Baywa Ag · XETR:BYW
Baywa — Q1 2024 Earnings Presentation
36 slides from Baywa's earnings presentation, May 8, 2024
Slide 1: Quarterly Financial Statements as per 31 March 2024
Quarterly Financial Statements as per 31 March 2024 Conference Call Marcus Pöllinger, CEO Andreas Helber, CFO Munich, Germany 8 May 2024
Slide 2: Agenda
Agenda 01 Overview Q1/2024 02 Business Development of the Segments in Q1/2024 and Operational Outlook 2024 03 Group Financials Q1/2024 04 Appendix 8/5/2024 | 2
Slide 3: Overview Q1/2024
01 Overview Q1/2024 Marcus Pöllinger, CEO 01 | Overview Q1/2024 8/5/2024 | 3
Slide 4: Summary Financial Results Q1/2024
Summary Financial Results Q1/2024 ▪ Price-induced decline in revenues Revenues In EUR m Declining prices in the agri and energy markets -17.3% ▪ Negative consolidated operating result, which is typical of the season 6,280.4 5,194.5 ▪ EBIT decline vs previous year − Agriculture business unit: positiv
Slide 5: Multi-year comparison of EBIT
Development of the Group Q1/2024 Multi-year comparison of EBIT In EUR m 144.9 91.8 45.1 8.1 Ø 13.0 -3.3 -12.4 -13.8 -27.8 -41.1 -61.3 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 01 | Overview Q1/2024 8/5/2024 | 5
Slide 6: Multi-year comparison of EBIT (adjusted by Renewable Energies)
Development of the Group Q1/2024 Multi-year comparison of EBIT (adjusted by EBIT Renewable Energies Segment) In EUR m 81.0 38.8 11.4 3.9 Ø 2.4 -3.2 -13.3 -15.0 -18.9 -24.5 -36.0 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 01 | Overview Q1/2024 8/5/2024 | 6
Slide 7: EBIT 2024 Bridge: Plan for the quarter-EBIT (vs actual)
EBIT 2024 Bridge: Plan for the quarter-EBIT (vs actual) In EUR m cumulated EBIT EBIT for the quarter 400 377 350 300 250 250 200 166 145 150 127 84 100 50 0 -50 -46 -61 -100 Q1 Q1 Q2 Q3 Q4 plan actual plan plan plan 01 | Overview Q1/2024 8/5/2024 | 7
Slide 8: EBT 2024 Bridge: Plan for the quarter - EBT (vs actual)
EBT 2024 Bridge: Plan for the quarter - EBT (vs actual) In EUR m cumulated EBT EBT for the quarter 100 91 75 65 50 73 0 2 -50 -100 -89 -150 -154 -200 Q1 Q2 Q3 Q4 actual plan plan plan 01 | Overview Q1/2024 8/5/2024 | 8
Slide 9: Business Development of the Segments in Q1/2024 and Operational Outlook 2024
02 Business Development of the Segments in Q1/2024 and Operational Outlook 2024 Marcus Pöllinger, CEO 02 | Business Development of the Segments in Q1/2024 and Operational Outlook 2024 8/5/2024 | 9
Slide 10: Business Unit Energy
Business Unit Energy Energy Business Unit – Development in Q1/2024 Segment Segment Renewable Energy Energies 02 | Energy Business Unit – Development in Q1/2024 8/5/2024 | 10
Slide 11: Market Developments Energy
Market Developments Energy PV modules: China's solar industry triggers price war in Europe1 Average electricity price on the EPEX spot market in Germany2 In EUR / Wp In EUR / MWh 0,35 129 -50% 118 120 103 101 101 95 94 91 100 87 0,30 82 78 77 80 69 61 65 60 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23
Slide 12: Renewable Energies Segment Revenues and EBIT vs previous year
Renewable Energies Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 23/24 EUR -595.3 million ▪ EBIT: ∆ 23/24 EUR -118.2 million ___________________________________________________________________________________________________ ▪ Revenue decline attributable to electricity prices trending do
Slide 13: Energy Segment Sales and EBIT vs previous year
Energy Segment Sales and EBIT vs previous year ▪ Revenues: ∆ 23/24 EUR -56.0 million ▪ EBIT: ∆ 23/24 EUR -6.1 million ___________________________________________________________________________________________________ ▪ Volume- and price-induced decline in revenues ▪ Heat energy carriers: less deman
