Agrana Beteiligungs-ag · VIE:AGR
Agrana Beteiligungs-ag — Institutional Investors Conference, Raiffeisen Centrobank, Zürs 2012
43 slides from Agrana Beteiligungs-ag's conference presentation, Apr 12, 2012
Slide 1: Institutional Investors Conference
AGRANA Beteiligungs- Beteiligungs g g -AG Institutional Investors Conference Raiffeisen Centrobank Zuers | Austria | April 12, 2012 (Presenter: CFO Walter Grausam) Grausam) April 12, 2012| slide 1
Slide 2: Content
Content • Introduction & business overview • Financial results (Q1-3 2011|12) • Segment S t overview i o Sugar o Starch o Fruit • Outlook for FY 2011|12 • Estimates E ti t ffor FY 2012|13 April 12, 2012| slide 2
Slide 3: Introduction | Business overview
Introduction | Business overview April 12, 2012| slide 3
Slide 4: At a glance
At a glance AGRANA‘s diversified and balanced portfolio p Sugar Starch Fruit • Sugar is sold • AGRANA produces starch and special • Fruit juice concentrates (20 % of - to consumers via the food starch products. segment revenue) customers are trade (20%) and • Starch is a complex carbohydrate fruit j
Slide 5: Market position
Market position SUGAR Leading sugar manufacturer in Central, Eastern and Southeastern Europe STARCH Major manufacturer of custom starch products in Europe and largest producer of bioethanol in Austria and Hungary World market leader in the production of fruit preparations FRUIT One of the largest pr
Slide 6: Synergies between our three segments
An important part of our strategy are synergies y g between our three segments g The strategic goals Investor and customer value from: • Balance of risk SUGAR: • Exchange of know-how Customer- and market-oriented growth in CEE and Southeastern Europe • Cost savings from synergies STARCH: Organic gro
Slide 7: AGRANA production sites
AGRANA production sites Segment 2011|12 2002|03 Sugar 10 15 Starch 5 5 Fruit 38* - TOTAL 53* 20 *incl. 2 new plants: • Cairo (production started in May 2011) • Johannesburg (since end of October 2011) April 12, 2012| slide 7
Slide 8: Shareholder structure
Shareholder structure Shares outstanding: 14,202,040 Market capitalisation (as of 29 February 2012): € 1,192.3 million ~ 10.0% Raiffeisen-Holding Lower Austria - Vienna ZBG Südzucker ~ 80% ~ 50% ~ 50% Z&S Free Float Zucker und Stärke Holding AG 24.5% 75.5% April 12, 2012| slide 8
Slide 9: AGRANA share
AGRANA share • Coverage (share price target): o Berenberg Bank (€ 110) o Raiffeisen Centrobank (€ 94.5) o Goldman Sachs (€ 114) 2.888,8 84.0 80,0 2.196.1 Performance (1/3/2011 – 29/2/2012): AGRANA +4.94 %, ATX -23.98 % April 12, 2012| slide 9
Slide 10: Financial results Q1-3 2011|12
Financial results Q1- Q1-3 2011|12 April 12, 2012| slide 10
Slide 11: Financial Highlights Q1-3 2011|12
Financial Highlights Q1-3 2011|12 Group revenue increased to € 1,952.2m (Q1-3 2010|11: € 1,624.4m) >> + 20.2 % Operating p g profit p improved p to € 198.7m (Q (Q1-3 2010|11: | € 104.8m)) >> + 89.6 % Operating margin rose to 10.2 % (Q1-3 2010|11: 6.5 %) P fit ffor th Profit the period i d jjumped d
Slide 12: AGRANA's Revenue by Segment
AGRANA’s Revenue by Segment €m Fruit +20.2% 1 952 2 1,952.2 Starch Sugar 1,624.4 +5.3 % 673,4 Q1 3 2010|11 Q1-3 Q1 3 2011|12 Q1-3 639,7 +38.4 % 587,5 34.5 35.4 34.5 424,6 39.4 % % % % +23.4 % 560,1 691 4 691,4 26.1 30.1 % % Q1-3 2010|11 Q1-3 2011|12 April 12, 2012| slide 12
Slide 13: AGRANA's Operating Profit by Segment
AGRANA’s Operating Profit by Segment* Operating margin Fruit Starch €m Sugar 198 7 198.7 +89.6% Q1-3 2010|11 Q1-3 2011|12 | 36.2 104.8 +2.3% 68.2 4.6% 5.4% 18.2 24.8 24 8 13.6% 35.4 +56.8% 33.7 % % 43.5 % 47.5 94.3 26.0 >+100% 5.5% % 34.3 34 3 Q1-3 2010|11 Q1-3 2011|12 41.5 % % 11.6% 10.2% * Operati
Slide 14: Consolidated Income Statement
Consolidated Income Statement (based on IFRS) Q1-3 Q1-3 Key P&L figures €m 2011|12 2010|11 Revenue 1,952.2 1,624.4 Operating profit before exceptional items 198.7 104.8 Exceptional items (1 4) (1.4) 0 Operating profit after 197.3 104.8 exceptional items Net financial items (30.6) (20.2) Profit befor
