Baywa Ag · XETR:BYW
Baywa — Q1 2017 Earnings Presentation
35 slides from Baywa's earnings presentation, May 11, 2017
Slide 1: Quarterly Financial Statements as per 31 March 2017 Conference Call
Quarterly Financial Statements as per 31 March 2017 Conference Call Munich, 11 May 2017 Andreas Helber, CFO
Slide 2: Agenda
Agenda 1. Development of the Group 1-3/2017 2. Development of the Segments 1-3/2017 3. Outlook for FY 2017 Appendix BayWa AG 11 May 2017 Page 2
Slide 3: Development of the Group 1-3/2017
Development of the Group 1-3/2017 BayWa AG 11 May 2017 Page 3
Slide 4: Development of the Group 1-3/2017 Summary
Development of the Group 1-3/2017 Summary Revenues in EUR million EBIT in EUR million +9.8% > +100% 3,807.9 8.0 3,468.4 -12.4 1-3 2016 1-3 2017 1-3 2016 1-3 2017 Overview – Strong first quarter – Increase of revenues and results in all three operating core segments Agriculture, Energy and Building M
Slide 5: Multi-year comparison of EBIT
Development of the Group 1-3/2017 Multi-year comparison of EBIT in Mio. Euro 8.0 7.4 6.7 5.7 -3.3 -7.4 -12.4 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 BayWa AG 11 May 2017 Page 5
Slide 6: Key Financials – Income Statement
Development of the Group 1-3/2017 Key Financials – Income Statement in EUR m Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 ∆16/17 (%) Revenues 3,712.8 3,613.9 3,450.0 3,468.4 3,807.9 9.8% EBITDA 21.5 38.7 27.3 18.4 40.0 > 100% % of Revenues 0.6% 1.1% 0.8% 0.5% 1.1% EBIT -7.4 7.4 -3.3 -12.4 8.0 > 100% % of
Slide 7: Key Financials – Balance Sheet
Development of the Group 1-3/2017 Key Financials – Balance Sheet in EUR m Q1 2013 Q1 2014 Q1 2015 Q1 2016 GJ 2016 Q1 2017 ∆16/17 (%) Total assets 5,500.3 5,629.9 6,178.1 6,493.9 6,474.9 6,881.4 6.3% Equity 1,076.0 1,115.9 1,045.2 1,053.3 1,098.3 1,108.4 0.9% Equity ratio 19.6% 19.8% 16.9% 16.2% 17.0
Slide 8: Development of the Segments 1-3/2017
Development of the Segments 1-3/2017 BayWa AG 11 May 2017 Page 8
Slide 9: Agriculture Segment 1-3/2017
Agriculture Segment 1-3/2017 BAST BAV Fruit Agricultural Equipment BayWa AG 11 May 2017 Page 9
Slide 10: Agriculture: Market developments: Products
Agriculture Segment 1-3/2017 Market developments: Products Products World grain balance (excluding rice; April 2017) Global grain output 2016/17 at almost 2.1 billion tons on In million tons track for new record: growth in the volume of wheat (+2%) and corn (+10%) Inventory Produc- tion change Con
Slide 11: Agriculture: Market developments: Inputs, Fruit, Equipment
Agriculture Segment 1-3/2017 Market developments: Inputs, Fruit, Equipment Input Resources Fruit Agri-Equipment Dynamic start to the fertiliser Ongoing reduction in EU – Since June 2016, ongoing season; slowdown in demand apples stocks from 2016 recovery in the agri industry’s over the course of
Slide 12: Agriculture: Revenues and EBIT as against the previous year
Agriculture Segment 1-3/2017 Revenues and EBIT as against the previous year BAST (BayWa Agri Supply & Trade) BAV (BayWa Agrar Vertrieb) in EUR m in EUR m +3.3% +1.6% 1,496.8 1,546.6 727.4 739.2 Revenues Revenues +31.6% -5.0% 10.0 7.6 2.0 1.9 EBIT EBIT 1-3 2016 1-3 2017 1-3 2016 1-3 2017 Revenues:
