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AGRANA BETEILIGUNGS-AG

(AGR)
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AGRANA Beteiligungs : Report on the first half of 2021|22

10/14/2021 | 03:32am EST

WHAT REALLY

COUNTS

H1 2021 22

R E P O R T O N T H E F I R S T H A L F O F 2 0 2 1 | 2 2

AGRANA Beteiligungs-AG | First half of 2021|22

First half of 2021|22 at a glance

  • Revenue: € 1,424.4 million (+8.8%; H1 prior year: € 1,309.3 million)
  • EBIT: € 44.8 million (-19.7%; H1 prior year: € 55.8 million)
  • EBIT margin: 3.1% (H1 prior year: 4.3%)
  • Profit for the period: € 27.1 million (-21.2%; H1 prior year: € 34.4 million)
  • Equity ratio: 53.8% (28 February 2021: 53.8%)
  • Gearing ratio1: 36.7% (28 February 2021: 33.4%)
  • Number of employees (FTE)2: 8,818 (H1 prior year: 9,150)
  • Debt-equityratio (ratio of net debt to total equity).
  • Average number of full-time equivalents in the reporting period.

Contents

  • Letter from the Management Board
  • Group management report
  • AGRANA Group results for the first half of 2021|22
  • AGRANA capital market developments
  • Corporate governance
  • Fruit segment
  • Starch Segment

11

Sugar Segment

13

Management of risks and opportunities

13

Number of employees

13

Related party disclosures

  1. Significant events after the interim reporting date
  2. Outlook
  3. Interim consolidated financial statements
  1. Consolidated income statement
  2. Consolidated statement of comprehensive income
  1. Condensed consolidated cash flow statement
  2. Consolidated balance sheet
  3. Condensed consolidated statement of changes in equity
  4. Notes to the interim consolidated financial statements
  1. Management Board's responsibility statement
  2. Other information

2

AGRANA Beteiligungs-AG | First half of 2021|22

Letter from the Management Board

Dear Investor,

In the first half of 2021|22 we achieved EBIT earnings of € 44.8 million (first half of the prior year: € 55.8 million). Despite an extremely volatile business environment, we thus remain on track and reiterate our positive EBIT guidance for the full financial year. Specifically, this means that in 2021|22, we plan to exceed last year's € 78.7 million operating profit signifi- cantly, which is to say by at least 10%.

A heterogeneous business trajectory since the outbreak of the Covid-19 pandemic led to sharp swings between the quarters of the prior year, which is resulting in some base effects in the opposite direction this financial year. This is one reason why, after a weaker first six months of 2021|22, we are projecting significantly stronger earnings in the second half of the year than one year earlier.

It is a well-known fact that commodity markets have soared dramatically in the past several months, also taking the prices of agricultural commodities to levels 30% to 50% above those of a year ago. Higher energy costs too are weighing on earnings in all our business segments. The coronavirus pandemic with all its ripple effects - including for our customers - is not over yet. In the coming months, volatile markets both on the purchasing and sales sides will continue to demand our close attention and careful management.

We are confident that we will master these challenges well. In the past quarters we have already taken measures to both deal with the price increases faced in procurement and to reflect the higher production costs in adjusted sales prices. The strategic partnerships we have built over three decades, as well as our market position, will certainly be helpful in this area.

At AGRANA, the second half of the year is always a time of intensive campaign production (beet, potato, wet corn, apple). In the Sugar segment, all plants have been running at full capacity since the beginning of October, and capacity utilisation is projected to increase compared to the prior year thanks to a higher volume of beet. Rising sugar prices too will improve earnings in the second half of 2021|22. In the Fruit segment, a 2021 apple campaign marked by good volume is expected to lead to a recovery for the fruit juice concentrate business in the latter half of the year.

Sustainability is an integral aspect of AGRANA's business activities. To underpin our commitment to climate protection, the Group joined the Science Based Targets initiative in July 2021 and will establish corresponding climate targets within 24 months.

