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AGRANA BETEILIGUNGS-AKTIENGESELLSCHAFT

(AGR)
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PRESS RELEASE: AGRANA Beteiligungs-AG generates revenue of EUR 2.5 billion and operating profit of EUR 78.7 million, with earnings of EUR 0.96 per share

05/11/2021 | 01:31am EDT
=------------------------------------------------------------------------------- 
  Corporate news transmitted by euro adhoc with the aim of a Europe-wide 
  distribution. The issuer is responsible for the content of this announcement. 
=------------------------------------------------------------------------------- 
 
Dividend proposal of EUR 0.85 per share 
 
Annual Result 
 
Vienna - 2020|21 financial year at a glance* 
 
 
* Revenue: EUR 2,547.0 million (+2.7%; prior year: EUR 2,480.7 million) 
* Operating profit (EBIT): EUR 78.7 million (+17.6%; prior year: EUR 66.9 
  million) 
* Earnings per share: EUR 0.96 (+113.3%; prior year: EUR 0.45) 
* Equity ratio: 53.8% (prior year: 54.0%) 
* Dividend proposal for 2020|21: EUR 0.85 per share (prior-year dividend: EUR 
  0.77 per share) 
 
 
In the 2020|21 financial year, AGRANA Beteiligungs-AG achieved a slight increase 
in Group revenue to EUR 2,547.0 million. Operating profit (EBIT), at EUR 78.7 
million, rose 17.6% from the prior year. In the year under review, the Covid-19 
pandemic was the defining factor for all business segments. In the Fruit 
segment, earnings of the fruit preparations business were up from a year ago 
despite one-off effects. In the fruit juice concentrate business, by contrast, 
poor apple harvests coincided with pandemic-related weak demand, especially in 
the food service and tourism sectors, which led to a significantly reduced 
earnings performance. In the Starch segment, reduced starch volumes sold to the 
graphic paper industry (the print sector) were offset by increased sales to 
corrugated cardboard manufacturers (packaging). Starch margins on balance were 
lower for demand reasons and the segment's operating performance was thus down 
from the prior year. In the Sugar segment, higher sugar prices and volumes 
contributed to a significant year-on-year improvement in the - albeit still 
negative - bottom line. 
"Despite the extraordinary conditions created by the Covid-19 pandemic, we 
delivered solid results in the last financial year. Overall, what is once again 
clear is that our stable business performance is due in large part to the 
diversification of our business segments," says AGRANA Chief Executive Officer 
Johann Marihart. 
 
 
AGRANA Group results 
EUR million, except % 
 
                                                    FY 2020|21 FY 2019|20* 
Revenue                                             2,547.0    2,480.7 
EBITDA**                                            191.2      183.1 
Operating profit***                                 73.1       73.1 
Share of results of equity-accounted joint ventures 17.5       16.7 
Operating profit (EBIT)                             78.7       66.9 
EBIT margin                                         3.1%       2.7% 
Profit for the period                               55.0       31.2 
Earnings per share                                  0.96       0.45 
Investment****                                      72.3       149.7 
Number                                              8,847      9,342 
of employees***** 
 
The higher net financial items expense of EUR 17.2 million (prior year: net 
expense of EUR 15.4 million) was due to a rise in net interest expense from EUR 
5.5 million in the prior year to EUR 8.4 million. This in turn was attributable 
primarily to an increase of EUR 150 million in average debt and to an additional 
interest expense of about EUR 1.0 million resulting from the initial application 
of IFRS 16, Leases. Profit before tax increased from the prior year's EUR 51.2 
million to EUR 69.9 million. After an income tax expense of EUR 18.6 million, 
representing a tax rate of 26.6% (prior year: 40.7%), the Group's profit for the 
period was EUR 51.3 million (prior year: EUR 30.4 million). 
 
With total assets of EUR 2,549.4 million that were EUR 160.0 million higher than 
one year earlier, the Group had an equity ratio of 54.4%, which was 4.6 
percentage points below the prior-year level. Net debt as of 29 February 2020 
amounted to EUR 464.0 million, up EUR 141.8 million from the 2018|19 year-end 
level. The gearing ratio at the balance sheet date was 33.5% (28 February 2019: 
22.9%). Consistent with AGRANA's transparent dividend policy, under which 
distributions are based on the Group's profit and cash flow as well as its debt 
situation and the need to maintain a sound balance sheet structure, and which 
also takes into account current events and the expected future business 
trajectory, the Management Board will propose to shareholders at the Annual 
General Meeting to pay a dividend of EUR 0.77 per share for the 2019|20 
financial year (prior-year dividend: EUR 1.00 per share). 
 
 
FRUIT segment 
 
                        FY 2020|21 FY 2019|20 
Revenue                 1,166.6    1,185.5 
Operating profit (EBIT) 41.2       55.9 
EBIT margin             3.5%       4.7% 
 
The Fruit segment's overall revenue eased slightly, by 1.6%, compared to the 
prior year. The main reason for this lay in lower sales volume in the fruit 
preparations activities. EBIT in the Fruit segment decreased by 26.4% from the 
year-ago value. The significant earnings decline was primarily due to a 
deteriorated margin and sales situation in the fruit juice concentrate business 
as well as significantly reduced capacity utilisation at the plants in the 2020 
processing season as a result of the lower apple harvest volumes. 
 