Slide 13: Agriculture: Revenues and EBIT as against the previous year
Agriculture Segment 1-3/2017 Revenues and EBIT as against the previous year Agricultural Equipment Fruit in EUR m in EUR m +19.1% +38.2% 261.9 219.9 194.1 140.4 Revenues Revenues +93.8% +66.7% EBIT -0.5 EBIT -0.2 -8.1 -0.6 1-3 2016 1-3 2017 1-3 2016 1-3 2017 Revenues: ∆ 16/17 EUR +42.0 million R
Slide 14: Agriculture Segment Key Financials – Income Statement
Agriculture Segment 1-3/2017 Key Financials – Income Statement Agriculture in EUR m Q1 2013 Q1 2014 Q1 2015 Q1 2016* Q1 2017 ∆16/17 (%) Revenues 2,718.1 2,599.7 2,541.3 2,584.4 2,741.8 6.1% EBITDA 33.6 41.4 33.4 14.2 25.7 81.0% % of Revenues 1.2% 1.6% 1.3% 0.5% 0.9% EBIT 21.1 28.3 20.3 0.9 11.3 > 10
Slide 15: Energy Segment 1-3/2017
Energy Segment 1-3/2017 Fuels Heating Oil Lubricants Solid Biofuels BayWa r.e. BayWa AG 11 May 2017 Page 15
Slide 16: Energy Segment Market developments
Energy Segment 1-3/2017 Market developments Renewable Energy Conventional Energy Global wind power installation of 54 GW expected Price of crude oil of around 55 USD per barrel in 2017; Germany largest EU market with 4.5 GW significantly higher y/y; heating oil price fluctuates For solar energ
Slide 17: Energy: Revenues and EBIT as against previous year
Energy Segment 1-3/2017 Revenues and EBIT as against previous year Renewable Energy Conventional Energy in EUR m In EUR m +15.4% +57.0% 449.4 518.6 251.8 160.4 Revenues Revenues +76.9% 21.4 -25.0% 4.0 12.1 3.0 EBIT EBIT 1-3 2016 1-3 2017 1-3 2016 1-3 2017 Revenues: ∆ 16/17 EUR +91.4 million Reve
Slide 18: Energy Segment Key Financials – Income Statement
Energy Segment 1-3/2017 Key Financials – Income Statement Energy in EUR m Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 ∆16/17 (%) Revenues 730.3 697.4 654.9 609.8 770.4 26.3% EBITDA 10.3 7.7 9.0 24.2 32.0 32.2% % of Revenues 1.4% 1.1% 1.4% 4.0% 4.2% EBIT 2.0 -0.2 1.1 16.0 24.3 51.9% % of Revenues 0.3% 0.
Slide 19: Building Materials Segment 1-3/2017
Building Materials Segment 1-3/2017 Building Materials BayWa AG 11 May 2017 Page 19
Slide 20: Building Materials Segment Market developments
Building Materials Segment 1-3/2017 Market developments Market trends Sentiment in German Construction Sector Winter weather in January delays start to the Construction Industry Expectation 2017 building season; from February onwards, Assessment business Ifo Index present business development rapi
Slide 21: Building Materials: Revenues and EBIT as against previous year
Building Materials Segment 1-3/2017 Revenues and EBIT as against previous year Building Materials Segment in EUR m Revenues: EBIT: +8.1% 290.7 269.0 +23.5% Building Materials Building Materials -11.4 -14.9 1-3 2016 1-3 2017 1-3 2016 1-3 2017 Revenues: ∆ 16/17 EUR +21.7 million EBIT: ∆ 16/17 EUR
Slide 22: Building Materials Key Financials – Income Statement
Building Materials Segment 1-3/2017 Key Financials – Income Statement Building Materials in EUR m Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 ∆16/17 (%) Revenues 261.3 278.6 250.2 269.0 290.7 8.1% EBITDA -23.4 -10.3 -13.1 -11.1 -7.6 31.5% % of Revenues -9.0% -3.7% -5.2% -4.1% -2.6% EBIT -26.7 -14.0 -16.
