Nordzucker_GB 03-04_E_.pd 1 - Nordzucker AG

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Management Report Nordzucker AG Sugar yield Nordzucker AG * (in t/ha) 10.00 9.50 9.00 8.50. 0 8.53 8.63 9.40 10.06 8.89 8.67 9.75 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 Beet yield Nordzucker AG * (in t/ha) 56 53 50 48.5 49.9 55.9 52.6 53.4 52.1 55.5 In the 2003 campaign, Nordzucker AG operated nine (eight) white-sugar factories in the federal states of Lower Saxony, Schleswig-Holstein, Sachsen-Anhalt, and Mecklenburg-Western Pomerania. These factories processed an average 97,000 (81,000) metric tons of beets per day. In compliance with the supervisory board resolution of 19 March 2003, the Schleswig plant was closed after this campaign as a measure of reducing surplus capacities. 47. 0 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 Beet Cultivation, Sugar Production, and Operating Results Campaign Nordzucker AG * (in days) 90 85 80 75. 0 79 80 92 88 90 89 89 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 Processing rate Nordzucker AG * (in 1,000 tonnes of beet/day) 110 100 90 80. 0 101.2 100.9 87.5 83.7 81.5 96.9 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 Employees Nordzucker AG * (as of 30 Sept.) 2,036 2,000 1,500 1,000 500. 0 1,971 1,639 89.5 1,568 1,463 1,440 1,560 1997 1998 1999 2000 2001 2002 2003 Campaign employees Full-time employees In 2003, 10,750 (10,100) beet farmers cultivated sugar beets for Nordzucker AG on a total of 155,000 (144,000) hectares. The larger area under beet cultivation resulted from the integration of the Union-Zucker crop area. After average yields in the two previous years, Nordzucker had an excellent beet harvest in 2003 with a total of 8.6 (7.4) million metric tons. The per-hectare yield was 55.5 (52.1) tons, which at a sugar content of 17.6 (16.6) percent after the extremely dry summer of 2003 almost equalled the excellent crop yield of the 2000 campaign. All values analysed confirmed a beet quality that exceeded the five-year average. The quality premium rose accordingly, and a total of Euro 6.2 million was distributed in the year under review. The 2003 campaign was the second campaign in which bio-beets were cultivated. * 1997/98 to 2001/02 including Nordkristall GmbH and ZVM GmbH 2003/04 including Union-Zucker plant in Nordstemmen 16
These were processed in the Warburg factory of Südzucker under contract. The operating results rose to Euro 81 (63) million. This distinct rise over the previous year’s figures is the result of an altogether unproblematic campaign, the high sugar content, and the lower quota sugar declassification. Despite the larger quantity, C-sugar proceeds by contrast remained below the previous year’s level, which is attributed to the marked drop in world market prices. Sales World Sugar Market Market analysts expect sugar production to amount to some 146 (149) million metric tons raw sugar value worldwide for the sugar production year 2003/2004 (1 October to 30 September). The share of the EU sugar industry in this decline is about two million metric tons. Consumption is estimated to be about 143 (136) million metric tons. Against the background of the decreasing US dollar, the world market prices continued their downward trend in 2003. At Euro 158 per metric ton of white sugar, October 2003 saw the lowest level since 1990. By mid-December 2003, quotations rose slightly to Euro 168 per metric ton. Although the US dollar continued to be weak, prices started to recover at the end of January 2004, and they reached a level of Euro 190 per metric ton by mid-March. European Union The 15 (17) million metric tons of sugar produced in the EU in the 2003 campaign remain some two million metric tons of sugar below the previous year’s production figure. This drop is attributed to the sugar yield, which because of the summer drought was clearly lower than in the previous year and only reached an average 8.8 (9.2) metric tons of sugar per hectare. Another factor is the restriction in beet cultivation in the EU, reducing the cultivated area by 6.8 percent to 1.7 (1.8) million hectares. Only Denmark and Ireland report production figures above the previous year’s levels. Sugar yields were between 11.8 metric tons of sugar per hectare in France and 4.6 metric tons of sugar per hectare in Finland. To comply with WTO requirements, the EU Commission has decided to subsequently reduce the quota sugar production for 2003/2004 by approximately 206,700 (827,000) metric tons (declassification). For Nordzucker this meant that about 19,000 (74,000) metric tons of quota sugar had to be converted into C sugar. Nordzucker AG As a result of the integration of Union- Zucker, Nordzucker AG has considerably increased the sales of crystal sugar in the EU. In spite of increasingly competitive trading conditions, sales in 2003 remained at the previous year’s level. In view of the substantial declassification in the 2002 campaign, far higher amounts of C sugar had to be marketed on the world market in the year under review. Nordzucker 2003/2004 17
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 and 18: particular for the Klein Wanzleben
Page 19: „Die EU-Erweiterung sehe ich sehr
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:
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