EANS-News: AGRANA Beteiligungs-AG
AGRANA earnings in first half of 2013|14
below year-earlier level
Growth in revenue
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- quarterly report/Half year results 2013/14 Wien (euro adhoc) - In the first half of 2013|14, AGRANA Beteiligungs-AG saw a year-on-year increase in Group revenue from EUR 1,603.1 million to EUR 1,674.3 million. The operating profit of EUR 108.0 million before exceptional items did not reach the prior year's record result of EUR 142.5 million. "While higher raw material prices in the Sugar and Starch segments detracted from earnings, the Fruit segment's operating profit grew by 75%," explains Johann Marihart, Chief Executive Officer of AGRANA Beteiligungs-AG. After the Group's net financial items expense of EUR 15.4 million and a tax expense of EUR 23.4 million (corresponding to a tax rate of 25.3%), Group profit for the period was EUR 69.2 million. Net debt at 31 August 2013 stood at EUR 397.8 million, down significantly by EUR 85.9 million from the 2012|13 financial year-end level of EUR 483.7 million. Total assets eased slightly compared with 28 February 2013, to EUR 2.44 billion, and the equity ratio rose from 47.0% to 49.8%. The gearing ratio at the quarterly balance sheet date was 32.8% an thus better than at 28 February 2013 (39.9%). AGRANA Group results (IFRS) H1 2013/14 H1 2012/13 Q2 2013/14 Q2 2012/13 Revenue 1,674.3 mEUR 1,603.1 mEUR 822.7 mEUR 828.5 mEUR EBITDA* 147.0 mEUR 176.6 mEUR 66.6 mEUR 89.8 mEUR Operating profit before 108.0 mEUR 142.5 mEUR 46.2 mEUR 71.6 mEUR exceptional items* Operating margin 6.5% 8.9% 5.6% 8.6% Operating profit after 108.0 mEUR 141.5 mEUR 46.2 mEUR 0.6 mEUR exceptional items Profit for the period 69.2 mEUR 99.6 mEUR 29.3 mEUR 52.1 mEUR Earnings per share 4.59 EUR 6.86 EUR 1.94 EUR 3.54 EUR Purchases of property, plant 59.3 mEUR 59.6 mEUR 35.9 mEUR 36.9 mEUR and equipment and intangibles** Staff count 8,919 8,519 * Before exceptional items. ** Exkluding goodwill. "In the 2013|14 financial year we are again investing vigorously in organic growth in all three business segments, with total capital expenditure of about EUR 140 million. This underscores the sustainability focus of our strategy. A key investment this year is the construction of the fruit preparations plant in Lysander, New York, intended to further strengthen our market position in the United States," says Marihart. SEGMENT SUGAR H1 2013/14 H1 2012/13 Q2 2013/14 Q2 2012/13 Revenue 603.1 mEUR 634.0 mEUR 297.4 mEUR 327.2 mEUR Operating profit before 38.2 mEUR 7 1.2 mEUR 17.1 mEUR 36.6 mEUR exceptional items Operating margin 6.3% 11.2% 5.7% 11.2% The Sugar segment's sales volume, revenue and earnings in the first half of 2013|14 were well below the level of one year earlier. The revenue decline is explained primarily by reduced sales quantities of quota sugar and lower exports. While sugar sales volumes eased slightly, revenues from by-products and other products were constant. As expected, the operating profit of EUR 38.2 million before exceptional items was well below the high prior-year figure (of EUR 71.2 million), mainly because of a strong overall rise in raw material costs for the prior year's beet crop. The operating margin eased to 6.3%. SEGMENT STARCH H1 2013/14 H1 2012/13 Q2 2013/14 Q2 2012/13 Revenue 443.6 mEUR 395.7 mEUR 223.3 mEUR 203.3 mEUR Operating profit before 26.3 mEUR 46.5 mEUR 9.7 mEUR 22.5 mEUR exceptional items Operating margin 5.9% 11.8% 4.3% 11.1% Revenue of the Starch segment in the first half of 2013|14 was EUR 443.6 million, representing growth of 12.1% from the year-ago level of EUR 395.7 million. The growth was driven by higher selling prices and volumes. Especially as the intense competition did not allow the increase in raw material costs to be recouped through sales prices, the segment's pre-exceptionals operating profit of EUR 26.3 million was down substantially from the prior-year value of EUR 46.5 million. As well, the commissioning of the wheat starch plant in Pischelsdorf, Austria, entailed the expected start-up losses. The decrease in earnings combined with higher revenue meant a contraction in operating margin to 5.9%. SEGMENT FRUIT H1 2013/14 H1 2012/13 Q2 2013/14 Q2 2012/13 Revenue 627.6 mEUR 573.4 mEUR 302.0 mEUR 298.0 mEUR Operating profit before 43.4 mEUR 24.8 mEUR 19.8 mEUR 12.5 mEUR exceptional items Operating margin 6.9% 4.3% 6.4% 4.2% Fruit segment revenue increased by 9.5% in the first half of 2013|14 to EUR 627.6 million. This resulted above all from compelling volume growth of 8% in fruit preparations as AGRANA's market share expanded in many countries. The greatest volume growth was achieved in North America and Asia, but sales quantities also increased in Europe for the first time after years of decreases. Revenue in the fruit juice concentrate activities also grew. The segment's operating profit of EUR 43.4 million before exceptional items was 75% better than the year-earlier result of EUR 24.8 million. The operating margin was 6.9%. Outlook For the full 2013|14 financial year, AGRANA continues to expect a slight increase in Group revenue, driven primarily by sales volume growth. In view of the results for the year to date, operating profit before exceptional items will be less than in the last two, record years. 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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