AGRANA Beteiligungs-AG · VIE:AGR
AGRANA Beteiligungs-AG — Q1 2007|08 Earnings Presentation
31 slides from AGRANA Beteiligungs-AG's earnings presentation, Jul 12, 2007
Slide 1: Results of Q1 2007|08
AGRANA Beteiligungs-AG Results of Q1 2007|08 July 12, 2007|1 Adding value to nature’s gifts.
Slide 2: Segment Revenues in €m, 1st Quarter
Segment Revenues in €m 1st Quarter 500 472.0 449.0* 400 166.4 237.5 300 65.7 200 51.6 100 182.9 216.8 0 Q1 2006|07 Q1 2007|08 Sugar Starch Fruit *) rounded July 12, 2007|2 Adding value to nature’s gifts.
Slide 3: Segment Operating Profit in €m, 1st Quarter
Segment Operating Profit in €m 1st Quarter 40 35.1* 28.2 30 22.6 7.8 20 12.2 10 7.3 8.2 5.1 0 Q1 2006|07 Q1 2007|08 *) rounded Sugar Starch Fruit July 12, 2007|3 Adding value to nature’s gifts.
Slide 4: Key Financials March 1st – May 31, 2007
Key Financials March 1st – May 31, 2007 Based on IFRS (in €m) Q1 2007|08 Q1 2006|07 Revenues 449.0 472.0 Operating Profit before exceptional items/EBIT 28.2 35.1 Operating Profit after exceptional items 27.6 35.1 Net profit for the period 18.2 20.5 Tax rate 25.5% 29.6% July 12, 2007|4 Adding value t
Slide 5: SUGAR.
SUGAR. AGRANA is the leading producer of sugar in Central and Eastern Europe (CEE). July 12, 2007|5 Adding value to nature’s gifts.
Slide 6: SUGAR Segment Highlights
SUGAR Segment Highlights • Revenues € 171.0 m Revenues SUGAR in €m o Q1 2006|07 characterised by special 243.0 250 items like 185.5 200 171.0 - C-sugar exports and 150 - delivery to the Intervention which 100 lead to revenues above-average 50 0 • Operating profit € 7.8 m Q1 2005|06 Q1 2006|07 Q1 200
Slide 7: Sugar Sales 1st Quarter 2007|08
Sugar Sales 1st Quarter 2007|08 000‘tons QUOTA SUGAR EUROPEAN UNION 400 DOMESTIC CHEMICAL INDUSTRY (NON FOOD) 350 81.8 300 OUT OF QUOTA SUGAR 29.6 250 INDUSTRIAL SUGAR C-SUGAR/OUT OF QUOTA SUGAR 200 19.6 146.6 274.7 150 165.9 100 150.1 50 98.5 15.8 0 Q1 2006|07 Q1 2007|08 July 12, 2007|7 Adding valu
Slide 8: AGRANA - Current Market Position
AGRANA - Current Market Position Market position Sugar factory Distribution center EU quota / AGRANA Market (Tonnes) country quota (1) position under construction Austria 406 406 #1 Hungary 299 152 #1 Czech Rep.Opava Czech 368 90 #2 Hrusovany Slovakia Republic Leopoldsd Sered f. Slovakia 140 59 #2 T
Slide 9: The Future of the Sugar Market Regime
The Future of the Sugar Market Regime • WTO panel decision limits EU quotas and volumes (in million tonnes) Following a WTO panel decision, sugar exports 20 million tonnes C-sugar exports are no longer permitted. 20 • Quota reductions of 5.5 million 2.6 - 2.6 1.6 1,6 tonnes required by 2010 15 1.3 m
Slide 10: EU Sugar CMO – Proposal for the Reform of the Reform
EU Sugar CMO – Proposal for the Reform of the Reform • Fixing farmers’ share of the restructuring premium at 10% (to date it is a minimum of 10%). • Additional “top-up premium” for farmers affected by the surrender of quota of € 237.50 per tonne of sugar quota retroactively for the quota returned in
Slide 11: Raw Sugar Refinery in Brcko/Bosnia-Herzegovina
Raw Sugar Refinery in Brcko/ Bosnia-Herzegovina • Southeastern Europe, in particular the countries of the Western Balkans, have always been an important market for AGRANA is constructing a AGRANA sugar exports. raw sugar refinery in Brcko • Bosnia-Herzegovina and Albania are jointly with its long- e
Slide 12: STARCH.
STARCH. AGRANA is a well positioned starch specialist in Europe. July 12, 2007|12 Adding value to nature’s gifts.
Slide 13: STARCH Segment Highlights
STARCH Segment Highlights • Revenues up 30.0% to € 77.5 m STARCH revenues in €m o Capacity expansion in Aschach - 77.5 80 higher sales of specialities 59.4 59.6 60 o Constant organic growth o Increase of sales volumes in Hungary 40 and Romania 20 0 Q1 2005|06 Q1 2006|07 Q1 2007|08 • Operating profit
Slide 14: Bioethanol – Growth Potential in Europe
Bioethanol – Growth Potential in Europe EU Biofuels Directive: Substitution with biofuels 2% 2005 5.75 % 2010 in all EU countries 2007 – Decision reached by European Council to increase substitution with biofuel to 10% by 2020. 10,0 Advantages of bioethanol in million m3 7,9 CO2 neutral Reduces
Slide 15: Current Status Pischelsdorf
Current Status Pischelsdorf • Austria: Mandatory substitution of biofuel and tax incentives - 2.5% since October 1, 2005 - 4.3% from October 1, 2007 - 5.75% from October 1, 2008 o Political aim: 10% substitution from 2010 • Start of production: 10|2007 • Capacity up to 240,000 m3 • Raw material supp
Slide 16: Construction Status Pischelsdorf
Construction Status Pischelsdorf July 12, 2007|16 Adding value to nature’s gifts.
