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AGRANA Beteiligungs-AG

EANS-Adhoc: AGRANA Beteiligungs-AG
Results of first six months confirm stable business trend

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
6-month report
15.10.2009
The international sugar, starch and fruit company, AGRANA, showed a 
stable and satisfactory business performance in the first half of the
2009|10 financial year. The key contributing factors were the falling
raw material and energy prices, the normalisation in exchange rates, 
full utilisation of all capacity, implementation of cost-saving 
measures, and intensified marketing.
In the first half of the 2009|10 financial year (1 March to 31 August
2009), Group revenue was EUR 1,034.2 million, or very slightly below 
the year-earlier level of EUR 1,045.5 million; the difference of EUR 
11.3 million was the result mainly of lower selling prices. While 
there was a quota- and price-induced decrease of 3.2% in the Sugar 
segment's revenue to EUR 371.4 million, revenue was virtually 
unchanged in the Fruit segment (at EUR 411.0 million, compared to EUR
408.3 million in the first half of the prior year) and in the Starch 
segment (at EUR 251.8 million, compared to EUR 253.6 million).
The Group's operating profit before exceptional items, at EUR 43.9 
million, returned to a level in line with that of two years earlier 
and significantly surpassed the prior-year comparative period's 
deficit of EUR 7.8 million. The profit improvement was driven largely
by the Starch segment, where the easing raw material prices had a 
positive effect on margins. In the Fruit segment, after the high 
inventory write-downs on apple juice concentrate in the prior year, a
stabilisation in profitability was achieved on balance.
Net financial items turned positive in the first half of 2009|10, 
rising by EUR 10.5 million to EUR 2.4 million (from the comparative 
period's net expense of EUR 8.0 million). This improvement resulted 
from lower interest rates and the more favourable exchange rates of 
some Eastern European currencies, as well as the lower financing 
costs that accompanied a reduction of EUR 91.4 million in net debt. 
The Group's after-tax result for the period improved from a loss of 
EUR 21.4 million to a profit for the period of EUR 34.8 million.
"In the first half of 2009|10, after the difficult prior year, we 
achieved an attractive level of earnings considering the conditions 
in the real economy," notes AGRANA Chief Executive Officer Johann 
Marihart in commenting on the performance in the first six months of 
2009|10. "This reflects not only the lower raw material and energy 
prices, but also our numerous efficiency- enhancing and cost-saving 
initiatives to safeguard and improve our profitability in a sustained
way - efforts which we will continue to intensify this financial year
and next."
Capital investment in the first half of 2009|10 amounted to EUR 16.3 
million, significantly below the year-earlier level of EUR 32.6 
million and less than current depreciation.
First half of the financial year
AGRANA - IFRS results for the six months ended 31 August
First six months of   First six months of
                               2009|10               2008|09
Revenue               EURm     1,034.2               1,045.5
Operating             EURm        43.9                  (7.8)
profit/(loss) before
exceptional items
Exceptional items     EURm           0                  (2.3)
Operating             EURm        43.9                 (10.1)
profit/(loss) after
exceptional items
Profit/(loss) before  EURm        46.4                 (18.1)
tax
Profit/(loss) for the EURm        34.8                 (21.4)
period
Earnings/(loss) per   EUR         2.46                 (1.39)
share
Staff count                      8,177                 8,617
Revenue by segment
EURm                      First six months of    First six months of
                           2009|10                2008|09
Sugar segment                371.4                  383.6
Starch segment               251.8                  253.6
Fruit segment                411.0                  408.3
AGRANA Group revenue       1,034.2                1,045.5
Sugar segment
Revenue in the Sugar segment decreased by 3.2% in the first half of 
2009|10 from the prior-year comparative period, to EUR 371.4 million.
The primary reason was the combination of the market-regime-induced 
volume reduction in quota sugar sales and the decline in prices. As a
result of higher availability, sales quantities of out-of-quota sugar
increased. New export markets for non-quota sugar were developed 
outside the European Union. At EUR 13.1 million, the segment's 
operating profit before exceptional items in the first half of 
2009|10 was at the prior-year level (EUR 13.0 million).
Starch segment In the first half of 2009|10 the Starch segment's 
revenue was almost constant in relation to the year-earlier period, 
at EUR 251.8 million. The chief contribution to the revenue 
stabilisation came from the full utilisation of the bioethanol plants
in Austria and Hungary. Lower starch selling prices and the volume 
reductions in industrial starch sales caused by the weak economy were
largely made up through volume growth in starch products for the food
industry. Operating profit before exceptional items was EUR 20.4 
million, well above the prior-year amount of EUR 0.4 million, which 
still reflected the high commodity and energy prices.
Fruit segment Revenue in the Fruit segment in the first six months of
2009|10 was EUR 411.0 million, up slightly from the year-earlier 
level of EUR 408.3 million. Fruit preparations revenue (about 80% of 
the segment total) followed a stable trend in global terms. In the 
juice activities, volume gains compensated for the significant 
reduction in average prices compared with the prior year. The 
segment's operating profit of EUR 10.5 million before exceptional 
items represented a significant turnaround from the prior-year 
operating loss of EUR 21.2 million, reflecting the absence of the 
past write-down on apple juice concentrate inventories and the 
positive trend on the fruit preparations side.
Outlook The environment for the future performance of the AGRANA 
Group has not changed materially since the beginning of the financial
year. Although the food industry is a largely stable market for most 
of AGRANA's products, the uncertain economic setting - despite an 
emerging recovery trend - remains a key determinant of the Group's 
results going forward.
In keeping with the revenue trend in the first half of 2009|10, the 
Group maintains its existing target of achieving the same level of 
full-year revenue as in the prior year. Following the first six 
months' clear recovery in Group operating profit before exceptional 
items, and despite the difficult environment in the individual 
business activities, the operating profit of the first half of the 
year is expected to be matched in the second half of 2009|10.
The reform stage of the EU sugar regime ends in the 2009|10 financial
year, eliminating the temporary strain exerted by the restructuring 
levies. In the Sugar segment, the optimisation of energy costs 
remains a top priority. In the Starch segment, despite full 
utilisation of the bioethanol capacity in Austria and Hungary and the
probable volume increase in sales of starch products, lower grain 
prices are expected to lead to a price-induced decrease in revenue. 
Slight revenue growth is projected in the Fruit segment. Sales 
quantities of fruit preparations should be stable across all regions.
In fruit juice concentrates, continuing low prices are expected. 
After the write-down in the 2008|09 financial year on the apple juice
concentrate inventories, AGRANA expects the concentrate business to 
see a normalisation in the current financial year.
This press release and the report on the first six months of 2009|10 
are available in German and English on the Internet at 
www.agrana.com.

Further inquiry note:

Investor Realtions:
Mag. Maria Fally
Tel.: 01-21137-12905
maria.fally@agrana.com

Public Relations:
Mag. Ulrike Pichler
Tel.: 01-21137-12084
ulrike.pichler@agrana.com

Branche: Food
ISIN: AT0000603709
WKN: 779535
Index: WBI, ATX Prime
Börsen: Berlin / Präsenzhandel
Frankfurt / Präsenzhandel
Stuttgart / Präsenzhandel
Wien / official market

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