AGRANA Beteiligungs-AG

EANS-News: AGRANA Group revenue again exceeds EUR 3 billion Steady dividend proposal of EUR 3.60 per share

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annual result/Financial Figures/Balance Sheet/Results 2013/14

- Group revenue of EUR 3,043.4 million again over three-billion mark

- Operating profit of EUR 171.4 million significantly below that of prior year
(EUR 236.9 million)

- Considerably higher commodity costs weigh on result in Sugar segment

- Positive trend continues in Fruit segment

- Stronger equity ratio of 48.6% (prior year: 47.0%)

- Earnings per share of EUR 7.60 (prior year: EUR 10.52); Dividend proposal
unchanged at EUR 3.60

- Outlook: slight decline in revenue and EBIT expected.

For the second financial year in succession, the AGRANA Group has posted
consolidated revenue of more than three billion euros. Despite the challenging
market environment, the Group generated revenue of EUR 3,043.4 million,
following EUR 3,065.9 million in the prior year. Consolidated operating profit
of EUR 171.4 million was significantly lower than that of the prior period (EUR
236.9 million). While it was possible to markedly improve operating profit in
the Fruit segment, the declining market prices since the summer and the higher
commodity prices in the Sugar and Starch segments have impacted on margins.
Following two exceptionally strong financial years, the Sugar segment in
particular experienced an extremely marked decline in earnings due to the
difficult conditions prevailing in the sugar market.

 

AGRANA Group results (IFRS)         FY 2013|14       FY 2012|13*
 
Revenue                          EUR 3,043.4 m     EUR 3,065.9 m
 
EBITDA**                           EUR 258.9 m       EUR 318.4 m
 
Operating profit
before exceptional items           EUR 171.4 m       EUR 236.9 m
 
Operating margin                          5.6%              7.7%
 
Operating profit
after exceptional items (EBIT)     EUR 175.3 m       EUR 217.9 m
 
Profit for the period              EUR 109.8 m       EUR 156.5 m
 
Earnings per share                    EUR 7.60         EUR 10.52
 
Purchases of property, plant and
equipment and intangibles***       EUR 136.0 m       EUR 149.8 m
 
Staff count (average)                    8,778             8,449
 

 *Prior year data have been restated under IAS 8
 **Operating profit before exceptional items, depreciation and amortisation
 ***Excluding goodwill
 
AGRANA Chief Executive Officer Johann Marihart says: "In an adverse environment,
we are delighted to have almost managed to reach the record revenue level of the
prior year. At the same time, the advantage of our strategy of effectively
balancing out volatile market conditions across the segments has become obvious.
We will continue to apply this approach in order to safeguard the sustainable
success of AGRANA."

The net financial items expense of EUR 27.2 million was marginally better than
that of the prior year (EUR 27.7 million). The currency translation loss rose to
EUR 16.4 million (prior year: EUR 0.7 million) due to unfavourable exchange rate
developments. Profit before tax fell from EUR 190.2 million in the prior year to
EUR 148.1 million. After an income tax expense of EUR 38.4 million, equivalent
to an effective tax rate of 25.9% (prior year: 17.7%), the Group's profit for
the period was EUR 109.8 million (prior year: EUR 156.5 million). Earnings per
share amounted to EUR 7.60 (prior year: EUR 10.52).

On the basis of a balance sheet total 5% lower than a year earlier, AGRANA's
equity ratio improved slightly, from 47.0% to 48.6%. Net debt at the balance
sheet date of 28 February 2014 was EUR 410.6 million, significantly lower than
the level a year earlier (EUR 483.7 million), as a result of which the debt-
equity gearing improved to 34.4% (39.9%). In line with AGRANA's dividend policy
focused on the long term, the Management Board will again propose a dividend
payment of EUR 3.60 per share to the Annual General Meeting.


 

Sugar segment              FY 2013|14             FY 2012|13
 
Revenue                 EUR 1,022.8 m          EUR 1,121.5 m

Operating profit           EUR 45.3 m            EUR 119.1 m

Operating margin                 4.4%                  10.6%
 

Revenue in the Sugar segment declined by 8.8% in the 2013|14 financial year, to
EUR 1,022.8 million. Operating profit of EUR 45.3 million before exceptional
items was, as forecast, below that of the record set in the prior year. The main
influencing factors were the falling sales prices and commodity prices which
remained high.


 

Starch segment             FY 2013|14            FY 2012|13
 
Revenue                   EUR 848.5 m           EUR 804.3 m

Operating profit           EUR 61.4 m            EUR 72.6 m

Operating margin                 7.2%                  9.0%
 

Starch segment revenue grew by 5.5% in 2013|14, to EUR 848.5 million. This
increase was driven by higher sales quantities relating to both the main and by-
products. Operating profit before exceptional items in the amount of EUR 61.4
million was 15.4% lower than in the prior year, primarily due to the lower
contribution to results of the bioethanol activities as well as the forecast
start-up losses associated with the wheat starch factory at the Pischelsdorf
site.




Fruit segment             FY 2013|14            FY 2012|13
 
Revenue                EUR 1,172.1 m         EUR 1,140.1 m

Operating profit          EUR 64.6 m            EUR 45.2 m

Operating margin                5.5%                  4.0%
 

Revenue in the Fruit segment rose by 2.8% to EUR 1,172.1 million. Operating
profit before exceptional items climbed 42.9% to EUR 64.6 million. This was
predominantly due to the higher sales volumes in the fruit preparations
business. Due to the favourable contractual situation resulting from the
campaign in the prior year, it was possible to improve the operating profit
before exceptional items in the fruit juice concentrate business.



Outlook
On the basis of its sound balance sheet structure and a diversified business
model, consisting of the Sugar, Starch and Fruit segments, AGRANA considers
itself well positioned to face the new financial year. "From today's
perspective, we assume that the 2014|15 financial year will bring lower
consolidated revenue as a result of somewhat lower market prices, on average,
and slightly higher sales volumes. For operating profit before exceptional
items, we also forecast a mild decrease," comments CEO Marihart. In the 2014|15
financial year, a total of around EUR 96 million is earmarked for investment in
the three segments, on a par with scheduled depreciation and amortisation.




About AGRANA
AGRANA adds value to agricultural commodities to produce top quality foodstuffs
and numerous industrial upstream products. Around 8,800 personnel working at
over 50 production facilities worldwide generate consolidated revenue of
approximately three billion euros. The Group was founded in 1988 and is today
the leading sugar company in Central and Eastern Europe as well as being a key
producer, in the Starch segment, of special products and bioethanol in Europe.
AGRANA is also the global leader in fruit preparations and one of the largest
European producers of fruit juice concentrates.

This press release is available on AGRANA's website at www.agrana.com.

Further inquiry note:
AGRANA Beteiligungs-AG

Mag.(FH) Markus Simak
Pressesprecher
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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