Agrana Beteiligungs-ag · VIE:AGR
Agrana Beteiligungs-ag — Non-Deal Roadshow (June 2024)
72 slides from Agrana Beteiligungs-ag's roadshow presentation, Jun 6, 2024
Slide 1: Roadshow Paris
THE NATURAL UPGRADE Roadshow Paris 6 June 2024 AGRANA Beteiligungs-AG AGRANA Online report 2023|24: reports.agrana.com/enA G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 1
Slide 2: Contents
Contents 1 Introduction & business overview 2 Strategy; AGRANA Management 3 FOCUS on ESG 4 Segment overview: Fruit, Starch and Sugar 5 War in Ukraine 6 Financials 2023|24 7 Outlook 2024|25 A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 2
Slide 3: Introduction & business overview
THE NATURAL UPGRADE Introduction & business overview AGRANA Group A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 3
Slide 4: Everyone knows “Wiener Zucker“
Everyone knows “Wiener Zucker“ A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 4
Slide 5: We all consume AGRANA (products)
Strategic positioning B2B We all consume AGRANA (products) At the beginning AGRANA refines AGRANA supplies We all consume AGRANA there is always agricultural raw the Big Names... every day without agriculture… materials... noticing it... confectione r y, bevera ge, fermenta tion industries , f
Slide 6: At a glance
AGRANA products in daily life At a glance FRUIT STARCH SUGAR • Fruit juice concentrates • AGRANA produces starch and Sugar is sold to customers are fruit juice and special starch products • consumers via the food trade beverage bottlers and fillers • Starch is a complex carbohydrate and • Fruit prep
Slide 7: Segmentation by segment
55 Production sites worldwide Segmentation by segment FRUIT STARCH SUGAR 7 sugar beet plants 26 fruit preparation plants and 5 starch plants 2 raw sugar refineries & 14 fruit concentrate plants (incl. 2 bioethanol plants) 1 Instantina plant Czech Rep. Slovakia Austria Hungary* Romania* Bosnia- Herze
Slide 8: Agricultural raw materials processed: 9.0 million tonnes
2023|24 financial year Agricultural raw materials processed: 9.0 million tonnes 2% 9% Beet 5.7 million tonnes Raw sugar 0.3 million tonnes 22% Grain 2.0 million tonnes 3 Mio. t 6 Mio. t Potato 0.2 million tonnes 64% Fruits 0.8 million tonnes 3% A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0
Slide 9: FOCUS on Food
Revenue by product group (2023|24) FOCUS on Food FRUIT STARCH SUGAR € 1,566.9 m € 1,148.7 m € 1,071.3 m A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 9
Slide 10: Our History
AGRANA Group ACQUISITION of the American Our History organic distribution company EXPANSION Marroquin EXPANSION Of market position in Asia Organic of the company‘s through the acquisition of the International presence in the area Indian fruit processing plant of fruit preparations SAIKRUPA Fruit Pro
Slide 11: Shareholder structure
Current status Shareholder structure ~30% Rübenproduzenten Beteiligungs-GmbH ~50% ZBG ~70% Raiffeisen-Holding AGRANA NÖ-Wien Zucker, Stärke und Frucht Holding AG ~78.4% ~10% ~50% Südzucker ~2.7%1 Total: 62,488,976 shares ~18.9% 1 directly held by Südzucker A G R A N A | R o a d s h o w Pa r i s | 6
Slide 12: Solid performance in FY 2023|24
2023|24 financial year Solid performance in FY 2023|24 Despite continuing volatile business environment • We were able to record an operating profit (EBIT) of € 151.0 million (prior year: € 88.3 million) and thus delivered on our guidance of very significantly higher earnings than in the prior year
Slide 13: Strategy AGRANA Management
THE NATURAL UPGRADE Strategy AGRANA Management A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 13
Slide 14: AGRANA at the intersection of three of the greatest challenges of our time
AGRANA at the intersection of three of the greatest challenges of our time Feeding a growing world population Transformation of Climate change agriculture A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 14
Slide 15: Value growth
AGRANA Group Value growth Refiner of agricultural raw materials and supplier of natural ingredients and solutions EBITDA margin > 10% ROCE > 10% Strengthening Developing Further developing core business future markets organisation Sustainability A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0