Slide 15: Change in net financial items
Change in net financial items Q1-3 Q1-3 €m 2011|12 2010|11 Net interest expense (18.6) (16.3) HUF, PLN, Currency translation differences (10.5) (3.8) RON Other financial items and share of results of non-consolidated ((1.5)) ((0.1)) subsidiaries and outside companies Net financial items (30.6) (20.2
Slide 16: Consolidated Balance Sheet (1)
Consolidated Balance Sheet (1) Key figures €m 30 November 2011 28 February 2011 Non-current assets Intangible assets 247.2 248.6 PPE 570.5 577.7 Securities 104.2 104.6 Investments, loan receiv. 6.2 6.2 Receivables & other assets 10.2 13.8 Deferred tax assets 31.4 31.0 969.7 981.9 Current assets Inve
Slide 17: Consolidated Balance Sheet (2)
Consolidated Balance Sheet (2) Key figures €m 30 November 2011 28 February 2011 E i Equity 1 034 3 1,034.3 970 7 970.7 Non-current liabilities thereof borrowings 258.9 267.0 334.4 343.3 Current liabilities thereof trade & other payables 494.4 328.6 thereof borrowings g 374.4 294.9 969.7 981.9 Balanc
Slide 18: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Q1-3 Q1-3 €m 2011|12 2010|11 Operating cash flow before change in working capital 209 5 209.5 133 1 133.1 Losses on disposal of non-current assets 0.1 0.1 Ch Change in i working ki capital it l (186 9) (186.9) (87 6) (87.6) Net cash from operating activities 22.7 45.
Slide 19: CF development in 2011 (working capital)
CF development in 2011 (working capital) 250.000 200.000 150.000 100.000 50.000 0 -50.000 -100.000 -150.000 200 000 -200.000 -250.000 CF before change in WC Change in WC Net cash from operating activities € 000 28/2/20 28/2/2011 3 / /20 31/5/2011 3 /8/20 31/8/2011 30/ /20 30/11/2011 CF before change
Slide 20: Total Investment
Total Investment Fruit o Completion of the finished goods warehouse in Russia; capacity +123.9% 62.7 expansion in progress €m o 2nd production line “Choco-Crispies” o Investments within the jjuice division to 25.6 optimise operations Starch o Start of the biomass boiler project in +101 6% +101.6% Hu
Slide 21: Segment overview
Segment overview April 12, 2012| slide 21
Slide 22: SUGAR
SUGAR. April 12, 2012| slide 22
Slide 23: SUGAR Key Drivers for Q1-3 2011|12
SUGAR Key Drivers for Q1-3 2011|12 o Tight sugar supply in the EU - excess demand must be met by world market imports o High volatility in world market prices has an increasing impact on the EU market o European Commission measures for SMY 2011|12: o Approval to sell 400,000 tonnes of non-quota suga
Slide 24: SUGAR Segment Highlights Q1-3 11|12
SUGAR Segment Highlights Q1-3 11|12 R Revenue € €m Revenue off € 691.4m; R 691 4 Operating O ti profit fit increased i d to € 94.3m 691.4 • High world market quotation and tight supply of 560 1 560.1 sugar in the EU >> sugar prices in all sales segments +23.4% and particularly in Eastern Europe incr
Slide 25: SUGAR segment Market position
SUGAR segment Market a position pos o AGRANA EU sugar beet Market 7 sugar plants and 2 raw sugar refineries (´000 tons) quota quota (1) position Austria 351 351 #1 Czech Rep. Hungary 105 105 #1 Slovakia Czech Republic 372 94 #2 Austria Hungary Romania Slovakia 112 44 #2 Romania 105 24 na n.a. Bosnia
Slide 26: Quotation for raw sugar & white sugar
Quotation for raw sugar & white sugar Januaryy 2009 – April p 2012 (in ( USD)) FY 2011|12 White sugar (LSE) April 4, 2012: 636.0 USD/to = 477.4 EUR/to Raw sugar (NYSE) April 4, 2012: 535.7 USD/to = 402.1 EUR/to April 12, 2012| slide 26
Slide 27: World sugar production & consumption
World sugar production & consumption Million tons 200 176.9 180 166.6 165.4 160.4 164.9 159.2 159.5 159.0 159.9 160 151.8 Beet- Beet- Beet- B t S Sugar sugar Sugar ~20% Beet- 140 20.6% Beet- sugar sugar 19.6% 22.2% 21.3% 120 100 Cane- Cane- Sugar Cane- 80 Cane- sugar 74.3 Cane- sugar sugar 77.8% 80.
