ANNUAL REPORT
2014
28,354
398
consolidated companies
employees
10.9
billion
124
years of corporate history
The Numbers
Sales of more than EUR
The Oetker Group
The Oetker Group
In Profile
With around 28,400 employees and sales of just under EUR 11 billion, the
Oetker Group is one of the major European family businesses. Broad
diversification in six business divisions characterizes the internationally active
company, which can now look back on a history of more than 120 years.
The Oetker Group
Key Indicators
2012
2013
2014
%*
0.8
10,942
10,844
10,934
Food
2,501
2,577
2,622
1.7
Beer and Nonalcoholic Beverages
1,844
1,843
1,929
4.7
NET SALES (IN EUR MILLION)
Sparkling Wine, Wine and Spirits
Shipping
675
687
697
1.5
5,468
5,254
5,186
–1.3
Other Interests
454
483
500
3.7
INVESTMENTS (IN EUR MILLION)
(excluding companies consolidated
for the first time)
531
777
667
–14.2
Food
119
158
132
–16.6
Beer and Nonalcoholic Beverages
97
105
121
15.1
Sparkling Wine, Wine and Spirits
18
12
16
25.4
247
450
348
–22.7
50
52
50
–2.3
2,847
3,105
3,484
12.2
37
40
41
Shipping
Other Interests
EQUITY (IN EUR MILLION)
As a percentage of the balance sheet total
BALANCE SHEET TOTAL
(IN EUR MILLION)
7,695
7,770
8,499
9.4
EMPLOYEES
26,406
26,907
28,354
5.4
Food
4.2
11,752
12,272
12,790
Beer and Nonalcoholic Beverages
5,725
5,689
5,757
1.2
Sparkling Wine, Wine and Spirits
2,040
2,028
2,007
–1.0
Shipping
4,512
4,491
5,360
19.3
Other Interests
2,377
2,427
2,440
0.5
* Percentage change 2013/2014. The percentages relate to the exact amounts rather than the rounded totals.
The Oetker Group
Key Indicators / Divisions
The Oetker Group
Divisions
Food
Shipping
Dr. Oetker is the umbrella for brand product companies in the areas of ambient food, frozen food,
chilled products and bulk consumer business. The
Martin Braun Group and FrischeParadies Group
complete the range.
The Hamburg Süd Group connects all five
continents with its logistics network. It operates
container ships, bulk carriers and product
tankers. It recently acquired the container line
business of CCNI.
Beer and Nonalcoholic Beverages
With 14 brewing locations, the Radeberger
Group is Germany’s largest private brewing
group. It includes the premium mineral
water Original Selters, the alcohol-free thirst
quencher Bionade and the refreshing tea Ti.
Other Interests
Budenheim, the Oetker Collection, Dr. Oetker
Verlag, Oetker Daten- und Informationsverarbeitung, Handelsgesellschaft Sparrenberg
and Roland Transport are bundled in the
Other Interests division.
Sparkling Wine, Wine and Spirits
Banking
Henkell & Co. is not only Germany’s most
exported sparkling wine brand, but is a leading
provider of sparkling wine, wine and spirits
in Europe. The Group is represented in 20 nations and exports to more than 100 countries.
Bankhaus Lampe is one of the leading private
banks in Germany with its 12 German branches,
further locations in Vienna and London and
a cooperation in New York.
Food
In round 40 countries around the world, people rely on delicious food
from Dr. Oetker. The Food Division bundles its brand product
companies under this umbrella. It is completed by the Martin Braun
Group and the FrischeParadies Group. 12,790 staff work in these
division’s companies and realized sales revenue of EUR 2,622 million
in the 2014 financial year.
oetker.com
oetker.de
oetker-professional.de
frischeparadies.de
martinbraungruppe.de
The Oetker Group
Food
Dr. Oetker
Dr. August Oetker founded a small company
in Bielefeld more than 120 years ago. He sold
health cocoa, tinctures and baking powder.
Today, 10,820 employees worldwide in the
Dr. Oetker family business produce more than
3,500 products – still including baking powder and many other baking products, but also
baking mixes, decorations, desserts and
sweet meals, chilled desserts, preserving products, ready cakes, Vitalis Müsli, frozen pizzas
and snacks, refining products, a broad range
for bulk consumers and lots more.
FrischeParadies Group
The FrischeParadies Group knows its business
when it comes to the finest food. 560 employees work at Germany’s biggest delicatessen,
which offers more than 12,000 delicacies
from around 70 countries. Apart from the full
range offered in the eight German and two
Austrian markets, these delicacies are also
delivered to Denmark, Poland, the Czech
Republic, the Baltic States and Majorca. These
delicious products are also available to private customers via the online shop.
Martin Braun Group
The Martin Braun Group markets a full range
of convenience products such as sweet and
savory bakery products, breads and rolls, desserts and ice cream for bulk consumers.
With Agrano, C. Siebrecht Söhne, Cresco,
Capfruit, Delite, Martin Braun and Wolf
ButterBack, it comprises all companies in the
sector of bulk consumer baking and employs more than 1,400 staff at 13 locations.
With their products, the Group is represented in around 70 countries worldwide.
Beer and Nonalcoholic
Beverages
Whether traditional or innovative, the Radeberger Group offers
beers and nonalcoholic beverages of all kinds. 14 brewing locations,
a mineral spring in Selters an der Lahn, the Bionade brand from
Ostheim vor der Rhön and Ti, the alternative refreshing tea, represent
the great diversity of the beverages offered by Germany’s largest
privately run brewing group. This Group forms the Beer and Nonalcoholic Beverages Division, where 5,757 employees generated
EUR 1,929 million in sales revenue in 2014.
radeberger-gruppe.de
The Oetker Group
Beer and Nonalcoholic Beverages
Beers
With its extensive product portfolio, the
Radeberger Group reflects the diversity of the
German beer market: with the national
premium brands of Radeberger Pilsner, Jever
Pilsner and Schöfferhofer Weizen, the
Group offers top-class, strong-selling beers.
National specialties such as the Clausthaler
brand, the nonalcoholic among the beers,
round off this segment.
True to the old brewers’ motto, “beer needs a
home,” regional beers are enjoying growing popularity in the German beer market.
As leading German brewing group, the
Radeberger Group can demonstrate its multifaceted skills especially in this area with a
large number of long-established beer brands.
Allgäuer Büble Bier, Berliner Kindl and
Berliner Pilsner, Brinkhoff’s No. 1, Dortmunder Kronen, Sion Kölsch, Ur-Krostitzer,
Freiberger, Stuttgarter Hofbräu and Tucher,
to name just a few of the brands, offer a major
range of regional premium brands for beer
aficionados and connoisseurs.
In addition, the brands of the Radeberger
Group are also represented by different varieties in the market for nonalcoholic beers.
International import brands like Guinness,
Kilkenny and Estrella Damm round off the
portfolio. At the same time, the growing export business proves that the brands of the
Radeberger Group find great respect internationally as ambassadors of the German
brewing art.
Nonalcoholic Beverages
With mineral water of the Original Selters
brand, organic drinks of the Bionade brand
and the refreshing tea Ti, which is made of
tea of outstanding organic quality, the diversity
of the Radeberger Group is just as broad in
the area of nonalcoholic beverages. In addition, the Radeberger Group has been cooperating with PepsiCo Deutschland since
the beginning of 2015 and is producing
and marketing the Pepsi, Mirinda, 7Up and
Schwip Schwap brands in selected regions.
Sparkling Wine, Wine
and Spirits
Henkell – this name stands for Germany’s most exported sparkling
wine brand. And it stands for the Henkell & Co. Group, whose
companies rich in tradition with 2,007 employees form the Sparkling
Wine, Wine and Spirits Division. In the 2014 financial year they
generated sales revenue of EUR 697 million. The Group, which is
based in the historic headquarters building in Wiesbaden, is represented with its own companies in 20 countries and exports to
more than 100 nations worldwide.
henkell-sektkellerei.de
The Oetker Group
Sparkling Wine, Wine and Spirits
Sparkling Wine
The Henkell & Co. Group offers all relevant
varieties of sparkling wine from its own production. Besides well-known German sparkling
wine brands such as Henkell, Fürst von
Metternich, Deinhard, Kupferberg Gold and
Söhnlein Brilliant, the portfolio comprises its
own Champagnes and Crémants from France,
Prosecco from Italy, Cava from Spain and
Krimsekt from the Ukraine. In addition there
are the sparkling wine brands from Hungary,
the Czech Republic, Poland, Romania and
Slovakia which have been established for decades. Henkell & Co. is the number one for
sparkling wine in Austria, Sweden, Hungary,
Estonia, the Czech Republic, Slovakia and
Canada and for alcohol-free sparkling wine in
France and for Prosecco in the United States.
Wine
Besides numerous sparkling wines, a collection of well-known German and international
wines completes the Group’s range: The two
German vineyards Fürst von MetternichWinneburg’sche Domäne Schloss Johannisberg and G.H. von Mumm’sches Weingut
can look back on several centuries of experience in making exquisite wines and producing world-famous Riesling wines. Internationally, the BB, Víno Mikulov, Habánské
Sklepy and I heart wines set important accents
for the Group.
Spirits
Henkell & Co. is also a market leader in the
spirits segment – for vodka in Germany, for
gin in Poland and for brandy in Slovakia. The
portfolio includes Wodka Gorbatschow,
Kuemmerling, Fürst Bismarck, Jacobi 1880,
Scharlachberg, Pott Rum, Batida de Côco,
Mangaroca Cachaça and Cardenal Mendoza
brands.
Shipping
With more than 250 offices, the Hamburg Süd Group is represented
at key locations on all continents. With more than 160 ships, of
which 46 are owned by the Group, it counts among the world’s twelve
biggest container lines and is a leading provider in north–south
traffic. In 2014 it realized sales of EUR 5,186 million with 5,360 employees. Its core business is container line shipping, including all
upstream and downstream logistics services with Hamburg Süd as
German carrier and Aliança as a Brazilian shipping line.
hamburgsud.com
The Oetker Group
Shipping
Line shipping
Hamburg Süd has a network of approximately 45 line services at its disposal, in which
a good 110 container ships and a pool of
more than 450,000 containers are deployed.
To guarantee high logistics quality and
optimum transport conditions, most of the
container ships are designed to suit the
particular needs of the regions they operate
in. Besides standard 20- and 40-foot boxes,
special containers are used that take into account the different requirements of certain
raw materials, semifinished and finished products, industrial goods, but also natural products. This applies in particular to the reefer
segment, where refrigerated container technologies preserve and even improve the quality and shelf-life of fruit, vegetables, meat,
poultry or fish.
Tramp shipping
Unlike in line shipping, there are no fixed
schedules and routes in tramp operations.
Here the Group is present on the seven seas
in bulk and product tanker shipping with
more than 50 ships under the names of Rudolf
A. Oetker (RAO), Furness Withy Chartering
and Aliança Bulk (Aliabulk). When and where
which ship will be loaded and where it
will sail to, depends on the customer and their
load. Bulk ships carry bulk goods such as
fertilizers, wheat or coal. Apart from that, the
Group’s service portfolio includes product
tankers, which transport bulk liquids such
as diesel oil and aviation fuel, but also molasses, vegetable oils and light chemicals.
Other services
Columbus Shipmanagement GmbH (CSG)
handles the technical management of the
Group’s own line ships and support for their
crews. It also supports new shipbuilding,
which takes place above all in Asia. The shipping Group holds interests in a terminal in
Brazil and operates its own container depots
and transport companies primarily in South
America. Hamburg Süd Reiseagentur, a special service provider for business travel,
cruises and other tourism products, rounds
off the service spectrum in the Shipping
Division.
Other Interests
The Other Interests Division comprises with its companies the
chemical industry, publishing, luxury hotels, information technology
and logistics and thus has a very diverse product and service portfolio. The 2,440 employees of this division generated sales revenue
of EUR 500 million in the 2014 financial year.
budenheim.com
oetker-verlag.de
oetkercollection.com
oediv.de
roland-transport.de
The Oetker Group
Other Interests
Budenheim
The traditional company Budenheim has its
origins in the town of the same name in
Rhine-Hessen. On the world markets, it has
developed into an international and leading
manufacturer of premium phosphates and
special chemicals. 940 employees here produce more than 1,000 products for around
6,000 customers in over 100 countries – for
special technical applications, food and pharmaceutical products.
Dr. Oetker Verlag
Founder Dr. August Oetker showed the way.
He printed recipes on the back of his products.
The first collection of recipes appeared in
book form in 1911 – the legendary “Dr. Oetker
Schulkochbuch.” The Dr. Oetker Verlag publishing house was then founded for these popular books in 1950. With its diverse printed
and digital range, it is today Germany’s bestknown cookery book publisher.
OEDIV Oetker Daten- und
Informationsverarbeitung
OEDIV Oetker Daten- und Informations-
verarbeitung operates not only the Group’s
own data centers, but also IT systems for
external companies. Focal points are the applications from SAP and Microsoft and
associated solutions for mapping integral
process chains.
Oetker Collection
Unique elegance and distinct hospitality –
they symbolize the “Masterpiece Hotels” of the
Oetker Collection. Four of these masterpieces – the Brenners Park-Hotel & Spa, the
Hôtel Le Bristol, the Château Saint-Martin &
Spa and the Hôtel du Cap-Eden-Roc – belong
to the Group. Five further Grand Hotels
complete the Collection. Their management
is entrusted with the Oetker Hotel Management Company (OHMC).
Roland Transport
Handelsgesellschaft Sparrenberg
Market competence, services, tools: Handelsgesellschaft Sparrenberg supports the Oetker
Group and selected external companies in
strategic purchasing with information and
consulting services in the area of procurement market research, product group analysis, tender management and coordination/
pooling.
Roland Transport is a service-oriented partner
for logistics services. With audits and process optimization, the company provides for
efficiently designed services in an overall
package.
Banking
Bankhaus Lampe is one of Germany’s leading private banks and
stands for quality. The select customer base includes wealthy
private customers, companies and institutional clients. With 654 employees, the Group of the same name forms the Banking Division.
Besides Bankhaus Lampe with twelve branches and other locations
in London, New York and Vienna, it comprises several subsidiaries
and equity participations.
bankhaus-lampe.de
The Oetker Group
Banking
Bankhaus Lampe
Hermann Lampe founded the bank in Minden
in Eastern Westphalia in 1852. Today it is
headquartered in Bielefeld. There are other
branches in Berlin, Bonn, Bremen, Dresden,
Düsseldorf, Frankfurt am Main, Hamburg,
Munich, Münster, Osnabrück and Stuttgart.
Like in its early years, Bankhaus Lampe today
still finances entrepreneurs and companies
and advises them on issues surrounding equity and external capital. In addition, it is specialized in financial consulting and management for wealthy private customers, as well
as the investment business and asset management for institutional clients.
As a bank of entrepreneurs for entrepreneurs,
this traditional company operates in the
market with total independence and continuity and thus offers ideal conditions for
long-term and trustful business relationships.
“Going the extra mile” is the aspiration to
which the bank and its staff always feel committed. Bankhaus Lampe faces the competition from the major banks with a balance of
exclusivity, personal advice and state-of-theart processes and offers a trendsetting model
in the area of private banks.
The Oetker Group
History
1949
1923
Budenheim
acquired.
1891
1941
Acquisition of the
Bankhaus Lampe
founded in Minden
in 1852 and relocation of the company’s headquarters to Bielefeld.
Acquisition of the
majority share
in Brenners Park
Hotel & Spa.
The pharmacist,
Dr. August Oetker,
lays the foundation
for the company
Dr. Oetker with the
development of
the baking powder
Backin.
1944
1936
Participation in the
shipping company
Hamburg Süd.
The founder’s grandson, Rudolf-August
Oetker (1916–2007)
takes over the management of the family
business and continuously opens new divisions.
1950
Dr. Oetker Verlag
founded.
The Oetker Group
History
1958
Acquisition of Söhnlein
Rheingold Sektkellerei.
Today’s international
Henkell & Co. Group
was formed through
the later merger with
Henkell & Co.
1994
Acquisition of the hotel
Château St.-Martin &
Spa (France).
1981
August Oetker becomes
general partner of
Dr. August Oetker KG.
1969
Hôtel du
Cap-Eden-Roc
(France)
acquired.
1990
1952
Acquisition of Binding-Brauerei AG
in Frankfurt am Main; the city
is today the headquarters of the
Radeberger Group.
1978
Le Bristol Paris
acquired.
Acquisition of
Martin Braun, from
which today’s
Martin Braun Group
evolves.
2010
Richard Oetker
becomes general partner of Dr. August
Oetker KG and takes
over as Chairman of the
Management Board of
Dr. Oetker GmbH.
The Oetker Group
In Brief
Shares in total sales revenue
Sales revenue
(previous year)
47.4 %
24.0 %
17.6 %
6.4 %
4.6 %
Shipping
EUR 5,186 million
Food
EUR 2,622 million
Beer and Nonalcoholic Beverages
EUR 1,929 million
(EUR 5,254 million)
(EUR 2,577 million)
(EUR 1,843 million)
Sparkling Wine, Wine and Spirits
EUR 697 million
Other Interests
EUR 500 million
Distribution of sales revenue by region
34.2 %
Germany
23.6 %
Other EU
5.1 %
Other European
37.1 %
Rest of the world
(EUR 687 million)
(EUR 483 million)
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Financial
“We think long-term.Statements
We think in
generations, not in quarters. We don’t
intend to be the fastest, but always
to be counted among the best. Our
corporate values are elementary
components of a strategy aimed at the
long-term. We are creative yet composed in response to challenges, so we
face the future with courage, too.”
Consolidated Balance Sheet
80 – 81
Richard Oetker
82 – 83
Group Notes
84 – 91
01
02
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Management Report
Consolidated Statement of Changes
Ladies and Gentlemen,
“There is nothing permanent except change,” said the Greek philosopher Heraclitus 2,500 years ago. There is indeed a lot of truth
in this apparent paradox between action and inaction and the sentence cited above naturally also applies to our company, which
has operated successfully for over 120 years. Because we, too, are
surrounded by global megatrends that affect us directly regardless of the business sector or country involved.
Technological developments like increasing digitization promote
further individualization. Social trends like the demographic
developments are changing the focal points of world affairs for
the long term; the tendency towards further urbanization allows
existing metropolises to continue growing or forms completely new
centers of social and economic power. And ultimately globalization will continue increasing, meaning other nations than today’s
will occupy a leading role in the global economy of the future.
