AGRANA Beteiligungs-AG

EANS-News: AGRANA results for first three quarters of 2012|13 (ended 30 November 2012) - Revenue growth continues, with earnings expectations confirmed for full year

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quarterly report/9-month report

Wien (euro adhoc) - In the first nine months of the financial year, AGRANA
delivered significant revenue growth (of 22.4% to EUR 2,389.3 million) and a
slight increase in pre-exceptionals operating profit (up 2.8% to EUR 204.3
million). The revenue expansion was driven above all by positive market
developments and growing sales volumes in the Sugar and Fruit segments. These
two businesses also accounted for the profit growth in the first three quarters.
The Starch segment operated in market conditions that were good in the first
half of the year and later cooled as expected, leading to an earnings decline
for the segment in the third quarter. The Sugar segment posted earnings growth
over the nine-month reporting period as a whole, but the market setting became
more challenging in the past few months, with the result that segment earnings
in the third quarter were lower than in the year-earlier period. In the Fruit
segment, profit rose modestly compared to the first nine months of the prior
year.

After a net financial items expense of EUR 21.1 million and a tax expense of
EUR 43.1 million (at a tax rate of 23.7%), the Group recorded profit for the
­period of EUR 138.6 million (Q1-Q3 2011|12: EUR 129.7 million). At 30 November
2012, net debt amounted to EUR 498.8 million (29 February 2012: EUR 469.2
million). The gearing ­ratio of net debt to total equity was 41.1%, representing
a downtick from the level of 43.7% at the end of the prior year. The main
reasons for the increase in net debt were higher investment and the financing of
the seasonally higher working capital.

AGRANA results (1 March to 30 November 2012)  
 __________________________________________________________________________
|                     |        Q1-Q3|        Q1-Q3|          Q3|         Q3| 
|                     |      2012|13|      2011|12|     2012|13|    2011|12|
|_____________________|_____________|_____________|____________|___________|

|Revenue              |EUR 2,389.3 m|EUR 1,952.2 m|EUR 786.2 m |EUR 667.6 m|
|Operating profit     |             |             |            |           |
|before exceptional   |             |             |            |           |
|items                |EUR   204.3 m|EUR   198.7 m|EUR   61.7 m|EUR  80.5 m|
|Operating margin     |        8.6% |       10.2% |       7.8% |     12.1% |
|Exceptional items    |EUR    -1.4 m|EUR    -1.4 m|EUR   -0.4 m|EUR   0.0 m|
|Profit before tax    |EUR   181.8 m|EUR   166.7 m|EUR   53.3 m|EUR  67.8 m|
|Profit for the period|EUR   138.6 m|EUR   129.7 m|EUR   39.1 m|EUR  52.0 m|
|Earnings per share   |EUR     9.44 |EUR     8.90 |EUR    2.58 |EUR   3.55 |
|Purchases of property|             |             |            |           |
|,plant, equipment &  |             |             |            |           |
|intangibles (1)      |EUR    98.7 m|EUR    62.7 m|EUR   39.1 m|EUR  27.2 m|
|Average staff count  |        8,555|        8,109|            |           |
|_____________________|_____________|_____________|____________|___________|
(1) Excluding goodwill

AGRANA Chief Executive Officer Johann Marihart comments: "As expected, the
market setting in the third quarter was challenging, characterised by higher raw
material costs and by price pressure. For the full year, we reiterate our
guidance despite a continuing difficult environment."
 
Sugar segment
 ____________________________________________________________________________
|                        |Q1-Q3 2012|13|Q1-Q3 2011|12| Q3 2012|13| Q3 2011|12|
|________________________|_____________|_____________|__________ |___________|
|Revenue                 |EUR   926.6 m|EUR   691.4 m|EUR 292.6 m|EUR 255.5 m|
|Operating profit        |             |             |           |           |
|before exceptional items|EUR   105.3 m|EUR    94.3 m|EUR  34.1 m|EUR  43.7 m|
|Operating margin        |       11.4% |       13.6% |     11.7% |     17.1% |
|________________________|_____________|_____________|___________|___________|

Sales volumes rose year-on-year in all business areas. Sales of non-quota sugar
into the sugar-using industry showed an especially positive trend. The increase
in raw material costs prevented a repetition of the year-ago-quarter's record
result, but the profit margin achieved was satisfactory.

