AGRANA Beteiligungs-AG · VIE:AGR
AGRANA Beteiligungs-AG — FY2011|12 Earnings Presentation
37 slides from AGRANA Beteiligungs-AG's earnings presentation, May 15, 2012
Slide 1: Annual Results for 2011|12
AGRANA Beteiligungs-AG Annual Results for 2011|12 | Presentation for investors & analysts Sugar. Starch. Fruit. Vienna, 15 May 2012
Slide 2: Agenda
Agenda Introduction & Business Overview Key Financials 2011|12 Segment Overview Financial Results 2011|12 Current Projects & Sound Outlook 2 | Annual Results for 2011|12. Vienna, 15 May 2012
Slide 3: Sound and Solid Growth
Sound and Solid Growth AGRANA combines solid economic growth with sustainable natural and environmental responsibility. Economic sphere Environmental Social sphere sphere SUSTAINABLE GROWTH in all areas 3 | Annual Results for 2011|12. Vienna, 15 May 2012
Slide 4: Sound Economic Growth
Sound Economic Growth € 2,577.6m € 232.4m € 760.2m € 66.7m 2000|01 2001|02 2002|03 2003|04 2004|05 2005|06 2006|07 2007|08 2008|09 2009|10 2010|11 2011|12 Revenue Operating profit 4 | Annual Results for 2011|12. Vienna, 15 May 2012
Slide 5: Growth by Strategy
Growth by Strategy Our strategic goals Customer- and market- Organic growth, and the oriented growth SUGAR STARCH creation of value value-added added by C, E & SE tailor-made products in CEE and Europe Refining Europe Southeastern Europe of agricultural raw materials Capital SYNERGIES Market Use syn
Slide 6: AGRANA Quick Facts
AGRANA Quick Facts S Sugar. St Starch. h F it Fruit. • The leading sugar manufacturer in Central, Eastern and Southeastern Europe • Major manufacturer of custom starch products in Europe and largest producer of bioethanol in Austria and Hungary • World market leader in the pproduction of fruit prepa
Slide 7: Highlights of 2011|12
Highlights of 2011|12 • New historic highs in revenue and in pre-exceptionals operating profit • Revenue growth of 19.0% to € 2,577.6 million (prior year: € 2,165.9 million) • Rise of 80.7% in operating profit before exceptional items, to € 232.4 million (prior year: € 128.6 million) • Increase in o
Slide 8: Key Financials 2011|12
KEY FINANCIALS 2011|12 8 | Annual Results for 2011|12. Vienna, 15 May 2012
Slide 9: Consolidated Overview
Consolidated Overview 2011|12 2010|111 Change Revenue, €m 2,577.6 2,165.9 +19.0% EBITDA, €m 309.0 207.8 +48.7% Operating profit before 232.4 128.6 +80.7% exceptional items, €m O Operating ti margin, i % 90 9.0 59 5.9 Profit for the period, 155.7 87.1 +78.8% €m Dividend 2, € 3 60 3.60 2 40 2.40 +50 0
Slide 10: AGRANA's Revenue by Segment
AGRANAs Revenue by Segment € €m 2010|11 2,577.6 +19.0% 40.2% 32.9% 2,165.9 +6.8% 928.9 869.6 26.9% +31.1% 764.3 583.2 2011|12 +24.0% 36.0% 34.3% 713.1 884.4 2010|11 2011|12 Sugar Starch Fruit 29.7% 10 | Annual Results for 2011|12. Vienna, 15 May 2012
Slide 11: AGRANA's Operating Profit by Segment
AGRANAs Operating Profit by Segment 2010|11 4.7 26.3% 36.3% 5.4 €m 232 4 232.4 38.2 +80.7% 8.3 37 4% 37.4% 128.6 81.9 -18.2% 2011|12 46.7 6 +69.9% 16.4% 4.1 48.3% 48.2 112.3 10 7 10.7 33.8 +>100% 12.7 2010|11 2011|12 35.3% Sugar S Starch St h Fruit F it Operating Margin 11 | Annual Results for 2011|
Slide 12: Segment Overview
SEGMENT OVERVIEW 12 | Annual Results for 2011|12. Vienna, 15 May 2012
Slide 13: Sugar
SUGAR 13 | Annual Results for 2011|12. Vienna, 15 May 2012
Slide 14: Key Drivers 2011|12 (Sugar)
