: Sales, Raw Materials, Production, Quality Management, Human Resources, Purchasing, and Sugar Segment Communication (including Investor Relations), Research & Develop ment, and Starch Segment
Walter Grausam Thomas Kölbl Member of the Management Board Member of the Management Board Present responsibilities: Finance, Controlling, Responsibility on Internal Audit Treasury, Information Technology and Organisation, Mergers & Acquisitions, Legal, and Fruit Segment
| 2011 12 | |
|---|---|
| € | |
| The fi nancial year to 29 February 2012 | |
| closed with the following net profi t available for distribution | 54,738,957 |
| The Management Board proposes to the | |
| Annual General Meeting to allocate this profi t as follows: | |
| Distribution of a dividend of € 3.60 per ordinary | |
| no-par value share on 14,202,040 participating ordinary shares, | |
| that is, a total of | 51,127,344 |
| Profi t to be carried forward | 3,611,613 |
| 54,738,957 |
161
We have audited the accompanying fi nancial statements, including the accounting system, of AGRANA Beteiligungs-AG, Vienna, for the fi scal year from 1 March 2011 to 29 February 2012. These fi nancial statements comprise the balance sheet as of 29 February 2012, the income statement for the fi scal year 2012, and the notes.
The Company's management is responsible for the accounting system and for the preparation and fair presentation of these fi nancial statements in accordance with Austrian Generally Accepted Accounting Principles. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of fi nancial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Our responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and Austrian Standards on Auditing. Those standards require that we comply with professional guidelines and that we plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the fi nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the eff ectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the fi nancial statements.
We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.
Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the fi nancial statements comply with legal requirements and give a true and fair view of the fi nancial position of the Company as of 29 February 2012 and of its fi nancial performance for the year from 1 March 2011 to 29 February 2012 in accordance with Austrian Generally Accepted Accounting Principles.
Pursuant to statutory provisions, the management report is to be audited as to whether it is consistent with the fi nancial statements and as to whether the other disclosures are not misleading with respect to the Company's position. The auditor's report also has to contain a statement as to whether the management report is consistent with the fi nancial statements and whether the disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
In our opinion, the management report is consistent with the fi nancial statements. The disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
Vienna, 30 April 2012
KPMG Austria AG Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
signed by:
Wirtschaftsprüfer Wirtschaftsprüferin
Mag. Wilhelm Kovsca ppa. Mag. Claudia Draxler-Eisert
(Austrian Chartered Accountants)
The fi nancial statements together with our auditor's opinion may only be published if the fi nancial statements are identical with the audited version attached to this report. Section 281 paragraph 2 UGB (Austrian Commercial Code) applies.
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