BayWa AG · XETR:BYW
BayWa — FY2022 Earnings Presentation
43 slides from BayWa's earnings presentation, Mar 30, 2023
Slide 1: Annual Financial Statements as per 31 December 2022 – Analysts' Conference
Annual Financial Statements as per 31 December 2022 Analysts’ Conference Munich, 30 March 2023 Prof. Klaus Josef Lutz, CEO Andreas Helber, CFO
Slide 2: Agenda
Agenda 01 Highlights Financial Year 2022 Business Development of the Segments in 02 2022 and Operational Outlook 2023 03 Group Financials 2022 04 Appendix 30/03/2023 | 2
Slide 3: Highlights Financial Year 2022
01 Highlights Financial Year 2022 Prof. Klaus Josef Lutz 30/03/2023 | 3
Slide 4: Highlights
01 | Highlights Financial Year 2022 Highlights Revenues EBIT ▪ Consolidated revenue and EBIT at record levels in EUR m in EUR m +36.4% +89.1% ▪ Highest growth rates (EBIT) in the segments: 27,061.8 504.1 19,839.1 − Agriculture (>100 %) 266.6 − Energy (> 100 %) − Renewable Energies (+77.1%) 2021 2022
Slide 5: Development of the Group 2022 – Multi-year comparison of EBIT
01 | Highlights Financial Year 2022 Development of the Group 2022 Multi-year comparison of EBIT in EUR m 504.1 266.6 Ø 268.6 211.6 188.4 172.4 2018 2019 2020 2021 2022 30/03/2023 | 5
Slide 6: Expansion progress
01 | Highlights Financial Year 2022 Expansion progress Operating EBIT contribution from expansion in % in EUR m Expansion (companies acquired from 2009 onwards) 650 Core region (companies consolidated back in 2008) 600 550 500 450 63% 400 350 300 250 67% 200 65% 65% 150 30% 45% 44% 56% 54% 66% 19% 5
Slide 7: Business Development of the Segments in 2022 and Operational Outlook 2023
02 Business Development of the Segments in 2022 and Operational Outlook 2023 Prof. Klaus Josef Lutz 30/03/2023 | 7
Slide 8: Energy and Renewable Energies Key Figures 2022
02 | Energy Business Unit – Development in 2022 Business Unit Segment Segment Energy Renewable Energy Energies Key Figures 2022 30/03/2023 | 8
Slide 9: Market Developments – Renewable Energies
02 | Energy Business Unit – Development in 2022 Market Developments – Renewable Energies Global capacity installation – forecast 20231 Global investments in renewable energies in 20221 Solar with highest installed capacity In GW Offshore-Wind Onshore-Wind Solar Onshore wind energy Solar 425 17 140.7
Slide 10: Renewable Energies Segment Revenues and EBIT vs previous year
02 | Energy Business Unit – Development in 2022 Renewable Energies Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 21/22 EUR +2,929.2 million ▪ EBIT: ∆ 21/22 EUR +104.1 million _________________________________________________________________________________ ▪ Solar trading business: strong
Slide 11: Market Developments – Energy
02 | Development in 2022 – Energy Business Unit Market Developments – Energy Price trend of Brent crude1 Fuel costs in Germany3 – gas remains most expensive source of energy Brent crude price in USD per barrel Fuel costs in cent per kWh 130 March 22/23 120 –35% 110 +62% 100 90 80 Gas 13.06 ct/kWh 70
Slide 12: Energy Segment Sales and EBIT vs previous year
02 | Energy Business Unit – Development in 2022 Energy Segment Sales and EBIT vs previous year ▪ Revenues: ∆ 21/22 EUR +1,215.4 million ▪ EBIT: ∆ 21/22 EUR +36.2 million _________________________________________________________________________________ ▪ Price-induced growth in revenue and profit Rev
Slide 13: Agriculture Key Figures 2022
02 | Agriculture Business Unit – Development in 2022 Business Unit Segment Segment Agriculture Cefetra Agri Trade Group & Service Key Figures 2022 Segment Segment Agricultural Global Equipment Produce 30/03/2023 | 13
Slide 14: Market Developments – Agricultural Products I
