Nordzucker_GB 03-04_E_.pd 1 - Nordzucker AG

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Management Report Group Sugar production in m. tonnes (white sugar value) 1.80 1.60 1.40 1.20. 0 1.39 1.45 1.33 1.51 1.49 1.70 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 Turnover (in t billion) 1.20 1.10 1.00 0.90. 0 0.98 1.02 1.01 1.07 1.33 1.18 1.15 1.25 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 Annual surplus (in t million) 80 60 40 20. 0 9 21 22 36 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 Cash flow (in t million) 160 130 100 70. 0 138 80 75 83 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 Nordzucker AG dividend (in t million) 40 30 20 10. 0 8.9 10.5 12.2 16.2 55 148 29.8 26 100 19.6 23 107 22.5 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 Structural and Organisational Changes Characteristic features of the financial year 2003/2004 include the takeover of the operations of Union-Zucker Südhannover GmbH, Nordstemmen, (Union- Zucker), effected by a transfer of assets, as well as the acquisition of three sugar factory companies in Hungary and an increase of the interest in Syral S.A., Marckolsheim, from 36 to 50 percent. Union-Zucker Becomes Fourth Holding The takeover of the Union-Zucker operations was effected by an increase in the share capital to include Union-Zucker as the fourth holding company of Nordzucker AG and by the transfer of assets (the Nordstemmen sugar factory) as a contribution in kind. As a result, the present Nordzucker AG figures can only be loosely compared to those of the previous year. With the exception of turnover, the same can be said to apply to all group figures. Previous group turnover figures already accounted for Union-Zucker as part of the joint distribution organisation Nordzucker GmbH & Co. KG, Braunschweig. Expansion of Consolidation Scope The acquisition of a majority interest in three sugar factory companies in Hungary has expanded the basis of our consolidation and has affected the consolidated figures accordingly. With the 50-percent stake in Syral S.A., equity consolidation is taking this participation as part of the group equity
capital into consideration for the first time in the year under review. SweetGredients GmbH & Co. KG, Nordstemmen, (SweetGredients), was founded as a 50:50 participation between Nordzucker and the Danish food producer Arla Foods. In a pilot plant in Nordstemmen, SweetGredients produces the lactose-based sweetener Tagatose. In view of the participation ratio, proportional consolidation is used to include SweetGredients in the consolidated financial statement. Integration of Sugar Distribution As a result of the merger with Union- Zucker, Nordzucker AG has become a 100-percent shareholder of the former distribution organisation Nordzucker GmbH & Co. KG. To improve its customer and process orientation, Nordzucker AG has taken charge of sugar distribution, including the sales staff in Braunschweig (effective as from 1 January 2004). Nordzucker GmbH & Co. KG has instead become a pure production organisation for liquid sugar and other products using plants in Groß Munzel and Nordstemmen. As is the case with crystalline sugar, these products are sold by Nordzucker AG. Zuckerinstitut Becomes Nordzucker InnoCenter GmbH Furthermore, it has also been necessary to re-examine the legal form of the Institut für Technologie der Kohlenhydrate – Zuckerinstitut – e. V. The former incorporated society has now become a GmbH, a private limited company. Serving as the Nordzucker research centre, the Zuckerinstitut will in future bear the name Nordzucker InnoCenter GmbH. The computer centre (Rechenzentrum Zucker), the third organisation that had previously been used jointly, has now been integrated into Nordzucker AG. Organisational Changes Parallel to the changes that have taken place under the company law, Nordzucker abandoned its division-based structure in favour of a more process-oriented organisation. These changes took effect in time with Dr. Ulrich Nöhle assuming his function as the new managing board chairman. In line with providing a coherent orientation of all Nordzucker activities towards markets and customers, the previous divisions Euroland, Diversification and Research & Development were dissolved in October 2003. Our German sugar activities are represented by Nordzucker AG (for the production of crystalline sugar and distribution) and Nordzucker GmbH & Co. KG (for the production of liquid sugar and similar products). International sugar activities, including our minority participation in Cukrovary TTD in Dobrovice in the Czech Republic, have as yet not been completely integrated into the Nordzucker process organisation. Until they are, they will remain under the control of the Sugar International division. As a result of these reorganisational measures, the figures shown for Nordzucker AG on the whole correspond to the figures of what used to be the Nordzucker 2003/2004 11
Page 1 and 2: Annual Report 2003/2004 Nordzucker
Page 3 and 4: The Group at a Glance 1997/1998 199
Page 5 and 6: Wir machen mehr daraus Managing Boa
Page 7 and 8: Schleswig plant. Good beet qualitie
Page 9 and 10: In talks in recent months with poli
Page 11 and 12: information furnished by the managi
Page 13: „Magyarország hamarosan érzéke
Page 17 and 18: particular for the Klein Wanzleben
Page 19 and 20: „Die EU-Erweiterung sehe ich sehr
Page 21 and 22: These were processed in the Warburg
Page 23 and 24: offered a job at one of the other N
Page 25 and 26: Fraunhofer Institut für Produktion
Page 27 and 28: local irrigation association holdin
Page 29 and 30: „Od członkowstwa w UE oczekuję
Page 31 and 32: The unfavourable situation in this
Page 33 and 34: „želám si, aby moje deti ako Eu
Page 35 and 36: 1 October 2003, the company, which
Page 37 and 38: throughout the group documents the
Page 39 and 40: For this reason alone we expect the
Page 41 and 42: Liabilities A. Equity Capital I. Su
Page 43 and 44: Accrued Write-downs Book value Depr
Page 45 and 46: IV. Statement of Cash Flows Net inc
Page 47 and 48: Liabilities A. Equity Capital I. Su
Page 49 and 50: Accrued Write-downs Book value Depr
Page 51 and 52: IV. Statement of Cash Flows Net con
Page 53 and 54: income and allocated to equity capi
Page 55 and 56: tive 34 of the income tax regulatio
Page 57 and 58: tion 308, para. 3 Commercial Code).
Page 59 and 60: Taxes on income mainly fall on the
Page 61 and 62: Achim Fölster Member of the adviso
Page 63 and 64: 9.3. Sundry Details Remuneration fo
Page 65 and 66:
Committees SUPERVISORY BOARD SUPERV
Page 67 and 68:
Heinrich Heimsoth Hassel Otto Henni
Page 69 and 70:
Glossary Finance Cashflow Net inflo
Page 71:
Contact Nordzucker AG Küchenstraß
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Nordzucker_GB 03-04_E_.pd 1 - Nordzucker AG

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