AGRANA - Provisional Results for the 2005|06 Financial Year
Ad-Hoc Date: 03.05.2006According to provisional figures, the AGRANA Group’s revenues grew by 52.9 per cent to € 1,499.6 million in the 2005|06 financial year.
Profit from operating activities grew by 9.6 per cent to € 99.5 million.
The closure of two out of AGRANA’s 11 sugar factories caused one-off restructuring expenses of € 24.5 million to be recognized in the annual financial statements, reducing profit from ordinary activities to € 75.0 million (2004|05: € 90.8 million).
Consolidated earnings for the year came to € 64.7 million, as against € 84.3 million the year before.
AGRANA’s provisional figures as of and for the financial year ended 28 February 2006 were as follows:
m€ |
2005|06 |
2004|05 |
Revenues |
1,499.6 |
981.0 |
Profit from operating activities |
99.5 |
90.8 |
Restructuring expenses |
-24.5 |
- |
Profit from ordinary activities |
75.0 |
90.8 |
Profit before tax |
71.7 |
93.2 |
Consolidated earnings for the year |
64.7 |
84.3 |
The sharp rise in revenues was primarily due to the consolidation of the Wink Group as of 1 January 2005 and of the Atys Group—the world’s leader in fruit preparations for the dairy industry—from the second quarter of 2005|06. Growth was reinforced by high anticipatory sugar exports and an increase in world sugar prices.
As expected, profit from operating activities was up on the year at € 99.5 million despite higher energy costs and narrower margins in the sugar industry.
However, restructuring dented profit from ordinary activities to the tune of € 24.5 million, less than half of which will affect cash flow in the next few months.
Another low tax rate of 9.8 per cent (2004|05: 9.5 per cent) left consolidated earnings for the year at € 64.7 million (2004|05: € 84.3 million).