EANS-News

AGRANA delivers significant earnings increase in first three quarters of 2020|21

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Quarterly Report

Vienna - First three quarters of 2020|21 at a glance


* Revenue: EUR 1,965.3 million (+4.6%; Q1-Q3 prior year: EUR 1,879.4 million)
* EBIT: EUR 84.3 million (+20.8%; Q1-Q3 prior year: EUR 69.8 million)
* EBIT margin: 4.3% (Q1-Q3 prior year: 3.7%)
* Profit for the period: EUR 53.8 million (+24.8%; Q1-Q3 prior year: EUR 43.1
million)
* Equity ratio: 53.4% (29 February 2020: 54.4%)



Outlook for full year 2020|21


* Forecast for full 2020|21 financial year is reaffirmed, with EBIT at least at
year-earlier level and with slight rise in revenue
* Diversification provided by the three segments Fruit, Starch and Sugar
underpins stable Group performance



In the first three quarters of the 2020|21 financial year, AGRANA, the fruit,
starch and sugar company, generated EBIT operating profit of EUR 84.3 million.
AGRANA Chief Executive Officer Johann Marihart comments: "The key drivers of the
earnings growth were good results in bioethanol - especially in the third
quarter - and a profitability improvement in the Sugar segment thanks to higher
sugar prices and volumes. Sugar EBIT nevertheless remained negative due mainly
to idle-capacity costs associated with the incomplete utilisation of sugar
factories, notably in Austria. In the Fruit segment, EBIT in the fruit
preparations business rose significantly in the first three quarters from the
year-earlier reporting period. The performance of the fruit juice concentrate
business, on the other hand, was down considerably as a result of lower
available volumes from the prior year's apple crop."


Results in each business segment


FRUIT segment

Fruit segment revenue in the first three quarters was EUR 891.7 million, closely
in line with the year-earlier level. In fruit preparations, revenue and sales
volumes remained steady. Revenue in the fruit juice concentrate activities saw a
moderate increase from a year ago, thanks largely to higher prices for the
product group of fruit juice concentrates, albeit on the back of higher apple
prices. Segment EBIT in the first nine months was EUR 41.3 million, off 10.0%
from one year earlier. While fruit preparations EBIT improved, the main reason
for the deterioration at segment level lay in lower delivery volumes in the
fruit juice concentrate business combined with reduced contribution margins for