BayWa AG · XETR:BYW

BayWa — FY2012 Earnings Presentation

42 slides from BayWa's earnings presentation, Mar 22, 2013

  1. Slide 1: Annual Financial Statements as per 31 December 2012

    Annual Financial Statements as per 31 December 2012 Analysts‘ Conference Frankfurt/M, 22 March 2013 Klaus Josef Lutz, CEO Andreas Helber, CFO

  2. Slide 2: Agenda

    Agenda. 1. Financial Year 2012 2. Group Financials 3. Performance of the Segments 4. Outlook for 2013 5. BayWa Share in 2012 Appendix BayWa AG 22 March 2013 Page 2

  3. Slide 3: Financial Year 2012

    Financial Year 2012 BayWa AG 22 March 2013 Page 3

  4. Slide 4: Financial Year 2012 Highlights I

    Financial Year 2012 Highlights I 1. Sustainable growth through internationalisation  Acquisition of the New Zealand fruit trader “Turners & Growers” (consolidation as from March 2012)  Acquisition of Dutch grain trader "Cefetra" in 2012 (consolidation as from January 2013)  Acquisition of "Bohnho

  5. Slide 5: Financial Year 2012 Highlights II

    Financial Year 2012 Highlights II 3. Financial Management  Release of capital from real estate portfolio; growth financed without recourse to external funds around EUR 80 million in 2012 (company headquarters), around EUR 295 million in Q1/2013 (individual properties)  Adjusted net debt / EBITDA –

  6. Slide 6: Summary of the Group's Key Financials

    Financial Year 2012 Summary of the Group´s Key Financials Revenues EBIT in EUR bn in EUR m Positive earnings trend +25.2% +9.4% – Revenues > EUR 10 billion for the first time 186.8 9.6 10.5 149.2 17.3 – Increase in EBIT of around EUR 37.6 million y/y; of this amount, special effects of ca EUR 17 169

  7. Slide 7: Multi-year comparison of EBIT

    Financial Year 2012 Multi-year comparison of EBIT in EUR m 186.8 17.3** 161.9 149.2 Ø 148.4 128.9 115.4 169.5*** 2008 2009 2010 2011* 2012 * EBIT adjustment 2011 owing to change in valuation methodology under IAS 19 in anticipation of the first-time application in 2012 ** Non-recurrent special effec

  8. Slide 8: Multi-year comparison of the Group's key financials

    Financial Year 2012 Multi-year comparison of the Group´s key financials Revenues EBIT Dividend - Substantial increase in - Sustainable increase in EBIT - Dividend raised y/y revenues (y/y) despite outsourcing of core activities - EBIT growth exceeds - Dividend yield at around and DIY&GC revenue tren

  9. Slide 9: Group Financials

    Group Financials BayWa AG 22 March 2013 Page 9

  10. Slide 10: Revenues and EBIT as against the previous year

    Group Financials Revenues and EBIT as against the previous year Revenues in EUR m +9.9% – EUR 10,531.1 million (Δ 11/12: EUR +945.4 million / +9.9%) 10,531.1 9,585.7 – New record set for revenues – Revenue growth borne especially by Agriculture and Energy; increase largely due to higher prices and v

  11. Slide 11: Final quarter as against the previous year

    Group Financials Final quarter as against the previous year Revenues in EUR m +5.3% – EUR 2,678.3 million (Δ 11/12: EUR +135.5 million / +5.3%) 2,678.3 2,542.8 – Price- and volume-induced increase in final quarter as against previous year – Sales volumes of agricultural products lifted; great willin

  12. Slide 12: Key Financials – Income Statement

    Group Financials Key Financials – Income Statement Group in EUR m 2008 2009 2010 2011 2012 ∆11/12 (%) Revenues 8,794.6 7,260.2 7,903.0 9,585.7 10,531.1 9.9% EBITDA 258.1 209.7 228.2 251.3 306.6 22.0% % of Revenues 2.9% 2.9% 2.9% 2.6% 2.9% EBIT 161.9 115.4 128.9 149.2 186.8 25.2% % of Revenues 1.8% 1

  13. Slide 13: Key Financials – Balance Sheet

    Group Financials Key Financials – Balance Sheet in EUR m 2008 2009 2010 2011 2012∆11/12 (%) Total assets 3,065.8 2,939.3 3,260.3 3,922.0 4,457.4 13.7% Equity 915.1 957.5 987.7 1,045.2 1,085.1 3.8% Equity ratio 29.8% 32.6% 30.3% 26.6% 24.3%* in EUR m 2008 2009 2010 2011 2012∆11/12 (%) Non-current ass

  14. Slide 14: Key Financials – Cash Flow Statement

    Group Financials Key Financials – Cash Flow Statement in EUR m 2008 2009 2010 2011 2012 ∆11/12 (%) Consolidated net income 76.7 59.4 66.8 68.1 118.0 73.3% Cash flow from operating activities 215.5 243.9 -9.4 -27.5 150.0 > 100% Cash flow from investing activities -143.9 -127.5 -113.5 -222.6 -193.6 -1

