Nordzucker_GB 03-04_E_.pd 1 - Nordzucker AG

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Management Report Group Balance sheet structure Nordzucker Group (in t million ) 1,200 1,000 800 600 400 200 140 120 100 80 60 40 20 0 0 1,022.9 19,6 173.4 410.6 378.9 254.7 470.6 Other current assets 338.0 2002/03 1,125.1 22.5 128.8 599.1 462.6 533.7 191.4 312.1 2003/04 Dividend Borrowings (short-term) Borrowings Stocks (medium- and long-term) Fixed assets Equity capital (share capital, reserves and 60% special item) Investment (including borrowing) in financial assets (in t milion) Sugar International Business Development 122.9 102.3 34.0 17.0 26.5 15.0 20.6 2.0 7.5 2001/02 2002/03 2003/04 Financial Status Capital Increase – Withdrawal of the “Old” Direct Participation Shares In April 2003 we initiated the first capital increase of Euro 18 million from the capital authorised by the general meeting of 12 September 2002. This was in addition to the capital increase of Euro 12 million resulting from the agreement concluded with Union-Zucker on the transfer of assets. These two capital increases mark an important step towards adjusting the equity base to the increasing requirements made by external creditors. As part of measures taken to increase capital, we have also offered the option of redeeming old direct participation shares at the original issue price. Redemption and withdrawal of these shares have reduced the equity capital by Euro 6 million. Balance Sheet Total and Equity Capital The consolidated balance sheet total has increased by Euro 110 million to Euro 1.13 (1.02) billion as of 29 February 2004. In the financial year 2003/2004, the equity capital shown rose by Euro 330 (296) million, which is primarily due to the altered manner of indicating the special reserve with an equity portion. This has to be seen against the background of initial consolidation, as a result of which goodwill (i.e. the difference between acquisition costs and our share in the equity capital shown) of about Euro 42 million was charged against the equity capital. As of 29 February 2004, the equity capital ratio amounted to 28 (33) percent. The fixed assets of Euro 534 (471) million are covered at a rate of 94 (125) percent by medium and long-term capital. As in previous years, capital expenditure for tangible and financial assets was financed from the Euro 107 (100) million cash flow, as well as from borrowings and from the capital increase. Capital Expenditure The Euro 65 million capital expenditure for tangible assets essentially concerned Nordzucker AG, as well as our plants in Poland, Slovakia and Hungary. The Euro 123 million capital expenditure for financial assets of Nordzucker AG are accounted for by the acquisition and increase of our financial holdings in Hungary, Poland and Slovakia, as well as in Syral and SweetGredients. 14
„Die EU-Erweiterung sehe ich sehr positiv. Ein größerer Markt eröffnet auch für Nordzucker viele neue Chancen und kann für alle Beteiligten nur von Nutzen sein.” “The enlargement of the EU is a very positive thing. A larger market opens up many more opportunities for Nordzucker and this can only be helpful for all involved.” Kerstin Berlin, Machine Operator Uelzen plant, Germany Nordzucker 2003/2004 15
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 and 14: „Magyarország hamarosan érzéke
Page 15 and 16: capital into consideration for the
Page 17: particular for the Klein Wanzleben
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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