EANS-Adhoc: AGRANA Beteiligungs-AG / 2008|09 financial year - After a negative first half of the year, a positive second half leads to full-year operating profit of EUR 37.8 million before exceptional

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Company Information

20.05.2009

In the AGRANA Group the 2008|09 financial year (ended 28 February)
was defined by volatile energy and raw material prices, depreciation
in many Eastern European currencies and the effects of the worldwide
economic crisis. With revenue of EUR 2.03 billion (up from EUR 1.89
billion in the prior financial year)AGRANA achieved growth of 7.1%.
The revenue increase was driven by the Starch segment, which also
includes the new and expanded bioethanol capacity in Austria and
Hungary.

Operating profit before exceptional items declined from EUR 111.4
million to EUR 37.8 million, owing largely to one-time write-downs of
EUR 32.4 million on apple juice concentrate inventories in the first
half of the year, narrower margins as a result of commodity and
energy prices, and start-up costs for the additional bioethanol
production capacity. Net financial items fell from a net expense of
EUR 28.4 million to a net expense of EUR 67.1 million. The reason lay
in unrealised losses caused by the declining external value of some
Eastern European currencies. The bottom-line result deteriorated to a
loss for the period of EUR 15.9 million (prior year: profit for the
period of EUR 63.8 million).

"In the first half of the 2008|09 financial year it proved not
possible to make up the combined effect of the high prices in raw
material markets and low selling prices for apple juice concentrate
and we thus had to report a pre- exceptionals operating loss of EUR
7.8 million. In the second half of the year, our business almost
fully regained stability, with an operating profit of EUR 45.6
million before exceptional items, bringing the full-year figure to
EUR 37.8 million. However, the depreciation in some Eastern European
currencies during the last quarter led to a loss for the year of EUR
15.9 million," comments AGRANA Chief Executive Officer Johann
Marihart on the completed financial year.

Financial results for the first and second half of 2008|09

H1 2008|09 H2 2008|09
Revenue EURm 1,045.5 980.8
Operating (loss)/profit EURm (7.8) 45.6
before exceptional items
Net financial items EURm (8.0) (59.1)
Loss for the period EURm (21.4) (15.9)

Financial results for the year ended 28 February 2009
2008|09 2007|08
Revenue EURm 2,026.3 1,892.3
Operating profit before exceptional items EURm 37.8 111.4
Exceptional items EURm (3.2) (9.9)
Operating profit after exceptional items EURm 34.6 101.5
(Loss)/profit before tax EURm (32.4) 73.1
(Loss)/profit for the period EURm (15.9) 63.8
- Attributable to equity holders of AGRANA (11.6) 64.3
Beteiligungs-AG
- Minority interersts (4.3) (0.5)
(Loss)/earnings per share EUR (0.82) 4.53
Purchases of property, plant and equipment EURm 73.8 207.7
and intangibles*
Staff count 8,244 8,140

*) Excluding goodwill

The Management Board will propose to the Annual General Meeting to pay a

constant dividend of EUR 1.95 per share. "Taking into account that
the operating business has regained a stable footing and AGRANA's
equity position and cash flow situation are sound, we are using the
unchanged dividend to signal continuity to our shareholders," says
Marihart.

Revenue by segment was as follows:

2008|09 2007|08
Sugar segment EURm 702.5 751.7
Starch segment EURm 519.4 288.1
Fruit segment EURm 804.4 852.5
AGRANA Group revenue EURm 2,026.3 1,892.3

Investment (excluding financial investments) in the 2008|09 financial
year, at EUR 73.8 million, was well below the prior-year record level
of EUR 207.7 million. Most of this capital expenditure was for plant
optimisation and energy efficiency improvement. In the Fruit segment,
the focus was on capacity expansion in Brazil and the second joint
venture in China, as well as on rationalisation projects.

The equity ratio was held almost constant in 2008|09 at 41.4%,
compared to the high prior-year level of 41.8%. The Group's net debt
of EUR 470.1 million was EUR 97.6 million lower than one year
earlier.

