Baywa Ag · XETR:BYW
Baywa — Q1 2021 Earnings Presentation
37 slides from Baywa's earnings presentation, May 6, 2021
Slide 1: Quarterly Financial Statements as per 31 March 2021
Quarterly Financial Statements as per 31 March 2021 Conference Call Munich, 06 May 2021 Prof. Klaus Josef Lutz, CEO Andreas Helber, CFO
Slide 2: Agenda
Agenda 1. Development of the Group 1-3/2021 2. Development of the Segments 1-3/2021 3. Outlook for FY 2021 Appendix 06 May 2021 Page 2
Slide 3: Development of the Group 1-3/2021
Development of the Group 1-3/2021 Prof. Klaus Josef Lutz 06 May 2021 Page 3
Slide 4: Development of the Group 1-3/2021 - Highlights
Development of the Group Revenues 1-3/2021 - Highlights +10,4% ✓ Strong start to the year 4,272.1 3,870.1 ✓ EBIT already clearly positive in Q1 ✓ Revenues and earnings growth in all three operating segments EUR m ✓ BayWa r.e. with project disposals in Q1 Q1 2020 Q1 2021 ✓ Increase in investment prop
Slide 5: Multi-year comparison of EBIT
Development of the Group 1-3/2021 Multi-year comparison of EBIT In EUR m 45.1 8.0 Ø -5.9 -13.8 -27.8 -41.0 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 06 May 2021 Page 5
Slide 6: Energy Segment
Energy Segment 09 May 2019 Page 6
Slide 7: Energy Segment 1-3/2021 Market developments
Energy Segment 1-3/2021 Market developments Renewable Energies Conventional Energy Global capacity installation – forecast 20211 Brent crude oil price2 and heating oil price trend in Germany3 In USD per barrel In cent per litre Onshore wind energy Solar 75 70 66.34 65.23 75 171 65 65 60 In GW In GW
Slide 8: Renewable Energies Revenues and EBIT
Energy Segment 1-3/2021: Renewable Energies Revenues and EBIT as against the previous year Renewable Energies In EUR m +72.6% >100% 662.1 33.7 383.5 Revenues EBIT -8.9 Q1 2020 Q1 2021 Q1 2020 Q1 2021 ▪ Revenues: ∆ 20/21 EUR +278.6 million ▪ EBIT: ∆ 20/21 EUR +42.6 million ▪ Revenues and result boost
Slide 9: Conventional Energy Revenues and EBIT
Energy Segment 1-3/2021: Conventional Energy Revenues and EBIT as against the previous year Conventional Energy In EUR m -22.4% -32.7% 486.2 4.9 377.3 3.3 Revenues EBIT Q1 2020 Q1 2021 Q1 2020 Q1 2021 ▪ Revenues: ∆ 20/21 EUR -108.9 million ▪ EBIT: ∆ 20/21 EUR -1.6 million ▪ Volume-driven decline in
Slide 10: Agriculture Segment
Agriculture Segment 09 May 2019 Page 10
Slide 11: Market developments – agricultural products
Agriculture Segment 1-3/2021 Market developments – agricultural products Price trend of agricultural commodities1 Global grain balance (excl. rice; April 2021)2 In EUR/tons In millions of tons Changes in inventories Production Consumption Wheat MTF Corn CBT Soy meal CBT Rape seed MTF 2750 135 550 11
Slide 12: Cefetra Group: market outlook – super cycles
Agriculture Segment 1-3/2021 Cefetra Group: market outlook – super cycles* Average 60 volatilities of soybean, corn and wheat ▪ Lowest closing stocks worldwide since 2012/13 Previous Agricultural Super Cycles ▪ Surge in demand due to wealth redistribution: e.g., China’s demand for 50 grain imports r
Slide 13: Market development Inputs, Equipment, Global Produce
Agriculture Segment 1-3/2021 Market development Inputs, Equipment, Global Produce Input Resources Agricultural Equipment Global Produce ▪ High commodities prices increase demand for ▪ Slight recovery in sentiment in the agri-industry ▪ NZ apple production 2021 expected 5% below fertilisers compared
