Baywa Ag · XETR:BYW
Baywa — H1 2012 Earnings Presentation
34 slides from Baywa's earnings presentation, Aug 2, 2012
Slide 1: Quarterly Financial Statements as per 30 June 2012 Conference Call
Quarterly Financial Statements as per 30 June 2012 Conference Call Munich, 2 August 2012 Klaus Josef Lutz, CEO Andreas Helber, CFO
Slide 2: Agenda
Agenda 1. Development of the Group in the first half of 2012 2. Development of the Segments in the first half of 2012 3. Outlook for 2012 4. BayWa Share BayWa AG 02/08/2012 Page 2
Slide 3: Development of the Group in the first half of 2012
Development of the Group in the first half of 2012 BayWa AG 02/08/2012 Page 3
Slide 4: Market trends
Development of the Group in the first half of 2012 Market trends Q2/2012 AGRICULTURE – Rising agricultural commodity prices due to below-average harvest expectations worldwide – Forecast for German harvest of an estimated 42 million tons; marginally lower y/y (-0.8 percent) – Positive development of
Slide 5: Revenues and EBIT as against the previous year
Development of the Group in the first half of 2012 Revenues and EBIT as against the previous year Revenues In EUR m +11.9% – EUR 5,131.3 m (Δ 11/12: EUR +545.1 m / +11.9%) 5,131.3 – Revenue growth driven by Agriculture and Energy segments 4,586.2 – Higher volume in agricultural produce trading – Pro
Slide 6: Multi-year comparison of EBIT
Development of the Group in the first half of 2012 Multi-year comparison of EBIT In EUR m 107.5 88.7 91.1 -51.3% 2.7% Ø 79.2 57.5% 56.3 52.3 7.6% H1 2008 H1 2009 H1 2010 H1 2011 H1 2012 BayWa AG 02/08/2012 Page 6
Slide 7: Second quarter comparison of EBIT
Development of the Group in the first half of 2012 Second quarter comparison of EBIT In EUR m 83.0 84.5 80.2 1.8% 19.1% Ø 74.9 69.7 -28.6% 21.6% 57.3 Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 BayWa AG 02/08/2012 Page 7
Slide 8: Key Financials – Income Statement
Development of the Group in the first half of 2012 Key Financials – Income Statement in EUR m H1 2008 H1 2009 H1 2010 H1 2011 H1 2012 ∆11/12 (%) Revenues 4,381.0 3,716.3 3,777.7 4,586.2 5,131.3 11.9% EBITDA 152.9 98.9 104.3 136.3 147.1 7.9% % of Revenues 3.5% 2.7% 2.8% 3.0% 2.9% EBIT 107.5 52.3 56.3
Slide 9: Key Financials – Cash Flow Statement
Development of the Group in the first half of 2012 Key Financials – Cash Flow Statement in EUR m H1 2008 H1 2009 H1 2010 H1 2011 H1 2012 ∆11/12 (%) Consolidated net income 105.3 65.9 75.1 96.4 93.5 -3.0% Cash flow from operating activities 88.8 32.4 40.9 90.8 150.1 65.3% Cash flow from investing act
Slide 10: Development of the Segments in the first half of 2012
Development of the Segments in the first half of 2012 BayWa AG 02/08/2012 Page 10
Slide 11: Agriculture Segment – first half of 2012
Agriculture Segment – first half of 2012 Seed Fertilisers Crop protection Grain Feedstuff Agricultural equipment Fruit BayWa AG 02/08/2012 Page 11
Slide 12: Slight downturn in sentiment of agriculture industry
Agriculture Segment – first half of 2012 Slight downturn in sentiment of agriculture industry Economic barometer for Agriculture as of June 2012 Source: Produkt+markt BayWa AG 02/08/2012 Page 12
Slide 13: Market price trends
