Preliminary figures show significant growth for first nine months 2023/2024 – full-year forecasts raised
Einbeck (Germany), April 30, 2024 – Based on the preliminary financial figures for the first nine months of fiscal year 2023/2024, the Management Board of the General Partner of KWS SAAT SE & Co. KGaA, KWS SE ("Executive Board"), expects the following key figures:
- Sales 9M 2023/2024: +10% to EUR 1,360.4 (1,232.2) million
- EBIT 9M 2023/2024: +48% to EUR 336.4 (227.6) million
Following the agreements reached at the end of March 2024 to sell the South American corn business, the reported preliminary key figures relate to KWS's continuing operations. The South American corn business will be reported as a discontinued operation in KWS's financial reporting until the transaction is completed.
The significant increase in sales and EBIT is attributable in particular to the successful business performance in the sugarbeet segment. In addition, EBIT includes a one-time positive earnings contribution (approx. EUR 30 million) as a result of the agreements reached in November 2023 on the sale of the Chinese corn business (including licenses).
Against the backdrop of the positive business development in the first nine months and on the basis of KWS's continuing operations, the Executive Board now expects sales for fiscal year 2023/2024 to increase by 6 to 8 % year-on-year (adjusted for currency and portfolio effects: 11 to 13 %; previous year: EUR 1,500 million; previous forecast of 3 to 5 %) with an EBIT margin of 15 to 17 % (including the one-time positive earnings contribution from the sale of the Chinese corn business; previous forecast 11 to 13 %). The research and development ratio is expected to be around 20% (previous forecast 18 to 19%).
KWS will publish its quarterly statement for the first nine months of fiscal year 2023/2024 on May 14, 2024.
Explanations of the financial ratios used:
EBIT: Earnings before interest and taxes
EBIT margin: EBIT as a percentage of sales
About KWS
KWS is one of the world's leading plant breeding companies. More than 5,000 employees* in more than 70 countries generated net sales of around €1.8 billion in fiscal 2022/2023. KWS has been run independently as a family-owned company for more than 165 years. It focuses on plant breeding and the production and sale of corn, sugarbeet, cereal, vegetable, rapeseed and sunflower seed. KWS uses state-of-the-art plant breeding methods to increase farmers' yields and further improve plants' resistance to diseases, pests and abiotic stress. To realize this goal, the company invested more than €300 million in research and development in the past fiscal year.
*excluding seasonal employees
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Notifying person:
Peter Vogt
Head of Investor Relations
Tel. +49 30 816914-490
investor.relations@kws.com