Baywa Ag · XETR:BYW
Baywa — FY2022 Earnings Presentation
33 slides from Baywa's earnings presentation, Mar 30, 2023
Slide 1: Annual Financial Statements as per 31 December 2022
Annual Financial Statements as per 31 December 2022 Press Conference Munich, 30 March 2023 Prof. Klaus Josef Lutz, CEO Andreas Helber, CFO
Slide 2: Agenda
Agenda 01 Highlights Financial Year 2022 Business Development of the Segments in 02 2022 and Operational Outlook 2023 03 Group Financials 2022 30/03/2023 | 2
Slide 3: Highlights Financial Year 2022
01 Highlights Financial Year 2022 Prof. Klaus Josef Lutz 30/03/2023 | 3
Slide 4: Highlights
01 | Highlights Financial Year 2022 Highlights Revenues EBIT ▪ Consolidated revenue and EBIT at record levels in EUR m in EUR m +36.4% +89.1% ▪ Highest growth rates (EBIT) in the segments: 27,061.8 504.1 19,839.1 − Agriculture (>100 %) 266.6 − Energy (> 100 %) − Renewable Energies (+77.1%) 2021 2022
Slide 5: Development of the Group 2022: Multi-year comparison of EBIT
01 | Highlights Financial Year 2022 Development of the Group 2022 Multi-year comparison of EBIT in EUR m 504.1 266.6 Ø 268.6 211.6 188.4 172.4 2018 2019 2020 2021 2022 30/03/2023 | 5
Slide 6: Expansion progress
01 | Highlights Financial Year 2022 Expansion progress Operating EBIT contribution from expansion in % in EUR m Expansion (companies acquired from 2009 onwards) 650 Core region (companies consolidated back in 2008) 600 550 500 450 63% 400 350 300 250 67% 200 65% 65% 150 30% 45% 44% 56% 54% 66% 19% 5
Slide 7: Energy: Renewable Energies Key Figures 2022
02 | Energy Business Unit – Development in 2022 Business Unit Segment Segment Energy Renewable Energy Energies Key Figures 2022 30/03/2023 | 7
Slide 8: Market Developments – Renewable Energies
02 | Energy Business Unit – Development in 2022 Market Developments – Renewable Energies Global capacity installation – forecast 20231 Global investments in renewable energies in 20221 Solar with highest installed capacity In GW Offshore-Wind Onshore-Wind Solar Onshore wind energy Solar 425 17 140.7
Slide 9: Renewable Energies Segment: Revenues and EBIT vs previous year
02 | Energy Business Unit – Development in 2022 Renewable Energies Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 21/22 EUR +2,929.2 million ▪ EBIT: ∆ 21/22 EUR +104.1 million _________________________________________________________________________________ ▪ Solar trading business: strong
Slide 10: Market Developments – Energy
02 | Development in 2022 – Energy Business Unit Market Developments – Energy Price trend of Brent crude1 Fuel costs in Germany3 – gas remains most expensive source of energy Brent crude price in USD per barrel Fuel costs in cent per kWh 130 March 22/23 120 –35% 110 +62% 100 90 80 Gas 13.06 ct/kWh 70
Slide 11: Energy Segment: Sales and EBIT vs previous year
02 | Energy Business Unit – Development in 2022 Energy Segment Sales and EBIT vs previous year ▪ Revenues: ∆ 21/22 EUR +1,215.4 million ▪ EBIT: ∆ 21/22 EUR +36.2 million _________________________________________________________________________________ ▪ Price-induced growth in revenue and profit Rev
Slide 12: Agriculture: Key Figures 2022
02 | Agriculture Business Unit – Development in 2022 Business Unit Segment Segment Agriculture Cefetra Agri Trade Group & Service Key Figures 2022 Segment Segment Agricultural Global Equipment Produce 30/03/2023 | 12