Dear valued shareholder, please be assured that the AGRANA team will continue to tackle the work ahead with high ambition and motivation. Our goal is not just to achieve our short-term financial targets but, in the long term, to fully leverage the potential of a strong, innovative and well-positioned company.

The Management Board team of AGRANA Beteiligungs-AG

Markus Mühleisen

Ingrid-Helen Arnold

Stephan Büttner

Norbert Harringer

Chief Executive Officer

3

AGRANA Beteiligungs-AG | First half of 2021|22

Group management report

AGRANA Group results for the first half of 2021|22

Revenue and earnings

Consolidated income statement

H1

H1

(condensed)

2021|22

2020|21

€m, except as otherwise indicated

Revenue

1,424.4

1,309.3

EBITDA1

94.0

101.1

Operating profit before exceptional

items and results of equity-accounted

joint ventures

41.0

47.4

Share of results of equity-accounted

joint ventures

6.1

8.9

Exceptional items

(2.3)

(0.5)

Operating profit (EBIT)

44.8

55.8

EBIT margin

3.1%

4.3%

Net financial items

(7.1)

(9.1)

Profit before tax

37.7

46.7

Income tax expense

(10.6)

(12.3)

Profit for the period

27.1

34.4

Attributable to shareholders

of the parent

28.0

33.9

Earnings per share (€)

0.45

0.54

In the first half of the 2021|22 financial year (the six months ended 31 August 2021), revenue of the AGRANA Group was € 1,424.4 million, up moderately from the same period one year earlier, with the growth coming largely from higher sales volumes in the Starch segment. The revenue trend in the Fruit and Sugar segments was also positive.

Operating profit (EBIT) was € 44.8 million in the first half of 2021|22, a significant decrease from the year-ago level of € 55.8 million. In the Fruit segment, EBIT declined to

  • 25.8 million (H1 prior year: € 30.1 million) as a result of a markedly weaker performance in the fruit juice concen- trate business. A considerable increase in raw material costs was the main cause of a significant EBIT decrease in

Consolidated income statement

Q2

Q2

(condensed)

2021|22

2020|21

€m, except as otherwise indicated

Revenue

718.6

656.7

EBITDA1

49.2

46.4

Operating profit before exceptional

items and results of equity-accounted

joint ventures

22.3

19.3

Share of results of equity-accounted

joint ventures

3.9

5.0

Exceptional items

(2.3)

(0.5)

Operating profit (EBIT)

23.9

23.8

EBIT margin

3.3%

3.6%

Net financial items

(3.3)

(3.0)

Profit before tax

20.6

20.8

Income tax expense

(5.6)

(5.6)

Profit for the period

15.0

15.2

Attributable to shareholders

of the parent

15.3

15.1

Earnings per share (€)

0.24

0.24

the Starch segment to € 29.0 million (H1 prior year: € 34.7 million). In the Sugar segment, EBIT deteriorated from one year earlier to a deficit of € 10.0 million (H1 prior year: deficit of € 9.0 million), due above all to lower margins in the 2020|21 sugar marketing year. The Group's net financial items amounted to an expense of € 7.1 million, down from an expense of € 9.1 million in the year-earlier period, thanks primarily to an improvement in currency translation differences. After an income tax expense of € 10.6 million, corresponding to a tax rate of 28.1% (H1 prior year: 26.3%), profit for the period was

  • 27.1 million (H1 prior year: € 34.4 million). Earnings per share attributable to AGRANA shareholders decreased to
  • 0.45 (H1 prior year: € 0.54).

Fruit segment

Sugar segment

Fruit segment

Sugar segment

44.5%

22.0%

46.0%

22.9%

(€ 633.4m)

(€ 314.2m)

(€ 601.8m)

(€ 300.3m)

H1 2021|22

H1 2020|21

Revenue by

Revenue by

segment

segment

Starch segment

Starch segment

33.5%

31.1%

(€ 476.8m)

(€ 407.2m)

  • 1 EBITDA represents operating profit before exceptional items, results of equity-accounted joint ventures, and operating depreciation and amortisation.

