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Financial results

Key financials

2018|19 2017|18 2016|17 2015|16 2014|15
Financial performance1
Revenue €m 2,443.0 2,566.3 2,561.3 2,477.6 2,493.5
EBITDA2 €m 147.7 254.2 235.2 192.0 181.9
Operating profit before exceptional items and results of equity-accounted joint ventures €m 51.1 164.1 150.8 107.5 102.0
Share of results of equity-accounted joint ventures €m 12.2 29.4 30.6 24.5 25.4
Exceptional items €m 3.3 -2.9 -9.0 -3.1 -5.7
Operating profit [EBIT]3 €m 66.6 190.6 172.4 129.0 121.7
EBIT margin % 2.7 7.4 6.7 5.2 4.9
Profit before tax €m 51.2 176.2 154.5 104.4 116.5
Profit for the period €m 30.4 142.6 117.9 80.9 84.6
- Attributable to shareholders of the parent €m 25.4 140.1 111.3 82.7 80.9
- Attributable to non-controlling interests €m 5.0 2.5 6.6 -1.8 3.7
Operating cash flow before change in working capital €m 177.5 302.7 258.0 225.9 208.1
Investment4 €m 183.8 140.9 114.7 116.0 91.2
Number of employees5 9,230 8,678 8,638 8,510 8,550
Return on sales6 % 2.1 6.9 6.0 4.2 4.7
Return on capital employed7 % 2.9 9.7 9.0 6.7 6.7
Share data at last day of February
Closing price 17.407 99.10 106.00 80.50 80.51
Earnings per share9 0.417 8.97 7.13 5.82 5.70
Dividend per share9 1.007.9 4.50 4.00 4.00 3.60
Dividend yield % 5.79 4.5 3.8 5.0 4.5
Dividend payout ratio % 243.99 50.2 56.1 68.7 63.2
Price/earnings ratio 42.4 11.0 14.9 13.8 14.1
Market capitalisation €m 1,087.3 1,548.2 1,656.0 1,143.3 1,143.4
Number of shares 000 62,489.0 15,622.2 15,622.2 14,202.0 14,202.0
Financial strength
Total assets €m 2,389.4 2,356.4 2,481.4 2,243.2 2,406.9
Share capital €m 113.5 113.5 113.5 103.2 103.2
Core non-current assets11 €m 1,229.8 1,138.5 1,113.8 1,002.2 1,093.4
Equity €m 1,409.9 1,454.0 1,411.9 1,200.1 1,194.4
Equity ratio % 59.0 61.7 56.9 53.5 49.6
Net debt €m 322.2 232.5 239.9 405.8 330.3
Gearing ratio12 % 22.9 16.0 17.0 33.8 27.7

1 Detailed information concerning the calculation methods of individual performance indicators can be found on page 196 (PDF full version).
2 EBITDA represents operating profit before exceptional items, results of equity-accounted joint ventures, and operating depreciation and amortisation.
3 Operating profit (EBIT) is after exceptional items and results of equity-accounted joint ventures.
4 Investment represents purchases of property, plant and equipment and intangible assets, excluding goodwill.
5 In 2017|18, 2016|17, 2015|16 and 2014|15: average number of full-time equivalents in the reporting period; 2013|14, the numbers are headcounts.
6 Profit before tax, divided by revenue.
7 Operating profit before exceptional items and results of equity-accounted joint ventures, divided by capital employed.
8 After the four-for-one stock split performed in July 2018.
9 Based on the number of shares outstanding at the balance sheet date.
10 Based on the dividend proposal to the Annual General Meeting on 5 July 2019.
11 Non-current assets excluding deferred tax assets and the item “receivables and other assets”.
12 Ratio of net debt to total equity.

Annual data

Compare your desired key figures in recent years.

Revenue by segment

The AGRANA Group’s revenue of € 2,443.0 million in the 2018|19 financial year was off slightly from the prior year. While revenue rose slightly in the Fruit segment (to € 1,179.1 million, up 1.5%) and Starch segment (to € 762.7 million, up 1.4%), revenue declined significantly in the Sugar segment (to € 501.2 million, down 23.2%) due mainly to the further decline in sugar selling prices.

Revenue by segment in 2018|19

Revenue by segment in 2017|18

EBIT by segment

Operating profit (EBIT), at € 66.6 million, was very significantly (65.1%) below the prior year. In the Sugar segment, as expected, EBIT deteriorated very significantly, to a deficit of € 61.9 million (prior year: profit of € 34.8 million), owing to lower selling prices than one year earlier as well as adverse effects of the drought-related smaller harvest in Austria. In the Starch segment, EBIT decreased significantly to € 51.2 million, a reduction of 36.2% driven above all by a weaker performance in the ethanol and saccharification products business. The Fruit segment raised its EBIT by 2.2% to € 77.3 million. Details on the share of results of equity-accounted joint ventures and on exceptional items can be found in the segment reports and the consolidated financial statements.

Investment 2018|19


In 2018|19, AGRANA invested a total of € 183.8 million, or € 42.9 million more than in the prior year. Purchases of property, plant and equipment and intangibles exceeded depreciation by 90.1% (prior year: 56.5%), with the following distribution by business segment:

Investment1 2018|19 2017|18 Change
% / pp
Fruit segment €000 56,193 49,356 +13.9%
Starch segment €000 97,011 59,427 +63.2%
Sugar segment €000 30,549 32,084 –4.8%
Group t€ 183,753 140,867 +30.4%
Depreciation, amortisation
and impairment
€000 96,636 90,014 +7.4%
Investment coverage % 190.1 156.5 +33.6 pp

1 After the four-for-one stock split performed in July 2018. The value is thus based on the new number of shares outstanding at 28 February 2019, which was 62,488,976.

Investment in the Fruit segment focused mainly on capacity expansions and plant modernisation; in the Sugar segment it centred on improvements in product quality and energy efficiency. The highest capital expenditures in the Starch segment were for the on-going expansion of the wheat starch plant in Pischelsdorf, Austria. The key projects in the individual business segments are detailed in the segment reports.

Investment by segment in 2018|19

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