So the Oetker Group does not regard itself as a static company incapable of change, but will face the challenges of the future both
pragmatically and dynamically, whereby the old principle applies
that everything we do is based on the notion of sustainable business development.
I thank all the customers and business partners of our Group companies for their good cooperation in the reporting year. But above
all, I thank all our employees who have contributed to the growth
of our company with their commitment at their workplace and
on our boards. Against the background of our philosophy of social
values and standards practiced for decades now, we have proven
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that our corporate culture marked by robustness, experience and
innovative power is the guarantee for sustainable success even
in economically difficult and rapidly changing global conditions.
Maintaining that stance amidst permanent change will be our
priority in the future, too.
With best wishes,
Richard Oetker
3
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We live values and create
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80 – 81
82 – 83
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84 – 91
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trust
– with tradition
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and experience. We demonstrate
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innovative power
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and set
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new trends. We always work with complete
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commitment,
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whereby
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our
international presence is our
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strength because it secures our market proximity worldwide.
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The
diversity
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82 – 83
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of our products and services defines us as much as
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their
quality.
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82 – 83
Group Notes
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For more than 120 years – and in the future, too.
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Contents
01
Management Report
The Oetker Group
Management Structure
18 – 19
Group Management
20 – 21
Overview
Business Divisions
23 – 25
Business Development and Situation
26 – 27
Locations
28 – 29
Food
30 – 37
Beer and Nonalcoholic Beverages
38 – 42
Sparkling Wine, Wine and Spirits
43 – 47
Shipping
48 – 52
Other Interests
53 – 59
Banking
60 – 61
62 – 64
Assets and Financial Position
Performance Indicators
Financial and Nonfinancial
Performance Indicators
65
Personnel
66 – 70
Environmental Protection
71 – 73
74
Forecast
75 – 77
Risks and Opportunities Report
02
22
Economic Framework
Consolidated
Financial Statements
Consolidated Balance Sheet
80 – 81
Consolidated Statement
of Changes in Fixed Assets
82 – 83
Group Notes
84 – 91
Publishing Information
16
92
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80 – 81
82 – 83
Group Notes
84 – 91
Management Report
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The Oetker Group
Management Structure
The Oetker Group is one of Germany’s major family businesses. The owner family
exerts considerable influence on the Group’s strategy and business policy. It has established the principle of its entrepreneurial engagement in the following words: “The
interests of the company have priority over those of the owner family.”
That principle forms the basis for continuous development of the business, as it puts
the Oetker Group in a position to combine sustainable and healthy profitability with a
high earnings retention rate.
The management structure ensures that decisions are made locally, close to the market
and based on the needs of the line of business concerned, while resources are pooled
centrally at the same time. The management level consists of the stockholders’ meeting, the advisory board, Group management and the executive boards of the individual
companies.
The advisory board of Dr. August Oetker KG, which, based on the articles of incorporation, is made up of stockholders and a majority of persons from outside the stockholder families, changed in one position during the 2014 financial year: Professor
Ulrich Lehner, member of the stockholders’ committee of Henkel AG & Co. KGaA,
has stepped down from the advisory board. To replace him, Mr. Hans-Otto Schrader,
chairman of the executive board of the Otto Group, was elected onto the advisory
board.
Members of the advisory board on the part of the stockholders are now Dr. h. c. August
Oetker (chairman), Dr. Alfred Oetker and Rudolf Louis Schweizer. External members are
Dr. Christoph v. Grolman, Dr. Andreas Jacobs, Hans-Otto Schrader and Carsten Spohr.
A further change took place at the beginning of the new financial year: on January 28, 2015, Dr. Alfred Oetker was elected as deputy to the chairman of the advisory
board, Dr. h. c. August Oetker.
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The Oetker Group
Protection
Consolidated
Financial Statements
Stockholders
Advisory Board
Dr. h. c. August Oetker
Chairman of the Advisory Board and stockholder of Dr. August Oetker KG.
Professor Ulrich Lehner
Dr. Christoph v. Grolman
in Fixed Assets
Managing Director of TBG Ltd (Chief Executive Officer
of TBG
AG since January 1, 2015).
Group
Notes
80 – 81
82 – 83
84 – 91
Dr. Andreas Jacobs
President of the Administrative Board of Jacobs Holding AG and Barry Callebaut AG.
Dr. Alfred Oetker
Stockholder of Dr. August Oetker KG (Deputy to the Chairman of the Advisory Board,
Dr. h. c. August Oetker, since January 28, 2015).
02
Hans-Otto Schrader
Chairman of the Executive Board of the Otto Group (member of the Advisory Board since May 16, 2014).
Rudolf Louis Schweizer
Stockholder of Dr. August Oetker KG.
Carsten Spohr
Chairman of the Executive Board of Deutsche Lufthansa AG.
Group Management
Richard Oetker
General Partner of Dr. August Oetker KG and Chairman of the Executive Board of Dr. Oetker GmbH.
Dr. Albert Christmann
General partner of Dr. August Oetker KG, Head of Other Interests, Banking, Finance, Controlling,
Legal and Taxes.
Dr. Ottmar Gast
General Partner of Dr. August Oetker KG and Chairman of the Executive Board of Hamburg
Südamerikanische Dampfschifffahrts-Gesellschaft KG (Hamburg Süd).
Dr. Niels Lorenz
Chairman of the Executive Board of Radeberger Gruppe KG.
Executive Boards of the Group Companies
19 79
Consolidated Financial Statements
Deputy Chairman of the Advisory Board of Dr. August
Oetker KG, Balance
memberSheet
of the stockholders’
Consolidated
committee of Henkel AG & Co. KGaA (member of the Advisory Board until May 15, 2014).
Consolidated Statement of Changes
Group Management
The members of the group management (from left to right): Dr. Albert Christmann (Other Interests, Banking, Finance,
Controlling, Legal and Taxes), Dr. Ottmar Gast (Shipping), Richard Oetker (Food; Sparkling Wine, Wine and Spirits),
Dr. Niels Lorenz (Beer and Nonalcoholic Beverages).
20
02 Consolidated
Financial
01 Management
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Environmental
The Oetker Group
Protection
Consolidated
Financial Statements
Consolidated Balance Sheet
80 – 81
in Fixed Assets
82 – 83
Group Notes
84 – 91
02
21 79
Consolidated Financial Statements
Consolidated Statement of Changes
Overview
The companies of the Oetker Group operate in various business divisions worldwide.
Under the Group umbrella and building on the strategic potential and core competencies of the Oetker Group, the divisions are developed and expanded autonomously.
As the Group holding company, Dr. August Oetker KG steers this process centrally
through mature structures, the leadership framework with clear responsibilities, coordination of finance and personnel and via central service departments. Standards
and values across the Group form the cultural framework for effective cooperation building on high business continuity.
The Oetker Group is a corporation committed to the mainstays of diversification and
risk balancing and within the individual divisions forces a focus on core competencies. It consists of five consolidated divisions: Food; Beer and Nonalcoholic Beverages;
Sparkling Wine, Wine and Spirits; Shipping and Other Interests.
The consolidated financial statements for 2014 cover a total of 398 companies (previous
year: 392 companies) under the rules of full consolidation, of which 234 are based in
Germany (previous year: 232) and 164 (previous year: 160) abroad. The Banking Division
is included in the consolidated financial statements at equity.
The Oetker Group is represented with companies in more than 50 countries and
maintains an extensive network of production, sales and service units on all continents.
There are more than 250 locations worldwide.
22
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Financial
01 Management
ReportStatements
Environmental
The Oetker Group
Protection
Economic Framework
Consolidated
Financial Statements
Macroeconomic Framework
While the economic development in the European Union grew moderately during the
reporting year despite the negative impact of the crisis in Ukraine, the picture was a
Consolidated Balance Sheet
80 – 81
heterogeneous one. While the United Kingdom posted robust growth rates, only Spain
Consolidated Statement of Changes
besides Germany developed positively among the major countries of the eurozone.
in Fixed Assets
82 – 83
France’s economy stagnated and Italy remained in recession. The EU states in Eastern
Group Notes
84 – 91
Europe, in contrast, displayed solid growth. Germany’s gross domestic product grew on
average for the year by 1.5% and with it has proven stable. It was thus above the average
of the last ten years of 1.2%. According to the Federal Statistical Office, the German
economy benefited from strong domestic demand.
02
The economic recovery continued in North America, while growth in South America
fell clearly below that of the previous year. Especially in Brazil, the economic situation
deteriorated dramatically when compared to the previous year. Driven by China, Asia
(excluding Japan) recorded robust economic growth. Africa and Middle East also exceeded the previous year’s level while Japan stagnated.
The massive fall in oil prices, which almost halved by the end of 2014 from a level of
approximately USD 100 per barrel of the Brent grade starting in mid 2014, contributed to the economic stimulus in the oil-importing nations and provided for a positive
boost for the global economy.
Global monetary policy remained highly expansive in the advanced economies, but
began to vary in 2014 depending on the economic situation. While the United States
ended its program to buy up additional bonds in the fall of 2014 and prepared the
market for possibly rising interest rates starting in mid 2015, the European Central Bank
(ECB) decided to lower the already extremely low base interest level again and, in addition, to buy up securities on a grand scale from 2015 onward.
The inflation rate and dynamic in private demand in the eurozone remained restrained,
while they rose slightly in North America and more strongly in the growth markets.
23 79
Consolidated Financial Statements
The world economy grew in total by 3.6% in 2014. Having grown moderately in the
first half of the year, global industrial production increased strongly in the second half,
even if the dynamic slowed down in the fourth quarter. Global trading also displayed
similar trends.
The Oetker Group’s international business is affected by the exchange rate of the euro
versus many other currencies. The US dollar is of particular significance and its
development was unclear over the course of the year: at the beginning of the year, the
euro remained continuously high and at times was quoted at USD 1.39, while in the
second half of the year it weakened steadily before closing at just over USD 1.21 and thus
recorded a devaluation of 12.0% when compared to the closing price at the end of the
previous year.
The table below shows the development in the currencies important to the Oetker
Group versus the euro:
CLOSING AND AVERAGE RATES
VERSUS THE EURO
As of
December 31, 2013
As of
December 31, 2014
Average
2013
Average
2014
1.4723
Australian dollar
1.5423
1.4829
1.3936
Brazilian real
3.2576
3.2207
2.8937
3.1093
British pound
0.8337
0.7789
0.8501
0.8031
Canadian dollar
1.4671
1.4063
1.3771
1.4636
Turkish lira
2.9605
2.8320
2.5675
2.8942
US dollar
1.3791
1.2141
1.3308
1.3211
Division-Specific Framework Conditions
Food; Beer and Nonalcoholic Beverages; Sparkling Wine, Wine and Spirits
The markets for fast-moving consumer goods (FMCG) and in particular the food
markets, in Europe displayed merely low growth dynamic in 2014. The global economy
is still marked by general uncertainty and consumer restraint, political risks in
Eastern Europe and the Middle East and the consequences of the economic sanctions
against Russia resulted, among other things, in fluctuations on the currency markets, falling oil prices and a more relaxed situation on the commodity markets. The German beverage and beer market grew – for the first time in years – for the full year
(+ 1% versus the previous year).
Shipping
Deliveries of new container ships last year reached an all-time high. Global slot capacity
now stands at 18.4 million TEU (1 TEU = 20 foot standard container). As the capacity
growth (around 6%) again outstripped the global cargo growth (around 5%), the overcapacity rose further. The South American shipping traffic was especially strongly hit.
Medium-sized container ships with a capacity of up to 10,000 TEU in the major east–
west trades are being increasingly displaced by large ships with a capacity of up to
20,000 TEU. These are now being deployed in the South American routes, which, in addition, has displayed particularly weak cargo growth on account of the poor economic
24
02 Consolidated
Financial
01 Management
ReportStatements
Environmental
The Oetker Group
Protection
Consolidated
Financial Statements
trends in Brazil, Argentina and Venezuela. The pressure on revenue persisted and was –
following the general conditions – much higher in north–south trade lanes than in
east–west services.
A high bunker price and a relatively weak US dollar versus the euro impacted the
results in the first half of the year. Both trends reversed over the course of the second
half of the year.
Consolidated Balance Sheet
80 – 81
Group Notes
84 – 91
Chemistry
The chemical industry in Germany suffered under the global environment, which
worsened over the course of the year. The relief in raw-material costs had merely weakened effects due to the rise in value of key currencies versus the euro.
02
25 79
Consolidated Financial Statements
Bulk-goods shipping likewise suffered under substantial overcapacity. Charter rates
Consolidated Statement of Changes
and time charter equivalents and freight rates reached all-time lows in a number of
in Fixed Assets
82 – 83
ship classes.
Business Development and Situation
2012
2013
2014
%*
10,942
10,844
10,934
0.8
Food
2,501
2,577
2,622
1.7
Beer and Nonalcoholic Beverages
1,844
1,843
1,929
4.7
NET SALES (IN EUR MILLION)
Sparkling Wine, Wine and Spirits
Shipping
675
687
697
1.5
5,468
5,254
5,186
–1.3
Other Interests
454
483
500
3.7
INVESTMENTS (IN EUR MILLION)
(excluding companies consolidated
for the first time)
531
777
667
–14.2
Food
–16.6
119
158
132
Beer and Nonalcoholic Beverages
97
105
121
15.1
Sparkling Wine, Wine and Spirits
18
12
16
25.4
247
450
348
–22.7
50
52
50
–2.3
2,847
3,105
3,484
12.2
37
40
41
Shipping
Other Interests
EQUITY (IN EUR MILLION)
As a percentage of the balance sheet total
BALANCE SHEET TOTAL
(IN EUR MILLION)
7,695
7,770
8,499
9.4
EMPLOYEES
26,406
26,907
28,354
5.4
Food
4.2
11,752
12,272
12,790
Beer and Nonalcoholic Beverages
5,725
5,689
5,757
1.2
Sparkling Wine, Wine and Spirits
2,040
2,028
2,007
–1.0
Shipping
4,512
4,491
5,360
19.3
Other Interests
2,377
2,427
2,440
0.5
* Percentage change 2013/2014. The percentages relate to the exact amounts rather than the rounded totals.
Given the general conditions, the Oetker Group developed in an acceptably decent way on
the bottom line in 2014 – and, as a rule, better in each division than the sectors concerned. Sales in the consolidated Group rose by 0.8% to EUR 10,934 million (previous
year: EUR 10,844 million). Without accounting for the first-time consolidations and
de-consolidations, the growth adjusted for exchange rate effects was also 0.8% and thus
below planned figures. The sales revenue development of the Oetker Group was impacted less strongly through the change of the various currencies versus the euro by
EUR 32 million and thus less than in the previous year (EUR 217 million). The effects
for the sales revenue of the foreign currency most important to the Group, the US dollar,
were – unlike in the previous year – almost balanced out. Consolidated Group effects
caused sales to rise by EUR 39 million.
The distribution of sales over the business divisions of the Oetker Group and the regions
can be found in the tables that follow.
26
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Financial
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Protection
Consolidated
Financial Statements
Shares in Total Sales Revenue
Sales revenue
(previous year)
Shipping
EUR 5,186 million
Food
EUR 2,622 million
(EUR 5,254 million)
Consolidated Balance Sheet
(EUR 2,577 million)
80 – 81
Consolidated Statement of Changes
EUR
Beer and Nonalcoholic Beverages
in Fixed Assets
Group Notes
1,929 million
(EUR 1,843 million82
) – 83
84 – 91
Sparkling Wine, Wine and Spirits
EUR 697 million
Other Interests
EUR 500 million
(EUR 687 million)
02
Distribution of Sales Revenue by Region
34.2 %
Germany
23.6 %
Other EU
5.1 %
Other European
37.1 %
Rest of the world
Distribution of Investments by Division
52.2 %
Shipping
19.7 %
Food
18.2 %
Beer and Nonalcoholic Beverages
7.5 %
Other Interests
2.4 %
Sparkling Wine, Wine and Spirits
27 79
(EUR 483 million)
Consolidated Financial Statements
47.4 %
24.0 %
17.6 %
6.4 %
4.6 %
Locations
24
North America
Food: 3 PL, 1 SAL, 1 PSL (Dr. Oetker)
Beer and Nonalcoholic Beverages: 1 SAL
Sparkling Wine, Wine and Spirits: 1 SAL
Shipping: 15 SLL
Other Interests: Chemistry: 1 PSL / Others: 1
42
Latin America
Food: 1 PSL (Dr. Oetker)
Shipping: 1 SHL, 36 SLL, 3 SEL
Other Interests: Chemistry: 1 PSL
H
PL
PSL
SAL
SASU
SEL
SHL
SLL
Hotel owned by the Group
Production location
Production and sales location
Sales location
Sales support
Services location
Shipping line
Sales and logistics location
2
Africa
5
1
North America
6
Asia and
Australia
1
Latin America
75
Locations
worldwide
18
22
Western Europe
1
North America
1
Western Europe
18
Locations
worldwide
16
25
Locations
worldwide
11
Western Europe
10
Eastern Europe
Food
Germany
Germany
21
Germany
North America
3
Eastern Europe
Beer and Nonalcoholic Beverages
28
Sparkling Wine, Wine and Spirits
02 Consolidated
Financial
01 Management
ReportStatements
Environmental
The Oetker Group
Protection
55
Germany
Food: 3 PL, 8 SAL, 7 PSL (Dr. Oetker: 3 PL, 4 PSL /
Martin Braun: 3 PSL / FrischeParadies: 8 SAL)
Beer and Nonalcoholic Beverages: 1 SAL, 15 PSL
Sparkling Wine, Wine and Spirits: 1 PL, 2 PSL
Shipping: 2 SHL, 3 SLL, 2 SEL
Other Interests: Chemistry: 1 PSL /
Hotels: 1 H, 1 SASU / Others: 8
Consolidated
31
Financial Statements
Eastern Europe
Food: 3 PL, 10 SAL, 8 PSL
(Dr. Oetker: 3 PL, 7 SAL, 7 PSL /
Martin Braun: 3 SAL, 1 PSL)
Sparkling Wine, Wine and Spirits: 3 SAL, 7 PSL
Consolidated Balance Sheet
56
8
Africa
80 – 81
40
Consolidated Statement of Changes
Group Notes
82 – 83
Western Europe
Asia and Australia
Food: 1 PL, 13 SAL, 8 PSL
(Dr. Oetker: 1 PL, 11 SAL, 3 PSL /
Martin Braun: 5 PSL / FrischeParadies: 2 SAL)
Beer and Nonalcoholic Beverages: 1 SAL
Sparkling Wine, Wine and Spirits: 7 SAL, 4 PSL
Shipping: 1 SHL, 13 SLL
Other Interests: Chemistry: 1 SAL, 2 PSL /
Hotels: 3 H / Others: 2
Food: 1 PL, 1 SAL, 4 PSL
(Dr. Oetker: 1 PL, 4 PSL / Martin Braun: 1 SAL)
Shipping: 1 SHL, 27 SLL
Other Interests: Chemistry: 3 SAL, 1 PSL /
Others: 2
02
Food: 2 PSL (Dr. Oetker)
Shipping: 6 SLL
6
Africa
2
North America
6
Asia and
Australia
1
Western Europe
7
Latin America
28
Locations
worldwide
8
84 – 91
40
Germany
11
14
Germany
Western Europe
Latin America
110
Locations
worldwide
15
Asia and
Australia
North America
Other Interests
Shipping
29 79
28
Consolidated Financial Statements
in Fixed Assets
Food
Division
2,622 million
euros in sales
2014
2013
30
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ReportStatements
Environmental
Business Divisions
Protection
Consolidated
Financial Statements
The Food Division is made up of the branded food companies managed
under the umbrella of Dr. Oetker GmbH and whose products are sold worldwide in all significant distribution channels. The German core company is
Dr. August Oetker Nahrungsmittel KG based in Bielefeld. There are sales and
production sites in around 40 countries.
