AGRANA reports successful - Half-Year ended 31st August 2002Date: 11.10.2002
1st Half 2002/03 from 1 March through 31 August 2002 The AGRANA Group performed very well during the first half of its current financial year lasting from 1 March through 31 August 2002. Revenues, operating profit, profit before tax and consolidated profit were all substantially up on the same period of last year.
The increase in revenues was largely due to the addition of two extra months to the first halves of the AGRANA International subsidiaries (1 January through 31 August) caused by the relocation of their balance-sheet dates from 31 December to the last day of February.
Because exports were still developing well, the Austrian Group-members were able to record an 11 per cent increase in operating profit, and thanks to the healthy development of quantities and prices and the two months added to their financial years, our foreign subsidiaries tripled their operating result.
Our profit position was further strengthened by substantially improved non-operating profits throughout the Group. However, the highly profitable months of July and August already fell within the second quarters of the AGRANA International companies this year (as opposed to their third quarters last year), so second-half results will decline slightly.
(1 March — 31 August)
|Operating profit||m€||49,6||27,0||+ 22,6|
|Profit before tax||m€||49,6||21,9||+ 27,7|
|Consolidated profit||m€||31,9||14,6||+ 17,3|
|Investments in tangible non-current assets (full year)||m€||49,7 (planned)||23,0 (planned)||+ 26,7|
|Investments in tangible non-current assets (H1)||m€||18,4||18,3||+ 0,1|
Outlook for the 2002/03 financial year
In the light of the current figures, we expect our consolidated revenues during 2002/03 to be slightly up on last year’s total of € 843 million at approximately € 855 million. Pressure on prices during H2 will make it hard to sustain the same level of profitability as was achieved during H1. That notwithstanding, thanks to our good first half, we still expect profit for the year to be roughly 10 per cent up on 2001/02.
AGRANA will be exhibiting at the GEWINN Fair (Hall 16, Stand 16435). AGRANA’s Board of Management will be on the GEWINN stage to answer your questions from 2 PM on Friday, 19 October 2001.