AGRANA Beteiligungs-AG

EANS-News: AGRANA Beteiligungs-AG
Results for first quarter of 2013/14 (ended 31 May 2013)

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quarterly report

Wien (euro adhoc) - AGRANA results for first quarter of 2013|14 (ended 31 May
2013) 

 
 
-Revenue growth of 9.9% to EUR 851.6 million

-Operating profit of EUR 61.9 million before exceptional items (off 12.7% from
Q1 2012|13)

-Operating margin: 7.3% (Q1 2012|13: 9.2%)

-Equity ratio: 48.2% (28 February 2013: 47.0%)

-Outlook:
Modest revenue growth expected for 2013|14 financial year
Pre-exceptionals operating profit for 2013|14 seen lower than in 2012|13


 
AGRANA Beteiligungs-AG started the new financial year with further revenue
growth. After last year's strong result, Group revenue expanded by 9.9% to EUR
851.6 million. While operating profit in the Fruit segment was all but doubled,
higher raw material costs weighed on the margins in the Sugar and Starch
segments, as expected. For the Group as a whole, first-quarter operating profit
before exceptional items amounted to EUR 61.9 million, or EUR 9 million less
than in the prior year's first quarter (EUR 70.9 million).
 

Net financial items in the first quarter came to a net expense of EUR 7.9
million (Q1 2012|13: net expense of EUR 9.7 million); the change year-on-year
resultedprimarily from an improved net interest expense. With an income tax
expense of EUR 14.0 million based on a tax rate of 26.0% (prior year: 22.5%),
the Group's profit for the period was EUR 39.9 million (prior year: EUR 47.5
million). After non-controlling interests, earnings per share attributable to
AGRANA's shareholders were EUR 2.65 (Q1 2012|13: EUR 3.32).


Net debt at 31 May 2013 measured EUR 536.8 million, up by EUR 53.1 million from
the 2012|13 financial year-end level of EUR 483.7 million. Total assets were
stable compared with 28 February 2013, at EUR 2.6 billion, and the equity ratio
rose from 47.0% to 48.2%. The gearing ratio of 43.1% at the quarterly balance
sheet date was somewhat above the level of 28 February 2013 (39.9%).
 


AGRANA Group results (IFRS)       Q1 2013/14                  Q1 2012/13

Revenue                           EUR 851.6 m                 EUR 774.6 m

Operating profit before
exceptional items                 EUR 61.9 m                  EUR 70.9 m

Operating margin                        7,3%                        9,2%

Profit before tax                 EUR 54.0 m                  EUR 61.3 m

Profit for the period             EUR 39.9 m                  EUR 47.5 m

Earnings per share                EUR 2.65                    EUR 3.32

Purchases of property,

plant and equipment and
intangibles (Excluding goodwill)  EUR 23.4 m                  EUR 22.7 m

Staff count                            8,879                       8,483



 
AGRANA Chief Executive Officer Johann Marihart says: "In terms of revenue, we
achieved a positive start to AGRANA's anniversary year. At the same time, as
expected, the high raw material prices detracted from our profitability."


 
 
Sugar segment:

                                 Q1 2013/14                   Q1 2012/13

Revenue                          EUR 305.7 m                  EUR 306.8 m

Operating profit before
exceptional items                EUR 21.1 m                   EUR 34.6 m

Operating margin                 6.9%                         11.3%


 
The Sugar segment, as expected, began 2013|14 on a downward trend compared to
one year earlier. Revenue in the first quarter was down slightly year-on-year as
a result of somewhat lower sales to industrial customers. Revenue from by-
products and other products remained constant. The pressure on prices in Hungary
and Romania and the overall rise in raw material costs depressed operating
profit before exceptional items to EUR 21.1 million.
 

 

Starch segment:

                                Q1 2013/14                   Q1 2012/13

Revenue                         EUR 220.3 m                  EUR 192.4 m

Operating profit before         
exceptional items               EUR 16.6 m                   EUR 24.0 m

Operating margin                7.5%                         12.5%


 
Starch segment revenue in the first quarter was up from the year-ago level.
Operating profit before exceptional items decreased from the year-earlier
quarter. The main reason was an increase in raw material costs. The profit
contribution from AGRANA Bioethanol GmbH was in line with one year earlier. On
balance, this business performance in the segment led to a reduction in
operating margin from 12.5% to 7.5%.
 


 
Fruit segment:

                               Q1 2013/14                   Q1 2012/13

Revenue                        EUR 325.6 m                  EUR 275.4 m

Operating profit before
exceptional items              EUR 24.1 m                   EUR 12.3 m

Operating margin               7.4%                         4.5%


 
Revenue in the Fruit segment continued to rise significantly in the first
quarter. This resulted especially from substantial volume growth of 10% in sales
of fruit preparations as market share was expanded significantly in all regions.
In a particularly gratifying development, volume growth was achieved even in the
EU market. Operating profit before exceptional items nearly doubled
year-on-year. AGRANA raised the operating margin in the Fruit segment to 7.4%,
an increase of 2.9 percentage points from the first quarter of the prior year.
The positive revenue and earnings trend was also made possible by the fruit
juice concentrates business, thanks to higher sales volumes of apple juice
concentrates and additional earnings from the Ybbstaler companies.

 

 
Outlook
 
For the 2013|14 financial year, AGRANA continues to expect a slight increase in
Group revenue, driven primarily by volume growth. AGRANA reiterates its
projection that full year operating profit before exceptional items will not
reach the Group's very good results of the past two financial years. In all
three segments, the total investment will be about EUR 143 million in the
2013|14 financial year, thus providing solid support for the Group's long-term
growth trajectory.


 
This press release is also available 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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