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AGRANA’s own brand of high-protein animal feed. This form of distillers dried grains with solubles (DDGS) is a by-product of bioethanol production from cereals, obtained by drying the mash (the residue from distillation). The DDGS is pelleted and marketed as a non-perishable feedstuff. With its high protein content of at least 30% and its valuable energy content, DDGS is a sought-after feed for livestock, particularly dairy animals. In the AGRANA Group this co-product is generated in the bioethanol plant in Pischelsdorf, Austria, which typically processes corn, wheat, triticale and molasses. Like all other products marketed by AGRANA, ActiProt® is GMO-free.



Biodiversity, or biological diversity, by the definition of the Convention on Biological Diversity (CBD) is “the variability among living organisms from all sources including, inter alia, terrestrial, marine and other aquatic ecosystems and the ecological complexes of which they are part”. This includes diversity within species, diversity between species and diversity of ecosystems. The preservation and sustainable use of biological diversity are considered important foundations of human wellbeing. The destruction and fragmentation of habitats is viewed as the greatest threat to the diversity of life on earth.


Bioethanol is a fuel manufactured by the fermentation of carbohydrate-containing biomass (renewable carbon sources). It has a minimum alcohol content of 99% by volume and contains effectively no water. In Europe, for climate reasons, bioethanol is produced mainly from starch-containing grain crops or from sugar beet. Unlike fossil fuels, bioethanol is CO2 neutral, and its physical properties differ from those of petrol. Its use as a petrol substitute in more or less undiluted form (in so-called high blends) therefore requires modifications to engines. For low blends (such as E10), engine modification is not needed.


Biogas contains methane as a combustible component, which is manufactured through the zymosis of biomass in biogas facilities and is used for the generation of bioenergy. Biogas can be acquired from fermentable recycling material that contains biomass, such as sewage sludge, biowaste or food waste, liquid and solid farmyard manure, or also from energy crops that have been planted specifically for this purpose, i.e., renewable raw materials.



The processing period for agricultural raw materials that have a limited storage life.

Cane sugar

Sugar produced from sugar cane. Chemically identical to beet sugar.

Clean label

"Clean label" means that a food product was made without certain ingredients such as dyes, preservatives or flavourings, i.e., additives. These and similar substances are sometimes avoided by consumers for health or other reasons. Labels additionally contain “free-from” statements to explicitly highlight the absence of these substances.

Corn starch

Starch produced from corn (maize), used especially as an ingredient in foods (such as puddings), but also in industrial applications, such as in paper products and cosmetics.

CO2 equivalent

To make the greenhouse effect of different greenhouse gases comparable and calculable, their global warming potential is used. It indicates the contribution of a gas to the heating of the earth’s atmosphere by assigning an equivalent volume of CO2. The greenhouse effect per kilogram of a given gas is expressed as a multiple (“equivalent factor”) of the greenhouse effect of one kilogram of carbon dioxide.

Cross compliance system

Agricultural policy mechanism in the EU that ties the payment of subsidies to compliance with defined environmental standards.

Customs duties

Also known as import duties or customs tariffs, these help to protect domestic products against cheap imports from non-EU countries (thus providing tariff protection). The basic import duty for sugar is a fixed amount. In addition, a special safeguard provision provides for a higher tariff when sugar imports exceed a certain quantity.


Deficit countries/markets/regions

Countries, markets or regions that consume more sugar than they produce and which therefore cover their needs through sugar imports.


Economic footprint calculation methodology

Based on the business data for the 2017|18 financial year, when AGRANA’s Fruit, Starch and Sugar segments generated revenue of about € 2.6 billion in 25 countries with approximately 8,600 employees worldwide, the Economica Institute of Economic Research calculated the gross value-added impacts and employment effects emanating from AGRANA’s activities. The study methodology is based on an input-output analysis. Using a worldwide input-output table in which AGRANA was individually modelled in the form of a satellite account, the input-output model describes the delivery and procurement relationships which link AGRANA to all production sectors of an economy, portrays the company’s contribution of value-added to the economy and shows the flows of individual goods (inputs) into and through AGRANA’s production into its outputs and their uses. This makes it possible to quantify not only the direct impact of AGRANA’s business activities on the macroeconomy but also their multiplier effect.