  15. Slide 15: Economic Profit

    Group Financials Economic Profit Ø Invested Economic in EUR m Adjusted EBIT ROIC WACC Spread Capital Profit Agri. Trade 54.3 828.7 6.55% 5.60% 0.95% 7.9 Fruit 17.9 199.7 8.97% 6.70% 2.27% 4.5 Agri. Equipment 18.9 351.5 5.37% 6.90% -1.53% -5.4 Agriculture Segment 7.0 Conventional Energy 10.5 0.7 1,41

  16. Slide 16: Adjusted net debt

    Group Financials Adjusted net debt In EUR m 1,547 Adjusted net debt/ 83 Adjusted equity = 0.6 193 Adjusted net debt/ EBITDA = 2.2 1,210 310 961 295 666 307 Liabilities Cash Non- Readily Adjusted Real Adjusted Adjusted EBITDA Recourse marketable net debt estate sale net debt equity financing inventor

  17. Slide 17: Performance of the Segments

    Performance of the Segments BayWa AG 22 March 2013 Page 17

  18. Slide 18: Agriculture Segment 2012

    Agriculture Segment 2012 Seed Fertilisers Crop protection Grain Feedstuff Agricultural equipment Fruit BayWa AG 22 March 2013 Page 18

  19. Slide 19: Agriculture Segment: Market developments

    Agriculture Segment 2012 Market developments Market trends 2012 Economic barometer for Agriculture (Dec 2012)  Prices for agricultural products up against previous year; supply shortages due to drought in key producing regions (e.g. USA)  Moderate grain harvests in Germany: 2011/12 ca 42 million t

  20. Slide 20: Agriculture: Revenues and EBIT, Agri Trade and Equipment

    Agriculture Segment 2012 Revenues and EBIT as against the previous year Agri. Trade Agri. Equipment in EUR m in EUR m +10.8% +11.6% 3,029.6 3,356.9 1,099.5 1,226.7 Revenues Revenues -3.2% +5.0% 56.1 54.3 18.0 18.9 EBIT EBIT 2011 2012 2011 2012  Revenues: ∆ 11/12 EUR +327.3 million  Revenues: ∆ 11/

  21. Slide 21: Agriculture: Revenues and EBIT, Fruit

    Agriculture Segment 2012 Revenues and EBIT as against the previous year Fruit in EUR m BayWa Fruit: Turners & Growers: +12.5% 129.7 145.9 322.4 Revenues Revenues 0.0 -80.0% 4.0 17.1 EBIT 0.8 EBIT 0.0 2011 2012 2011 2012  Revenues: ∆ 11/12 EUR +16.2 million  Revenues: ∆ 11/12 EUR +322.4 million  E

  22. Slide 22: Agriculture Segment: Key Financials – Income Statement

    Agriculture Segment 2012 Key Financials – Income Statement Agriculture in EUR m 2008 2009 2010 2011 2012 ∆11/12 (%) Revenues 4,048.9 3,269.8 3,505.1 4,258.9 5,051.9 18.6% EBITDA 156.5 82.3 102.0 115.4 139.0 20.5% % of Revenues 3.9% 2.5% 2.9% 2.7% 2.8% EBIT 112.9 44.2 63.9 78.0 91.0 16.7% % of Revenu

  23. Slide 23: Energy Segment 2012

    Energy Segment 2012 Fuels Heating oil Lubricants Solid biofuels BayWa r.e BayWa AG 22 March 2013 Page 23

  24. Slide 24: Energy Segment: Market developments

    Energy Segment 2012 Market developments Market trends 2012  Crude oil prices in 2012 average around 8% higher y/y; heating oil price increases by ~9%  Wood pellets identified as a strategic product area (double digit growth rates)  Lubricants and fuel sales stable on the back of the economy  Pre

  25. Slide 25: Energy: Revenues and EBIT as against the previous year

    Energy Segment 2012 Revenues and EBIT as against the previous year Conventional Energy Renewable Energy in EUR m in EUR m +15.3% +44.1% 2,805.9 3,236.0 440.8 306.0 Revenues Revenues +66.7% +19.9% 10.5 27.1 32.5 6.3 EBIT EBIT 2011 2012 2011 2012  Revenues: ∆ 11/12 EUR +430.1 million  Revenues: ∆ 11

  26. Slide 26: Energy Segment: Key Financials – Income Statement

    Energy Segment 2012 Key Financials – Income Statement Energy in EUR m 2008 2009 2010 2011 2012 ∆11/12 (%) Revenues 2,462.5 1,837.5 2,358.5 3,111.8 3,676.9 18.2% EBITDA 19.9 26.2 41.7 51.9 72.6 39.9% % of Revenues 0.8% 1.4% 1.8% 1.7% 2.0% EBIT 10.9 17.8 30.3 33.4 43.0 28.7% % of Revenues 0.4% 1.0% 1.

