Agrana operates three fruit preparation plants in China. While these plants were closed around the Chinese New Year, all plants (Dachang, Changzhou and Xianyang) had restarted operations by the end of February. Asia accounts for ca. 10% of Fruit revenues (5% of total revenues) with the majority thereof related to Chinese operations. Agrana does not have operations in Italy, but Italy is an important export market for the Austrian Fruit and Starch business.

We regard the impact of the current macro uncertainty on sugar (white sugar prices down >10% since mid-February, but EU reference prices not yet available) and starch prices (Ethanol prices) to pose a higher risk to the group’s earnings outlook overall.

( Stefan Maxian, RCB) 

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