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14.05.2024 07:30:32 - dpa-AFX: EQS-News: AGRANA achieves robust results in the 2023|24 financial year (english)
AGRANA achieves robust results in the 2023|24 financial year
EQS-News: AGRANA Beteiligungs-Aktiengesellschaft / Key word(s): Annual
Results
AGRANA achieves robust results in the 2023|24 financial year
14.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
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AGRANA achieves robust results in the 2023|24 financial year
2023|24 at a glance (year ended 29 February 2024)
- Revenue: EUR 3,786.9 million (+4.1%; prior year: EUR 3,637.4 million)
- Operating profit before exceptional items and results of equity-accounted
joint ventures: EUR 176.6 million (+11.5%; prior year: EUR 158.4 million)
- Operating profit (EBIT): EUR 151.0 million (+71.1%; prior year: EUR 88.3
million)
- Earnings per share: EUR 1.04 (+316.0%; prior year: EUR 0.25)
- Equity ratio: 43.2% (prior year: 41.8%)
- Dividend proposal for 2023|24: EUR 0.90 per share (dividend for 2022|23: EUR
0.90 per share)
Revenue of the AGRANA Group grew by 4.1% in the 2023|24 financial year to EUR
3,786.9 million. Operating profit (EBIT) was EUR 151.0 million, fulfilling the
guidance of a very substantial increase from the prior year. "Despite a
continued volatile environment - in which we adapted well to the market
dynamics of raw material and energy prices and sales volumes - we were able
to significantly improve our results. The Fruit segment did well
operationally; a downside factor in its operating profit was an impairment
charge made necessary by the ongoing strained business trend in Asia. In the
Starch segment, sales volumes and selling prices, and therefore also
operating profit, fell significantly compared to the previous year as a
result of the sluggish economy. The Sugar segment significantly improved its
capacity utilisation and increased its sugar production volume from the year
before. In spite of a decline in sugar sales volume due to increased imports
from Ukraine, the sugar business was satisfactory," said AGRANA CEO Stephan
Büttner.
AGRANA Group consolidated financial results
EUR million, except as indicated
* EBITDA represents operating profit before exceptional items, results of
equity-accounted joint ventures, and operating depreciation and amortisation
** Operating profit before exceptional items and results of equity-accounted
joint ventures
*** Investment represents purchases of property, plant and equipment and
intangible assets, excluding goodwill
**** Average number of full-time equivalents in the financial year
Net financial items amounted to an expense of EUR 53.3 million in the 2023|24
financial year (prior year: net expense of EUR 26.5 million), with the
deterioration driven primarily by an adverse change in net interest expense
and, to a lesser degree, in currency translation effects (including the
interest portion of currency swaps).
Profit before tax grew very significantly from the previous year's EUR 61.7
million to EUR 97.7 million. After an income tax expense of EUR 28.3 million,
representing a tax rate of 29.0% (prior year: 60.0%), the Group recorded a
profit for the period of EUR 69.4 million (prior year: EUR 24.7 million). Profit
for the period attributable to shareholders of AGRANA was EUR 64.9 million
(prior year: EUR 15.8 million); earnings per share rose to EUR 1.04 (prior year:
EUR 0.25).
Total assets as of 29 February 2024, at EUR 2,889.4 million, eased slightly
from one year earlier (28 February 2023: EUR 3,003.1 million), with an equity
ratio of 43.2% (28 February 2023: 41.8%). Net debt as of 29 February 2024,
at EUR 636.1 million, was EUR 48.8 million less than at the 2022|23 year-end.
The gearing ratio (net debt to total equity) thus eased to 51.0% at the
balance sheet date (28 February 2023: 54.5%).
In line with the long-term orientation of AGRANA's dividend policy of
continuity, the Management Board will propose to the Annual General Meeting
to pay a dividend of EUR 0.90 per share for the year (dividend for 2022|23: EUR
0.90 per share).
Fruit segment
EUR million, except %
Revenue in the Fruit segment grew by 5.7% year-on-year. This was due to
price increases in fruit preparations, as well as higher sales volumes in
this business.
