BayWa AG · XETR:BYW
BayWa — FY2021 Earnings Presentation
41 slides from BayWa's earnings presentation, Mar 25, 2022
Slide 1: Annual Financial Statements as per 31 December 2021
Annual Financial Statements as per 31 December 2021 Analysts’ Conference Call Munich, 25 March 2022 Prof. Klaus Josef Lutz, CEO Andreas Helber, CFO Marcus Pöllinger, Vorstandsmitglied
Slide 2: Agenda
Agenda 01 Highlights Financial Year 2021 Business Development of the Segments in 02 2021 and Operational Outlook 2022 03 Group Financials 2021 04 Appendix 25/3/2022 | 2
Slide 3: Highlights Financial Year 2021
01 Highlights Financial Year 2021 Prof. Klaus Josef Lutz 25/3/2022 | 3
Slide 4: Highlights I
01 | Highlights Financial Year 2021 Highlights I ▪ Resilient throughout the pandemic also in the second year of COVID-19 ▪ BayWa r.e – closing (March 2021) − EIP (Energy Infrastructure Partners AG) invests EUR 530 million for 49 % in BayWa r.e. as part of a capital increase against cash contribution
Slide 5: Highlights II
01 | Highlights Financial Year 2021 Highlights II Revenues2 EBIT2 ▪ Significant leap in earnings compared with the previous year (EBIT +26%) – Semi-annual forecast once again exceeded +20.5% +26.0% 19,839.1 266.6 ▪ EBIT improvement in five of seven segments 16,464.7 211.6 ▪ Highest growth rates in t
Slide 6: Development of the Group 2021: Multi-year comparison of EBIT
01 | Highlights Financial Year 2021 Development of the Group 2021 Multi-year comparison of EBIT in EUR m 266.6 211.6 188.4 Ø 202 171.3 172.4 2017 2018 2019 2020 2021 25/3/2022 | 6
Slide 7: Expansion progress
01 | Highlights Financial Year 2021 Expansion progress Operating EBIT contribution from expansion in % in EUR m Expansion (companies acquired from 2009 onwards) 400 Core region (companies consolidated back in 2008) 350 300 250 67% 200 65% 65% 150 30% 45% 54% 66% 19% 44% 56% 55% 100 21% 2% 82% 70% 33
Slide 8: Energy: Renewable Energies and Energy Key Figures 2021
02 | Energy Business Unit – Development in 2021 Business Unit Segment Segment Energy Renewable Energy Energies Key Figures 2021 25/3/2022 | 8
Slide 9: Market Developments
02 | Energy Business Unit – Development in 2021 Market Developments RENEWABLE ENERGIES ENERGY Global capacity installation – forecast 20221 Development of Brent crude2 and heating oil price in Germany3 in GW Solar Onshore wind energy Brent crude in USD per Barrel Heating oil in cent per litre 130 90
Slide 10: Renewable Energies Segment
02 | Energy Business Unit – Development in 2021 Renewable Energies Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 20/21 EUR +1,350.3 million ▪ EBIT: ∆ 20/21 EUR +24.1 million _________________________________________________________________________________ ▪ Increase in revenues and profit
Slide 11: Energy Segment
02 | Energy Business Unit – Development in 2021 Energy Segment Sales and EBIT vs previous year ▪ Revenues: ∆ 20/21 EUR +383.0 million ▪ EBIT: ∆ 20/21 EUR -14.4 million _________________________________________________________________________________ ▪ Price-induced increase in revenues Revenues in E
Slide 12: Agriculture Key Figures 2021
02 | Agriculture Business Unit – Development in 2021 Business Unit Segment Segment Agriculture Cefetra Global Group Produce Key Figures 2021 Segment Segment Agri Trade Agricultural & Service Equipment 25/3/2022 | 12
Slide 13: Market Developments: Agricultural Products
02 | Agriculture Business Unit – Development in 2021 Market Developments: Agricultural Products AGRI COMMODITIES PRICE TREND 1 GLOBAL GRAIN BALANCE (EXCL. RICE; MARCH 2022) 2 in EUR/tons in million of tons Wheat MTF Maize CBT Rape seed MTF Soy meal CBT Changes in inventories Production Consumption 2
Slide 14: Cefetra Group Segment
02 | Agriculture Business Unit – Development in 2021 Cefetra Group Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 20/21 EUR +790.7 million ▪ EBIT: ∆ 20/21 EUR +17.2 million _________________________________________________________________________________ ▪ Price-induced revenue growth on t
Slide 15: Market Developments: Operating Resources
02 | Agriculture Business Unit – Development in 2021 Market Developments: Operating Resources N-FERTILISER & CAN PRICES OPERATING RESOURCES TRADE IN 2021 IN GERMANY in Euro/Tonne 750 N-fertilisers CAN ▪ Fertilisers: farmers’ great reluctance to purchase and limited readiness to 675 N-fertilisers: +1