02 | Agriculture Business Unit – Development in 2022 Market Developments – Agricultural Products I GLOBAL GRAIN BALANCE (EXCL. RICE; MARCH 2023) 1 In millions of tons Changes in inventories Production Consumption 2750 135 115 2250 2171 2124 2129 2216 2282 2229 2180 95 1996 1998 2041 64 75 59 1750 53
Slide 15: Market Developments – Agricultural Products II
02 | Agriculture Business Unit – Development in 2022 Market Developments – Agricultural Products II AGRI COMMODITIES PRICE TREND 1 In EUR/tons Wheat MTF Corn CBT In EUR/tons Rape seed MTF Soy meal CBT Wheat: +74% y/y Wheat: -33% y/y Rape seed: +50% y/y Rape seed: -45% y/y 1150 Corn: +22% y/y Corn: -
Slide 16: Cefetra Group Segment Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 2022 Cefetra Group Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 21/22 EUR +1,114.9 million ▪ EBIT: ∆ 21/22 EUR +20.7 million _________________________________________________________________________________ ▪ Price-induced revenue growth on
Slide 17: Market Developments – Operating Resources
02 | Agriculture Business Unit – Development in 2022 Market Developments – Operating Resources FERTILIZERS PRICE TREND OPERATING RESOURCES TRADE IN 2022 IN GERMANY In EUR per tons K fertilizer N fertilizer ▪ Fertilisers: – Rising energy prices and economic sanctions imposed on Russia 1000 lead to si
Slide 18: Agri Trade & Service Segment Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 2022 Agri Trade & Service Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 21/22 EUR +1,572.0 million ▪ EBIT: ∆ 21/22 EUR +92.4 million _________________________________________________________________________________ ▪ Price-induced revenue an
Slide 19: Market Developments – Agricultural Equipment
02 | Agriculture Business Unit – Development in 2022 Market Developments – Agricultural Equipment REVENUES IN THE AGRICULTURAL EQUIPMENT SECTOR REACH A NEW RECORD HIGH 1 Agricultural equipment revenues New registrations of tractors in in Germany1 Germany1 In EUR bn Number +18% -12% 12.4 34,472 10.5
Slide 20: Agricultural Equipment Segment Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 2022 Agricultural Equipment Segment Revenues and EBIT vs previous year ▪ Revenues : ∆ 21/22 EUR +167.5 million ▪ EBIT: ∆ 21/22 EUR +21.6 million _________________________________________________________________________________ ▪ Price-induced increase
Slide 21: Market Developments – Fruit
02 | Agriculture Business Unit – Development in 2022 Market Developments – Fruit APPLE HARVEST TREND IN 2022 APPLE PRICES IN GERMANY 3 Germany1 New Zealand2 In euro cent / kilo in 1,000 tons in 1,000 tons 71 69 +6% -3% 67 67 Ø 69.0 67 68 1,005 1,067 515 502 64 64 65 63 63 63 62 61 61 61 61 60 60 59
Slide 22: Global Produce Segment Revenues and EBIT vs previous year
02 | Agriculture Business Unit – Development in 2022 Global Produce Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 21/22 EUR -39.4 million ▪ EBIT: ∆ 21/22 EUR -21.5 million _________________________________________________________________________________ ▪ Price- and volume-induced decline
Slide 23: Building Materials Key Figures 2022
02 | Building Materials Business Unit – Development in 2022 Business Unit Segment Building Building Materials Materials Key Figures 2022 30/03/2023 | 23
Slide 24: Market Developments – Building Materials
02 | Building Materials Business Unit – Development in 2022 Market Developments – Building Materials Building permissions in Germany in 20221 in 1,000 PRICE TRENDS OF SELECTED BUILDING MATERIALS 2 February 2023 vs February 2022 52% -8.1% 381 350 48 30% 26% 194 108 -4% -8% 2021 Private Apartment Othe
Slide 25: Building Materials Segment Revenues and EBIT vs previous year
