AGRANA Beteiligungs-AG

EANS-News: AGRANA Beteiligungs-AG
AGRANA results for first quarter of 2012|13 (ended 31 May 2012) - Sound business performance is sustained in first three months

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
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3-month report

Wien (euro adhoc) - In the first quarter of the new financial year, AGRANA
continued the prior year's upward trend. Group revenue grew by 26.4% from the
prior year's first quarter, to EUR 774.6 million. While revenue in the Starch
segment was approximately in line with one year earlier, revenue in the Sugar
and Fruit segments rose on volume growth. The strong pre-exceptionals operating
profit, at EUR 70.9 million, was 15.1% above that of the comparative quarter, an
increase driven by the Sugar and Starch segments. In the Fruit segment, although
operating profit was less than in the strong first quarter of financial 2011|12,
the margin situation already improved sequentially compared to the fourth

Net financial items amounted to a greater net expense, of EUR 9.7 million, than
in the year-ago quarter (which saw a net expense of EUR 6.2 million), as a
result primarily of non-cash foreign exchange losses on Eastern European
currencies. After an income tax expense of EUR 13.8 million (corresponding to a
tax rate of 22.5%), the Group's profit for the period expanded to EUR 47.5
million. Earnings per share attributable to AGRANA shareholders grew from EUR
2.93 to EUR 3.32.

Net debt as of 31 May 2012 stood at EUR 475.8 million, up slightly by EUR 6.6
million from the 2011|12 financial year-end level of EUR 469.2 million. The
gearing ratio of 42.8% at the end of the financial quarter represented a further
small improvement from the 29 February 2012 level of 43.7%. The equity ratio
improved from 45.4% to 48.7%.

AGRANA - IFRS results

                                    Q1 2012|13       Q1 2011|12
Revenue                            EUR 774.6 m        EUR 612.9 m
Operating profit
before exceptional items           EUR  70.9 m        EUR  61.6 m
Operating margin                         9.2%              10.1%
Profit before tax                  EUR  61.3 m        EUR  55.4 m
Profit for the period              EUR  47.5 m        EUR  43.1 m
Earnings per share                 EUR   3.32         EUR   2.93
Purchases of property, plant
and equipment and intangibles (1)  EUR  22.7 m        EUR  14.2 m
Staff count                              8,483              8,210
(1) Excluding goodwill

AGRANA Chief Executive Officer Johann Marihart says: "In the results of the
first quarter, we were able to continue the robust performance of the prior
financial year, thus demonstrating the sustainable nature of our strategy. For
the full year 2012|13 we nonetheless leave our guidance unchanged and expect
earnings slightly below the exceptionally good prior-year result."  

Sugar segment

                                    Q1 2012|13       Q1 2011|12
Revenue                            EUR 306.8 m      EUR 182.0 m
Operating profit
before exceptional items           EUR  34.6 m      EUR  21.6 m
Operating margin                        11.3%            11.9%

Revenue in the Sugar segment was pushed up further in the first quarter of
2012|13. Relative to the prior year's first quarter, volume gains were achieved
in almost all areas. Sales to the sugar-using industry and to resellers were
especially strong. Contributing to the robust earnings trend were not just the
sugar prices but good co-product revenues and the increase in sugar volumes

Starch segment 

                                    Q1 2012|13         Q1 2011|12
Revenue                            EUR 192.4 m        EUR 193.3 m
Operating profit
before exceptional items           EUR  24.0 m        EUR  22.5 m
Operating margin                        12.5%              11.6%

Revenue in the first quarter was approximately in line with the comparative
prior-year quarter. Higher selling prices for saccharification products and
greater sales volumes of saccharification, starch and co-products were
juxtaposed with lower selling prices for bioethanol, starch and co-products and
slightly reduced bioethanol volumes. The rise in operating profit translated to
an increase in operating margin to 12.5%.

Fruit segment 
                                    Q1 2012|13        Q1 2011|12
Revenue                            EUR 275.4 m       EUR 237.5 m
Operating profit
before exceptional items           EUR  12.3 m        EUR 17.6 m
Operating margin                         4.5%              7.4%

Fruit segment revenue increased significantly in the first quarter. In most
fruit preparations markets except for Central and Western Europe, the
year-earlier sales quantities were matched or even surpassed. The decrease in
the segment's operating profit was attributable primarily to temporary shifts in
the fruit juice concentrates business. The effects of these shifts should,
however, be recouped in the further course of the year. 

For the full year 2012|13, AGRANA expects Group revenue to increase on overall
slight volume growth and high prices. Given the likely substantial volatility in
raw material and selling prices in the coming quarters, AGRANA reiterates the
existing guidance for the full year, which calls for earnings slightly below the
exceptionally good result of the prior year.

This press release is also available on AGRANA's website 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, Stuttgart, Frankfurt, official market: Wien 
language:   English

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