EANS-News: AGRANA Beteiligungs-AG /
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- 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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