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AGRANA Annual Report 2017|18 178 Reports.Agrana.Com/En GRI Content Index in Accordance with the GRI Standards: “Core Option”

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AGRANA Annual Report 2017|18 178 Reports.Agrana.Com/En GRI Content Index in Accordance with the GRI Standards: “Core Option” STRONG AND PROFITABLE INTEGRATED ANNUAL REPORT 2017|18 Contents 2 AGRANA at a glance 12 Key financials 14 Letter from the CEO 16 Supervisory Board’s report 18 AGRANA’s Management Board 20 Corporate governance report 30 AGRANA production sites 32 AGRANA’s strategy 34 AGRANA in the capital market 37 Group management report 38 Organisational structure 41 Non-financial information statement 50 Financial results 58 Sugar segment 65 Starch segment 72 Fruit segment 79 Research and development 82 AGRANA’s people 86 Risk management 92 Capital, shares, voting rights and rights of control 93 Outlook 95 Consolidated financial statements 96 Consolidated income statement 97 Consolidated statement of comprehensive income 98 Consolidated cash flow statement 99 Consolidated balance sheet 100 Consolidated statement of changes in equity 102 Notes to the consolidated financial statements 161 List of members of AGRANA’s boards 162 Statement by the members of the Management Board 163 Independent auditor’s report 167 Independent assurance report 169 Other information 170 Parent company income statement 171 Parent company balance sheet 172 Proposal for the appropriation of profit 173 Glossary of industry and trade terms 178 Contacts 179 GRI content index 184 Performance indicators and their meaning f Contents 2017|18 at a glance █ All segments contributed to the operating profit growth █ New starch capacity in Aschach, Austria, successfully brought on-stream █ Fruit segment invests where the global growth is, with various projects including facility expansions █ Revenue: € 2,566.3 million (up 0.2%; prior year: € 2,561.3 million) █ Operating profit (EBIT): € 190.6 million (up 10.6%; prior year: € 172.4 million) █ EBIT margin: 7.4% (prior year: 6.7%) █ Profit for the period: € 142.6 million (up 20.9%; prior year: € 117.9 million) █ Earnings per share: € 8.97 (up 25.8%; prior year: € 7.13) █ Equity ratio: 61.7% (prior year: 56.9%) █ Gearing ratio1: 16.0% (prior year: 17.0%) █ Dividend proposal of € 4.50 per share (dividend in prior year: € 4.00) █ Number of employees (FTE)2: 8,678 (up 0.5%; prior year: 8,638) Quick facts about AGRANA █ The leading sugar manufacturer in Central, Eastern and Southeastern Europe █ Major European producer of custom starch products and bioethanol █ World market leader in the production of fruit preparations █ Largest manufacturer of fruit juice concentrates in Europe █ 58 production sites3 in 25 countries3 around the world Financial calendar for 2018|19 8 May 2018 Results for full year 2017|18 (annual results press conference) 26 Jun 2018 Record date for Annual General Meeting participation 6 Jul 2018 Annual General Meeting in respect of 2017|18 11 Jul 2018 Ex-dividend date 12 Jul 2018 Results for first quarter of 2018|19 12 Jul 2018 Record date for dividend 13 Jul 2018 Dividend payment date 11 Oct 2018 Results for first half of 2018|19 10 Jan 2019 Results for first three quarters of 2018|19 1 Debt-equity ratio (ratio of net debt to total equity). 2 Average number of full-time equivalents in the reporting period. 3 Number of sites as of 7 May 2018; also see from page 30 (“Our plants”). Our many years of experience, our know-how, the responsibility for people and nature, the ability to react swiftly to market changes and customer needs, the diversity in our products, the skill and resources to identify and develop new markets, and the ex- ploiting of synergies in the three business segments Sugar, Starch and Fruit … … all these make AGRANA strong and profitable STRONG AND PROFITABLE SYNERGIES make us strong and profitable We are more than the sum of our three segments Sugar, Starch and Fruit. We leverage synergies and, by diversifying risks, generate a degree of stability that is without equal in the market. Possible short-term weaknesses in one segment are balanced by strengths in the other segments. This sym- biosis of three strong pillars is unique to AGRANA and gives the Group a critical competitive advantage, both now and especially going forward. SPECIALISATION makes us strong and profitable With our specialties strategy we will continue to develop new markets and ensure growth. In the Starch segment, AGRANA both strives for even higher levels of value-added refining, and is already successfully positioned in the market with starch specialties such as clean label, organic, and GMO-free starches. In the fruit juice concentrate business as well, we continue the consistent exe- cution of our specialties strategy (with beverage bases and the expansion of aroma capabilities). Specialisation is also