AGRANA Beteiligungs-AG

Earnings Release • Jan 13, 2006

News Details

Ad-hoc | 13 January 2006 07:59

AGRANA Beteiligungs-AG: Sharp Increase in Revenues in 3rd Quarter 2005/06

Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. —————————————————————————— The AGRANA Group’s revenues during the first three quarters of the current 2005|06 financial year (1 March through 30 November 2005) surged by 49 per cent compared with the same period of 2004|05 to total EUR 1,121.5 million (Q1 – Q3 2004|05: EUR 753.0 million). Most of the powerful increase in revenues was due to the addition of the Atys Group to the scope of consolidation as of the second quarter of 2005|06, but part was also attributable to an advance in exports in the Sugar Segment. Despite a sharp rise in energy costs and a narrowing of margins from sugar operations, consolidated profit from operating activities during the first three quarters was up on the year at EUR 83.5 million (Q1 – Q3 2004|05: EUR 82.3 million). AGRANA’s net cash from operating activities during the first three quarters tripled to EUR 216.6 million (Q1 – Q3 2004|05: EUR 70.3 million). Profit after income tax during the first nine months of the financial year fell to EUR 63.6 million (Q1 – Q3 2004|05: EUR 77.4 million). That was mainly the consequence of a fall in profit from investing and financial activities (loss of EUR 4.6 million, as against a profit of EUR 3.0 million in Q1 – Q3 2004|05) and a substantially increased tax load. The key factors underlying the development of profit from investing and financial activities were the Group’s acquisitions in the fruit sector and the associated increase in interest expense. Consolidated earnings for the period came to EUR 56.2 million, as against EUR 72.9 million in the first nine months of the previous financial year. The principal reasons for the decline included an increase in minority interests in the Group’s consolidated profit. However, AGRANA already took over the remaining stock of the Atys Group in December 2005, so minority interests will be significantly smaller in the fourth quarter. AGRANA: IFRS Figures (EUR mn) Q1 – Q3 1 March through 30 November 2005 2005|06 2004|05 Revenues 1,121.5 753.0 Profit from operating activities 83.5 82.3 Profit before income tax 78.9 85.2 Profit after income tax 63.6 77.4 Consolidated earnings 56.2 72.9 Net cash from operating activities 216.6 70.3 arnings per share (EUR) 3.96 5.13* Capital expenditure on tangible fixed assets 59.6 39.6 Staff 8,358 4,971 * Prior-year figure adjusted in accordance with IAS 33.64. Outlook The Group’s results during the 2005|06 financial year as a whole will be dominated by the first far-reaching consolidation of its fruit operations. Combined with rapid organic growth in AGRANA’s fruit and starch operations and high earlier-than-planned sugar exports (to allow for the fact that implementation of the WTO panel ruling will limit export opportunities in the course of 2006), it will generate a surge in revenues. Consequently, AGRANA is predicting full-year revenues of nearly EUR 1,500 million, as against EUR 981 million in 2004|05. In revenue terms, the Specialities Segment (fruit, starches) will catch up with the Sugar Segment. Whereas the Specialities Segment’s profit from operating activities will double, the Sugar Segment’s results will decline as a consequence both of high campaign energy costs and of unfavourable prices despite declassification. Overall, AGRANA’s full-year profit from operating activities should be up on the year. Restructuring decisions necessitated by changed conditions in the sugar sector will be made by the end of this financial year. English and German versions of this Press Release and the Report on the First Three Quarters of 2005|06 are available in the Internet at www.agrana.com. AGRANA Beteiligungs-AG Donau-City-Straße 9 (Strabag-Haus) 1220 Wien Austria ISIN: AT0000603709 WKN: 060370 Listed: Amtlicher Handel in Wien End of ad hoc announcement (c)DGAP 13.01.2006