Nordzucker_GB 03-04_E_.pd 1 - Nordzucker AG

Management Report
Shareholdings Business Development
in t milion
Hübner-Medopharm Syral* Amino**
2002 2003
2001/02 2002/03
2002 2003
Sales
30
31
77
168
46
44
EBIT
1
2
-6
3
3
2
Net income (consolidated)
1
1
-8
2
2
2
Investment in tangible assets
0
1
9
142***
3
2
Staff (average of financial year)
229
210
85
272
346
344
Equity capital
-4
-3
45
44
13
18
Nordzucker share (in percent)
98%
98%
36%
50%
50%
50%
* Financial year ended on 30 Sept. each year
2002/03 figures include Staral
** Sub-group Amino (Amino GmbH, esparma
GmbH, S.A. Bioproducts at equity)
*** Including additions from merger
30
The non-sugar shareholdings are
coordinated within the Business
Development division. The only exception
is the Hübner-Medopharm group,
which because of the 98-percent stake is
fully consolidated. The 50-percent share
holding Syral S.A. and the Amino group
are accounted for in the group with their
equity ratio. SweetGredients is accounted
for on a pro rata basis (proportional consolidation).
Hübner-Medopharm
The main business of the group, in which
Nordzucker holds 98 percent, is the production
and marketing of natural food
supplements, medical and cosmetic
products. The main outlets for these
products in Germany are health shops
and dispensing chemists. Exports go to
more than 30 countries.
Satisfactory Sales and Exports
The highly satisfactory development of
the group continued in 2003. Although
consumer reluctance also affected the
health shop sector in Germany with
some delay, overall sales increased by
some five percent.
For the dispensing chemists sector, the
seven-percent drop in sales reflects the
strategy of reserving tight field service
resources for customers with profitable
minimum sales. Innovative products
specifically developed for this sector
will bring about an adjustment in 2004.
Exports rose by six percent and have
thus continued the favourable trend of
previous years. The increase was not least
due to new customers attracted in non-
European markets.
Modernisation Programme Completed
Commissioning of the new filling and
packaging plant for the core and USP
product ‘Silicea’ in the spring of the year
2004 completed the modernisation programme
launched when Hübner was
taken over.
SweetGredients
In line with the Nordzucker policy of
developing its core activities in a changing
market, Nordzucker founded the
company SweetGredients in 2003. On