Key Drivers 2011|12 • FY 2011|12 defined by sharp price movements and high SUGAR absolute world market prices Segment g • Import dependence on the world market market, created by the EU sugar regime, led to sharp rise in prices • Beet prices were also raised • European Commission measures for SMY 20
Slide 15: SUGAR Segment Highlights 2011|12
SUGAR Segment Highlights 2011|12 Revenue grew by 24.0% to € 884.4m Revenue €m 884.4 • Revenue growth in quota as well as in non-quota 713.1 sugar, resulting both from higher sales volumes and +24.0% higher selling prices g • Significant rise in world market prices p in the first four months of the y
Slide 16: Quotation for Raw Sugar & White Sugar
Quotation for Raw Sugar & White Sugar January 2006 – May 2012 (USD) FY 2011|12 All-time-high White sugar (LSE) 11/5/2012: 555.8 USD/to = 429.2 EUR/to Raw sugar (NYSE) 11/5/2012: 445.8 USD/to = 344.3 EUR/to 16 | Annual Results for 2011|12. Vienna, 15 May 2012
Slide 17: Starch
STARCH 17 | Annual Results for 2011|12. Vienna, 15 May 2012
Slide 18: Key Drivers 2011|12 (Starch)
Key Drivers 2011|12 SUGAR Segment • Volatile market environment, especially for starches for technical STARCH purposes) Segment • Increased volatility also in the food sector; impact of sugar market k d development l on the h starchh food f d sector (isoglucose (i l correlation, by-products...) • Ra
Slide 19: STARCH Segment Highlights 2011|12
STARCH Segment Highlights 2011|12 Revenue Revenue up to € 764.3m 764 3m €m 764.3 • Mostly from higher sales prices in all major groups of 583.2 +31.1% core and by-products (intensive marketing) • Volumes also slightly above prior year especially due to increased sales of by-products • In bioethanol,
Slide 20: Price Development of Cereals
Price Development of Cereals January 2009 – May 2012 (EUR) FY 2011|12 CORN Quotation (Paris) 11/5/2012: 211.0 EUR/to WHEAT Quotation (Paris) 11/5/2012: 11/5/2012 197.5 EUR/to 20 | Annual Results for 2011|12. Vienna, 15 May 2012
Slide 21: Fruit
FRUIT 21 | Annual Results for 2011|12. Vienna, 15 May 2012
Slide 22: Key Drivers 2011|12 (Fruit)
Key Drivers 2011|12 SUGAR Segment STARCH Segment g • Fruit preparations: in contrast to earlier years, stagnation of the FRUIT worldwide market for fruit yoghurts Segment • Strong price rise for dairy products resulting from higher milk prices; lower consumer confidence due to the macroeconomic envi
Slide 23: FRUIT Segment Highlights 2011|12
FRUIT Segment Highlights 2011|12 Revenue Revenue rose to € 928.9m 928 9m 928.9 €m • Decline of sales volume in fruit preparation activities +6.8% related to a challenging market setting 869.6 – New competitor in Russia; market share losses in W t Western E Europe and dNNorth th A America; i good d p
Slide 24: Financial Results 2011|12 (IFRS)
FINANCIAL RESULTS 2011|12 (IFRS) 24 | Annual Results for 2011|12. Vienna, 15 May 2012
Slide 25: Consolidated income statement
Consolidated income statement K P&L fi Key figures, €m € 2011|12 2010|111 change h Revenue 2,577.6 2,165.9 +19.0% Operating profit before exceptional items 232 4 232.4 128 6 128.6 +80 7% +80.7% Exceptional items (1.4) 0.0 Operating p g profit p after exceptional p items 231.0 128.6 +79.6% Net financ
Slide 26: Consolidated Balance Sheet
Consolidated Balance Sheet K fi Key figures, €m € 29 February F b 2012 28 February F b 20111 Non-current assets 992.8 982.3 Current assets , 1,369.3 1,010.4 , Total equity 1,073.0 964.2 Non-current liabilities 416.4 350.3 Current liabilities 872.7 678.2 Balance sheet total 2,362.1 1,992.7 Equity rat