Slide 16: Strengthening core business
Ad cornerstone 1 Strengthening core business Fruit segment Starch segment Sugar segment • More innovations, • Expansion of • Strengthening of brand added-value solutions specialties, optimisation and expansion of • New sales channels of portfolio specialties and markets • Innovation • Securing raw m
Slide 17: Developing future markets
Ad cornerstone 2 Developing future markets Plant-based Natural flavors proteins Biobased materials A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 17
Slide 18: Strategic goals 2030+
AGRANA Group Strategic goals 2030+ • From quantity to margin EBITDA- margin • Increasing focus on growth > 10% markets ROCE • Reducing dependence on > 10% volatile commodity markets A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 18
Slide 19: Management Board since 1 March 2024
AGRANA Group Management Board since 1 March 2024 CEO Stephan Büttner CTO Norbert Harringer CAO Stephan Meeder • Finance (CFO) • Production & Investment • Internal Audit • Compliance • Quality Management • Corporate Secretariat (line • Raw Materials authority) • Research and Development • Human Resou
Slide 20: FOCUS on ESG
THE NATURAL UPGRADE FOCUS on ESG AGRANA-Climate Strategy A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 20
Slide 21: AGRANA's understanding of sustainability
AGRANA‘s understandig of sustainability At AGRANA, we… • utilise almost 100% of the raw Ecology materials employed and use low- emission technologies to minimise impacts on the environment • respect all our stakeholders and the communities where we operate • engage in long-term partnerships Economy
Slide 22: AGRANA's core subjects along the value chain
AGRANA‘s core subjects along the value chain RAW MATERIAL ECO-EFFICIENCY OUR EMPLOYEES PRODUCT COMPLIANCE PROCUREMENT OF OUR RESPONSIBILITY PRODUCTION Environmental and social criteria in the Product Labour practices and Compliance and business sourcing of Environmental and responsibility and conduc
Slide 23: AGRANA climate strategy
AGRANA Sustainabilty AGRANA climate strategy Targets: 1) Net-zero emissions (scope 1+2) by 2040 2) Net-zero emissions (scope 3) by 2050 at the latest ▪ Verification of emission reduction targets by 2030 through recognised Science Based Targets Initiative (SBTi) in September 2023 Near-term targets by
Slide 24: Milestone science based targets
AGRANA climate strategy Milestone science based targets NEAR- SCOPE 1 SCOPE 2 SCOPE 3 TERM 2030 2030 (from 2019|20 base year) 50% abs. reduction of approx. 34% abs. reduction GHG emissions (incl. future FLAG Guidance) Science based targets validated in September 2023 LONG-TERM Net-zero emissions Net
Slide 25: Focus Area @ AGRANA: Scope 1+2
Scope 1+2 Focus Area @ AGRANA • Long-term commitment by 2040 (not SBTi validated) Photovoltaic installation|Austria Juice Kröllendorf − Switch to 100% renewable energy (scope 1+2) and net-zero emissions • Near-term target by 2030|31 (SBTi validated) on track ▪ - 50 % of emissions from 2019|20 base y
Slide 26: Major emission reduction projects per division 2024 to 2030|31
ESG Outlook Major emission reduction projects per division 2024 to 2030|31 ▪ In total, > 400 emission reduction projects were modelled until 2040 to achieve net-zero scope 1+2 emissions. ▪ Concrete projects, which have already been included in the medium-term planning up to 2027 and beyond up to 203
Slide 27: Segment overview
THE NATURAL UPGRADE Segment overview A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 27
Slide 28: Fruit segment
THE NATURAL UPGRADE Fruit segment A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 28
Slide 29: Fruit segment: Business model
Fruit segment Business model FRUIT PREPARATIONS FRUIT JUICE CONCENTRATES • Based on mostly frozen fruits • Based on fresh fruits • Tailor-made customer products • Production in the growing (several thousand recipes area of the fruits (water worldwide) content and quality of the • Customers: dairy, b
Slide 30: Fruit preparation – what is it about?
