AGRANA Beteiligungs-AG · VIE:AGR
AGRANA Beteiligungs-AG — H1 2023|24 Earnings Presentation
40 slides from AGRANA Beteiligungs-AG's earnings presentation, Oct 12, 2023
Slide 1: Results for the first half of 2023|24
FRUIT STARCH SUGAR T h e n a t u ra l u p g ra d e AGRANA Beteiligungs-AG Results for the first half of 2023|24 Presentation for investors and analysts AGRANA Results for H1 2023|24 | 12 October 2023 Vienna, 12 October 2023 1
Slide 2: AGRANA remains on track after the first six months
H1 2023|24 AGRANA REMAINS ON TRACK AFTER THE FIRST SIX MONTHS ▪ AGRANA has adjusted well to the new market dynamics (raw material and energy prices) ▪ Good first-half performance by the Fruit and Sugar segments ▪ Weaker ethanol performance (sharply lower Platts quotations) >> overall decline in Star
Slide 3: Overview – Key Figures
H1 2023|24 OVERVIEW – KEY FIGURES Revenue: € 1,959.5 m EBITDA1: € 163.7 m (+9.3%; H1 2022|23: € 1,792.3 m) (+15.9%; H1 2022|23: € 141.2 m) Operating profit2: € 112.7 m EBIT: € 110.9 m (+30.3%; H1 2022|23: € 86.5 m) (+899.1%; H1 2022|23: € 11.1 m) Earnings per share: € 0.97 (+385.3%; H1 2022|23: loss
Slide 4: Priorities
FINANCIAL YEAR 2023|24 PRIORITIES ▪ We want to move from “crisis mode” back into full “execution and growth” mode ▪ Continue to keep in focus the issues of inflation, economic weakness in Europe and rising interest costs ▪ Consistent working capital management will also remain a key to financial suc
Slide 5: Highlights Strategic Agenda
HIGHLIGHTS STRATEGIC AGENDA AGRANA Results for H1 2023|24 | 12 October 2023 5
Slide 6: Sustainable Value Growth
SUSTAINABLE VALUE GROWTH Refiner of agricultural raw materials and supplier of natural ingredients and solutions EBITDA margin > 10% ROCE > 10% Further Developing Strengthening Developing Organisation & Core business Future markets Culture Sustainability AGRANA Results for H1 2023|24 | 12 October 20
Slide 7: Strengthening Core Business
CORNERSTONE 1 STRENGTHENING CORE BUSINESS Fruit segment Starch segment Sugar segment • More innovations, • Expansion of specialties, • Strengthening of brand added-value solutions optimisation of portfolio and expansion of • New sales channels • Innovation specialties and markets • Strong implementa
Slide 8: Developing Future Markets
CORNERSTONE 2 DEVELOPING FUTURE MARKETS Plant-based Natural flavors proteins Biobased materials AGRANA Results for H1 2023|24 | 12 October 2023 8
Slide 9: A Modern Corporate Culture as the Basis for Sustainable Success
CORNERSTONE 3 A MODERN CORPORATE CULTURE AS THE BASIS FOR SUSTAINABLE SUCCESS Values- Performance, Market- and empowerment and Flexibility Cooperation vision- and inspiration customer and and based oriented adaptability confidence Structures – Processes – Competencies AGRANA: Modern – Performing – E
Slide 10: Market Environment
H 1 2 0 2 3 |2 4 MARKET ENVIRONMENT AGRANA Results for H1 2023|24 | 12 October 2023 10
Slide 11: Market Environment
H1 2023|24 MARKET ENVIRONMENT Fruit segment ▪ Fruit preparations: challenging economic times with high inflation -> consumers are focusing more on affordability and limiting themselves to essential products ▪ Fruit juice concentrate: customer call-offs were at a good level for apple juice concentrat
Slide 12: Raw Materials and Production
H 1 2 0 2 3 |2 4 RAW MATERIALS AND PRODUCTION AGRANA Results for H1 2023|24 | 12 October 2023 12
Slide 13: Raw Materials and Production (1)
H1 2023|24 RAW MATERIALS AND PRODUCTION (1) Fruit segment ▪ In the first half of 2023|24, about 176,000 tonnes of raw materials were purchased for the fruit preparations activities, including 29,000 tonnes of strawberries (principal fruit) ▪ Harvest of strawberry was completed in July in all relevan
