BayWa AG · XETR:BYW
BayWa — H1 2023 Earnings Presentation
29 slides from BayWa's earnings presentation, Aug 3, 2023
Slide 1: Interim Report First Half 2023 Press Call
Interim Report First Half 2023 Press Call Munich, 3 August 2023 Marcus Pöllinger, CEO Andreas Helber, CFO
Slide 2: Agenda
Agenda 01 Highlights 1-6/2023 02 Business Development of the Segments in 1-6/2023 and Operational Outlook 2023 03 Group Financials 1-6/2023 3/8/2023 | 2
Slide 3: Highlights 1-6/2023
01 Highlights 1-6/2023 Marcus Pöllinger 3/8/2023 | 3
Slide 4: Highlights
01 | Highlights 1-6/2023 Highlights ▪ BayWa Group delivers strong first half year 2023 Revenues ▪ Revenue and EBIT below year-earlier period, as expected, In EUR m -3% but significantly above the long-term average 12,913.9 12,559.2 ▪ Revenue down due to declining commodity prices 9,293.6 ▪ H1 EBIT b
Slide 5: Development of the Group - Multi-year EBIT comparison
01 | Highlights 1-6/2023 Development of the Group - Multi-year EBIT comparison MULTI-YEAR EBIT COMPARISON - SECOND QUARTER OF 2023 MULTI-YEAR EBIT COMPARISON - FIRST HALF YEAR OF 2023 In EUR m 328.5 183.6 186.9 144.6 Ø 153 99.5 95.1 Ø 105 81.6 66.0 52.2 53.8 Q2 2019 Q2 2020 Q2 2021 Q2 2022 Q2 2023 H
Slide 6: Business Development of the Segments in 1-6/2023 and Operational Outlook 2023
02 Business Development of the Segments in 1-6/2023 and Operational Outlook 2023 Marcus Pöllinger 3/8/2023 | 6
Slide 7: Energy: Key Figures 1-6/2023
02 | Energy Business Unit – Development in 1-6/2023 Business Unit Segment Segment Energy Renewable Energy Energies Key Figures 1-6/2023 3/8/2023 | 7
Slide 8: Market Development: Energy
02 | Energy Business Unit – Development in 1-6/2023 Market Development RENEWABLE ENERGIES ENERGY Global capacity installation – forecast 20231 Ernergy costs in Germany3 In GW Solar Onshore-Wind Offshore-Wind CAGR 453 +30% 339 282 206 344 182 252 Gas 11.72 ct/kWh 132 67 83 78 93 Heating oil 9.05 ct/k
Slide 9: Renewable Energies Segment Revenues and EBIT vs previous year
02 | Energy Business Unit – Development in 1-6/2023 Renewable Energies Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 22/23 EUR +312.3 million ▪ EBIT: ∆ 22/23 EUR +13.4 million _________________________________________________________________________________ ▪ Revenue growth from PV and en
Slide 10: Energy Segment Sales and EBIT vs previous year
02 | Energy Business Unit – Development in 1-6/2023 Energy Segment Sales and EBIT vs previous year ▪ Revenues: ∆ 22/23 EUR -148.0 million ▪ EBIT: ∆ 22/23 EUR +11.3 million _________________________________________________________________________________ ▪ Price-induced decline in revenue and profit
Slide 11: Agriculture: Key Figures 1-6/2023
02 | Agriculture Business Unit – Development in 1-6/2023 Business Unit Segment Segment Agriculture Cefetra Agri Trade Group & Service Key Figures 1-6/2023 Segment Segment Agricultural Global Equipment Produce 3/8/2023 | 11
Slide 12: Market Development: Agricultural Products I
02 | Agriculture Business Unit – Development in 1-6/2023 Market Development: Agricultural Products I GLOBAL GRAIN BALANCE (EXCL. RICE; JULY 2023) 1 GLOBAL WHEAT MARKET IN MILLION TONS 2 In million of tons Changes in inventories Production Consumption Supply Demand 2750 135 115 1,058 1,051 2250 2.171
Slide 13: Market Development: Agricultural Products II
02 | Agriculture Business Unit – Development in 1-6/2023 Market Development: Agricultural Products II AGRI COMMODITIES PRICE TREND 1 In EUR/tons Wheat MTF Corn CBT In EUR/tons Rapeseed MTF Soy meal CBT 450 1150 Wheat: -24% 1050 Rapeseed: -29% 400 Corn: -16% Soy meal: -16% 950 350 850 750 300 650 250
Slide 14: Market Development: Input resources, Equipment and Fruit
02 | Agriculture Business Unit – Development in 1-6/2023 Market Development: Input resources, Equipment and Fruit Input Resources Agricultural Equipment Fruit ▪ Crop protection: less application due to the ▪ New tractor registrations in Germany up ▪ New Zealand: crop losses due to Cyclone weather co
Slide 15: Cefetra Group Segment Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 1-6/2023 Cefetra Group Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 22/23 EUR -350.9 million ▪ EBIT: ∆ 22/23 EUR -6.3 million _________________________________________________________________________________ ▪ Price- and volume-induced decl