Fruit segment Fruit preparation – what is it about? FRUIT FRUIT SUGAR PREPARATIONS + = … most important … sweetens and … optional flavors ingredient of fruit supports taste and and colours for an preparations durability even fruitier taste • Frozen (IQF or • Crystal sugar and an intense block) • Liq
Slide 31: Fruit segment: Market position
Fruit segment Market position FRUIT PREPARATIONS Fruit preparations 26 FRUIT PREPARATION PLANTS & 14 FRUIT JUICE CONCENTRATE PLANTS • World Market Leader in Fruit preparations global market share ~40% • Most emerging markets are showing good market growth rates, while the market’s sales volumes of f
Slide 32: Market environment – Highlights
2023|24 financial year Market environment – Highlights Fruit segment: • Fruit preparations: business is back on track; stress factor here is the continuing difficult business trend in Asia • Fruit juice concentrate: situation in the fruit juice concentrate business remains very satisfactory; improve
Slide 33: Raw materials and production – Highlights
2023|24 financial year Raw materials and production – Highlights Fruit segment: ▪ About 336,000 tonnes of raw materials were purchased for the fruit preparations activities (prior year: 340,000 tonnes); lower consumption of raw materials is explained mostly by reduced demand in the Chinese plants ▪
Slide 34: Starch segment
THE NATURAL UPGRADE Starch segment A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 34
Slide 35: Starch segment: Market position
Starch segment Market position • Austrian production sites: STARCH − Potato starch factory in Gmünd 5 starch plants − Corn starch plant in Aschach (incl. 2 bioethanol plants) − Wheat starch & bioethanol plant in Pischelsdorf • Operational management and coordination of international holdings in Hung
Slide 36: Specialisation strategy
Starch segment Specialisation strategy FOOD • Growth in products from VALUE END PRODUCT special raw materials (market leadership) • Growth in starch Textile industry, construction derivatives for fruit DERIVATIVES, ETHERS AND ESTERS industry, cosmetic industry preparations • Growth in „high care“- F
Slide 37: AGRANA bioethanol activities
Starch segment AGRANA bioethanol activities PISCHELSDORF (Austria) • Total investment: € 125 million • Capacity: up to 240,000 m³ (= 190,000 tonnes) • Production start: June 2008 • Raw material base: wheat, corn and sugar beet thick juice* • Raw material base: wheat, corn, B+C starch slurry HUNGRANA
Slide 38: E10 available in Austria since end of March 2023
Starch segment E10 • AVAILABLE IN AUSTRIA SINCE THE END OF MARCH 2023 • AGRANA has been producing enough bioethanol for a 10% blend (E10) in Austria since 2008 • Before E10 introduction, 40% of production used for E5 blending; 60% exported, resulting in a loss of nearly 200,000 t GHG savings for Aus
Slide 39: Market environment – Highlights
2023|24 financial year Market environment – Highlights Starch segment: • Overall margin for starch products was successfully held stable for three quarters, despite the economy-driven challenges • Due to the significant fall in Platts prices, the performance in the ethanol operations was much weaker
Slide 40: Ethanol and petrol prices
Ethanol and petrol prices 1 January 2008 – 4 June 2024 FY 2023|24 Ethanol (Platts T2 spec.) | Fuel (PU-10PP-ARA) (EUR per m 3) 4 June 2024: Ethanol: 743.0 EUR/m3 Fuel: 534.4 EUR/m3 A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 40
Slide 41: Raw materials and production – Highlights
2023|24 financial year Raw materials and production – Highlights Starch segment: ▪ Raw material prices: decreasing trend on the spot markets ▪ AGRANA Stärke GmbH processed approximately 26% less corn at the Austrian sites in Aschach and Pischelsdorf than in the year before ▪ Wheat milling volume at
Slide 42: Commodity prices
Wheat & Corn (Euronext, Paris) Commodity prices FY 2023|24 1 January 2006 – 4 June 2024 Wheat | Corn (EUR per tonne) Whea t (Pa ris) 4 J une 2024 : 258.5 E UR /t Corn (Pa ris) 4 J une 2024: 221.0 E UR /t A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 42
Slide 43: Sugar segment
THE NATURAL UPGRADE Sugar segment A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 43
Slide 44: AGRANA Sugar since the end of quotas
