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Fiscal year 2016/17

Fruit segment

Overview

AGRANA J&F Holding GmbH is the fruit segment's holding company. The fruit preparations are coordinated and operationally managed by a holding company, AGRANA Fruit S.A.S, based in Mitry-Mory, France. Fruit concentrates are managed by the holding company AUSTRIA JUICE GmbH, headquartered in Kröllendorf, Austria. In total, the segment had twenty-four production locations for fruit preparations in nineteen countries as of the record date as well as fourteen production plants for apple and berry juice concentrates in seven countries.

Key figures for the fruit segment



2015/162015/16
RevenuesEUR million1,1551,083
EBITDAEUR million110102
Depreciation of fixed assets and intangible assetsEUR million-38-40
Operating resultEUR million7262
Restructuring/special itemsEUR million0-3
Income from companies consolidated at equityEUR million00
Result from operationsEUR million7259
EBITDA margin%9.59.4
Operating margin%6.25.7
Investments in fixed assetsEUR million3442
Investments in financial assets/acquisitionsEUR million460
Total investmentsEUR million8042
Capital employedEUR million866823
Return on capital employed%8.37.5
Employees
4,9244,620

Revenues and operating profit

The fruit segment's revenues rose to € 1,155 (1,083) million. This increase was driven by slightly higher volumes, and especially higher sales revenues for apple juice concentrates.
The year-over-year operating result improved considerably, coming in at € 72 (62) million. This increase is due to higher sales revenues and margins, combined with volume growth in the fruit juice concentrates division. However, the positive impact of volume and sales revenue growth in the fruit preparations division was not enough to completely offset higher costs.
The fruit preparations activities of Main Process S.A., Buenos Aires, Argentina were consolidated for the first time in the fourth quarter of 2016/17.
Capital employed and return on capital employed (ROCE)
Capital employed rose to € 866 (823) million. The increase, driven by investments and acquisitions – especially the purchase of Main Process S.A. – was offset by a decline in working capital due to lower inventories. The higher operating result of € 72 (62) million caused ROCE to improve to 8.3 (7.5) %.
Investments in fixed assets
Investments in fixed assets totaled € 34 (42) million. The fruit preparations division invested in replacements, such as the production line in Mitry, France, but also in capacity expansions, among others the additional production line at the fruit preparations plant in Lysander, USA. The fruit juice concentrates division invested mainly in replacements and investments driven by market requirements.
Investments in financial assets
Investments in financial assets of € 46 million were for the acquisition of Main Process S.A., Buenos Aires, Argentina.