Agrana Beteiligungs-ag · VIE:AGR
Agrana Beteiligungs-ag — H1 2024|25 Earnings Presentation
34 slides from Agrana Beteiligungs-ag's earnings presentation, Oct 10, 2024
Slide 1: Results for H1 2024|25
THE NATURAL UPGRADE Results for H1 2024|25 AGRANA Beteiligungs-AG, 10 October 2024 Presentation for investors and analysts AGRANA Report on H1 2024|25: www.agrana.com/en/ir/publications A G R A N A | R e s u l t s fo r t h e f i r s t h a l f o f 2 0 2 4 | 2 5 | 1 0 O c t o b e r 2 0 2 4 1
Slide 2: Overview - Highlights
H1 2024|25 Overview - Highlights ▪ As projected, Q2 2024|25 was significantly weaker than in the previous year ▪ While the fruit segment delivered a very strong performance in the first six months, the earnings trend in the starch and sugar segments was weighed down heavily by general market develop
Slide 3: Overview – Key figures
H1 2024|25 Overview – Key figures Revenue: € 1,861.7 m EBITDA 1 : € 107.6 m -5.0% -34.3% (H1 2023|24: € 1,959.5 m) (H1 2023|24: € 163.7 m) Operating profit 2 : € 55.3 m EBIT: € 56.6 m -50.9% -49.0% (H1 2023|24: € 112.7 m) (H1 2023|24: € 110.9 m) Earnings per share: € 0.35 -63.9% (H1 2023|24: € 0.97)
Slide 4: Strategy update – work in progress
“Next Level” corporate strategy Strategy update – work in progress ▪ We are continuing to work hard on our “Next Level” strategy ▪ We have already taken the first steps and, among other things, launched a comprehensive cost reduction program at both the holding and segment level ▪ In the highly vola
Slide 5: Raw materials and production
THE NATURAL UPGRADE Raw materials and production Segments Fruit, Starch and Sugar A G R A N A | R e s u l t s fo r t h e f i r s t h a l f o f 2 0 2 4 | 2 5 | 1 0 O c t o b e r 2 0 2 4 5
Slide 6: Raw materials and production – Highlights (1)
H1 2024|25 Raw materials and production – Highlights (1) Fruit segment: ▪ Fruit preparations: in the H1 2024|25, about 185,000 tonnes of raw materials were purchased; harvest of strawberry (principal fruit) was completed in July in all relevant procurement markets; average purchase prices were above
Slide 7: Raw materials and production – Highlights (2)
H1 2024|25 Raw materials and production – Highlights (2) Sugar segment: ▪ Area contracted by AGRANA with its growers for sugar beet production in the 2024 crop year was about 99,000 hectares (2023 crop year: around 86,000 hectares) ▪ Austria (AGRANA's most important sugar production country): averag
Slide 8: Commodity prices
Wheat & Corn (Euronext, Paris) Commodity prices 1 January 2006 – 8 October 2024 FY 2024|25 Wheat | Corn (EUR per tonne) Q2 Closing / 30 Aug 2024 Wheat 205.8 EUR/t Corn 199.3 EUR/t Whea t (Pa ris) 8 Oct 2024: 229.8 E UR /t Corn (Pa ris) 8 Oct 2024: 214.0 E UR /t A G R A N A | R e s u l t s fo r t h e
Slide 9: ESG update
THE NATURAL UPGRADE ESG update H1 2024|25 AGRANA Sustainability: www.agrana.com/en/sustainability A G R A N A | R e s u l t s fo r t h e f i r s t h a l f o f 2 0 2 4 | 2 5 | 1 0 O c t o b e r 2 0 2 4 9
Slide 10: AGRANA ESG update
H1 2024|25 AGRANA ESG update ▪ Important milestone in sustainability reporting in this financial year by implementing the Corporate Sustainability Reporting Directive ( CSRD) and the European Sustainability Reporting Standards (ESRS) ▪ Aim is not only to produce an ESRS-compliant sustainability repo
Slide 11: Investment
THE NATURAL UPGRADE Investment H1 2024|25 A G R A N A | R e s u l t s fo r t h e f i r s t h a l f o f 2 0 2 4 | 2 5 | 1 0 O c t o b e r 2 0 2 4 11