The Food Division is complemented by the Martin Braun Group and the
Balance Sheet and bulk-conFrischeParadies Group, which operateConsolidated
in the end-consumer
Consolidated Statement of Changes
sumer segments.
80 – 81
in Fixed Assets
82 – 83
Group Notes
84 – 91
In the end-consumer segment, the companies managed under Dr. Oetker GmbH concentrate on three strategic product ranges: ambient food, frozen pizza and chilled products. In these product ranges, which include, among others, baking and decoration
products, baking mixes, powdered desserts, preserves, muesli, fresh ready desserts, as
well as frozen pizzas and snacks. Dr. Oetker in Germany is represented with around
400 different products and is market-leader there in almost all of its product ranges.
More than
3,500
different products
worldwide.
02
In Europe, the company is market-leader in the areas of baking products, powdered
desserts and frozen pizza. The international ranges in Europe and the other countries comprise more than 3,500 different products, which in some cases are sold internationally and in other cases are adapted to the local taste typical to the country. In
India, Dr. Oetker is also present with various dressings, sauces and dips and in France
with sticks and pretzels.
The end-consumer business is supplemented by specific ranges aimed at bulk consumers. For that purpose, Dr. Oetker Professional offers products in appropriate package
sizes for kitchens and canteens in the catering segment, hospitals and other institutions.
The Martin Braun Group produces and sells a full range of convenience products with
the emphasis being on sweet and savory baked products, bread and rolls, desserts and
ice cream for bulk consumers in all relevant sales channels in more than 70 countries.
This also includes preliminary products for commercial processing, including organic
yeast as well as sweet and savory frozen products.
The FrischeParadies Group offers its high-quality ranges to private customers, hotels
and the gastronomy industry, whereby fish and meat are the key product groups. The
attractive cash-and-carry markets offer discerning customers a unique variety of highquality foods. A clearly profiled competence in the area of fresh produce, the high
31 79
Consolidated Financial Statements
oetker.com
oetker.de
oetker-professional.com
martinbraungruppe.de
frischeparadies.de
innovative power in the range and a strategy focusing on private and exclusive labels
provide for clear differentiation versus the competition. At the same time, the sales activities are promoted on the Internet.
Procurement
To guarantee the high quality demanded of its products, Dr. Oetker GmbH procures the
raw materials only from carefully selected suppliers who are monitored in a regular
quality assurance process. The compliance with the strict quality standards has top priority. The Dr. Oetker Food Standard defines the requirements for the raw materials.
All suppliers and contract partners are measured against those requirements. Dr. Oetker
expects of the suppliers and contractors that their behavior is in line with the Group’s
business ethics values. The ethical and moral values are established in the Dr. Oetker
Supplier Code of Conduct, to which all suppliers are committed.
Ensuring the quality of the raw materials requires very specific know-how of the employees depending on the materials group concerned. The internationality of the
business operations enables and requires global know-how and observation of the procurement markets important for Dr. Oetker. In close coordination with the suppliers,
the company attaches great importance to value chain optimization and the security of
supply. Against the background of increasing uncertainties with regard to raw-material
price trends and security of supply on the on the raw-material markets, risk management
is a key aspect of the purchasing strategy. For this purpose, Dr. Oetker has established
modern methods to identify and manage the price, quality and supply risks specific to
the material groups, which support the employees in complying with the high demands on the procurement process.
Specific purchasing guidelines of the Martin Braun Group ensure transparency in purchasing. These guidelines have been adapted to the standards of the Oetker Group.
Supplier performance, for example, is reviewed and documented as part of an actualplan analysis.
In the FrischeParadies Group, more than 40 trained purchasers work on finding premium products across the world. During the reporting year, the procurement markets
for imports of frozen seafood were extended to further countries in Southeast Asia.
27 million
pizzas per year
in Canada.
Production and Logistics
Within Dr. Oetker GmbH, the newly built pizza plant in London (Canada) with a planned
production volume of 27 million pizzas per year, was completed and put into operation
in May 2014. As a result, hardly any frozen pizzas need now be shipped from Germany
to Canada. This lowers logistics expenses and also benefits the environment.
32
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01 Management
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Environmental
Business Divisions
Protection
Consolidated
Financial Statements
The acquisition of production plants and trademarks from McCain in Canada and
the United States (see page 36) will also affect the logistics processes in the medium
term in those countries.
In Germany, the production capacities for the Pizzaburger, above all, were expanded
at the pizza production site in Wittlich. The pizza production in Wittenburg benefited
Consolidated Balance Sheet
80 – 81
from capital expenditures above all in the Pizza Technology Center. The expansion of
Consolidated Statement of Changes
the warehouse capacities at both locations means that the number of warehouses rented
in Fixed Assets
82 – 83
externally could be reduced and thus also the transport between the German wareGroup Notes
84 – 91
houses. At the same time, Dr. Oetker can also better exploit the potential for direct delivery to European customers. Through investments in new warehouse technology, the
company was also able to better adapt the height of the pallets to the load area available,
which in turn saves on transport.
02
At Martin Braun KG in Hanover, a new floor was added to the production building in
2014 in order to modernize the powder production for the future. A driverless transport
system to handle regularly repeated transport jobs was integrated in the existing
infrastructure in order to optimize routing.
At Wolf ButterBack KG in Fürth, which belongs to the Martin Braun Group, capital
expenditures were focused on the further conceptual and capacity development of the
company.
Marketing and Sales
In the food range of Dr. Oetker GmbH, numerous products adapted to suit the typical
national taste take account of customer needs. In the case of pizza, the global management of its international brands plays a significant role. As a result, the decisionmaking processes are structured efficiently and the launch and marketing of innovations
are accelerated. In the chilled product segment, Dr. Oetker has both global products
and concepts as well as ranges adapted to local taste.
Innovation processes and knowledge transfer are secured by marketing teams in all
segments and are a key element of the entire marketing organization.
The sales activities of Dr. Oetker GmbH are positioned decentrally. Sales are organized
on a country-specific basis and thus meet the local needs of our customers. They are
separated into the overarching trade target groups of retail and professional customers.
Professional Category Management and Shopper Marketing exploit the potential of
the categories worked on by Dr. Oetker in cooperation with the customers. Customer
satisfaction studies and the long-term partnership with all leading retailers document
our leading role in the markets served.
33 79
Consolidated Financial Statements
In India, the work on a new, bigger food plant was continued at the Kaharani location.
The Martin Braun Group sells its products worldwide via wholesale and retail channels,
bakeries, confectioners and industrial operations. The sales teams of Martin Braun
Poland and Grados were merged during the reporting year.
The FrischeParadies Group sells its products both in direct sales and in its cash-andcarry markets to customers in the catering trade and hotels, as well as to private customers. The online shop was put into operation in November 2014.
Research and Development, New Products
Innovations are of essential significance to the growth of the Oetker Group. The goal
is to develop products that, both from a financial and from an ecological perspective,
play on the customers’ needs and offer real added value. Besides our own research and
development departments, we work together with external partners in science and
industry to generate ideas and realize innovations.
Quality assurance has top priority at Dr. Oetker GmbH and takes place at all steps of the
product life cycle. Products, including their manufacturing processes, are developed
in close cooperation with many specialists from different areas of the company. The requirements in terms of recipe and base materials are established with the consumer’s
needs in mind. The development and testing of the production technology are planned
in order to also reduce the impact on the environment and climate.
The Food Information Regulation (EU Regulation 1169 / 2011) has raised the demands
for food manufacturers on the information that must be provided on the products
(on the packaging and above all electronically for databases and the Internet). To meet
the new requirements, Dr. Oetker has optimized the processes for changing the
recipes of existing products.
A large number of new products were launched in all three product ranges during the
reporting year. These include, among others, the Pizzaburger, mug cakes for the microwave, small ready-to-eat cakes in box form, new variants of the chilled puddings Paula
and Marmorette as well as Vitalis Roasted Muesli. Various innovation projects were conducted with the involvement of external partners, for example to adjust the properties
and effects of powdered products, to develop a chocolate split-cutting technology and to
reduce levels of salt. Technical enhancements, such as the programming and implementation of a new ideas platform and the use of newly developed technologies, resulted
in higher productivity and improved quality.
34
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Business Divisions
Protection
Consolidated
Financial Statements
The Martin Braun Group structures its product development process in various phases,
from the idea finding and the product briefing up to market introduction. In extensive
baking trials, the right raw materials are combined with the ideas previously developed
in order to ultimately achieve customer satisfaction and ensure success. Alternative
raw materials were increasingly sought and built up in 2014 in order to secure the availability of Braun products at all times.
Group Notes
84 – 91
At Martin Braun, 2014 was all about the introduction of the new Food Information
Regulation with appropriate training for the entire sales organization and revision of all
product specifications and labels. An online portal with an updating service was set
up for customers on the homepage.
02
Business Development
2013
2014
Sales revenue (in EUR million)
2,577
2,622
Adjusted sales revenue (in EUR million)
2,567
2,618
KEY DATA
Investments (in EUR million)
Employees
EUR
114
million in investments.
158
132
12,272
12,790
The companies operated under the umbrella of Dr. Oetker GmbH increased their
sales revenue by 0.9% when compared to the previous year. Adjusted for negative
exchange rate effects, the growth amounted to 2.0%. Especially pleasing is the fact
that Dr. Oetker was able to add sales especially in Eastern Europe and the Americas
region. At EUR 114 million, investments were at the same high level as the previous
year. The focus thereby was on expansion of the pizza production capacities in Europe and North America. As part of a focusing strategy, the production of ready-to-eat
desserts in Poland was sold and pizza activities in the highly competitive Brazilian
market were discontinued.
Overall, the strategic product ranges in the areas of ambient food, frozen pizza and
chilled products have developed well. In the intensely competitive pizza market,
Dr. Oetker was able to build on its market shares. Among others, the innovative Pizzaburger product range contributed to that. Pizza Ristorante has continued its international success story and remains one of the most successful pizza concepts. Dr. Oetker
was also able to strengthen its international presence in ambient food. Baking and
decorating products enjoyed particular popularity among consumers. Across Europe,
these segments met the trends towards home baking and decorating and contributed
35 79
Consolidated Financial Statements
The focal point of development in 2014 was mainly on the development and further
Consolidated Balance Sheet
80 – 81
development of customer-specific products. A total of 268 products were produced
Consolidated Statement of Changes
for the first time in Hanover. The harmonized QM system based on ISO 9001:2008
in Fixed Assets
82 – 83
was expanded last year and extended to more locations.
to the positive performance in this area. In addition, the mug cakes were able to complement the product range in “snack baking mixes.” The product range in ready-to-eat
desserts also developed positively. The Paula and Marmorette brands were supplemented
by further innovative variants. Marmorette Splits with chocolate chunks in the cream
and Paula Stracciatella are specialties in terms of both technology and flavor, which contributed to the growth of the Dr. Oetker brand in the area of ready-to-eat desserts. The
Dr. Oetker Food Service unit changed its corporate identity. With the new brand concept
of Dr. Oetker Professional, the needs and wishes of professional users of out-of-home
suppliers were addressed still more strongly.
Especially pleasing was the acquisition of the North American pizza business from
McCain in November 2014. With this step, Dr. Oetker achieved market leadership in the
Canadian frozen-pizza market and can significantly strengthen its market presence
in the core region on the east coast of the United States.
7.2%
revenue increase.
The Martin Braun Group was able to realize a revenue increase of 7.2% in 2014 compared to the previous year and thus achieve record sales revenue. The positive variance
versus the previous year was strongly influenced by the integration of Delite B.V. in
the Netherlands, which was acquired on January 1, 2014, as well as organic growth. That
is especially pleasing as the European markets are stagnating and the number of craft
bakeries in the German market is decreasing. In addition, the crisis in Ukraine resulted
in a decrease in sales revenue decline in Ukraine and in Russia.
Product innovations like the MySweeties concept (cakes in a cup) and the Laugenecke
from Wolf ButterBack contributed to the positive boosts. The German business bucked
the market trend through the successful frozen bakery product ranges and bread
and rolls and organic-yeast ranges. Agrano AG remains market leader in Switzerland.
Capfruit in France, which was acquired in 2012 and the business build-up in Turkey
and Singapore contributed to the positive development, as did the pleasing growth of
the market in Hungary.
The FrischeParadies Group continued the positive trends of previous years in the
elapsed 2014 financial year and was able to increase its sales revenue by 3.3%. Besides
the acquisition of Fruchthof, that fact is attributable to the positive development in the
export business. The Baltic states in particular developed above average. Furthermore,
the expansion of the branch in Majorca contributed to the Group’s growth. The subsidiary Hamburger Feinfrost GmbH also put in very satisfactory performance in 2014
as a leading provider in the frozen-seafood segment. As a specialist and importer of
wine, champagne and spirits, Weinwerk Frankfurt Handelsgesellschaft mbH was likewise able to build on its activities in 2014.
36
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01 Management
Financial
ReportStatements
Environmental
Business Divisions
Protection
Consolidated
Financial Statements
Supplementary Report
In the first quarter of 2015, the cartel office gave its approval for the acquisition of D’Gari
in Mexico. With this step, Dr. Oetker is acquiring the Mexican market leader for jelly
desserts and is entering the Mexican market for powdered desserts for the first time.
The purchase of the family business Coppenrath & Wiese by Dr. Oetker was set in
motion at the beginning of March 2015 and is still subject to approval by the cartel office.
Consolidated Balance Sheet
Forecast
80 – 81
Dr. Oetker will continue its internationalization in 2015, too. Through international
in Fixed Assets
82 – 83
product concepts, innovations and entry into markets so far not served, new eating
Group Notes
84 – 91
opportunities will be offered and further target groups penetrated, whereby the acquisitions in Canada, the United States (McCain pizza business) and Mexico (D’Gari) are
of particular significance. Operationally, we expect a moderate rise in sales, which will
be further built on by these acquisitions.
02
Given its strong performance in recent years, the Martin Braun Group will abide by its
strategy thus far and will both focus on the core market in Germany and continue
development in the international growth markets. The Group expects merely a slight
increase in sales for 2015, as the crisis in Russia will continue impacting the business
and capacities in the growth areas of frozen food and organic yeasts are in many cases
exhausted. Stronger growth is expected again in subsequent years.
The FrischeParadies Group is expecting further strengthening of its market position
in the hospitality industry and trading in 2015. The cash-and-carry segment will also
continue its positive development. The persisting trend towards high-quality foods
and modernization of the site in Frankfurt am Main will set new courses and lift sales
slightly over those of 2014. The multichannel strategy will be accorded extra significance with the expansion of the German online product.
37 79
Consolidated Financial Statements
Consolidated Statement of Changes
Beer and Nonalcoholic
Beverages Division
121
million
euros in investments
2014
2013
38
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ReportStatements
Environmental
Business Divisions
Protection
radeberger-gruppe.de
The Beer and Nonalcoholic Beverages Division comprises the Radeberger
Group with 14 brewing locations and two sites for production of nonalcoholic
beverages in Germany. It is Germany’s biggest private brewery group and,
besides the Radeberger Pilsner from which it takes its name, includes numerous beer brands like Jever, Clausthaler, Schöfferhofer Weizen, Allgäuer Büble
Bier, Ur-Krostitzer, Stuttgarter Hofbräu, Berliner Pilsner and Freiberger. In addition come the mineral water brand Original Selters and the nonalcoholic
Balance
Sheet
refreshing drink Bionade and refreshingConsolidated
tea Ti. Apart
from
Germany, the Rade-80 – 81
Consolidated Statement of Changes
berger Group’s products are marketed in more than 70 countries in all importin Fixed Assets
82 – 83
ant distribution channels. International beers such as Guinness, for example,
Group Notes
84 – 91
are marketed in Germany exclusively by the Radeberger Group.
02
Procurement
The final step in centralizing the procurement function in Central Purchasing in
Frankfurt am Main was taken in the reporting year. This enabled the takeover of additional procurement activities, such as the purchasing of agency services in the area
of marketing or the procurement of raw materials for the nonalcoholic beverages.
Production and Logistics
The 2014 financial year was used for various optimization programs and certifications in
production. Ahead of the takeover of the Pepsi concessions in January 2015, a new production line for nonalcoholic beverages was built in Löhnberg (Selters). In addition, the
existing kegging line was replaced, a new bag-in-box filling line was built and the existing PET returnables bottling line was overhauled. Within the context of the increasing
focus on food safety, the breweries in Berlin and Frankfurt am Main successfully subjected themselves to first-time certification under ISO 220000 / FSSC . As of September 1,
2014, Getränke Essmann in Potsdam put a new logistics service center into operation.
