Net sales increased by 32% – Strong growth in Brazil – Net sales forecast raised
The KWS Group (ISIN: DE0007074007) has increased its net sales by around one-third in the first half of fiscal 2021/2022. The key indicators EBITDA, EBIT and net income for the period were at the level of the previous year. Due to the strongly seasonal nature of the company’s business, the first half of the year (July 1 to December 31) contributes only about 25–30% of total net sales.
Net sales in the period under review rose by 32.4% to €431.6 (326.0) million. The growth was 31.3% on a comparable basis (excluding exchange rate effects). The key earnings figures were on a par with the previous year. The Turkish lira’s depreciation had a significant negative impact on the value of internal financial instruments (€ –6.0 million) and thus reduced operating result.
The free cash flow was € –128.5 million and, due to the increase in working capital, was below the previous year’s figure of € –57.3 million. Given the KWS Group’s strong growth, there was a significant increase in trade receivables and inventories.
“The high growth rates in the first half of the year are a vindication of our long-term corporate strategy geared toward inovação and a diversity of varieties,” said Eva Kienle, Chief Financial Officer of KWS. “In view of our strong business performance, we are pleased to announce, just halfway through the year, that we’re raising our annual guidance.”
In view of the positive business performance in the first six months, the Executive Board now anticipates that the KWS Group will grow its net sales for fiscal 2021/2022 as a whole by 9% to 11% (previously: 5% to 7%). The EBIT margin is still expected to be around 10% and in a range from 11% to 12% after adjustment for the noncash effects from purchase price allocations as part of company acquisitions. R&D intensity is expected to be in the range of 18% to 20%.
Visão geral dos principais números
em € milhões | H1 2021/2022 | H1 2020/2021 | +/- | |
Vendas líquidas | 431.6 | 326.0 | 32.4% | |
EBITDA | -45.2 | -48.2 | 6.2% | |
EBIT | -89.5 | -93.2 | 4.0% | |
Receitas/despesas financeiras líquidas | -27.3 | -24.9 | -9.6% | |
Resultado das atividades normais | -116.8 | -118.1 | 1.1% | |
Imposto de renda | -31.5 | -31.8 | 0.9% | |
lucro líquido | -85.3 | -86.2 | 1.0% | |
Lucro por ação | em € | -2.58 | -2.61 | 1.1% |
Desempenho de negócios dos segmentos
A Segmento de milho grew its net sales significantly to €200.7 (131.8) million in the first half of the year. KWS’ core markets in South America, Brazil and Argentina, mainly contributed to that growth. The business in Brazil benefited not only from an increase in cultivation area and sales prices, but also from the growing market success of our variety portfolio. Since the segment does not generate the major part of its annual net sales until the third quarter (January to March) in the Europe and North America regions, the segment’s earnings were negative, as customary for the period under review, and totaled € –66.4 (–69.1) million. However, the operating result improved significantly in Brazil.
Vendas líquidas no Segmento de beterraba rose in the first half of the year to €60.9 (43.1) million. The increase is mainly attributable to earlier shipments in Germany and business expansion in North Africa. Due to seasonal reasons, revenue from sugarbeet seed is low in the first half of the year; significant net sales are not generated until the spring sowing season in the third quarter (January to March). The segment’s income was € –45.2 million and thus at the level of the previous year (€ –45.3 million). The Turkish lira’s sharp depreciation impacted the value of internal financial instruments (€ –6.0 million), which thus reduced the segment result.
Vendas líquidas no Cereals Segment, which generates the predominant share of its annual net sales in the first half of the year, rose by 12% to €174.9 (€156.1) million, mainly due to strong growth in rapeseed seed. That business was boosted (by 41%) in particular on the back of favorable market conditions and an improved performance by the variety portfolio. Rye seed business also developed very strongly. While net sales from wheat seed likewise increased, revenue from barley seed declined due to unfavorable weather conditions. Given the strong growth in net sales and an improved product mix, the segment posted an above-proportionate increase in result to €62.3 (52.3) million.
Vendas líquidas no Segmento de Legumes fell to €21.9 (26.0) million, mainly due to high inventories at distributors in the wake of the COVID-19 pandemic. Business is expected to pick up in the second half of the fiscal year. As a result of the course of business and further expansion of the Business Unit Vegetables, the segment’s income fell to € –10.6 (–8.7) million. Excluding effects from the purchase price allocation as part of company acquisitions, the segment’s result declined to € –0.8 (4.1) million.
Vendas líquidas no Segmento Corporativo rose to €5.1 (3.6) million. They are mainly generated from KWS’ farms. Since all cross-segment costs for the KWS Group’s central functions and research expenditure are charged to the Corporate Segment, its income is usually negative. The sharp decline in the segment’s results to € –52.9 (–39.1) million is mainly attributable to positive effects of €12.3 million from the valuation of US$-based financial instruments in the same period of the previous year.
A diferença em relação à demonstração do rendimento integral e ao relatório por segmentos do Grupo KWS deve-se aos requisitos das Normas Internacionais de Relato Financeiro (IFRS) e está resumida para os principais indicadores de vendas líquidas e EBIT na tabela de reconciliação abaixo:
Tabela de reconciliação
em € milhões | Segmentos | Reconciliação | KWS Group1 |
Vendas líquidas | 463.4 | -31.8 | 431.6 |
EBIT | -112.8 | 23.3 | -89.5 |
1 Excluding the shares of the equity-accounted companies AGRELIANT GENETICS LLC., AGRELIANT GENETICS INC. and KENFENG – KWS SEEDS CO., LTD.
Picture line press photo: Corn plants in sunlight
Autor da imagem: KWS
Fonte da imagem: permissão concedida para uso com referência à fonte de artigos editoriais sobre o KWS. A divulgação comercial a terceiros não é permitida.Sobre KWS*
A KWS é uma das empresas líderes mundiais em melhoramento de plantas. Cerca de 6,000 funcionários em 70 países geraram vendas líquidas de cerca de 1.3 mil milhões de euros no ano fiscal de 2020/2021. Empresa com tradição de propriedade familiar, a KWS opera de forma independente há 165 anos. Tem como foco o melhoramento de plantas e a produção e comercialização de sementes de milho, beterraba sacarina, cereais, hortaliças, colza e girassol. A KWS utiliza métodos de melhoramento de plantas de ponta para melhorar continuamente o rendimento dos agricultores e a resistência das plantas a doenças, pragas e estresse abiótico. Para esse efeito, a empresa investiu mais de 250 milhões de euros no último ano fiscal em investigação e desenvolvimento.
* All figures exclude the companies carried at equity AGRELIANT GENETICS LLC., AGRELIANT GENETICS INC. and KENFENG – KWS SEEDS CO., LTD.
Para mais informações: www.kws.com. Siga-nos no Twitter® em https://twitter.com/KWS_Group.
Contato:
Peter Vogt
Responsável pelo gabinete de relações com investidores
Phone: +49-30 816914-490
peter.vogt@kws.com
Martin Heistermann
Gerente Sênior de Relações com Investidores
Phone: +49-30 816914-341
martin.heistermann@kws.com
Sina Barnkothe
Comunicação Corporativa
Phone: +49-5561 311-1783
sina.barnkothe@kws.com
KWS SAAT SE & Co. KGaA
http://www.kws.com