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Financial Figures/Balance Sheet
AGRANA - After raw-materials-induced loss in first six months, significant improvement is expected in second half of 2008|09 Good crops in 2008 have put an end to high raw ...

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
6-month report
15.10.2008
At AGRANA, the international sugar, starch and fruit group, the  
first  half  of the 2008|09 financial year was defined by high raw 
material and  energy  prices. The resulting decrease in margins, 
along with one-time  expenses  for  a  write- down on apple juice 
concentrate inventories,  led  to  a  loss  for  the  period despite 
a number of countermeasures taken.  For  the  second  half  of  
2008|09, AGRANA expects a considerable improvement in profitability, 
driven both  by  the reduction in raw material prices thanks  to  the
new  crops,  and  by  remedial action that is already producing 
results.  From  the  coming  2009|10  financial year onwards, 
earnings are expected to return to  the  stronger  levels  of  the 
last several years.
The first half of the 2008|09 financial year (1 March to  31  August 
2008)  saw revenue grow by 12.0% to EUR 1,045.5 million (H1  2007|08:
EUR 933.3  million). Despite a decrease of 6.2%, the  largest  
revenue  contribution  came  from  the Fruit segment, at  EUR 408.3  
million,  followed  by  the  Sugar  segment  (with revenue up 4.5% to
EUR 383.6 million) and the Starch  segment  (with  a  revenue 
increase of about 93.6% to EUR 253.6 million, from EUR 131 million).
In Fruit and Starch, AGRANA had to source its raw materials  at  
extremely  high prices from the poor 2007 crops. The  resulting  cost
increases  could  not  be fully passed through to the market. 
Additionally, the dramatic erosion in  sales prices of apple juice 
concentrate  required  a  downward  revaluation  of  apple juice 
concentrate inventories to current market prices.  This  one-time  
expense amounted to EUR 32.4 million. Overall, the Group recorded an 
operating  loss  of EUR 7.8 million (H1  2007|08:  operating  profit 
of  EUR 54.4  million)  before exceptional items. After exceptional 
items,  the  operating  loss  was  EUR 10.1 million (H1 2007|08: 
operating profit of EUR 52.8 million). Net financial  items in the 
first six months of the  year  amounted  to  a  net  expense  of  EUR
8.0 million (H1 2007|08: EUR 2.8 million) and the Group registered a 
loss  for  the period of EUR 21.4 million (H1  2007|08:  profit  for 
the  period  of  EUR 36.6 million).
Johann Marihart, Chief Executive Officer of AGRANA  Beteiligungs-AG, 
commented: "To improve the current difficult situation, we are 
employing energy  efficiency measures,  have  reduced  investment  to
well  below  depreciation,   and   are emphasising rapid utilisation 
of the newly built production capacity."  For  the second half of the
financial year, raw material prices  for  grains  and  fruits have 
already eased significantly thanks to the outlook  for  this  year's 
crop. "We believe the bottom of the trough is behind us. Now that the
legacy  effects in the Juice business have been absorbed, we expect 
to return  to  significantly better earnings results in the second 
half of the year," said Marihart.
First half of the 2008|09 financial year
AGRANA - IFRS results for the six months ended 31 August
First six months of   First six months of
                             2008|09               2007|08
Revenue                EURm  1,045.5               933.3
Operating profit       EURm     (7.8)               54.4
before exceptional
items
Exceptional items      EURm     (2.3)              (1.6)
Operating profit after EURm    (10.1)              52.8
exceptional items
Profit/(loss) before   EURm    (18.1)              50.0
tax
Profit/(loss) for the  EURm    (21.4)              36.6
period
Earnings/(loss) per    EUR     (1.39)              2.55
share
Staff count                    8,617              8,950
Revenue by segment
EURm                  First six months of  First six months of
                      2008|09                2007|08
Sugar segment           402.1                  376.2
Starch segment          270.7                  154.7
Fruit segment           408.3                  435.1
