Baywa Ag · XETR:BYW
Baywa — Q1-3 2024 Earnings Presentation
28 slides from Baywa's earnings presentation, Nov 14, 2024
Slide 1: Quarterly Financial Statements as at 30 September 2024
Quarterly Financial Statements as at 30 September 2024 Munich, 14 November 2024
Slide 2: Agenda
Agenda 01 Overview Q1-3/2024 02 Business Development of the Segments in Q1-3/2024 03 Group Financials Q1-3/2024
Slide 3: Overview Q1-3/2024
O01 Overview Q1-3/2024
Slide 4: Overview of the third quarter 2024
Overview of the third quarter 2024 ▪ First draft of the restructuring report affirms the restructuring potential of the BayWa Group; final report anticipated in December 2024 ▪ Financing Package I of EUR 550 million in August 2024 − Bridging loan by core banks (EUR 272 million) − Shareholder loan fr
Slide 5: Impairment tests in accordance with IAS 36
Impairment tests in accordance with IAS 36 Impairment losses by Segments Reasons for the impairment losses In EUR m Changed valuation assumptions: declining electricity price curves and electricity Renewable Energies -171.5 market value rates, higher interest rates and adjusted feed-in assumptions C
Slide 6: Financial Results Q1-3/2024
Financial Results Q1-3/2024 Revenues EBITDA* In EUR m In EUR m -74.6% -11.9% 18,191.8 419.8 ▪ Uncertainty among customers and 16,018.4 suppliers – from the restructuring report announced – drags on 106.7 the development of business in Q3 152.6 ▪ Revenue decline due to falling energy -45.9 and commod
Slide 7: Development of the Group Q1-3/2024: Multi-year comparison of EBIT
Development of the Group Q1-3/2024 Multi-year comparison of EBIT Multi-year comparison of EBIT Q1-3/2024 Multi-year comparison of EBIT Q1-3/2024 (adjusted by EBIT Renewable Energies Segment) In EUR m In EUR m 459.8 Q1-3 2024 298.1 Q1-3 2024 214.6 191.7 before after before after 102.7 IAS 36 IAS 36 I
Slide 8: Development of the Group in Q3 2024: Multi-year comparison of EBIT
Development of the Group in the third quarter of 2024 Multi-year comparison of EBIT In EUR m 131.3 48.9 47.1 36.0 30.1 27.7 25.1 Ø 28 17.5 -3.8 -77.7 Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024 01 | Overview Q1-3/2024 14/11/2024 | 8
Slide 9: Business Development of the Segments in Q1-3/2024
02 Business Development of the Segments in Q1-3/2024
Slide 10: Business Unit Energy
Business Unit Energy Segment Segment Renewable Energy Energies
Slide 11: Market Developments Energy
Market Developments Energy PV modules: China's solar industry triggers price war in Europe1 Development of electricity price in Germany2 In EUR / Wp In EUR / MWh 140 0,35 120 Ø 108 EUR 100 0,30 80 60 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 0,25 Jan 23 to Oct 24 P
Slide 12: Renewable Energies Segment
Renewable Energies Segment Revenues, EBIT and EBT vs previous year − Revenues: ∆ 23/24 EUR -1,357.9 million − EBIT: ∆ 23/24 EUR -442.1 million incl. impairment losses in accordance with IAS 36 − EBT: ∆ 23/24 EUR -464.8 million incl. impairment losses in accordance with IAS 36 Revenues In EUR m EBIT
Slide 13: Energy Segment
Energy Segment Revenues, EBIT and EBT vs previous year − Revenues: ∆ 23/24 EUR -141.5 million − EBIT: ∆ 23/24 EUR -13.7 million incl. impairment losses in accordance with IAS 36 − EBT: ∆ 23/24 EUR -15.4 million incl. impairment losses in accordance with IAS 36 Revenues In EUR m EBIT In EUR m EBT In
Slide 14: Business Unit Agriculture
Business Unit Agriculture Segment Segment Cefetra Agri Trade Group & Service Segment Segment Agricultural Global Equipment Produce
Slide 15: Price trend for agricultural commodities January 2023 to November 2024
Price trend for agricultural commodities January 2023 to November 20241 Wheat Corn Soya In EUR / tons In EUR / tons In EUR / tons 310 260 540 290 240 490 270 220 440 250 200 230 180 390 210 Ø 232 EUR 160 Ø 180 EUR Ø 399 EUR 340 190 140 170 120 290 Source: 1 barchart.com 02 | Agriculture Business Uni