Slide 27: Financing (borrowings)
Financing (borrowings) €000 29 February 2012 Of which due in Up to 1 year 1 to 5 years More than 5 years Bank loans and overdrafts 473,827 271,866 178,893 23,068 Borrowings from affiliated ffili d companies 200,000 70,000 30,000 100,000 Lease liabilities 148 19 129 0 Borrowings 673,975 341,885 209,0
Slide 28: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement €m 2011|12 2010|111 Operating p g cash flow before change g in working g capital p 250.1 169.0 (Gains)/Losses on disposal of non-current assets (0.6) 0.01 Change in working capital (206.3) (93.6) Net cash from operating activities 43.2 75.4 Net cash (used in) investi
Slide 29: Change in net financial items
Change in net financial items €m 2011|12 2010|11 Net interest expense (22.1) (15.9) Currency translation differences (0.8) (2.5) Share of results of non-consolidated subsidiaries and 1.0 1.0 outside companies Other financial items (2.8) (1.6) Net financial items (24.7) (19.0) 29 | Annual Results for
Slide 30: CAPEX Evolution
CAPEX Evolution 2011|12: SUGAR: new sugar silo in Tulln, Tulln 3rd fermenter for biogas plant in Kaposvár STARCH: biomass boiler and expansion of corn processing capacity in Szabadegyháza FRUIT: investments primarily to expand processing capacity in Russia, China and South Africa ~140 140 €m Sugar S
Slide 31: Projects & Sound Outlook
Sugar. Starch. Fruit. PROJECTS & SOUND OUTLOOK 31 | Annual Results for 2011|12. Vienna, 15 May 2012
Slide 32: Current Projects & News
Current Projects & News • Production capacity throughout the Starch segment fully utilised, therefore construction of a wheat starch plant in Pischelsdorf, Austria – Send its by-products to the bioethanol plant on the same site – With this new biorefinery, raw material utilisation is expected to clo
Slide 33: Segment Outlook 2012|13
Segment Outlook 2012|13 • Maximising capacity utilisation and strengthening the market presence in Southeastern Europe Average expansion of about 10% in beet acreage planned SUGAR • • A stable sugar price trend in 2012 is expected Segment g • Slight decrease in earnings as a result of the situation
Slide 34: Outlook AGRANA Group 2012|13
Outlook AGRANA Group 2012|13 • AGRANA currently expects Group revenue to increase moderately in 2012|13 on overall slight volume growth and a high level of prices • It is expected to achieve a Group operating profit in 2012|13 | slightly g y below last yyear’s exceptionally p y good result • However
Slide 35: Financial Calendar
Financial Calendar 2 July 2012 Annual General Meeting for 2011|12 5 July 2012 Dividend payment and ex ex-dividend dividend date 12 July 2012 Publication of results for first quarter of 2012|13 11 October 2012 Publication of results for first half of 2012|13 35 | Annual Results for 2011|12. Vienna, 1
Slide 36: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION 36 | Annual Results for 2011|12. Vienna, 15 May 2012
Slide 37: Disclaimer
Disclaimer This presentation is being provided to you solely for your information and may not be reproduced or further distributed to any other person or published, in whole or in part, for any purpose. This presentation comprises the written materials/slides for a presentation concerning AGRANA Bet
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