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AGRANA BETEILIGUNGS-AKTIENGESELLSCHAFT

(AGR)
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PRESS RELEASE : AGRANA reaffirms full-year forecast, with significant EBIT growth in 2021|22 financial year

10/14/2021 | 01:31am EDT
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  Corporate news transmitted by euro adhoc with the aim of a Europe-wide 
  distribution. The issuer is responsible for the content of this announcement. 
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Earnings in first half of 2021|22 still below one year earlier 
 
Mid Year Results 
 
Vienna - AGRANA, the fruit, starch and sugar company, generated revenue of EUR 
1,424.4 million in the first half of the 2021|22 financial year, a moderate 
increase of 8.8% year-on-year (H1 prior year: EUR 1,309.3 million). Operating 
profit (EBIT) declined by 19.7% to EUR 44.8 million (H1 prior year: EUR 55.8 
million). The EBIT reduction was attributable to higher raw material and energy 
costs, a decrease in sales volumes of fruit juice concentrates from the 2020 
crop, and lower margins in the Sugar segment. 
 
AGRANA Chief Executive Officer Markus Mühleisen says: "Earnings in the first 
half of 2021|22, as expected, were below the year-earlier level. Despite an 
extremely volatile business environment, we reiterate our positive forecast for 
the full 2021|22 financial year and expect an increase of at least 10% in EBIT. 
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. Following a 
weaker first half of the year, we are projecting a gradual earnings improvement 
in the second half." 
 
 
AGRANA Group consolidated financial results 
EUR million, except % 
 
                                                    H1 2021|22 H1 2020|21 
Revenue                                             1,424.4    1,309.3 
EBITDA*                                             94.0       101.1 
Operating profit before exceptional items**         41.0       47.7 
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 
Net financial items                                 3.1%       4.3% 
Profit for the period                               27.1       34.4 
Investment***                                       30.3       27.8 
 
 
 
                                                    Q2 2021|22 Q2 2020|21 
Revenue                                             718.6      656.7 
EBITDA*                                             49.2       46.4 
Operating profit before exceptional items**         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% 
Profit for the period                               15.0       15.2 
Investment***                                       16.0       16.7 
 
 
 
* 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 
 
 
The Group's net financial items amounted to an expense of EUR 7.1 million, down 
from an expense of EUR 9.1 million in the year-earlier period, thanks primarily 
to an improvement in currency translation differences. After an income tax 
expense of EUR 10.6 million, corresponding to a tax rate of 28.1% (H1 prior 
year: 26.3%), profit for the period was EUR 27.1 million (H1 prior year: EUR 
34.4 million). 
 
Net debt as of 31 August 2021 stood at EUR 485.8 million, up EUR 42.3 million 
from the year-end level of EUR 443.5 million marked on 28 February 2021. The 
gearing ratio rose accordingly to 36.7% as of the interim balance sheet date (28 
February 2021: 33.4%). 
 
 
 
Fruit segment 
EUR million, except % 
 
                        H1 2021|22 H1 2020|21 
Revenue                 633.4      601.8 
Operating profit (EBIT) 25.8       30.1 
EBIT margin             4.1%       5.0% 
 
 
 
                        Q2 2021|22 Q2 2020|21 
Revenue                 312.7      298.1 
Operating profit (EBIT) 9.9        14.1 
EBIT margin             3.2%       4.7% 
 
 
Fruit segment revenue in the first half of 2021|22 grew by 5.3% year-on-year. 
The revenue growth in the fruit preparations business stemmed from higher sales 
volumes. Revenue in the fruit juice concentrate activities declined slightly for 
price and volume reasons. 
 
EBIT of the Fruit segment was off 14.3% from the first half of the prior year. 
The reason lay in the fruit juice concentrate business, which saw a decrease in 
delivery volumes in combination with lower contribution margins for apple juice 
concentrate made from the 2020 crop. 
 
