Baywa Ag · XETR:BYW
Baywa — H1 2023 Earnings Presentation
35 slides from Baywa's earnings presentation, Aug 3, 2023
Slide 1: Interim Report First Half 2023 Conference Call
Interim Report First Half 2023 Conference 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 04 Appendix 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
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
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: Other Activities 1-6/2023
03 | Group Financials 1-6/2023 Other Activities 1-6/2023 ▪ Revenues: ∆ 22/23 EUR -2.0 million ▪ EBIT: ∆ 22/23 EUR +7.7 million _________________________________________________________________________________ ▪ EBIT consists of administrative costs and consolidation Revenues In EUR m EBIT In EUR m e
Slide 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: Thank you for your attention
Thank you for your attention Munich, 3 August 2023 Marcus Pöllinger, CEO Andreas Helber, CFO
Slide 31: Appendix
04 Appendix BayWa 3/8/2023 | 31
Slide 32: BayWa Share 2023: Price Performance compared with the SDAX and DAX
04 | Appendix BayWa Share 2023: Price Performance compared with the SDAX and DAX BayWa SDAX DAX 1 January to 25 July 2023: 120% performance & closing price1 115% BayWa 38.00€ 110% -12.0% closing price 105% 100% SDAX 13,695.95* 95% 14.8% closing price 90% 85% DAX 16,190.95* 80% 16.3% closing price Ja
Slide 33: BayWa Share 2023
04 | Appendix BayWa Share 2023 Shareholder structure (30/06/2023) BayWa share profile (30/06/2023) Stock exchanges Frankfurt, Munich, Xetra Segment Official Market / Prime Standard 34.05% Security code no. 519406 and 519400 38.07% ISIN DE0005194062 and DE0005194005 Share capital EUR 91.807.715,84 Nu
Slide 34: Investor Relations Contact, Financial Calendar 2023/24
04 | Appendix Investor Relations Contact Financial Calendar 2023/24 3 9 2024 28 August November März ANALYSTS‘ ANALYSTS‘ ANALYSTS‘ CONFERENCE CONFERENCE CONFERENCE Josko Radeljic André Pierre Wahlen Katrin Kolb CALL Q2 CALL Q3 FY 2023 Head of Investor Relations Investor Relations Manager Investor Re
Slide 35: 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