| Annual report 2007/08 Abstract |
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Fruit segment |
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Overview
AGRANA indirectly holds all investments in the fruit segment via AGRANA
Juice & Fruit Holding GmbH. Co-ordination and operational management
are carried out through both divisional holding companies, AGRANA
Fruit S.A. (fruit preparations) and AGRANA Juice GmbH (fruit-juice
concentrates).
Key figures for the fruit segment
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2007/08 |
2006/07 |
| Revenues |
€ 852.5 million |
€ 914.6 million |
| EBITDA |
€ 80.6 million |
€ 88.5 million |
| Depreciation of fixed assets and intangible
assets |
(€ 37.1 million) |
(€ 42.9 million) |
| Operating profit |
€ 43.5 million |
€ 45.6 million |
| Restructuring/special items |
(€ 4.6 million) |
- |
| Operating profit net of restructuring |
€ 38.9 million |
€ 45.6 million |
| EBITDA margin |
9.5 % |
9.7 % |
| Operating margin |
5.1 % |
5.0 % |
| ROCE |
5.6 % |
8.0 % |
| Capital expenditures on fixed assets |
€ 42.9 million |
€ 47.8 million |
| Capital expenditures on financial assets |
- |
€ 29.3 million |
| Total capital expenditures |
€ 42.9 million |
€ 77.1 million |
| Employees |
4,696 |
4,724 |
Revenues | The fruit segment generated revenues
of € 853 (915) million. On an adjusted basis, revenues were
up € 72 million or 9 % from last year's € 781 million,
driven by higher sales. Last year's results covered 14 months because
of the re-alignment of the year-end with that of Südzucker.
Operating profit | The fruit segment's operating
profit declined to € 44 (46) million. Adjusted for the profit
contribution from the additional two months because of the realignment
of year-ends last year, operating profits were just shy of 8 % higher
than last year. Renewed strong volume growth and higher prices were
just enough to offset the dramatic raw material price increases.
Price increases to cover the higher costs could only be partially
realized in the marketplace.
Income from operations was € 39 (46) million, less than the
year prior. Restructuring and special items charges of € 5
(0) million had to be applied due to the closure of the fruit preparation
factory of AGRANA Fruit Bohemia s.r.o. in Kaplice/Czech Republic.
Fruit
preparations
AGRANA Fruit (fruit preparations) | AGRANA Fruit,
a manufacturer of fruit preparations for the dairy, bakeries and
ice cream industries was able to improve its leading global position
thanks to increasing organic growth. Manufacturing facilities in
China, Poland, Russia and South America and elsewhere have enabled
the company to establish a basis for participating in rapidly developing
growth markets. For example, the South American market is an important
boom region because of its population growth, rising living standards
and heightened nutritional awareness. A fruit preparation factory
has existed in Argentina since 1994 and since 2007 in Brazil.
Because it purchased commodities worldwide, AGRANA was able to
cover its needs for fruit preparations in spite of scarcities. However,
higher prices had to be paid, and these can only be passed on to
customers step-by-step.
Fruit juice concentrates
AGRANA Juice (fruit juice concentrates) | AGRANA
Juice is Europe's leading producer of concentrates made from apple
juice and berries. It focuses on the potential of fruit juice and
fruit drink growth markets, primarily in Western and Eastern Europe,
Asia and North America.
AGRANA processes both apples and red berries for the European concentrates
market in Austria, Poland, Hungary, Romania and the Ukraine. AGRANA
and a Chinese joint venture partner have been producing sweet apple
juice concentrate in China for export to the rest of the world since
2006.
In comparison to the past few years, Europe's 2007/08 apple and
berry harvest was relatively meager, which led to raw material price
increases, some of which were quite steep.
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