 
STARCH segment 
 
                        FY 2020|21 FY 2019|20 
Revenue                 821.9      807.0 
Operating profit (EBIT) 64.8       75.2 
EBIT margin             7.9%       9.3% 
 
In a highly volatile business environment, Starch segment revenue rose by 1.8% 
compared to the prior year. While a moderate increase in sales volumes was 
achieved for the core products, market demand for saccharification products saw 
a Covid-19-driven decline. The Platts quotations for bioethanol averaged EUR 585 
per cubic metre over the year, or about EUR 35 less than in the year before. 
EBIT for the Starch segment decreased by 13.8% from the prior year. 
 
 
SUGAR segment 
 
                        FY 2020|21 FY 2019|20* 
Revenue                 558.5      488.3 
Operating profit (EBIT) (27.3)     (64.2) 
EBIT margin             (4.9%)     (13.1%) 
 
Revenue in the Sugar segment grew by 14.4% in the financial year. This growth 
was attributable both to higher sugar selling prices and increased sugar sales 
volumes, especially with food retailers. Although EBIT was still negative, it 
marked a substantial improvement from the prior year thanks to the better sugar 
prices. 
 
 
Outlook 
 
Despite the continuing substantial challenges resulting from the Covid-19 
pandemic, the AGRANA Group expects its EBIT to rise significantly in the 2021|22 
financial year. Group revenue is projected to show moderate growth. Total 
investment across the three business segments in the financial year, at 
approximately EUR 91 million, will run significantly below the budgeted 
depreciation of about EUR 121 million. 
 
 
Personalia 
 
The composition of the Management Board of AGRANA Beteiligungs-AG is set to 
change following the appointment of a new board member nominated by Südzucker 
AG. Ingrid-Helen Arnold (52), MBA has been appointed by the Supervisory Board of 
AGRANA Beteiligungs-AG to become a member of the Management Board of AGRANA 
Beteiligungs-AG for a term in office extending from 1 June 2021 to 30 April 
2024. Originating from Munich, this Südzucker AG board member will assume 
responsibility for the area of internal audits and replace Thomas Kölbl in this 
role who is stepping down from the Management Board of AGRANA on 31 May to focus 
fully on his position as CFO of Südzucker AG. The Supervisory Board wishes to 
express its particular thanks to Thomas Kölbl for his more than 15 years on the 
Management Board of AGRANA. 
 
 
About AGRANA 
 
AGRANA converts agricultural raw materials into high-quality foods and numerous 
industrial intermediate products. About 9,000 employees at 56 production sites 
worldwide generate annual Group revenue of approximately EUR 2.5 billion. 
Established in 1988, the company is the world market leader in fruit 
preparations and the foremost producer of fruit juice concentrates in Europe. 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. 
 
This announcement is available in German and English at www.agrana.com [https:// 
www.agrana.com/en]. 
 
 
*The prior-year data have been restated under IAS 8. 
 
**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. 
 
 
 
 
Further inquiry note: 
AGRANA Beteiligungs-AG 
 
 
Mag.(FH) Hannes Haider 
Investor Relations 
Tel.: +43-1-211 37-12905 
e-mail:hannes.haider@agrana.com 
 
 
Mag.(FH) Markus Simak 
Public Relations 
Tel.: +43-1-211 37-12084 
e-mail: markus.simak@agrana.com 
 
end of announcement                         euro adhoc 
=------------------------------------------------------------------------------- 
 
 
 
 

(END) Dow Jones Newswires

May 11, 2021 01:30 ET (05:30 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
AGRANA BETEILIGUNGS-AKTIENGESELLSCHAFT 0.51% 19.8 Delayed Quote.22.21%
APPLE INC. 1.41% 132.3 Delayed Quote.-1.68%
CORN FUTURES (C) - CBR (FLOOR)/C1 0.61% 659.25 End-of-day quote.35.38%
DJ INDUSTRIAL 1.76% 33876.97 Delayed Quote.8.77%
S&P GSCI CORN INDEX -1.08% 471.6202 Delayed Quote.19.32%
SÜDZUCKER AG -0.52% 13.28 Delayed Quote.14.40%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -0.19% 661.5 End-of-day quote.3.47%
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Financials
Sales 2022 2 623 M 3 116 M 3 116 M
Net income 2022 76,0 M 90,3 M 90,3 M
Net Debt 2022 452 M 537 M 537 M
P/E ratio 2022 16,1x
Yield 2022 4,57%
Capitalization 1 231 M 1 459 M 1 462 M
EV / Sales 2022 0,64x
EV / Sales 2023 0,61x
Nbr of Employees 7 418
Free-Float 18,9%
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Average target price 19,50 €
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Managers and Directors
NameTitle
Johann Marihart Chairman-Management Board & CEO
Stephan BŘttner Chief Financial Officer
Erwin Hameseder Chairman-Supervisory Board
Wolfgang Heer Vice Chairman-Supervisory Board
Hans-J÷rg Gebhard Member-Supervisory Board
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