pursued in the Sugar segment, where it means a stronger positioning as a supplier of a very diverse range of sugar products and as the leading organic sugar pro- ducer in Europe. In addition to being a dependable, trusted partner to the sugar-using industry, we deliver pleasant taste to consumers through our retail products. INVESTMENT makes us strong and profitable Worldwide capital investment strengthens AGRANA’s market position. We go where the global growth in the Fruit segment is and are expanding our production capacity in fruit preparations. The integration of the Argentine company Main Process S.A. is complete. The construction of the new, second plant of AGRANA Fruit in China, in the greater Shanghai area, has be- gun and is scheduled for completion at the end of 2018. And the purchase of a fruit preparations plant in India is another step in AGRANA’s expansion in the Asian growth market. AGRANA’s answer to the rising demand for starch, which is driven by the high share of recycled paper and the growing packaging needs of the online mail order market, is the doubling of the wheat starch capacity in Pischelsdorf, Austria. As well, in the 2017|18 financial year the corn starch factory in Aschach, Austria, through its own capacity expansion, in- creased its grinding volume to more than 500,000 tonnes of corn per year. RESPONSIBILITY makes us strong and profitable Our business success is also the fruit of our responsible, sustainable relationships with people and nature. We not only practice sustainability in our own business activities but are also establishing it in our supply chain. External audits in accordance with the standards of the Sustainable Agriculture Initiative (SAI) were conducted for the first time in the 2017|18 financial year at contract growers of agricultural crops for several business segments. The audits confirm that a large majority of AGRANA suppliers follow environmentally and socially sustainable practices. In order to further raise awareness among all our suppliers for the importance of eco- logically and socially sound production methods, last year we expanded the presentation of the AGRANA Sustainability Award for contract growers to all categories of raw materials. EXPERIENCE makes us strong and profitable The formal qualifications, the experience and pioneering spirit of our approximately 8,700 employees at 581 production sites around the world inform our innovation, our continual product enhancements and the discovery of new products, and thus ensure the development of new markets. AGRANA as a global company recognises its responsibility to people. We strive for continuous further improvement in our human resource activities. Thus, a number of initiatives were launched in the 2017|18 financial year, including prepa- rations for the future implementation of a global human resource management system. 1 Number of sites as of 7 May 2018. Key financials under IFRS 2017|18 2016|17 2015|16 2014|15 2013|14 Financial performance1 Revenue €m 2,566.3 2,561.3 2,477.6 2,493.5 2,841.7 EBITDA2 €m 254.2 235.2 192.0 181.9 214.3 Operating profit before exceptional items and results of equity-accounted joint ventures €m 164.1 150.8 107.5 102.0 134.6 Share of results of equity-accounted joint ventures €m 29.4 30.6 24.5 25.4 28.4 Exceptional items €m (2.9) (9.0) (3.1) (5.7) 3.9 Operating profit [EBIT]3 €m 190.6 172.4 129.0 121.7 166.9 EBIT margin % 7.4 6.7 5.2 4.9 5.9 Profit before tax €m 176.2 154.5 104.4 116.5 136.7 Profit for the period €m 142.6 117.9 80.9 84.6 107.0 Attributable to shareholders of the parent €m 140.1 111.3 82.7 80.9 105.2 Attributable to non-controlling interests €m 2.5 6.6 (1.8) 3.7 1.8 Operating cash flow before changes in working capital €m 302.7 258.0 225.9 208.1 186.1 Investment4 €m 140.9 114.7 116.0 91.2 130.0 Number of employees5 8,678 8,638 8,510 8,550 8,505 Return on sales6 % 6.9 6.0 4.2 4.7 4.8 Return on capital employed7 % 9.7 9.0 6.7 6.7 8.7 Share data at last day of February Closing price € 99.10 106.00 80.50 80.51 87.70 Earnings per share8 € 8.97 7.13 5.82 5.70 7.40 Dividend per share € 4.509 4.00 4.00 3.60 3.60 Dividend yield % 4.59 3.8 5.0 4.5 4.1 Dividend payout ratio % 50.29 56.1 68.7 63.2 48.6 Price/earnings ratio 11.0 14.9 13.8 14.1 11.9 Market capitalisation €m 1,548.2 1,656.0 1,143.3 1,143.4 1,245.5 Number of shares ’000 15,622.2 15,622.2 14,202.0 14,202.0 14,202.0 Financial strength Total assets €m 2,356.4 2,481.4 2,243.2 2,406.9 2,392.2 Share capital €m 113.5 113.5 103.2 103.2 103.2 Core non-current assets10 €m 1,138.5 1,113.8 1,002.2 1,093.4 1,049.7 Equity €m 1,454.0 1,411.9 1,200.1 1,194.4 1,191.0 Equity ratio % 61.7 56.9 53.5 49.6 49.8 Net debt €m 232.5 239.9 405.8 330.3 386.8 Gearing ratio11 % 16.0 17.0 33.8 27.7 32.5 1 Detailed information concerning the calculation methods of individual performance indicators can be found on page 184.
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