Total assets at 28 February 2010 amounted to € 1,887.9 million, a reduction of € 108.3 million from the year-earlier level of € 1,996.2 million. There was a decrease of € 15.5 million in non-current assets, due mainly to the lower investment. Current assets declined by € 92.8 million. While inventories and cash and cash equivalents contracted, trade receivables rose. The inventory reduction in the Sugar segment was the result of the lower sugar volumes in inventory and lower valuations for quota sugar after the EU restructuring levy’s elimination from the 2009|10 sugar marketing year onward. At the same time, inventory value declined in the Fruit segment, reflecting higher sales quantities of apple juice concentrate and reduced valuations as a consequence of the lower raw material prices.
AGRANA further improved its capital structure in the 2009|10 financial year. With an equity ratio of 47.9% (prior year: 41.4%) at the balance sheet date, equity increased to € 904.7 million from the level of 28 February 2009 of € 825.9 million. Net debt at 28 February 2010 stood at € 376.6 million, a reduction of 19.9% from the year-ago level of € 470.1 million. The reduction in current borrowings resulted from the lower investment, lower working capital financing and the refinancing to long-term credit lines in combination with the locking-in of favourable interest rates. Trade and other payables fell, as the final payment of the EU restructuring levy was made in October 2009.