Slide 16: Market Developments – Input Resources, Agricultural Equipment and Fruit
Market Developments – Input Resources, Agricultural Equipment and Fruit Input Resources Agricultural Equipment Fruit ▪ Apple harvest New Zealand 2024 higher y/y ▪ Fertilizers: ▪ Rentenbank agri-barometer (+15%); downstream effects of the cyclone in the - Early start to the season and attractive pric
Slide 17: Cefetra Group Segment
Cefetra Group Segment Revenues, EBIT and EBT vs previous year − Revenues: ∆ 23/24 EUR -371.0 million − EBIT: ∆ 23/24 EUR -31.0 million incl. impairment losses in accordance with IAS 36 − EBT: ∆ 23/24 EUR -30.7 million incl. impairment losses in accordance with IAS 36 Revenues In EUR m EBIT In EUR m
Slide 18: Agri Trade & Service Segment
Agri Trade & Service Segment Revenues, EBIT and EBT vs previous year − Revenues: ∆ 23/24 EUR -317.1 million − EBIT: ∆ 23/24 EUR -40.9 million incl. impairment losses in accordance with IAS 36 − EBT: ∆ 23/24 EUR -41.6 million incl. impairment losses in accordance with IAS 36 Revenues In EUR m EBIT In
Slide 19: Agricultural Equipment Segment
Agricultural Equipment Segment Revenues, EBIT and EBT vs previous year − Revenues: ∆ 23/24 EUR +129.2 million − EBIT: ∆ 23/24 EUR +13.9 million incl. impairment losses in accordance with IAS 36 − EBT: ∆ 23/24 EUR -0.4 million incl. impairment losses in accordance with IAS 36 Revenues In EUR m EBIT I
Slide 20: Global Produce Segment
Global Produce Segment Revenues, EBIT and EBT vs previous year − Revenues: ∆ 23/24 EUR +31.4 million − EBIT: ∆ 23/24 EUR +5.8 million incl. impairment losses in accordance with IAS 36 − EBT: ∆ 23/24 EUR +1.7 million incl. impairment losses in accordance with IAS 36 Revenues In EUR m EBIT In EUR m EB
Slide 21: Business Unit Construction
Business Unit Construction Segment Construction
Slide 22: Market Developments – Construction
Market Developments – Construction Development of incoming orders in residential construction1 The federal government's target for new construction is missed by 90,000 flats every year 2 Incoming orders index (2021=100) Auftragseingangsindex (2021=100) Annual additions (in thousands) 120 400 110 100
Slide 23: Construction Segment
Construction Segment Revenues, EBIT and EBT vs previous year − Revenues: ∆ 23/24 EUR -144.1 million − EBIT: ∆ 23/24 EUR -15.3 million incl. impairment losses in accordance with IAS 36 − EBT: ∆ 23/24 EUR -20.3 million incl. impairment losses in accordance with IAS 36 Revenues In EUR m EBIT In EUR m E
Slide 24: Other Activities
Other Activities Revenues, EBIT and EBT vs previous year − Revenues: ∆ 23/24 EUR -2.4 million − EBIT: ∆ 23/24 EUR +8.9 million incl. impairment losses in accordance with IAS 36 − EBT: ∆ 23/24 EUR +3.3 million incl. impairment losses in accordance with IAS 36 Revenues In EUR m EBIT In EUR m EBT In EU
Slide 25: Group Financials Q1-3/2024
03 Group Financials Q1-3/2024
Slide 26: Group Financials: Balance Sheet
Group Financials: Balance Sheet In EUR m Q1-3 2020 Q1-3 2021 Q1-3 2022 Q1-3 2023 FY 2023 Q1-3 2024 ∆23/24 (%) Total assets 9,413.3 11,086.5 13,738.4 12,897.1 12,518.7 12,017.6 -4.0 Equity 1,280.5 1,871.6 1,856.5 1,821.1 1,713.0 1,017.4 -40.6 Equity ratio 13.6% 16.9% 13.5% 14.1% 13.7% 8.5% Equity rat
Slide 27: Group Financials: Income Statement
Group Financials: Income Statement In EUR m Q1-3 2020 Q1-3 2021 Q1-3 2022 Q1-3 2023 Q1-3 2024 ∆23/24 (in %) Revenues 12,197.8 14,124.8 20,073.0 18,191.8 16,018.4 -11.9 EBITDA 264.8 371.5 652.9 419.8 106.7 -74.6 % of Revenues 2.2% 2.6% 3.3% 2.3% 0.7% EBIT 102.7 191.7 459.8 214.6 -299.8 > -100 % of Re
Slide 28: Disclaimer
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 guarantee of the f