 
Starch segment 
EUR million, except % 
 
                        H1 2021|22 H1 2020|21 
Revenue                 476.2      407.2 
Operating profit (EBIT) 29.0       34.7 
EBIT margin             6.1%       8.5% 
 
 
 
                        Q2 2021|22 Q2 2020|21 
Revenue                 242.2      202.8 
Operating profit (EBIT) 17.5       17.7 
EBIT margin             7.2%       8.7% 
 
 
The Starch segment's revenue in the first half of 2021|22 rose by 17.1% from the 
year-earlier comparative period. Higher volumes of core products and by-products 
were demanded than in the first half of the prior year. The ethanol price moved 
within a high trading range, averaging EUR 623 per cubic metre in the first six 
months of 2021|22, or EUR 44 more than in the year-ago period. The continuous 
rise in grain prices since the autumn of 2020 was partly passed on in adjusted 
prices for starches and by-products on the sales side. 
 
EBIT for the Starch segment decreased by 16.4% from the first six months of the 
prior year. The main reason for this was a significant year-on-year increase in 
purchase prices for wheat, corn (maize) and energy which could not yet be fully 
offset by adjusting product prices. Higher depreciation as a result of the major 
investments made in recent years also had a negative impact on earnings. 
 
 
Sugar segment 
EUR million, except % 
 
                        H1 2021|22 H1 2020|21 
Revenue                 314.2      300.3 
Operating profit (EBIT) (10.0)     (9.0) 
EBIT margin             (3.2%)     (3.0%) 
 
 
 
                        Q2 2021|22 Q2 2020|21 
Revenue                 163.7      155.8 
Operating profit (EBIT) (3.5)      (8.0) 
EBIT margin             (2.1%)     (5.1%) 
 
 
The Sugar segment's revenue in the first half of 2021|22 was up slightly from 
one year earlier. This positive development was driven primarily by an increase 
in sugar selling prices. 
 
In the 2020 sugar campaign, AGRANA's own production was below average due to 
insect pests, especially in Austria. The resulting higher volumes of sugar 
reselling and refining, with associated lower margins, were a key driver of the 
reduced Sugar EBIT performance in the first six months of 2021|22. 
 
 
Outlook 
 
Despite the continuing substantial challenges arising from the Covid-19 pandemic 
and high raw material and energy costs, the Group's operating profit (EBIT) for 
the full 2021|22 financial year is expected to mark a significant increase. 
Group revenue is projected to show moderate growth. Due to the ongoing 
coronavirus pandemic and the associated strong volatility in all business 
segments, this forecast remains subject to very high uncertainty. 
 
In 2021|22 the Group's investment spending of EUR 95 million will be 
substantially below the level of depreciation of approximately EUR 120 million. 
 
"The coronavirus pandemic is not over yet. In the coming months, volatile 
markets both on the purchasing and sales sides will continue to demand our close 
attention. We are confident that we will master these challenges well. We have 
already taken measures in the past quarters to both deal with the price 
increases faced in procurement and to reflect the higher production costs in 
adjusted sales prices," remarks CEO Mühleisen in conclusion. 
 
 
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 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 at https://www.agrana.com/en/ [https:// 
www.agrana.com/en/]. 
 
 
 
 
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 
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(END) Dow Jones Newswires

October 14, 2021 01:30 ET (05:30 GMT)

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Financials
Sales 2022 2 684 M 3 114 M 3 114 M
Net income 2022 65,0 M 75,4 M 75,4 M
Net Debt 2022 441 M 511 M 511 M
P/E ratio 2022 17,5x
Yield 2022 4,93%
Capitalization 1 140 M 1 322 M 1 323 M
EV / Sales 2022 0,59x
EV / Sales 2023 0,56x
Nbr of Employees 8 818
Free-Float 18,9%
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Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 18,24 €
Average target price 20,25 €
Spread / Average Target 11,0%
EPS Revisions
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