The Fruit segment's EBIT result turned to a profit of EUR 60.2 million (prior
year: loss of EUR 38.5 million), lifted both by the non-recurrence of a
prior-year goodwill impairment and by the significantly improved operating
performance. A negative effect on EBIT in 2023|24 came from an impairment
loss of EUR 18.7 million on property, plant and equipment in China and Japan
that was due to the difficult economic situation there and the resulting
adverse business trend in Asia.
Starch segment
EUR million, except %
For the Starch segment, the 2023|24 financial year was characterised by
reduced demand and mounting pressure on prices. The inflation-induced
reluctance to spend and customers' destocking led to a decline in sales
volumes compared to the prior year. Selling prices also fell significantly,
due to declining raw material prices.
As a result, revenue in the Starch segment decreased by 11.2% from the
previous year's all-time high. About half of the decline was due to prices
and half to volume effects. The most pronounced revenue reduction was seen
in ethanol, as Platts prices fell significantly amid higher import volumes.
These effects led to a significant year-on-year reduction in Starch segment
EBIT to EUR 50.4 million (prior year: EUR 80.2 million).
Sugar segment
EUR million, except %
Revenue in the Sugar segment rose 24.3% from the year before. In 2023|24,
sales prices in both the reseller business (wholesalers and retailers) and
in the industrial sector were above the previous year's average.
The increasing competition from Ukraine affected especially the Romanian,
Hungarian and Bulgarian sugar markets. To offset significantly lower sales
volumes in the home markets, export activities were intensified.
Operating profit in the Sugar segment decreased to EUR 40.4 million (prior
year: EUR 46.6 million) due to significant lost sales and a smaller profit
contribution by the AGRANA-Studen joint venture than one year earlier.
Outlook
As already communicated in the third-quarter publication in January 2024,
AGRANA has been facing an increasingly challenging business environment
since the fourth quarter of 2023|24 and is forecasting significantly lower
EBIT for the 2024|25 financial year than the level achieved in 2023|24. This
earnings decline will already become evident in the first quarter of
2024|25. Group revenue is projected to show a slight reduction for the full
year.
Total investment across the three business segments in the 2024|25 financial
year, at approximately EUR 120 million, is expected to be moderately below the
2023|24 value and in line with budgeted depreciation of about EUR 120 million.
Around 12% of this capital expenditure will be for emission reduction
measures in the Group's own production operations under the AGRANA climate
strategy. The goal is to reduce the Group's own emissions to net-zero by
2040. By 2050, the AGRANA Group is committed to reaching net-zero emissions
across its entire value chain.
About AGRANA
AGRANA converts agricultural raw materials into high-quality foods and
numerous industrial intermediate products. About 9,000 employees at 55
production sites worldwide generate annual Group revenue of approximately EUR
3.8 billion. Established in 1988, the company is the global market leader in
fruit preparations and the world's leading producer of apple and berry juice
concentrates. As well, its Starch segment is a major manufacturer of custom
starch products (made from potato, corn and wheat) and of bioethanol. AGRANA
is the leading sugar producer in Central and Eastern Europe.
For queries, please contact:
Markus Simak
Public Relations
+43 1 21137 12084
markus.simak@agrana.com
Hannes Haider
Investor Relations
+43 1 21137 12905
hannes.haider@agrana.com
This announcement is available in German and English at www.agrana.com.
---------------------------------------------------------------------------
14.05.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
---------------------------------------------------------------------------
End of News EQS News Service
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1901869 14.05.2024 CET/CEST
EQS-News: AGRANA Beteiligungs-Aktiengesellschaft / Key word(s): Annual
Results
AGRANA achieves robust results in the 2023|24 financial year
14.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
AGRANA achieves robust results in the 2023|24 financial year
2023|24 at a glance (year ended 29 February 2024)
- Revenue: EUR 3,786.9 million (+4.1%; prior year: EUR 3,637.4 million)
- Operating profit before exceptional items and results of equity-accounted
joint ventures: EUR 176.6 million (+11.5%; prior year: EUR 158.4 million)
- Operating profit (EBIT): EUR 151.0 million (+71.1%; prior year: EUR 88.3
million)
- Earnings per share: EUR 1.04 (+316.0%; prior year: EUR 0.25)
- Equity ratio: 43.2% (prior year: 41.8%)
- Dividend proposal for 2023|24: EUR 0.90 per share (dividend for 2022|23: EUR
0.90 per share)
Revenue of the AGRANA Group grew by 4.1% in the 2023|24 financial year to EUR
3,786.9 million. Operating profit (EBIT) was EUR 151.0 million, fulfilling the
guidance of a very substantial increase from the prior year. "Despite a
continued volatile environment - in which we adapted well to the market
dynamics of raw material and energy prices and sales volumes - we were able
to significantly improve our results. The Fruit segment did well
operationally; a downside factor in its operating profit was an impairment
charge made necessary by the ongoing strained business trend in Asia. In the
Starch segment, sales volumes and selling prices, and therefore also
operating profit, fell significantly compared to the previous year as a
result of the sluggish economy. The Sugar segment significantly improved its
capacity utilisation and increased its sugar production volume from the year
before. In spite of a decline in sugar sales volume due to increased imports
from Ukraine, the sugar business was satisfactory," said AGRANA CEO Stephan
Büttner.