Marketing and Sales
The Radeberger Group markets its products worldwide via the wholesale, retail and
catering trades. The sales activities with the catering trade were optimized and a new
financing strategy was implemented during the reporting year. Besides the reduction
in complexity in the processes, the changes focused on efficiency improvement. The
quality management in the catering segment was further strengthened by expanding
the training offered both for our own field sales team and for our customers. One key
area of quality management is customer-visit management for our catering customers. Uniform rules for the capture and processing of information were established here
in 2014.
39 79
Consolidated Financial Statements
Consolidated
Financial Statements
The Radeberger Group’s party and event business, which supports around 10,000 events
every year, has been managed nationally since the beginning of 2014. Besides harmonizing processes and exploiting synergies across sites, these programs are associated
with cost savings. In addition, the first 49 automated product advisors were installed
to support sales in the branches of Getränke Hoffmann.
Research and Development, New Products
The new Bionade variety of Himbeer-Pflaume was successfully launched. The ZitroneBergamotte variety was developed to be ready for production, whereby particular value
was attached to seamless traceability of the supply chain from the producer to Bionade.
The Schöfferhofer Weizen Mix portfolio was expanded by the two flavor variants of
Zitrone and Granatapfel+Guarana. The product range in Rostock was expanded by the
very promising unfiltered Rostocker Zwickel naturtrüb.
A state-of-the-art filling line for reusable bottles went into operation in Frankfurt am
Main, which has resulted in significant progress in terms of energy and water consumption. The same applies to the new beer mix line. With the rebuilding of the crate
transport and bottle sorting line in Leipzig, key steps were taken to further optimize
the site’s performance. A new bottle cleaning machine for returnable bottles has reduced not only the energy and water consumption in Dortmund. At the same time,
it enabled the implementation of a process design, which again represents an improvement in cleaning performance and sets new standards for the Group. At the location
in Kempten, Allgäu, a tea filtration line was implemented and the production process
for the refreshing tea Ti was further optimized.
Within the context of two student diploma theses, the CO 2 footprint for the location in
Freiberg was calculated ( TU Freiberg) and a waste-free filtration and stabilization
process for beer was developed in cooperation with BASF and the Technical University
Munich-Weihenstephan.
40
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01 Management
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ReportStatements
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Business Divisions
Protection
Consolidated
Financial Statements
Business Development
2013
2014
Sales revenue (in EUR million)
1,843
1,929
Adjusted sales revenue (in EUR million)
1,843
1,921
KEY DATA
Investments (in EUR million)
Employees
105
121
5,689
5,757
Consolidated Balance Sheet
hectoliters of
beverage sales.
In a challenging year, the Radeberger Group was able to keep its beverage volume sales
in Fixed Assets
82 – 83
stable at 13 million hectoliters and increase its sales revenue significantly by 4.7% to
Group Notes
84 – 91
EUR 1,929 million. Positive special factors such as the soccer World Cup and the fine
weather stimulated the business. The competition remained strong, but the brewing
Group was able to stand its ground solidly thanks to its proven portfolio strategy.
Because of the continued focus on national and regional premium beers and the
Group’s positioning close to the market, the Group succeeded in responding flexibly to
changes in trends.
02
The market segment of brands distributed across Germany came under particular
pressure last year due to changed price signals in the market. So it is all the more
impressive that all national brands of the Radeberger Group, which means Radeberger
Pilsner, Jever Pilsener and Schöfferhofer Weizen, were able to increase sales. The
still-rising interest among consumers in special beers helped the segment of nationally marketed specialties of the brewery Group post a positive development. While
Clausthaler Alkoholfrei grew in sales in the single-digit range, the international import beers put in a convincing performance, driven above all by the Guinness and
Kilkenny brands, with high double-digit growth rates.
The regional premium brands of the Radeberger Group developed overproportionally
again in 2014. People’s recollection of regional identity and their stronger identification
with companies and products from their own region created strong tailwind for this
segment – sales rose considerably. Drivers of this above-average performance were above
all the beers from Saxony, Ur-Krostitzer and Freiberger, the Berlin premium brands
Berliner Kindl and Berliner Pilsner, Dortmunder Kronen and Brinkhoff’s No. 1, as well
as Stuttgarter Hof bräu and the Büble Bier from the Allgäu region.
The Radeberger Group also benefited from the demand for German beers abroad: it
posted high double-digit growth in sales with exports. The export business to the United
States developed especially well in 2014, where the Schöfferhofer brand, driven by the
top-fermented Schöfferhofer Grapefruit, found many enthusiastic fans, which helped
the brand put in an above-average performance.
41 79
Consolidated Financial Statements
13 million
80 – 81
Consolidated Statement of Changes
2015
Start of the cooperation
with PepsiCo Germany.
The nonalcoholic beverages of the Radeberger Group made the most of the hot weather
in 2014: they increased sales substantially and thus not only defended their market
position, but also built on it. In a year marked by the extensive preparations for the cooperation started in January 2015 with PepsiCo Germany, all of the nonalcoholic
brands of the Radeberger Group were able to assert their position: Original Selters grew
significantly in sales again. Like last year, Bionade also posted pleasing volume sales
and sales revenue growth in 2014, too. The refreshing tea Ti made significant progress
in the second year following its market launch and underpinned that with a clear
rise in sales.
Forecast
Because of the demographic changes and changing consumer habits, one can assume
that the German beer market will dwindle over the next few years by approximately
–1.5% per annum. Furthermore, the promotional efforts of the trade will have a major
influence on future developments.
The traditional regional brands will remain under pressure, while the Group expects
volume sales and sales revenue gains with the national brands and the regional premium brands. Further growth is foreseeable in the area of nonalcoholic beverages, which
will be driven significantly by the marketing of Pepsi from January 1, 2015, onward.
42
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Protection
Sparkling Wine, Wine
and Spirits Division
Consolidated
Financial Statements
Consolidated Balance Sheet
80 – 81
in Fixed Assets
82 – 83
Group Notes
84 – 91
02
250.2 million
bottles of sparkling wine, wine and spirits
2014
2013
43 79
Consolidated Financial Statements
Consolidated Statement of Changes
henkell-sektkellerei.de
The Henkell & Co. Group forms the Sparkling Wine, Wine and Spirits Division.
It is represented in Germany with three production and sales locations. In
addition, there are production and sales locations in 19 other countries, primarily in Western and Eastern Europe. The portfolio includes both well-known
sparkling wine brands like Fürst von Metternich, Henkell Trocken and Söhnlein
Brillant, as well as spirits such as Wodka Gorbatschow. Johannisberger Weinvertriebsgesellschaft also belongs to this division. In the foreign markets served
(more than 100 countries), sparkling wine and spirits brands produced in the
country concerned are marketed and / or exported to other countries in some
cases. The division occupies market-leading positions with sparkling wine in
Austria, Sweden, Hungary, Estonia, the Czech Republic, Slovakia, Ukraine and
Canada, with prosecco in the United States, with vodka in Germany and
with selected spirits in Poland and Slovakia, while it also leads the wine market
in Hungary, the Czech Republic and Slovakia.
Procurement
The focus in the reporting year was on optimizing the purchasing coordination across
Europe. New vineyards were planted in both Hungary and the Czech Republic in order
to boost the base wine supply from an own cultivation.
Production and Logistics
The spirits plant in Bodenheim was prepared in 2014 for the inclusion of the Pott and
Scharlachberg brands, which had previously been produced externally. The production
in Hungary was in turn expanded for additional wine and sparkling wine capacities
for the British and Romanian markets, while the production in Romania was moved to
Poland (spirits) and Hungary (sparkling wine). The logistics for Germany, Benelux,
Switzerland and Austria were centralized in Wiesbaden.
Marketing and Sales
The Henkell & Co. Group markets its products worldwide via the wholesale, retail and
catering channels. International brand teams were set up during the reporting year for
Henkell and Mionetto and centralization of exports was begun.
Research and Development, New Products
The Henkell & Co. Group is building on the innovative power of the brands and is
working on their constant further development. It applies the highest quality requirements for the materials used in the products. The year 2014 was marked by numerous
new and further developments in the brand portfolio. At the forefront were the relaunch
of the Henkell brand, from which it takes its name and the overhaul of the complete
44
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01 Management
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Protection
Consolidated
Financial Statements
The Group companies operate the research and development activities under their own
Consolidated Balance Sheet
80 – 81
responsibility in order to support the centers of competence at the various production
Consolidated Statement of Changes
locations. The production of nonalcoholic products from de-alcoholized wines, for examin Fixed Assets
82 – 83
ple, is based in Wiesbaden, while the center of competence for cream liqueurs is at
Group Notes
84 – 91
home in Poland and that for German spirits in Bodenheim. Theme- and project-specific
projects are carried out with universities, for example in the field of product development sensor technology.
Business Development
02
2013
KEY DATA
Sales revenue (in EUR million)
687
697
Adjusted sales revenue (in EUR million)
699
710
Investments (in EUR million)
Employees
EUR
697
million in sales.
2014
12
16
2,028
2,007
Despite negative exchange rate effects, the Henkell & Co. Group generated sales revenue
of EUR 697 million in 2014 and was thus 1.5% above the previous year.
With 250.2 million bottles of sparkling wine, wine and spirits, the Group’s volume sales
were 3.1% above the previous year (previous year: 242.6 million bottles). The Group’s
major sparkling wine brands and much higher wine sales contributed to this. While the
sparkling wine segment came in slightly up on the previous year (+ 0.6% to 159 million
bottles), wine sales grew by 17.6% to 46.4 million bottles. The spirits fell slightly in the
same period by 0.8% to 44.8 million bottles (previous year: 45.1 million bottles).
While the German market for classic sparkling wine has now declined for the second
year in a row, the sparkling wine market extended by Secco and wine-based cocktails is
developing positively. Hugo in particular as a ready-to-drink product has established
itself firmly in the wine cocktail market. Internationally, the sparkling wine market is
in principle developing positively too, although the reintroduction of sparkling wine
tax is having perceptible negative effects on the Austrian market, as are the political
developments in Ukraine. Contrary to the forecast, this resulted in dwindling sparkling wine sales in Austria and Ukraine and curbed the generally positive sparklingwine balance of the Henkell & Co. Group.
45 79
Consolidated Financial Statements
Mionetto range. In addition, the Bohemia, Angelli and Hubert brands were given a revamped design. The newly developed Deinhard Secco, Deinhard Semi Secco, Deinhard
Dolce and Deinhard Hugo created a new category in the German product offering and
have all been provided with an innovative Plopp-stopper. Fürst von Metternich presented its Chardonnay in a white-lacquered bottle. Also newly developed were the readyto-drink products Hugo, Mionetto il V!OLA and Gorbatschow & Orange.
Almost all core brands developed positively during the reporting period. Mionetto,
for instance, was able to build on its sales by 4.2% to 16.4 million bottles. The positive
­development of the main product, Mionetto Prosecco DOC Treviso, contributed here
in particular. The reintroduction of the sparkling wine tax in the neighboring Austrian
market, though, provided for a decline of 8% to 14.3 million bottles at Henkell.
Fürst von Metternich, the leading German premium sparkling wine by far, again
­developed strongly after double-digit growth in the previous year. It was able to build
on its market position with a rise of 7%. Fürst von Metternich Chardonnay generated
positive resonance with a new white-lacquered bottle.
12.3%
rise in volume sales.
Söhnlein Brillant, the strongest sales brand in the Group’s portfolio, grew overproportionally. The brand was able to add 12.3% with 21.5 million bottles. Also well received
were above all Söhnlein Brillant Medium Dry and Söhnlein Brillant Mild.
While Törley sparkling wine continued its positive development in Hungary with a
boost of 1.9% to 9.8 million bottles, Bohemia Sekt in the Czech Republic was able to
grow by as much as 7.3% to 9.8 million bottles as well and Hubert Sekt in Slovakia
by 7.0% to 6.5 million bottles. With that, all three brands remain market leaders in
their home countries.
The core brands in the spirits segment developed differently, but overall almost at the
previous year’s level. Wodka Gorbatschow, which has been the uncontested vodka market
leader in Germany since the mid 1970s, was able to increase its sales by 11.1% to now
16.3 million 1/1 bottles and thus build on its market share again. Kuemmerling herbal
liqueur remained at 3.3 million one-liter bottles.
The wine business of the Henkell & Co. Group was especially pleasing in 2014. While
the Group’s German vineyards, Schloss Johannisberg and the G.H. von Mumm’sche
Weingut, were limited in their volume sales by the poor harvest, the vineyards and brands
in Hungary and the Czech Republic all developed positively. On top of all this comes
the company acquired in 2013, Copestick Murray, which markets the brands of the
Henkell & Co. Group in the United Kingdom. Additionally, it was able to very successfully build up sales of its own wine brand, I heart, to an output of over 4 million bottles.
Despite sometimes adverse conditions, the Group was able to close the financial year
by all means satisfactorily.
46
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01 Management
Financial
ReportStatements
Environmental
Business Divisions
Protection
Consolidated
Financial Statements
Forecast
in Fixed Assets
82 – 83
Group Notes
84 – 91
02
47 79
Consolidated Financial Statements
The Henkell & Co. Group will continue down its path of concentrating on the core
sparkling wine brands Fürst von Metternich, Henkell, Mionetto and Söhnlein Brillant,
on strong national brands in the spirits business and the development of the successful brands from Hungary, the Czech Republic and Slovakia in the sparkling wine and
wine market in 2015. Its stated goal is to continue expanding, whereby the developments in Ukraine and the ramifications of the introduction of sparkling wine tax in
Austria will impact its companies there. We nonetheless expect a moderate sales
Consolidated Balance Sheet
80 – 81
revenue increase against the background of the now completely revamped portfolio and
Consolidated Statement of Changes
the new TV communication for Henkell, Mionetto and Bohemia.
Shipping
Division
348 million
euros in investments
2014
2013
48
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01 Management
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ReportStatements
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Business Divisions
Protection
Consolidated
Financial Statements
hamburgsud.com
The Hamburg Süd Group represents the Shipping Division. As a transport and
logistics company operating internationally, it counts among the world’s
twelve biggest container shipping lines measured against the capacities of
the ships operated (537,000 TEU as of December 2014). With more than
160 ships – from container ships and bulk carriers up to product tankers –
the Hamburg Süd Group is one of the most important providers of global
shipping and individual logistics solutions. It is represented with its own offices
Consolidated
Balance
in more than 30 countries and also works
together
withSheet
external agencies. 80 – 81
More than
160
ships.
in Fixed Assets
82 – 83
Group Notes
84 – 91
The core business of the Hamburg Süd Group is container line shipping, including all
up- and downstream logistics services with Hamburg Süd as the German carrier
and Aliança as the Brazilian shipping line. In addition, the Group operates under the
names of Rudolf A. Oetker (RAO), Furness Withy Chartering, Furness Withy Australia
and Aliança Bulk (Aliabulk) in the bulk commodity and product tanker trade and with
Hamburg Süd Reiseagentur as a specialist service provider, among other things for
business travel and cruises.
02
Starting from the classic north–south trades, Hamburg Süd Container Shipping has
developed to become a provider of logistics services operating worldwide in the following
trade lanes:
Europe–South America (east and west coast)
Europe–Caribbean / Central America
Europe–North America (east and west coast)
Europa–Australia / New Zealand
Brazilian cabotage / Mercosur / Conosur (east and west coast of South America)
Inter-America (east and west coast of North and South America / US gulf, Mexico,
Caribbean)
Asia–South America (east and west coast)
Asia–Europe (Northern Europe and Mediterranean)
Asia–North America (east and west coast)
Asia–India / Pakistan
Asia–Australia / New Zealand
Australia / New Zealand–North America (east and west coast)
Northern Europe–Mediterranean
Northern Europe–India / Pakistan
49 79
Consolidated Financial Statements
Consolidated Statement of Changes
Procurement
New processes have been introduced in purchasing and ship operations in the Hamburg
Süd Group to leverage optimization potential. Newly created organizational structures
at the head office and in the regions are supporting this process.
Logistics
In ship operations in the Hamburg Süd Group, the priority is still on reducing the fuel
consumption. With the basis having been laid in recent years through an extensive
renewal of its own fleet, in the coming years it will be all about optimizing schedules and
ship operations so that the ships can be operated at evenly low speed. That also includes optimizing all processes of cargo handling and operation of the ships in the ports.
The logistics processes are aimed at avoiding empty movements of ships and containers
and using suitable management instruments to take that into account in the freight
acquisition. To the extent such empty runs are unavoidable due to structurally different
cargo flows, the focus is on minimizing the costs associated with them.
Marketing and Sales
Over
100
own offices
worldwide.
The Hamburg Süd Group operates more than 100 offices of its own worldwide where
it handles the business from Customer Acquisition via Customer Service and controls
all logistics, operational and administrative processes. Around 90% of the business
volume in the line business is handled by the Group’s own employees, while the remaining 10% is handled by external agents. Within the context of sales and the subsequent
service delivery, electronic data interchange with the customers of the Hamburg Süd
Group is gaining ever greater significance (e-commerce). That applies to the sales
process (schedule data, price enquiries, quoting, booking) just as much as to the communication surrounding the transport (exchange of documentation data, status
monitoring / track and trace, customs clearance) up to invoicing and payment.
Research and Development
Progress in ship technology and in ship operations has the primary purpose of reducing
fuel consumption and emissions. With the new ships of the Cap San class, the
Hamburg Süd Group deploys modern environmental technology, which is reflected in
optimization of engine performance and hull shape, as well as in the use of commonrail systems and modern waste disposal systems. The innovations were mainly aimed
at expanding the logistics network to be able to offer customers a still more extensive
and intensive coverage, while at the same time driving the optimization of full and empty
container transports.
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Consolidated
Financial Statements
The GLOBE Project, which has been running for several years now and serves to replace
the operational and administrative IT applications, entered a decisive phase in 2014
with the rollout of the tariff and quoting module. This has created the conditions for
more intensive e-commerce activities with customers and other business partners.
Group Notes
84 – 91
Business Development
2013
2014
Sales revenue (in EUR million)
5,254
5,186
Adjusted sales revenue (in EUR million)
5,254
5,182
KEY DATA
02
Investments (in EUR million)
Employees
450
348
4,491
5,360
Hamburg Süd stood its ground well in a difficult environment in 2014. Total revenue
of the Shipping Division fell by 1.3% to EUR 5,186 million, while the transport volumes
in the line business rose compared to the previous year by 2.3% to 3.375 million TEU
(1 TEU = 1 standard 20-foot container).
