AGRANA delivers solid results
Revenue eases by 1.8% despite growth in volumes; Operating profit (before exceptional items) more than doubles from € 37.8 million to € 91.9 million; Profit for the period of € 72.7 million (prior ...
- Revenue eases by 1.8% despite growth in volumes
- Operating profit (before exceptional items) more than doubles from € 37.8 million to € 91.9 million
- Profit for the period of € 72.7 million (prior year: loss of € 15.9 million)
- Return on capital employed of 6.9% (prior year: 2.8%)
- Further reduction in net debt by € 93.5 million to € 376.6 million
| 2009|10 | Change (%) | 2008|09 | Q4 2009|10 | Change (%) | Q4 2008|09 | |
| Revenue (€m) | 1,989.2 | -1.8% | 2,026.3 | 453.4 | +5.2% | 430.8 |
| EBITDA (€m) | 176.2 | +47.8% | 119.2 | 37.5 | +1.7% | 36.9 |
| Operating Profit before exceptional items | 91.9 | +>100.0% | 37.8 | 13.0 | -28.2% | 18.1 |
| Operating margin | 4.6% | 1.9% | 2.9% | 4.2% | ||
| Profit for the period (€m) | 72.7 | +>100.0% | -15.9 | 14.9 | +>100.0% | 0.3 |
| Ergebnis je Aktie (€m) | 5.08 | +>100.0% | -0.82 | 1.05 | +>100.0% | 0.02 |
| Dividend per share (€m) | 1.951 | 1.95 |
1 Proposal to the Annual General Meeting
The 2009|10 financial year brought solid results for AGRANA despite the fact that the worldwide recession reached its climax in calendar year 2009.
Segment results:
SUGAR SEGMENT
Revenue 2009|10: € 684.1 million (prior year: € 702.5 million)
EBIT 2009|10: € 15.2 million (prior year: € 15.8 million)
In spite of volume growth in the Sugar segment, the quota reduction led to a revenue decrease of 2.6%. The earnings situation in the Sugar segment will improve again in the medium term through the non-recurrence of the restructuring levies and as a result of efficiency gains.
STARCH SEGMENT
Revenue 2009|10: € 499.2 million (prior year: € 519.4 million)
EBIT 2009|10: € 41.1 million (prior year: € 27.5 million)
The very good operating profit was achieved despite the price decline in principal products and co-products and the accompanying revenue decrease of 4%. The bioethanol business recorded growth in revenue thanks to the full utilisation of the bioethanol capacity in Austria and Hungary, and with the start-up years behind it, it is now profitable.
FRUIT SEGMENT
Revenue 2009|10: € 805.9 million (prior year: € 804.4 million)
EBIT 2009|10: € 35.7 million (prior year: loss of € 5.5 million)
The stabilisation in revenue and earnings was achieved by streamlining the production of fruit preparations and through good sales in the USA, Asia, Australia and the Eastern European countries. In fruit juice concentrates, AGRANA made up for the significantly lower purchase prices by selling larger quantities.
For the 2010|11 financial year, AGRANA’s top goal is to further improve profitability through organisational optimisations that will yield long-term benefits. AGRANA currently expects Group revenue to remain steady compared with 2009|10 and sees operating profit before exceptional items rising beyond the prior-year level. “We plan not only to defend our market position but to continually expand it where opportunities present themselves, through organic growth as well as by tapping new markets,” comments AGRANA Chief Executive Officer Johann Marihart.
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