AGRANA Beteiligungs-AG · VIE:AGR
AGRANA Beteiligungs-AG — H1 2013|14 Earnings Presentation
28 slides from AGRANA Beteiligungs-AG's earnings presentation, Oct 10, 2013
Slide 1: Results for the first half of 2013|14
AGRANA Beteiligungs-AG Results for the first half of 2013|14 1 March – 31 August 2013 Vienna, 10 October 2013 Results for the first half of 2013|14, 10 October 2013
Slide 2: Highlights of H1 2013|14 results
Highlights of H1 2013|14 results “Revenue up by 4.4%. Raw material costs squeezed Sugar and Starch margins, Fruit segment improved significantly.” • Revenue: € 1,674.3 million (H1 2012|13: € 1,603.1 million) • Operating profit: € 108.0 million (H1 2012|13: € 142.5 million) • Operating margin: 6.5 %
Slide 3: Revenue by segment
Revenue by segment H1 2013|14 €m H1 2013|14 +4.4% 1,674.3 1,603.1 37.5% 36.0% 573.4 +9.5% 627.6 26.5% 395.7 +12.1% 443.6 H1 2012|13 634.0 -4.9% 603.1 35.8% 39.5% 24.7% H1 2012|13 H1 2013|14 Sugar Starch Fruit 3 | Results for the first half of 2013|14, 10 October 2013
Slide 4: Operating profit by segment
Operating profit by segment H1 2013|14 €m H1 2013|14 40.2% 35.4% 142.5 -24.2% 6.3% 24.8 6.9% 24.4% +75.0% 108.0 46.5 5.9% 43.4 -43.4% Operating Margin 26.3 H1 2012|13 71.2 4.3% -46.3% 38.2 17.4% H1 2012|13 H1 2013|14 50.0% 32.6% Sugar Starch Fruit 11.2% 11.8% 4 | Results for the first half of 2013|1
Slide 5: CAPEX Focus
CAPEX Focus H1 2013|14 • Biggest project this year is the construction of €m --- Depreciation the new fruit preparations plant in the US state of New York 59.6 In Ukraine an additional line was installed for -0.5% 59.3 • fruit preparations 14.4 +3,5% 14.9 • Completion of the wheat starch plant • At
Slide 6: Start of wheat starch facility in June
Start of wheat starch facility in June Quick reminder regarding facts & figures • Construction site: approx. 4 hectares; adjacent to the Bioethanol plant (area of 10 hectares) • Investment: approx. € 70 m (total investment at Pischelsdorf site: > € 200 m) • Raw material processed: approx. 250,000 to
Slide 7: Construction of a new US facility
Construction of a new US facility Fruit preparations • Expanding market presence in North America by constructing a fruit preparation plant in Lysander|NY (Northeastern region of the US) • Total investment amounts to around € 30 million • US market offers strong growth thanks to a trend toward Greek
Slide 8: Key drivers for the segments
Key drivers for the segments H1 2013|14 • 3rd estimate for 2012|13 sugar marketing year: world sugar supply exceeds demand, increasing world sugar stocks • Reports about fluctuating weather conditions in Brazil lead to uncertainty on the commodity SUGAR market as well as to price volatilities Segmen
Slide 9: SUGAR
SUGAR 9 | Results for the first half of 2013|14, 10 October 2013
Slide 10: SUGAR Segment
SUGAR Segment Highlights H1 2013|14 Revenue €m 634.0 -4.9% Revenue slightly below prior year 603.1 • As expected, the revenue of the Sugar segment in H1 was slightly below prior year • Mainly due to lower sales of quota sugar and lower export levels • Revenue from by-products and other products rema
Slide 11: Quotation
Quotation For raw sugar & white sugar January 2006 – October 2013 (USD) 13|14 FY White sugar (LSE) 7 Oct. 2013: 497.5 USD/to = 366.9 EUR/to Raw sugar (NYSE) 7 Oct. 2013: 409.8 USD/to = 302.2 EUR/to 11 | Results for the first half of 2013|14, 10 October 2013
Slide 12: STARCH
STARCH 12 | Results for the first half of 2013|14, 10 October 2013
Slide 13: STARCH Segment
STARCH Segment Highlights H1 2013|14 Revenue €m +12.1% Revenue increase to € 443.6 million 443.6 • Increase was driven by higher selling prices and volumes 395.7 for by-products • Also, bigger sales volumes of core products, especially bioethanol and isoglucose • Sales prices for core products were
Slide 14: Price development of cereals
