Baywa Ag · XETR:BYW
Baywa — Q3 2023 Earnings Presentation
36 slides from Baywa's earnings presentation, Nov 9, 2023
Slide 1: Quarterly Financial Statements as per 30 September 2023
Quarterly Financial Statements as per 30 September 2023 Conference Call Munich, 9 November 2023 Marcus Pöllinger, CEO Andreas Helber, CFO
Slide 2: Agenda
Agenda 01 Highlights 1-9/2023 02 Business Development of the Segments in 1-9/2023 and Operational Outlook 2023 03 Group Financials 1-9/2023 04 Appendix 09/11/2023 | 2
Slide 3: Highlights 1-9/2023
01 Highlights 1-9/2023 Marcus Pöllinger, CEO 09/11/2023 | 3
Slide 4: Highlights
01 | Highlights 1-9/2023 Highlights ▪ Strong operating performance; below record year of 2022 in line with Revenues expectations in EUR m -9% 20,073.0 ▪ Broad-based portfolio compensates for strong decline in the 18,191.8 Building Materials and Global Produce segments 14,124.8 ▪ Revenue and earnings
Slide 5: Development of the Group in the third quarter of 2023
01 | Highlights 1-9/2023 Development of the Group in the third quarter of 2023 Multi-year comparison of EBIT In EUR m 131.3 48.9 Ø 56 47.1 25.1 27.7 Q3 2019 Q3 2020 Q3 2021 Q3 2022 Q3 2023 09/11/2023 | 5
Slide 6: Development of the Group 1-9/2023
01 | Highlights 1-9/2023 Development of the Group 1-9/2023 Multi-year comparison of EBIT In EUR m 459.8 214.6 191.7 Ø 209 102.7 77.3 1-9 2019 1-9 2020 1-9 2021 1-9 2022 1-9 2023 09/11/2023 | 6
Slide 7: Business Development of the Segments in 1-9/2023 and Operational Outlook 2023
02 Business Development of the Segments in 1-9/2023 and Operational Outlook 2023 Marcus Pöllinger, CEO 09/11/2023 | 7
Slide 8: Energy: Key Figures 1-9/2023
02 | Energy Business Unit – Development in 1-9/2023 Business Unit Segment Segment Energy Renewable Energy Energies Key Figures 1-9/2023 09/11/2023 | 8
Slide 9: Energy – Market Developments
02 | Energy Business Unit – Development in 1-9/2023 Energy – Market Developments Price development of PV modules1 Development of electricity price in Germany2 in euro per megawatt hour 550 0.35 +177% 465 -78% 450 346 315 350 252 Price in euros per watt peak 250 168 177 174 118 103 101 0.30 150 82 78
Slide 10: Renewable Energies Segment Revenues and EBIT vs previous year
02 | Energy Business Unit – Development in 1-9/2023 Renewable Energies Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 22/23 EUR -243.6 million ▪ EBIT: ∆ 22/23 EUR -55.9 million _________________________________________________________________________________ ▪ Revenue decline in the IPP bu
Slide 11: Update on the sale of the Solar Trade business entity
02 | Energy Business Unit – Development in 1-9/2023 Renewable Energies segment Update on the sale of the Solar Trade business entity ▪ Sales process for Solar Trade extended – current environment burdens transaction market ▪ Positive investor feedback ▪ No pressure to sell – transaction only at an a
Slide 12: Energy Segment Sales and EBIT vs previous year
02 | Energy Business Unit – Development in 1-9/2023 Energy Segment Sales and EBIT vs previous year ▪ Revenues: ∆ 22/23 EUR -392.9 million ▪ EBIT: ∆ 22/23 EUR -31.3 million _________________________________________________________________________________ ▪ Price-induced decline in revenue and profit
Slide 13: Agriculture: Key Figures 1-9/2023
02 | Agriculture Business Unit – Development in 1-9/2023 Business Unit Segment Segment Agriculture Cefetra Agri Trade Group & Service Key Figures 1-9/2023 Segment Segment Agricultural Global Equipment Produce 09/11/2023 | 13
