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Based on preliminary data, in the 2008|09 financial year AGRANA, the international sugar, starch and fruit group, achieved revenue growth of 7.1% to € 2,026.3 million (prior year: € 1,892.3 million). The revenue expansion was driven by growth in the Starch segment, through capacity expansion in bioethanol production in Hungary and the commissioning of a new bioethanol plant in Austria.

Operating profit before exceptional items declined to € 37.8 million (from 111.4 million in the prior year). The factors behind the contraction were write-downs required on apple juice concentrate in the first half of 2008|09, the expense for restructuring payments in the course of the European sugar market reform, the strong increase in energy costs from one year earlier, and disturbances in agricultural raw materials markets.

The result before tax fell to a loss of € 32.4 million (previous year: profit of € 73.1 million). The principal reason for this was a significant deterioration in net financial items to a net expense of € 67.1 million (prior year: net financial items expense of € 28.4 million), as the sharply declining exchange rates in some Eastern European countries during the fourth quarter of 2008|09 led to unrealised losses. The Group registered a loss for the year of € 15.9 million after tax (prior year: profit for the year of € 63.8 million after tax).

 

Preliminary financial results for the year ended February 28, 2009

In the financial year the Fruit segment generated 39.7% of Group revenue, followed by Sugar at 34.7% and Starch at 25.6%.

The final results for the 2008|09 financial year will be published on 20 May 2009.

 

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