Change of leadership at AGRANA Beteiligungs-AG: CFO Stephan Büttner (50) was appointed as the new CEO: On 1 January 2024 he will be taking over the role of Markus Mühleisen (57), who will leave the company at the end of the year before the scheduled end of his term in office as CEO on 31 May 2024. Furthermore, Stephan Büttner’s existing term of office, scheduled to conclude on 31 October 2024, has been extended until 31 October 2028.

Stephan Büttner has already held various management roles as part of the AGRANA organisation since 2012 and has played a decisive role in its success to date. As CFO on the Management Board, he is currently responsible for the areas of Finance, Equity Investment Management, Legal Affairs, Compliance, Procurement, IT, Organisation and Investor Relations as well as for the Fruit Division. As the new CEO, he will also be taking on responsibility for the areas of Strategy and Business Policy, Sales Coordination, Public Relations, Human Resources and Corporate Secretariat.

After graduating in commercial sciences from the Vienna University of Economics and Business, Stephan Büttner initially worked at KPMG AUSTRIA GmbH. After moving on to Raiffeisen Ware Austria AG in 2001, he worked as CEO at its subsidiary Ybbstaler Fruit Austria GmbH from 2004. He has worked for the AGRANA Group since 2012. As CEO of AUSTRIA JUICE GmbH, a joint venture of AGRANA Beteiligungs-AG and Raiffeisen Ware Austria-AG, he successfully managed the merger of AGRANA Juice GmbH and Ybbstaler Fruit Austria GmbH. In 2014, he became CFO of AGRANA Beteiligungs-AG and has also been CEO of AGRANA Fruit since May 2021.

In the first three quarters of the 2021/22 financial year (the nine months ended 30 November 2021), AGRANA, the fruit, starch and sugar company, generated an operating profit (EBIT) of EUR 76.0 million (Q1-Q3 prior year: EUR 84.3 million). Revenue was EUR 2,169.6 million (Q1-Q3 prior year: EUR 1,965.3 million).

AGRANA Chief Executive Officer Markus Mühleisen says: “Since the beginning of the financial year we have been forecasting that, after a weaker first six months of 2021/22, earnings in the second half of the year would be better than one year earlier. This outlook was confirmed in the third quarter with quarterly EBIT of EUR 31.2 million (Q3 prior year: EUR 28.5 million). Following this positive trend in Q3, we also expect a very significant year-on-year improvement in EBIT in the fourth quarter. We therefore remain optimistic that, for the full financial year, we will exceed the prior year’s EBIT significantly, i.e., by at least 10 %. Getting there has, however, become much more difficult in the past few months amid a very strong rise in raw material and energy prices.”

Results in each business segment

Fruit segment

Fruit segment revenue in the first three quarters grew to EUR 939.1 million, a moderate increase of 5.3 %. The fruit preparations business saw revenue growth stemming mostly from higher sales prices. Revenue in the fruit juice concentrate activities declined slightly for volume reasons. Segment EBIT in the first nine months was EUR 36.2 million, off 12.3 % from one year earlier. The principal reason for the deterioration lay in weaker sales of fruit juice concentrates from the 2020 crop, which were marked by reduced delivery volumes in combination with lower contribution margins of apple juice concentrates in the first half of 2021/22.

Starch segment

Revenue in the Starch segment in the first three quarters of 2021/22 was EUR 737.8 million, or a significant 18.8 % more than a year ago. Higher volumes of core products and by-products were demanded than in the same period of the prior year. In the ethanol business, Platts quotations reached historic highs in the third quarter and averaged 24 % stronger in the first three quarters of 2021/22 than in the prior-year comparable period. Segment EBIT in the first nine months, at EUR 53.5 million, eased by 8.5 % from the year-earlier level. The main reason was a significant year-on-year increase in prices for raw materials (wheat and corn/maize) and energy, which could not yet be fully offset by adjusting product prices.

Sugar segment

The Sugar segment’s revenue in the first three quarters of 2021/22 grew to EUR 492.7 million, up 8.8 % from one year earlier. In addition to renewed high sales volumes with resellers, there was also a recovery in the industrial customer segment, where more sugar was sold than in the same period last year. While the EBIT result in the first three quarters of 2021/22 was better than in the year-ago period, it remained negative at the nine-month mark, at a deficit of EUR 13.7 million. This still reflected the fact that AGRANA’s own sugar production had been below average after the pest-related small 2020 harvest, with a resulting lower margin from the necessary compensatory reselling and refining of sugar.

Outlook

For the full 2021/22 financial year, AGRANA continues to expect significant growth in Group EBIT, in other words, an EBIT increase of at least 10 %. Group revenue is projected to show moderate growth. It should be noted, however, that due to the extreme volatility in commodity and energy prices and a once again more acute COVID-19 situation – the fourth wave in combination with the advent of the new Omicron variant – the forecast for the full year is subject to a very high degree of uncertainty.

In the 2021/22 financial year, the AGRANA Group is investing EUR 92 million, an amount significantly less than the budgeted depreciation of about EUR 120 million.

The Supervisory Board of AGRANA Beteiligungs-AG appointed Mr Markus Mühleisen, MBA, (54), to the position of CEO of AGRANA Beteiligungs-AG for a period of three years with effect from 1 June 2021. Originating from Düsseldorf (Germany), this manager succeeds Johann Marihart (70), whose mandate as CEO was extended by a period of three months and who will enter retirement on 31 May 2021. Mühleisen will be responsible for the areas of communication, strategy, human resources and business policy, among others.

For Chairman of the Supervisory Board, Erwin Hameseder, who oversaw the selection process for the new CEO, Markus Mühleisen has all the relevant qualifications and experience to lead the AGRANA Group: “I am delighted about the appointment of Markus Mühleisen. He has acted successfully in diverse management positions and has considerable international experience in the food and luxury food industry. Markus Mühleisen will ambitiously strive to continue the successful development of AGRANA.”

Markus Mühleisen has been active in the food and luxury food sector for more than 20 years, including positions at Nestlé, General Mills and, since 2018, at the international dairy group Arla Foods as its Group-Vice President. He has comprehensive international management experience, particularly in the areas of marketing and strategy. “The AGRANA Group is a strong, innovative and well positioned company with lots of potential. I am very much looking forward to writing the next chapter in the company’s success story alongside my fellow board members and the entire AGRANA team,” says Markus Mühleisen.

At its meeting on January 29th, the Supervisory Board of AGRANA Beteiligungs-AG expressed its deep-felt appreciation to Johann Marihart for all his work as CEO over what has been nearly three decades. AGRANA Supervisory Board Chairman Hameseder: “The successful development of AGRANA has been closely linked to Johann Marihart. Under his leadership, AGRANA grew to become a successful international industrial player. Revenues have increased seven-fold during the Marihart era. Besides the successful expansion in Europe, one of his other major achievements has been establishing the Fruit Division. He was central to the Company establishing a further division for diversification purposes – a strategy which has paid off particularly during difficult economic times and one which makes AGRANA fit for the future.”