Slide 14: Cefetra Group Revenues and EBIT
Agriculture Segment 1-3/2021: Cefetra Group (formerly BAST) Revenues and EBIT as against the previous year Cefetra Group In EUR m +15.3% >100% 1,258.0 11.0 1,090.7 Revenues 3.7 EBIT Q1 2020 Q1 2021 Q1 2020 Q1 2021 ▪ Revenues: ∆ 20/21 EUR +167.3 million ▪ EBIT: ∆ 20/21 EUR +7.3 million ▪ Price-induce
Slide 15: Agri Trade & Service Revenues and EBIT
Agriculture Segment 1-3/2021: Agri Trade & Service Revenues and EBIT as against the previous year Agri Trade & Service In EUR m +2.6% >100% 982.8 1,008.3 14.7 Revenues EBIT 3.1 Q1 2020 Q1 2021 Q1 2020 Q1 2021 ▪ Revenues: ∆ 20/21 EUR +25.5 million ▪ EBIT: ∆ 20/21 EUR +11.6 million ▪ Volume- and price
Slide 16: Agricultural Equipment Revenues and EBIT
Agriculture Segment 1-3/2021: Agricultural Equipment Revenues and EBIT as against the previous year Agricultural Equipment In EUR m -3.8% >100% 385.4 370.7 4.5 Revenues 2.0 EBIT Q1 2020 Q1 2021 Q1 2020 Q1 2021 ▪ Revenues: ∆ 20/21 EUR -14.7 million ▪ EBIT: ∆ 20/20 EUR +2.5 million ▪ Revenues at previ
Slide 17: Global Produce Revenues and EBIT
Agriculture Segment 1-3/2021: Global Produce Revenues and EBIT as against the previous year Global Produce In EUR m +7.2% -9.1% 216.0 1.1 201.4 1.0 Revenues EBIT Q1 2020 Q1 2021 Q1 2020 Q1 2021 ▪ Revenues: ∆ 20/21 EUR +14.6 million ▪ EBIT: ∆ 20/21 EUR -0.1 million ▪ Price-driven increase in revenues
Slide 18: Building Materials Segment
Building Materials Segment 09 May 2019 Page 18
Slide 19: Building Materials Segment Market developments
Building Materials Segment 1-3/2021 Market developments Order intake in the German construction industry Dynamic price development in building material 1-2/20211 In % vs 2020 ▪ Delivery bottlenecks and rising prices: 6.1% Greater demand for wood from China and the US Excess demand due to product
Slide 20: Building Materials Revenues and EBIT
Building Materials Segment 1-3/2021 Revenues and EBIT as against the previous year Building Materials In EUR m +11.8% +52.5% 373.0 333.7 EBIT -5.7 Revenues -12.0 Q1 2020 Q1 2021 Q1 2020 Q1 2021 ▪ Revenues: ∆ 20/21 EUR +39.3 million ▪ EBIT: ∆ 20/21 EUR +6.3 million ▪ Price-driven increase in revenues
Slide 21: Innovation & Digitalisation Segment Revenues and EBIT
Innovation & Digitalisation Segment 1-3/2021 Revenues and EBIT as against the previous year Digital Farming & eBusiness In EUR m +25.0% +8.6% 3.0 2.4 EBIT Revenues -3.5 -3.2 Q1 2020 Q1 2021 Q1 2020 Q1 2021 ▪ Revenues: ∆ 20/21 EUR +0.6 million ▪ EBIT: ∆ 20/21 EUR +0.3 million ▪ Increase in revenues t
Slide 22: Group Financials
Group Financials Andreas Helber 06 May 2021 Page 22
Slide 23: Other Activities 1-3/2021
Other Activities 1-3/2021 Other Activities In EUR m +22.0% -7.5% 4.0 3.7 EBIT Revenues -14.2 -18.2 Q1 2020 Q1 2021 Q1 2020 Q1 2021 ▪ Revenues: ∆ 20/21 EUR -0.3 million ▪ EBIT: ∆ 20/21 EUR +4.0 million ▪ EBIT consists of administrative costs and consolidation effects ▪ Improvement compared with the y
Slide 24: Financials Energy Segment Income Statement
Financials Energy Segment 1-3/2021 Income Statement in EUR m Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 ∆20/21 (%) Revenues 770.4 775.8 964.1 869.7 1,039.4 19.5 EBITDA 32.0 4.1 16.6 6.9 51.5 > 100 % of Revenues 4.2% 0.5% 1.7% 0.8% 5.0% EBIT 24.3 -3.5 6.9 -4.0 37.0 > 100 % of Revenues 3.2% -0.5% 0.7% -0
Slide 25: Financials Agriculture Segment Income Statement
