| €000 | 2024|25 | 2023|24 | Change absolute | Change % |
|---|---|---|---|---|
| Revenue | 3,514,002 | 3,786,876 | -272,874 | -7.2 % |
| Changes in inventories of finished and unfinished goods | (161,536) | 77,367 | -238,903 | -308.8 % |
| Own work capitalised | 1,820 | 5,776 | -3,956 | -68.5 % |
| Other operating income | 63,475 | 44,632 | 18,843 | 42.2 % |
| Cost of Materials | (2,395,133) | (2,804,836) | 409,703 | 14.6 % |
| Staff cost | (448,018) | (417,404) | -30,614 | -7.3 % |
| Depreciation, amortisation and impairment losses | (132,141) | (136,628) | 4,127 | 3.0 % |
| Other operating expenses | (402,409) | (406,524) | 4,115 | 1.0 % |
| Share of results of equity-accounted joint ventures | 485 | 1,392 | -907 | -65.2 % |
| Operating profit [EBIT] | 40,545 | 151,011 | -110,466 | -73.2 % |
| Finance income | 49,232 | 53,702 | -4,470 | -8.3 % |
| Finance expense | (86,035) | (107,011) | 20,976 | 19.6 % |
| Net financial items | (36,803) | (53,309) | 16,506 | 31.0 % |
| Profit before tax | 3,742 | 97,702 | -93,960 | -96.2 % |
| Income tax expense | (3,769) | (28,349) | 24,580 | 86.7 % |
| (Losst)/profit for the period | (27) | 69,353 | -69,380 | -100.0 % |
| - Attributable to shareholders of the parent | (4,253) | 64,925 | -69,178 | -106.6 % |
| - Attributable to non-controlling interests | 4,226 | 4,428 | -202 | -4.6 % |
| Earnings per share under IFRS (basic and diluted) | (0.07) € | 1.04 € | -1.11 | -106.7 % |
In the 2024|25 financial year, revenue of the AGRANA Group was € 3,514.0 million, down moderately from the previous year, despite stable sales volumes at Group level, with the decrease being due to lower prices in the Starch and Sugar segments.
Operating profit (EBIT) in 2024|25 was € 40.5 million, a very significant decrease from the year-ago level of € 151.0 million. Besides the deterioration in operating performance, the decline was also attributable to more-negative net exceptional items, which were primarily due to impairment losses and restructuring measures in connection with the new Group strategy. Details on exceptional items are presented in the reports on the Starch segment and Sugar segment and in the Notes - refer to the full version of the annual report 2024|25. In the Fruit segment, EBIT rose to € 99.7 million (previous year: € 60.2 million) thanks to the significantly improved operating performance and a much lower net exceptional items expense. Meanwhile, weaker margins on starch and saccharification products drove a significant decrease in Starch segment EBIT to € 31.9 million (previous year: € 50.4 million). In the Sugar segment, lower sales prices were the main reason for the sharp downward reversal of operating profitability before exceptional items. In combination with restructuring-related negative exceptional items of € 28.3 million, this led to an EBIT operating loss of € 91.1 million in the segment (previous year: profit of € 40.4 million). Details on the share of results of equity-accounted joint ventures, which affect EBIT results in the Starch and Sugar segments, can be found in the respective two segment reports and the Notes.
Net financial items amounted to an expense of € 36.8 million in the 2024|25 financial year (previous year: net expense of € 53.3 million), with the improvement driven primarily by very significantly more favourable currency translation effects (which include the interest portion of currency swaps).
Profit before tax fell very significantly from the previous year’s € 97.7 million to € 3.7 million. After an income tax expense of € 3.8 million, representing a tax rate1 of 100.7% (previous year: 29.0%), the Group recorded a loss for the period of € 0.0 million (previous year: profit of € 69.4 million). The loss for the period attributable to shareholders of AGRANA was € 4.3 million (previous year: profit of € 64.9 million); the result per share declined to a loss of € 0.07 (previous year: earnings per share of € 1.04).