Starch segment
 ____________________________________________________________________________
|                        |Q1-Q3 2012|13|Q1-Q3 2011|12| Q3 2012|13| Q3 2011|12|
|________________________|_____________|_____________|___________|___________|
|Revenue                 |EUR   603.7 m|EUR   587.5 m|EUR 208.0 m|EUR 199.8 m|
|Operating profit        |             |             |           |           |
|before exceptional items|EUR    60.8 m|EUR    68.2 m|EUR  14.3 m|EUR  32.0 m|
|Operating margin        |       10.1% |       11.6% |      6.9% |     16.0% |
|________________________|_____________|_____________|___________|___________|


The revenue growth arose primarily from generally higher sales quantities and
from better selling prices on some products. While profitability in the first
half of 2012|13 was still clearly above that of a year earlier, the increase in
raw material costs led to a significant decline in Starch segment operating
profit in the third quarter.

Fruit segment
 ___________________________________________________________________________
|                        |Q1-Q3 2012|13|Q1-Q3 2011|12| Q3 2012|13| Q3 2011|12|
|________________________|_____________|_____________|___________|___________|

|Revenue                 |EUR   859.1 m|EUR   673.4 m|EUR 285.7 m|EUR 212.3 m|
|Operating profit        |             |             |           |           |
|before exceptional items|EUR    38.2 m|EUR    36.2 m|EUR  13.4 m|EUR   4.8 m|
|Operating margin        |        4.4% |        5.4% |      4.7% |      2.3% |

|________________________|_____________|_____________|___________|___________|

The strong revenue growth in the Fruit segment was fuelled largely by volume
gains relative to the prior year. In the fruit preparations division, all
regions outside the EU registered growth in sales quantities, with a
particularly gratifying trend witnessed in the USA. The Fruit segment's profit
increase was contributed mainly by the fruit juice concentrates division, which
posted a strong Q3 result. After the merger with Ybbstaler Fruit Austria GmbH,
the first six months of the company's consolidation in the Group's accounts
already saw a small positive earnings effect. Going forward, additional
synergies are expected to accrue from the merging of processes and structures in
the new organisation.
 
Outlook

For the full year 2012|13, AGRANA's unchanged expectation is that Group revenue
will increase to more than EUR 3 billion (2011|12: EUR 2.6 billion) on overall
slight volume growth and continuing high price levels. For the year as a whole,
AGRANA should be able to reach a pre-exceptionals operating profit approximately
in line with that of last year.

In the 2012|13 financial year, total investment in all three segments will
expand to about EUR 145 million and thus provide sound support for the Group's
long-term growth trajectory and earnings.

This press release is also available on the AGRANA website at www.agrana.com.


Further inquiry note:
AGRANA Beteiligungs-AG
Mag.(FH) Hannes Haider
Investor Relations
Tel.: +43-1-211 37-12905
e-mail:hannes.haider@agrana.com

Mag.(FH) Christine Göller
Public Relations
Tel.: +43-1-211 37-12084
e-mail: christine.goeller@agrana.com

end of announcement                               euro adhoc 
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company:     AGRANA Beteiligungs-AG
             Donau-City-Straße 9
             A-1220 Wien
phone:       +43-1-21137-0
FAX:         +43-1-21137-12045
mail:     info.ab@agrana.com
WWW:      www.agrana.com
sector:      Food
ISIN:        AT0000603709
indexes:     WBI, ATX Prime
stockmarkets: Präsenzhandel: Berlin, Stuttgart, Frankfurt, official market: Wien 
language:   English
 



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