euro adhoc: AGRANA Beteiligungs-AG / Financial Figures/Balance Sheet / AGRANA - After raw-materials-induced loss in first six months, significant improvement is expected in second half of 2008|09 Go

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6-month report

15.10.2008

At AGRANA, the international sugar, starch and fruit group, the
first half of the 2008|09 financial year was defined by high raw
material and energy prices. The resulting decrease in margins,
along with one-time expenses for a write- down on apple juice
concentrate inventories, led to a loss for the period despite
a number of countermeasures taken. For the second half of
2008|09, AGRANA expects a considerable improvement in profitability,
driven both by the reduction in raw material prices thanks to the
new crops, and by remedial action that is already producing
results. From the coming 2009|10 financial year onwards,
earnings are expected to return to the stronger levels of the
last several years.

The first half of the 2008|09 financial year (1 March to 31 August
2008) saw revenue grow by 12.0% to EUR 1,045.5 million (H1 2007|08:
EUR 933.3 million). Despite a decrease of 6.2%, the largest
revenue contribution came from the Fruit segment, at EUR 408.3
million, followed by the Sugar segment (with revenue up 4.5% to
EUR 383.6 million) and the Starch segment (with a revenue
increase of about 93.6% to EUR 253.6 million, from EUR 131 million).

In Fruit and Starch, AGRANA had to source its raw materials at
extremely high prices from the poor 2007 crops. The resulting cost
increases could not be fully passed through to the market.
Additionally, the dramatic erosion in sales prices of apple juice
concentrate required a downward revaluation of apple juice
concentrate inventories to current market prices. This one-time
expense amounted to EUR 32.4 million. Overall, the Group recorded an
operating loss of EUR 7.8 million (H1 2007|08: operating profit
of EUR 54.4 million) before exceptional items. After exceptional
items, the operating loss was EUR 10.1 million (H1 2007|08:
operating profit of EUR 52.8 million). Net financial items in the
first six months of the year amounted to a net expense of EUR
8.0 million (H1 2007|08: EUR 2.8 million) and the Group registered a
loss for the period of EUR 21.4 million (H1 2007|08: profit for
the period of EUR 36.6 million).

Johann Marihart, Chief Executive Officer of AGRANA Beteiligungs-AG,
commented: "To improve the current difficult situation, we are
employing energy efficiency measures, have reduced investment to
well below depreciation, and are emphasising rapid utilisation
of the newly built production capacity." For the second half of the
financial year, raw material prices for grains and fruits have
already eased significantly thanks to the outlook for this year's
crop. "We believe the bottom of the trough is behind us. Now that the
legacy effects in the Juice business have been absorbed, we expect
to return to significantly better earnings results in the second
half of the year," said Marihart.

First half of the 2008|09 financial year
AGRANA - IFRS results for the six months ended 31 August

First six months of First six months of
2008|09 2007|08
Revenue EURm 1,045.5 933.3
Operating profit EURm (7.8) 54.4
before exceptional
items
Exceptional items EURm (2.3) (1.6)
Operating profit after EURm (10.1) 52.8
exceptional items
Profit/(loss) before EURm (18.1) 50.0
tax
Profit/(loss) for the EURm (21.4) 36.6
period
Earnings/(loss) per EUR (1.39) 2.55
share
Staff count 8,617 8,950

Revenue by segment
EURm First six months of First six months of
2008|09 2007|08
Sugar segment 402.1 376.2
Starch segment 270.7 154.7
Fruit segment 408.3 435.1
Inter-segment (35.6) (32.7)
eliminations
AGRANA Group revenue 1,045.5 933.3

Capital expenditure in the first half of 2008|09 was
significantly reduced after the completion of the previous years'
very large investment programme, to EUR 32.6 million (H1 2007|08:
EUR 107.9 million).

Sugar segment The Sugar segment grew its revenue to EUR 402.1
million, an increase of EUR 25.9 million from the first half of
the prior year. The driving factor in the growth was an increase
in quota sugar sales in the EU, as well as through exports to
countries outside the European Union. At a profit of EUR 13.0
million, Sugar's contribution to operating profit was down slightly
from the year-earlier level, as expected. The raw sugar refinery in
Brcko, Bosnia, is

currently in the process of being brought on stream, which entails
corresponding launch costs.

Starch segment
Revenue in the Starch segment for the first six months of 2008|09 was EUR 270.7
million, or almost 75% higher than the year-earlier level of EUR 154.7 million.
This growth was propelled by the increase in bioethanol production and also the

inclusion of animal feed revenue, which in the prior year was still
attributed to the Sugar segment. Operating profit before exceptional
items fell to EUR 0.4 million (H1 2007|08: EUR 21.2 million) in the
Starch segment. The reason was that the expensive wheat and corn
(maize) from the prior-year harvest needed to be processed, yet the
associated extra costs could not be passed through to customers
for isoglucose and bioethanol.

Fruit segment Dramatic price erosion in apple juice concentrate in
the second quarter of the financial year drove down Fruit segment
revenue by 6.2% to EUR 408.3 million. The write-down of apple
juice concentrate inventories, combined with reorganisation
expenses in the fruit and juice activities, caused a significant
deterioration in Fruit segment operating earnings during the first
half of this financial year, from the year-earlier profit of
EUR 18.7 million to an operating loss of EUR 21.2 million before
exceptional items.

Outlook In its unchanged projection for the full 2008|09
financial year, AGRANA continues to expect an increase in Group
revenue to more than EUR 2.1 billion (2007|08: EUR 1.9 billion).

In the Sugar segment, the European sugar regime (with lower
quota sugar production and the reduction of the producer margin)
makes it likely that operating profit before exceptional items
will decrease. For the Starch segment, an improvement in
pre-exceptionals operating profit is expected in the second half of
the year compared to the prior year's second half, particularly as
the lower grain prices from the 2008 crop greatly improve the
production cost structure in the latter half of this year. With the
stable performance in fruit preparations and with the
improvement in the concentrate business compared to the first
half of the year, the Fruit segment, though not matching the prior
year, should generate a pre-exceptionals operating profit for
the full financial year.

For AGRANA as a whole in 2008|09, the Group is forecasting an
operating profit of about EUR 30 million before exceptional items,
as well as a solid cash flow trend. In 2009|10, provided that the
broad normalisation in raw material prices and in procurement and
product markets persists, the performance improvement measures
taken by AGRANA will already enable the Group to return to the
higher profit level of the 2007|08 financial year.

This press release and the report on the first six months of
2008|09 are available in German and English on the Internet at
www.agrana.com.

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

Further inquiry note:

AGRANA Beteiligungs-AG

Mag. Maria Fally

Investor Relations

Tel.: +43-1-211 37-12905

e-mail:maria.fally@agrana.com

Mag. Ulrike Pichler

Public Relations

Tel.: +43-1-211 37-12084

e-mail:ulrike.pichler@agrana.com

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