Slide 16: Agri Trade & Service Segment
02 | Agriculture Business Unit – Development in 2021 Agri Trade & Service Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 20/21 EUR +604.4 million ▪ EBIT: ∆ 20/21 EUR +26.6 million _________________________________________________________________________________ ▪ Price-induced increase in
Slide 17: Market Developments: Agricultural Equipment
02 | Agriculture Business Unit – Development in 2021 Market Developments: Agricultural Equipment DEMAND FOR TRACTORS REMAINS STRONG Agricultural equipment revenues New registrations of tractors in in Germany1 Germany1 in EUR bn Number +16% +8% 10.5 34,472 32,039 9.0 2020 2021 2020 2021 ▪ Agricultura
Slide 18: Agricultural Equipment Segment
02 | Agriculture Business Unit – Development in 2021 Agricultural Equipment Segment Revenues and EBIT vs previous year ▪ Revenues : ∆ 20/21 EUR +39.2 million ▪ EBIT: ∆ 20/21 EUR -5.8 million _________________________________________________________________________________ ▪ Price-induced increase in
Slide 19: Market Development: Global Produce
02 | Agriculture Business Unit – Development in 2021 Market Development: Global Produce APPLE HARVEST TREND IN 2021 APPLE PRICES IN EUROPE 3 Germany1 New Zealand2 in euro cent / kilo in ktons in ktons 95 90 85 -2% -10% 80 1,023.0 1,000.0 575 515 75 70 65 Ø 70.6 60 55 50 Sep. 18 Jan. 19 Mai. 19 Sep.
Slide 20: Global Produce Segment
02 | Agriculture Business Unit – Development in 2021 Global Produce Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 20/21 EUR +22.2 million ▪ EBIT: ∆ 20/21 EUR +0.8 million _________________________________________________________________________________ ▪ Price-induced increase in revenues
Slide 21: Building Materials Key Figures 2021
02 | Building Materials Business Unit – Development in 2021 Business Unit Segment Building Building Materials Materials Key Figures 2021 25/3/2022 | 21
Slide 22: Market Developments: Building Materials
02 | Building Materials Business Unit – Development in 2021 Market Developments SUSTAINED GOOD CONSTRUCTION ACTIVITY DYNAMIC PRICE TREND IN BUILDING MATERIALS Order intake in the German construction industry 20211 Price indices of selected building materials in January 20221 in % vs 2020 in % vs Jan
Slide 23: Building Materials Segment
02 | Building Materials Business Unit – Development in 2021 Building Materials Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 20/21 EUR +185.2 million ▪ EBIT: ∆ 20/21 EUR +26.3 million _________________________________________________________________________________ ▪ Revenues and earnings
Slide 24: Innovation & Digitalisation Key Figures 2021
02 | Segment Innovation & Digitalisation – Development in 2021 Segment Innovation & Digi- talisation Key Figures 2021 25/3/2022 | 24
Slide 25: Innovation & Digitalisation Segment
02 | Segment Innovation & Digitalisation – Development in 2021 Innovation & Digitalisation Segment Revenues and EBIT vs previous year ▪ Revenues : ∆ 20/21 EUR +0.9 million ▪ EBIT: ∆ 20/21 EUR -9.3 million _________________________________________________________________________________ ▪ Revenue gro
Slide 26: Group Financials 2021
03 Group Financials 2021 Andreas Helber 25/3/2022 | 26
Slide 27: Financials Energy Business Unit Income Statement
03 | Group Financials 2021 Financials Energy Business Unit Income Statement In EUR m 2017 2018 2019 20201 2021 ∆20/21 (in %) Revenues 3,594.7 3,968.5 4,474.3 3,954.9 5,688.2 43.8 EBITDA 121.3 128.4 176.7 212.3 231.8 9.2 % of Revenues 3.4% 3.2% 3.9% 5.4% 4.1% EBIT 85.0 96.0 127.4 142.7 152.4 6.8 % of
Slide 28: Financials Agriculture Business Unit Income Statement
03 | Group Financials 2021 Financials Agriculture Business Unit Income Statement In EUR m 2017 2018 2019 20201 2021 ∆20/21 (in %) Revenues 10,836.5 11,015.9 10,857.5 10,588.2 12,044.7 13.8 EBITDA 141.7 159.6 188.2 206.9 256.5 24.0 % of Revenues 1.3% 1.4% 1.7% 2.0% 2.1% EBIT 82.1 100.1 96.6 103.5 142
Slide 29: Financials Building Materials Business Unit Income Statement
03 | Group Financials 2021 Financials Building Materials Business Unit Income Statement In EUR m 2017 2018 2019 20201 2021 ∆20/21 (in %) Revenues 1,606.1 1,617.5 1,702.8 1,899.0 2,084.2 9.8 EBITDA 45.8 47.2 57.0 75.7 104.0 37.4 % of Revenues 2.9% 2.9% 3.3% 4.0% 5.0% EBIT 30.1 31.1 32.1 46.9 73.2 56.