AGRANA Group consolidated financial results
EUR million, except as indicated
FY FY Change % or
2023|24 2022|23 pp
Revenue 3,786.9 3,637.4 +4.1%
EBITDA* 291.1 277.1 +5.0%
Operating profit before exceptional 176.6 158.4 +11.5%
items**
Share of results of equity-accounted 1.4 18.7 -92.5%
joint ventures
Operating profit (EBIT) 151.0 88.3 +71.1%
EBIT margin 4.0% 2.4% +1.6pp
Profit for the period 69.3 24.7 +181.0%
Earnings per share (EUR) 1.04 0.25 +316.0%
Investment*** 127.3 102.9 +23.71%
Number of employees**** 8,876 8,730 +1.67%
* EBITDA represents operating profit before exceptional items, results of
equity-accounted joint ventures, and operating depreciation and amortisation
** Operating profit before exceptional items and results of equity-accounted
joint ventures
*** Investment represents purchases of property, plant and equipment and
intangible assets, excluding goodwill
**** Average number of full-time equivalents in the financial year
Net financial items amounted to an expense of EUR 53.3 million in the 2023|24
financial year (prior year: net expense of EUR 26.5 million), with the
deterioration driven primarily by an adverse change in net interest expense
and, to a lesser degree, in currency translation effects (including the
interest portion of currency swaps).
Profit before tax grew very significantly from the previous year's EUR 61.7
million to EUR 97.7 million. After an income tax expense of EUR 28.3 million,
representing a tax rate of 29.0% (prior year: 60.0%), the Group recorded a
profit for the period of EUR 69.4 million (prior year: EUR 24.7 million). Profit
for the period attributable to shareholders of AGRANA was EUR 64.9 million
(prior year: EUR 15.8 million); earnings per share rose to EUR 1.04 (prior year:
EUR 0.25).
Total assets as of 29 February 2024, at EUR 2,889.4 million, eased slightly
from one year earlier (28 February 2023: EUR 3,003.1 million), with an equity
ratio of 43.2% (28 February 2023: 41.8%). Net debt as of 29 February 2024,
at EUR 636.1 million, was EUR 48.8 million less than at the 2022|23 year-end.
The gearing ratio (net debt to total equity) thus eased to 51.0% at the
balance sheet date (28 February 2023: 54.5%).
In line with the long-term orientation of AGRANA's dividend policy of
continuity, the Management Board will propose to the Annual General Meeting
to pay a dividend of EUR 0.90 per share for the year (dividend for 2022|23: EUR
0.90 per share).
Fruit segment
EUR million, except %
FY 2023|24 FY 2022|23
Revenue 1,566.9 1,481.9
Operating profit (EBIT) 60.2 (38.5)
EBIT margin 3.8% -2.6%
Revenue in the Fruit segment grew by 5.7% year-on-year. This was due to
price increases in fruit preparations, as well as higher sales volumes in
this business.
The Fruit segment's EBIT result turned to a profit of EUR 60.2 million (prior
year: loss of EUR 38.5 million), lifted both by the non-recurrence of a
prior-year goodwill impairment and by the significantly improved operating
performance. A negative effect on EBIT in 2023|24 came from an impairment
loss of EUR 18.7 million on property, plant and equipment in China and Japan
that was due to the difficult economic situation there and the resulting
adverse business trend in Asia.