The weak development of key economies in South America (Brazil, Argentina and
Venezuela) resulted in cargo growth in the South America trades that, at approximately
1.7%, was well below most other global trades. A high bunker price and a weak US
dollar impacted the developments in the first half of 2014. Both these trends reversed
in the second half of the year.
A new direct service from the Caribbean to Europe (above all for chilled cargo) and
from Europe back to the Caribbean via Mexico was introduced during the year. The cooperation with United Arab Shipping Company S.A.G. (UASC ) on entry into the
Asia–Europe and Asia–South America trades, in contrast, will have perceptible effects
only in 2015.
The planned volume growth of 6% was not quite reached on account of the weakness
of the South American economies (especially Brazil, Argentina and Venezuela). In
addition, freight rates fell by around 6% because of serious overcapacities and the competitive pressure. In the line segment, the drop in revenue could only partially be
51 79
Consolidated Financial Statements
The application developed together with a classification society to gather and process
data from the ship operations (GLEM Project) was able to be largely completed and
rolled out during the reporting year. It forms the basis for extensive analyses in terms
Consolidated Balance Sheet
80 – 81
of the efficiency and costs of ship operations and cargo handling and for efficient
Consolidated Statement of Changes
environmental reporting (emissions), which is increasingly being asked for by customers
in Fixed Assets
82 – 83
and other stakeholders.
made up for by capacity and cost adjustments. Above all due to weak raw-material
imports in China, the expected recovery of the bulk commodity markets failed to materialize, so bulk shipping was unable to achieve the planned improvement.
Supplementary Report
On March 27, 2015, Hamburg Süd took over the container liner activities and agency
function of the shipping line Compañía Chilena de Navegación Interoceánica (CCNI )
based in Valparaiso, Chile. With the integration of the CCNI line services, Hamburg
Süd will strengthen its liner network from and to South America.
Based on a cooperation agreement between Hamburg Süd and United Arab Shipping
Company S.A.G. (UASC ) on exchange of slot capacities on both companies’ ship
systems, Hamburg Süd began its step-by-step entry into the Asia–Europe and Asia–North
America trades from December 2014 and January 2015 onward.
In February 2015, Hamburg Süd and CMA CGM announced that, in addition to the
joint services already existing between Northern Europe and the west and east coasts
of South America, they would work together on other routes. One example is the
planned launch of a joint service from Asia through the Panama Canal to the east coast
of the United States and then on to Europe and back, which should start in the second
quarter of 2015.
20%
cargo volume growth
expected in line shipping
for 2015.
Forecast
For 2015, Hamburg Süd expects growth in the cargo volume in line shipping of more
than 20%. Line sales should rise on a similar scale. In total, the shipping group expects sales of over EUR 6,000 million. This rise is in part attributable to the acquisition
(CCNI ) and the cooperation with UASC . Given continuing overcapacity in nearly all
segments, the revenue will stay under pressure throughout the industry in the middle
term. The unsatisfactory earnings of most shipping companies will only improve if
they can reduce their costs sustainably. This can be achieved by measures to reduce fuel
consumption, exploit economies of scale, or further efficiency improvements in processes. Here, Hamburg Süd is on the right track and expects a better result for 2015 than
in 2014, whereby the low bunker prices will bolster this. The persistently weak constitution of bulk shipping, which will almost certainly fail to post satisfactory also in the
current year results, will have a negative impact here however.
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Protection
Other Interests
Division
Consolidated
Financial Statements
Consolidated Balance Sheet
80 – 81
in Fixed Assets
82 – 83
Group Notes
84 – 91
02
500
2014
2013
53 79
million
euros in sales
Consolidated Financial Statements
Consolidated Statement of Changes
budenheim.com
oediv.de
oetker-verlag.de
oetkercollection.com
roland-transport.de
The Other Interests Division comprises companies of the Oetker Group
that operate in different industries. This includes the chemicals company
Chemische Fabrik Budenheim KG, which manufactures its products at
six locations. Furthermore, the Other Interests Division includes the Oetker
Collection with its four owned hotels in the luxury class in Germany and
France and the management of unique, externally owned hotels at various
locations (France, Morocco, Seychelles, St. Barth). Dr. Oetker Verlag KG,
OEDIV Oetker Daten- und Informationsverarbeitung KG, Handelsgesellschaft
Sparrenberg mbH, Roland Transport KG and other companies round off this
division and are based in Bielefeld.
Budenheim’s products comprise high-quality phosphates and special chemicals produced individually for customers and marketed in more than 100 countries.
9
Masterpiece Hotels in
the Oetker Collection.
Hotel services of the highest quality are offered in the four owned hotels and the five
externally owned hotels run by Oetker Hotel Management Company GmbH.
Dr. Oetker Verlag offers cookery and baking books in numerous variants both via bookshops and as e-books.
OEDIV operates data centers in Germany, where it offers SAP hosting and numerous
other IT services. The concepts and architectures used meet the highest availability
requirements of its customers and are continuously tested and kept at the latest state of
technology by OEDIV.
The trading company Handelsgesellschaft Sparrenberg (HGS) bundles the conceptual
procurement know-how in the Oetker Group and supports it and external customers in
realizing new strategic perspectives.
Roland Transport offers its services in the three business segments of 4PL (fourth-party
logistics), principal forwarder and added services.
Procurement
Through standardization and harmonization of technical documentation in 2014,
Budenheim was able to conduct tenders for the first time for procurement of technical
services and thus generate potential savings. The rollout of a uniform enterprise
resource planning (ERP) system created the basis for establishing standardized and
global business processes.
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As a technically and methodologically specialized information and procurement service
provider, Handelsgesellschaft Sparrenberg (HGS) supports the purchasing managers
of the Oetker Group companies, as well as umpteen companies outside the Group, in
mostly internationally aligned activities in strategic purchasing. Based on that function, it possesses many years of experience in analyzing and exploiting European procurement markets, in research, processing and interpretation of market and price
data and in forecasting potential future developments. Through its participation in numerous tenders, HGS boasts strong market presence and know-how in terms of the
Consolidated Balance Sheet
80 – 81
potential that can be realized. Its market assessments and forecasts support the planConsolidated Statement of Changes
ning and projection process. It delivers calculations for value analysis and material
in Fixed Assets
82 – 83
harmonization projects and, in doing so, delivers a contribution to cost savings, efficiency
Group Notes
84 – 91
improvements and risk management in the procurement area.
Production and Logistics
The initiative to optimize the transport packaging of its products was started at
Budenheim during the reporting year. This initiative is aimed at sustainable prevention
of damage during the transport from the production line to the customer in order
to underline the premium quality of Budenheim products.
02
Marketing and Sales
Budenheim sells its products both via direct marketing and via distributors. In line with
the constant trend towards more customer proximity, the Asia sales region was reorganized during the reporting year and the responsibility for all of Asia was centralized
at the sales location in Singapore. The market introduction of new products was improved in 2014 through the rollout of an integrated product launch process.
The hotels of the Oetker Collection, with their marketing activities and sales processes,
are coordinated by the Oetker Hotel Management Company. This allows coordinated
and efficient servicing of the market. As part of that, the partner network (for example
with PR agencies) is being continuously expanded. In addition, the social media activities were also further expanded during the reporting year.
In the fourth-party logistics area, Roland Transport KG works together with customers as a neutral consultant without a fleet to develop specific solutions in practically
all logistics business processes.
Research and Development, New Products
The Material and Process Technology department at Budenheim regularly researches
current trends on an interdisciplinary basis with other departments. In all divisions
in 2014, Budenheim was able to significantly increase the share in sales of innovative
products in total revenue. The business division Performance Materials was able
to successfully place a new, more environmentally friendly range of high-temperature
55 79
Consolidated Financial Statements
Consolidated
Financial Statements
lubricants on the market with a strongly reduced boron content. Its progress in product
development for applications in electromobility was acclaimed with the Gold Award
at the MATERIALICA Design & Technology fair.
The additive mixtures based on biological components of the ALTESA -NEO product line
for the fish segment, which were offered for the first time in 2014, were well received
by customers worldwide. The first sales with iron pyrophosphate with improved physical
properties were achieved at the end of 2014.
The business division Material Ingredients successfully placed a new product for firefighting with aircraft. The innovation lies in a new, environmentally friendly and
photosensitive coloring that dissolves automatically under the influence of light after
spreading.
Budenheim’s Urban Mining project is about recovering phosphates from sewage
sludge by environmentally friendly extraction with carbon dioxide. As a product, this
creates a contaminate-free phosphate fertilizer with no health concerns for marketing.
The fundamental research has now been completed and the three-year operation of a
plant on a laboratory scale will be continued in 2015 with the construction and commissioning of a pilot plant. This will be connected directly to the sewage plant in MainzMombach and will treat part of the sewage sludge produced there. In this three-year
project supported by the German environmental foundation, Deutsche Bundesstiftung
Umwelt, the operating parameters will be adjusted in order to create the basis for construction of a plant on an industrial scale.
Based on the reaction mechanism of baking powder, an environmentally friendly
foaming agent for silicones has been developed and is already being used in wound
dressings, for seals for lamps in automotive engineering and in street lighting. The
goal thereby is weight reduction and material savings with improved processing characteristics at the same time.
Business Development
2013
KEY DATA
2014
Sales revenue (in EUR million)
483
500
Adjusted sales revenue (in EUR million)
483
500
Investments (in EUR million)
Employees
56
52
50
2,427
2,440
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Business Divisions
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Consolidated
Financial
Statements
500
million in sales.
Given that their markets differ, the various companies of the Other Interests Division have also developed differently. Overall, the Division realized sales revenue of
EUR 500 million in 2014.
Budenheim’s value orientation proved its worth in 2014. The company was unable to
achieve the planned volume growth, but it did increase profits. Part of the relief in
raw-material costs was passed on to customers. With prices declining slightly (–1%),
sales fell by 1%.
Consolidated Balance Sheet
80 – 81
Consolidated Statement of Changes
Budenheim sold 3.1% less in its core business. With the changed product mix, the averin Fixed Assets
82 – 83
age price rose on balance by 0.6%. The decline in sales in the core business amounted
Group Notes
84 – 91
to 2.6%. On including the acid trading, which developed well, there was an overall rise
of 1.6% in the volume. Sales reached EUR 259 million (–1%).
From a regional point of view, the expectations in North America were not realized. The
business in Asia, however, developed very positively.
02
For the business division Food Ingredients, the year closed with lower volume sales
versus the previous year and lower sales as a result. They thus remained clearly behind
expectations. The reasons were different in the individual sales regions: in the United
States, aggressively priced competitors led to volume losses. The economic difficulties
in South America, with Brazil, Venezuela and Argentina, which are important countries for Budenheim, hampered attainment of the sales targets. The crisis in Ukraine, the
economic sanctions against Russia and the resulting weakness of the ruble resulted
in serious declines in demand on the Russian market. Increasing global competitive
activity also hampered business expansion in the main sales regions of Europe and
North America. In contrast, the company was able to increase volume sales in Asia
considerably.
The Performance Materials line was able to put its advantages in this applicationoriented business division to the test again and win attractive new business. In the
pharmaceuticals area, the focus was on improving its external image with the redesign of product information and its presence for the first time at the world’s biggest
pharmaceutical trade fair, the CPhI in Paris.
The business division Material Ingredients put in a pleasing performance in 2014
with a strong increase in sales. That is attributable above all to substantial growth in
volumes in the paints and coatings segments and in wildfire. Apart from that, changed
focal points in the product portfolio have contributed to higher prices. As a result, the
difficult market and demand situation in the plastics segment was more than compensated for. From a regional point of view, the newly acquired flame protection business
in paints and coatings was able to be successfully consolidated in the Europe, Middle
East and Africa (EMEA) region. At the same time, newly developed business in North
America and Asia provided for perceptible growth.
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Consolidated Financial Statements
EUR
With a sales increase of 7.1% to EUR 157 million, the companies of the Oetker Collection
can look back on a satisfactory year. In particular, the positive sales trends at the Hotel
Le Bristol Paris and the Hotel du Cap-Eden-Roc in Antibes contributed to this.
Major capital expenditures were made at the Hotel Le Bristol and at Brenners ParkHotel & Spa. At the Hotel Le Bristol, the focus was on extensive room renovations. At
Brenners Park Hotel, the extensive rebuilding and renovation project over several
years to redesign the Villa Stéphanie was completed in December 2014. As part of the
ensemble of buildings at the Brenners Park Hotel, the Villa Stéphanie from now on
will be home to the hotel’s new spa facility, as well as 15 new rooms and suites.
The Oetker Hotel Management Company took over the management of the Hotel Eden
Rock – St Barths last year and signed a management contract for The Lanesborough
Hotel in London. The latter will reopen in the summer of 2015 following extensive renovations. It is the ninth Masterpiece Hotel in the Oetker Collection portfolio.
Also due to expansion steps taken in the past, the number of accommodation sold rose
significantly by 11.8% in year-to-year comparison.
Also last year, Dr. Oetker Verlag was unable to extricate itself from the situation in the
classic German book market, which is under pressure and suffering under declining
sales. Especially in the area of cookery and baking books, it is difficult to achieve
acceptance among consumers for the marketing of electronic content. Despite many
efforts, 2014 therefore ran below the previous year’s level for Dr. Oetker Verlag.
The sales of OEDIV saw pleasing developments in 2014. The trend towards outsourcing
internal IT infrastructures continued last year and OEDIV, as a medium-sized provider with data centers operated only in Germany, is enjoying high trust, especially in
the area of data protection. The company was able to slightly exceed the sales planning
both with the existing customers and by acquiring new customers. Besides the hosting
and operation of SAP systems, the demand for operation of Microsoft-based systems
and applications continued growing in 2014. OEDIV continued expanding its service
portfolio in this area last year as well.
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Handelsgesellschaft Sparrenberg mbH was able to convince its customers within and
outside the Oetker Group and increase sales planning by 3.5% with its information
and procurement services and consulting on strategic procurement management and
market and price trends in international commodity and packaging markets, as well
as with framework agreements, load securing and energy.
sales increase.
Roland Transport KG was able to increase its sales by 10.1% in 2014 compared to the
previous year. Despite economic factors on the customer side, which have implications
Consolidated Balance Sheet
80 – 81
for the transports planned by Roland, it was able to revive the business significantly by
Consolidated Statement of Changes
new acquisitions in the 4PL area.
Forecast
in Fixed Assets
82 – 83
Group Notes
84 – 91
For 2015, the chemicals industry in Germany is expecting only moderate growth.
Budenheim intends to buck that trend and has again planned much higher and in some
cases even ambitious, growth targets for all three divisions.
02
After a considerable sales increase over the last five years, the Oetker Collection expects
sales for 2015 at about the previous year’s level. The Brenners Park-Hotel will benefit
from the opening of the Villa Stéphanie, while the increasing local competitive pressure
will make itself felt in the Paris hotels. The sales of the Oetker Hotel Management
Company will grow strongly because of the management contracts recently concluded.
Because of the increasing significance of information technology in everyday business
life, together with increasing complexity and a growing need for security, OEDIV
looks to the future optimistically. A further slight growth in the customer base and the
associated sales increases are expected for 2015.
59 79
Consolidated Financial Statements
10.1%
Banking
Division
259 million
euros in equity on the balance sheet
2014
2013
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With its subsidiaries, Bankhaus Lampe KG forms the Banking Division and
ranks among the leading independent private banks managed by personally
liable stockholders in Germany. In its business activities, the bank focuses
on advising and mentoring the three target customer groups of wealthy private
customers, companies and institutional investors. It is accounted for at
equity in the consolidated financial statements. For more information, please
refer to the Bank’s separate annual report.
Consolidated Balance Sheet
80 – 81
Consolidated Statement of Changes
in Fixed Assets
82 – 83
Group Notes
84 – 91
02
61 79
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bankhaus-lampe.de
Assets and Financial Position
The balance sheet total has risen by EUR 729 million to EUR 8,499 million. The reasons
behind this were, in particular, investments higher than the depreciations with an
operationally related increase in current assets, while the first-time consolidation and
deconsolidation effects amount to EUR + 135 million. In addition, there was a deliberate
buildup of liquidity in order to be able to realize the strategic opportunities developed
over the course of 2014.
The mainstays of the balance sheet structure are as follows:
BALANCE SHEET STRUCTURE
In EUR million
2012
Balance sheet total
Fixed assets
2013
2014
7,695
7,770
8,499
4,185
4,375
4,634
Inventories, receivables, deferred charges
and prepaid expenses
2,485
2,414
2,545
Liquidity
1,025
981
1,320
Equity
2,847
3,105
3,484
Provisions
1,457
1,446
1,526
Liabilities incl. deferred income, deferred tax liabilities
3,391
3,219
3,489
In fixed assets, the acquisition and production costs were increased by EUR 13 million
on January 1, 2014, due to differences from currency translation. In addition, this amount
rose by EUR 7 million on account of changes in the scope of consolidation.
The intangible assets rose by EUR 32 million versus the previous year to EUR 165 million.
Goodwill makes up EUR 55 million of this. The increase versus the previous year is
the result above all of first-time consolidations in the Food Division (Delite B.V., McCain
pizza business).
The increase in tangible fixed assets by EUR 182 million to EUR 3,904 million can be
almost completely explained by the investments, which were EUR 181 million higher
than the depreciations (without first-time consolidations). The additions to fixed assets
and intangible assets totaled EUR 783 million. First-time consolidations accounted for
EUR 116 million of this. Current investments amount to EUR 667 million; they are
EUR 110 million below the comparative value of the previous year of EUR 777 million.
The depreciations on intangibles and tangible fixed assets amount to EUR 530 million.
The investments in associated companies run to EUR 413 million, which represents
an increase by EUR 39 million. This covers, above all, Bankhaus Lampe KG, Düsseldorf
(Germany), S.A. Damm (Barcelona, Spain), Emaphos euro Maroc Phospore S.A.
(Casablanca, Morocco) and Itapoá Terminais Portuários S.A. (Itapoá, Brazil).
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Position
Consolidated
Financial Statements
Inventories have fallen versus last year by EUR 23 million to EUR 775 million. Accounts
receivable (trade) have risen by EUR 70 million to EUR 1,215 million, mainly in the
Food and Shipping Divisions. An amount of EUR 3 million of this has a residual term
to maturity of more than one year.
