BayWa AG · XETR:BYW

BayWa — H1 2014 Earnings Presentation

35 slides from BayWa's earnings presentation, Aug 7, 2014

  1. Slide 1: Interim Report First Half 2014 Conference Call

    Interim Report First Half 2014 Conference Call Munich, 7 August 2014 Prof. Klaus Josef Lutz, CEO Andreas Helber, CFO

  2. Slide 2: Agenda

    Agenda 1. Development of the Group in the first half of 2014 2. Development of the Segments in the first half of 2014 3. Outlook for FY 2014 Appendix BayWa AG 7 August 2014 Page 2

  3. Slide 3: Development of the Group First half 2014

    Development of the Group First half 2014 BayWa AG 7 August 2014 Page 3

  4. Slide 4: Development of the Group H1/2014 Summary

    Development of the Group H1/2014 Summary Revenues in EUR million Operating EBIT in EUR million -7.0% 8,272.8 -9.2% 7,691.0 101.0 91.7 H1 2013 excl. H1 2014 excl. H1 2013 H1 2014 special effects special effects Highlights  Specification of internationalisation strategy for Agriculture: - Apollo acqu

  5. Slide 5: Revenues and EBIT as against previous year

    Development of the Group H1/2014 Revenues and EBIT as against previous year Revenues in EUR m -7.0% – EUR 7,691.0 m (Δ 13/14: EUR -581.8 m / -7.0 %) 8,272.8 7,691.0 – Price- and volume-induced decline in revenues in Agriculture and conventional Energy – Revenue growth of BayWa r.e. H1 2013 H1 2014 E

  6. Slide 6: Multi-year comparison of EBIT

    Development of the Group H1/2014 Multi-year comparison of EBIT in EUR m Other 56.2 activities 2.7% 72.5% -9.2% 57.5% 101.0 Operating 88.7 91.1 91.7 result 56.3 Other -29.6 activities H1 2010 H1 2011 H1 2012 H1 2013 H1 2014 BayWa AG 7 August 2014 Page 6

  7. Slide 7: Expansion progress

    Development of the Group H1/2014 Expansion progress EBIT (in EUR m) BayWa excl. BayWa incl. acquisitions acquisitions +183.6% 62.1 21.9 BayWa including companies aquired from 2009 onwards BayWa excluding companies acquired from 2009 onwards H1 2014 H1 2014 BayWa AG 7 August 2014 Page 7

  8. Slide 8: Key Financials – Income Statement

    Development of the Group H1/2014 Key Financials – Income Statement Group in EUR m H1 2010 H1 2011 H1 2012 H1 2013 H1 2014 ∆13/14 (%) Revenues 3,777.7 4,586.2 5,131.3 8,272.8 7,691.0 -7.0% EBITDA 104.3 136.3 147.1 213.8 120.2 -43.8% % of Revenues 2.8% 3.0% 2.9% 2.6% 1.6% EBIT 56.3 88.7 91.1 157.2 62.

  9. Slide 9: Key Financials – Cash Flow Statement

    Development of the Group H1/2014 Key Financials – Cash Flow Statement in EUR m H1 2010 H1 2011 H1 2012 H1 2013 H1 2014 ∆13/14 (%) Cash earnings 75.1 96.4 93.5 165.1 76.4 -53.7% Cash flow from operating activities 40.9 90.8 150.1 145.6 106.8 -26.6% Cash flow from investing activities -50.1 -94.2 -179

  10. Slide 10: Key Financials – Balance Sheet

    Development of the Group H1/2014 Key Financials – Balance Sheet in EUR m H1 2010 H1 2011 H1 2012 H1 2013 FY 2013 H1 2014 ∆13/14 (%) Total assets 3,054.4 3,486.1 4,529.5 5,189.8 5,015.1 5,086.7 1.4% Equity 968.2 1,037.5 1,125.1 1,157.3 1,182.0 1,189.1 0.6% Equity ratio 31.7% 29.8% 24.8% 22.3% 23.6% 2

  11. Slide 11: Development of the Segments First half 2014

    Development of the Segments First half 2014 BayWa AG 7 August 2014 Page 11

  12. Slide 12: Agriculture Segment H1/2014

    Agriculture Segment H1/2014 Seed Fertilisers Crop protection Grain Feedstuff Agricultural equipment Fruit BayWa AG 7 August 2014 Page 12

