AGRANA Zucker, Stärke und Frucht Holding AG holds 100% of the ordinary shares of Z&S Zucker und Stärke Holding AG, 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 financial statements, as their accounts are included in the consolidated financial statements of Südzucker AG, Mannheim/Ochsenfurt, Germany.
Related parties for the purposes of IAS 24 are Südzucker AG of Mannheim/Ochsenfurt and Zucker-Beteiligungsges.m.b.H. of Vienna, as shareholders of AGRANA Zucker, Stärke und Frucht Holding AG. AGRANA’s consolidated financial statements are included in the consolidated accounts of Südzucker AG, Mannheim/Ochsenfurt.
In addition to Südzucker AG, Mannheim/Ochsenfurt, and its subsidiaries, other related parties are Raiffeisen-Holding Niederösterreich-Wien reg. Gen.b.H., Vienna, and its subsidiaries.
At the balance sheet date, borrowings in respect of the foregoing related companies amounted to € 226,513 thousand (prior year: € 83,635 thousand). These borrowings were on normal commercial terms. Of these borrowings, € 152,637 thousand were non-current borrowings (prior year: € 0 thousand). Of the total amount, € 126,513 thousand (prior year: 83,635 thousand) was with companies having significant influence over AGRANA. In the financial year, interest of € 6,876 thousand (prior year: € 5,659 thousand) was paid on the total borrowings of € 226,513 thousand from related parties. In respect of related parties, there were current trade payables of € 1,089 thousand from sales of goods (prior year: current trade payables of € 287 thousand). Revenue with related companies amounted to € 83,798 thousand (prior year: € 64,465 thousand).
In respect of joint venture partners, there were other receivables of € 2,571 (prior year: other liabilities of € 3,296); amounts due from these partners were € 0 (prior year: € 0).
In January 2009, AGRANA Beteiligungs-AG subscribed for participation capital of Raiffeisen-Holding Niederösterreich-Wien reg. Gen.b.H., Vienna, (“Raiffeisen-Holding”) in the amount of € 85.0 million. The subscription was made in a private placement on normal market terms. In turn, an investment in another entity was sold to RASKIA Beteiligungs GmbH (a subsidiary of the Raiffeisen-Holding) for € 85.9 million.
The remuneration of the members of the Management Board of AGRANA Beteiligungs-AG totalled € 1,451 thousand (prior year: € 1,745 thousand). The performance-based elements of the compensation are tied to the amount of the dividend payout. In view of the difficult economic situation in the prior year, the Management Board waived the entire variable portion of its compensation (which in the prior year had amounted to € 670 thousand in respect of the 2007|08 financial year). The Management Board member of AGRANA Beteiligungs-AG appointed under the syndicate agreement between Südzucker AG, Mannheim/Ochsenfurt, and Zucker-Beteiligungsgesellschaft m.b.H., Vienna, does not receive compensation for serving in this capacity.
On 10 July 2009 the Annual General Meeting approved an annual aggregate remuneration for the Supervisory Board of € 165 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 benefits granted to the Management Board under the Company’s plan are pension, disability insurance and survivor benefits. 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 benefit obligations in respect of the Management Board have been transferred to an external pension fund. The obligations’ excess of € 863 thousand (previous year: € 1,259 thousand) over the existing plan assets at the end of the financial year under review was recognised in provisions.
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 here.
On 30 April 2010 the Management Board of AGRANA Beteiligungs-AG released the consolidated financial 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 financial statements and stating whether it approves them.
Vienna, 30 April 2010
Johann Marihart
Chief Executive Officer
Fritz Gattermayer
Member of the Management Board
Walter Grausam
Member of the Management Board
Thomas Kölbl
Member of the Management Board