Starch segment
EUR million, except %
FY 2023|24 FY 2022|23
Revenue 1,148.7 1,293.8
Operating profit (EBIT) 50.4 80.2
EBIT margin 4.4% 6.2%
For the Starch segment, the 2023|24 financial year was characterised by
reduced demand and mounting pressure on prices. The inflation-induced
reluctance to spend and customers' destocking led to a decline in sales
volumes compared to the prior year. Selling prices also fell significantly,
due to declining raw material prices.
As a result, revenue in the Starch segment decreased by 11.2% from the
previous year's all-time high. About half of the decline was due to prices
and half to volume effects. The most pronounced revenue reduction was seen
in ethanol, as Platts prices fell significantly amid higher import volumes.
These effects led to a significant year-on-year reduction in Starch segment
EBIT to EUR 50.4 million (prior year: EUR 80.2 million).
Sugar segment
EUR million, except %
FY 2023|24 FY 2022|23
Revenue 1,071.3 861.7
Operating profit (EBIT) 40.4 46.6
EBIT margin 3.8% 5.4%
Revenue in the Sugar segment rose 24.3% from the year before. In 2023|24,
sales prices in both the reseller business (wholesalers and retailers) and
in the industrial sector were above the previous year's average.
The increasing competition from Ukraine affected especially the Romanian,
Hungarian and Bulgarian sugar markets. To offset significantly lower sales
volumes in the home markets, export activities were intensified.
Operating profit in the Sugar segment decreased to EUR 40.4 million (prior
year: EUR 46.6 million) due to significant lost sales and a smaller profit
contribution by the AGRANA-Studen joint venture than one year earlier.
Outlook
As already communicated in the third-quarter publication in January 2024,
AGRANA has been facing an increasingly challenging business environment
since the fourth quarter of 2023|24 and is forecasting significantly lower
EBIT for the 2024|25 financial year than the level achieved in 2023|24. This
earnings decline will already become evident in the first quarter of
2024|25. Group revenue is projected to show a slight reduction for the full
year.
Total investment across the three business segments in the 2024|25 financial
year, at approximately EUR 120 million, is expected to be moderately below the
2023|24 value and in line with budgeted depreciation of about EUR 120 million.
Around 12% of this capital expenditure will be for emission reduction
measures in the Group's own production operations under the AGRANA climate
strategy. The goal is to reduce the Group's own emissions to net-zero by
2040. By 2050, the AGRANA Group is committed to reaching net-zero emissions
across its entire value chain.
About AGRANA
AGRANA converts agricultural raw materials into high-quality foods and
numerous industrial intermediate products. About 9,000 employees at 55
production sites worldwide generate annual Group revenue of approximately EUR
3.8 billion. Established in 1988, the company is the global market leader in
fruit preparations and the world's leading producer of apple and berry juice
concentrates. As well, its Starch segment is a major manufacturer of custom
starch products (made from potato, corn and wheat) and of bioethanol. AGRANA
is the leading sugar producer in Central and Eastern Europe.
For queries, please contact:
Markus Simak
Public Relations
+43 1 21137 12084
markus.simak@agrana.com
Hannes Haider
Investor Relations
+43 1 21137 12905
hannes.haider@agrana.com
This announcement is available in German and English at www.agrana.com.
---------------------------------------------------------------------------
14.05.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
---------------------------------------------------------------------------
Language: English
Company: AGRANA Beteiligungs-Aktiengesellschaft
F.-W.-Raiffeisen-Platz 1
A-1020 Wien
Austria
Phone: +43-1-21137-0
Fax: +43-1-21137-12926
E-mail: investor.relations@agrana.com
Internet: www.agrana.com
ISIN: AT000AGRANA3
WKN: A2NB37
Listed: Regulated Unofficial Market in Berlin, Dusseldorf,
Frankfurt, Munich, Stuttgart, Tradegate Exchange;
Vienna Stock Exchange (Official Market)
EQS News ID: 1901869
End of News EQS News Service
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1901869 14.05.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
AGRANA BET.AG INH. | A2NB37 | Frankfurt | 13,700 | 28.05.24 10:49:51 | ±0,000 | ±0,00% | 0,000 | 0,000 | 13,400 | 13,700 |
