EQS-News: AGRANA achieves robust results in the 2023|24 financial year
Source: EQS
AGRANA achieves robust results in the 2023|24 financial year - Revenue: € 3,786.9 million (+4.1%; prior year: € 3,637.4 million) - Operating profit before exceptional items and results of equity-accounted joint ventures: € 176.6 million (+11.5%; prior year: € 158.4 million) - Operating profit (EBIT): € 151.0 million (+71.1%; prior year: € 88.3 million) - Earnings per share: € 1.04 (+316.0%; prior year: € 0.25) - Equity ratio: 43.2% (prior year: 41.8%) - Dividend proposal for 2023|24: € 0.90 per share (dividend for 2022|23: € 0.90 per share)
Revenue of the
€ million, except as indicated
** 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 **** Average number of full-time equivalents in the financial year
Net financial items amounted to an expense of € 53.3 million in the 2023|24 financial year (prior year: net expense of € 26.5 million), with the deterioration driven primarily by an adverse change in net interest expense and, to a lesser degree, in currency translation effects (including the interest portion of currency swaps). Profit before tax grew very significantly from the previous year’s € 61.7 million to € 97.7 million. After an income tax expense of € 28.3 million, representing a tax rate of 29.0% (prior year: 60.0%), the Group recorded a profit for the period of € 69.4 million (prior year: € 24.7 million). Profit for the period attributable to shareholders of AGRANA was € 64.9 million (prior year: € 15.8 million); earnings per share rose to € 1.04 (prior year: € 0.25). Total assets as of In line with the long-term orientation of AGRANA’s dividend policy of continuity, the Management Board will propose to the Annual General Meeting to pay a dividend of € 0.90 per share for the year (dividend for 2022|23: € 0.90 per share).
Fruit segment € million, except %
Revenue in the Fruit segment grew by 5.7% year-on-year. This was due to price increases in fruit preparations, as well as higher sales volumes in this business. The Fruit segment’s EBIT result turned to a profit of € 60.2 million (prior year: loss of € 38.5 million), lifted both by the non-recurrence of a prior-year goodwill impairment and by the significantly improved operating performance. A negative effect on EBIT in 2023|24 came from an impairment loss of € 18.7 million on property, plant and equipment in
Starch segment € million, except %
For the Starch segment, the 2023|24 financial year was characterised by reduced demand and mounting pressure on prices. The inflation-induced reluctance to spend and customers’ destocking led to a decline in sales volumes compared to the prior year. Selling prices also fell significantly, due to declining raw material prices. As a result, revenue in the Starch segment decreased by 11.2% from the previous year’s all-time high. About half of the decline was due to prices and half to volume effects. The most pronounced revenue reduction was seen in ethanol, as Platts prices fell significantly amid higher import volumes. These effects led to a significant year-on-year reduction in Starch segment EBIT to € 50.4 million (prior year: € 80.2 million).
Sugar segment € million, except %
Revenue in the Sugar segment rose 24.3% from the year before. In 2023|24, sales prices in both the reseller business (wholesalers and retailers) and in the industrial sector were above the previous year’s average. The increasing competition from Operating profit in the Sugar segment decreased to € 40.4 million (prior year: € 46.6 million) due to significant lost sales and a smaller profit contribution by the AGRANA-Studen joint venture than one year earlier.
Outlook As already communicated in the third-quarter publication in Total investment across the three business segments in the 2024|25 financial year, at approximately € 120 million, is expected to be moderately below the 2023|24 value and in line with budgeted depreciation of about € 120 million. Around 12% of this capital expenditure will be for emission reduction measures in the Group’s own production operations under the AGRANA climate strategy. The goal is to reduce the Group’s own emissions to net-zero by 2040. By 2050, the
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 € 3.8 billion. Established in 1988, the company is the global market leader in fruit preparations and the world’s leading producer of apple and berry juice concentrates. 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
This announcement is available in German and English at www.agrana.com.
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Language: | English |
Company: | |
F.-W.-Raiffeisen-Platz 1 | |
A-1020 |
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Phone: | +43-1-21137-0 |
Fax: | +43-1-21137-12926 |
E-mail: | investor.relations@agrana.com |
Internet: | www.agrana.com |
ISIN: | AT000AGRANA3 |
WKN: | A2NB37 |
Listed: | Regulated Unofficial Market in |
EQS News ID: | 1901869 |
End of News |
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1901869 14.05.2024 CET/CEST