  13. Slide 13: Agriculture Segment Market Developments

    Agriculture Segment H1/2014 Market Developments Market Trends World Grain Balance (July 2014)  High forecasts for global grain harvest in million tons  Grain volume in Germany > 48 MT ( previous year: 47.4 MT)  High harvest expectations put producer prices under pressure (wheat price -19 % since

  14. Slide 14: Agriculture Segment Revenues and EBIT as against previous year

    Agriculture Segment H1/2014 Revenues and EBIT as against previous year Agricultural Trade In EUR m -10.5% 4,880.0 4,367.3 Revenues -28.7% 59.5 42.4 EBIT H1 2013 H1 2014  Revenues: ∆ 13/14 EUR -512.7 million  EBIT: ∆ 13/14 EUR -17.1 million  Volume- and price-induced revenue decline  Prices for g

  15. Slide 15: Agriculture Segment Revenues and EBIT as against previous year

    Agriculture Segment H1/2014 Revenues and EBIT as against previous year Agricultural Equipment Fruit In EUR m in EUR m -0.5% -11.4% 652.1 648.7 302.7 268.2 Revenues Revenues +15.5% -31.0% 9.7 11.2 18.4 EBIT 12.7 EBIT H1 2013 H1 2014 H1 2013 H1 2014  Revenues: ∆ 13/14 EUR -3.4 million  Revenues: ∆ 1

  16. Slide 16: Agriculture Segment Key Financials – Income Statement

    Agriculture Segment H1/2014 Key Financials – Income Statement Agriculture in EUR m H1 2010 H1 2011 H1 2012 H1 2013 H1 2014 ∆13/14 (%) Revenues 1,732.7 2,277.3 2,573.7 5,834.9 5,284.2 -9.4% EBITDA 55.4 90.6 90.3 112.5 92.2 -18.0% % of Revenues 3.2% 4.0% 3.5% 1.9% 1.7% EBIT 36.2 71.8 68.5 87.5 66.2 -2

  17. Slide 17: Energy Segment H1/2014

    Energy Segment H1/2014 Fuels Heating Oil Lubricants Solid Biofuels BayWa r.e. BayWa AG 7 August 2014 Page 17

  18. Slide 18: Energy Segment Market Developments

    Energy Segment H1/2014 Market Developments Wind farm Brahms (19.8 MW), New Mexico, USA Market Trends  Price niveau for heating oil in 2014 continuously lower y/y  Weather-induced modest demand for heating oil and wood pellets  Lubricants and fuel sales higher y/y  20 % of global energy consumpti

  19. Slide 19: Energy Segment Revenues and EBIT as against previous year

    Energy Segment H1/2014 Revenues and EBIT as against previous year Conventional Energy Renewable Energy In EUR m In EUR m -12.1% +62.3% 1,477.7 1,299.2 306.3 188.7 Revenues Revenues -86.3% +33.3% 5.1 16.8 12.6 EBIT EBIT 0.7 H1 2013 H1 2014 H1 2013 H1 2014  Revenues: ∆ 13/14 EUR -178.5 million  Reve

  20. Slide 20: Energy Segment Key Financials – Income Statement

    Energy Segment H1/2014 Key Financials – Income Statement Energy in EUR m H1 2010 H1 2011 H1 2012 H1 2013 H1 2014 ∆13/14 (%) Revenues 1,087.2 1,253.4 1,684.1 1,666.4 1,605.5 -3.7% EBITDA 18.9 8.6 29.9 33.3 33.5 0.6% % of Revenues 1.7% 0.7% 1.8% 2.0% 2.1% EBIT 13.3 1.0 15.9 17.7 17.5 -1.1% % of Revenu

  21. Slide 21: Building Materials Segment H1/2014

    Building Materials Segment H1/2014 Building Materials BayWa AG 7 August 2014 Page 21

  22. Slide 22: Building Materials Segment Market Developments

    Building Materials Segment H1/2014 Market Developments Market Trends Building Investments in Germany (Δ y/y in %)  Mild winter leads to early and dynamic start to the 2012 1.1 building season -2.1  Forecast for commercial construction revenues up -10.1 1 % to revenue growth of 4.5 % in 2014 -1.4 

  23. Slide 23: Building Materials Segment Revenues and EBIT as against previous year

    Building Materials Segment H1/2014 Revenues and EBIT as against previous year Building Materials (H1/2013 adjusted) Building Materials (H1/2013 not adjusted) In EUR m In EUR m +5.9% -5.4% 684.4 724.9 766.4 724.9 Revenues Revenues > +100% > +100% 8.0 8.0 EBIT EBIT 0.8 -4.2 H1 2013 H1 2014 H1 2013 H1