Slide 17: Current Status HUNGRANA
Current Status HUNGRANA • Implementation of the EU biofuels • Current capacity: approx. 52,000 m³ directive in Hungary due to tax from 2008|09: approx. 156,000 m³ incentives and additional mandatory • Raw materials: ~ 400,000 tons of corn substitution from July 1, 2007 • Investment: € 90 m till 2008
Slide 18: FRUIT.
FRUIT. AGRANA is a world’s leading supplier of fruit preparations and fruit juice concentrates. July 12, 2007|18 Adding value to nature’s gifts.
Slide 19: FRUIT Segment Highlights
FRUIT Segment Highlights • Revenues up 18.5% to FRUIT revenues in €m € 216.8 m * 250 216.8 o Fruit preparations: higher sales 200 182.9 volumes, strong organic growth and 150 higher selling prices 100 o Fruit juice concentrates: significant 46.5 50 increase of revenues due to higher 0 sales volumes
Slide 20: Apple Juice Concentrate Joint Venture in China
Apple Juice Concentrate Joint Venture in China 50% investment in Xianyang Andre Juice Co. Ltd. • Production of “sweet” apple juice concentrate for global market • Production site: Province Shaanxi – China’s largest apple-growing region • Production capacity: 25,000 tonnes of apple juice concentrate,
Slide 21: Fruit Preparations Plant in Brazil
Fruit Preparations Plant in Brazil AGRANA Fruit Brazil Ltda., Cabréuva|Sao Paulo • Construction period just seven months • Investment: € 7 m • Production start: May 2007 • Capacity: 2007|08: 4,000 tonnes p.a. 2008|09: 8,000 tonnes p.a. • Third production plant in Latin America after Mexico and Argen
Slide 22: Financial results Q1 2007|08
Financial results Q1 2007|08 July 12, 2007|22 Adding value to nature’s gifts.
Slide 23: Consolidated Profit and Loss Account Q1 2007|08
Consolidated Profit and Loss Account Q1 2007|08 (based on IFRS) Q1 Q1 Key P&L figures in €m 2007|08 2006|07 Revenue 449.0 472.0 Operating profit (EBIT) 28.2 35.1 Exceptional items (0.6)* 0 Operating profit after exceptional items 27.6 35.1 Financial result (3.2) (5.9) Profit before tax 24.4 29.2 Tax
Slide 24: Balance Sheet as at 31st of May 2007
Balance Sheet as at 31st of May 2007 31st of May 31st of May in €m 2007 2006 Non-current assets 985.7 910.8 Current assets 906.9 852.5 Shareholders’ equity 923.6 882.5 Non-current liabilities 406.9 499.1 Current liabilities 562.0 381.7 Balance sheet total 1,892.6* 1,763.3 *) rounded Equity ratio 48.
Slide 25: Consolidated Cash Flow Statement Q1 2007|08
Consolidated Cash Flow Statement Q1 2007|08 in €m Q1 2007|08 Q1 2006|07 Operating cash flow before change in working capital 33.1 37.4 Gains on disposal of non-current assets (1.3) (0.8) Change in working capital (78.1) (44.2) Net cash from operating activities (46.3) (7.6) Net cash from investing a
Slide 26: Investments Q1 2007|08
Investments Q1 2007|08 Increase of Investments to 45.1 m€ 50 45.1 in m€ 40 30 21.8 20 Bioethanol (A+H) 10 0 Q1 2006|07 Q1 2007|08 Sugar Starch Fruit July 12, 2007|26 Adding value to nature’s gifts.
Slide 27: Outlook 2007|08
Outlook 2007|08 July 12, 2007|27 Adding value to nature’s gifts.
Slide 28: Outlook for Financial Year 2007|08
Outlook for Financial Year 2007|08 • Revenue forecast 2007|08: slightly under € 1.9 bn o Key influencing factors: - Fruit: financial period of 12 instead of 14 months - Sugar: lower quantities to market (EU Sugar CMO) • Sugar: o Lower sugar revenues due to reduced sugar quotas o Uncertainty regardin
Slide 29: Outlook
Outlook • Sugar segment Forecast Group Revenues o Consolidation in CEE and SEE o Brcko plant enters operation € 1,916m(1) < € 1,900m ~ € 2,000m 2.000 • Starch segment ~42% o Capacity increases and 1.500 € 1,500m specialisation strategy as 48% revenue drivers 36% ~ 8% bio- o Bioethanol provides addit
Slide 30: 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
Slide 31: Thank you for your attention!
Thank you for your attention! July 12, 2007|31 Adding value to nature’s gifts.
AGRANA Beteiligungs-AG — Q1 2007|08 Earnings Presentation on 6ix