Nordzucker_GB 03-04_E_.pd 1 - Nordzucker AG

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Management Report Shareholdings Sugar International Nordzucker market share in Hungary (in percent) 36% 2003 2004 Campaign in Two Factories In adjusting the processing capacity, sugar production in the Hatvan plant was stopped after the 2003 campaign. Since measures to protect the Hungarian market from the outside was re-established in mid-2003 and since Hungary became an EU member in May 2004, we expect satisfactory operating results in 2004. The capital expenditure in fixed assets amounted to Euro 6.3 million in the financial year. This primarily went toward the completion of a white-sugar silo in Szolnok. Czech Republic Although the market in the Czech Republic remains difficult, Cukrovary TTD, in which Nordzucker continues to hold a 33.5-percent interest, turned in a satisfactory result in 2003. After the closure of the Mělnik factory at the end of the 2003 campaign, and after the accession of the Czech Republic to the EU, we expect the results to improve beyond the 2003 result. As from 2004, Cukrovary TTD will concentrate on beet processing at the factories in Dobrovice and České MeziřiČi. The Dobrovice plant will be expanded in 2004 to a beet processing rate of 10,500 metric tons. Of the operating result of about Euro six million in the financial year (1 January 2002 to 30 September 2003), a dividend of Euro three million was paid out in March 2004. The Nordzucker share of this amount is Euro one million, which will be shown as revenue in the financial year 2004/2005. Business development of Sugar International (in t million) Poland Slowakia Hungary 2002 2003 2002 2003 2003 Sales 77 72 38 35 77 EBIT -8 -6 3 4 1 Net income (consolidated) -15 -11 2 2 -4 Investment in tangible assets 4 10 1 2 6 Employees (average of financial year) 1,254 806 452 370 688 Equity capital 4 15 13 24 24 Nordzucker participation 71–100% 73–100% 60% 95% 92–100% 28
„želám si, aby moje deti ako Európania mali lepšie podmienky pre vzdelávanie, lepšie šance nájst’ si zamestnanie. Nordzucker a závod v Trenćianskej Teplej budú profitovat’ z dynamického hospodárskeho rozvoja vo východnej Európe, v tom som si istá.“ “I hope that my children will have better educational and professional prospects as EU citizens. Nordzucker and our factory at Teplá will profit from the dynamic business developments in eastern Europe; I’m sure of that.” Jarmila šumajová Human Resources Teplá plant, Slovakia Nordzucker 2003/2004 29
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 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: The unfavourable situation in this
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

Nordzucker_GB 03-04_E_.pd 1 - Nordzucker AG

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