Slide 14: Raw Materials and Production (2)
H1 2023|24 RAW MATERIALS AND PRODUCTION (2) Starch segment (continued) ▪ Corn and wheat: the receiving of freshly harvested wet corn at the plants in Aschach and Pischelsdorf, both in Austria, began in September 2023; in general, purchasing of feedstock from the 2022 crop for these facilities is com
Slide 15: Commodity Prices
WHEAT & CORN (EURONEXT, PARIS) COMMODITY PRICES FY 2023|24 1 January 2006 – 9 October 2023 (EUR) Wheat (Paris) 9 Oct 2023: 236.8 EUR/t Corn (Paris) 9 Oct 2023: 205.5 EUR/t AGRANA Results for H1 2023|24 | 12 October 2023 15
Slide 16: ESG Update
H 1 2 0 2 3 |2 4 ESG UPDATE AGRANA Sustainability: www.agrana.com/en/sustainability AGRANA Results for H1 2023|24 | 12 October 2023 16
Slide 17: AGRANA Climate Strategy – Science Based Targets
AGRANA CLIMATE STRATEGY MILESTONE SCIENCE BASED TARGETS NEAR- SCOPE 1 SCOPE 2 SCOPE 3 TERM 2030 2030 (from 2019|20 base year) 50% abs. reduction of approx. 34% abs. reduction GHG emissions (incl. future FLAG Guidance) Science based targets validated in September 2023 LONG-TERM Net-zero emissions Net
Slide 18: Clear Plans for Implementing the Climate Strategy
SUSTAINABLE VALUE GROWTH CLEAR PLANS FOR IMPLEMENTING THE CLIMATE STRATEGY Scope 1+2 emissions ▪ Ongoing energy efficiency measures, comprehensive green energy package ▪ From 2025 on, use of low-protein raw material residues for energy instead of natural gas ▪ Investments: by 2030 approx. € 180 mill
Slide 19: Investment
H 1 2 0 2 3 |2 4 INVESTMENT AGRANA Results for H1 2023|24 | 12 October 2023 19
Slide 20: Investment Overview
MOST IMPORTANT PROJECTS IN THE GROUP INVESTMENT OVERVIEW €m GROUP H1 2023|24 41.9 FRUIT ▪ Expansion of raw material storage in Jacona, Mexico 35.7 ▪ Replacement of various refrigeration units in Centerville, TN, USA ▪ New wastewater treatment plant in Ostrołęka, Poland 15.7 10.9 STARCH ▪ Measures to
Slide 21: Investment Plan
OUTLOOK FOR 2023|24 INVESTMENT PLAN ▪ Total investment across the three business Investment split 2023|24 segments is expected at approximately € 140 (€ ~140 million) million ▪ Is to significantly exceed both the 2022|23 29% value and the budgeted depreciation of 37% about € 120 million ▪ Approximat
Slide 22: Financials
H 1 2 0 2 3 |2 4 FINANCIALS AGRANA Key Figures: www.agrana.com/en/ir/key-figures-agrana- group/key-figures AGRANA Results for H1 2023|24 | 12 October 2023 22
Slide 23: Revenue by Segment
H1 2023|24 VS PRIOR YEAR REVENUE BY SEGMENT €m GROUP FRUIT ▪ Both fruit preparations and fruit juice concentrates saw price- 1,959.5 driven revenue growth 1,792.3 791.1 STARCH 727.5 ▪ Sales were moderately lower than in the same period of the previous year, in which the war in Ukraine led to massive
Slide 24: EBIT by Segment
H1 2023|24 VS PRIOR YEAR FRUIT ▪ In the prior year, following an impairment test at 31 August 2022, EBIT BY SEGMENT non-cash impairment on assets and goodwill was recognised in exceptional items as part of EBIT ▪ In fruit preparations, the item “operating profit before exceptional €m items and resul
Slide 25: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT H1 H1 Q2 Q2 €m (condensed) 2023|24 2022|23 2023|24 2022|23 Revenue 1,959.5 1,792.3 993.4 906.0 EBITDA1 163.7 141.2 73.1 69.1 Operating profit before except. items and results of equity-accounted JV 112.7 86.5 47.8 41.6 Share of results of equity-accounted JV (2.2) 13.5
Slide 26: Energy Costs in H1 2023|24
ENERGY COSTS IN H1 2023|24 €m GROUP Energy mix in H1 2023|24 Energy costs 2% 1% 13% 104.5 101.6 16% 17.3 19.9 22% 4.34 m GJ Energy Consumption (Scope 1+2) 70.7 64.0 42% 4% 16.5 17.7 Biomass Biogas Renewable electricity Natural gas (incl. LNG) H1 2022|23 H1 2023|24 Coal and Coke Electricity Steam Lig