Slide 30: Income Statement
03 | Group Financials 2021 Income Statement In EUR m 2017 2018 2019 20201 2021 ∆20/21 (in %) Revenues 16,055.1 16,625.7 17,059.0 16,464.7 19,839.1 20.5 EBITDA 318.4 315.3 403.0 464.8 552.8 18.9 % of Revenues 2.0% 1.9% 2.4% 2.8% 2.8% EBIT 171.3 172.4 188.4 211.6 266.6 26.0 % of Revenues 1.1% 1.0% 1.1
Slide 31: Balance Sheet
03 | Group Financials 2021 Balance Sheet In EUR m 2017 2018 20191 20201 2021 ∆20/21 (in %) Total assets 6,488.0 7,511.5 8,781.9 8,950.0 11,771.4 31.5 Equity 1,435.5 1,389.1 1,253.4 1,153.6 1,816.1 57.4 Equity ratio 22.1% 18.5% 14.3% 12.9% 15.4% Equity ratio adjusted2 25.7% 21.6% 17.6% 16.2% 17.8% In
Slide 32: Cash Flow Statement
03 | Group Financials 2021 Cash Flow Statement In EUR m 2017 2018 2019 20201 2021 ∆20/21 (in %) Cash Earnings 168.4 238.7 213.9 399.5 491.0 22.9 Cash flow from operating activities -170.2 -452.2 -24.9 675.9 -583.6 >-100 Cash flow from investing activities -60.5 -243.0 -149.4 -251.5 -197.2 21.6 Cash
Slide 33: Adjusted net debt in relation to EBITDA and equity
03 | Group Financials 2021 Adjusted net debt in relation to EBITDA and equity Adjusted net debt Adjusted net debt = 1.09 = 4.1 EBITDA Adjusted Equity* 4,185 399 2,290 2,290 396 2,101 1,099 2,290 553 Liabilities Cash Non-Recourse Readily Adjusted Adjusted net debt EBITDA Adjusted net debt Adjusted eq
Slide 34: Economic Profit 2021
03 | Group Financials 2021 Economic Profit 2021 Net In EUR m Ø Invested ROIC WACC Spread Economic Operating Capital (in %) (in %) (in %) Profit Profit Renewable Energies 135.0 2,421.3 5.58 4.40 1.18 28.5 Energy 17.4 79.6 21.83 5.50 16.33 13.0 Cefetra Group 38.8 525.8 7.38 5.10 2.28 12.0 Global Produ
Slide 35: Other Activities 2021
03 | Group Financials 2021 Other Activities 2021 ▪ Revenues: ∆ 20/21 EUR -1.5 million ▪ EBIT: ∆ 20/21 EUR -10.5 million _________________________________________________________________________________ ▪ Revenue decline due to higher expenses caused by the coronavirus (coronavirus bonus, IT equipmen
Slide 36: Thank you for your attention
Thank you for your attention Munich, 25 March 2022 Prof. Klaus Josef Lutz, CEO Andreas Helber, CFO Marcus Pöllinger, Vorstandsmitglied
Slide 37: Appendix
04 Appendix 25/3/2022 | 37
Slide 38: BayWa Share 2021/22: Price performance compared with the SDAX and DAX
04 | Appendix BayWa Share 2021/22: Price performance compared with the SDAX and DAX BayWa SDAX DAX 1 January 2021 to 17 March 2022: 130% performance & closing price1 125% BayWa 120% 41.20€ 115% 24.7% closing price 110% 105% SDAX 14,572.59* 100% -1.3% closing price 95% 90% DAX 14,388.06* 85% 80% 4.9%
Slide 39: BayWa Share 2021
04 | Appendix BayWa Share 2021 Shareholder structure (31/12/2021) BayWa share profile (31/12/2021) Stock exchanges Frankfurt, Munich, Xetra Segment Official Market / Prime Standard 34.3% Security code no. 519406 and 519400 38.7% ISIN DE0005194062 and DE0005194005 Share capital EUR 91,250,199.04 Numb
Slide 40: Investor Relations Contact, Financial Calendar 2022
04 | Appendix Investor Relations Contact Financial Calendar 2022 25. 5. 24. March May May ANALYST ANALYST ANNUAL CONFERENCE CONFERENCE GENERAL MEETING, Josko André Pierre FY 2021 CALL Q1 ICM Munich Radeljic Wahlen Head of Investor Relations Junior Investor Relations Manager Tel.: +49 (089) 92 22 388
Slide 41: Disclaimer
04 | Appendix Disclaimer Forward-looking statements and guidance This presentation includes forward-looking statements. These statements are based on current assessments and forecasts of management and draw on information currently available. These forward-looking statements are therefore not a guar