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quarterly report/9-month report
Wien (euro adhoc) - AGRANA results for first three quarters of 2013|14 -
Guidance for full year reaffirmed
In the first three quarters of the 2013|14 financial year, AGRANA Beteiligungs-
AG registered a slight increase in Group revenue from the prior-year comparative
period (up 1.2% to EUR 2,416.9 million). At EUR 158.6 million, operating profit
before exceptional items was less than the record year-earlier figure (EUR 204.3
million); the primary reason for the reduction was that selling prices in the
Sugar and Starch segments eased ever since the summer.
"As we expected, our operating profit could not match the excellent year-ago
result, even if the third-quarter operating margin improved compared to the
second quarter. In the quarter under review, in November, AGRANA completed the
60,000 tonne capacity sugar silo in Kaposvár, Hungary. The construction of our
fourth US fruit preparations plant is on schedule and the facility will be
finished in May 2014," explains Johann Marihart, Chief Executive Officer of
AGRANA Beteiligungs-AG.
AGRANA IFRS results
(mEUR=million euro) Q1-3, 2013/14 Q1-3,2012/13 Q3, 2013/14 Q3, 2012/13
Revenue 2,416.9 mEUR 2,389.3 mEUR 742.6 mEUR 786.2 mEUR
EBITDA* 223.5 mEUR 262.8 mEUR 76.5 mEUR 86.2 mEUR
Operating profit before
exceptional items 158.6 mEUR 204.3 mEUR 50.6 mEUR 61.8 mEUR
Operating margin 6.6% 8.6% 6.8% 7.4%
Operating profit after
exceptional items 158.6 mEUR 202.9 mEUR 50.6 mEUR 61.4 mEUR
Profit for the period 102.6 mEUR 138.6 mEUR 33.4 mEUR 39.1 mEUR
Earnings per share 6.80 EUR 9.44 EUR 2.21 EUR 2.58 EUR
Purchases of property, plant
and equipment and
intangibles** 98.2 mEUR 98.7 mEUR 38.9 mEUR 39.1 mEUR
Staff count*** 8,882 8,555
*Before exceptional items.
**Excluding goodwill.
***Average number of employees in the period.
After a net financial items expense of EUR 22.2 million and a tax expense of
EUR 33.9 million (corresponding to a tax rate of 24.8%), Group profit for the
period was EUR 102.6 million. Net debt at 30 November 2013 measured EUR 458.6
million, down EUR 25.1 million from the 2012|13 financial year-end figure of
EUR 483.7 million.
SUGAR segment
(mEUR=million euro) Q1-3,2013/14 Q1-3,2012/13 Q3,2013/14 Q3,2012/13
Revenue 850.9 mEUR 926.6 mEUR 247.8 mEUR 292.6 mEUR
Operating profit before
exceptional items 52.0 mEUR 105.3 mEUR 513.8 mEUR 34.1 mEUR
Operating margin 6.1% 11.4% 5.6% 11.7%
In the first nine months of the financial year, revenue in the Sugar segment
declined year-on-year, mainly as a result of lower quota sugar sales volume and
pricing as well as weaker export business. While sugar sales volumes eased
slightly, revenues from by-products and other products were constant. The
significant decrease in operating profit was driven by the downward price
pressure and lower sugar sales quantities, as well as increased production costs
of the 2012|13 campaign and the fact that in the middle of the year, costs for
raw sugar were still relatively high.
STARCH segment
(mEUR=million euro) Q1-3,2013/14 Q1-3,2012/13 Q3,2013/14 Q3,2012/13
Revenue 659.9 mEUR 603.7 mEUR 216.3 mEUR 208.8 mEUR
Operating profit before
exceptional items 47.9 mEUR 60.8 mEUR 21.6 mEUR 14.3 mEUR
Operating margin 7.3% 10.1% 10.1% 6.9%
The revenue growth in the Starch segment was attributable largely to higher
sales volumes. The reduction in earnings is explained primarily by a lower
profit contribution from HUNGRANA, the joint venture in Hungary. Amid more
intense competition, selling prices were down. As well, the commissioning of the
wheat starch plant in Pischelsdorf, Austria, entailed the expected start-up
losses.
FRUIT segment
(mEUR=million euro) Q1-3,2013/14 Q1-3,2012/13 Q3,2013/14 Q3,2012/13
Revenue 906.1 mEUR 859.1 mEUR 278.5 mEUR 285.7 mEUR
Operating profit before
exceptional items 58.8 mEUR 38.2 mEUR 15.4 mEUR 13.4 mEUR
Operating margin 6.5% 4.4% 5.5% 4.7%
Sales volumes of fruit preparations were boosted by about 6% overall, with gains
achieved both within the EU (up 4%) and outside Europe (up 8%). The revenue
growth in fruit juice concentrates was driven primarily by higher sales
quantities of apple juice concentrate (especially as a result of the Ybbstaler
volume, which the first quarter of the prior year did not yet include). The key
drivers of the improvement in operating profit were volume growth in fruit
preparations and favourable annual delivery contracts from the 2012 crop in the
fruit juice concentrates business.
Outlook
Given the challenging market environment and the year-to-date business
performance, AGRANA expects Group revenue for the full 2013|14 financial year to
be steady at the prior-year level. However, operating profit will be lower than
in the very good last two financial years. Total investment of approximately EUR
140 million in the 2013|14 financial year will provide solid support for the
Group's long-term growth.
This press release is also available on the AGRANA website 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