Slide 27: Net Financial Items | Tax Rate
NET FINANCIAL ITEMS | TAX RATE H1 H1 €m 2023|24 2022|23 Change Net interest expense (15.0) (4.3) -248.8% Currency translation differences (7.5) (3.9) -90.2% Other financial items (1.8) (2.0) +10.0% Total (24.3) (10.2) -137.2% H1 H1 €m Change 2023|24 2022|23 Profit before tax 86.6 0.8 +10,725.0% Inco
Slide 28: Consolidated Cashflow Statement
CONSOLIDATED CASHFLOW STATEMENT €m (condensed) H1 2023|24 H1 2022|23 Change Operating cash flow before changes in working capital 180.1 135.3 +33.1% Changes in working capital (142.7) (166.9) +14.5% Total of interest paid/received and tax paid (25.7) (11.9) -116.0% Net cash from/(used in) operating
Slide 29: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET €m (condensed) 31 Aug 2023 28 Feb 2023 Change Non-current assets 1,025.7 1,041.0 -1.5% Current assets 1,782.9 1,962.1 -9.1% Total assets 2,808.6 3,003.1 -6.5% Equity 1,248.3 1,256.6 -0.7% Non-current liabilities 570.1 658.3 -13.4% Current liabilities 990.2 1,088.2 -9.0% To
Slide 30: Financial Outlook
2 0 2 3 |24 FINANCIAL OUTLOOK AGRANA Results for H1 2023|24 | 12 October 2023 30
Slide 31: Outlook for 2023|24 – AGRANA Group
AGRANA GROUP OUTLOOK FOR 2023|24 EBIT 2023|24 Revenue 2023|24 ▪ Key sources of uncertainty for the forecast remain the war in Ukraine and its consequences. ▪ Given the unpredictability of the further course of the war, effects such as exceptional cost increases and demand declines cannot be ru
Slide 32: Outlook for 2023|24 – AGRANA Segments
AGRANA SEGMENTS OUTLOOK FOR 2023|24 FRUIT STARCH SUGAR Revenue Revenue Revenue EBIT EBIT EBIT ➔ AGRANA Results for H1 2023|24 | 12 October 2023 32
Slide 33: Outlook for Third Quarter 2023|24
AGRANA GROUP OUTLOOK FOR THIRD QUARTER 2023|24 Q3 2022|23 (3 months) EBIT: € 39.1 million Q3 2023|24 (3M) BELOW the year- EBIT earlier EBIT 2022|23figure Revenue 2022|23 AGRANA Results for H1 2023|24 | 12 October 2023 33
Slide 34: Financial Calendar 2023|24 and 2024|25
2023|24 AND 2024|25 FINANCIAL CALENDAR 12 January 2024 15 July 2024 Results for first three quarters of 2023|24 Dividend payment date 14 May 2024 10 October 2024 Results for full year 2023|24 (annual results press conference) Results for first half of 2024|25 25 June 2024 14 January 2025 Record date
Slide 35: Appendix
H 1 2 0 2 3 |2 4 APPENDIX AGRANA Results for H1 2023|24 | 12 October 2023 35
Slide 36: Ethanol and Petrol Prices
1 JANUARY 2008 – 9 OCTOBER 2023 (EUR) ETHANOL AND PETROL PRICES FY 2023|24 € 1600 Durchschnittliche tägliche Ethanolnotierung in EUR/m³ (Ethanol T2 FOB Rdam EUR/cm gemäß Platts) 1500 Durchschnittliche tägliche Benzinnotierung in EUR/m³ (PREM UNL-10ppm/FOB RDAM BARG gemäß Platts) 1400 1300 9 Oct 2023
Slide 37: EU and Sugar World Market Prices
SUGAR PRICE REPORTING EU AND SUGAR WORLD MARKET PRICES € Source: Sugar Market situation; European Commission, published on 28 September AGRANA Results for H1 2023|24 | 12 October 2023 37
Slide 38: Electricity and Natural Gas
PRICE DEVELOPMENT (JANUARY 2010 – OCTOBER 2023) ELECTRICITY AND NATURAL GAS € 900 800 700 600 500 400 300 200 100 0 -100 2010-01-01 2011-01-01 2012-01-01 2013-01-01 2014-01-01 2015-01-01 2016-01-01 2017-01-01 2018-01-01 2019-01-01 2020-01-01 2021-01-01 2022-01-01 2023-01-01 Electricity (Power Austri
Slide 39: 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 40: Contacts
CONTACTS Investor Relations Mr. Hannes Haider Phone: +43-1-211 37-12905 E-mail: investor.relations@agrana.com AGRANA Beteiligungs-AG Friedrich-Wilhelm-Raiffeisen-Platz 1 1020 Vienna, Austria www.agrana.com/en AGRANA Investor Relations: www.agrana.com/en/ir AGRANA Results for H1 2023|24 | 12 October
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