Financials Agriculture Segment 1-3/2021 Income Statement in EUR m Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 ∆20/21 (%) Revenues 2,741.8 2,728.2 2,823.8 2,660.4 2,853.0 7.2 EBITDA 25.7 11.8 30.2 33.6 56.2 67.3 % of Revenues 0.9% 0.4% 1.1% 1.3% 2.0% EBIT 11.3 -2.7 6.1 9.9 31.2 > 100 % of Revenues 0.4% -
Slide 26: Financials Building Materials Segment Income Statement
Financials Building Materials Segment 1-3/2021 Income Statement In EUR m Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 ∆20/21 (%) Revenues 290.7 287.9 285.8 333.7 373.0 11.8 EBITDA -7.6 -11.7 -10.4 -5.3 1.3 > 100 % of Revenues -2.6% -4.1% -3.6% -1.6% 0.3% EBIT -11.4 -15.7 -14.6 -12.0 -5.7 52.5 % of Revenu
Slide 27: Group Financials 1-3/2021 Income Statement
Group Financials 1-3/2021 Income Statement in EUR m Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 ∆20/21 (%) Revenues 3,807.9 3,797.1 4,079.6 3,870.1 4,272.1 10.4 EBITDA 40.0 -7.5 41.2 25.1 103.0 > 100 % of Revenues 1.1% -0.2% 1.0% 0.6% 2.4% EBIT 8.0 -41.0 -13.8 -27.8 45.1 > 100 % of Revenues 0.2% -1.1% -
Slide 28: Group Financials 1-3/2021 Balance Sheet
Group Financials 1-3/2021 Balance Sheet In EUR m Q1 2017 Q1 2018 Q1 2019 Q1 2020 GJ 2020 Q1 2021 ∆20/21 (%) Total assets 6,881.4 7,100.9 8,799.3 9,244.4 9,044.4 9,908.0 7.2 Equity 1,108.4 1,391.0 1,362.8 1,254.9 1,256.1 1,822.7 45.2 Equity ratio 16.1% 19.6% 15.5% 13.6% 13.9% 18.4% Equity ratio adjus
Slide 29: Operational Outlook for FY 2021
Operational Outlook for FY 2021 Prof. Klaus Josef Lutz 06 May 2021 Page 29
Slide 30: Outlook 2021
Outlook 2021 Strong first-quarter but Q1 of limited significance – no change in annual guidance (so far) Energy - BayWa r.e.: growth trend is ongoing; projected output of almost 1.1 GW planned for 2021; trading in PV components likely to continue positive development - Conventional Energy: forecast
Slide 31: Thank you for your attention!
Thank you for your attention!
Slide 32: BayWa Share 2020/21
BayWa Share 2020/21 06 May 2021 Page 32
Slide 33: Price performance compared with the SDAX and DAX
The BayWa Share 2020/21: Price performance compared with the SDAX and DAX 150% 1st January 2020 to 28th April 2021: performance & closing prices1 140% BayWa 130% 40.75€ 120% 44.2% closing price 110% 100% SDAX 16,372.54* 90% 30.9% closing price 80% 70% DAX 60% 15,292.18* Jan-20 Mar-20 May-20 Jul-20 B
Slide 34: BayWa Share 2020/21
BayWa Share 2020/21 Share price performance (from 01/01/2019 until 28/04/2021) 45 € Further information (Security code 5194062) in EUR Closing price on 31/03/2020 25.40 40 € High (30/03/2021) 38.00 Low (31/03/2020) 25.40 Closing price on 31/03/2021 37.60 35 € Market capitalisation in EUR m 30 € As p
Slide 35: BayWa Share 2021
BayWa Share 2021 Shareholder structure (31/03/2021) BayWa share profile (31/03/2021) Stock exchanges Frankfurt, Munich, Xetra Segment Official Market / Prime Standard, SDAX Security code no. 519406 and 519400 34,5% 38,3% ISIN DE0005194062 and DE0005194005 Share capital EUR 90,671,895.04 Number of sh
Slide 36: Investor Relations Contact Financial Calendar 2021
Investor Relations Contact Josko André Pierre Radeljic Wahlen Leiter Investor Relations Junior Investor Relations Manager Telefon +49 (089) 92 22 3887 T +49 (089) 92 22 3879 Mobil +49 162 2828671 andrepierre.wahlen@baywa.de josko.radeljic@baywa.de Financial Calendar 2021 6th 11th 5th 11th May May Au
Slide 37: United for success.
United for success.