AGRANA Beteiligungs-AG · VIE:AGR
AGRANA Beteiligungs-AG — H1 2022|23 Earnings Presentation
42 slides from AGRANA Beteiligungs-AG's earnings presentation, Oct 13, 2022
Slide 1: Results for the first half of 2022|23
ZU FRUCK I TE R STTAÄRC KEH FSR UUGCAHT R Der The natürliche natural upgrade Mehrwert AGRANA Investor Relations: www.agrana.com/en/ir AGRANA Beteiligungs-AG Results for the first half of 2022|23 Presentation for investors and analysts Vienna, 13 October 2022
Slide 2: Strong operational performance
H1 2022|23 STRONG OPERATIONAL PERFORMANCE € ▪ First half of 2022|23 operationally better than expected ▪ All segments performed above expectations ▪ Significant impairment in Fruit CGU negatively impacted H1 22|23 EBIT ▪ AGRANA prepared for tougher H2 22|23 amid economic slowdown, continued war in U
Slide 3: Key figures
H1 2022|23 KEY FIGURES Revenue: € 1,792.3 million +25.8%; H1 2021|22: € 1,424.4 million Operating profit €m 86.5 EBITDA1: € 141.2 million 41.0 +50.2%; H1 2021|22: € 94.0 million Operating profit2: € 86.5 million H1 2021|22 H1 2022|23 +111.0%; H1 2021|22: € 41.0 million EBIT: € 11.1 million –75.2
Slide 4: Priorities financial year 2022|23
FINANCIAL YEAR 2022|23 PRIORITIES ▪ Strong crisis management ▪ Drive performance ▪ Continue organisational and culture change ▪ Develop long-term strategies AGRANA Results for H1 2022|23, 13 October 2022 4
Slide 5: Good progress on strategic agenda
STRATEGY UPDATE GOOD PROGRESS ON STRATEGIC AGENDA • Strong foundation; significant upside potential in all divisions Performance • 2-phased approach: Phase 1 focused on Added- Sustainability value strengthening core business, Focus improving performance and driving cultural change • Concluded first
Slide 6: In-depth review of mega-trends affecting AGRANA
IN-DEPTH REVIEW OF MEGA-TRENDS WHICH WILL AFFECT AGRANA IN THE NEXT ~10 YEARS Disruptive change Continuous change 1 2 3 4 Demand centers Health & wellness food Digital Value chains Shift of world food demand Growing demand growth for Digital innovation accelerating Disruption with exponential center
Slide 7: AGRANA very well positioned
AGRANA VERY WELL POSITIONED At the intersection of the three biggest challenges of our time Feeding a Growing World Population Climate Transforming Change Agriculture AGRANA Results for H1 2022|23, 13 October 2022 7
Slide 8: Customers want solutions not just ingredients
OPPORTUNITY FOR AGRANA CUSTOMERS WANT SOLUTIONS NOT JUST INGREDIENTS Past Future Consumer understanding Creation Customer Traditional Example: ingredient Future suppliers ingredient Application suppliers Focus on “Supplier-led Concept development innovation” Traditional Launch F&B customers Traditio
Slide 9: Fruit preparations
FRUIT PREPARATIONS Opportunities in - Food Service - Icecream - Innovative Fruit Preps AGRANA Results for H1 2022|23, 13 October 2022 9
Slide 10: Example: solutions for plant-based products
EXAMPLE: SOLUTIONS FOR PLANT-BASED PRODUCTS White Mass 02 01 Customized Fruit Prep Dairy Alternatives Functional Benefits 04 03 All-in-one AGRANA Results for H1 2022|23, 13 October 2022 10
Slide 11: Austria Juice
AUSTRIA JUICE Opportunities in - Beverage Compounds - FTNF Aromas - Composition Aromas AGRANA Results for H1 2022|23, 13 October 2022 11
Slide 12: Starch
STARCH Opportunities in - Specialty Starches - Organic Starches - Technical Applications Sustainability as driver AGRANA Results for H1 2022|23, 13 October 2022 12
Slide 13: Market environment
S EG M EN TS F R U I T, S TA R CH A N D S U G A R MARKET ENVIRONMENT 13
Slide 14: Market environment
H1 2022|23 MARKET ENVIRONMENT Fruit segment ▪ Fruit preparations: due to the economically challenging times, with high inflation and continually rising energy costs in many parts of the world, consumers are increasingly focusing on affordability and on limiting themselves more to essential products
Slide 15: Electricity and natural gas price development
PRICE DEVELOPMENT (JANUARY 2010 – OCTOBER 2022) ELECTRICTY AND NATURAL GAS € 900 800 700 600 500 400 300 200 100 0 -100 Electricity (Phelix Base DE) Natural Gas (NCG/THE) AGRANA Results for H1 2022|23, 13 October 2022 15
