AGRANA Beteiligungs-AG

EANS-News: AGRANA Beteiligungs-AG
AGRANA earnings in first half of 2013|14 below year-earlier level
Growth in revenue

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quarterly report/Half year results 2013/14

Wien (euro adhoc) - In the first half of 2013|14, AGRANA Beteiligungs-AG saw a
year-on-year increase in Group revenue from EUR 1,603.1 million to EUR 1,674.3
million. The operating profit of EUR 108.0 million before exceptional items did
not reach the prior year's record result of EUR 142.5 million. "While higher raw
material prices in the Sugar and Starch segments detracted from earnings, the
Fruit segment's operating profit grew by 75%," explains Johann Marihart, Chief
Executive Officer of AGRANA Beteiligungs-AG.

After the Group's net financial items expense of EUR 15.4 million and a tax
expense of EUR 23.4 million (corresponding to a tax rate of 25.3%), Group profit
for the period was EUR 69.2 million. Net debt at 31 August 2013 stood at EUR
397.8 million, down significantly by EUR 85.9 million from the 2012|13 financial
year-end level of EUR 483.7 million. Total assets eased slightly compared with
28 February 2013, to EUR 2.44 billion, and the equity ratio rose from 47.0% to
49.8%. The gearing ratio at the quarterly balance sheet date was 32.8% an thus
better than at 28 February 2013 (39.9%).
 


AGRANA Group results (IFRS)   H1 2013/14    H1 2012/13  Q2 2013/14  Q2 2012/13

Revenue                     1,674.3 mEUR  1,603.1 mEUR  822.7 mEUR  828.5 mEUR

EBITDA*                       147.0 mEUR    176.6 mEUR   66.6 mEUR   89.8 mEUR

Operating profit before       108.0 mEUR    142.5 mEUR    46.2 mEUR  71.6 mEUR
exceptional items*

 
Operating margin                    6.5%          8.9%         5.6%       8.6%

Operating profit after        108.0 mEUR    141.5 mEUR    46.2 mEUR   0.6 mEUR
exceptional items

Profit for the period          69.2 mEUR     99.6 mEUR    29.3 mEUR  52.1 mEUR

Earnings per share              4.59 EUR      6.86 EUR     1.94 EUR   3.54 EUR

Purchases of property, plant   59.3 mEUR     59.6 mEUR    35.9 mEUR  36.9 mEUR
and equipment and intangibles**


Staff count                          8,919       8,519


* Before exceptional items.
** Exkluding goodwill.

 
"In the 2013|14 financial year we are again investing vigorously in organic
growth in all three business segments, with total capital expenditure of about
EUR 140 million. This underscores the sustainability focus of our strategy. A
key investment this year is the construction of the fruit preparations plant in
Lysander, New York, intended to further strengthen our market position in the
United States," says Marihart.



SEGMENT SUGAR                H1 2013/14  H1 2012/13  Q2 2013/14  Q2 2012/13

Revenue                      603.1 mEUR  634.0 mEUR  297.4 mEUR  327.2 mEUR

Operating profit before       38.2 mEUR  7 1.2 mEUR   17.1 mEUR   36.6 mEUR
exceptional items

Operating margin                   6.3%       11.2%        5.7%       11.2%


 
The Sugar segment's sales volume, revenue and earnings in the first half of
2013|14 were well below the level of one year earlier. The revenue decline is
explained primarily by reduced sales quantities of quota sugar and lower
exports. While sugar sales volumes eased slightly, revenues from by-products and
other products were constant. As expected, the operating profit of EUR 38.2
million before exceptional items was well below the high prior-year figure (of
EUR 71.2 million), mainly because of a strong overall rise in raw material costs
for the prior year's beet crop. The operating margin eased to 6.3%.
 



SEGMENT STARCH              H1 2013/14   H1 2012/13  Q2 2013/14  Q2 2012/13

Revenue                     443.6 mEUR   395.7 mEUR  223.3 mEUR  203.3 mEUR

Operating profit before      26.3 mEUR    46.5 mEUR    9.7 mEUR   22.5 mEUR
exceptional items

Operating margin                  5.9%        11.8%        4.3%       11.1%


 
Revenue of the Starch segment in the first half of 2013|14 was EUR 443.6
million, representing growth of 12.1% from the year-ago level of EUR 395.7
million. The growth was driven by higher selling prices and volumes. Especially
as the intense competition did not allow the increase in raw material costs to
be recouped through sales prices, the segment's pre-exceptionals operating
profit of EUR 26.3 million was down substantially from the prior-year value of
EUR 46.5 million. As well, the commissioning of the wheat starch plant in
Pischelsdorf, Austria, entailed the expected start-up losses. The decrease in
earnings combined with higher revenue meant a contraction in operating margin to
5.9%.

 


SEGMENT FRUIT              H1 2013/14  H1 2012/13  Q2 2013/14  Q2 2012/13

Revenue                    627.6 mEUR  573.4 mEUR  302.0 mEUR  298.0 mEUR

Operating profit before     43.4 mEUR   24.8 mEUR   19.8 mEUR   12.5 mEUR
exceptional items

Operating margin                 6.9%        4.3%        6.4%        4.2%


 
Fruit segment revenue increased by 9.5% in the first half of 2013|14 to EUR
627.6 million. This resulted above all from compelling volume growth of 8% in
fruit preparations as AGRANA's market share expanded in many countries. The
greatest volume growth was achieved in North America and Asia, but sales
quantities also increased in Europe for the first time after years of decreases.
Revenue in the fruit juice concentrate activities also grew. The segment's
operating profit of EUR 43.4 million before exceptional items was 75% better
than the year-earlier result of EUR 24.8 million. The operating margin was 6.9%.

 

Outlook

For the full 2013|14 financial year, AGRANA continues to expect a slight
increase in Group revenue, driven primarily by sales volume growth. In view of
the results for the year to date, operating profit before exceptional items will
be less than in the last two, record years.


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


Further inquiry note:
AGRANA Beteiligungs-AG

Mag.(FH) Markus Simak
Public Relations
Tel.: +43-1-211 37-12084
e-mail: markus.simak@agrana.com

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

end of announcement                               euro adhoc 
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company:     AGRANA Beteiligungs-AG
             F.-W.-Raiffeisen-Platz  1
             A-1020 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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