Slide 16: Agri Trade & Service Segment Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 1-6/2023 Agri Trade & Service Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 22/23 EUR -192.1 million ▪ EBIT: ∆ 22/23 EUR -94.4 million _________________________________________________________________________________ ▪ Price- and volume-indu
Slide 17: Agricultural Equipment Segment Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 1-6/2023 Agricultural Equipment Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 22/23 EUR +148.3 million ▪ EBIT: ∆ 22/23 EUR +8.8 million _________________________________________________________________________________ ▪ Increase in revenues
Slide 18: Global Produce Segment Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 1-6/2023 Global Produce Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 22/23 EUR +59.3 million ▪ EBIT: ∆ 22/23 EUR -18.5 million _________________________________________________________________________________ ▪ Volume-induced revenue growth
Slide 19: Building Materials: Key Figures 1-6/2023
02 | Building Materials Business Unit – Development in 1-6/2023 Business Unit Segment Building Building Materials Materials Key Figures 1-6/2023 3/8/2023 | 19
Slide 20: Market Development: Building Materials
02 | Building Materials Business Unit – Development in 1-6/2023 Market Development BUILDING PERMITS IN THE GERMAN CONSTRUCTION INDUSTRY 1 COMPLETIONS OF HOUSING IN GERMANY 1-5/2023 FORECAST 2023 AND 2024 2 In % vs 1-5/2022 400,000 -1 295,300 -9 240,000 200,000 -33 -38 2022 2023 2024 Goal of the Cons
Slide 21: Building Materials Segment Revenues and EBIT vs previous year
02 | Building Materials Business Unit – Development in 1-6/2023 Building Materials Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 22/23 EUR -181.9 million ▪ EBIT: ∆ 22/23 EUR -42.8 million _________________________________________________________________________________ ▪ Volume- and price
Slide 22: Group Financials 1-6/2023
03 Group Financials 1-6/2023 Andreas Helber 3/8/2023 | 22
Slide 23: Financials Energy Business Unit Income Statement
03 | Group Financials 1-6/2023 Financials Energy Business Unit Income Statement In EUR m H1 2019 H1 2020 H1 2021 H1 2022 H1 2023 ∆22/23 (in %) Revenues 1,926.8 1,750.8 2,243.7 4,211.0 4,375.3 3.9% EBITDA 32.2 38.9 87.7 143.3 145.4 1.5% % of Revenues 1.8% 2.2% 3.9% 3.4% 3.3% EBIT 12.1 16.7 57.3 105.6
Slide 24: Financials Agriculture Business Unit Income Statement
03 | Group Financials 1-6/2023 Financials Agriculture Business Unit Income Statement In EUR m H1 2019 H1 2020 H1 2021 H1 2022 H1 2023 ∆22/23 (in %) Revenues 5,696.3 5,553.8 6,043.3 7,529.6 7,194.2 -4.5% EBITDA 97.6 109.0 139.1 275.7 166.7 -39.5% % of Revenues 1.7% 2.0% 2.3% 3.7% 2.3% EBIT 53.6 61.6
Slide 25: Financials Building Materials Business Unit Income Statement
03 | Group Financials 1-6/2023 Financials Building Materials Business Unit Income Statement In EUR m H1 2019 H1 2020 H1 2021 H1 2022 H1 2023 ∆22/23 (in %) Revenues 775.3 876.8 994.6 1,160.7 978.8 -15.7% EBITDA 17.6 30.7 47.7 59.7 19.0 -68.2% % of Revenues 2.3% 3.5% 4.8% 5.1% 1.9% EBIT 7.0 17.2 33.6
Slide 26: Income Statement
03 | Group Financials 1-6/2023 Income Statement In EUR m H1 2019 H1 2020 H1 2021 H1 2022 H1 2023 ∆22/23 (in %) Revenues 8,410.6 8,193.7 9,293.6 12,913.9 12,559.2 -2.7% EBITDA 155.1 160.4 262.9 455.0 322.1 -29.2% % of Revenues 1.8% 2.0% 2.8% 3.5% 2.6% EBIT 52.2 53.8 144.6 328.5 186.9 -43.1% % of Reve
Slide 27: Balance Sheet
03 | Group Financials 1-6/2023 Balance Sheet In EUR m H1 2019 H1 2020 H1 2021 H1 2022 FY 2022 H1 2023 ∆22/23 (%) Total assets 8,453.9 8,863.8 10,067.2 12,722.9 12,976.4 12,787.1 -1.5% Equity 1,351.4 1,312.6 1,872.4 1,972.8 1,909.0 1,890.4 -1.0% Equity ratio 16.0% 14.8% 18.6% 15.5% 14.7% 14.8% In EUR
Slide 28: Cash Flow Statement
03 | Group Financials 1-6/2023 Cash Flow Statement In EUR m H1 2019 H1 2020 H1 2021 H1 2022 H1 2023 ∆22/23 (in %) Cash Earnings 151.9 147.2 222.7 386.7 265.7 -31.3% Cash flow from operating activities 217.6 232.3 -176.1 -57.7 517.3 > 100% Cash flow from investing activities -102.7 -81.3 -80.5 -183.4
Slide 29: Thank you for your attention
Thank you for your attention Munich, 3 August 2023 Marcus Pöllinger, CEO Andreas Helber, CFO