Generally signifies the release of noxious substances such as pollutants or greenhouse gases into the environment. A typical example are car exhaust fumes.


Ethanol is a form of alcohol and is a clear, flammable liquid. It is also known as pure alcohol, grain alcohol or drinking alcohol, and is found in drinks such as wine and beer. In recent years, ethanol has acquired great importance outside the beverage industry as a biofuel referred to as bioethanol. See bioethanol.

EU sugar regime

See sugar regime.



In the context of biotechnology, fermentation (zymosis) means the conversion of biological material through the addition of enzymes (known as “ferment”) or in the presence of bacterial, fungal or cell cultures.

F. O. Licht

A leading private-sector source of analysis on the global markets for sugar, ethanol, molasses, feed additives, biofuels, coffee and tea, F. O. Licht publishes a wide range of print reports and organises conferences for the sugar and ethanol industries.

Fruit juice concentrate

Forming the basis for fruit juice drinks, fruit juice concentrates are sold into the fruit juice and beverage industry. The same quantity of water carefully removed from the pressed fruit juice is later added to the concentrate again to create the end product for consumption. The result is high-quality juice with 100% fruit content.

Fruit preparation

Sometimes referred to as fruit ingredients. High-quality fruit is prepared in liquid or piece form and thermally preserved for further processing, especially for use by the dairy, ice-cream and bakery industries.



Genetically modified organisms are organisms whose genetic material has been altered through genetic engineering.

Gross value added

Gross value added, a measure used in national accounts, is the total value of the goods and services generated in the production process (known as gross output), less the value of goods and services consumed, processed or converted in the production process (referred to as intermediate consumption). Expressed differently, gross value added represents the amount available to spend on the production factors of labour (wages and salaries) and capital (profit, interest on borrowed capital, and depreciation).

  • Direct effects: Direct effects represent the amount of gross value-added or of employment generated within a given company or economic entity.
  • Indirect effects: Indirect effects arise through purchasing linkages between the entity and the sectors that supply it (for example, a hospital requires inputs such as medicines, electricity, etc., which stimulates final demand in the pharmaceutical and electric power sectors; these companies in turn require their own intermediate inputs, and so on).
  • Induced effects: The jobs created or safeguarded through the direct and indirect effects generate incomes that are returned to the economy by employees, particularly through consumer spending. This as well boosts final demand in the respective sectors (especially the retail industry).
  • Value-added multiplier: The value-added multiplier is the factor by which the total effect exceeds the original, direct effect. The higher the multiplier, the greater the regional economic impact. The multiplier is calculated as the total gross value-added effect divided by the direct gross value-added effect.


IGC (International Grains Council)

The International Grains Council is an intergovernmental organisation concerned with grains trade. Since 1995 the London-based IGC also administers the Grains Trade Convention, an international agreement. The IGC Secretariat provides both administrative support to the Council, and services to the Food Aid Committee established under the Food Aid Convention of 1999. The IGC’s grain market studies are widely used in sector and market research.

ISO (International Organisation for Standardisation)

The International Organisation for Standardisation (widely known as ISO) is the leading international association of national standard-setting bodies and develops international standards in all areas but electricity and electronics, which are the responsibility of the International Electrotechnical Commission (IEC), and telecommunication, which is the province of the International Telecommunication Union (ITU). Together, these three organisations form the World Standards Cooperation, or WSC.


Isoglucose, a liquid, is a sweetener based on starch that has been converted to sugar. At a fructose content of 42%, it has the same sweetness as sugar and is therefore used as a sugar substitute. The fructose content can be raised to as much as 55% through further process stages. Isoglucose is manufactured from grains, especially corn.


Marketing year for grains

This period runs from July to June of the following year.


Sweet, dark-brown by-product of sugar manufacturing, with the consistency of syrup. It still contains about 50% sugar, which cannot be further crystallised. Molasses is used predominantly in the manufacture of yeast and alcohol, and as a cattle feed supplement.

Minimum price for sugar beets

(applied until 30 September 2017): The EU sugar regime featured a minimum price for quota beet, specific to a certain delivery stage and quality standard. For deliveries of higher or lower quality, premiums or deductions were applied.

