Nordzucker_GB 03-04_E_.pd 1 - Nordzucker AG

Independent Auditor’s Report
Drawing on accounts provided, we
have audited the annual financial
statements of Nordzucker AG,
Braunschweig together with the consolidated
financial statements it has drawn up and
its Management Report for both the company
and the group for the business year
1 March, 2003 to 29 February, 2004. The
presentation of the documents in accordance
with German commercial legislation
and supplementary regulations in the Company’s
Articles of Association are the
responsibility of the Company’s management.
Our responsibility is to express an
opinion on the annual financial statements
rooted in the accounts provided together
with the consolidated financial statements
it has drawn up and its Management
Report for both the company and the
group based on our audit.
We conducted our audit of the annual
financial statements and the consolidated
financial statements in accordance with
Section 317 Commercial Code and German
generally accepted standards for the
audit of financial statements promulgated
by the Institut der Wirtschaftsprüfer (IDW).
Those standards require that we plan and
perform the audit such that it can assessed
with reasonable assurance whether the
annual financial statements and the consolidated
financial statements applying
accepted accounting standards and the
Management Report of the Company and
the group relating to the asset, financial
and profit situation are free of material
misstatements. The evidence supporting
the amounts an disclosures in the annual
financial statements and the consolidated
financial statements and the Management
Report of the Company and the group is
examined on a test basis within the framework
of the audit. The audit includes assessing
the accounting principles used and
significant estimates made by management
as well as evaluating the overall presentation
of the annual financial statements and
the consolidated financial statements and
the Management Report of the Company
and the group. We believe that our audit
provides a reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion, the annual financial
statements and the consolidated financial
statements applying accepted accounting
standards give a true and fair view of the
asset, financial and profit situation of the
Company and the group.
The Management Report provides a
suitable understanding of the Company
and the group and suitably presents the
risks of future development.
Braunschweig, 11 May 2004
Lang und Stolz KG
Wirtschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft
ppa. (Kisser)
(Pethke)
Certified Public Certified Public
Accountant
Accountant
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