Slide 13: Market Developments – Agricultural Products I
02 | Agriculture Business Unit – Development in 2022 Market Developments – Agricultural Products I GLOBAL GRAIN BALANCE (EXCL. RICE; MARCH 2023) 1 In millions of tons Changes in inventories Production Consumption 2750 135 115 2250 2171 2124 2129 2216 2282 2229 2180 95 1996 1998 2041 64 75 59 1750 53
Slide 14: Market Developments – Agricultural Products II
02 | Agriculture Business Unit – Development in 2022 Market Developments – Agricultural Products II AGRI COMMODITIES PRICE TREND 1 In EUR/tons Wheat MTF Corn CBT In EUR/tons Rape seed MTF Soy meal CBT Wheat: +74% y/y Wheat: -33% y/y Rape seed: +50% y/y Rape seed: -45% y/y 1150 Corn: +22% y/y Corn: -
Slide 15: Cefetra Group Segment: Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 2022 Cefetra Group Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 21/22 EUR +1,114.9 million ▪ EBIT: ∆ 21/22 EUR +20.7 million _________________________________________________________________________________ ▪ Price-induced revenue growth on
Slide 16: Market Developments – Operating Resources
02 | Agriculture Business Unit – Development in 2022 Market Developments – Operating Resources FERTILIZERS PRICE TREND OPERATING RESOURCES TRADE IN 2022 IN GERMANY In EUR per tons K fertilizer N fertilizer ▪ Fertilisers: – Rising energy prices and economic sanctions imposed on Russia 1000 lead to si
Slide 17: Agri Trade & Service Segment: Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 2022 Agri Trade & Service Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 21/22 EUR +1,572.0 million ▪ EBIT: ∆ 21/22 EUR +92.4 million _________________________________________________________________________________ ▪ Price-induced revenue an
Slide 18: Market Developments – Agricultural Equipment
02 | Agriculture Business Unit – Development in 2022 Market Developments – Agricultural Equipment REVENUES IN THE AGRICULTURAL EQUIPMENT SECTOR REACH A NEW RECORD HIGH 1 Agricultural equipment revenues New registrations of tractors in in Germany1 Germany1 In EUR bn Number +18% -12% 12.4 34,472 10.5
Slide 19: Agricultural Equipment Segment: Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 2022 Agricultural Equipment Segment Revenues and EBIT vs previous year ▪ Revenues : ∆ 21/22 EUR +167.5 million ▪ EBIT: ∆ 21/22 EUR +21.6 million _________________________________________________________________________________ ▪ Price-induced increase
Slide 20: Market Developments – Fruit
02 | Agriculture Business Unit – Development in 2022 Market Developments – Fruit APPLE HARVEST TREND IN 2022 APPLE PRICES IN GERMANY 3 Germany1 New Zealand2 In euro cent / kilo in 1,000 tons in 1,000 tons 71 69 +6% -3% 67 67 Ø 69.0 67 68 1,005 1,067 515 502 64 64 65 63 63 63 62 61 61 61 61 60 60 59
Slide 21: Global Produce Segment: Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 2022 Global Produce Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 21/22 EUR -39.4 million ▪ EBIT: ∆ 21/22 EUR -21.5 million _________________________________________________________________________________ ▪ Price- and volume-induced decline
Slide 22: Building Materials: Key Figures 2022
02 | Building Materials Business Unit – Development in 2022 Business Unit Segment Building Building Materials Materials Key Figures 2022 30/03/2023 | 22