Slide 14: Market Developments – Products I
02 | Agriculture Business Unit – Development in 1-9/2023 Market Developments – Products I PRICE TREND OF WHEAT AND RAPESEED (EURO/MT) 1 – PRICES AT LOWEST LEVEL SINCE 2021 ▪ H1 2022 Wheat (MATIF) Extreme price hikes on the agricultural Rapeseed (MATIF) commodity markets due to the war against Ukrain
Slide 15: Market Developments: Agricultural Products I
02 | Agriculture Business Unit – Development in 1-9/2023 Market Developments: Agricultural Products I GLOBAL GRAIN BALANCE (EXCL. RICE, OCTOBER 2023) 1 in million of tons Changes in inventories Production Consumption 2750 135 115 2250 2171 2129 2180 2216 2285 2234 2278 2124 95 2041 59 1996 75 1750 5
Slide 16: Operating Resources and Fruit
02 | Agriculture Business Unit – Development in 1-9/2023 Operating Resources and Fruit OPERATING RESOURCES FRUIT ▪ Crop protection: less application due to the weather conditions; better ▪ New Zealand: crop failures caused by cyclone; 2023 apple harvest falls availability of goods increases the pres
Slide 17: Cefetra Group Segment Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 1-9/2023 Cefetra Group Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 22/23 EUR -690.3 million ▪ EBIT: ∆ 22/23 EUR -2.2 million _________________________________________________________________________________ ▪ Price- and volume-induced decl
Slide 18: Agri Trade & Service Segment Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 1-9/2023 Agri Trade & Service Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 22/23 EUR -494.5 million ▪ EBIT: ∆ 22/23 EUR -105.8 million _________________________________________________________________________________ ▪ Price-induced decline
Slide 19: Agricultural Equipment Segment Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 1-9/2023 Agricultural Equipment Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 22/23 EUR +163.4 million ▪ EBIT: ∆ 22/23 EUR +5.1 million _________________________________________________________________________________ ▪ Growth in revenues an
Slide 20: Global Produce Segment Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 1-9/2023 Global Produce Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 22/23 EUR +45.9 million ▪ EBIT: ∆ 22/23 EUR -23.0 million _________________________________________________________________________________ ▪ T&G: huge burden on earnings
Slide 21: Building Materials: Key Figures 1-9/2023
02 | Building Materials Business Unit – Development in 1-9/2023 Business Unit Segment Building Building Materials Materials Key Figures 1-9/2023 09/11/2023 | 21
Slide 22: Market Developments – Building Materials
02 | Building Materials Business Unit – Development in 1-9/2023 Market Developments – Building Materials BUILDING PERMITS IN THE GERMAN CONSTRUCTION INDUSTRY COMPLETIONS OF HOUSING IN GERMANY 1-8/2023 1 FORECAST FOR 2023 AND 2024 2 in % vs 1-8/2022 400.000 -0,2 -7,9 295.300 240.000 200.000 -33,2 -38
Slide 23: Building Materials Segment Revenues and EBIT vs previous year
02 | Building Materials Business Unit – Development in 1-9/2023 Building Materials Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 22/23 EUR -266.9 million ▪ EBIT: ∆ 22/23 EUR -60.0 million _________________________________________________________________________________ ▪ Volume-induced de
Slide 24: Group Financials 1-9/2023
03 Group Financials 1-9/2023 Andreas Helber, CFO 09/11/2023 | 24
