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SUGAR STARCH FRUIT 07 GB2006 Lage E 1806 18.06.2007 15:00 Uhr Seite 2 GB2006 lage E_1806 18.06.2007 15:00 Uhr Seite 1 ANNUAL REPORT 2006|07 AGRANA BETEILIGUNGS- AG 06SUGAR STARCH FRUIT 07 GB2006 lage E_1806 18.06.2007 15:00 Uhr Seite 2 CONTENTS 02 Milestones in 2006|07 04 Vision and mission 08 Letter from the CEO 11 AGRANA’s strategy 14 AGRANA’s production sites worldwide 15 Structure of the AGRANA Group 17 AGRANA’s share and corporate governance 21 Group management report 22 Group business results 28 Sugar segment 38 Starch segment 46 Fruit segment 52 Environment and sustainability 55 Research and development 58 Staff 60 Risk management 64 Outlook for 2007|08 67 Consolidated financial statements 2006|07 68 Consolidated income statement 69 Consolidated cash flow statement 70 Consolidated balance sheet 71 Consolidated statement of changes in equity T 72 Notes to the consolidated financial statements 120 Subsidiaries and business interests 124 The Company’s boards 126 Independent auditors’ report on the consolidated financial statements. 128 Performance indicators 129 Parent company financial statements 2006|07 130 Parent company balance sheet 131 Parent company income statement 132 Independent auditors’ report on the parent company financial statements 133 Proposed allocation of profit 134 Supervisory Board’s report 136 Contacts GB2006 lage E_1806 18.06.2007 15:00 Uhr Seite 3 REVENUE €m 2,000 1,500 1,000 500 02|03 03|04 04|05 05|06 06|07 OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS €m 120 100 80 60 02|03 03|04 04|05 05|06 06|07 OPERATING CASH FLOW BEFORE CHANGE IN WORKING CAPITAL €m 150 125 100 75 02|03 03|04 04|05 05|06 06|07 FINANCIAL CALENDAR FOR 2007|08 May 21, 2007 Press conference presenting annual results for 2006|07 July 5, 2007 Annual General Meeting July 10, 2007 Ex-dividend date and dividend payment date July 12, 2007 Results for first quarter of 2007|08 October 11, 2007 Results for first half of 2007|08 January 15, 2008 Results for first three quarters of 2007|08 GB2006 lage E_1806 18.06.2007 15:00 Uhr Seite 4 KEY FINANCIALS Based on IFRS 2006|07 2005|06 2004|05 2003|04 2002|03 BUSINESS PERFORMANCE Revenue €m 1,915.8 1,499.6 981.0 866.4 875.7 EBITDA €m 187.5 164.6 138.6 116.8 120.4 EBITDA margin % 9.8 11.0 14.1 13.5 13.7 Operating profit €m 107.0 99.5 90.8 76.8 80.5 Operating margin % 5.6 6.6 9.3 8.9 9.2 Operating profit after exceptional items1 €m 105.8 75.0 90.8 76.8 75.1 Profit before tax €m 93.5 71.7 93.2 70.7 87.2 Profit for the period €m 71. 1 64.7 84.3 57.5 67.3 Attributable to equity holders of parent €m 68.9 62.7 79.9 56.5 65.4 Minority interests €m 2.2 2.0 4.4 1.0 1.9 Operating cash flow before change in working capital €m 150.5 145.3 116.5 101.2 106.5 Purchases of property, plant and equipment and intangibles2 €m 157.4 91.2 52.1 28.5 34.0 Purchases of non-current financial assets €m 5.6 7.5 100.9 61.3 13.0 Staff count 8,223 8,130 4,958 3,841 3,916 Return on sales % 4.9 4.8 9.5 8.2 10.0 Return on capital employed % 8.6 8.6 10.7 14.7 16.3 Debt/equity ratio % 37.9 31.8 11.5 0.3 (10.0) SHARE DATA AT LAST DAY OF FEBRUARY Closing price € 76.00 78.00 79.85 61.50 39.60 Earnings per share € 4.85 4.42 7.18/5.623 5.08 5.93 Dividend per share € 1.954 1.95 1.95 1.80 1.80 Dividend yield % 2.6 2.5 2.4 2.9 4.6 Dividend payout ratio % 40.2 44.1 27.2/34.7 35.4 30.4 Price/earnings ratio 15.7 17.6 11.1 12.1 6.7 Market capitalisation €m 1,079.4 1,107.8 1,134.0 678.2 436.7 FINANCIAL STRENGTH Total assets €m 1,931.7 1,850.5 1,500.4 935.2 897.1 Share capital €m 103.21 103.21 103.21 80.1 80.1 Non-current assets €m 933.3 900.4 642.3 415.5 346.3 Equity €m 895.5 885.8 835.9 515.8 475.0 Equity ratio % 46.4 47.9 55.7 55.2 52.9 Net debt €m 339.4 281.9 96.4 1.7 (47.7) 1 Before exceptional items, such as restructuring 2 Excluding goodwill 3 Earnings per share based on the number of shares outstanding at February 28, 2005 4 Proposed to the Annual General Meeting GB2006 lage E_1806 18.06.2007 15:00 Uhr Seite 1 ANNUAL REPORT 2006|07 of AGRANA Beteiligungs-Aktiengesellschaft for the year ended February 28, 2007 ADDING VALUE TO NATURE’S GIFTS. SUGAR. STARCH. FRUIT. GB2006 lage E_1806 18.06.2007 15:00 Uhr Seite 2 MILESTONES IN 2006|07 MAR APR MAY JUN JUL AUG S JUNE 12, 2006 AGRANA enters apple juice concentrate production in China by acquiring 50% MAY 19, 2006 of producer Xianyang Decision to