Baywa Ag · XETR:BYW
Baywa — H1 2024 Earnings Presentation
28 slides from Baywa's earnings presentation, Sep 27, 2024
Slide 1: Quarterly Financial Statements as at 30 June 2024
Quarterly Financial Statements as at 30 June 2024 Munich, 27 September 2024
Slide 2: Agenda
Agenda 01 Overview Q1-2/2024 02 Business Development of the Segments Q1-2/2024 03 Group Financials Q1-2/2024 04 Appendix
Slide 3: Overview Q1-2/2024
01 Overview Q1-2/2024
Slide 4: Financial results Q1-2/2024
Financial results Q1-2/2024 Revenues ▪ BayWa Group records weak first half of 2024 in EUR m -14,7% − Price-related decline in sales due to falling energy and commodity prices 12,559.2 10,716.3 − Significant year-on-year decline in operating EBIT due to BayWa r.e. − Impairment losses of EUR 222.2 mil
Slide 5: Development of the Group Q1-2/2024: Multi-year comparison of EBIT
Development of the Group Q1-2/2024 Multi-year comparison of EBIT Multi-year comparison of EBIT Q1-2/2024 Multi-year comparison of EBIT Q1-2/2024 (adjusted by EBIT Renewable Energies) In EUR m In EUR m 328.5 Q1-2/2024 243.5 Q1-2/2024 186.9 144.6 before after before after IAS 36 IAS 36 IAS 36 IAS 36 5
Slide 6: Business Development of the Segments Q1-2/2024
02 Business Development of the Segments Q1-2/2024
Slide 7: Business Unit Energy
Business Unit Energy Segment Segment Renewable Energy Energies
Slide 8: 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 140 129 0,35 130 118 120 110 103 101 101 95 94 100 87 91 90 82 0,3 78 77 80 73 69 70 Ø 85€ 61 65 62 67 60 Jan-23 Mar-23 May-23 Jul-23 Sep-
Slide 9: Renewable Energies Segment Revenues, EBIT and EBT vs previous year
Renewable Energies Segment Revenues, EBIT and EBT vs previous year ▪ Revenues: ∆ 23/24 EUR -1,236.8 million ▪ EBIT: ∆ 23/24 EUR -372.7 million incl. impairment losses in accordance with IAS 36 ▪ EBT: ∆ 23/24 EUR -382.7 million incl. impairment losses in accordance with IAS 36 _______________________
Slide 10: Energy Segment Revenues, EBIT and EBT vs previous year
Energy Segment Revenues, EBIT and EBT vs previous year ▪ Revenues: ∆ 23/24 EUR -98.2 million ▪ EBIT: ∆ 23/24 EUR -10.8 million incl. impairment losses in accordance with IAS 36 ▪ EBT: ∆ 23/24 EUR -11.7 million incl. impairment losses in accordance with IAS 36 ________________________________________
Slide 11: Business Unit Agriculture
Business Unit Agriculture Segment Segment Cefetra Agri Trade& Group Service Segment Segment Agricultural Global Equipment Produce
Slide 12: Price trend for agricultural commodities January 2023 to September 2024
Price trend for agricultural commodities January 2023 to September 20241 Wheat Corn Soya In EUR / tons In EUR / tons In EUR / tons 310 260 600 290 240 550 270 220 500 250 200 450 230 180 Ø 234€ Ø 184€ Ø 408€ 400 210 160 350 190 140 170 120 300 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-23 May-23
Slide 13: 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 price
Slide 14: Cefetra Group Segment Revenues, EBIT and EBT vs previous year
Cefetra Group Segment Revenues, EBIT and EBT vs previous year ▪ Revenues: ∆ 23/24 EUR -338.0 million ▪ EBIT: ∆ 23/24 EUR -18.5 million incl. impairment losses in accordance with IAS 36 ▪ EBT: ∆ 23/24 EUR -17.3 million incl. impairment losses in accordance with IAS 36 ________________________________
Slide 15: Agri Trade & Service Segment Revenues, EBIT and EBT vs previous year
Agri Trade & Service Segment Revenues, EBIT and EBT vs previous year ▪ Revenues: ∆ 23/24 EUR -228.5 million ▪ EBIT: ∆ 23/24 EUR -22.1 million incl. impairment losses in accordance with IAS 36 ▪ EBT: ∆ 23/24 EUR -24.1 million incl. impairment losses in accordance with IAS 36 _________________________
Slide 16: Agricultural Equipment Segment Revenues, EBIT and EBT vs previous year
Agricultural Equipment Segment Revenues, EBIT and EBT vs previous year ▪ Revenues: ∆ 23/24 EUR +114.2 million ▪ EBIT: ∆ 23/24 EUR +17.6 million incl. impairment losses in accordance with IAS 36 ▪ EBT: ∆ 23/24 EUR +4.9 million incl. impairment losses in accordance with IAS 36 ________________________
Slide 17: Global Produce Segment Revenues, EBIT and EBT vs previous year
Global Produce Segment Revenues, EBIT and EBT vs previous year ▪ Revenues: ∆ 23/24 EUR +22.6 million ▪ EBIT: ∆ 23/24 EUR +7.8 million incl. impairment losses in accordance with IAS 36 ▪ EBT: ∆ 23/24 EUR +4.8 million incl. impairment losses in accordance with IAS 36 __________________________________
Slide 18: Business Unit Construction
Business Unit Construction Segment Construction
Slide 19: 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 Annual additions (in thousands) 140 400 130 120 296 295 Ø 310 110 250 100 90 80 70 60 QI. QI. QI. QI. QI. QI. QI.
