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AGRANA Beteiligungs-AG

EANS-News: AGRANA Beteiligungs-AG
Operating profit more than doubled in 2009|10

Wien (euro adhoc) -

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
annual result
The 2009|10 financial year (ended 28 February
2010) of AGRANA, the sugar, starch and fruit group, was marked by a 
combination of volume growth and lower sales prices. As the increase 
of 16.7% in sales volume from the prior year could not fully make up 
for the price effect, Group revenue in 2009|10 eased slightly by 1.8%
to EUR 1.99 billion (prior year: EUR 2.03 billion). The largest 
revenue contribution was generated by the Fruit segment, at about 
41%, followed by Sugar at approximately 34% and Starch at about 25%, 
broadly in line with the proportions of the previous year.
Group operating profit before exceptional items more than doubled 
from EUR 37.8 million in the prior year to EUR 91.9 million, driven 
above all by stabilised earnings in fruit juice concentrates, the 
direction in raw material markets and a satisfactory trend in the 
profitability of the Starch segment. In the prior year a write-down 
on apple juice concentrate inventories had weighed on the result. The
biggest contributor to the Group´s pre-exceptionals operating profit 
was the Starch segment, at approximately 45%, versus about 39% for 
Fruit and 16% for Sugar.
Exceptional items amounted to an expense of EUR 5.0 million (prior 
year: expense of EUR 3.2 million) and related to the relocation of 
the AGRANA Fruit holding company and the goodwill write-down from the
already completed closure of the plant in Kaplice, Czech Republic. 
Operating profit after exceptional items thus expanded to EUR 86.9 
million in the 2009|10 financial year (prior year: EUR 34.6 million).
Net financial items improved from the prior year´s net finance 
expense of EUR 67.1 million to net finance income of EUR 0.5 million 
in 2009|10 thanks to currency translation gains and lower interest 
payments resulting from the reduction in net debt.
As a result, profit before tax increased to EUR 87.4 million from the
prior year´s pre-tax loss of EUR 32.4 million. After taxes, the 
AGRANA Group recorded profit for the period of EUR 72.7 million 
(prior year: loss for the period of EUR 15.9 million).
"AGRANA delivered solid results for the 2009|10 financial year, when 
you consider the economic environment. Although 2009 saw the 
recession reach the bottom of the trough, we successfully defied this
trend and improved our financial results. Consistent with the Group´s
aim of dividend continuity, the Management Board and Supervisory 
Board will recommend to the Annual General Meeting to pay a dividend 
of EUR 1.95 per share," says Johann Marihart, Chief Executive Officer
of AGRANA Beteiligungs-AG.
Key financials
2009|10     2008|09
Revenue                                    EURm   1,989.2     2,026.3
Operating profit before exceptional items  EURm      91.9        37.8
Exceptional items                          EURm      (5.0)       (3.2)
Operating profit after exceptional items   EURm      86.9        34.6
Profit before tax                          EURm      87.4       (32.4)
Profit/(loss) for the period               EURm      72.7       (15.9)
- Attributable to equity holders of AGRANA           72.2       (11.6)
Beteiligungs-AG                                       0.5        (4.3)
- Minority interests
Earnings per share                         EUR       5.08       (0.82)
Purchases of property, plant and equipment EURm      48.4        73.8
and intangibles1
Staff count                                         7,927       8,244
1 Excluding goodwill
Investment (excluding financial investments) was further reduced in 
the 2009|10 financial year as planned, from EUR 73.8 million in the 
prior year to EUR 48.4 million. In all segments, the capital 
expenditure consisted largely of replacement investment; in the Fruit
segment, it additionally included mainly production expansion 
projects in Russia, the USA, Argentina and Austria.
Revenue by segment
2009|10     2008|09
Sugar segment                             EURm     684.1       702.5
Starch segment                            EURm     499.2       519.4
Fruit segment                             EURm     805.9       804.4
AGRANA Group revenue                      EURm   1,989.2     2,026.3
SUGAR SEGMENT
In the Sugar segment, total sales volume rose while revenue eased by 
2.6% to EUR 684.1 million (prior year: EUR 702.5 million). Against 
the backdrop of the EU sugar regime, after having surrendered quota, 
AGRANA registered a decrease in quota sugar sales as budgeted coupled
with lower sales prices. The sales quantities of non-quota sugar grew
thanks to a good crop and the development of new export markets.
The Sugar segment generated an operating profit of EUR 15.2 million 
before exceptional items (prior year: EUR 15.8 million). With the EU 
sugar market reform concluded, AGRANA is clearly well-positioned 
strategically, particularly as many Eastern European countries where 
AGRANA holds important market positions became net importers.
STARCH SEGMENT Although higher volumes of starch products were sold, 
revenue eased just under 4% to EUR 499.2 million (prior year: EUR 
519.4 million) as a result of the adjustment of sales prices to 
reflect raw material costs. Revenue in the bioethanol business 
expanded as lower ethanol prices were more than offset by the full 
utilisation of the bioethanol plants in Austria and Hungary and by 
sales of the main co-product, ActiProt, a high-protein feed.
Starch segment operating profit before exceptional items increased to
EUR 41.1 million (prior year: EUR 27.5 million), reflecting improved 
margins and the earnings contribution from the bioethanol activities,
which have passed the establishment stage and are now profitable.
FRUIT SEGMENT Revenue in the Fruit segment, at EUR 805.9 million, was
steady (prior year: EUR 804.4 million). Fruit preparations revenue 
(accounting for about 80% of Fruit segment revenue) essentially 
matched the prior-year level despite a slight volume increase. By 
developing new markets, the effect of significantly lower selling 
prices was balanced through higher sales volumes of fruit juice 
concentrates.
Amid the absence of the prior year´s write-down on inventories of 
apple juice concentrate and thanks to various efficiency gains and 
reorganisation measures in the year under review, the Fruit segment´s
result before exceptional items improved to a profit of EUR 35.7 
million (prior year: loss of EUR 5.5 million before exceptional 
items).
OUTLOOK AGRANA currently expects Group revenue for 2010|11 to remain 
steady at the 2009|10 level.
In the Sugar segment, quota sugar sales show a trend of restricted 
growth as a consequence of the European production quota. With the 
production of non-quota sugar, AGRANA plans to ensure the full 
capacity utilisation of its sugar plants. The normalisation in the 
world market price for sugar should help stabilise the sales 
situation of the raw sugar refining operations in Romania and 
Bosnia-Herzegovina.
In the Starch business, the commodities market segment is expected to
reflect the business cycle by growing at a reduced rate, while the 
specialties side of the market is forecast to have relatively better 
growth.
For fruit preparations, it is anticipated that the good volume trend 
will continue. In addition to innovation-driven growth in established
markets and capacity expansion in high-potential markets like Russia,
the opening up of new regions such as North Africa and the Middle 
East is being furthered by starting a joint venture in Egypt. For 
fruit juice concentrates, further volume gains are projected both in 
new regional markets and on the strength of an expanded product 
portfolio.
Operating profit before exceptional items can be expected to show the
continuing positive effect of the optimisation measures taken in 
2010|11 and thus to surpass the 2009|10 result. The budgeted capital 
expenditure of about EUR 55 million represents a level below 
depreciation, thus further reducing financing requirements.
end of announcement                               euro adhoc

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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