KTG Agrar SE reports successful refinancing of its 2010/2015 bond
29.12.2014 | DGAP
Hamburg, 29 December 2014. KTG Agrar SE (ISIN: DE000A0DN1J4) has successfully secured the repayment of its 2010/2015 corporate bond, a EUR 50 million paper maturing in September 2015. The refinancing exercise comprised a private placement to top up the 2011/2017 bond by EUR 10 million as well as the placement of a total of EUR 35 million of the 2014/2019 corporate bond (with the conversion offer for the 2010/2015 bond contributing EUR 10 million). The balance of EUR 5 million will be repaid from KTG Agrar's operating cash flow. "This early refinancing of our bond means that we are solidly funded through the coming years and can fully concentrate on the investment harvest phase launched in the first half of 2014. The 2010 bond issue provided the basis for our successful investments in farmland, food production and biogas plants. This phase was successfully concluded in 2014 and we have now begun to reap the fruit of our investments," said Siegfried Hofreiter, CEO of KTG Agrar SE. In the first half of 2014 KTG Agrar raised its earnings before interest and taxes from EUR 12.0 million to EUR 23.7 million. The net income for the period increased from EUR 0.7 million to EUR 10.6 million. Following on from the record harvest in the second half of the year, management expects to report a strong earnings performance also for the full year. Moving forward into 2015, the company intends to continue its investment harvest phase and break through the quarter billion euro sales barrier.
About KTG Agrar SE
With cultivable land of approx. 45,000 hectares, KTG Agrar SE (ISIN: DE000A0DN1J4) is one of the leading producers of agricultural commodities in Europe. As an integrated supplier, the company produces agricultural commodities and renewable energy and food. The Hamburg-based company's core area of expertise is the organic and traditional cultivation of market products such as cereals, potatoes, soy and rapeseed. For organic market products KTG Agrar is the European market leader. The company mainly produces in Germany but has also operated production in the EU member state of Lithuania since 2005. As a result of the takeover of Frenzel Tiefkühlkost and Biozentrale Naturprodukte, KTG has expanded the value chain by the production of food since 2011. In the year 2013, KTG achieved a total output of EUR 205.3 million and EBIT of EUR 23.9 million. Since November 2007 the company is listed on the Frankfurt Stock Exchange and had 775 employees at year end 2013. Further information can be found at www.ktg-agrar.de
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Fabian Lorenz
IR.on AG
Phone: +49 221 914097 - 6
E-mail: fabian.lorenz@ir-on.com
