| €000 | 2023|24 | 2022|23 | Change absolute | Change % |
|---|---|---|---|---|
| Revenue | 3,786,876 | 3,637,442 | 149,434 | 4.1 % |
| Changes in inventories of finished and unfinished goods | 77,367 | 236,416 | -159,049 | -67.3 % |
| Own work capitalised | 5,776 | 2,348 | 3,428 | 146.0 % |
| Other operating income | 44,632 | 51,948 | -7,316 | -14.1 % |
| Cost of Materials | (2,804,836) | (2,873,077) | 68,241 | 2.4 % |
| Staff cost | (417,404) | (377,523) | -39,881 | -10.6 % |
| Depreciation, amortisation and impairment losses | (136,628) | (209,795) | 73,527 | 35.0 % |
| Other operating expenses | (406,524) | (398,156) | -8,368 | -2.1 % |
| Share of results of equity-accounted joint ventures | 1,392 | 18,657 | -17,265 | -92.5 % |
| Operating profit [EBIT] | 151,011 | 88,260 | 62,751 | 71.1 % |
| Finance income | 53,702 | 49,385 | 4,317 | 8.7 % |
| Finance expense | (107,011) | (75,927) | -31,084 | -40.9 % |
| Net financial items | (53,309) | (26,542) | -26,767 | -100.8 % |
| Profit before tax | 97,702 | 61,718 | 35,984 | 58.3 % |
| Income tax expense | (28,349) | (37,035) | 8,686 | 23.5 % |
| Profit for the period | 69,353 | 24,683 | 44,670 | 181.0 % |
| - Attributable to shareholders of the parent | 64,925 | 15,816 | 49,109 | 310.5 % |
| - Attributable to non-controlling interests | 4,428 | 8,867 | -4,439 | -50.1 % |
| Earnings per share under IFRS (basic and diluted) | 1.04 € | 0.25 € | 0.79 | 316.0 % |
In the 2023|24 financial year, revenue of the AGRANA Group was € 3,786.9 million, up slightly from the same period one year earlier. The increase came from adjusted prices in the Fruit and Sugar segments, with sales volumes in the whole Group slightly lower than in the year before.
Operating profit (EBIT) in 2023|24 was € 151.0 million, a very significant increase from the year-ago level of € 88.3 million. The rise in EBIT was driven not just by the improved operating performance but also by a base-year effect – the lower baseline created by a net exceptional items expense of € 88.8 million in the prior year, which was primarily for impairment losses on goodwill in the Fruit segment. Details on this are presented in the Fruit segment report and the Notes in the full version of the annual report. In the Fruit segment, the EBIT result turned to a profit of € 60.2 million (prior year: loss of € 38.5 million), lifted both by the non-recurrence of the previous year’s impairment and by a better operating performance in the fruit preparations business as well as in the fruit juice concentrate activities. Meanwhile, a markedly weaker ethanol result than in the year-earlier period was a key reason for the significant reduction in Starch segment EBIT to € 50.4 million (prior year: € 80.2 million). Operating profit in the Sugar segment decreased to € 40.4 million (prior year: € 46.6 million), due mostly to a smaller profit contribution by the AGRANA-Studen joint venture than one year earlier. Details on the share of results of equity-accounted joint ventures, which play a role in Starch and Sugar EBIT, can be found in the respective segment reports and the Notes.
Net financial items amounted to an expense of € 53.3 million in the 2023|24 financial year (prior year: net expense of € 26.5 million), with the deterioration driven primarily by an adverse change in net interest expense and, to a lesser degree, in currency translation effects (including the interest portion of currency swaps).
Profit before tax grew very significantly from the previous year’s € 61.7 million to € 97.7 million. After an income tax expense of € 28.3 million, representing a tax rate1 of 29.0% (prior year: 60.0%), the Group recorded a profit for the period of € 69.4 million (prior year: € 24.7 million). Profit for the period attributable to shareholders of AGRANA was € 64.9 million (prior year: € 15.8 million); earnings per share rose to € 1.04 (prior year: 0.25).