Investment1

In the first half of the 2021|22 financial year, AGRANA invested € 30.3 million, or € 2.5 million more than in the year-earlier comparative period. Capital expenditure by segment was as follows:

H1

H1

Investment

2021|22

2020|21

Change

€m, except %

Fruit segment

12.2

13.4

-9.0%

Starch segment

7.4

9.4

-21.3%

Sugar segment

10.7

5.0

114.0%

Group

30.3

27.8

9.0%

In addition to the regular projects for product quality im- provement, asset replacement and maintenance across all production sites, the following individual investments are worthy of note:

Fruit segment

  • New filling plant in Mitry-Mory, France
  • New construction of an application laboratory in Dachang, China

AGRANA Beteiligungs-AG | First half of 2021|22

Starch segment

  • Measures to increase specialty corn processing in Aschach, Austria
  • Efficiency improvements to the spray drying towers in Gmünd, Austria
  • Upgrading of the drum drying plant for the production of potato flakes in Gmünd
  • Expansion of the company wastewater treatment plant in Gmünd

Sugar segment

  • Conversion of the boiler plant at the site in Sered', Slovakia, from coal to natural gas/biogas
  • Expansion of the distributed control system in Tulln, Austria

Additionally in the first half of 2021|22, € 6.5 million (H1 prior year: € 21.1 million) was invested in the equity-accounted joint ventures (the HUNGRANA and STUDEN groups and Beta Pura GmbH; values for these entities are stated at 100% of the totals).

Cash flow

Consolidated cash flow statement (condensed)

H1 2021|22

H1 2020|21

Change

€m, except %

Operating cash flow before changes in working capital

90.9

112.8

-19.4%

Changes in working capital

(34.7)

(28.1)

-23.5%

Interest received and paid and income tax paid, net

(16.9)

(13.2)

-28.0%

Net cash from operating activities

39.3

71.5

-45.0%

Net cash (used in) investing activities

(23.0)

(32.3)

28.8%

Net cash from/(used in) financing activities

5.3

(29.0)

118.3%

Net increase in cash and cash equivalents

21.6

10.2

111.8%

Effects of movement in foreign exchange rates and

hyperinflation adjustments on cash and cash equivalents

(0.4)

(5.3)

92.5%

Cash acquired in initial consolidation of subsidiaries

0.8

0.0

-

Cash and cash equivalents at beginning of period

111.0

93.4

18.8%

Cash and cash equivalents at end of period

133.0

98.3

35.3%

The item "operating cash flow before changes in working capital" eased to € 90.9 million in the first half of 2021|22 (H1 prior year: € 112.8 million), as a result partly of the lower profit for the period. After a larger increase of € 34.7 million in working capital than one year earlier (H1 prior year: increase of € 28.1 million), net cash from operating activities in the first half of 2021|22 was € 39.3 million (H1 prior year: € 71.5 million). Net cash used in investing activities declined to € 23.0 million due to lower payments for purchases of subsidiaries, despite higher payments for purchases of property, plant and equipment and intangibles (H1 prior year: net cash use of € 32.3 million). With a moderately higher dividend pay-

1 Investment represents purchases of property, plant and equipment and intangible assets, excluding goodwill.

5

Disclaimer

AGRANA Beteiligungs AG published this content on 12 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 October 2021 07:31:03 UTC.


© Publicnow 2021
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Sales 2022 2 761 M 3 121 M 3 121 M
Net income 2022 58,2 M 65,8 M 65,8 M
Net Debt 2022 448 M 506 M 506 M
P/E ratio 2022 18,4x
Yield 2022 5,26%
Capitalization 1 069 M 1 208 M 1 208 M
EV / Sales 2022 0,55x
EV / Sales 2023 0,52x
Nbr of Employees 8 818
Free-Float 18,9%
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Last Close Price 17,10 €
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Spread / Average Target 12,6%
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Managers and Directors
Markus Mühleisen Chief Executive Officer
Stephan Büttner Chief Financial Officer
Erwin Hameseder Chairman-Supervisory Board
Norbert Harringer Chief Technology Officer
Wolfgang Heer Vice Chairman-Supervisory Board
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