Baywa Ag · XETR:BYW
Baywa — Q1 2020 Earnings Presentation
39 slides from Baywa's earnings presentation, May 7, 2020
Slide 1: Quarterly Financial Statements as per 31 March 2020
Quarterly Financial Statements as per 31 March 2020 Conference Call Munich, 07 May 2020 Andreas Helber, CFO
Slide 2: Agenda
Agenda 1. Development of the Group 1-3/2020 2. Development of the Segments 1-3/2020 3. Outlook for FY 2020 Appendix 07 May 2020 Page 2
Slide 3: Development of the Group 1-3/2020
Development of the Group 1-3/2020 07 May 2020 Page 3
Slide 4: Development of the Group 1-3/2020 Summary
Development of the Group 1-3/2020 Summary In EUR m -5.1% >-100% 4,079.6 3,870.1 EBIT -13.8 Revenues -27.8 Q1 2019 Q1 2020 Q1 2019 Q1 2020 ▪ Consolidated operating result (EBIT) negative, as is typical of the season ▪ BayWa r.e: project construction and plant engineering in line with planning; specia
Slide 5: Multi-year comparison of operating EBIT
Development of the Group 1-3/2020 Multi-year comparison of operating EBIT In EUR m 8.0 -12.4 -13.8 Ø -17.4 -27.8 -41.0 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 07 May 2020 Page 5
Slide 6: Energy Segment
Energy Segment 09 May 2019 Page 6
Slide 7: Energy Segment 1-3/2020 Market developments
Energy Segment 1-3/2020 Market developments Renewable Energies Conventional Energy Forecast for global capacity installation in 20201 Heating oil price trend in Germany2 and Brent crude oil price3 In cent per litre In USD per barrel Onshore wind energy Solar 75 80 59.9 111.4 70 66.9 70.5 67.9 66.3 7
Slide 8: Renewable Energies Revenues and EBIT as against the previous year
Energy Segment 1-3/2020: Renewable Energies Revenues and EBIT as against the previous year Renewable Energies In EUR m +4.1% >-100% 383.5 EBIT 1.2 368.4 Revenues -8.9 Q1 2019 Q1 2020 Q1 2019 Q1 2020 ▪ Revenues: ∆ 19/20 EUR +15.1 million ▪ EBIT: ∆ 19/20 EUR -10.1 million ▪ Slight increase in revenues
Slide 9: Conventional Energy Revenues and EBIT as against the previous year
Energy Segment 1-3/2020: Conventional Energy Revenues and EBIT as against the previous year Conventional Energy In EUR m -18.4% -14.0% 595.6 5.7 486.2 4.9 Revenues EBIT Q1 2019 Q1 2020 Q1 2019 Q1 2020 ▪ Revenues: ∆ 19/20 EUR -109.4 million ▪ EBIT: ∆ 19/20 EUR -0.8 million ▪ Price- and volume-induced
Slide 10: Financials Energy Segment 1-3/2020 Income Statement
Financials Energy Segment 1-3/2020 Income Statement in EUR m Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 ∆19/20 (%) Revenues 609.8 770.4 775.8 964.1 869.7 -9.8% EBITDA 24.2 32.0 4.1 16.6 6.9 -58.4% % of Revenues 4.0% 4.2% 0.5% 1.7% 0.8% EBIT 16.0 24.3 -3.5 6.9 -4.0 > -100% % of Revenues 2.6% 3.2% -0.5%
Slide 11: Agriculture Segment
Agriculture Segment 09 May 2019 Page 11
Slide 12: Market developments – agricultural products
Agriculture Segment 1-3/2030 Market developments – agricultural products Agri commodities price trend1 Global grain balance (excl. rice; April 2020)2 In EUR/tons In millions of tons Maize CBT Wheat MTF Soy meal CBT Rape seed MTF Inventory change Production Consumption 2750 135 210 430 200 410 110 22
Slide 13: Agriculture Segment 1-3/2020: BAST
Agriculture Segment 1-3/2020: BAST Revenues and EBIT as against the previous year BAST In EUR m -22.9% -14.0% 1,414.4 4.3 3.7 1,090.7 EBIT Revenues Q1 2019 Q1 2020 Q1 2019 Q1 2020 ▪ Revenues: ∆ 19/20 EUR -323.7 million ▪ EBIT: ∆ 19/20 EUR -0.6 million ▪ Revenues and earnings lower y/y ▪ Agricultural
Slide 14: Market development Global Produce, Inputs, Equipment
Agriculture Segment 1-3/2020 Market development Global Produce, Inputs, Equipment Global Produce Input Resources Agricultural Equipment ▪ NZ apple production expected to grow by 5.8% ▪ Weak demand due to Fertiliser Ordinance and late ▪ Economic barometer marginally positive compared y/y in 2020 firs