Inter-segment           (35.6)                 (32.7)
eliminations
AGRANA Group revenue  1,045.5                  933.3
Capital expenditure in the first  half  of  2008|09  was  
significantly  reduced after the completion of the previous years' 
very large investment programme,  to EUR 32.6 million (H1 2007|08: 
EUR 107.9 million).
Sugar segment The Sugar  segment  grew  its  revenue  to  EUR 402.1 
million,  an  increase  of EUR 25.9 million from the first half of 
the prior year. The  driving  factor  in the growth was an increase 
in  quota sugar sales in the EU, as well  as  through exports to 
countries outside  the  European  Union.  At  a  profit  of  EUR 13.0
million, Sugar's contribution to operating profit was  down  slightly
from  the year-earlier level, as expected. The raw sugar refinery  in
Brcko,  Bosnia,  is
currently  in  the  process  of  being  brought   on   stream,   which   entails
corresponding launch costs.
Starch segment
Revenue in the Starch segment for the first six months of 2008|09 was  EUR 270.7
million, or almost 75% higher than the year-earlier level of EUR 154.7  million.
This growth was propelled by the increase in bioethanol production and also  the
inclusion of animal feed revenue, which in the prior year was  still 
attributed to the Sugar segment. Operating profit before exceptional 
items fell to  EUR 0.4 million (H1 2007|08: EUR 21.2 million) in the 
Starch  segment.  The  reason  was that the expensive wheat and corn 
(maize) from the prior-year harvest needed  to be processed, yet the 
associated extra costs could  not  be  passed  through  to customers 
for isoglucose and bioethanol.
Fruit segment Dramatic price erosion in apple juice concentrate in 
the second quarter  of  the financial year drove down Fruit segment 
revenue by  6.2%  to  EUR 408.3 million. The  write-down  of  apple  
juice   concentrate   inventories,   combined   with reorganisation 
expenses in the fruit and juice activities, caused a  significant 
deterioration in Fruit segment operating earnings during the first 
half of  this financial  year,  from  the  year-earlier  profit  of  
EUR 18.7 million  to   an operating loss of EUR 21.2 million before 
exceptional items.
Outlook In its  unchanged  projection  for  the  full  2008|09  
financial  year,  AGRANA continues to expect an increase in Group 
revenue to  more  than  EUR 2.1 billion (2007|08: EUR 1.9 billion).
In the Sugar  segment,  the  European  sugar  regime  (with  lower  
quota  sugar production and the reduction of  the  producer  margin) 
makes  it  likely  that operating  profit  before  exceptional  items
will  decrease.  For  the  Starch segment, an improvement in 
pre-exceptionals operating profit is expected in  the second half of 
the year compared to the prior year's second  half,  particularly as 
the lower grain prices from the 2008  crop  greatly  improve  the  
production cost structure in the latter half of this year. With the 
stable  performance  in fruit  preparations  and  with  the  
improvement  in  the  concentrate  business compared to the first 
half of the year, the Fruit segment, though  not  matching the prior 
year, should generate a  pre-exceptionals  operating  profit  for  
the full financial year.
For AGRANA as a whole in 2008|09, the Group is forecasting an  
operating  profit of about EUR 30 million before exceptional items, 
as well as a solid  cash  flow trend. In 2009|10, provided that the 
broad normalisation in raw material  prices and in procurement and 
product markets  persists,  the  performance  improvement measures 
taken by AGRANA will already enable the Group to return to  the  
higher profit level of the 2007|08 financial year.
This press release and the report  on  the  first  six  months  of  
2008|09  are available in German and English on the Internet at 
www.agrana.com.
end of announcement                               euro adhoc

Further inquiry note:

AGRANA Beteiligungs-AG
Mag. Maria Fally
Investor Relations
Tel.: +43-1-211 37-12905
e-mail:maria.fally@agrana.com

Mag. Ulrike Pichler
Public Relations
Tel.: +43-1-211 37-12084
e-mail:ulrike.pichler@agrana.com

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

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