1 For details on the tax rate and income tax reconciliation, see the Notes
| €000 | 29 February 2024 | 28 February 2022 | Change absolute | Change % |
|---|---|---|---|---|
ASSETS | ||||
| A. Non-current assets | ||||
| Intangible assets | 112,443 | 115,098 | -2,655 | -2.3 % |
| Property, plant and equipment | 797,622 | 819,418 | -21,796 | -2.7 % |
| Equity-accounted joint ventures | 68,985 | 66,460 | 2,525 | 3.8 % |
| Securities | 18,206 | 17,378 | 828 | 4.8 % |
| Investments in non-consolidated subsidiaries and outside companies | 280 | 280 | 0 | 0.0 % |
| Other assets | 3,318 | 2,559 | 759 | 29.7 % |
| Deferred tax assets | 30,312 | 19,817 | 10,495 | 53.0 % |
| 1,031,166 | 1,041,010 | -9,844 | -0.9 % | |
| B. Current assets | ||||
| Inventories | 1,170,810 | 1,210,019 | -39,209 | -3.2 % |
| Trade receivables | 441,934 | 471,495 | -29,561 | -6.3 % |
| Other assets | 153,368 | 158,702 | -5,334 | -3.4 % |
| Current tax assets | 4,037 | 3,506 | 531 | 15.1 % |
| Cash and cash equivalents | 88,106 | 118,343 | -30,237 | -25.6 % |
| 1,858,255 | 1,962,065 | -103,810 | -5.3 % | |
| Total assets | 2,889,421 | 3,003,075 | -113,654 | -3.8 % |
EQUITY AND LIABILITIES | ||||
| A. Equity | ||||
| Share capital | 113,531 | 113,531 | 0 | 0.0 % |
| Share premium and other capital reserves | 540,760 | 540,760 | 0 | 0.0 % |
| Retained earnings | 532,438 | 539,284 | -6,846 | -1.3 % |
| Equity attributable to shareholders of the parent | 1,186,729 | 1,193,575 | -6,846 | -0.6 % |
| Non-controlling interests | 61,701 | 62,994 | -1,293 | -2.1 % |
| 1,248,430 | 1,256,569 | -8,139 | -0.6 % | |
| B. Non-current liabilities | ||||
| Retirement and termination benefit obligations | 52,465 | 53,535 | -1,070 | -2.0 % |
| Other provisions | 31,271 | 28,388 | 2,883 | 10.2 % |
| Borrowings | 523,596 | 562,868 | -39,272 | -7.0 % |
| Other payables | 15,957 | 6,670 | 9,287 | 139.2 % |
| Deferred tax liabilities | 5,391 | 6,841 | -1,450 | -21.2 % |
| 628,680 | 658,302 | -29,622 | -4.5 % | |
| C. Current liabilities | ||||
| Other provisions | 27,018 | 19,516 | 7,502 | 38.4 % |
| Borrowings | 218,799 | 257,748 | -38,949 | -15.1 % |
| Trade payables | 561,642 | 586,991 | -25,349 | -4.3 % |
| Other payables | 164,967 | 199,479 | -34,512 | -17.3 % |
| Tax liabilities | 39,885 | 24,470 | 15,415 | 63.0 % |
| 1,012,311 | 1,088,204 | -75,893 | -7.0 % | |
| Total equity and liabilities | 2,889,421 | 3,003,075 | -113,654 | -3.8 % |
Non-current assets were off slightly at € 1,031.2 million, as depreciation exceeded capital expenditures. Current assets decreased moderately to € 1,858.2 million, with a reduction both in inventories and trade receivables.
Non-current liabilities meanwhile showed a moderate decline to € 628.7 million, due to the repayment of borrowings. Current liabilities, at € 1,012.3 million, were also down, thanks to lower trade payables as well as primarily to reduced borrowings.