Slide 15: Agriculture Segment 1-3/2020: Global Produce
Agriculture Segment 1-3/2020: Global Produce Revenues and EBIT as against the previous year Global Produce In EUR m +5.4% >+100% 191.0 201.4 1.1 Revenues EBIT -1.7 Q1 2019 Q1 2020 Q1 2019 Q1 2020 ▪ Revenues: ∆ 19/20 EUR +10.4 million ▪ EBIT: ∆ 19/20 EUR +2.8 million ▪ Volume- and price-induced incre
Slide 16: Agriculture Segment 1-3/2020: Agri Trade & Service
Agriculture Segment 1-3/2020: Agri Trade & Service Revenues and EBIT as against the previous year Agri Trade & Service In EUR m +8.7% +3.3% 904.4 982.8 3.0 3.1 EBIT Revenues Q1 2019 Q1 2020 Q1 2019 Q1 2020 ▪ Revenues: ∆ 19/20 EUR +78.4 million ▪ EBIT: ∆ 19/20 EUR +0.1 million ▪ Relatively early star
Slide 17: Agriculture Segment 1-3/2020: Ag. Equipment
Agriculture Segment 1-3/2020: Ag. Equipment Revenues and EBIT as against the previous year Agricultural Equipment In EUR m +22.8% >+100% 385.4 2.0 313.9 Revenues EBIT 0.6 Q1 2019 Q1 2020 Q1 2019 Q1 2020 ▪ Revenues: ∆ 19/20 EUR +71.5 million ▪ EBIT: ∆ 19/20 EUR +1.4 million ▪ Significant increase in
Slide 18: Financials Agriculture Segment 1-3/2020 Income Statement
Financials Agriculture Segment 1-3/2020 Income Statement in EUR m Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 ∆19/20 (%) Revenues 2,584.4 2,741.8 2,728.2 2,823.8 2,660.4 -5.8% EBITDA 14.2 25.7 11.8 30.2 33.6 11.3% % of Revenues 0.5% 0.9% 0.4% 1.1% 1.3% EBIT 0.9 11.3 -2.7 6.1 9.8 60.7% % of Revenues 0.0%
Slide 19: Building Materials Segment
Building Materials Segment 09 May 2019 Page 19
Slide 20: Building Materials Segment 1-3/2020 Market developments
Building Materials Segment 1-3/2020 Market developments Building permissions in Germany Forecast 20203 in 1,000 Order intake in the Sales in the German construction industry construction 1-2/2020 in % vs 20192 industry in % vs 20191 -6.4% 360 337 15.2% 15.8% 44 12.6% +4.3% 9.2% 188 105 1-2/2020 Cons
Slide 21: Building Materials Segment 1-3/2020 Revenues and EBIT
Building Materials Segment 1-3/2020 Revenues and EBIT as against the previous year Building Materials In EUR m +16.8% +17.8% 333.7 285.8 EBIT Revenues -12.0 -14.6 Q1 2019 Q1 2020 Q1 2019 Q1 2020 ▪ Revenues: ∆ 19/20 EUR +47.9 million ▪ EBIT: ∆ 19/20 EUR +2.6 million ▪ Revenues and earnings increase d
Slide 22: Financials Building Materials Segment 1-3/2020 Income Statement
Financials Building Materials Segment 1-3/2020 Income Statement In EUR m Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 ∆19/20 (%) Revenues 269.0 290.7 287.9 285.8 333.7 16.8% EBITDA -11.1 -7.6 -11.7 -10.4 -5.3 49.0% % of Revenues -4.1% -2.6% -4.1% -3.6% -1.6% EBIT -14.9 -11.4 -15.7 -14.6 -12.0 17.8% % of
Slide 23: Innovation & Digitalisation Segment 1-3/2020
Innovation & Digitalisation Segment 1-3/2020 Revenues and EBIT as against the previous year Digital Farming & eBusiness In EUR m +4.3% -9.4% 2.3 2.4 EBIT Revenues -3.2 -3.5 Q1 2019 Q1 2020 Q1 2019 Q1 2020 ▪ Revenues: ∆ 19/20 EUR +0.1 million ▪ EBIT: ∆ 19/20 EUR -0.3 million ▪ Order intake growth des
Slide 24: Other Activities 1-3/2020
Other Activities 1-3/2020 In EUR m +8.6% -100% 3.5 3.8 EBIT -9.1 Revenues -18.2 Q1 2019 Q1 2020 Q1 2019 Q1 2020 ▪ Revenues: ∆ 19/20 EUR +0.3 million ▪ EBIT: ∆ 19/20 EUR -9.1 million ▪ EBIT consists of administrative costs and consolidation effects ▪ Decline compared to year-earlier period due to spe
Slide 25: Group Financials
Group Financials 07 May 2020 Page 25
Slide 26: Group Financials 1-3/2020 Income Statement
Group Financials 1-3/2020 Income Statement in EUR m Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 ∆19/20 (%) Revenues 3,468.4 3,807.9 3,797.1 4,079.6 3,870.1 -5.1% EBITDA 18.4 40.0 -7.5 41.2 25.1 -39.1% % of Revenues 0.5% 1.1% -0.2% 1.0% 0.6% EBIT -12.4 8.0 -41.0 -13.8 -27.8 > -100% % of Revenues -0.4% 0.
