BayWa AG · XETR:BYW
BayWa — Q3 2023 Earnings Presentation
30 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 Press 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 Q3 2023: Multi-year comparison of EBIT
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: Multi-year comparison of EBIT
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: 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 26: 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 27: 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 28: 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 29: 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 30: Thank you for your attention
Thank you for your attention Munich, 9 November 2023 Marcus Pöllinger, CEO Andreas Helber, CFO