Slide 12: Investment overview
Most important projects in the group Investment overview H1 2024|25 Fruit segment: Group • Capacity expansion in Jacona, Mexico • Expansion of the food service area in Centerville, Tennessee, €m 47.1 USA 41.9 • Expansion of solar power supply in China, France and South Africa 19.7 15.7 Starch segmen
Slide 13: Investment plan
Outlook for 2024|2025 Investment plan • Total investment across the three business Investment split 2024|25 segments in the 2024|25 financial year, at (total ~ € 120 million) approximately € 120 million • Is expected to be moderately below the 2023|24 25% value and thus only in line with the budgete
Slide 14: Results by segment and market environment
THE NATURAL UPGRADE Results by segment and market environment Fruit, Starch and Sugar A G R A N A | R e s u l t s fo r t h e f i r s t h a l f o f 2 0 2 4 | 2 5 | 1 0 O c t o b e r 2 0 2 4 14
Slide 15: Market environment – Highlights
H1 2024|25 Market environment – Highlights Fruit segment: • Fruit preparations: market situation remains volatile as a result of high inflation in many places, lower consumer spending and elevated geopolitical, climatic and supply chain risks • Fruit juice concentrate: level of customer call-offs fo
Slide 16: Revenue by segment
H1 2024|25 vs H1 prior year Revenue by segment Fruit segment: Group ▪ Fruit preparations: revenue rose for volume €m reasons; increase in fruit juice concentrate 1,959.5 1,861.7 revenue: driven by volume and prices Starch segment: 791.1 ▪ Owing to the decline in raw material and energy 824.5 prices,
Slide 17: EBIT by segment
H1 2024|25 vs H1 prior year EBIT by segment Fruit segment: EBIT margin ▪ Fruit preparations: EBIT was significantly above the year - €m ago level; improvement was attributable especially to a H1 2023|24 positive business performance in the Europe region EBIT margin (including Ukraine), in Mexico and
Slide 18: Financials
THE NATURAL UPGRADE Financials H1 2024|25 AGRANA Key Figures: www.agrana.com/en/ir/key- figures-agrana-group/key-figures A G R A N A | R e s u l t s fo r t h e f i r s t h a l f o f 2 0 2 4 | 2 5 | 1 0 O c t o b e r 2 0 2 4 18
Slide 19: Consolidated income statement
Consolidated income statement H1 H1 Q2 Q2 €m (condensed) 2024|25 2023|24 2024|25 2023|24 Revenue 1,861.7 1,959.5 917.4 993.4 EBITDA 1 107.6 163.7 51.8 73.1 Operating profit before except. items and results of equity-accounted JV 55.3 112.7 25.3 47.8 Share of results of equity-accounted JV 3.2 (2.2)
Slide 20: Energy costs and mix
Energy costs and mix Energy costs Energy mix of the group of the group in FY 2023|24 €m 101.6 19.9 80.9 18.4 64.0 54.2 17.7 8.3 H1 2023|24 H1 2024|25 Fruit Starch Sugar A G R A N A | R e s u l t s fo r t h e f i r s t h a l f o f 2 0 2 4 | 2 5 | 1 0 O c t o b e r 2 0 2 4 20
Slide 21: Net financial items | Tax Rate
Net financial items | Tax Rate €m H1 2024|25 H1 2023|24 Change Net interest expense (14.1) (15.0) +6.0% Currency translation differences (4.6) (7.5) +38.7% Other financial items (0.7) (1.8) +61.1% Total (19.4) (24.3) +20.2% €m H1 2024|25 H1 2023|24 Change Profit before tax 37.2 86.6 -57.0% Income ta
Slide 22: Consolidated cashflow statement
Consolidated cashflow statement H1 H1 €m (condensed) 2024|25 2023|24 Change Operating cash flow before changes in working capital 125.8 180.1 -30.1% Changes in working capital 11.0 (142.7) +107.7% Total in interest paid/received and tax paid (18.5) (25.7) +28.0% Net cash from operating activities 11