Slide 28: STARCH
STARCH. April 12, 2012| slide 28
Slide 29: STARCH Key Drivers for Q1-3 2011|12
STARCH Key Drivers for Q1-3 2011|12 o Market development remains positive – pricewise and in terms of volumes o Increased I d volatility l tilit iin th the ffood d sector t ((starch) t h) correlated l t d with ith sugar market development; markets for starches for technical purposes are also volatil
Slide 30: STARCH Segment Highlights Q1-3 11|12
STARCH Segment Highlights Q1-3 11|12 Revenue €m Revenue up to € 587.5m 587 5m • Higher sales prices in all product categories (starch, 587.5 animal feed, ethanol etc.) 424.6 +38.4% • Volumes also above prior year especially due to increased sales of by-products and bioethanol • Sugar supply/demand l
Slide 31: Price development of cereals
Price development of cereals Januaryy 2009 – April p 2012 (in ( EUR)) FY 2011|12 CORN Quotation Q (Paris) April 4, 2012: 213.8 EUR/to WHEAT Quotation (Paris) April 4, 2012: 209.8 EUR/to April 12, 2012| slide 31
Slide 32: World grain production & consumption
World grain production & consumption Million tons 2.000 1,802 1,799 1,768 1 841 1,836 1,841 1 836 1.800 1,731 1,753 1,785 1,699 1,678 1.600 1.400 1.200 Production 1.000 Consumption 800 Stocks 600 373 404 373 378 = 20.6 % 400 302 200 0 2007|08 2008|09 2009|10 2010|11e 2011|12f International grain sto
Slide 33: FRUIT
FRUIT. April 12, 2012| slide 33
Slide 34: FRUIT Key Drivers for Q1-3 2011|12
FRUIT Key Drivers for Q1-3 2011|12 o Juice concentrates: o positive market development – pricewise o stable sales volumes in CEE and North America; slight volume declines in Western Europe (due to lower availability of raw materials) o Fruit preparation: o higher prices for dairy products products,
Slide 35: FRUIT Segment Highlights Q1-3 11|12
FRUIT Segment Highlights Q1-3 11|12 R Revenue € €m Revenue of € 673.4m 673 4m • Juice concentrate prices overall still at a high level 673.4 • Concentrate volumes especially in the last months 639.7 +5.3% somewhat below previous year’s year s level • Sales volumes of fruit preparations decreased in
Slide 36: FRUIT Segment Market position
FRUIT Segment Market a position pos o Status as of 29 February 2012: Fruit preparations 27 Fruit Preparation Plants & • World Market Leader in Fruit 11 Fruit Juice Concentrate Plants preparations p p ; global g market share > 30% • Long-term growth potential is intact, although the global fruit yogh
Slide 37: Outlook
Outlook April 12, 2012| slide 37
Slide 38: Outlook AGRANA Group FY 2011|12
Outlook AGRANA Group FY 2011|12 • We reaffirm the improvement in results for the full FY 2011|12 based on the strong performance in the first three quarters • Profit growth will be driven by the Sugar and the Starch segment g • Fruit segment will be below prior year • Group revenue 2011|12 to increa
Slide 39: Projects & News
Projects & News • JV with Ybbstaler (Juice): EU Commission approved JV on April 5 2012; 5, 2012 thi this decision d i i forms f the th anti-trust ti t t prerequisite i it ffor concluding l di the transaction; closing is planned for early June 2012 • Sugar g antitrust p proceedings g in Austria: Fede
Slide 40: Preview for 2012|13
“Preview” for 2012|13 • Based on the slightly positive estimates on the overall global economic development, we expect a further volume growth in all segments. • The group revenue 2012|13 should increase to slightly more than € 2.8 billion,, based on o the positive volume development o prices at the
Slide 41: Financial calendar
Financial calendar Our next events... 15 May M 2012 Press conference & Conference Call on Annual Results for 2011|12 2 July 2012 Annual General Meeting g for 2011|12 | 5 July 2012 Dividend payment and ex-dividend date April 12, 2012| slide 41
Slide 42: Contacts
Contacts Corporate Communications | Investor Relations: Hannes Haider Email: investor.relations@agrana.com C Corporate t Communications C i ti | Public P bli Relations: R l ti Christine Göller Email: info.ab@agrana.com info ab@agrana com April 12, 2012| slide 42
Slide 43: 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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