expand the Andre Juice Co., Ltd. processing capacity of Hungrana, the corn starch and isoglucose plant in Hungary, from 1,500 to 3,000 tonnes of corn per day by 2008. In the expansion, bioethanol capacity JULY 1, 2006 will triple to about Completion of the 160,000 cubic metres Fruit segment restruc- per year. turing by forming two holding companies, AGRANA Fruit S.A. for fruit preparations MAY 31, 2006 and AGRANA Juice AGRANA launches GmbH for fruit juice a joint venture to concentrates. establish a sugar refinery in Brcko, Bosnia-Herzegovina. GB2006 lage E_1806 18.06.2007 15:00 Uhr Seite 3 G SEP OCT NOV DEC JAN FEB FEBRUARY 22, 2007 The European Commission announces an early JULY 13, 2006 temporary quota reduction AGRANA’s Annual of 13.5% for the 2007|08 General Meeting sugar marketing year. decides to pay a dividend of € 1.95 SEPTEMBER 7, 2006 per share. Foundation stone is laid for the AGRANA bioethanol plant in Pischelsdorf, Austria, with an annual capacity of up to 240,000 cubic metres. NOVEMBER 22, 2006 AGRANA expands the sugar and starch distribu- tion activities to Bulgaria SEPTEMBER 1, 2006 by starting a trading Construction starts on company in Sofia. a fruit preparations plant in Cabreúva, Brazil. GB2006 lage E_1806 18.06.2007 15:00 Uhr Seite 4 VISION AND MISSION THE AGRANA GROUP 04 VISION AND MISSION AGRANA is a multinational enterprise headquartered in Austria. AGRANA’s Sugar segment and Starch segment operate in Europe. AGRANA’s Fruit segment operates globally. In these markets, AGRANA’s goal is to be a leader in the industrial refining of agricultural raw materials. Strategy Growth and efficiency ensure a sustainable increase in enterprise value. We aim to be the best and most dependable partner to our customers in our core businesses, which are sugar, starch and fruit processing. Service to the market We refine natural products into high-grade foods and technical products for industrial use. Our activities range from the manufacture of industrial intermediate products to providing advisory services. We supply both industry and trade. Customer orientation We offer products and services that fully meet the needs and expectations of our customers. We challenge our competitors by providing both high product quality and an exceptionally high standard of service. We are creative, flexible and dedicated. Our innovative power and research and development work will drive our leadership in the marketplace. Organisation We operate a decentralised organisation that assures close proximity to our markets. The organisation is based on operating companies in the Sugar, Starch and Fruit segment which are each responsible for their respective results, and on a powerful communication network that ensures a constant and consistent exchange of information and expertise. GB2006 lage E_1806 18.06.2007 15:00 Uhr Seite 5 VISION AND MISSION THE AGRANA GROUP 05 Finance Profit constitutes the basis for the economic sustainability of our enterprise’s activities. We ensure AGRANA’s sustainable increase in enterprise value and the ability to distribute dividends to our shareholders through continued growth and consistent improvement in productivity in all our operating companies. We seek to diversify risks to our business to achieve a well- balanced global business portfolio. Optimising our value added is a cornerstone in our efforts to provide continual increases in the enterprise value of AGRANA. Management and staff We are a multinational Group of companies. We are united by integrity, dedication and social awareness. We encourage our workforce to be willing and able to think and act with entrepre- neurial spirit. Our style of work and leadership is founded on cooperation and trust. Manage- ment is remunerated on the basis of their performance. We promote the exchange of information, communication, training and continuous staff development. Flexibility and teamwork are the bedrock of our organisational structures and the basis of our interpersonal relationships. The environment Our actions and decisions are taken with respect for nature and the environment. Our products are natural in origin and developed on the basis of the latest ecological research. They are bio-degradable and environment-friendly. The health and safety of the workforce are a key component of our operational policies and procedures.
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