Slide 23: Market Developments – Building Materials
02 | Building Materials Business Unit – Development in 2022 Market Developments – Building Materials Building permissions in Germany in 20221 in 1,000 PRICE TRENDS OF SELECTED BUILDING MATERIALS 2 February 2023 vs February 2022 52% -8.1% 381 350 48 30% 26% 194 108 -4% -8% 2021 Private Apartment Othe
Slide 24: Building Materials Segment: Revenues and EBIT vs previous year
02 | Building Materials Business Unit – Development in 2022 Building Materials Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 21/22 EUR +262.7 million ▪ EBIT: ∆ 21/22 EUR -2.8 million _________________________________________________________________________________ ▪ Revenue growth driven
Slide 25: Group Financials 2022
03 Group Financials 2022 Andreas Helber 30/03/2023 | 25
Slide 26: Financials Energy Business Unit Income Statement
03 | Group Financials 2022 Financials Energy Business Unit Income Statement In EUR m 2018 2019 2020 2021 2022 ∆21/22 (in %) Revenues 3,968.5 4,474.3 3,954.9 5,688.2 9,832.8 72.9 EBITDA 128.4 176.7 212.3 231.8 435.6 87.9 % of Revenues 3.2% 3.9% 5.4% 4.1% 4.4% EBIT 96.0 127.4 142.7 152.4 292.7 92.1 %
Slide 27: Financials Agriculture Business Unit Income Statement
03 | Group Financials 2022 Financials Agriculture Business Unit Income Statement In EUR m 2018 2019 2020 2021 2022 ∆21/22 (in %) Revenues 11,015.9 10,857.5 10,588.2 12,044.7 14,859.7 23.4 EBITDA 159.6 188.2 206.9 256.5 387.4 51.0 % of Revenues 1.4% 1.7% 2.0% 2.1% 2.6% EBIT 100.1 96.6 103.5 142.3 255
Slide 28: Financials Building Materials Business Unit Income Statement
03 | Group Financials 2022 Financials Building Materials Business Unit Income Statement In EUR m 2018 2019 2020 2021 2022 ∆21/22 (in %) Revenues 1,617.5 1,702.8 1,899.0 2,084.2 2,346.9 12.6 EBITDA 47.2 57.0 75.7 104.0 105.7 1.6 % of Revenues 2.9% 3.3% 4.0% 5.0% 4.5% EBIT 31.1 32.1 46.9 73.2 70.4 -3.
Slide 29: Income Statement
03 | Group Financials 2022 Income Statement In EUR m 2018 2019 2020 2021 2022 ∆21/22 (in %) Revenues 16,625.7 17,059.0 16,464.7 19,839.1 27,061.8 36.4 EBITDA 315.3 403.0 464.8 552.8 858.8 55.4 % of Revenues 1.9% 2.4% 2.8% 2.8% 3.2% EBIT 172.4 188.4 211.6 266.6 504.1 89.1 % of Revenues 1.0% 1.1% 1.3%
Slide 30: Balance Sheet
03 | Group Financials 2022 Balance Sheet In EUR m 2018 2019 2020 2021 2022 ∆21/22 (in %) Total assets 7,511.5 8,781.9 8,950.0 11,771.4 12,976.4 10.2 Equity 1,389.1 1,253.4 1,153.6 1,816.1 1,909.0 5.1 Equity ratio 18.5% 14.3% 12.9% 15.4% 14.7% Equity ratio adjusted1 21.6% 17.6% 16.2% 17.8% 16.0% In E
Slide 31: Cash Flow Statement
03 | Group Financials 2022 Cash Flow Statement In EUR m 2018 2019 2020 2021 2022 ∆21/22 (in %) Cash Earnings 238.7 213.9 399.5 491.0 695.6 41.7 Cash flow from operating activities -452.2 -24.9 675.9 -583.6 -337.2 42.2 Cash flow from investing activities -243.0 -149.4 -251.5 -197.2 -293.2 -48.7 Cash
Slide 32: Adjusted net debt in relation to EBITDA and equity
03 | Group Financials 2022 Adjusted net debt in relation to EBITDA and equity Adjusted net debt Adjusted net debt = 1.65 = 4.0 EBITDA Adjusted Equity1 5,279 222 418 3,430 3,430 1,209 3,430 2,077 859 Liabilities Cash Non-Recourse- Readily Adjusted Adjusted net debt EBITDA Adjusted net debt Adjusted e
Slide 33: Thank you for your attention
Thank you for your attention Munich, 30 March 2023 Prof. Klaus Josef Lutz, CEO Andreas Helber, CFO