Benefit from the strong market position in CEE and SEE AGRANA Sugar since the end of quotas • CEE area will continue to be a “sugar deficit 7 Sugar Plants and region” (AGRANA is located in these main deficit 2 Raw Sugar Refineries areas) • Complexity in logistics and costs from Western Europe are so
Slide 45: Market environment – Highlights
2023|24 financial year Market environment – Highlights Sugar segment: • Duty-free sugar imports from Ukraine are a challenge for AGRANA • In FY 2023|24, the upward trend in sugar prices initially continued, peaking at the beginning of December 2023; when speculative funds then liquidated the majorit
Slide 46: EU and sugar world market prices
Sugar price reporting EU and sugar world market prices € Source: Sugar Market situation; European Commission, published on 30 May 2024 A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 46
Slide 47: Sugar quotations
World market: white sugar & raw sugar Sugar quotations 1 January 2006 – 4 June 2024 FY 2023|24 White sugar | Raw sugar (USD per tonne) W h i t e su ga r ( L o n do n # 5 ) 4 J une 2024: 555.8 USD/t = 511.4 E UR /t R a w su ga r (ICE/NY #11) 4 J une 2024: 415.8 USD/t = 382.6 E UR /t A G R A N A | R o
Slide 48: Raw materials and production – Highlights
2023|24 financial year Raw materials and production – Highlights Sugar segment: ▪ Beet processing in the 2023 campaign went well, with significantly better capacity utilisation and a higher sugar production volume than in the previous year ▪ Further increase in beet planting acreage was achieved in
Slide 49: War in Ukraine
THE NATURAL UPGRADE War in Ukraine A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 49
Slide 50: War in Ukraine
AGRANA Group War in Ukraine • AGRANA in Ukraine since 1997 / 778 employees* • Two sites in Vinnitsa (300 km SW of Kiev) for production of fruit preparations and fruit juice concentrates • Agricultural production plant in Luka • Product sales largely in Ukraine Current situation • Current situation o
Slide 51: AGRANA Fruit Russia
AGRANA Group AGRANA Fruit Russia • AGRANA's presence in Russia is exclusively in the Fruit segment • Production of fruit preparations in Serpuchov, about 100 km south of Moscow • 292 employees* • Sales of products in Russia and other CIS countries • Task as supplier of essential staple foods and obl
Slide 52: Financials 2023|24
THE NATURAL UPGRADE Financials 2023|24 A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 52
Slide 53: Overview – Key figures
2023|24 financial year Overview – Key figures Revenue: € 3,786.9 m EBITDA 1 : € 291.1 m +4.1% +5.1% (2022|23: € 3,637.4 m) (2022|23: € 277.1 m) Operating profit 2 : € 176.7 m EBIT: € 151.0 m +11.6% +71.0% (2022|23: € 158.4 m) (2022|23: € 88.3 m) Earnings per share: € 1.04 Dividend 3 per share: € 0.9
Slide 54: Revenue by segment
2023|24 vs prior year Revenue by segment Group €m Fruit segment: 3,786.9 3,637.4 • Fruit preparations business: revenue increase was driven primarily by price, but also by volume • Fruit juice concentrate activities: revenue eased 1,566.9 1,481.9 slightly, with lower delivery volumes not fully offse
Slide 55: EBIT by segment
2023|24 vs prior year Fruit segment: EBIT by segment EBIT margin ▪ Fruit preparations: operating profit before exceptional 2023|24 items very significantly higher; net exceptional items €m expense of € 20.8 m due primarily to impairment of non - EBIT margin 2022|23 current assets in Asia had a negat
Slide 56: Consolidated income statement
Consolidated income statement €m (condensed) 2023|24 2022|23 Change Revenue 3,786.9 3,637.4 +4.1% EBITDA 1 291.1 277.1 +5.1% Operating profit before except. items and results of equity-accounted JV 176.7 158.4 +11.6% Share of results of equity-accounted JV 1.4 18.7 -92.5% Exceptional items (27.0) (8
Slide 57: Exceptional items
Exceptional items Split by segment €m 2023|24 2022|23 Change Exceptional items (27.0) (88.8) +69.6% thereof Fruit segment (Fruit preparations) (20.8) (91.1) +77.2% Fruit segment (Fruit juice concentrates) (3.9) 1.4 -378.6% Sugar segment (2.3) 0.9 -355.6% A G R A N A | R o a d s h o w Pa r i s | 6 J
Slide 58: Energy costs and mix
Energy costs and mix Energy costs Energy mix of the group of the group in FY 2023|24 €m 357.0 41.9 300.1 47.7 165.5 139.0 149.6 113.4 2022|23 2023|24 Sugar Starch Fruit A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 58