Modified starch

Modified starches are obtained by physical, enzymatic or chemical processes and are starch products that meet higher technological requirements. Important properties remain intact after modification. Modified starches are used in the food industry and in industrial applications where they are superior to natural starch in qualities such as stability against heat and acidity, shear strength, and freezing and thawing properties. Modified starches used as food additives must be declared as such if they are chemically changed. Otherwise – if modified physically (through heat or pressure) or enzymatically – they are considered food ingredients and have no E number.


Native starch

See starch.

Non-quota sugar

(applied until 30 September 2017): Under the EU sugar regime, non-quota sugar is sugar that exceeds the production quota. This can be marketed as industrial (non-food) sugar for use primarily in the chemical or pharmaceutical industry (e.g., to produce yeast, citric acid and vitamins), or can be exported into non-EU countries or carried over to the next sugar marketing year.


Prime Market

A subsegment of the “equity market.at” market segment of the Vienna Stock Exchange. The Prime Market comprises the shares of companies admitted to listing in the Official Market or Second Regulated Market and meeting the special additional requirements for admission to the Prime Market. These securities are traded via the Xetra trading system using the Continuous Trading procedure, in conjunction with auctions.

Production levy

(applied until 30 September 2017): The production levy for sugar quotas is € 12 per tonne. From the 2007|08 sugar marketing year, up to one-half of the levy can be paid by the sugar beet farmers. For isoglucose, the amount of the levy is 50% of that for sugar. The production levy is an administrative tax paid to the EU.

Production quota

(applied until 30 September 2017): See sugar quota.



(applied until 30 September 2017): See sugar quota.

Quota sugar

(applied until 30 September 2017): The amount of sugar produced and marketed in the course of a sugar marketing year within the allotted production quota.

Quota sugar beet

(applied until 30 September 2017): The term referred to the amount of sugar beet required to fully utilise the sugar production quota.


“Ramsar Convention” on wetlands

The Convention on Wetlands (Ramsar, Iran, 1971) – called the “Ramsar Convention” – is an intergovernmental treaty that embodies the commitments of its member countries to maintain the ecological character of their Wetlands of International Importance and to plan for the “wise”, or sustainable, use of all of the wetlands in their territories.

Raw sugar

Raw sugar is a semi-finished form of cane sugar (or of beet sugar) in which the sugar crystals are not yet completely freed from the adhering non-sugar materials, which give it its brown colour.


The term “refining” in its general sense refers to a technical process for the cleaning, processing, separation or concentration of raw materials. In the case of sugar, it means the de-coloration of brown raw sugar (from sugar cane or sugar beet) through repeated recrystallisation.



Starch is an organic compound and one of the most important energy storage materials in plant cells. In our latitudes, starch is mainly acquired from corn, wheat or potatoes. To extract starch, the starch-containing parts of the plants are milled to a small size and the starch is washed out. Through filtration and centrifugation steps, the starch is extracted. After the final stage of drying, native starch emerges from the process as a white powder.


In Europe, sugar is produced from sugar beet. In sub-tropical and tropical regions of the world, sugar cane is the main raw material for sugar production. The term “sugar” in general usage typically refers to granulated sugar, i.e., sucrose. However, there are several other types of sugar, including glucose, fructose and lactose, among others. All are part of the carbohydrate food group.

Sugar beet

Sugar beet is an agricultural crop grown almost exclusively for sugar production. The sugar beet plant consists of the leaves and a large, fleshy root. The root stores sucrose, which is extracted in the sugar factory.

Sugar marketing year (SMY)

The sugar marketing year of the European Union begins on 1 October and ends on 30 September of the following year. This definition applies for all regulations of the EU sugar market.

Sugar production

In sugar production from sugar beet, raw juice is extracted from the sugar beet slices. The juice is then cleaned in several stages and eventually thickened until sugar crystallises from it. Through repeated recrystallisation, the sugar is purified to produce clean, white crystals. These crystals have a sucrose content of very close to 100%. That makes sugar an extremely pure food product with an almost unlimited shelf life.