| €000 | 2023|24 | 2022|23 | Change absolute | Change % |
|---|---|---|---|---|
| Profit for the period | 69,353 | 24,683 | 44,670 | 181.0 % |
| Depreciation, amortisation and impairment of non-current assets | 136,315 | 210,014 | -73,699 | -35,1 % |
| Reversal of impairment losses on non-current assets | (47) | (211) | 164 | 77.7 % |
| (Gains) on disposal of non-current assets | (2,162) | (743) | -1,419 | -191.0 % |
| Changes in non-current provisions | 2,004 | (3,982) | 1,978 | 49.7 % |
| Share of results of equity-accounted joint ventures | (1,392) | (18,657) | 17,265 | 92.5 % |
| Dividends received from equity-accounted joint ventures | 2,500 | 11,500 | -9,000 | -78.3 % |
| Loss on net monetary position under IAS 29 | 1,953 | 1,913 | 40 | 2.1 % |
| Dividends received from non-consolidated subsidiaries | 35 | 0 | 35 | n/a |
| Non-cash expenses/income and other adjustments | 111,784 | 57,826 | 53,958 | 93.3 % |
| Operating cash flow before changes in working capital | 316,335 | 282,343 | 33,992 | 12.0 % |
| Changes in inventories | (13,535) | (344,709) | 331,174 | 96.1 % |
| Changes in receivables and current assets | (13,220) | (112,611) | 99,391 | 88.3 % |
| Changes in current provisions | 4,156 | (57) | 4,231 | 7391.2 % |
| Changes in payables (excluding borrowings) | 198,152 | 155,208 | 42,944 | 27.7% |
| Changes in working capital | (46,088) | (259,225) | 213,137 | 82.2 % |
| Interest received | 2,685 | 1,145 | 1,540 | 134.5 % |
| Interest paid | (12,910) | (11,222) | -1,688 | -15.0 % |
| Tax paid | (19,806) | (11,151) | -8,655 | -77.6 % |
| Net cash from operating activities | 240,216 | 1,890 | 238,326 | 12609.8 % |
| Dividends received | 28 | 28 | 0 | 0.0 % |
| Proceeds from disposal of non-current assets | 5.196 | 1,430 | 3.766 | 263.4 % |
| Purchases of property, plant and equipment and intangible assets, net of government grants | (112,650) | (89,236) | -23,414 | -26.2 % |
| Proceeds from disposal of securities | 7 | 0 | 7 | n/a |
| Purchases of non-current financial assets | (2,500) | 0 | -2,500 | n/a |
| Purchase of a business/of a subsidiary, net of cash acquired | (1,061) | (1,216) | 155 | 12.7 % |
| Net cash (used in) investing activities | (110,980) | (88,994) | -21,986 | -24.7 % |
| Proceeds from Schuldschein loans | 0 | 235,000 | -235,000 | -100.0 % |
| Repayment of Schuldschein loans | 0 | (7,000) | 7000 | 100.0 % |
| Outflows from lease liabilities | (6,291) | (6,361) | 70 | 1.1 % |
| Repayment of investment loan of the European Investment Bank | (4,884) | (4,882) | -2 | 0.0 % |
| Proceeds from syndicated loans | 0 | 140,000 | -140,000 | -100.0 % |
| Repayment of syndicated loans | (140,000) | 0 | -140,000 | n/a |
| Proceeds from loans | 110,000 | 0 | 110,000 | n/a |
| Repayment of bank overdrafts and cash advances | (39,230) | (201,481) | 162,251 | 80.5 % |
| Purchase of non-controlling interests | (1,188) | 0 | -1,188 | n/a |
| Dividends paid | (57,741) | (48,057) | -9,684 | -20.2 % |
| Net cash (used in)/from financing activities | (139,334) | 107,219 | -246,553 | -230.0 % |
| Net (decrease)/increase in cash and cash equivalents | (10,098) | 20,115 | -30,213 | -150.2 % |
| Effect of movement in foreign exchange rates on cash and cash equivalents | (6,457) | 1,941 | -8,398 | -432.7 % |
| Effect of IAS 29 on cash and cash equivalents | (13,682) | (7,306) | -6,376 | -87.3 % |
| Cash and cash equivalents at beginning of period | 118,343 | 103,593 | 14,750 | 14.2 % |
| Cash and cash equivalents at end of period | 88,106 | 118,343 | -30,237 | -25,6 % |
The item “operating cash flow before changes in working capital” increased by € 34.0 million to € 316.3 million as a result primarily of the much stronger profit for the period. Working capital increased by € 46.1 million year-on-year, which, for inventory and receivables reasons, was much less than the € 259.2 million increase in the year before. Net cash from operating activities was € 240.2 million (prior year: € 1.9 million). Net cash used in investing activities rose to € 111.0 million (prior year: net cash use of € 89.0 million) as a result of higher payments for purchases of property, plant and equipment and intangibles. Besides a higher dividend payment, a decrease in current and non-current borrowings led to net cash use in financing activities of € 139.3 million (prior year: net cash inflow of € 107.2 million as a result mainly of the issuance of an ESG-linked Schuldscheindarlehen (SSD, a type of loan with some bond-like characteristics)). Free cash flow improved to a positive € 129.2 million (prior year: negative free cash flow of € 87.1 million).
Net debt as of 29 February 2024, at € 636.1 million, was € 48.8 million less than at the 2022|23 year-end. The gearing ratio (net debt to total equity) thus eased to 51.0% at the balance sheet date (28 February 2023: 54.5%).
To enhance the long-term financing portfolio, the AGRANA Group in January 2024 secured bank financing in the form of a € 50 million bullet loan maturing in January 2029.