Nordzucker_GB 03-04_E_.pd 1 - Nordzucker AG

tion 308, para. 3 Commercial Code).
They have been partially re-classified as
reserves for deferred tax liabilities (depending
on the tax rate for Nordzucker AG)
with the remaining amount classed as
retained earnings.
Provisions have been set aside in line
with reasonable commercial assessment
and comprise all recognisable risks and
uncertain liabilities.
Provisions for pensions and similar
obligations are founded on insurancerelated
calculations based on an interest
rate of 6% and the mortality tables from
1998. They correspond fully with the
going values.
Tax provisions comprise unpaid taxes
for 2003/2004 and for previous years as
well as Tt 33,646 (consolidated) for
deferred tax liability.
Other provisions include the following
amounts for Nordzucker AG and for
the group:
AG
(in t thous.)
Group
(in t thous.)
Market regulation levies 78,278 78,278
Obligations to staff (including early retirement/
severance payments, residual leave) 33,882 39,310
Deferred maintenance and repair 5,991 7,064
Measures for re-cultivation and waste disposal,
removal expenses 3,261 3,337
Entries for provisions for deferred
maintenance and repairs have been carried
out in accordance with Section 249,
para. 1, sentence 2, No. 1 Commercial
Code.
Obligations are shown at their
redemption value. In as far as the
amount advanced by borrowings is
below the redemption value, the difference
is recorded in accrued items
(discounts) and reduced in line with
the redemption amount.
Nordzucker 2003/2004 53