Slide 16: Ethanol and petrol prices
1 JANUARY 2012 – 10 OCTOBER 2022 (EUR) ETHANOL AND PETROL PRICES FY 2022|23 1600 Average daily ethanol price in EUR/m³ (Ethanol T2 FOB Rdam EUR/cm Platts) 1500 Average daily petrol price in EUR/m³ (PREM UNL-10ppm/FOB RDAM BARG Platts) 1400 1300 1200 10 October 2022: 1100 Ethanol: 867.8 EUR/m3 1000 P
Slide 17: Sugar price reporting: monthly EU average prices
SUGAR PRICE REPORTING MONTHLY EU AVERAGE PRICES (AUGUST 2013 TO AUGUST 2022; € PER TONNE) SMY 2021|22 750 EU Average Price for White Sugar EU Reference Price London No 5 700 650 600 August 2022: 538.7 €/t 550 500 450 400 404 €/t August 2022: 350 484 €/t 300 250 Source: European Commission (as of 6 O
Slide 18: Focus on ESG
AGRANA FOCUS ON ESG AGRANA Sustainability: https://www.agrana.com/en/sustainability 18
Slide 19: Our net-zero ambition
OUR NET-ZERO AMBITION! ▪ AGRANA is committed to the goal of net-zero emissions from production (scope 1 + 2) by 2040 ▪ Goal by 2050: net-zero emissions across the whole value chain (scope 1 + 2 + 3) ▪ Corporate Carbon Footprint (Scope 1+2+3) in base year 2019|20: 5.1 Mio. t CO2e ▪ Scope 1 (direct em
Slide 20: Raw materials and production
S EG M EN TS F R U I T, S TA R CH A N D S U G A R RAW MATERIALS AND PRODUCTION 20
Slide 21: Fruit segment: raw materials and production
RAW MATERIALS AND PRODUCTION IN H1 2022|23 FRUIT SEGMENT Fruit preparations ▪ Harvest of strawberry, the principal fruit, was completed in July in all relevant procurement markets; planned volume requirement was fully contracted ▪ In H1 2022|23, about 185,000 tonnes of raw materials were bought for
Slide 22: Starch segment: raw materials and production
RAW MATERIALS AND PRODUCTION IN H1 2022|23 STARCH SEGMENT Corn and wheat ▪ Receiving and processing of freshly harvested wet corn at the corn starch plant in Aschach, Austria, began at the end of August 2022 ▪ A wet corn volume of about 120,000 to 130,000 tonnes is expected to be received and its pr
Slide 23: Commodity prices: wheat and corn
WHEAT & CORN (EURONEXT, PARIS) COMMODITY PRICES 1 January 2006 – 12 October 2022 (EUR) FY 2022|23 Wheat (Paris) 12 Oct. 2022: 354.3 EUR/t Corn (Paris) 12 Oct. 2022: 340.5 EUR/t AGRANA Results for H1 2022|23, 13 October 2022 23
Slide 24: Sugar segment: raw materials and production
RAW MATERIALS AND PRODUCTION IN H1 2022|23 SUGAR SEGMENT ▪ Area contracted by AGRANA with its growers in the 2022 crop year was about 74,000 hectares (2021: around 86,000 hectares) ▪ In Austria, the contract area for beet production was reduced by about 5% from the prior year, to just under 34,000 h
Slide 25: Investment
H1 2022|23 INVESTMENT 25
Slide 26: Investment overview
MOST IMPORTANT PROJECTS IN THE GROUP INVESTMENT OVERVIEW H1 2022|23 €m GROUP 35.7 FRUIT • Mitry-Mory, France (new 30.3 stainless steel containers) 10.9 • Dachang, China (completion of the application laboratory) 12.2 7.7 STARCH • Aschach, Austria (speciality corn 7.4 processing) • Aschach and Gmünd,
Slide 27: Supply security - heating oil as short-term alternative to natural gas
ENERGY SUPPLY SECURITY - HEATING OIL AS A SHORT- TERM ALTERNATIVE TO NATURAL GAS ▪ AGRANA and its sites are part of the energy- intensive industry ▪ Security of supply: Switch to extra-light heating oil to ensure continuity of production, especially during campaigns − Installation of heating oil bur
Slide 28: Investment plan
OUTLOOK FOR 2022|23 INVESTMENT PLAN ▪ Total investment across the three business segments in the 2022|23 financial year, at approximately € 107 million ▪ Expected to exceed the 2021|22 level, but to be below this year’s budgeted Investment split 2022|23 depreciation of about € 120 (€ ~107 million) m
Slide 29: Financials
H1 2022|23 FINANCIALS AGRANA Key Figures: https://www.agrana.com/en/ir/key-figures- agrana-group/key-figures 29
Slide 30: Revenue by segment
H1 2022|23 VS PRIOR YEAR REVENUE BY SEGMENT €m GROUP 1,792.3 1,424.4 FRUIT 727.5 ▪ Fruit preparations revenue rose for price reasons, while the increase in fruit juice concentrate revenue was additionally driven by volume 633.4 STARCH ▪ Extreme increases in raw material and energy costs made it 655.