Slide 27: Group Financials 1-3/2020 Balance Sheet
Group Financials 1-3/2020 Balance Sheet In EUR m Q1 2016 Q1 2017 Q1 2018 Q1 2019 GJ 2019 Q1 2020 ∆19/20 (%) Total assets 6,493.9 6,881.4 7,100.9 8,799.3 8,867.2 9,244.4 5.1% Equity 1,053.3 1,108.4 1,391.0 1,362.8 1,358.6 1,254.9 -7.9% Equity ratio 16.2% 16.1% 19.6% 15.5% 15.3% 13.6% Equity ratio adj
Slide 28: Operational Outlook for FY 2020
Operational Outlook for FY 2020 07 May 2020 Page 28
Slide 29: Operational Outlook 2020 Energy Segment
Operational Outlook 2020 Energy Segment ▪ BayWa r.e.’s growth trend is ongoing; projected output of almost 1.2 GW planned for 2020 ▪ Uptrend in sales from trading PV components expected to continue ▪ Stable service business expected Capital increase still planned for BayWa r.e through acceptance o
Slide 30: Energy Segment 2019: Renewable Energies project sales
Energy Segment 2019: Renewable Energies Project sales BayWa r.e. 2020: almost 1.2 GW Europe North America 683 MW 386 MW Asia 105 MW 07 May 2020 Page 30
Slide 31: Operational Outlook 2020 Agriculture Segment
Operational Outlook 2020 Agriculture Segment ▪ One-time charges from the previous year are no longer applicable (BMTI) ▪ Good development in the speciality business anticipated (especially Royal Ingredients) ▪ Global Produce: greater area for cultivating apples (+4%) in New Zealand and the inclusion
Slide 32: Operational Outlook 2020 Building Materials Segment
Operational Outlook 2020 Building Materials Segment ▪ High order backlog of the companies in the sector, as well as ongoing construction boom suggest continued strong demand for building materials ▪ Positive stimulus expected from raising subsidies for refurbishment and renovation of buildings in th
Slide 33: Thank you for your attention!
Thank you for your attention!
Slide 34: United for success.
United for success.
Slide 35: BayWa Share 2019/20
BayWa Share 2019/20 07 May 2020 Page 35
Slide 36: Price performance compared with the SDAX and DAX
The BayWa share 2020: Price performance compared with the SDAX and DAX 05 May 2020: performance & closing prices1 100% BayWa €28.00 90% High on 12/02/20 BayWa: € 28.80 -0.9% closing price High on 17/02/2020 SDAX: 13,066.71 80% SDAX2 10,439.74* High on 19/02/2020 DAX: 13,789.00 -16.6% closing price 7
Slide 37: BayWa Share 2020
BayWa Share 2020 Share price performance (from 01/01/2017 until 05/05/2020) Further information (Security code 519406) in EUR 40 € Closing price on 31/03/2019 25.45 35 € High (11/12/2019) 29.40 30 € Low (12/03/2020) 21.70 Closing price on 31/03/2020 25.40 25 € 20 € Market capitalisation in EUR m 15
Slide 38: BayWa Share 2020
BayWa Share 2020 Shareholder structure (31/03/2020) BayWa share profile (31/03/2020) Stock exchanges Frankfurt, Munich, Xetra Segment Official Market / Prime Standard Security code no. 519406 and 519400 34.6% 40.0% ISIN DE0005194062 and DE0005194005 Share capital EUR 90,314,398.72 Number of shares 3
Slide 39: Investor Relations Contact Financial Calendar 2020
Investor Relations Contact Josko André Pierre Renate Radeljic Wahlen Lorenz Head of Investor Relations Junior Investor Relations Manager Assistant T +49 (089) 92 22 3887 T +49 (089) 92 22 3879 T +49 (089) 92 22 3881 F +49 162 2828671 andrepierre.wahlen@baywa.de renate.lorenz@baywa.de josko.radeljic@