EANS-News: AGRANA Beteiligungs-AG / Results for first quarter of 2013/14 (ended 31 May 2013)

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quarterly report

Wien (euro adhoc) - AGRANA results for first quarter of 2013|14
(ended 31 May 2013)

-Revenue growth of 9.9% to EUR 851.6 million

-Operating profit of EUR 61.9 million before exceptional items (off
12.7% from Q1 2012|13)

-Operating margin: 7.3% (Q1 2012|13: 9.2%)

-Equity ratio: 48.2% (28 February 2013: 47.0%)

-Outlook: Modest revenue growth expected for 2013|14 financial year
Pre-exceptionals operating profit for 2013|14 seen lower than in
2012|13

AGRANA Beteiligungs-AG started the new financial year with further
revenue growth. After last year's strong result, Group revenue
expanded by 9.9% to EUR 851.6 million. While operating profit in the
Fruit segment was all but doubled, higher raw material costs weighed
on the margins in the Sugar and Starch segments, as expected. For the
Group as a whole, first-quarter operating profit before exceptional
items amounted to EUR 61.9 million, or EUR 9 million less than in the
prior year's first quarter (EUR 70.9 million).

Net financial items in the first quarter came to a net expense of EUR
7.9 million (Q1 2012|13: net expense of EUR 9.7 million); the change
year-on-year resultedprimarily from an improved net interest expense.
With an income tax expense of EUR 14.0 million based on a tax rate of
26.0% (prior year: 22.5%), the Group's profit for the period was EUR
39.9 million (prior year: EUR 47.5 million). After non-controlling
interests, earnings per share attributable to AGRANA's shareholders
were EUR 2.65 (Q1 2012|13: EUR 3.32).

Net debt at 31 May 2013 measured EUR 536.8 million, up by EUR 53.1
million from the 2012|13 financial year-end level of EUR 483.7
million. Total assets were stable compared with 28 February 2013, at
EUR 2.6 billion, and the equity ratio rose from 47.0% to 48.2%. The
gearing ratio of 43.1% at the quarterly balance sheet date was
somewhat above the level of 28 February 2013 (39.9%).

AGRANA Group results (IFRS) Q1 2013/14 Q1 2012/13

Revenue EUR 851.6 m EUR 774.6 m

Operating profit before
exceptional items EUR 61.9 m EUR 70.9 m

Operating margin 7,3% 9,2%

Profit before tax EUR 54.0 m EUR 61.3 m

Profit for the period EUR 39.9 m EUR 47.5 m

Earnings per share EUR 2.65 EUR 3.32

Purchases of property,

plant and equipment and intangibles (Excluding goodwill) EUR 23.4 m
EUR 22.7 m

Staff count 8,879
8,483

AGRANA Chief Executive Officer Johann Marihart says: "In terms of
revenue, we achieved a positive start to AGRANA's anniversary year.
At the same time, as expected, the high raw material prices detracted
from our profitability."

Sugar segment:

Q1 2013/14 Q1 2012/13

Revenue EUR 305.7 m EUR 306.8 m

Operating profit before
exceptional items EUR 21.1 m EUR 34.6 m

Operating margin 6.9% 11.3%

The Sugar segment, as expected, began 2013|14 on a downward trend
compared to one year earlier. Revenue in the first quarter was down
slightly year-on-year as a result of somewhat lower sales to
industrial customers. Revenue from by- products and other products
remained constant. The pressure on prices in Hungary and Romania and
the overall rise in raw material costs depressed operating profit
before exceptional items to EUR 21.1 million.

Starch segment:

Q1 2013/14 Q1 2012/13

Revenue EUR 220.3 m EUR 192.4 m

Operating profit before
exceptional items EUR 16.6 m EUR 24.0 m

Operating margin 7.5% 12.5%

Starch segment revenue in the first quarter was up from the year-ago
level. Operating profit before exceptional items decreased from the
year-earlier quarter. The main reason was an increase in raw material
costs. The profit contribution from AGRANA Bioethanol GmbH was in
line with one year earlier. On balance, this business performance in
the segment led to a reduction in operating margin from 12.5% to
7.5%.

Fruit segment:

Q1 2013/14 Q1 2012/13

Revenue EUR 325.6 m EUR 275.4 m

Operating profit before
exceptional items EUR 24.1 m EUR 12.3 m

Operating margin 7.4% 4.5%

Revenue in the Fruit segment continued to rise significantly in the
first quarter. This resulted especially from substantial volume
growth of 10% in sales of fruit preparations as market share was
expanded significantly in all regions. In a particularly gratifying
development, volume growth was achieved even in the EU market.
Operating profit before exceptional items nearly doubled
year-on-year. AGRANA raised the operating margin in the Fruit segment
to 7.4%, an increase of 2.9 percentage points from the first quarter
of the prior year. The positive revenue and earnings trend was also
made possible by the fruit juice concentrates business, thanks to
higher sales volumes of apple juice concentrates and additional
earnings from the Ybbstaler companies.

Outlook

For the 2013|14 financial year, AGRANA continues to expect a slight
increase in Group revenue, driven primarily by volume growth. AGRANA
reiterates its projection that full year operating profit before
exceptional items will not reach the Group's very good results of the
past two financial years. In all three segments, the total investment
will be about EUR 143 million in the 2013|14 financial year, thus
providing solid support for the Group's long-term growth trajectory.

This press release is also available 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