1 For details on the tax rate and income tax reconciliation, see the Notes in the full version of the annual report 2024|25.
| €000 | 28 February 2025 | 29 February 2024 | Change absolute | Change % |
|---|---|---|---|---|
ASSETS |
||||
| A. Non-current assets | ||||
| Intangible assets | 112,815 | 112,443 | 372 | 0.3 % |
| Property, plant and equipment | 781,722 | 797,622 | -15,900 | -2.0 % |
| Equity-accounted joint ventures | 65,946 | 68,985 | -3,039 | -4.4 % |
| Securities | 20,296 | 18,206 | 2,090 | 11.5 % |
| Investments in non-consolidated subsidiaries and outside companies | 10 | 280 | -270 | -96.4 % |
| Other assets | 5,784 | 3,318 | 2,466 | 74.3 % |
| Deferred tax assets | 51,565 | 30,312 | 21,253 | 70.1 % |
| 1,038,138 | 1,031,166 | 6,972 | 0.7 % | |
| B. Current assets | ||||
| Inventories | 1,030,827 | 1,170,810 | -139,983 | -12.0 % |
| Trade receivables | 300,350 | 441,934 | -141,584 | -32.0 % |
| Other assets | 134,827 | 153,368 | -18,541 | -12.1 % |
| Current tax assets | 3,115 | 4,037 | -922 | -22.8 % |
| Cash and cash equivalents | 203,626 | 88,106 | 115,520 | 131.1 % |
| 1,672,745 | 1,858,255 | -185,510 | -10.0 % | |
| Total assets | 2,710,883 | 2,889,421 | -178,538 | -6.2 % |
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 | 509,204 | 532,438 | -23,234 | -4.4 % |
| Equity attributable to shareholders of the parent | 1,163,495 | 1,186,729 | -23,234 | -2.0 % |
| Non-controlling interests | 66,208 | 61,701 | 4,507 | 7.3 % |
| 1,229,703 | 1,248,430 | -18,727 | -1.5 % | |
| B. Non-current liabilities | ||||
| Retirement and termination benefit obligations | 45,811 | 52,465 | -6,654 | -12.7 % |
| Other provisions | 31,601 | 31,271 | 330 | 1.1 % |
| Borrowings | 384,139 | 523,596 | -139,457 | -26.6 % |
| Other payables | 7,904 | 15,957 | -8,053 | -50.5 % |
| Deferred tax liabilities | 7,118 | 5,391 | 1,727 | 32.0 % |
| 476,573 | 628,680 | -152,107 | -24.2 % | |
| C. Current liabilities | ||||
| Other provisions | 31,209 | 27,018 | 4,191 | 15.5 % |
| Borrowings | 276,204 | 218,799 | 57,405 | 26.2 % |
| Trade payables | 508,077 | 561,642 | -53,565 | -9.5 % |
| Other payables | 161,603 | 164,967 | -3,364 | -2.0 % |
| Tax liabilities | 27,514 | 39,885 | -12,371 | -31.0 % |
| 1,004,607 | 1,012,311 | -7,704 | -0.8 % | |
| Total equity and liabilities | 2,710,883 | 2,889,421 | -178,538 | -6.2 % |
Non-current assets increased slightly to € 1,038.1 million despite the impairment charges in the Sugar segment. Current assets, at € 1,672.8 million, decreased significantly, with a marked reduction in inventories and trade receivables coinciding with a strong increase in cash.
Non-current liabilities showed a significant reduction to € 476.6 million as a result of the repayment of borrowings. Current liabilities remained steady on balance at € 1,004.6 million, as an increase in short-term borrowings was offset by a moderate reduction in trade payables.
| €000 | 2024|25 | 2023|24 | Change absolute |
Change % |
|---|---|---|---|---|
| (Loss)/profit for the period | (27) | 69,353 | -69,380 | -100.0 % |
| Depreciation, amortisation and impairment of non-current assets | 133,319 | 136,315 | -2,996 | -2.2 % |
| Reversal of impairment losses on non-current assets | (908) | (47) | -861 | -1831.9 % |
| (Gains) on disposal of non-current assets | (699) | (2,162) | 1,463 | 67.7 % |
| Changes in non-current provisions | (1,330) | (2,004) | 674 | 33.6 % |
| Share of results of equity-accounted joint ventures | (485) | (1,392) | 907 | 65.2 % |
| Dividends received from equity-accounted joint ventures | 8,500 | 2,500 | 6,000 | 240.0 % |
| Loss on net monetary position under IAS 29 | 865 | 1,953 | -1,088 | -55.7 % |
| Dividends received from non-consolidated subsidiaries | 0 | 35 | -35 | -100.0 % |
| Non-cash expenses/income and other adjustments | 78,381 | 111,784 | -33,403 | -29.9 % |
| Operating cash flow before changes inworking capital | 217,616 | 316,335 | -98,719 | -31.2 % |
| Changes in inventories | 105,010 | (13,535) | 118,545 | 875.8 % |
| Changes in receivables and current assets | 120,587 | (13,220) | 133,807 | 1012.2 % |
| Changes in current provisions | (3,921) | 4,156 | -8,077 | -194.3 % |
