AGRANA Beteiligungs-AG · VIE:AGR
AGRANA Beteiligungs-AG — Q1-3 2011|12 Earnings Presentation
25 slides from AGRANA Beteiligungs-AG's earnings presentation, Jan 12, 2012
Slide 1: Results for the first three quarters of 2011|12
AGRANA Beteiligungs- Beteiligungs-AG Results for the first three quarters of 2011|12 (March 1 – November 30, 2011) January 12, 2012| 1
Slide 2: 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) p g profit Operating p improved p to € 198.7m (Q (Q1-3 2010|11: | € 104.8m)) Operating margin rose to 10.2 % (Q1-3 2010|11: 6.5 %) P fit ffor th Profit the period i d jjumped d to t € 129.7m 129 7 (Q1
Slide 3: 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 4: 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 k t o European Commission measures for SMY 2011|12: o Approval to sell 400,000 tonnes of non-quota
Slide 5: SUGAR Segment Highlights
SUGAR Segment Highlights 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 increased • Sta
Slide 6: Quotation for raw sugar & white sugar
Quotation for raw sugar & white sugar Januaryy 2006 – Januaryy 2012 ((in USD)) FY 2011|12 White sugar (LSE) 10/1/2012: 611.5 USD/to = 480.4 EUR/to Raw sugar (NYSE) 10/1/2012: 514.1 USD/to = 403.9 EUR/to January 12, 2012| 6
Slide 7: 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 volatility in the food sector (starch) correlated with sugar market development; markets for starches for technical purposes are also volatile o Raw material prices developed sid
Slide 8: STARCH Segment Highlights
STARCH Segment Highlights 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 led to an in
Slide 9: Price development of cereals
Price development of cereals Januaryy 2009 – Januaryy 2012 ((in EUR)) FY 2011|12 CORN Quotation (Paris) 10/1/2012: 205.0 EUR/to WHEAT Quotation (Paris) 10/1/2012: 203.3 EUR/to January 12, 2012| 9
Slide 10: 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, consumer
Slide 11: FRUIT Segment Highlights
FRUIT Segment Highlights 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 a difficult
Slide 12: Financial Results Q1-3 2011|12
Financial Results Q1 Q1--3 2011|12 January 12, 2012| 12
Slide 13: Consolidated Income Statement
Consolidated Income Statement (based on IFRS) Q3 Q3 Q1-3 Q1-3 Key P&L figures €m 2011|12 2010|11 2011|12 2010|11 Revenue 667.6 551.0 1,952.2 1,624.4 Operating profit before exceptional items 80.5 40.0 198.7 104.8 Exceptional items 0 0 (1 4) (1.4) 0 Operating profit after 80.5 40.0 197.3 104.8 except
Slide 14: 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 15: Consolidated Balance Sheet
Consolidated Balance Sheet Key figures €m 30 November 2011 28 February 2011 Non-current assets 969.7 981.8 Current assets 1 330 3 1,330.3 1 010 4 1,010.4 Total equity 1,034.3 970.7 Non-current liabilities 334.4 343.3 Current liabilities 931.3 678.2 Balance sheet total 2,300.0 1,992.2 Equity ratio 45
Slide 16: 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 50.000 -100.000 -150.000 -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 17: 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 18: 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 19: Outlook
Outlook Tt é | a SUGAR. STARCH. FRUIT. January 12, 2012| 19
Slide 20: Current Projects & News
Current Projects & News • JV with Ybbstaler (Juice): proceedings for approval from competition authority in progress • Sugar antitrust proceedings in Austria: Federal Competition Authority has published the claimed amount in the meantime; in their pleadings the defendants (AGRANA and SZ) reaffirmed
Slide 21: Segment Outlook FY 2011|12
Segment Outlook FY 2011|12 o Significant increase of operating profit also expected for the full FY 2011|12; SUGAR but Q4 traditionally weakest quarter of the year Segment o High volatility of world market prices and its impact on sugar pricing in the EU makes forecasting more difficult o Higher raw
Slide 22: Outlook AGRANA Group FY 2011|12
Outlook AGRANA Group FY 2011|12 • We reaffirm a further improvement in results for 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 significantly below prior year • Group revenue 2011|1
Slide 23: 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 January 12, 2012| 23
Slide 24: Thank you for your attention.
Thank you for your attention. January 12, 2012| 24
Slide 25: 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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