Slide 23: Innovation & Digitalisation: Revenues and EBIT as against previous year
Innovation & Digitalisation Segment 1-3/2017 Revenues and EBIT as against previous year Innovation & Digitalisation in EUR m -16.7% 1.8 1.5 Revenues > -100% EBIT -1.4 -3.0 1-3 2016* 1-3 2017 Revenues: ∆ 16/17 EUR -0.3 million EBIT: ∆ 16/17 EUR -1.6 million Revenues from the activities of FarmF
Slide 24: Other Activities: Revenues and EBIT as against previous year
Other Activities 1-3/2017 Revenues and EBIT as against previous year In EUR m 3.4 3.4 Revenues 1-3 2016 1-3 2017 EBIT -13.1 -13.1 1-3 2016 1-3 2017 Revenues: ∆ 16/17 EUR +/- 0 million EBIT: ∆ 16/17 EUR +/- 0 million EBIT consists of overhead costs and consolidation effects BayWa AG 11 May 2017
Slide 25: Outlook for FY 2017
Outlook for FY 2017 BayWa AG 11 May 2017 Page 25
Slide 26: Outlook 2017 Agriculture Segment
Outlook 2017 Agriculture Segment AGRICU LTURE – High grain stocks can cause selling potential for H1/2017; producer prices higher y/y – Record harvest volume anticipated for grain & soya 2016/17 offers little scope for long-term price increases – Expanding of higher margin speciality business (Everg
Slide 27: Outlook 2017 Energy Segment
Outlook 2017 Energy Segment AGRICU LTURE − Output capacity of around 500 MW planned for 2017 (200 MW wind, 200 MW solar); margin pressure due to growing competition in international project business − Further wind and solar projects (ca 70 MW) with tenders secured in Malaysia and Italy − BayWa r.e.
Slide 28: Outlook 2017 Building Materials Segment
Outlook 2017 Building Materials Segment AGRICU LTURE − Increasing construction forecast 2017: overall revenue growth of 5% in German construction industry Positive expectations of residential construction (+7% y/y), commercial construction (+3% y/y), public-sector construction (+5% y/y) Trend to
Slide 29: 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
Slide 30: Appendix
Appendix BayWa AG 11 May 2017 Page 30
Slide 31: Agriculture Segment Market Price Trends
Agriculture Segment 1-3/2017 Market Price Trends Wheat & Corn International Granulated Urea & CAN Paris, 24/04/2017 Baltic Sea Ports, 24/04/2017 €/t €/t €173.25 Closing price as of 24/04/2017 €275.00 closing price as of 24/04/2017 €162.75 Closing price as of 24/04/2017 €207.00 Closing price as of 24
Slide 32: BayWa Share
BayWa Share BayWa AG 11 May 2017 Page 32
Slide 33: BayWa Share: Shareholder Structure and Profile
BayWa Share Shareholder Structure as per 31/03/2017 BayWa Share Profile (March 2017) Bayerische Raiffeisen- Freefloat Stock Exchanges Frankfurt, Munich, Xetra Beteiligungs AG 39.92% Segment Official Market/Prime Standard 34.99% Stock exch. Index SDAX (Sec. code no. 519406 and 519400) ISIN DE00051940
Slide 34: BayWa Share Price Performance
BayWa Share Share Price Performance Share From 01/01/2016 to 24/04/2017 Closing Price on 31/03/2016 29.73 € High (24/01/2017) 31.95 € Low (28/06/2016) 25.62 € Closing Price on 31/03/2017 30.92 € Market Capitalisation in EUR m As per 31/03/2016 1,034.1 As per 31/03/2017 1,080.1 Freefloat Market cap.
Slide 35: Contact and Financial Calendar
Contact and Financial Calendar Financial Calendar 2017/18 Head of Investor Relations May 2017 Josko Radeljic 11/05 Analysts‘ Conference Call Q1 23/05 Annual General Meeting, ICM Munich BayWa AG St.-Martin-Str. 76 August 2017 03/08 Analysts‘ Conference Call Q2 81541 Munich Germany November 2017 09/11