Slide 14: Business Unit Agriculture
Business Unit Agriculture Agriculture Business Unit – Development in Q1/2024 Segment Segment Cefetra Agri Trade Group & Service Segment Segment Agricultural Global Equipment Produce 02 | Agriculture Business Unit – Development in Q1/2024 8/5/2024 | 14
Slide 15: Price trend for agricultural commodities January 2023 to April 2024
Price trend for agricultural commodities January 2023 to April 20241 Wheat Corn Soya 310 560 300 290 280 510 -31% -29% -29% 270 260 460 250 240 230 220 410 210 200 360 190 180 170 160 310 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jan-23 Apr-23 Jul-23 Oct-23
Slide 16: Market Developments – Input Resources, Agricultural Equipment and Fruit
Market Developments – Input Resources, Agricultural Equipment and Fruit Input Resources Agricultural Equipment Fruit ▪ Fertilizers: rising demand for fertilizers due to ▪ Agri economic barometer: ▪ Apple production New Zealand 2024 exceeds – Planned investment volume for H1 2024 previous year’s leve
Slide 17: Cefetra Group Segment Revenues and EBIT vs previous year
Cefetra Group Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 23/24 EUR -194.9 million ▪ EBIT: ∆ 23/24 EUR -2,2 million ___________________________________________________________________________________________________ ▪ Price-induced decline in revenues ▪ Trading in standard products deve
Slide 18: Agri Trade & Service Segment Revenues and EBIT vs previous year
Agri Trade & Service Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 23/24 EUR -252.0 million ▪ EBIT: ∆ 23/24 EUR -12.9 million ___________________________________________________________________________________________________ ▪ Price-induced decline in revenues ▪ Prices for agri-produce a
Slide 19: Agricultural Equipment Segment Revenues and EBIT vs previous year
Agricultural Equipment Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 23/24 EUR +52.4 million ▪ EBIT: ∆ 23/24 EUR +1.6 million ___________________________________________________________________________________________________ ▪ Price-induced growth in revenue and profit ▪ Stable order bac
Slide 20: Global Produce Segment Revenues and EBIT vs previous year
Global Produce Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 23/24 EUR +12.1 million ▪ EBIT: ∆ 23/24 EUR +2.7 million ___________________________________________________________________________________________________ ▪ Price-induced increase in revenues ▪ Germany: lower sales volumes can
Slide 21: Business Unit Construction
Business Unit Construction Construction Business Unit – Development in Q1/2024 Segment Construction 02 | Construction Business Unit – Development in Q1/2024 8/5/2024 | 21
Slide 22: Market Developments – Construction
Market Developments – Construction Development of incoming orders/backlog in residential construction1 The federal government's target for new construction is missed by 125,000 flats every year 2 190 182,8 Annual additions (in thousands) 180 170,6 400 170 160 150 296 139,8 140 269 260 Ø 275 130 126,
Slide 23: Construction Segment Revenues and EBIT vs previous year
Construction Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 23/24 EUR -50.7 million ▪ EBIT: ∆ 23/24 EUR -12.4 million ___________________________________________________________________________________________________ ▪ Volume- and price-induced decline in revenues ▪ Negative result typica
Slide 24: Group Financials Q1/2024