The accounts receivable from subsidiaries and affiliated companies, in total EUR 3 million (as last year), can be set against liabilities of EUR 80 million (previous year:
EUR 69 million). These items relate to German and foreign companies not included in
Consolidated Balance Sheet
80 – 81
the scope of consolidation.
Consolidated Statement of Changes
82 – 83
02
The cash and cash equivalents of EUR 1,320 million are made up of amounts due
from Bankhaus Lampe KG and the item “Cash in hand, deposits with nonaffiliated
banks and checks.”
The fixed capital of Dr. August Oetker KG remained unchanged at EUR 450 million.
The Group’s reserves rose by EUR 372 million. The change in the difference in equity
from currency translation of EUR 8 million is essentially the result of the shift in the
euro against the national currencies in the United States, Brazil, Hungary, the United
Kingdom, Canada, Poland, India, Russia, Venezuela, Ukraine and Turkey. The provisions for pensions amount to EUR 602 million after EUR 599 million last year. While
portfolio changes had a negative effect of EUR – 47 million, interest and exchange
rate effects had a positive effect of EUR 51 million. As in the past, a part of the staff
pension arrangements is covered by direct insurance policies above all with Condor
Lebensversicherungs-AG. The insurance premiums needed for that are largely paid in
the form of a lump sum. Policy loans are not used.
The provisions for taxes of EUR 22 million include only effective taxes. The other provisions include amounts for outstanding invoices, deposit credit balances from the
Beer Division, sales reductions especially in the Food Division and in the personnel
area; all apparent risks are covered.
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Consolidated Financial Statements
in Fixed Assets
The other current assets of EUR 495 million (previous year: EUR 424 million) include
Group Notes
84 – 91
short-term lending and claims not set off against liability items from the reinsurance
of pension obligations with Condor Versicherungsgruppe, tax refund entitlements,
receivables relating to empty packaging and the like. They also include the assets of
Atlantic Forfaitierungs AG, which essentially relate to short-term financial investments.
An amount of EUR 105 million has a residual term to maturity of more than one year.
Total liabilities amount to EUR 3,477 million structured by residual terms, which can
be found in the Notes.
The miscellaneous other liabilities (included in the total amount) of EUR 1,561 million
include, among other things, the payments received for pending voyages in the Shipping
Division and the stockholders’ accounts within Dr. August Oetker KG.
The deferred tax liabilities of EUR 3 million result only from consolidation measures,
as an asset surplus exists at the level of the individual financial statements essentially
as the result of different valuation approaches in the provisions for pensions. To that
extent, the company avails itself of the option under Section 274, Para. 1, Sent. 2, of the
German Commercial Code (HGB).
The Oetker Group’s financial position is marked by internal financing, largely retained
earnings and long-term bank loans. Net financial assets fell from EUR 214 million in
the previous year to EUR 147 million at the end of 2014, partly because of investments
again exceeding the depreciations and spending for acquisitions.
Equity grew when compared to the previous year by EUR 379 million to EUR 3,484 million. The equity ratio rose to 41.0% (previous year: 40.0%) of the balance sheet total.
The bank liabilities are mainly based on loans with terms of ten years, which are serviced
according to plan. Long-term loans of EUR 221 million were repaid during the reporting year and new loans of EUR 585 million were taken out.
Leasing liabilities exist (on a manageable scale) only in the area of financing containers
for Hamburg Süd. Other leasing agreements and other off-balance-sheet financial instruments are of only secondary significance for us.
Financing and cash investments by subsidiaries are bundled within the Oetker Group
wherever possible in order to minimize risks and exploit potential optimization. Interest,
price and currency hedging is done primarily by Dr. August Oetker KG by means of
derivative financial instruments on the market.
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Performance
Environmental
Indicators
Protection
Performance Indicators
Financial and Nonfinancial
Performance Indicators
Consolidated
Financial Statements
Financial Performance Indicators
Pursuant to Section 13, Para. 3, Sent. 2, of the Disclosure Act, no information is given
on financial performance indicators.
Nonfinancial Performance Indicators
in Fixed Assets
82 – 83
Group Notes
84 – 91
As one of the major German family businesses, the Oetker Group is conscious of its
responsibility vis-à-vis its stakeholder groups. The family exerts considerable influence
on the Group’s strategy and business policy and has established this with the words
“The interests of the company have priority over those of the family” as the principle of
its entrepreneurial commitment. This statement forms the basis for responsible
management of the company across generations. It puts the Oetker Group into a position to grow sustainably and always place the quality and thus also the safety, of its
products and services at the forefront.
02
Within the framework set across the Group, the individual companies of the divisions
develop efficient solutions decentrally in the fields of compliance, research and development, supply chain, human resources, environmental protection and social responsibility. The key information on selected aspects and a number of the measures taken
in this respect by the Group companies in 2014 are set out below.
Further information on the fields mentioned can be found in the publications and websites of the Group companies.
The issue of Compliance has gained in significance on account of the strong international growth of the Oetker Group and the increasing legal requirements. For that
reason, a Compliance Management System has been developed for the entire Oetker
Group and a compliance organization has been set up. Its Compliance Officers are available as neutral and independent contacts for all issues surrounding compliance.
65 79
Consolidated Financial Statements
This section includes further information on the Oetker Group’s nonfinancial performance indicators. The performance and thus also the future capability of the individual
divisions is mapped thereby not only in the form of economic indicators, but is also reConsolidated Balance Sheet
80 – 81
flected in the Group’s nonfinancial performance indicators, which play a key role in
Consolidated Statement of Changes
the further successful development of the companies.
Personnel
The headcount of the companies in the consolidated group of the Oetker Group rose
significantly in 2014. As of the balance sheet date, there were 28,354 people employed
worldwide (previous year: 26,907). That was 5.4% more than in the previous year. The
organic personnel growth amounted to 5.3%.
The Food Division increased its headcount from 12,272 to 12,790, which, besides the acquisitions, is also reflected in increases in the German plants. In the Beer and Nonalcoholic Beverages Division, the headcount rose from 5,689 to 5,757. The Sparkling
Wine, Wine and Spirits Division recorded a slight fall in personnel from 2,028 to
2,007 employees. The headcount in the Shipping Division increased considerably from
4,491 to 5,360. This rise is largely based on the fact that people previously classified
as external crew members are now counted as the division’s own personnel. The headcount in the Other Interests Division grew from 2,427 to 2,440 employees.
Personnel expenses within the Oetker Group in 2014 stood at EUR 1,322 million (previous year: EUR 1,273 million).
Personnel Strategy of the Oetker Group
The Oetker Group’s success is based on its qualified and committed employees worldwide. The Group’s personnel strategy is aimed at supporting the strategic development and international growth to the best possible extent and promoting the close cooperation between the Group companies. It builds on shared principles of modern,
international human resources management and forms the basis for group-wide understanding of values, the support for knowledge transfer across the Group and the
creation of conditions to inspire its employees for flexible deployment within the Group.
To counter the challenges of demographic change and increasing international competition, the family business provides for attractive working conditions at all levels and
creates secure jobs. In addition, it offers interesting career prospects in an internationally positioned group of companies. The personnel strategy of the Oetker Group was
developed further in 2013, which set the course for still closer cooperation in the
human resources area and the first measures building on that were realized in the 2014
reporting year.
Promoting Young Talents
In times of an increasing skills shortage, the competition on the personnel market is
growing steadily, so talents such as committed career entrants need to be recruited
for the companies at an early stage. Within the context of challenging work experience
placements and a jointly developed “Stay in Touch” program for former interns and
apprentices, the Group nurtures close contacts with potential new employees. The potential future managers of the Group companies, who have previously proven themselves
through above-average performance during their deployments, are given the opportunity
twice a year to meet at the “Stay in Touch” events. The goal is to get to know the Group
companies better, stay in contact, get information about career opportunities within
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Environmental
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Protection
Consolidated
Financial Statements
the Oetker Group and build on their own skills with the support of a series of seminars. The meetings last year took place at Henkell & Co. Sektkellerei KG in Wiesbaden
and at Martin Braun KG in Hanover.
In the vocational education area, the Oetker Group creates the basis for a promising
career through good entry conditions, intensive orientation phases and a wide range
of qualification programs. Decisive thereby is extensive and varied training for
young people. A total of 861 apprentices were employed in the Oetker Group last year
Consolidated Balance Sheet
80 – 81
(previous year: 755).
Consolidated Statement of Changes
82 – 83
The Group companies, such as Martin Braun, work together with universities and technical colleges to target specific talents.
02
The FrischeParadies Group has been continuously increasing its apprenticeship rates
in recent years. In 2014, these young talents were able to take over responsibility for
a day at the branch in Essen and put their commitment and team skills to the test in
the store’s various sales departments.
The Radeberger Group overhauled its training concept during the reporting year and,
among other things, increased the variety of the apprenticeship trades and dual
courses offered. The apprentices of all sites traditionally count among the best, which
was the case in 2014 as well.
With the new position “Trainer Chemical Worker”, Budenheim is in a position to significantly increase the number of apprentices in this area.
As part of the celebrations surrounding the 800th anniversary of the City of Bielefeld,
a major event took place on February 22, 2014, in the Dr. Oetker Welt in Bielefeld,
at which apprentices of various companies of the Oetker Group, among others, gave
visitors information on the various divisions.
67 79
Consolidated Financial Statements
in Fixed Assets
To be even more attractive to potential applicants, Dr. Oetker GmbH invested in its targetGroup Notes
84 – 91
group-specific international careers website in 2014 within the context of Employer
Branding. The employer positioning of Dr. Oetker reads: “Shaping the future with quality.”
Developing Employees
A further focal point of the strategy is on supporting and guiding employees. The
entrepreneurial actions of the Oetker Group have long been marked by a high degree
of responsibility for its employees. To promote their competencies and skills, the companies invest continuously in the personal and technical development of their employees.
The Group-wide Succession and Talent Management program is also intended to contribute in the future to opening up even more varied development opportunities and
career prospects internationally. Through these measures, the company ensures that
key positions within the Oetker Group are primarily filled internally with the most suitable employees. That is not only motivation for the employees, but also reflects the
long-term focus of the human resources work.
The further development of international personnel work projects took on particular
significance in the human resources work of Dr. Oetker GmbH in 2014: recruiting
and employee retention, personnel development, talent management, compensation
systems and HR processes.
Special attention is also attached to international career opportunities, so the internationalization of personnel activities and networking among the national companies
is being driven forward.
The succession planning practiced for several years now also enables specific development of talents, especially for key positions. Besides the international Trainee Program,
which has been a firm element of Dr. Oekter’s personnel strategy for over 30 years,
there are offers for other programs to prepare employees for management tasks.
As part of the annual succession planning at the Martin Braun Group, a personnel
development process is carried out in which all employees with potential for more senior
positions are collected. A personnel manual was created and distributed to managers
in the spring of 2014. It establishes and governs uniform rules on selected personnel
issues in the Martin Braun Group.
The Radeberger Group intensified its training and development programs with a broadly
faceted package of measures, especially in the area of sales. Against that background,
a group of regional managers began their training at the beginning of 2014 as “Beer
Ambassadors” at the Deutsche Wein- und Sommelierschule in Koblenz, which they
successfully completed with a Chamber of Commerce certification.
At Hamburg Süd, the focus in 2014 was on the international personnel exchange
programs. These extend from training programs abroad and short- and medium-term
secondments up to long-term assignments of five and more years.
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Motivating and Retaining Employees
The satisfaction of employees and their identification with the individual companies of
the Oetker Group are major factors for their commitment in their positions, as well
as their bonding with the Oetker Group. To continuously improve working conditions,
many sites run employee surveys at regular intervals, as in 2014 at Martin Braun in
Hanover for example and the German locations of Henkell & Co. Group. A concept was
developed at Budenheim in 2014 for employees to appraise their managers and its
implementation has already begun. The goal is to strengthen the notion of leadership,
Consolidated Balance Sheet
80 – 81
allow managers to continue growing and to promote open communication.
Consolidated Statement of Changes
82 – 83
Work–life balance is a key issue for the Oetker Group, because the companies are of
the conviction that employees can best unfurl their skills if job and family life are in
harmony. The Group companies promote and form working-time models that suit both
the employee and the company. These are intended to take various life phases into
account and thus support the work–life balance. To that end, the various sites have implemented different measures such as child care programs during school holidays
or alliances with family counseling organizations.
02
Balanced age structures and employment longevity are particular features of the Oetker
Group and proof of the strong bond between the workforce and the Group companies.
The diversity of the employees and their different personal traits, talents and skills boost
the creativity and innovative power of the Group’s international activities.
Promoting Health
The demographic trends and longer working lives will lead to substantial changes in
many industrial nations. Securing the ability of the employees to perform in the long
term is also a key issue for the Oetker Group, so promoting an appropriate working environment and health management is self-evident.
The companies of the Group have realized numerous models ranging from prevention and early detection up to very diverse measures for exercise, healthy nutrition and
relaxation.
69 79
Consolidated Financial Statements
in Fixed Assets
A corporate culture in which a climate of trust prevails is the key to open and respectful
Group Notes
84 – 91
cooperation between employees and managers.
For instance, the company health management regime established a number of years
ago under the name of PowerParadies in the FrischeParadies Group was also expanded
in 2014 and is intensively used by employees of the various sites.
At Hamburg Süd, the annual Health Days and regular company-facilitated sports activities at the headquarters in Hamburg, among others, have become firm health components. The ships’ crews in the shipping line also find optimum health conditions. The
ships are equipped with, among other things, fitness rooms and thus offer a sporting
balance to the everyday work on the high seas.
Occupational safety is also taking on a high priority at the Group companies. Occupational safety measures are constantly reviewed and developed further to offer employees
safe and ergonomically optimized workplaces. Innovative employee suggestions for further improvement are promoted by the Group companies, for example at Dr. Oetker
GmbH, the Henkell & Co. Group and Budenheim.
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Protection
Environmental Protection
Consolidated
Financial Statements
Protecting the environment has special significance in the Oetker Group and is firmly
integrated into the corporate governance. High environmental standards have already
been achieved in this manner. Irrespective of that, the Group still pursues the goal of
continuously reducing our environmental impact. Also in 2014, the companies belonging to the Oetker Group realized extensive measures for further improvement. The
commitment of the employees is to be thanked for this progress. They have regularly
reviewed attainment of the ambitious targets and taken over responsibility for environmental protection under their own initiative.
Consolidated Balance Sheet
80 – 81
Consolidated Statement of Changes
Group Notes
84 – 91
The companies under the overall management of Dr. Oetker GmbH and the companies
of the Martin Braun Group further extended their diverse environmental protection
activities in the 2014 reporting year. This continuous improvement was again confirmed
by independent surveyors with the recertification of the integrated environmental
management system under the internationally valid standard DIN EN ISO 14001. In
addition, the German plants of Dr. Oetker GmbH were again certified under DIN EN
ISO 50001 (Energy Management). The Martin Braun Group was certified for the first
time. Numerous efficiency-enhancing measures and projects were implemented with
the system in the plants.
02
Likewise, the quality assurance system and environmental protection within the
FrischeParadies Group was regularly documented by appropriate certifications and
enhanced by the Group’s own standards.
As the production, bottling and transport of beer are resource-intensive processes, the
Radeberger Group continuously undertakes efforts aimed at minimizing the consumption of energy and water and the production of wastewater, waste, dust and noise
emissions in the production process based on the latest state of technology.
The brewing Group meanwhile operates six combined heat and power plants with a high
efficiency level of up to 90%. For many years now, the Radeberger Group has been
certified within the context of matrix certification under the DIN EN ISO standards
9001 (quality) and 14001 (environment). The targets set for the environmental area
focus above all on achieving energy savings in the areas of heat, electricity and water.
The first-time certification of the pilot plant in Berlin under the new energy standard
DIN EN ISO 50001 in 2013 was followed in 2014 at ten further locations of the Radeberger
Group. The results of the first-time certification at these locations were very positive
throughout and the certificate was issued to the entire Radeberger Group without a
single reservation.
71 79
Consolidated Financial Statements
Lowering energy consumption and the reduction in emissions as a result remains a focal
in Fixed Assets
82 – 83
point in activities on environmental and climate protection.
The Henkell & Co. Group is certified on a site-specific basis under the standards of
DIN EN ISO 9001, DIN EN ISO 14001, DIN EN ISO 50001, OHSAS 18001, IFS6,
BRC and, in addition, the Wiesbaden site is certified organic. The relevant standards
are combined in an integrated management system for more efficient implementation.
In the Henkell & Co. Group, environmental protection is standard practice at all sites.
Alternative energy generation using geothermal, photovoltaic and combined heat and
power plants, the use of low-pressure steam, energy recovery and reduction of carbon
dioxide emissions have been a firm element of the environmental policy of Henkell &
Co. for many years now. All consumption of energy and natural resources is subject to
permanent monitoring and constant optimization under the auspices of the energy
team together with the environmental and energy management officers. The goals and
results of the environmental measures of Henkell & Co. are regularly published in its
environmental reports. In addition, Henkell & Co. in Wiesbaden-Biebrich takes part in
the Eco-Profit Program of the City of Wiesbaden and has won awards there several times.
Higher energy efficiency and new technologies are appropriate instruments for CO 2
reduction at Hamburg Süd. Last year, Hamburg Süd already achieved the ambitious
goal it set itself of reducing the specific CO 2 emissions per unit of transport ( TEU/km)
by 26% by 2020 (base year 2009) through logistics, organizational and technical
measures on its ships. The goal for 2020 has now been raised to 45%. One very successful measure in this respect was the development of the emission manager GLEM
(Germanischer Lloyd EmissionManager), which was installed on the ships in order to
analyze emissions and consumption uniformly and then to establish efficiency measures. GLEM was developed together with the classification society Germanischer Lloyd
(now DNV GL) and deployed by Hamburg Süd as the first shipping line in the tough
conditions of line shipping.
On the refrigerated containers in the fleet, the energy consumption should be reduced
by 15% by 2015 and in the case of new containers by 20% (base year 2010). Here,
Hamburg Süd is on the right track and it is already becoming clear that the energy consumption of new containers, for example, will be reduced by 2015 by more than 20%.
A further environmental goal is the use of more than 80% bamboo flooring or other
alternative materials in new dry containers in the period from 2012 to 2015. The background to this is conservation of tropical forests by promoting biodiversity and the climate indirectly. Here, too, it is becoming clear that Hamburg Süd will exceed this
target by 2015.