  27. Slide 27: Building Materials Segment 2012

    Building Materials Segment 2012 Building Materials BayWa AG 22 March 2013 Page 27

  28. Slide 28: Building Materials Segment: Market developments

    Building Materials Segment 2012 Market developments Market trends 2012 Building investments in Germany (Δ y/y in %) 2011 6.3  Marginal slowdown in construction activities 5.2  Residential construction as a growth engine 8.1 -1.0  Real construction investment in residential 5.8 construction +2.8%

  29. Slide 29: Building Materials: Revenues and EBIT as against the previous year

    Building Materials Segment 2012 Revenues and EBIT as against the previous year Building Materials Segment In EUR m Revenues: EBIT: +15.4% +43.3% 1,740.4 1,508.5 35.4 24.7 Building Materials Building Materials 2011* 2012 2011* 2012  Revenues: ∆ 11/12 EUR +231.9 million  EBIT: ∆ 11/12 EUR +10.7 mill

  30. Slide 30: Building Materials: Key Financials – Income Statement

    Building Materials Segment 2012 Key Financials – Income Statement Building Materials in EUR m 2008 2009 2010 2011 2012* ∆11/12 (%) Revenues 1,785.8 1,776.1 1,903.1 2,065.5 1,740.4 -15.7% EBITDA 56.5 55.2 47.5 65.6 52.8 -19.5% % of Revenues 3.2% 3.1% 2.5% 3.2% 3.0% EBIT 21.5 24.2 18.3 36.5 35.4 -3.0%

  31. Slide 31: Other Activities Segment 2012

    Other Activities Segment 2012 BayWa AG 22 March 2013 Page 31

  32. Slide 32: Other Activities: Revenues and EBIT as against the previous year

    Other Activities Segment 2012 Revenues and EBIT as against the previous year Revenues in EUR m -58.6% – EUR 61.9 million (Δ 11/12: EUR –87.4 million / –58.6%) 149.4 – Anti-trust approval granted for AGRANA / Ybbstaler joint- venture 61.9 – Deconsolidation of Ybbstaler effective 1 June 2012 2011 2012

  33. Slide 33: Outlook for 2013

    Outlook for 2013 BayWa AG 22 March 2013 Page 33

  34. Slide 34: Outlook for 2013

    Outlook for 2013 Outlook Good prospects for profit growth 2013 AGRICULTURE – Farmers' sentiment remains positive – Harvest forecasts anticipate higher trading volumes – Price level for agricultural products and operating resources likely to remain high AGRICU – Additional earnings through Turners &

  35. Slide 35: 90 years of BayWa

    90 years of BayWa …since 17 January 1923 BayWa AG 22 March 2013 Page 35

  36. Slide 36: BayWa Share 2012

    BayWa Share 2012 BayWa AG 22 March 2013 Page 36

  37. Slide 37: BayWa Share 2012

    BayWa Share 2012 Share price performance Share Aktie from 01/01/2012 bis 06/03/2013 Closing price on 30/12/2011 € 27.30 High (06/11/2012) € 35.81 Low (05/06/2012) € 26.40 Closing price on 28/12/2012 € 32.60 Market capitalisation in EUR m As per 31/12/2011 937.70 As per 31/12/2012 1,124.00 Freefloat

  38. Slide 38: BayWa Share 2012: Shareholder structure and share profile

    BayWa Share 2012 Shareholder structure as per 31/12/2012 BayWa share profile (December 2012) Bayerische Raiffeisen- Freefloat Stock exchanges Frankfurt, Munich, Xetra Beteiligungs AG 39.86% Segment Official Market/Prime Standard 35.02% Stock exch. index MDAX (Sec. code no. 519406 and 519400) ISIN DE

  39. Slide 39: Appendix

    Appendix BayWa AG 22 March 2013 Page 39

  40. Slide 40: Grain Balance - World / Usage

    Agriculture Segment Grain Balance - World / Usage in millions of tons 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13* Production 2,124 2,237 2,222 2,182 2,280 2,220 Opening Balance 342 364 448 473 425 435 Available 2,466 2,601 2,670 2,655 2,705 2,655 Consumption 2,102 2,153 2,196 2,230 2,270 2,260

  41. Slide 41: Market price trends

    Agriculture Segment 2012 Market price trends Wheat & Corn International Granulated Urea & CAN Paris, 13/03/2013 Baltic Sea Ports, 13/03/2013 €/t €/t 232.50 Closing price as of 13/03/2013 400.00 Closing price as of 13/03/2013 285.00 222.50 Closing price as Closing price as of 13/03/2013 of 13/03/2013

  42. Slide 42: Contact and Financial Calendar

    Contact and Financial Calendar Financial Calendar 2013 Head of Investor Relations March 2013 21/03 Annual Results Press Conference Josko Radeljic 22/03 Analysts` Conference, Frankfurt a.M. May 2013 BayWa AG 13/05 Press Release Q1 Arabellastr. 4 13/05 Analysts´ Conference Call Q1 June 2013 81925 Muni

BayWa — FY2012 Earnings Presentation on 6ix