Agriculture Segment – first half of 2012 Market price trends Source: www.agrarzeitung.de Wheat international, Paris, 24/7/2012 Corn international, Paris, 24/7/2012 Closing price as of Closing price 24/07/2012 as of 24/07/2012 Urea, Granulated urea ex Baltic Sea Ports, 20/7/2012 CAN, Calcium ammonium
Slide 14: Grain Balance - World / Usage
Agriculture Segment – first half of 2012 Grain Balance - World / Usage [in millions of tons: wheat, rice, maize, barley, oats, rye, sorghum] Status: 06/2012; *2012/13 forecast; figures partly estimated Sources: DRV, Copa, Coceral, ACTI, ZMP, DOWJones, BayWa BayWa AG 02/08/2012 Page 14
Slide 15: Agriculture: Revenues and EBIT as against the previous year
Agriculture Segment – first half of 2012 Revenues and EBIT as against the previous year Agri. Trade Agri. Equipment in EUR m in EUR m +4.0% +19.5% 1,672.1 1,738.5 529.5 632.9 Revenues Revenues -24.3% +19.7% 58.1 11.7 14.0 44.0 EBIT EBIT H1 2011 H1 2012 H1 2011 H1 2012 Revenues: ∆ 11/12 EUR +66.4 m
Slide 16: Agriculture: Fruit revenues and EBIT
Agriculture Segment – first half of 2012 Revenues and EBIT as against the previous year Fruit in EUR m Earnings contribution Earnings contribution BayWa: Turners & Growers: +12.9% 75.7 85.5 116.8 Revenues Revenues 0.0 -35.0% 2.0 9.2 1.3 EBIT EBIT 0.0 H1 2011 H1 2012 H1 2011 H1 2012 Revenues: ∆ 11/
Slide 17: Agriculture Key Financials - Income Statement
Agriculture Segment – first half of 2012 Key Financials - Income Statement Agriculture in EUR m H1 2008 H1 2009 H1 2010 H1 2011 H1 2012 ∆11/12 (%) Revenues 2,208.5 1,799.5 1,732.7 2,277.3 2,573.7 13.0% EBITDA 103.2 53.5 55.4 90.6 90.3 -0.3% % of Revenues 4.7% 3.0% 3.2% 4.0% 3.5% EBIT 83.2 34.3 36.2
Slide 18: Energy Segment – first half of 2012
Energy Segment – first half of 2012 Fuels Heating oil Lubricants Solid biofuels BayWa r.e BayWa AG 02/08/2012 Page 18
Slide 19: Energy Market developments
Energy Segment – first half of 2012 Market developments Multi-year comparison of heating oil prices 2009 – 2012 Installed capacity of renewable energy in Germany Development of heating oil prices in Germany Geothermics In MW 74,861 16 Biogenic waste 1,707 Water 65,283 4,491 8 Biomass 5,494 1,700 Sol
Slide 20: Energy: Revenues and EBIT as against the previous year
Energy Segment – first half of 2012 Revenues and EBIT as against the previous year Conventional Energy Renewable Energy in EUR m in EUR m +30.9% +70.5% 1,498.7 185.3 1,144.7 108.7 Revenues Revenues > +100% -18.8% 14.6 1.6 1.3 EBIT EBIT -0.6 H1 2011 H1 2012 H1 2011 H1 2012 Revenues: ∆ 11/12 EUR +35
Slide 21: Energy Key Financials - Income Statement
Energy Segment – first half of 2012 Key Financials - Income Statement Energy in EUR m H1 2008 H1 2009 H1 2010 H1 2011 H1 2012 ∆11/12 (%) Revenues 1,075.5 892.4 1,087.2 1,253.4 1,684.1 34.4% EBITDA 9.4 17.9 18.9 8.6 29.9 > +100% % of Revenues 0.9% 2.0% 1.7% 0.7% 1.8% EBIT 5.7 13.7 13.3 1.0 15.9 > +10
Slide 22: Building Materials Segment – first half of 2012
Building Materials Segment – first half of 2012 Building Materials DIY & Garden Centres* * Carve out of German DIY & GC business as per 01/01/2012 BayWa AG 02/08/2012 Page 22
Slide 23: Building Materials Market developments