"Through measures such as the reduction of current assets and scaling
back of investment, we were able to reduce our debt considerably.
AGRANA is soundly financed and has the resources for continued growth
in the future," points out AGRANA Chief Financial Officer Walter
Grausam.

Sugar segment The Sugar segment's revenue of EUR 702.5 million was
6.5% lower than in the prior year. Its share of Group revenue was
approximately 35% (prior year: about 40%). While sales volume grew
for quota sugar, prices were down. In the Eastern European countries,
the currency depreciation triggered price changes in national
currency that detracted from regional margins and sales volumes.

The segment operating profit of EUR 15.8 million before exceptional
items (prior year: EUR 32.6 million) included the effects both of the
receding prices and the high costs of the prior-year production
(caused by the restructuring levy) that was sold at significantly
lower prices in 2008|09. The profitability of production was also
hurt by significantly higher energy costs. On the other hand, a
positive impact came from the market-restructuring proceeds for
returned quota under the reform of the EU sugar regime. The new raw
sugar refinery in Brcko, Bosnia-Herzegovina, was still in the
start-up stage.

Starch segment The Starch segment's revenue expanded to EUR 519.4
million, well above the prior-year level of EUR 288.1 million. This
revenue growth of 80% was driven by higher bioethanol sales thanks to
full-scale operations of the bioethanol plant in Pischelsdorf,
Austria, since June 2008, and by the new starch and bioethanol
capacity in Hungary. Higher trading revenue and co-product sales, in
addition to greater volumes of core starch products and baby-food
sales, also contributed to the revenue expansion. The share of the
Starch segment in Group revenue rose to 25%, from 15% in the prior
year.

Starch segment operating profit before exceptional items amounted to
EUR 27.5 million; this was below the year-earlier level of EUR 35.3
million. Next to energy costs, a detrimental factor in the first half
of 2008|09 was the processing of high-priced raw materials from
inventory. With the start of the new harvest in autumn 2008, raw
material prices fell, leading to better profitability in the second
half of 2008|09.

Fruit segment The revenue decrease in the Fruit segment from the
prior year's EUR 852.5 million to EUR 804.4 million was attributable
to lower sales volume in the fruit juice concentrates activities,
combined with drastic price erosion for apple juice concentrate
beginning in the second quarter of 2008|09. This led to a write-down
of EUR 32.4 million on AGRANA's apple juice concentrate inventories,
which was the main factor in the segment's operating loss of EUR 5.5
million before exceptional items (prior year: operating profit of EUR
43.5 million before exceptional items).

The fruit preparations unit was able to raise prices slightly
compared to the year before. The crisis in the milk sector and the
global economic downturn adversely affected the worldwide fruit
yoghurt market and sales quantities of fruit preparations. It is too
early to discern whether or to what extent there will be lasting
changes in consumer behaviour. The Fruit segment accounted for almost
40% of Group revenue (prior year: 45%).

Outlook AGRANA expects Group revenue in 2009|10 approximately in line
with last year's level. While Sugar revenue is forecast to decrease,
Fruit revenue will see slight growth.

Lower commodity and energy prices, together with internal cost
savings, should counteract the current downward pressure on sales
prices effectively. Based on current information, AGRANA thus expects
Group operating profit to recover significantly in the 2009|10
financial year.

AGRANA's funding needs for the 2009|10 financial year are covered by
sufficient equity and credit lines. In addition, under the
reorganisation of the sugar market regime, restructuring proceeds of
about EUR 40 million for the returned quota will be fully received in
June 2009. In accordance with the macroeconomic environment, planned
investment in the current financial year will be reduced to
approximately EUR 50 million.

end of announcement euro adhoc
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ots Originaltext: AGRANA Beteiligungs-AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Investor Realtions:

Mag. Maria Fally

Tel.: 01-21137-12905

maria.fally@agrana.com

Public Relations:

Mag. Ulrike Pichler

Tel.: 01-21137-12084

ulrike.pichler@agrana.com

Branche: Food
ISIN: AT0000603709
WKN: 779535
Index: WBI, ATX Prime
Börsen: Berlin / Präsenzhandel
Frankfurt / Präsenzhandel
Stuttgart / Präsenzhandel
Wien / official market