| Changes in payables (excluding borrowings) | (25,807) | (23,489) | -2,318 | -9.9 % |
| Changes in working capital | 195,869 | (46,088) | 241,957 | 525.0 % |
| Interest received | 5,352 | 2,685 | 2,667 | 99.3 % |
| Interest paid | (17,445) | (12,910) | -4,535 | -35.1 % |
| Tax paid | (40,315) | (19,806) | -20,509 | -103.5 % |
| Net cash from operating activities | 361,077 | 240,216 | 120,861 | 50.3 % |
| Dividends received | 32 | 28 | 4 | 14.3 % |
| Proceeds from disposal of non-current assets | 563 | 5.196 | -4,633 | -89.2 % |
| Purchases of property, plant and equipment and intangible assets, net of governmentgrants | (104,531) | (112,650) | 8,119 | 7.2 % |
| Proceeds from disposal of securities | 0 | 7 | -7 | -100.0 % |
| Proceeds from disposal of subsidiaries | 4,015 | 0 | 4,015 | n/a |
| Outflow of cash and cash equivalents from disposal of subsidiaries | (896) | 0 | -896 | n/a |
| Purchases of non-current financial assets | (635) | (2,500) | 1,865 | 74.6 % |
| Purchase of a business/of a subsidiary, net of cash acquired | (526) | (1,061) | 535 | 50.4 % |
| Net cash (used in) investing activities | (101,978) | (110,980) | 9,002 | 8.1 % |
| Repayment of Schuldschein loans | (85,000) | 0 | -85,000 | n/a |
| Outflows from lease liabilities | (6,596) | (6,291) | -305 | -4.8 % |
| Repayment of investment loan of the European Investment Bank | (4,884) | (4,884) | 0 | 0.0 % |
| Proceeds from syndicated loans | 50,000 | 0 | 50,000 | n/a |
| Repayment of syndicated loans | 0 | (140,000) | 140,000 | 100.0 % |
| Proceeds from loans | 0 | 110,000 | -110,000 | -100.0 % |
| Repayment of loans | (30,000) | 0 | -30,000 | n/a |
| Repayment of bank overdrafts and cash advances | (9,104) | (39,230) | 30,126 | 76.8 % |
| Purchase of non-controlling interests | 0 | (1,188) | 1,188 | 100.0 % |
| Dividends paid | (56,437) | (57,741) | 1,304 | 2.3 % |
| Net cash (used in) financing activities | (142,021) | (139,334) | -2,687 | -1.9 % |
| Net increase/(decrease) in cash and cash equivalents | 117,078 | (10,098) | 127,176 | 1259.4 % |
| Effect of movement in foreign exchange rates on cash and cash equivalents | (1) | (6,457) | 6,456 | 100.0 % |
| Effect of IAS 29 on cash and cash equivalents | (1,557) | (13,682) | 12,125 | 88.6 % |
| Cash and cash equivalents at beginning of period | 88,106 | 118,343 | -30,237 | -25.6 % |
| Cash and cash equivalents at end of period | 203,626 | 88,106 | 115,520 | 131.1 % |
The item “operating cash flow before changes in working capital” decreased by € 98.7 million to € 217.6 million as a result primarily of the sharp deterioration in the result for the period. Working capital fell very significantly, by € 195.9 million (previous year: increase of € 46.1 million), for inventory and receivables reasons. Net cash from operating activities was € 361.1 million (previous year: € 240.2 million). Net cash used in investing activities eased to € 102.0 million (previous year: net cash use of € 111.0 million) as a result of lower payments for purchases of property, plant and equipment and intangibles. With the dividend payment at a constant level, a slightly larger reduction in borrowings compared to the year-ago period brought the net cash outflow from financing activities to € 142.0 million (previous year: net cash outflow of € 139.3 million). Free cash flow improved very significantly to € 259.1 million (previous year: € 129.2 million).
Net debt as of 28 February 2025, at € 436.4 million, was € 199.7 million less than at the 2023|24 year-end. The gearing ratio (net debt to total equity) thus fell significantly to 35.5% at the balance sheet date (29 February 2024: 51.0%).
In the 2024|25 financial year, to secure its long-term financing requirements, the AGRANA Group obtained two syndicated credit lines totalling € 365 million. The credit lines have an initial term until 2027, with two-year extension options that can be exercised in 2025 and 2026 subject to the lenders’ approval.
In addition, as a further source of funding, AGRANA arranged a programme for the sale of receivables (factoring) of up to a total of € 200 million with two institutions.
