Nordzucker_GB 03-04_E_.pd 1 - Nordzucker AG

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Notes 1. General Both the annual and the consolidated statement for Nordzucker AG published 29 February 2004 have been drawn up in accordance with accounting regulations governed by German commercial law. The provisions of the German Stock Companies Act have also been adhered to. The details presented below provide explanations on the two Nordzucker AG reports together; unless indicated otherwise, comments and statements apply to both. In the interest of clarity, legally required comments on items listed in the balance sheet and in the statement of income of the Nordzucker annual report are largely to be found in the Notes. The methods of classification and the principles of identification and valuation introduced last year are continued in this report. Should it prove necessary to depart from last year’s system, a separate explanation will be given. The statement of income is drawn up from all group companies in line with the total expenditure format. In the statement of income, EU sugar market regulations levies have been deducted from sales revenues to give greater informational value through the separate reduction of these transitory levies. The imposition of these levies bears no reflection on actual corporate performance. Comparing the figures in the annual report 2003/04 with the individual financial statements of the previous year, we can see that Union-Zucker Südhannover GmbH in Nordstemmen transferred nearly all assets and liabilities to book values in exchange for the granting of corporate status. Union-Zucker operated a sugar factory in Nordstemmen which will continue to be operational. Furthermore, and in connection with this, commercial operations which last year were processed by Nordzucker GmbH & Co. KG were integrated into Nordzucker AG with effect from 1 January 2004. In particular, inventories were transferred to Nordzucker AG from this date. As a consequence of the transactions carried out above and to facilitate a comparison between both annual reports of Nordzucker AG, the following changes are given for significant report items: Additions through fusion/merger, or integration of commercial operations (book value) for (in t million) Tangible assets 61.6 Financial assets 2.8 Inventories 30.3 Accounts receivable and other assets 10.2 Special item 5.3 Reserves 24.2 Trade payables and other obligations 59.8 2. Currency Translation Currency receivables are translated at the bank’s selling rate on the date transacted or at a lower rate on the balance sheet date, currency obligations at the bank’s buying rate on the date transacted or at a higher rate on 29 February 2004. Assets and liabilities for foreign subsidiaries in the consolidated statement are translated at the middle rate on the balance sheet date, while items in the income statement are generally translated at the average middle rate for the year. Currency disparities arising from equity capital translations at the time recognition in the consolidated statement are treated as not affecting net 48
income and allocated to equity capital or the adjusting item for minority interests. 3. Scope of Consolidation The companies to be consolidated include all subsidiaries in which we have a direct or indirect controlling interest following the principle of full consolidation, in as far as they are not of marginal significance. At the date of the AG’s report, financial statements of a total of 15 German and 17 international companies were included. SweetGredients GmbH & Co. KG, Nordstemmen/ Germany, Promyk Sp.z o.o.o, Przezmierowo/Poland, Szerensci Cukorgyár Rt., Szerencs/Hungary, Mátravidéki Cukorgyárak Rt., Hatvan/Hungary, Szolnoki Cukorgyár Rt., Szolnok/Hungary all appear in the consolidated report for the first time. One German company was lost to accretion. The consolidated statement of Amino GmbH, Frellstedt/Germany as well as the financial statement of Norddeutsche Zucker-Raffinerie GmbH, Frellstedt/Germany are included in the consolidated statement, unamended in accordance with the equity method. Furthermore, the financial statement of Syral S.A. Marckolsheim/France was included in the consolidated statement also in accordance with the equity method. Due to their relative marginal significance in regard to the asset, financial and profit situation ten German and ten international companies were not included in the consolidated statement. The register of share ownership has been deposited at the Commercial Registry of the district court in Braunschweig under HRB 2936. 4. Consolidation Methods In consolidating the companies involved, the following statements were incorporated: • one company reporting on 29 February 2004 • 30 companies reporting on 31 December 2003 • one company reporting on 30 September 2003 Transactions of particular significance for the asset, financial and profit situation of companies with a reporting date differing from the consolidated reporting date which were effected between the company’s own reporting date and 29 February 2004 were taken into account. For fully consolidated companies and companies consolidated at equity, consolidation of investments was carried out in line with the book value method. This proportionally allocates acquisition costs relative to the group’s share of equity capital in the holding company at the time of first inclusion in the consolidated statement, or at the acquisition of this equity. In accordance with Section 309, para. 1, sentence 3 of the German Commercial Code, debit differences on the assets side are to be balanced against differences on the liabilities side and offset against other retained earnings. Differences identified in fully consolidated companies and companies consolidated at equity have developed as follows for the year under review: Asset side Liability side in t thous. in t thous. as 1 Mar. 2003 91,081 30,197 Amendment 24,639 32 as 29 Feb. 2004 115,720 30,229 Nordzucker 2003/2004 49
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 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: IV. Statement of Cash Flows Net con
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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