Nordzucker_GB 03-04_E_.pd 1 - Nordzucker AG

For this reason alone we expect the 2004
campaign to be longer by about seven
days for all the factories in the north of
Germany.
In view of the strong Euro, low world
market prices for C sugar and molasses,
as well as a satisfactory price level for
pellets, we do not expect any significant
changes for the proceeds situation in the
financial year 2004/2005. Although all
the EU accession countries start from a
completely different set of circumstances,
we assume that sugar prices will be
harmonised within a relatively short time.
In Hungary, adjustment expenditure
after the closure of the Hatvan factory
will reduce the result, but altogether we
expect the consolidated annual surplus
to rise after the negative results in eastern
Europe have been overcome.
After the close of the financial year
2003/2004, there have been no incidents
of decisive importance for the assets,
finances and revenue of Nordzucker AG
and the group.
Braunschweig, 3 May 2004
The Managing Board