Sugar quota

(applied until 30 September 2017): Under the EU sugar regime, a production quota for sugar and isoglucose is set for every EU member state that produces sugar. Each national quota is apportioned among the respective country’s sugar-producing companies as their individual production quota. This restricts production volumes and minimises surpluses.

Sugar regime (EU sugar policy)

In place since 1968, the European Union’s sugar regulatory framework serves to organise the EU common market for sugar and ensure security of intra-EU sugar production. On 26 June 2013 the European Parliament and European Council reached an agreement to extend the rules of the then-current sugar market policy for a final time, to 30 September 2017. For the era after this expiration date, sweeping changes were decided that have by now come into force. National sugar quotas and minimum beet prices, which for many years had formed the central features of the old market regime, are no longer part of EU sugar policy since 1 October 2017. Since that date, the sugar-specific rules of the EU’s agricultural policy involve the following elements:

  • Preferential imports from various countries, including unlimited duty-free imports from the Least Developed Countries and the ACP (African, Caribbean and Pacific) Group of States, as well as duty-free or reduced-duty import quotas under free trade agreements; imports from other non-EU countries are subject to the normal duty rate
  • Possibility of private storage aid, at the discretion of the European Commission, which in its decision takes into account the reference thresholds for white and raw sugar
  • Requirement to conclude sector-wide master agreements between beet growers and sugar companies
  • Official price reporting of the European Commission

After the end of the production quotas and minimum beet prices, and with export subsidies having been discontinued many years ago, the sugar policy of the European Union is thus limited to protecting the EU market from subsidised imports and to employing private storage aid. Protection against unfair competition is of vital importance to the European sugar industry, as nearly all major sugar producing countries subsidise their production. Private storage aid may be granted, by order of the European Commission. Its purpose is to counteract price erosion in the internal market triggered by market imbalances.

As a result of the restriction of the EU’s sugar policy to these instruments, combined with the opening of the single market to sugar imports from numerous other countries, particularly many developing economies, the European Union today has one of the most liberal sugar markets in the world.



As a hybrid grain resulting from the crossing of wheat and rye, triticale combines the characteristics of both these grains in terms of flavour and composition. Thanks to its higher starch content, triticale is also used as an energy crop for the production of bioethanol.


West Balkan Agreement

Since autumn 2000 the successor countries of the former Yugoslavia may import limited quantities of duty-free sugar (among other products) into the EU. The EU has since then concluded corresponding free trade agreements with Croatia and Serbia.

White sugar

Also called granulated or table sugar, white sugar is produced by crystallisation and centrifugation.

WTO (World Trade Organisation)

In the Geneva-based World Trade Organisation, its currently 159 member states negotiate the liberalisation of World Trade.



= Bank loans and overdrafts, and other loans from non-Group entities
+ borrowings from affiliated companies
+ lease liabilities


Capital employed

= (PP&E + intangibles including goodwill)
+ working capital I


Dividend yield

= Dividend per share ÷ closing share price × 100


Operating profit

= Earnings before interest and tax and after exceptional items and results of equity-accounted joint ventures


= Operating profit before exceptional items, results of equity-accounted joint ventures, and operating depreciation and amortisation

EBITDA margin

= EBITDA ÷ revenue × 100

Earnings per share (basic and diluted)

= Profit for the period ÷ average number of shares outstanding

Equity ratio

= Equity ÷ total assets × 100

Equity value per share

= Equity attributable to shareholders of the parent
÷ average number of shares outstanding


Free cash flow

= Net cash flow from/used in operating activities
+ net cash from/used in investing activities


Gearing Ratio

= Net debt ÷ total equity × 100


Net debt

= Borrowings less (cash + cheques + other bank deposits
+ current securities + non-current securities)


Operating margin

= Operating profit before exceptional items ÷ revenue × 100


Price/earnings ratio

= Closing share price at financial year end ÷ earnings per share

Property, plant and equipment


Return on capital employed

= Operating profit before exceptional items and results of equity-accounted joint ventures ÷ capital employed × 100

Return on Sales

= Profit before tax ÷ revenue × 100


Working Capital I

= Inventories
+ trade receivables
+ other assets
– current provisions
– current prepayments received
– trade payables – other payables