Slide 25: Other Activities 1-9/2023
03 | Group Financials 1-9/2023 Other Activities 1-9/2023 ▪ Revenues: ∆ 22/23 EUR -2.5 million ▪ EBIT: ∆ 22/23 EUR +24.2 million _________________________________________________________________________________ ▪ EBIT consists of administrative costs and consolidation Revenues in EUR m EBIT in EUR m
Slide 26: Financials Energy Business Unit Income Statement
03 | Group Financials 1-9/2023 Financials Energy Business Unit Income Statement In EUR m 1-9 2019 1-9 2020 1-9 2021 1-9 2022 1-9 2023 ∆22/23 (in %) Revenues 2,989.3 2,653.4 3,684.9 6,951.0 6,314.5 -9.2% EBITDA 51.3 82.2 127.1 266.0 186.1 -30.0% % of Revenues 1.7% 3.1% 3.4% 3.8% 2.9% EBIT 25.4 48.0 8
Slide 27: Financials Agriculture Business Unit Income Statement
03 | Group Financials 1-9/2023 Financials Agriculture Business Unit Income Statement In EUR m 1-9 2019 1-9 2020 1-9 2021 1-9 2022 1-9 2023 ∆22/23 (in %) Revenues 8,191.0 8,116.1 8,845.5 11,307.2 10,331.7 -8.6% EBITDA 128.6 149.0 188.0 350.9 227.3 -35.2% % of Revenues 1.6% 1.8% 2.1% 3.1% 2.2% EBIT 65
Slide 28: Financials Building Materials Business Unit Income Statement
03 | Group Financials 1-9/2023 Financials Building Materials Business Unit Income Statement In EUR m 1-9 2019 1-9 2020 1-9 2021 1-9 2022 1-9 2023 ∆22/23 (in %) Revenues 1,275.2 1,410.5 1,576.5 1,795.6 1,528.7 -14.9% EBITDA 39.6 60.0 83.2 90.6 33.6 -62.9% % of Revenues 3.1% 4.3% 5.3% 5.0% 2.2% EBIT 2
Slide 29: Income Statement
03 | Group Financials 1-9/2023 Income Statement In EUR m 1-9 2019 1-9 2020 1-9 2021 1-9 2022 1-9 2023 ∆22/23 (in %) Revenues 12,473.0 12,197.8 14,124.8 20,073.0 18,191.8 -9.4% EBITDA 223.9 264.8 371.5 652.9 419.8 -35.7% % of Revenues 1.8% 2.2% 2.6% 3.3% 2.3% EBIT 77.3 102.7 191.7 459.8 214.6 -53.3%
Slide 30: Balance Sheet
03 | Group Financials 1-9/2023 Balance Sheet In EUR m 1-9 2019 1-9 2020 1-9 2021 1-9 2022 FY 2022 1-9 2023 ∆22/23 (%) Total assets 8,947.2 9,413.3 11,086.5 13,738.4 12,976.4 12,897.1 -0.6% Equity 1,333.1 1,280.5 1,871.6 1,856.5 1,909.0 1,821.1 -4.6% Equity ratio 14.9% 13.6% 16.9% 13.5% 14.7% 14.1% E
Slide 31: Thank you for your attention
Thank you for your attention Munich, 9 November 2023 Marcus Pöllinger, CEO Andreas Helber, CFO
Slide 32: Appendix
Appendix BayWa 09/11/2023 | 32
Slide 33: BayWa Share: Price performance compared with SDAX and DAX
04 | Appendix BayWa Share: Price performance compared with SDAX and DAX from the second half of 2023 BayWa SDAX DAX 1 July 2023 to 3 November 2023: 110% performance & closing price1 105% BayWa 33.05€ 100% -12.5% closing price 95% SDAX 12,949.71* 90% -3.4% closing price 85% DAX 15,189.25* 80% -5.9% c
Slide 34: BayWa Share 2023
04 | Appendix BayWa Share 2023 Shareholder structure (30/09/2023) BayWa share profile (30/09/2023) Stock exchanges Frankfurt, Munich, Xetra Segment Official Market / Prime Standard 34.1% Security code no. 519406 and 519400 37.8% ISIN DE0005194062 and DE0005194005 Share capital EUR 91,807,715.84 Numb
Slide 35: Investor Relations Contact, Financial Calendar 2023/24
04 | Appendix Investor Relations Contact Financial Calendar 2023/24 9 2024 28 8 November March May ANALYSTS‘ ANALYSTS‘ ANALYSTS‘ CONFERENCE CONFERENCE CONFERENCE Josko Radeljic André Pierre Wahlen Katrin Kolb CALL Q3 FY 2023 CALL Q1 Head of Investor Relations Investor Relations Manager Investor Rela
Slide 36: Disclaimer
04 | Appendix 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 guar