Slide 20: Construction Segment Revenues, EBIT and EBT vs previous year
Construction Segment Revenues, EBIT and EBT vs previous year ▪ Revenues: ∆ 23/24 EUR -78.2 million ▪ EBIT: ∆ 23/24 EUR -2.7 million incl. impairment losses in accordance with IAS 36 ▪ EBT: ∆ 23/24 EUR -7.2 million incl. impairment losses in accordance with IAS 36 ____________________________________
Slide 21: Other Activities Revenues, EBIT and EBT vs previous year
Other Activities Revenues, EBIT and EBT vs previous year ▪ Revenues: ∆ 23/24 EUR +0.0 million ▪ EBIT: ∆ 23/24 EUR -7.6 million incl. impairment losses in accordance with IAS 36 ▪ EBT: ∆ 23/24 EUR -8.8 million incl. impairment losses in accordance with IAS 36 Revenues In EUR m EBIT In EUR m EBT In EU
Slide 22: Group Financials Q1-2/2024
03 Group Financials Q1-2/2024
Slide 23: Group Financials: Income Statement
Group Financials: Income Statement In EUR m Q1-2/2020 Q1-2/2021 Q1-2/2022 Q1-2/2023 Q1-2/2024 ∆23/24 (in %) Revenues 8,193.7 9,293.6 12,913.9 12,559.2 10,716.3 -14.7% EBITDA 160.4 262.9 455.0 322.1 103.6 -67.8% % of Revenues 2.0% 2.8% 3.5% 2.6% 1.0% EBIT 53.8 144.6 328.5 186.9 -222.1 -100,0% % of Re
Slide 24: Group Financials: Balance Sheet
Group Financials: Balance Sheet In EUR m Q1-2/2020 Q1-2/2021 Q1-2/2022 Q1-2/2023 FY 2023 Q1-2/2024 ∆23/24 (%) Total assets 8,863.8 10,067.2 12,722.9 12,787.1 12,518.7 12,496.7 -0.2% Equity 1,312.6 1,872.4 1,972.8 1,890.4 1,713.0 1,368.5 -20.1% Equity ratio 14.8% 18.6% 15.5% 14.8% 13.7% 11.0% Equity
Slide 25: Group Financials: Cash Flow Statement
Group Financials : Cash Flow Statement In EUR m Q1-2/2020 Q1-2/2021 Q1-2/2022 Q1-2/2023 Q1-2/2024 ∆23/24 (in %) Cash Earnings 147.2 222.7 386.7 265.7 93.8 -64.7% Cash flow from operating activities 232.3 -176.1 -57.7 517.3 350.9 -32.2% Cash flow from investing activities -81.3 -80.5 -183.4 -203.0 -1
Slide 26: Appendix
04 Appendix
Slide 27: BayWa Share 2024
BayWa Share 2024 Shareholder structure (30/06/2024) BayWa share profile (30/06/2024) Stock exchanges Frankfurt, Munich, Xetra Segment Official Market / Prime Standard 33.8% Security code no. 519406 and 519400 38.1% ISIN DE0005194062 and DE0005194005 Share capital EUR 92,497,210.88 Number of shares 3
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