Slide 23: Consolidated balance sheet
Consolidated balance sheet €m (condensed) 31 Aug 2024 29 Feb 2024 Change Non-current assets 1,034.7 1,031.2 +0.3% Current assets 1,600.2 1,858.2 -13.9% Total assets 2,634.9 2,889.4 -8.8% Total equity and liabilities 1,220.5 1,248.4 -2.2% Non-current liabilities 621.2 628.7 -1.2% Current liabilities
Slide 24: Financial outlook
THE NATURAL UPGRADE Financial outlook 2024|25
Slide 25: Outlook for 2024|25
AGRANA Group Outlook for 2024|25 EBIT 2024|25 Revenue 2024|25 ▪ At Group level for the full 2024|25 financial year, AGRANA expects a significant reduction in EBIT ▪ Group revenue is projected to show a moderate decrease Foreca st uncerta i n t y a nd a ssumption s The war in Ukraine underway si
Slide 26: Outlook for 2024|25 – AGRANA Segments
AGRANA Segments Outlook for 2024|25 FRUIT STARCH Revenue Slight increase* Revenue Moderate reduction* EBIT Significant increase* EBIT Significant reduction* SUGAR Revenue Significant reduction* EBIT Very significant reduction* * The se qua ntita ti ve te rms a s used in this Outlook
Slide 27: Outlook for third quarter of 2024|25
AGRANA Group Outlook for third quarter of 2024|25 Q3 2023|24 (3 months) EBIT: € 38.5 million Q3 2024|25 EBIT for the third quarter of this financial year is expected to be EBIT very significantly below the year- earlier figure A G R A N A | R e s u l t s fo r t h e f i r s t h a l f o f 2 0 2 4 | 2
Slide 28: Financial calendar
FY 2024|25 and FY 2025|26 Financial calendar 14 January 2025 14 July 2025 Results for first three quarters of 2024|25 Dividend payment date 9 May 2025 9 October 2025 Results for full year 2024|25 (annual results press conference) Results for first half of 2025|26 24 June 2025 13 January 2026 Record
Slide 29: Appendix
THE NATURAL UPGRADE Appendix Results H1 2024|25 A G R A N A | R e s u l t s fo r t h e f i r s t h a l f o f 2 0 2 4 | 2 5 | 1 0 O c t o b e r 2 0 2 4 29
Slide 30: Ethanol and petrol prices
Ethanol and petrol prices FY 2024|25 1 January 2008 – 8 October 2024 Ethanol (Platts T2 spec.) | Fuel (PU-10PP-ARA) (EUR per m 3 ) H1 2023|24 H1 2024|25 8 Oct 2024 Ethanol avg. price: ~794 EUR/m3 ~697 EUR/m3 655.00 EUR/m3 A G R A N A | R e s u l t s fo r t h e f i r s t h a l f o f 2 0 2 4 | 2 5 | 1
Slide 31: Sugar quotations
World market: white sugar & raw sugar Sugar quotations 1 January 2006 – 8 October 2024 FY 2024|25 White sugar | Raw sugar (USD per tonne) W h i t e su ga r ( L o n do n # 5 ) 8 Oct 2024: 575.1 USD/t = 524.1 E UR /t R a w su ga r (ICE/NY #11) 8 Oct 2024: 495.8 USD/t = 451.8 E UR /t A G R A N A | R e
Slide 32: EU vs sugar world market prices
Sugar price reporting EU vs sugar world market prices € Source: Sugar Market situation; European Commission, published on 27 September 2024 A G R A N A | R e s u l t s fo r t h e f i r s t h a l f o f 2 0 2 4 | 2 5 | 1 0 O c t o b e r 2 0 2 4 32
Slide 33: Contacts
Contacts Investor Relations Mr. Hannes Haider Phone: +43-1-211 37-12905 Email: 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 A G R A N A | R e s u l t s fo r t h e f i r
Slide 34: Disclaimer
Disclaimer This presenta tion is be ing provide d to you solely for your informa tion a nd ma y not be reproduced or further distributed to a n y other person or published, in whole or in pa rt, for a ny purpose. This presenta tio n comprises the written ma teria ls/slides for a presenta tion concer
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