Price development of cereals Wheat & corn (Paris) January 2009 – October 2013 (EUR) 13|14 FY WHEAT Quotation (Paris) 7 Oct. 2013: 196.3 EUR/to CORN Quotation (Paris) 7 Oct. 2013: 174.0 EUR/to 14 | Results for the first half of 2013|14, 10 October 2013
Slide 15: FRUIT
FRUIT 15 | Results for the first half of 2013|14, 10 October 2013
Slide 16: FRUIT Segment
FRUIT Segment Highlights H1 2013|14 Revenue +9.5% €m Revenue rose to € 627.6 million 627.6 • Significant expansion of market shares in all regions, sales 573.4 quantities of fruit preparations grew by 9.5% • Slight volume growth even in the stagnating EU market • Sales prices slightly eased, also du
Slide 17: Consolidated Financial Statements
CONSOLIDATED FINANCIAL STATEMENTS H1 2013|14 17 | Results for the first half of 2013|14, 10 October 2013
Slide 18: Consolidated income statement
Consolidated income statement €m (condensed) H1 H1 Q2 Q2 2013|14 2012|13 2013|14 2012|13 Revenue 1,674.3 1,603.1 822.7 828.5 Operating profit before except. items 108.0 142.5 46.1 71.6 Exceptional items 0.0 (1.0) 0.0 (1.0) Operating profit after exceptional items 108.0 141.5 46.2 70.6 Net financial
Slide 19: Analysis of net financial items
Analysis of net financial items €m H1 H1 2013|14 2012|13 Net interest (expense) (7.6) (13.6) Currency translation differences (7.7) (0.8) Other financial items (0.1) 1.4 Total of net financial items (15.4) (13.0) 19 | Results for the first half of 2013|14, 10 October 2013
Slide 20: Consolidated balance sheet
Consolidated balance sheet €m (condensed) 31 August 28 February 2013 2013* Non-current assets 1,120.5 1,097.9 Current assets 1,315.9 1,480.5 Equity 1,213.1 1,211.9 Non-current liabilities 492.2 519.5 Current liabilities 731.0 847.0 Total assets 2,436.4 2,578.4 Equity ratio 49.8 % 47.0 % Net debt 397
Slide 21: Consolidated cash flow statement
Consolidated cash flow statement €m (condensed) H1 2013|14 H1 2012|13 Operating cash flow before change in working capital 111.3 147.1 (Gains) on disposal of non-current assets (0.7) (0.7) Change in working capital 96.5 63.8 Net cash from operating activities 207.1 210.2 Net cash (used in) investing
Slide 22: OUTLOOK
Sugar. Starch. Fruit. OUTLOOK 22 | Results for the first half of 2013|14, 10 October 2013
Slide 23: Future of the EU sugar regime
Future of the EU sugar regime • The EU institutions (EU commission, parliament and EU council of agricultural ministers) have agreed on an unchanged extension until the end of 2016|17 SMY. Furthermore, the Hungarian isoglucose quota was raised by 30,000 tonnes as a result of Croatia's EU accession.
Slide 24: Segment outlook 2013|14 FY
Segment outlook 2013|14 FY • AGRANA expects a stable revenue SUGAR • For the full year, AGRANA foresees the operating profit of the Sugar segment to be Segment considerably lower than the record-breaking prior years due to higher raw material costs in a challenging market environment • AGRANA expect
Slide 25: Outlook AGRANA Group 2013|14 FY
Outlook AGRANA Group 2013|14 FY • For the 2013|14 financial year, AGRANA still expects a slight increase in Group revenue, driven primarily by volume growth • AGRANA expects that operating profit before exceptional items will be less than in the very good last two financial years • Total investment
Slide 26: Financial calendar for 2013|14
Financial calendar for 2013|14 13 January 2014 Results for first three quarters of 2013|14 9 May 2014 Press conference on annual results for 2013|14 4 July 2014 Annual General Meeting for 2013|14 10 July 2014 Results for first quarter of 2014|15 26 | Results for the first half of 2013|14, 10 October
Slide 27: Thank you for your attention
Sugar. Starch. Fruit. THANK YOU FOR YOUR ATTENTION 27 | Results for the first half of 2013|14, 10 October 2013
Slide 28: 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
AGRANA Beteiligungs-AG — H1 2013|14 Earnings Presentation on 6ix