Nordzucker_GB 03-04_E_.pd 1 - Nordzucker AG

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Notes Following the book value method (Section 312, para. 1, No. 1 of the Commercial Code), equity consolidations for the subgroup statement of Amino GmbH, Frellstedt/Germany results in debit differences on the liabilities side of Tt * 3,618 and for Nordeutsche Zucker-Raffinerie GmbH, Frellstedt/Germany of Tt 145. For Syral S.A., Marckolsheim/ France a debit difference on the assets side of Tt 19,910 (first consolidated reporting date, 1 October 2002). Interim results of non-marginal significance have been eliminated from the consolidated statement in line with Section 304 Commercial Code. We have abstained from eliminating interim results of associated companies, according to Section 312, para. 5. Sales, expenditures and earnings, accounts receivable and obligations between fully consolidated companies have been zeroed out. There has been no charging of third-party debtor relations. The assets and liabilities of companies included transferred in the consolidated statement are uniformly balanced in line with the principles described below. 5. Notes on Balance Sheet Items The intangible assets acquired for payment are shown at cost less straight-line depreciation, assessed in accordance with their standard estimated useful life. Tangible assets are shown at acquisition or production cost. In addition to directly attributable production costs, assets manufactured in-house are also assigned a costing supplement according to taxation-related valuation regulations. Interest attributable to the period of production is not entered on the assets side. In as far as tangible assets have a limited useful life, they are depreciated at annual rates estimated to write off their costs over their estimated useful life. The useful life is assessed on the basis of fiscal regulations, as long as generally useable assets are affected. Scheduled depreciation – where allowed – principally follows the declining balance method of depreciation. We have also exercised the option of transferring from declining to straight-line depreciation. Further, for acquisitions made before 1 January 2004, we have drawn on directive 44 of the income tax regulations, which simplifies some depreciation procedures (full depreciation rate for assets acquired in the first six months of the year, half the rate for acquisitions made in the second half of the year). For acquisitions made after 31 December 2003, depreciation is made proportionally in line with the new, changes regulations. The effects of this are of marginal significance. Low-valued assets are written off in full in the year of their acquisition and are entered as retirements after five years. Unplanned depreciation is effected using anticipated and sustained loss of value. In 2003/2004, Nordzucker AG posted Tt 4,888 – the group Tt 6,852 – to such adjustments attached to lower values. In taking advantage of taxation concessions in Germany, in previous years we have carried out special write-downs in accordance with Section 4 of the development area law (for the new Bundesländer), Section 3 of the law promoting government aid to border regions, Section 6b of the income tax law (on transferring profit from sales) and direc- 50 * Tt = thousand Euros
tive 34 of the income tax regulations (on grants). These were shown as depreciation reserves on tangible assets in “special reserves”. Accordingly, the asset history sheet only shows scheduled and (in the case of lasting value losses) unplanned depreciation. In 2003/04, taxrelated special write-downs of Tt 1,130 were carried out at Nordzucker AG, which were based on the transfer of hidden reserves in accordance with Section 6b of the income tax law. In as far as they have not been attached lower values due to sustained loss of value in 2003/04 or in previous years, financial assets are valued at acquisition cost. Investments in associated companies in the individual financial statements concern interest-bearing and non-interestbearing loans. The development of the fixed assets of Nordzucker AG and of the group can be seen in the analysis of assets of pages 38/39 and 44/45. Operating supplies and goods are valued at their average acquisition costs or the lower exchange or market price. Devaluation allowances are made for stock risks arising from lengthy storage, limited utilisation, etc. Sugar stocks from our own production listed under finished products are valued at production cost unless, following the principles of loss-free valuation for sugar or sugar by-products, it has been necessary to allocate a lower value in respect of the revenues received. In addition to directly attributable costs incurred in manufacture, production costs also comprise a proportion of overheads assigned to production and consumption-related depreciation. Fiscal regulations are applied in respect of calculating imputed costs. Interest attributable to borrowed capital is not included in the costs of production. ‘Properties for sale’ includes certain undeveloped and developed real estate up for sale. Receivables are shown at their face value. Allowances for losses on individual receivables have been endorsed as bad debts. A lump-sum allowance is provided for the latent risk of default. ‘Other assets’ primarily comprises reimbursements for out-of-pocket expenses and claims in connection with power generation. The item also includes receivables relating to claims submitted for tax rebates. With the exception of Tt 752 at Nordzucker AG and Tt 1,447 in the group, all accounts receivable have a remaining time of less than one year. The special loss account from reserves in pursuant to Section 17, para. 4 DMBilG, the law on assessing capital values of items initially entered in deutschmarks, has been fully written off in this fiscal year. The similarly named reserves in the balance sheet were exhausted/ closed in the current year. As of 29 February 2004, subscribed capital (capital stock) amounted to Tt 117,531, divided into 45,910,493 registered individual share certificates with restricted transferability. In the year under review, in a capital increase from authorised capital 6,588,093 new shares were issued. The premiums received from this Nordzucker 2003/2004 51
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 and 52: IV. Statement of Cash Flows Net con
Page 53: income and allocated to equity capi
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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Nordzucker_GB 03-04_E_.pd 1 - Nordzucker AG

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