Management Report - Nordzucker AG

Management Report Group
Balance sheet structure
Nordzucker Group
(in t million )
1,200
1,000
800
600
400
200
140
120
100
80
60
40
20
0
14
0
1,022.9
19,6
173.4 410.6
378.9
254.7
470.6
Other
current
assets
338.0
2002/03
1,125.1
22.5
128.8 599.1
462.6
533.7
191.4
312.1
2003/04
Dividend
Borrowings
(short-term)
Borrowings
Stocks (medium- and
long-term)
Fixed assets
Equity capital
(share capital,
reserves and
60% special
item)
Investment (including
borrowing) in financial assets
(in t milion)
Sugar International
Business Development
122.9
102.3
17.0
34.0
26.5
15.0
20.6
2.0 7.5
2001/02 2002/03 2003/04
Financial Status
Capital Increase – Withdrawal of the
“Old” Direct Participation Shares
In April 2003 we initiated the first capital
increase of Euro 18 million from the capital
authorised by the general meeting of
12 September 2002. This was in addition
to the capital increase of Euro 12 million
resulting from the agreement concluded
with Union-Zucker on the transfer of
assets. These two capital increases mark
an important step towards adjusting the
equity base to the increasing requirements
made by external creditors.
As part of measures taken to increase
capital, we have also offered the option
of redeeming old direct participation
shares at the original issue price.
Redemption and withdrawal of these
shares have reduced the equity capital by
Euro 6 million.
Balance Sheet Total and Equity Capital
The consolidated balance sheet total
has increased by Euro 110 million to Euro
1.13 (1.02) billion as of 29 February
2004. In the financial year 2003/2004,
the equity capital shown rose by
Euro 330 (296) million, which is primarily
due to the altered manner of indicating
the special reserve with an equity portion.
This has to be seen against the
background of initial consolidation, as a
result of which goodwill (i.e. the difference
between acquisition costs and our
share in the equity capital shown) of
about Euro 42 million was charged
against the equity capital.
As of 29 February 2004, the equity
capital ratio amounted to 28 (33) percent.
The fixed assets of Euro 534 (471)
million are covered at a rate of 94 (125)
percent by medium and long-term capital.
As in previous years, capital expenditure
for tangible and financial assets was
financed from the Euro 107 (100) million
cash flow, as well as from borrowings and
from the capital increase.
Capital Expenditure
The Euro 65 million capital expenditure
for tangible assets essentially concerned
Nordzucker AG, as well as our plants in
Poland, Slovakia and Hungary.
The Euro 123 million capital expenditure
for financial assets of Nordzucker AG
are accounted for by the acquisition and
increase of our financial holdings in Hungary,
Poland and Slovakia, as well as in
Syral and SweetGredients.