Shareholders' meeting and annual results

The results reported by Axereal group as at 30 June 2022 are in line with the targets set, driven by its consistent and transformative trajectory.
The strategic choice expressed by the Board to move into plant protein production fits perfectly into the agricultural and food transition and will create additional value for the cooperative’s farmers.

Jean-François Loiseau, Axereal Chairman, said: “The purpose of our cooperative is to secure and add value to our members’ agricultural production by providing them with access to channels with a future. By focusing constantly on this, we have had an excellent year and achieved growth, despite the highly chaotic external situation. We have concentrated our energy on improving the agricultural and food model by developing the best low-carbon solutions and promoting them to our farmer members and customers. By teaming up with Intact, we are investing in profitable protein-rich plant channels that fit the framework of regenerative agriculture.” 

Key figures from the year 2021- 2022

In its agriculture arm, Axereal originated 4.7 million tonnes across all its areas (in France and Central Europe) during the 2021 season. On top of this, its agricultural advisory and agro supplies operations reinforced its commercial position.
Its Malting Division achieved excellent performance across both processing and sales with volumes sold up 8% to 2.9 million tonnes as at 30 June 2022. 

Accelerating the agricultural and food transition

Axereal has broken through the barrier of one million tonnes of grain sold under channels, in line with its targets. 
The agricultural and food transition has continued across all the group’s businesses with the introduction of regenerative agriculture projects.

Axereal is entering the fourth year of its strategy to put in place low-carbon agriculture, by selling 120,000 tonnes of low-GHG (greenhouse gas) crops, carrying out 144 carbon footprint audits with young farmers and paying the first carbon credits to members. This strategy, which is relayed to farmers, is made possible thanks to the commitment and training of the Axereal teams on the ground.    
As a group, it has continued and will continue to put in place strategies to move towards becoming carbon neutral by 2030.

Turnover: €4,295m, up 37% from the previous year

The increase in turnover is mainly driven by higher volumes and a rise in grain and input prices. Around 50% of the group’s turnover is generated internationally, with Europe (excluding France) accounting for 21%, South America for 12% and Asia for 9%.

EBITDA: €208m, up 26% 

This improved EBITDA is driven by the Malting Division’s very good performance during the year. It is also due to the improvement in the agriculture and processing channels model.

During the last quarter, the effects of inflation on agricultural raw materials and energy purchases were partially offset by price increases agreed with major customers.

Working capital requirement (WCR): up €107m due to unprecedented inflation

Inflation has reached record levels this year, resulting in a historic rise in raw materials prices. Through strict management of the operational components of WCR together with the use of optimisation tools, the group has succeeded in limiting the increase in its WCR to €107 million.

Paul-Yves L'Anthoën, Axereal CEO, said: “These results come at the end of a very unusual year, during which we have had to adapt and be extremely agile to perform effectively on behalf of our farmer members and customers. Alongside commercial performance, we have put strong momentum behind our non-financial performance to help our customer-partners to undertake projects to keep pace with the changing expectations of society.
I would like to take the opportunity to highlight the energy and professionalism shown by our teams, day in, day out. We owe to them all the work we do to help our farmer members and customers operate more sustainably.”

Two new administrators for Axereal

On 13 December 2022, two new administrators joined the cooperative’s Board. 

Xavier Feuillet, aged 51, is a farmer managing an arable farm in Civray (Cher) in the Champagne Berrichonne region.

Damien Lauverjat, aged 46, is a farmer managing an arable farm in Groises (Cher) in the Loire Nivernais region.
Dominique Jacquet, Antoine Lestourgie and Bruce Jolly, who have served as administrators since 1990, 1992 and 1996 respectively, left the Board.  “We would like to thank Dominique Jacquet, Antoine Lestourgie and Bruce Jolly for their many years of hard work. Through their vision and commitment, they have supported the cooperative in its transition towards sustainable performance, with a focus on processing channels,” said Jean-François Loiseau, Axereal Chairman.

Visuals of the Shareholders’ meeting are available HERE 
Photo credit:  Didier Depoorter