Building Materials Segment – first half of 2012 Market developments Building permits in Germany [number of homes] Turnover of construction industry in Germany Nominal rate of change in percent y/y 30.000 2010 2011 2012* 28.000 26.000 17.7 12.5 24.000 6.6 7.0 22.000 4.0 20.000 -0.3 18.000 Constructio
Slide 24: Building Materials: Revenues and EBIT as against the previous year
Building Materials Segment – first half of 2012 Revenues and EBIT as against the previous year Building Materials Segment in EUR m Revenues: EBIT: +19.3% +2.5% 813.0 681.4 4.0 4.1 Building Building Materials Materials H1 2011 H1 2012 H1 2011 H1 2012 Revenues: ∆ 11/12 EUR +131.6 m EBIT: ∆ 11/12 E
Slide 25: Building Materials Key Financials - Income Statement
Building Materials Segment – first half of 2012 Key Financials - Income Statement Building Materials in EUR m H1 2008 H1 2009 H1 2010 H1 2011 H1 2012* ∆11/12 (%) Revenues 831.2 800.5 872.8 978.5 813.0 -16.9% EBITDA 24.0 18.4 17.1 27.2 14.1 -48.2% % of Revenues 2.9% 2.3% 2.0% 2.8% 1.7% EBIT 8.7 1.5 3
Slide 26: Other Activities Segment – first half of 2012
Other Activities Segment – first half of 2012 BayWa AG 02/08/2012 Page 26
Slide 27: Other Activities: Revenues and EBIT as against the previous year
Other Activities Segment – first half of 2012 Revenues and EBIT as against the previous year Revenues In EUR m -21.3% – EUR 60.5 m (Δ 11/12: EUR -16.4 m / -21.3%) 76.9 60.5 – Anti-trust approval granted for AGRANA / Ybbstaler joint-venture – Deconsolidation of Ybbstaler effective 1 June 2012 H1 2011
Slide 28: Outlook for 2012
Outlook for 2012 BayWa AG 02/08/2012 Page 28
Slide 29: Outlook for 2012
Outlook for 2012 Outlook Good prospects for profit growth 2012 AGRICULTURE – Grain harvest in Germany may exceed original expectations – High price level for produce and operating resources expected to hold steady – Potential for higher earnings in grain trading AGRICU – Fruit harvest in Germany bel
Slide 30: BayWa Share
BayWa Share BayWa AG 02/08/2012 Page 30
Slide 31: BayWa Share
BayWa Share Share price performance Share from 01/08/2011 until 27/07/2012 Closing price on 30/06/2011 € 28.82 % High (06/10/2011) € 32.82 Low (08/08/2011) € 24.05 Closing price on 30/06/2012 € 28.84 Market capitalisation in EUR m As per 30/06/2011 986.31 As per 30/06/2012 992.30 Freefloat market ca
Slide 32: Shareholder structure and share profile
BayWa Share Shareholder structure as per 30/06/2012 BayWa share profile (June 2012) Bayerische Raiffeisen- Freefloat Stock exchanges Frankfurt, Munich, Xetra Beteiligungs AG 39.90% Segment Official Market/Prime Standard 35.02% Stock exch. index MDAX (Sec. code no. 519406 and 519400) ISIN DE000519406
Slide 33: Contact and Financial Calendar
Contact and Financial Calendar Financial Calendar 2012 Head of Investor Relations Josko Radeljic BayWa AG Arabellastr. 4 81925 Munich August 2012 Germany 02/08 Press Conference on the First Half-Year 02/08 Analysts‘ Conference Call Q2 October 2012 Tel.: +49 (0)89 / 92 22 - 38 87 09/10 – 10/10 Capita
Slide 34: Thank you for your attention
Thank you for your attention The information in this presentation is partly made up of forward-looking statements which are based on assumptions and are subject to unforeseeable risks. In as much as the assumptions on the successful integration of acquisitions and on the internal growth of the compa