  24. Slide 24: Building Materials Segment Key Financials – Income Statement

    Building Materials Segment H1/2014 Key Financials – Income Statement Building Materials in EUR m H1 2010 H1 2011 H1 2012 H1 2013 H1 2014* ∆13/14 (%) Revenues 872.8 978.5 813.0 766.4 724.9 -5.4% EBITDA 17.1 27.2 14.1 2.3 13.2 > 100% % of Revenues 2.0% 2.8% 1.7% 0.3% 1.8% EBIT 3.0 13.2 4.1 -4.2 8.0 >

  25. Slide 25: Other Activities H1/2014 Revenues and EBIT as against previous year

    Other Activities H1/2014 Revenues and EBIT as against previous year In EUR m > +100% 76.4 Revenues 5.1 > -100% 56.2 EBIT -29.6 H1 2013 H1 2014  Revenues: ∆ 13/14 EUR +71.3 million  EBIT: ∆ 13/14 EUR -85.8 million  Revenues include building material activities in the locations in NRW and Rhineland

  26. Slide 26: Outlook for FY 2014

    Outlook for FY 2014 BayWa AG 7 August 2014 Page 26

  27. Slide 27: Outlook for FY 2014

    Outlook for FY 2014 Outlook 2014  Global harvest forecast underpins expectations of higher grain selling potential AGRICULTURE  Agricultural commodity prices should bottom out in H2; growing willingness to market and buy grain & oilseeds anticipated  Fertiliser price trend likely to encourage upf

  28. Slide 28: Thank you for your attention

    Thank you for your attention The information in this presentation is partly made up of forward-looking statements which are based on assumptions and are subject to unforeseeable risks. In as much as the assumptions on the successful integration of acquisitions and on the internal growth of the compa

  29. Slide 29: Appendix

    Appendix BayWa AG 7 August 2014 Page 29

  30. Slide 30: Agriculture Segment Market Price Trends

    Agriculture Segment H1/2014 Market Price Trends Wheat & Corn International Granulated Urea & CAN Paris, 28/07/2014 Baltic Sea Ports, 28/07/2014 €/t €/t 295.00 € Closing price on 28/07/2014 176.25 € Closing price on 28/07/2014 156.00 € Closing price on 250.00 € 28/07/2014 Closing price on 28/07/2014

  31. Slide 31: Agriculture Segment Grain Balance – World / Usage

    Agriculture Segment H1/2014 Grain Balance – World / Usage in millions of tons 2011/12 2012/13 2013/14 2014/15* Production 2,300 2,257 2,454 2,435 Opening Balance 461 461 444 511 Available 2,761 2,718 2,898 2,946 Consumption 2,300 2,274 2,387 2,418 Closing Balance 461 444 511 528 Stock / Consumption

  32. Slide 32: BayWa Share

    BayWa Share BayWa AG 7 August 2014 Page 32

  33. Slide 33: BayWa Share

    BayWa Share Share Price Performance Share from 01/07/2013 to 01/08/2014 Closing price on 30/06/2013 37.04 € High (06/06/2014) 41.65 € Low (09/10/2013) 35.27 € Closing price on 30/06/2014 40.59 € Market Capitalisation in EUR m As per 30/06/2013 1,279.4 As per 30/06/2014 1,398.1 Freefloat Market cap.

  34. Slide 34: BayWa Share: Shareholder Structure and Profile

    BayWa Share Shareholder Structure as per 30/06/2014 BayWa Share Profile (June 2014) Stock Exchanges Frankfurt, Munich, Xetra Bayerische Raiffeisen- Freefloat Beteiligungs AG 39.9% Segment Official Markt/Prime Standard 34.9% Stock exch. Index SDAX (Sec. code no. 519406 and 519400) ISIN DE0005194062 u

  35. Slide 35: Contact and Financial Calendar

    Contact and Financial Calendar Financial Calendar 2014/2015 Head of Investor Relations August 2014 07/08 Press Conference Q2, Munich Josko Radeljic 07/08 Analysts‘ Conference Call Q2 BayWa AG November 2014 Arabellastr. 4 06/11 Analysts‘ Conference Call Q3 81925 Munich January 2015 Germany 15-16/01 C

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