Slide 59: Net financial items | Tax Rate
Net financial items | Tax Rate €m 2023|24 2022|23 Change Net interest expense (32.3) (12.4) -160.5% Currency translation differences (18.4) (10.3) -78.6% Income from non-cons. subsidiaries and outside comp. 0.1 0.0 - Other financial items (2.7) (3.8) +28.9% Total (53.3) (26.5) -101.1% €m 2023|24 202
Slide 60: Investment overview
Most important projects in the group Investment overview 2023|24 financial year Group 127.3 Fruit segment: €m • Expansion of raw material storage in Jacona, Mexico • Expansion of the food service section in Centerville, Tennessee, USA 102.9 50.8 • New wastewater treatment plant in Ostrołęka, Poland
Slide 61: Consolidated cashflow statement
Consolidated cashflow statement €m (condensed) 2023|24 2022|23 Change Operating cash flow before changes in working capital 316.3 282.3 +12.0% Changes in working capital (46.1) (259.2) +82.2% Total in interest paid/received and tax paid (30.0) (21.2) -41.5% Net cash from operating activities 240.2 1
Slide 62: Consolidated balance sheet
Consolidated balance sheet €m (condensed) 29 Feb 2024 28 Feb 2023 Change Non-current assets 1,031.2 1,041.0 -0.9% Current assets 1,858.2 1,962.1 -5.3% Total assets 2,889.4 3,003.1 -3.8% Non-current liabilities 1,248.4 1,256.6 -0.7% Current liabilities 628.7 658.3 -4.5% Total equity and liabilities 1
Slide 63: Dividend proposal (1)
2023|24 financial year Dividend proposal (1) ▪ Dividend proposal to the Annual General Meeting (5 July 2024): € 0.90 per share for the 2023|24 financial year (2022|23: € 0.90 per share) ▪ AGRANA is committed to a predictable, reliable and transparent dividend policy focused on continuity o Distribut
Slide 64: Dividend proposal (2)
2023|24 financial year Dividend proposal (2) 3 Dividend proposal for 2023|24: 2.63 € 0.90 per share 3 2.24 EPS adj. 1.78 2 1.85 1.69 1.46 EPS adj. 2 1.43 EPS adj. 1.52 0.96 0.96 1.00 1.04 1 0.77 1.13 0.90 0.90 0.90 0.90 0.90 0.90 1.00 1.00 0.75 0.85 1 0.45 0.41 0.25 0 (0.20) -1 2012|13 2013|14 2014|
Slide 65: Financial Outlook 2024|25
THE NATURAL UPGRADE Financial Outlook 2024|25 A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 65
Slide 66: Outlook for 2024|25
AGRANA Group Outlook for 2024|25 EBIT 2024|25 Revenue 2024|25 ▪ At Group level for the full 2024|25 financial year, AGRANA expects a significant decrease in EBIT ▪ Group revenue is projected to show a slight reduction Foreca st uncerta i n t y a nd a ssumption s The wa r in Ukra ine , w hich ha s
Slide 67: Outlook for 2024|25: Segments
AGRANA Segments Outlook for 2024|25 Fruit Starch Sugar Revenue ➔ Revenue Revenue EBIT EBIT EBIT A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 67
Slide 68: Outlook for first quarter of 2024|25
AGRANA Group Outlook for first quarter of 2024|25 Q1 2023|24 (3 months) EBIT: € 63.5 million Q1 2024|25 Full-year decline in results will already become apparent in EBIT the first quarter of 2024|25 A G R A N A | R o a d s h o w Pa r i s | 6 J u n e 2 0 2 4 68
Slide 69: Investment plan
Outlook for 2024|2025 Investment plan • Total investment across the three business Investment split 2024|25 segments in the 2024|25 financial year, at (€ ~120 million) approximately € 120 million • Is expected to be moderately below the 2023|24 25% value and thus only in line with the budgeted depre
Slide 70: Financial calendar
FY 2023|24 and FY 2024|25 Financial calendar 25 June 2024 Record date for participation in Annual General Meeting 5 July 2024 Annual General Meeting in respect of 2023|24 10 July 2024 Ex-dividend date 11 July 2024 Results for first quarter of 2024|25 11 July 2024 Record date for dividend 15 July 202
Slide 71: Contacts
Contacts Investor Relations Mr. Hannes Haider Phone: +43-1-211 37-12905 E-mail: investor.relations@agrana.com AGRANA Beteiligungs-AG Friedrich-Wilhelm-Raiffeisen-Platz 1 1020 Vienna, Austria www.agrana.com AGRANA Investor Relations: www.agrana.com/en/ir A G R A N A | R o a d s h o w Pa r i s | 6 J u
Slide 72: Disclaimer
Disclaimer This presenta tion is be ing provide d to you solely for your informa tion a nd ma y not be reproduced or further distributed to a n y other person or published, in whole or in pa rt, for a ny purpose. This presenta tio n comprises the written ma teria ls/slides for a presenta tion concer
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