03 Group Financials Q1/2024 Andreas Helber, CFO 03 | Group Financials Q1/2024 8/5/2024 | 24
Slide 25: Other Activities Q1/2024
Other Activities Q1/2024 ▪ Revenues: ∆ 23/24 EUR -1.5 million ▪ EBIT: ∆ 23/24 EUR -5.6 million ___________________________________________________________________________________________________ ▪ EBIT consists of administrative costs and consolidation effects Revenues in EUR m EBIT in EUR m ▪ Decli
Slide 26: Financials Energy Business Unit Income Statement
Financials Energy Business Unit Income Statement In EUR m Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 ∆23/24 (in %) Revenues 869.7 1,039.4 2,242.7 2,132.7 1,481.4 -30.5 EBITDA 6.9 51.5 90.6 79.1 -40.3 > -100 % of Revenues 0.8% 5.0% 4.0% 3.7% -2.7% EBIT -4.0 37.0 72.3 57.5 -66.8 > -100 % of Revenues -0.5
Slide 27: Financials Agriculture Business Unit Income Statement
Financials Agriculture Business Unit Income Statement In EUR m Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 ∆23/24 (in %) Revenues 2,660.4 2,647.5 3,532.3 3,727.7 3,345.3 -10.3 EBITDA 33.6 56.2 119.9 84.8 74.7 -11.9 % of Revenues 1.3% 2.1% 3.4% 2.3% 2.2% EBIT 9.9 31.2 94.4 57.9 47.1 -18.7 % of Revenues 0
Slide 28: Financials Construction Business Unit Income Statement
Financials Construction Business Unit Income Statement In EUR m Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 ∆23/24 (in %) Revenues 333.7 373.0 477.4 414.4 363.7 -12.2 EBITDA -5.3 1.3 6.8 0.0 -12.3 > -100 % of Revenues -1.6% 0.3% 1.4% 0.0% -3.4% EBIT -12.0 -5.7 -1.2 -9.1 -21.5 > 100 % of Revenues -3.6% -
Slide 29: Income Statement
Income Statement In EUR m Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 ∆23/24 (in %) Revenues 3,870.1 4,066.6 6,257.0 6,280.4 5,194.5 -17.3% EBITDA 25.1 103.0 206.5 158.8 11.0 -93.1% % of Revenues 0.6% 2.5% 3.3% 2.5% 0.2% EBIT -27.8 45.1 144.9 91.8 -61.3 > -100% % of Revenues -0.7% 1.1% 2.3% 1.5% -1.2% E
Slide 30: Balance Sheet
Balance Sheet In EUR m Q1 2020 Q1 2021 Q1 2022 Q1 2023 GJ 2023 Q1 2024 ∆23/24 (%) Total assets 9,244.4 9,908.0 13,142.3 13,471.0 12,518.7 12,936.3 3.3% Equity 1,254.9 1,822.7 1,896.4 1,917.7 1,713.0 1,585.0 -7.5% Equity ratio 13.6% 18.4% 14.4% 14.2% 13.7% 12.3% Equity ratio adjusted1 16.7% 21.7% 16.
Slide 31: Thank you for your attention
Thank you for your attention Marcus Pöllinger, CEO Andreas Helber, CFO Munich, Germany, 8 May 2024
Slide 32: Appendix
04 Appendix 04 | Appendix 8/5/2024 | 32
Slide 33: BayWa Share 2024: Price performance compared with the SDAX
BayWa Share 2024: Price performance compared with the SDAX BayWa SDAX 1 January 2024 to 28 March 2024: 110% performance & closing price1 105% BayWa 100% 25.19€ 95% -19.5% closing price 90% 85% SDAX 80% 14,294.62* 75% 2.4% closing price Jan-24 Feb-24 Mar-24 Source: 1 Börse Frankfurt *Points 04 | Appe
Slide 34: BayWa Share 2024
BayWa Share 2024 Shareholder structure (31/03/2024) BayWa share profile (31/03/2024) Stock exchanges Frankfurt, Munich, Xetra Segment Official Market / Prime Standard 33.8% Security code No. 519406 and 519400 38.1% ISIN DE0005194062 and DE0005194005 Share capital EUR 92,497,210.88 Number of shares 3
Slide 35: Contact Investor Relations / Financial Calendar 2024
Contact Investor Relations Financial Calendar 2024 8 11 8 May June August ANALYSTS‘ ANNUAL ANALYSTS‘ CONFERENCE GENERAL MEETING, CONFERENCE Josko Radeljic André Wahlen Katrin Kolb CALL Q1 ICM, Munich, Germany CALL Q2 Head of Investor Relations Investor Relations Manager Investor Relations Manager +4
Slide 36: Disclaimer
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 guarantee of the f