Besides the requirements of the DIN EN ISO 14001 and 50001 standards, Budenheim’s
environmental policy also takes the Eco-Management and Audit Scheme of the European Union (EMAS III ) into account, as well as the guidelines of the “Responsible Care
Program” of the German Chemical Industry Federation (VCI ). For all processes and
activities, the environmental aspects, such as emissions and raw-material and energy
consumption, are systematically measured and their effects captured. Building on
72
02 Consolidated
01 Management
Financial
ReportStatements
Performance
Environmental
Indicators
Protection
Consolidated
Financial Statements
The hotels of the Oetker Collection also implemented various measures in 2014 to improve their environmental balance sheets. At the Hotel du Cap-Eden-Roc and Château
St. Martin & Spa, these measures have already been performed since 2011 as part of the
Consolidated Balance Sheet
80 – 81
“Green-Factor-Program” and the associated targets and commitments. Other establishConsolidated Statement of Changes
ments are following the best practices implemented here. One focal point thereby is on
in Fixed Assets
82 – 83
precise capture, control and reduction of the consumption of water, energy and waste.
Group Notes
84 – 91
Besides that, the hotels are working actively on increasing biodiversity, partly within the
context of national initiatives. In addition, they support farmers who have dedicated
themselves to organic cultivation of foodstuffs.
02
73 79
Consolidated Financial Statements
this, strategic and operational environmental targets have been being defined and implemented since 1996. One example of this is Budenheim’s extremely ambitious target
to improve energy efficiency by 15% by 2020 and at the same time reduce CO 2 emissions
by 15% (base year 2010).
Forecast
In the Group’s estimation the global economy will grow in 2015 by at least 3.0%, whereby Asia will in all probability be above average with 4.6% and Europe well below average with 1.4% (in it Germany with 1.2%). Global trading is expected to grow by 4.3%.
The business development of the Oetker Group in 2015, too, will strongly depend on
the developments in the economic framework, whereby raw-material prices are expected
to remain largely stable for the consumer goods divisions with a bunker oil price significantly below the average for 2014. The foreign currencies important to the Oetker
Group have been planned throughout at the level of the average for 2014.
Sales revenue will rise – above all due to acquisitions – and will be noticeably higher
than EUR 12 billion for the first time in the company’s history.
Capital expenditures of just over EUR 800 million are expected for 2015. The focus at the
production companies will be on new plants and extensions and expansion of the production capacities. Especially worthy of mention is the new research and development
building at the Bielefeld location. At Hamburg Süd, which accounts for about half of
the planned capital expenditures, the program to expand and renew the ship fleet and
the stock of its own containers will be continued and capital expenditures will be
made in the new building for the Hamburg Süd headquarters.
Because of the acquisitions, the net liquidity surplus will become (manageable) net
financial debt.
The various acquisitions will also be significant for the forecast changes in headcounts.
In the Food Division, the headcount will rise by more than 10%, above all because of
the acquisitions in Mexico, Canada and the United States. In Shipping, there will also
be a personnel buildup related to acquisitions. The Beer and Nonalcoholic Beverages
Division expects a moderate increase in numbers of employees, while in the Sparkling
Wine, Wine and Spirits Division the employment will remain about the same. In
Chemicals, an increase is planned to strengthen the divisions and drive innovations.
Other aspects of the development expected in the individual divisions are described in
the relevant sections.
74
02 Consolidated
01 Management
Financial
ReportStatements
Forecast / Risks
Environmental
and Opportunities
Protection
Report
Risks and Opportunities Report
Consolidated
Financial Statements
The business activities of the Oetker Group are subject to permanent risks, but at
the same time offer a large number of opportunities. The primary goal is to provide for
a balance between opportunities and risks.
Group Notes
84 – 91
For the Oetker Group, exploiting market opportunities offers the possibility to realize
growth with a sound earnings situation at the same time. For that reason, a firm eye is
kept on all the trends in the industries relevant to the Group. Opportunities are considered when formulating the plan and pursued as part of the periodic reporting. Regular market and competitive analyses are carried out and the crucial success factors of
the markets examined.
02
The Group companies are subject to different economic frameworks. In the three consumer goods divisions, consumption trends among consumers are particularly relevant.
A diversified product portfolio and constant efforts in the development of new products help the Group to take account of market and consumer needs, whereby the trend
towards more quality awareness and increased demand for products from sustainable
production are included.
Expanding the Group’s market presence also offers strategic opportunities. This applies
in particular to the markets in the emerging nations. With the help of strategic acquisitions the product portfolio can be expanded, the market position improved and
growth boosted.
Operational Risks and Opportunities
Procurement Market Risks and Opportunities
In the estimation of the Group’s management, the prices on the procurement markets
will change only moderately in 2015. Many of the raw materials important to the
consumer goods divisions have already been firmly contracted for the year in terms of
their prices, so there are no risks here. Other risks in procurement are mitigated by
scattering between different suppliers and other measures to secure volumes. For the
fuels important to the Shipping Division, bunker oil and gas oil, the price developments in recent months essentially produce opportunities to procure them cheaper
than in 2014.
75 79
Consolidated Financial Statements
Within the context of its structure, which is diversified by both industries and regions,
the Oetker Group is also exposed to different risks. These involve above all economic
risks, which affect the freight and charter rates in the Shipping Division in particular,
raw-material price risks, which affect all divisions of the Oetker Group (and here
Consolidated Balance Sheet
80 – 81
especially price risks for fuel in Shipping) and to a lesser extent currency risks. Dealing
Consolidated Statement of Changes
with these business risks is a key component of entrepreneurial leadership at the
in Fixed Assets
82 – 83
Oetker Group.
Environmental and Industry Risks and Opportunities
The consumption climate is of crucial significance for the consumer goods divisions. On
top of that come crises like in Ukraine and Russia. In addition, state interventions
also have major influence. There are risks for the divisions of the Group also from the
persisting debt and financial crises in many countries. In addition, the increasingly
intensive competition and continuing trade concentration and the advance of private
labels also harbor risks. The Group companies counter these risks by continuously
strengthening the brands and constantly developing new products. Apart from that,
using different sales channels permits a balance between potentially structural migration movements and in the demand patterns of the consumers.
For the Shipping Division, there are risks in particular from worsened macroeconomic
trends with their consequences for developments in freight rates, especially in the
line business. Given forthcoming delivery of new-build tonnage and the low scrapping
rates of old ships, there is the risk that the market capacities will increase faster than
the demand for transport services.
Functional Risks and Opportunities
Financial Risks and Opportunities
The Oetker Group is subject to financial risks and opportunities in terms of liquidity,
currencies and interest rates. Given the solid earnings structure of the Oetker Group,
the long-term links to various banks and financing based on classic bank loans with
largely ten-year terms, the liquidity and interest risk is regarded as extremely low. Currency risks are mainly hedged with the help of forward exchange transactions, which limit
potential losses. The prospect that the price of the US dollar versus the euro in 2015 will
move below that of 2014 represents an opportunity given the dominance of the US
dollar in shipping.
Legal and Regulatory Risks
The Oetker Group has to observe a large number of legal and regulatory standards
within the context of its business activities.
To implement them, internal standards, guidelines and procedures need to be regularly
reviewed – also within the context of the management systems. With a compliance
organization set up across the Group, all relevant legal and regulatory requirements and
compliance with the Oetker Code of Conduct are monitored.
76
02 Consolidated
Financial
01 Management
ReportStatements
Risks and
Environmental
Opportunities
Protection
Report
Consolidated
Financial Statements
In addition, the usual insurance policies have been concluded to cover certain legal risks.
Information Technology Risks
Information technology risks are countered by extensive capital expenditures in the
security architecture of the IT systems.
The financial success of the Oetker Group is largely defined by the willingness to perConsolidated Balance Sheet
80 – 81
form and skills of its employees. Recruiting highly qualified specialists and managers
Consolidated Statement of Changes
and binding them to the Oetker Group in the long term, is for that reason enormously
in Fixed Assets
82 – 83
important. For that, the Group relies on targeted measures to develop employees and
Group Notes
84 – 91
on incentive systems. A further focal point in the human resources work is on health
management and counseling employees in different phases of their lives.
Environmental and Safety Risks
The Oetker Group produces at numerous locations worldwide, which results in risks
in the area of the environment, safety and health, as well as with regard to social
standards. This can result in harm to people and goods. The measures described in
terms of the legal and regulatory risks also counter those in the area of environmental
and safety risks, as do certifications, counseling and training of employees. In addition,
high technical standards in production provide effective protection.
02
Summary of the Risks and Opportunities Situation
There are no risk concentrations worthy of mention either on the customer side or on
the supplier side. Likewise, there are no apparent risks that may put the Group’s existence
at risk with regard to the countries in which the Oetker Group operates.
Also from today’s perspective, there are no risks apparent that might result in any
impact on the long-term existence of the Oetker Group. In addition, a higher risk coverage volume has been created in past years via a sustainable increase of the equity ratio,
improvement in strategic positioning and improved operating results, with which from
today’s perspective the risk drivers in the Oetker Group’s business can be managed
even better.
77 79
Consolidated Financial Statements
Personnel Risks and Opportunities
78
02 Consolidated Financial Statements
Environmental Protection
Consolidated
Financial Statements
Consolidated Balance Sheet
80 – 81
in Fixed Assets
82 – 83
Group Notes
84 – 91
02
79
Consolidated Financial Statements
Consolidated Statement of Changes
Dr. August Oetker KG
Consolidated Balance Sheet
ASSETS
In EUR ’000
2013
2014
110,449
108,414
22,352
55,426
FIXED ASSETS
Intangibles
Acquired concessions, trademarks and similar rights and assets as well as
licenses to such rights and assets
Goodwill
Advance payments
632
1,310
133,433
165,150
Tangibles
Land, leasehold rights and buildings, including buildings on leasehold land
879,915
950,663
Machinery and equipment
380,337
428,322
1,933,539
2,086,440
240,319
258,764
Other equipment, fixtures, furniture and office equipment
Ships and containers
Miscellaneous other equipment, fixtures, furniture and office equipment
Advance payments and other fixed assets under construction
287,511
179,816
3,721,621
3,904,005
Financial assets
Shares in subsidiaries
Investments in associated companies
Investments in other companies
95
95
374,105
413,438
59,259
69,684
Long-term receivables from affiliated companies
2,986
2,082
Fixed-assets securities
1,267
1,318
80,375
77,295
Other long-term receivables
Advance payments on financial assets
2,053
895
520,140
564,807
4,375,194
4,633,962
266,408
237,424
Voyages in progress (shipping)
129,470
133,833
Other work in progress
100,592
92,727
296,913
307,055
CURRENT ASSETS
Inventories
Raw materials and supplies
Work in progress
Finished products and merchandise
Advance payments
4,522
4,119
797,905
775,158
1,144,761
1,215,035
Accounts receivable and other current assets
Accounts receivable (trade)
Accounts receivable from affiliated companies (apart from banks)
Other current assets
3,025
2,729
424,299
495,291
1,572,085
1,713,055
Funds
Accounts receivable from affiliated banks
165,121
174,237
Cash in hand, deposits with nonaffiliated banks and checks
815,517
1,145,690
DEFERRED CHARGES AND PREPAID EXPENSES
DEFERRED TAX ASSETS
980,638
1,319,927
3,350,628
3,808,140
40,237
52,785
47
POSITIVE DIFFERENCE FROM ASSET ALLOCATION
80
4,327
4,241
7,770,433
8,499,128
02 Consolidated Financial Statements
Consolidated Balance Sheet
LIABILITIES
In EUR ’000
2013
2014
EQUITY
Fixed capital
Reserves
Difference in equity due to currency conversion
Minority interests in consolidated companies
DIFFERENCE DUE TO CAPITAL CONSOLIDATION
450,000
450,000
2,790,768
3,162,309
–141,939
–134,365
6,125
6,327
3,104,954
3,484,271
201
25
598,830
601,881
PROVISIONS
Provisions for pensions and similar obligations
Provisions for taxes
Other provisions
21,319
21,674
826,369
902,462
1,446,518
1,526,017
LIABILITIES
Due to banks
Due to banks outside the Oetker Group
754,802
1,162,553
Due to affiliated banks
11,968
9,975
Advance payments received
8,800
7,574
510,278
527,013
1,065
879
67,544
79,258
117,468
115,490
Accounts payable (trade)
Accounts payable to subsidiaries
Accounts payable to affiliated companies (apart from banks)
Miscellaneous liabilities
Taxes
Social security
12,749
13,539
1,728,393
1,560,712
3,213,067
3,476,993
5,693
9,068
7,770,433
8,499,128
Contingent liabilities in respect of guarantees
36,178
25,243
Contingent liabilities in respect of warranties
7,068
7,906
Other
DEFERRED INCOME
DEFERRED TAX LIABILITIES
2,754
Contingent liabilities pursuant to Section 251 of the Commercial Code
Bielefeld, April 14, 2015
Dr. August Oetker KG
General Partners
Richard Oetker
Dr. Albert Christmann
81
Dr. Ottmar Gast
Dr. August Oetker KG
Consolidated Statement of Changes
in Fixed Assets
CONSOLIDATED STATEMENT OF CHANGES
IN FIXED ASSETS
In EUR ’000
Historical or
production cost as of
January 1, 2014
Currency
differences
and acquisition
effects
800,467
1,913
45,349
53,560
979
43,885
854,659
2,892
90,230
Land, leasehold rights and buildings, including
buildings on leasehold land
1,848,318
12,029
60,055
Machinery and equipment
1,835,367
2,149
114,654
Ships and containers
3,621,848
–265
303,974
802,149
3,645
91,196
Additions
Intangibles
Acquired concessions, trademarks and
similar rights and assets as well as licenses
to such rights and assets
Goodwill
Advance payments
632
996
Tangibles
Other equipment, fixtures, furniture and office
equipment
Advance payments and fixed assets under
construction
287,561
1,687
123,330
8,395,243
19,245
693,209
Financial assets
Shares in subsidiaries
237
Investments in associated companies
Investments in other companies
382,804
180
39,631
66,523
106
10,328
Long-term receivables from affiliated companies
3,126
80
Fixed-asset securities
1,597
71
Other long-term receivables
108,061
Advance payments on financial assets
–2
25,544
564,401
284
76,549
9,814,303
22,421
859,988
2,053
TOTAL
82
895
02 Consolidated Financial Statements
Consolidated Statement of Changes in Fixed Assets
Retirements
Reclassifications
Write-ups in 2014
Accumulated
depreciation as of
December 31, 2014
–16,394
2,869
149
–725,939
108,414
–49,880
110,449
–38,027
55,426
–11,679
22,352
165,150
–61,559
133,433
–4,971
–27
–291
–21,392
2,578
Book value as of
December 31, 2014
Depreciation
in 2014
Book value as of
December 31, 2013
1,310
149
–763,966
632
–25,105
56,350
63
–1,001,047
950,663
–50,994
879,915
–28,457
29,987
290
–1,525,668
428,322
–88,174
380,337
–216,317
139,100
–1,761,900
2,086,440
–251,774
1,933,539
–70,961
5,438
70
–572,773
258,764
–77,838
240,319
–1,099
–231,620
–43
179,816
–341,939
–745
423
–4,861,431
3,904,005
–468,780
3,721,621
287,511
–95
–47
95
95
–478
–8,699
413,438
374,105
–10
–7,263
69,684
59,259
–1,054
–70
2,082
2,986
–21
–329
1,318
1,267
–23,261
77,295
–33,828
167
–53
–2,000
–35,539
–1,833
–398,870
614
–2,931
80,375
895
2,053
614
–39,669
564,807
–2,931
520,140
1,186
–5,665,066
4,633,962
–533,270
4,375,194
83
Dr. August Oetker KG
Group Notes
Application of the Statutory Requirements
Dr. August Oetker KG in Bielefeld is required pursuant to Section 2 of the German Act on
Disclosure of Company Financial Statements (below Disclosure Act) to compile and publish
consolidated financial statements and a Group management report. These consolidated
­financial statements and Group management report, which were prepared in accordance
with Section 13 of the Disclosure Act in conjunction with Sections 294 to 315 of the German Commercial Code (below Commercial Code), qualify for exemption within the meaning
of Section 264, Para. 4 HGB , Section 264b HGB and Section 5, Para. 6 of the Disclosure
Act for the companies identified in the list of shareholdings pursuant to Section 313 of the
Commercial Code (published in the electronic Federal Gazette).
With the exception of information pursuant to Section 313, Para. 2 of the Commercial
Code, this annual report complies with the regulations of Section 13 of the Disclosure Act
in conjunction with Sections 294 to 315 of the Commercial Code.
Scope of Consolidation
All of the major domestic and foreign companies, on which Dr. August Oetker KG can
­exert a controlling influence directly or indirectly, have been included in the consolidated
financial statements.
A total of 398 companies (previous year: 392), of which 234 are German and 164 are foreign
com­panies, were consolidated. Sixteen companies (previous year: eleven) were not fully
consolidated as they are not of material significance. The same applies to eleven companies
(previous year: nine companies), with which an affiliation exists by virtue of participating
­interests, with regard to consolidation at equity.
In addition, six companies (previous year: five) were valued at equity.
The following significant changes occurred within the scope of consolidation:
In the Food Division, Fruchthof Handels-GmbH in Innsbruck (Austria), which was acquired on March 1, 2014 and Rebecchi Valtrebbia S.p.A. in Rivergaro (Italy), which was
acquired on December 9, 2014, were consolidated for the first time. That also applies to
D.O. Productions LLC and 11 Gregg Corporation (both in Wilmington, United States), which
were founded in the wake of the acquisition of McCain Foods’ North American pizza
business in August 2014.
In addition, after mergers or liquidation, several small companies of no significance from a
corporate perspective are no longer consolidated.
All annual financial statements of the main companies included in the scope of consolidation
were audited by external auditors in accordance with usual professional principles.
84
02 Consolidated Financial Statements
Group Notes
They were all provided with an unqualified audit opinion. In the case of the other companies
included, the Group’s auditors were able to assure themselves that the annual financial
statements comply with generally accepted accounting principles and the provisions of the
Disclosure Act and the Commercial Code.
A listing of shareholdings is published in the electronic Federal Gazette as an element of the
Group Notes.
Valuation Methods
The reporting and valuation procedures of the subsidiaries included in the Consolidated
Financial Statements are in accordance with uniform Group procedures. The financial
statements of the companies valued based on the equity method were adjusted in part to
the uniform Group guidelines.
