Management Report - Nordzucker AG

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Notes Nordzucker AG Obligations (in t thous.) 54 The following schedules show the maturities of obligations: 29 February 2004 With a remaining time of less than 1–5 more than one year years 5 years 1. Due to banks 141,696 97,428 36,940 7,328 2. Trade payables 152,869 152,869 0 0 3. Due to associated companies 4. Due to companies in which 5,959 5,959 0 0 we have an equity interest 10,383 10,383 0 0 5. Other obligations 22,147 22,034 6 107 333,054 288,673 36,946 7,435 Group Obligations (in t thous.) 29 February 2004 With a remaining time of less than 1–5 more than one year years 5 years 1. Due to banks 264,629 218,781 38,520 7,328 2. Deposits received 756 756 0 0 3. Trade payables 170,598 170,575 23 0 4. Due to associated companies 5. Due to companies in which we have 250 250 0 0 an equity interest 10.383 10,383 0 0 6. Other obligations 27,137 27,013 17 107 473,753 427,758 38,560 7,435 Obligations to banks amounting to t 61.4m for Nordzucker AG and t 81.0m for the group are secured by mortgages. The Polish sugar factories used some fixed and current assets as security for loans. Lenders to foreign holdings have been assured that we will provide for the solvency of these companies at all times and that monies will be made available to these companies – in relation to our participation – in as far as this may be necessary. Trades payables are subject to the standard property rights in supplying capital equipment and inventories. All other obligations are unsecured. 6. Notes on Income Statement Items Sales of sugar from our own production account for 81.6% of Nordzucker AG sales revenues (before deducting market regulation levies) and 88.5% of group sales revenues. Of Nordzucker AG sales, 96.9% were effected in Germany, 2.0% in EU countries and 1.1% in other countries. In comparison, 69.5% of group sales were attributable to sales in Germany, 13.6% to sale in middle and eastern European countries, 13.2% to EU countries and 3.7% to other countries. Other operating income for Nordzucker AG and the group is recognised in the items in Table 5. Social security, pensions and other benefits recognises Tt 12,220 (group: Tt 15,098) for pension provisions. Other operating expenditures for Nordzucker AG and the group contain the items in Table 6. Income from subsidiaries at Nordzucker AG contains Tt 3,073 from associated companies. Expenditures from profit transfer agreements at Nordzucker AG are related to the assumption of a loss from an existing agreement. Income from other securities and loans at Nordzucker AG contains Tt 711 from associated companies. In other interest and similar income, Tt 416 (group: Tt 14) is accounted for by associated companies. Interest and similar expenditure at Nordzucker AG contains Tt 147 (group: Tt 7) which is accounted for by associated companies.
Taxes on income mainly fall on the profit from ordinary operations. Changes in special items at Nordzucker AG have led to an increase in this year’s taxation expenses. As a result, declared net income is roughly 25% higher at Nordzucker AG. The magnitude of this annual enhancement to profits – due in large to carrying out taxable write-downs in the past – will continue to decline in the coming years as these write-downs are proportionally dissolved over time. This no longer impacts the consolidated statement since the transfer of taxable special items is no longer permitted in a consolidated statement. 7. Cash Flow Drawn up in accordance with the German accounting standard No. 2, the cash flow identifies the causes for changes in liquidity – based on cash and cash equivalents – at Nordzucker AG and for the group, and presents these on pages 41 and 47. Table 5 Other operating income Nordzucker AG Group Income from (in t thous.) (in t thous.) Retirements Dissolution of 1,608 4,124 Provisions 21,863 29,200 Special item for investment grants 1,478 1,481 Provision for fixed assets 17,196 0 Table 6 Other operating expenditures Nordzucker AG Group (in t thous.) (in t thous.) Losses from retirements Write-downs and provisions 2,420 2,719 related to receivables 1,538 3,007 Allocation to reserves 1,130 149 Nordzucker 2003/2004 55
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Annual Report 2003/2004 Nordzucker
Page 3 and 4:
The Group at a Glance Sales, includ
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: 25 ”With Poland joining the EU, I
Page 31 and 32: The unfavourable situation in this
Page 33 and 34: “I hope that my children will hav
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 and 54: income and allocated to equity capi
Page 55 and 56: tive 34 of the income tax regulatio
Page 57: tion 308, para. 3 Commercial Code).
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 Shareh
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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Management Report - Nordzucker AG

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