Slide 31: EBIT by segment
H1 2022|23 VS PRIOR YEAR EBIT BY SEGMENT €m GROUP FRUIT 3.1% 44.8 11.1 0.6% ▪ Non-cash impairment of € 91.2 million on assets and goodwill was recognised in exceptional items ▪ Operationally, profitability in fruit preparations was significantly less than one year earlier; deterioration was attribut
Slide 32: Consolidated income statement
CONSOLIDATED INCOME STATEMENT €m (condensed) H1 H1 Q2 Q2 2022|23 2021|22 2022|23 2021|22 Revenue 1,792.3 1,424.4 906.0 718.6 EBITDA1 141.2 94.0 69.1 49.2 Operating profit before except. items and results of equity-accounted JV 86.5 41.0 41.6 22.3 Share of results of equity-accounted JV 13.5 6.1 6.9
Slide 33: Energy costs in H1 2022|23
TOTAL AND BY SEGMENT ENERGY COSTS IN H1 2022|23 GROUP Energy costs €m 104.5 17.3 Energy mix of AGRANA Group in FY 2021|22 Biogas Biomass 49.0 Electricity 2% 1% 15.6 m GJ consumption (scope 1+2) 70.7 4% Other 11.2 Cole and coke 1% Natural gas (incl. LNG) 5% Renewable Steam electricity 30.4 10% Renewa
Slide 34: Net financial items | tax rate
NET FINANCIAL ITEMS | TAX RATE H1 H1 €m 2022|23 2021|22 Change Net interest expense (4.3) (3.7) -16.2% Currency translation differences (3.9) (2.1) -87.7% Other financial items (2.0) (1.3) -53.8% Total (10.2) (7.1) -44.3% H1 H1 €m Change 2022|23 2021|22 Profit before tax 0.8 37.7 -97.9% Income tax e
Slide 35: Consolidated cash flow statement
CONSOLIDATED CASH FLOW STATEMENT €m (condensed) H1 2022|23 H1 2021|22 Change Operating cash flow before changes in working capital 135.3 90.9 +48.8% Changes in working capital (166.9) (34.7) -381.0% Interest received and paid and income tax paid, net (11.9) (16.9) +29.6% Net cash (used in)/from (43.
Slide 36: Consolidated balance sheet
CONSOLIDATED BALANCE SHEET €m (condensed) 31 Aug 2022 28 Feb 2022 Change Non-current assets 1,048.6 1,135.0 -7.6% Current assets 1,607.1 1,508.6 +6.5% Total assets 2,655.7 2,643.6 +0.5% Equity 1,257.8 1,281.5 -1.8% Non-current liabilities 466.6 477.5 -2.3% Current liabilities 931.3 884.6 +5.3% Total
Slide 37: Financial outlook
2022|23 FINANCIAL OUTLOOK 37
Slide 38: Outlook for 2022|23: AGRANA Group
AGRANA GROUP OUTLOOK FOR 2022|23 EBIT 2022|23 Operating. profit 2022|23 Revenue 2022|23 This forecast is based on the assumption that the war in Ukraine remains regionally limited, that the physical supplies of energy and raw materials are ensured and that the significantly risen purchasin
Slide 39: Outlook for 2022|23: segments
AGRANA SEGMENTS OUTLOOK FOR 2022|23 FRUIT STARCH SUGAR Revenue Revenue Revenue EBIT EBIT EBIT Op. profit Op. profit ➔ Op. profit AGRANA Results for H1 2022|23, 13 October 2022 39
Slide 40: Outlook for Q3 2022|23
AGRANA GROUP OUTLOOK FOR Q3 2022|23 Q3 2021|22 (3 months) EBIT: € 31.2 million Q3 2022|23 EBIT AGRANA Results for H1 2022|23, 13 October 2022 40
Slide 41: Financial calendar
2022|23 AND 2023|24 FINANCIAL CALENDAR 12 January 2023 Results for first three quarters of 2022|23 17 May 2023 Results for full year 2022|23 (annual results press conference) 27 June 2023 Record date for Annual General Meeting participation 6 July 2023 Results for first quarter of 2023|24 7 July 202
Slide 42: 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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