Tangible and intangible assets were valued in accordance with Section 253 of the Commercial
Code. No use was made of the option provided for in Section 248, Para.2, Sent. 1 of the
Commercial Code to capitalize self-produced intangible assets within the Oetker Group.
The maximum valuation limit for production costs are the production costs pursuant to
Section 255, Para. 2, Sent. 1 and 2 of the Commercial Code. Investment grants were treated
as deductions from acquisition costs. Scheduled depreciation was based both on the
straight-line and the declining-balance method (with transition to the straight-line method
if the amount thus produced was higher than with the declining-balance method), largely
in accordance with the useful lives recognized by the tax authorities. In Germany, minor
assets with acquisition costs up to EUR 410 are fully written off in the year of acquisition.
A similar approach is taken abroad in comparable cases. In some cases, a collective item is
formed for the year for minor assets, for which the acquisition or production costs for
the individual asset exceed EUR 150 but not EUR 1,000, which is written off as cost evenly
over five years.
Financial assets are valued at most at acquisition costs to the extent no lower values are
called for. Permanent impairments in fixed assets are accounted for by unscheduled depreciations.
Current assets are valued in accordance with Sections 253 and 256 of the Commercial Code.
The production costs of inventories include appropriate manufacturing overheads observing the production cost limits set by the tax authorities; interest on borrowed capital is
not capitalized. Apparent inventory risks are accounted for through loss-free valuation.
Adequate specific and general provisions are formed to cover risks in accounts receivable.
85
Transactions in foreign currencies are translated at the mean spot exchange rate at the time
of the transaction and for the sake of simplicity, at the monthly average rate in some cases.
Pension provisions are calculated based on actuarial forecasts. The pension provisions of
the German companies are formed based on Section 6a of the Income Tax Act and take
into account the current mortality tables of Dr. Klaus Heubeck, whereby the simplification
rule of Section 253, Para. 2, Sent. 2, of the Commercial Code is applied and calculated
with the interest rate forecast on October 31, 2014, by the German Central Bank for a residual
maturity of 15 years as of December 31, 2014 (4.54%, previous year 4.90%); in addition,
the provisions are based on an expected increase in wages and salaries of 3.1% (previous
year: 3.0%) and an expected increase in pensions of 1.7% (previous year: 1.8%). The pension obligations of the foreign companies are not of material importance.
Excess coverage within the meaning of Section 67, Para. 1, Sent. 2, of the Introductory
Act to German Commercial Code (EGHGB) comprises pension provisions of EUR 3,000.
Assets within the meaning of Section 246, Para. 2, Sent. 2, of the Commercial Code
of EUR 23 million were set off against corresponding provisions for pension obligations.
Provisions are recognized at the settlement amount necessary based on prudent commercial judgement. The provisions for long-service anniversaries are also calculated based on
the values stated for interest rates and wage and salary increases. Expected price increases
of 1.7% are taken into account in the other provisions.
Liabilities are recognized at their settlement amount.
On account of an asset surplus in deferred taxes from individual financial statements, the
deferred taxes are formed only as provided for by Section 306 of the Commercial Code.
Deferred tax assets and liabilities from consolidation transactions are set off against one
another. Tax rates specific to the individual companies are applied.
Valuation units within the meaning of Section 254 of the Commercial Code are formed to
a minor extent, whereby the freezing method is applied.
Currency Translation
The currency translation of items in foreign currencies on the balance sheets of the consolidated companies is based on Section 256a of the Commercial Code. Where not already
drawn up in Euros, the balance sheets of the foreign subsidiaries are translated based on
the modified closing-rate method of Section 308a of the Commercial Code. Movements in the
consolidated statement of changes in fixed assets are translated at the average exchange
rate for the year.
86
02 Consolidated Financial Statements
Group Notes
Consolidation Methods
The annual financial statements of all consolidated companies are compiled as of the date of
the consolidated financial statements. Upon consolidation for the first time, the acquisition
costs and investment book values are set off against the proportional equity in the capital
consolidation based on the principles of the revaluation method. Consolidation for the
first time is carried out on the date on which the company was acquired, whereby the fair
value of the assets, debts, accruals and deferrals and special items acquired is derived
as far as possible from market prices within the context of comparable transactions. The
remaining differences on the assets side are recognized as goodwill and written off as
expense in the subsequent years pursuant to Section 309, Para. 1 of the Commercial Code.
The deprecation takes place based on the straight-line method and a useful life of at most
five years. The same applies to the companies consolidated at equity. Differences on the
liabilities side are recognized under the item “Difference due to capital consolidation”
after equity and treated in accordance with Section 309, Para. 2 of the Commercial Code.
All receivables and payables between consolidated companies are calculated to net and profits
and losses on intercompany transactions are eliminated, as are intercompany expenditure
and income. Deferred taxes are allowed for in the event of differences resulting from consolidation that are expected to be eliminated in subsequent financial years.
Profits on intercompany transactions with companies consolidated at equity are not
eliminated.
Other Information
Liabilities amount to EUR 3,477 million. Based on residual times to maturity, the individual
items are structured as shown in Table 1.
TABLE 1: LIABILITIES
In EUR million
Payable within
one year
(previous year)
Liabilities due to banks outside the Oetker Group
382 (388)
Payable within
Payable after
one to 5 years more than 5 years
(previous year)
(previous year)
472 (337 )
308 (30)
672 (854)
692 (265)
326 (739)
1,679 (1,842)
1,164 (602)
634 (769)
10 (12)
Liabilities due to affiliated banks
8 (9)
Advance payments received
Accounts payable (trade)
527 (510)
1 (1)
Accounts payable to subsidiaries
Accounts payable to affiliated companies (apart from banks)
Miscellaneous liabilities
Total
87
79 (68)
No securities requiring disclosure were granted for these liabilities.
Risks arising from claims with respect to contingent liabilities pursuant to Section 251 of the
Commercial Code are not anticipated given the creditworthiness of the debtor concerned.
The other financial obligations pursuant to Section 314, Para. 1, No. 2a of the Commercial Code total EUR 3,789 million, of which EUR 1,028 million is for next year. This includes the longer-term charter contracts typical to the shipping division with obligations
of EUR 2,360 million and EUR 187 million for obligations under shipbuilding contracts.
Off-balance-sheet transactions pursuant to Section 314, Para. 1, No. 2 of the Commercial
Code – beyond the obligations set out above in the shipping division – were negligible in
view of the financial position of the Oetker Group.
As companies operating internationally, Dr. August Oetker KG and its subsidiaries are exposed to interest rate, price and currency risks. To mitigate these risks, Dr. August Oetker KG,
above all, has concluded contracts in derivative financial instruments (futures, swaps and
options). The contracts held on the balance sheet date are shown in Table 2.
TABLE 2: DERIVATIVE FINANCIAL INSTRUMENTS
In EUR million
Transaction
volume
Fair value
Forward purchases and sales
89
–2
Options
14
–6
Reserves of EUR 1 million were formed for the forward transactions, swaps and options not
included in the valuation units.
The derivative financial instruments are valued based on certain assumptions and valuation
models, such as the present-value method, Black-Scholes or Heath-Jarrow-Morton.
The workforce of the companies consolidated in the Oetker Group rose during the year by
5.4% to 28,354 employees (previous year: 26,907). The Food Division increased its headcount from 12,272 to 12,790. In the Beer and Nonalcoholic Beverages Division, the number
of employees rose from 5,689 to 5,757. The Sparkling Wine, Wine and Spirits Division
recorded a slight fall in personnel from 2,028 to 2,007 employees. The headcount in the
Shipping Division rose from 4,491 to 5,360. This increase is essentially on account of the
fact that persons previously classified as external seamen are now counted as own personnel.
The workforce in the Other Interests Division grew from 2,427 to 2,440 employees.
The differential amount between the corresponding carrying amounts and the share of
equity of all associated companies included amounts to EUR 2 million.
88
02 Consolidated Financial Statements
Group Notes
The total fee pursuant to Section 314, Para. 1, No. 9 of the Commercial Code amounts to
EUR 2,254 thousand. Of this amount, EUR 1,789 thousand is attributable to annual account
auditing services, EUR 41 thousand to other assurance services, EUR 143 thousand to tax
consultancy services and EUR 281 thousand to miscellaneous services.
Transactions with related companies and persons pursuant to Section 314, Para. 1, No. 13 of
the Commercial Code were immaterial in scope.
Statement of Income
In accordance with Section 13, Para. 3, Sent. 2, of the Disclosure Act, no statement of income will be published. The statement of income of the Bank can be found in a separate
annual report.
The Disclosure required pursuant to Section 5, Para. 5, Sent. 3, of the Disclosure Act are
published in a separate appendix – see Table 3.
TABLE 3: APPENDIX TO THE BALANCE SHEET
Pursuant to Section 13, Para. 3, Sent. 2, of the Disclosure Act in
conjunction with Section 5 (5), Sent. 3, of the Disclosure Act
a) External sales (in EUR ’000)
b) Income from investments (in EUR ’000)
c) Wages and salaries, social security contributions, expenditure
on pensions and other benefits (in EUR ’000)
d) Number of employees
Converted into full-time employees, the number of employees on average
for 2014 was 27,228 (previous year: 25,755)
2013
2014
10,844,091
10,934,455
29,577
46,925
1,273,160
1,321,666
26,907
28,354
The sales revenue reported are broken down into geographically defined markets and business segments as shown in Table 4.
TABLE 4: BREAKDOWN OF SALES REVENUE BY REGION
In EUR million
2013
2014
Germany
3,519
3,742
Other EU member states
2,537
2,575
Rest of Europe
344
561
4,444
4,056
3,985
3,596
Food
2,577
2,622
Beer and Nonalcoholic Beverages
1,843
1,929
Rest of the world
Thereof shipping sales in international waters
Breakdown of sales by division
Sparkling Wine, Wine and Spirits
Shipping
Other Interests
89
687
697
5,254
5,186
483
500
Adjusted for changes in the scope of consolidation, total sales revenue for 2014 were
EUR 10,899 million versus EUR 10,847 million for 2013.
Bielefeld, April 14, 2015
Dr. August Oetker KG
The General Partners
Richard Oetker
Dr. Albert Christmann
Dr. Ottmar Gast
Report of the Auditors on the Complete Consolidated Financial Statements
We have audited the Consolidated Financial Statements of Dr. August Oetker KG, Bielefeld,
for the financial year from January 1 to December 31, 2014, taking into consideration the relevant accounting records and the Group Management Report.
Pursuant to German commercial law and the supplementary provisions contained in the
Articles of Association, the Company’s legally appointed representatives are responsible for
keeping accounting records and for compiling the Consolidated Financial Statements
and the Group Management Report. Our task as auditors is to arrive at an assessment of the
Consolidated Financial Statements and the Group Management Report, taking the relevant
accounting records into consideration.
We have conducted our audit of the Consolidated Financial Statements in accordance with
Section 317 of the German Commercial Code (HGB) and the professional standards laid
down by the Institute of Public Auditors in Germany. Accordingly, the audit must be planned
and conducted in such a way that it is possible to detect with an adequate degree of certainty any inaccuracies and infringements that may have a negative impact on the true and
fair picture of the net worth, financial position and earnings situation of the Company
presented in the Consolidated Financial Statements and Group Management Report, taking
the principles of proper accounting into consideration.
90
02 Consolidated Financial Statements
Group Notes
The auditing procedures take account of specific knowledge of the company’s business
activ ities, the general economic and legal environment, as well as possible sources of error.
The effectiveness of the internal audit system as well as the accuracy of the data contained
in the accounting records, the Consolidated Financial Statements and the Group Management Report are verified largely on the basis of spot checks. The audit also evaluates the
annual accounts of the companies included in the Annual Financial Statements, the delineation of the consolidated Group, the accounting and consolidation principles, the appraisals
made by the legally appointed representatives, as well as the overall picture presented in the
Consolidated Financial Statements and the Group Management Report. In our view, the
audit provides an adequately sound basis for evaluation.
Our audit did not result in any objections.
In our considered opinion, the Consolidated Financial Statements accord with the legal
requirements and the supplementary provisions of the Articles of Partnership and convey
a true and fair view of the net worth, financial position and earnings situation of the
Group in compliance with proper accounting principles.
The Group Management Report accurately describes the situation of the Group and accurately presents the opportunities and risks inherent in future developments.
Bielefeld, April 15, 2015
PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Peter Krupp
Certified Public Accountant
Rudolf Hagen
Certified Public Accountant
91
Publishing Information
Published by
Dr. August Oetker KG
Lutterstraße 14
33617 Bielefeld
Germany
Telephone: +49 (0) 521 155 – 0
Fax: +49 (0) 521 155 – 2995
E-mail: presse@oetker.de
Internet: www.oetker-gruppe.de
Edited by
Public Relations Department
Design and Production
3st kommunikation, Mainz
Photos
Dr. August Oetker KG
Printed by
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92
The Oetker Group
2014
Given the mixed conditions worldwide, the Oetker
Group developed in an acceptably decent way in the
2014 reporting year and as a rule better than the
sector concerned. After adjustments for exchange rate
and acquisition effects, the Oetker Group was able
to increase sales by 0.8 %.
The Oetker Group
Highlights 2014
January
April
Acquisition in the Netherlands: The Martin Braun Group acquires
The Oetker Collection and the legendary luxury hotel, Eden
the Dutch company, Delite, which has operated for more than
Rock – St Barths will be joining forces in the future. This is the
85 years with 200 products in the bakery, ice cream and chocolate
eighth Masterpiece Hotel in the Oetker Collection.
industry.
February
The two new f lavors, Schöfferhofer Weizen-Mix Zitrone and
Schöfferhofer Weizen-Mix Granatapfel + Guarana, extend the
fruity fresh range of grain blends and provide for a novel taste
experience.
Founded in 1989 under the motto “Baking is now really fun!”
the Dr. Oetker Back-Club celebrates its 25th anniversary this year
and today counts more than 100,000 members.
May
Successful product launch: Budenheim brings a new and even
Different is more refreshing – and different does not always
more environmentally friendly series of products to market for
have to be exotic. Bionade is proof of that and combines two old
combating forest fires using photosensitive pigments extracted
friends from the native orchard to create an exciting and totally
from the air.
new taste experience. The new variety Bionade Himbeer-Pflaume
presents itself as natural and dryly fruity.
At the 26th International Corporate Films Festival in Vienna,
Bankhaus Lampe wins the Silver Victoria for its image video in
the category of Trade Fair Videos/Events.
March
Besides countless innovations and attractive products in the
Dr. Oetker has tracked them down: Around 360 men and women
who work voluntarily and unpaid for the common good in
Bielefeld are rewarded under the motto “Dr. Oetker celebrates
sparkling wine and spirits segment, the Henkell & Co. Group
volunteering” with an eventful evening in the Rudolf-Oetker-
presents, among other things, the eagerly awaited relaunch
Halle as a thanks for their personal commitment.
Highlights 2014
of the most exported German sparkling wine brand Henkell
at the ProWein trade fair. The fresh look is defined by a leaner
Dr. Oetker invests in North America and opens a new pizza
bottle and enticing details. The Henkell Lily stands central in
plant near Toronto to serve the rising demand in Canada and
the new design.
the United States.
Underway on the seven seas: The Radeberger Group will remain
the exclusive beer partner for AIDA Cruises for a further five
years and is extending its commitment to all twelve ships of the
current AIDA f leet.
June
November
With the Theme World Pizza, Dr. Oetker devotes an own, exten-
The perfect premium food package now comes straight to the
sive topic area to its popular pizzas on the company’s home-
home: From now on, there is a large selection of carefully selected
page to augment the existing theme worlds of Baking, Cooking,
fine food specialities available in the FrischeParadies online shop.
Preserving, Children, Brunch and Desserts.
July
The Henkell & Co. Group stands out in the competition of the
Deutsche Landwirtschafts-Gesellschaft (DLG) 2014: Nine gold
and three silver medals for spirits. Gorbatschow Vodka is yet
again the big winner. Other awards go to Pott Rum, Kuemmerling
Kräuterlikör, Fürst Bismarck Kornbrand, Jacobi 1880 Alter
Dr. Oetker successfully completes the acquisition of the North
Weinbrand V.S.O.P. and Cardenal Mendoza.
American frozen pizza business from McCain Foods Limited.
With the takeover, Dr. Oetker expands its international presence
still further. Various brands are acquired as part of the acqui-
September
sition, including the US brand Ellio’s.
The luxury hotel group Oetker Collection takes its first steps in
A milestone in the company’s history: Aficionados of special spar-
the United Kingdom. With the legendary The Lanesborough
kling wine culture worldwide pick up the Henkell bottle one
in London, the renowned Collection takes over the management
billion times, thus crowning the success story that started in 1856.
of its ninth Masterpiece Hotel.
Cooperation agreement signed: United Arab Shipping Company
(UASC) and Hamburg Süd will work together worldwide in
the future and first agree to cooperate in a number of their core
operating zones.
October
Outstanding Environmental Protection Report: Budenheim im-
Hamburg Süd has achieved its environmental target set for 2020
presses the jury of the CEFIC Responsible Care Awards in the
to reduce the CO2 emissions of its f leet of ships by 26 percent
category of Communication in terms of report content, structure,
versus 2009 ahead of time. In total, all the activities together
clarity, authenticity and transparency.
have had a much more positive effect on CO2 emissions than
originally forecast.
Radiant new image for Fürst von Metternich Chardonnay: The
latest product from Fürst von Metternich now presents itself in
Hamburg Süd lays the foundation stone for the extension of the
an unusual and striking bottle: All in white, in a charming,
shipping line’s headquarters in Hamburg. The new building
non-conformist look, the brand thus appeals to consumers who
is being erected in the Willy-Brandt-Strasse on the plot adjacent
prefer an unconventional sparkling wine experience at a pre-
to the traditional Hamburg Süd headquarters.
mium level for special occasions.
The Oetker Collection is honored by four prizes from a total of
eight nominations at the Villégiature Awards 2014. 23 wellknown international journalists award the renowned luxury hotel
group the accolades of Best Resort in Europe, Best Ambience
December
Hamburg Süd wins the Electrolux Supplier Award 2014 in the
Hotel in Europe, Best Welcome and Service in Europe and Best
category of Global Logistics. The shipping group scores top marks
Hotel in Africa.
for quality, punctuality, performance, costs and sustainability.