AGRANA Beteiligungs-AG

EANS-News: AGRANA Beteiligungs-AG
AGRANA results for the first quarter of 2011|12 (ended 31 May 2011) - Good profit growth marks anniversary of IPO

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quarterly report

Wien (euro adhoc) - With a strong first quarter, AGRANA, the global sugar,
starch and fruit company, continued its good performance in the new financial
year. These excellent results are a fitting way to mark the 20-year anniversary
of the company´s going public on 10 July. The Group´s revenue rose by 13.4% from
the prior year´s first quarter, to EUR 612.9 million. The revenue growth in all
three segments reflected the positive market trends for all products, which
outweighed lower sales volumes in the Sugar and Fruit segments. Operating profit
before exceptional items was a strong EUR 61.6 million, an increase of 79.6%
from one year earlier, with the growth driven by all three segments, Sugar,
Starch and Fruit. The high earnings growth stems both from the rewards of the
optimisation measures taken in the previous years, and from the good market
conditions in the sugar, starch and concentrate businesses during the first
three months of this financial year.

Net financial items, at a net expense of EUR 6.2 million, were unchanged on
balance from the year-earlier quarter. After an income tax expense of EUR 12.3
million (representing a tax rate of 22.2%), the AGRANA Group´s profit for the
period was EUR 43.1 million. Earnings per share attributable to AGRANA
shareholders grew from EUR 1.39 to EUR 2.93.

Net debt on 31 May 2011 stood at EUR 384.8 million, only very slightly above the
2010|11 year-end level of EUR 382.4 million. The ratio of net debt to total
equity of 38.0% at the end of the first quarter was lower than the 28 February
2011 balance sheet date level of 39.4%. The equity ratio improved from 48.7% to

AGRANA - IFRS results

                                             Q1 2011|12      Q1 2010|11
Revenue                                     EUR 612.9 m     EUR 540.5 m
Operating profit before exceptional items   EUR  61.6 m     EUR  34.3 m
Operating margin                                 10.1%            6.3%
Profit before tax                           EUR  55.4 m     EUR  28.0 m
Profit for the period                       EUR  43.1 m     EUR  19.9 m
Earnings per share                          EUR   2.93      EUR   1.39
Purchases of property,
plant and equipment and intangibles (1)     EUR  14.2 m     EUR   7.6 m
Staff count                                 8,210           8,116
(1) Excluding goodwill

AGRANA Chief Executive Officer Johann Marihart says: "On 10 July AGRANA marked
the 20th anniversary of its going public, and on this significant occasion we
are especially pleased to report good financial results. Just days ago, the
Annual General Meeting decided on the basis of the record results in the prior
financial year to raise the dividend from EUR 1.95 to EUR 2.40 per share. The
company´s growth and development since our IPO in 1991 thus continues to be a
success story for our shareholders in particular. The first quarter once again
demonstrated the consistency of our investment investment activities and
appropriateness of our strategic measures. For the full year 2011|12 we expect
the good current trends to lead to significant earnings growth that is driven by
all segments." 

Sugar segment

                                            Q1 2011|12     Q1 2010|11
Revenue                                    EUR 182.0 m    EUR 181.2 m
Operating profit before exceptional items  EUR  21.6 m    EUR   6.1 m
Operating margin                                11.9%           3.4%

Revenue in the Sugar segment increased slightly in the first quarter. The high
world market prices and tight sugar supply in the EU led to favourable
conditions in AGRANA´s Eastern European markets. The main drivers of the growth
in operating profit before exceptional items were vigorous marketing, timely and
sufficient sugar sourcing, and the flexibility to seize opportunities created by
changing market conditions.

Starch segment 
                                            Q1 2011|12     Q1 2010|11
Revenue                                    EUR 193.3 m    EUR 135.4 m
Operating profit before exceptional items  EUR  22.5 m    EUR  15.3 m
Operating margin                                11.6 %         11.3 %

The revenue expansion in the Starch segment resulted largely from higher sales
quantities in all major product groups - starch, isoglucose, bioethanol and
co-products. Thanks to the optimisation of the product portfolio and a
tightening of the supply chain, segment profit
significantly surpassed the prior year´s first-quarter result.

Fruit segment 

                                             Q1 2011|12    Q1 2010|11
Revenue                                     EUR 237.5 m   EUR 223.9 m 
Operating profit before exceptional items   EUR  17.6 m    EUR 12.8 m
Operating margin                                  7.4 %         5.7 %

The Fruit segment too expanded its first-quarter revenue. Sales volumes for
fruit preparations developed stable. The top reason for the healthy operating
profit before exceptional items was the profitability of the fruit juice
concentrate activities, achieved with the help of many organisational and cost
improvement measures.


On the strength of this very positive trend in the first three months, AGRANA
now also expects a significant earnings improvement for the full 2011|12
financial year, made possible by all business segments. However, the volatility
in raw material prices in the world market will remain a key factor for the
Group´s level of profitability. 

This publication is available in German and English at

Further inquiry note:
AGRANA Beteiligungs-AG
Mag.(FH) Hannes Haider
Investor Relations
Tel.: +43-1-211 37-12905

Mag.(FH) Christine Göller
Public Relations
Tel.: +43-1-211 37-12084

end of announcement                               euro adhoc 

company:     AGRANA Beteiligungs-AG
             Donau-City-Straße 9
             A-1220 Wien
phone:       +43-1-21137-0
FAX:         +43-1-21137-12045
sector:      Food
ISIN:        AT0000603709
indexes:     WBI, ATX Prime
stockmarkets: Präsenzhandel: Berlin, Frankfurt, Stuttgart, official market: Wien 
language:   English

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