EANS-News: AGRANA Beteiligungs-AG / AGRANA earnings in first half of 2013|14 below year-earlier level / Growth in revenue

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quarterly report/Half year results 2013/14

Wien (euro adhoc) - In the first half of 2013|14, AGRANA
Beteiligungs-AG saw a year-on-year increase in Group revenue from EUR
1,603.1 million to EUR 1,674.3 million. The operating profit of EUR
108.0 million before exceptional items did not reach the prior year's
record result of EUR 142.5 million. "While higher raw material prices
in the Sugar and Starch segments detracted from earnings, the Fruit
segment's operating profit grew by 75%," explains Johann Marihart,
Chief Executive Officer of AGRANA Beteiligungs-AG.

After the Group's net financial items expense of EUR 15.4 million and
a tax expense of EUR 23.4 million (corresponding to a tax rate of
25.3%), Group profit for the period was EUR 69.2 million. Net debt at
31 August 2013 stood at EUR 397.8 million, down significantly by EUR
85.9 million from the 2012|13 financial year-end level of EUR 483.7
million. Total assets eased slightly compared with 28 February 2013,
to EUR 2.44 billion, and the equity ratio rose from 47.0% to 49.8%.
The gearing ratio at the quarterly balance sheet date was 32.8% an
thus better than at 28 February 2013 (39.9%).

AGRANA Group results (IFRS) H1 2013/14 H1 2012/13 Q2 2013/14 Q2 2012/13

Revenue 1,674.3 mEUR 1,603.1 mEUR 822.7 mEUR 828.5 mEUR

EBITDA* 147.0 mEUR 176.6 mEUR 66.6 mEUR 89.8 mEUR

Operating profit before 108.0 mEUR 142.5 mEUR 46.2 mEUR 71.6 mEUR
exceptional items*

Operating margin 6.5% 8.9% 5.6% 8.6%

Operating profit after 108.0 mEUR 141.5 mEUR 46.2 mEUR 0.6 mEUR
exceptional items

Profit for the period 69.2 mEUR 99.6 mEUR 29.3 mEUR 52.1 mEUR

Earnings per share 4.59 EUR 6.86 EUR 1.94 EUR 3.54 EUR

Purchases of property, plant 59.3 mEUR 59.6 mEUR 35.9 mEUR 36.9 mEUR
and equipment and intangibles**

Staff count 8,919 8,519

* Before exceptional items.
** Exkluding goodwill.

"In the 2013|14 financial year we are again investing vigorously in
organic growth in all three business segments, with total capital
expenditure of about EUR 140 million. This underscores the
sustainability focus of our strategy. A key investment this year is
the construction of the fruit preparations plant in Lysander, New
York, intended to further strengthen our market position in the
United States," says Marihart.

SEGMENT SUGAR H1 2013/14 H1 2012/13 Q2 2013/14 Q2 2012/13

Revenue 603.1 mEUR 634.0 mEUR 297.4 mEUR 327.2 mEUR

Operating profit before 38.2 mEUR 7 1.2 mEUR 17.1 mEUR 36.6 mEUR
exceptional items

Operating margin 6.3% 11.2% 5.7% 11.2%

The Sugar segment's sales volume, revenue and earnings in the first
half of 2013|14 were well below the level of one year earlier. The
revenue decline is explained primarily by reduced sales quantities of
quota sugar and lower exports. While sugar sales volumes eased
slightly, revenues from by-products and other products were constant.
As expected, the operating profit of EUR 38.2 million before
exceptional items was well below the high prior-year figure (of EUR
71.2 million), mainly because of a strong overall rise in raw
material costs for the prior year's beet crop. The operating margin
eased to 6.3%.

SEGMENT STARCH H1 2013/14 H1 2012/13 Q2 2013/14 Q2 2012/13

Revenue 443.6 mEUR 395.7 mEUR 223.3 mEUR 203.3 mEUR

Operating profit before 26.3 mEUR 46.5 mEUR 9.7 mEUR 22.5 mEUR
exceptional items

Operating margin 5.9% 11.8% 4.3% 11.1%

Revenue of the Starch segment in the first half of 2013|14 was EUR
443.6 million, representing growth of 12.1% from the year-ago level
of EUR 395.7 million. The growth was driven by higher selling prices
and volumes. Especially as the intense competition did not allow the
increase in raw material costs to be recouped through sales prices,
the segment's pre-exceptionals operating profit of EUR 26.3 million
was down substantially from the prior-year value of EUR 46.5 million.
As well, the commissioning of the wheat starch plant in Pischelsdorf,
Austria, entailed the expected start-up losses. The decrease in
earnings combined with higher revenue meant a contraction in
operating margin to 5.9%.

SEGMENT FRUIT H1 2013/14 H1 2012/13 Q2 2013/14 Q2 2012/13

Revenue 627.6 mEUR 573.4 mEUR 302.0 mEUR 298.0 mEUR

Operating profit before 43.4 mEUR 24.8 mEUR 19.8 mEUR 12.5 mEUR
exceptional items

Operating margin 6.9% 4.3% 6.4% 4.2%

Fruit segment revenue increased by 9.5% in the first half of 2013|14
to EUR 627.6 million. This resulted above all from compelling volume
growth of 8% in fruit preparations as AGRANA's market share expanded
in many countries. The greatest volume growth was achieved in North
America and Asia, but sales quantities also increased in Europe for
the first time after years of decreases. Revenue in the fruit juice
concentrate activities also grew. The segment's operating profit of
EUR 43.4 million before exceptional items was 75% better than the
year-earlier result of EUR 24.8 million. The operating margin was
6.9%.

Outlook

For the full 2013|14 financial year, AGRANA continues to expect a
slight increase in Group revenue, driven primarily by sales volume
growth. In view of the results for the year to date, operating profit
before exceptional items will be less than in the last two, record
years.

This press release is also available on the AGRANA website at
www.agrana.com.

Further inquiry note:
AGRANA Beteiligungs-AG

Mag.(FH) Markus Simak
Public Relations
Tel.: +43-1-211 37-12084
e-mail: markus.simak@agrana.com

Mag.(FH) Hannes Haider
Investor Relations
Tel.: +43-1-211 37-12905
e-mail:hannes.haider@agrana.com

end of announcement euro adhoc
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company: AGRANA Beteiligungs-AG
F.-W.-Raiffeisen-Platz 1
A-1020 Wien
phone: +43-1-21137-0
FAX: +43-1-21137-12045
mail: info.ab@agrana.com
WWW: www.agrana.com
sector: Food
ISIN: AT0000603709
indexes: WBI, ATX Prime
stockmarkets: Präsenzhandel: Berlin, Stuttgart, Frankfurt, official market: Wien
language: English