02 | Building Materials Business Unit – Development in 2022 Building Materials Segment Revenues and EBIT vs previous year ▪ Revenues: ∆ 21/22 EUR +262.7 million ▪ EBIT: ∆ 21/22 EUR -2.8 million _________________________________________________________________________________ ▪ Revenue growth driven
Slide 26: Innovation & Digitalisation – Key Figures 2022
02 | Segment Innovation & Digitalisation – Development in 2022 Segment Innovation & Digi- talisation Key Figures 2022 30/03/2023 | 26
Slide 27: Innovation & Digitalisation Segment Revenues and EBIT vs previous year
02 | Segment Innovation & Digitalisation – Development in 2022 Innovation & Digitalisation Segment Revenues and EBIT vs previous year ▪ Revenues : ∆ 21/22 EUR -0.7 million ▪ EBIT: ∆ 21/22 EUR +8.8 million _________________________________________________________________________________ ▪ Farmers rel
Slide 28: Group Financials 2022
03 Group Financials 2022 Andreas Helber 30/03/2023 | 28
Slide 29: Other Activities 2022
03 | Group Financials 2022 Other Activities 2022 ▪ Revenues: ∆ 21/22 EUR +1.1 million ▪ EBIT: ∆ 21/22 EUR -22.0 million _________________________________________________________________________________ ▪ EBIT consists of administrative costs and consolidation effects Revenues in EUR m EBIT in EUR m
Slide 30: Financials Energy Business Unit Income Statement
03 | Group Financials 2022 Financials Energy Business Unit Income Statement In EUR m 2018 2019 2020 2021 2022 ∆21/22 (in %) Revenues 3,968.5 4,474.3 3,954.9 5,688.2 9,832.8 72.9 EBITDA 128.4 176.7 212.3 231.8 435.6 87.9 % of Revenues 3.2% 3.9% 5.4% 4.1% 4.4% EBIT 96.0 127.4 142.7 152.4 292.7 92.1 %
Slide 31: Financials Agriculture Business Unit Income Statement
03 | Group Financials 2022 Financials Agriculture Business Unit Income Statement In EUR m 2018 2019 2020 2021 2022 ∆21/22 (in %) Revenues 11,015.9 10,857.5 10,588.2 12,044.7 14,859.7 23.4 EBITDA 159.6 188.2 206.9 256.5 387.4 51.0 % of Revenues 1.4% 1.7% 2.0% 2.1% 2.6% EBIT 100.1 96.6 103.5 142.3 255
Slide 32: Financials Building Materials Business Unit Income Statement
03 | Group Financials 2022 Financials Building Materials Business Unit Income Statement In EUR m 2018 2019 2020 2021 2022 ∆21/22 (in %) Revenues 1,617.5 1,702.8 1,899.0 2,084.2 2,346.9 12.6 EBITDA 47.2 57.0 75.7 104.0 105.7 1.6 % of Revenues 2.9% 3.3% 4.0% 5.0% 4.5% EBIT 31.1 32.1 46.9 73.2 70.4 -3.
Slide 33: Income Statement
03 | Group Financials 2022 Income Statement In EUR m 2018 2019 2020 2021 2022 ∆21/22 (in %) Revenues 16,625.7 17,059.0 16,464.7 19,839.1 27,061.8 36.4 EBITDA 315.3 403.0 464.8 552.8 858.8 55.4 % of Revenues 1.9% 2.4% 2.8% 2.8% 3.2% EBIT 172.4 188.4 211.6 266.6 504.1 89.1 % of Revenues 1.0% 1.1% 1.3%
Slide 34: Balance Sheet
03 | Group Financials 2022 Balance Sheet In EUR m 2018 2019 2020 2021 2022 ∆21/22 (in %) Total assets 7,511.5 8,781.9 8,950.0 11,771.4 12,976.4 10.2 Equity 1,389.1 1,253.4 1,153.6 1,816.1 1,909.0 5.1 Equity ratio 18.5% 14.3% 12.9% 15.4% 14.7% Equity ratio adjusted1 21.6% 17.6% 16.2% 17.8% 16.0% In E
Slide 35: Cash Flow Statement
03 | Group Financials 2022 Cash Flow Statement In EUR m 2018 2019 2020 2021 2022 ∆21/22 (in %) Cash Earnings 238.7 213.9 399.5 491.0 695.6 41.7 Cash flow from operating activities -452.2 -24.9 675.9 -583.6 -337.2 42.2 Cash flow from investing activities -243.0 -149.4 -251.5 -197.2 -293.2 -48.7 Cash
Slide 36: Adjusted net debt in relation to EBITDA and equity
03 | Group Financials 2022 Adjusted net debt in relation to EBITDA and equity Adjusted net debt Adjusted net debt = 1.65 = 4.0 EBITDA Adjusted Equity1 5,279 222 418 3,430 3,430 1,209 3,430 2,077 859 Liabilities Cash Non-Recourse- Readily Adjusted Adjusted net debt EBITDA Adjusted net debt Adjusted e
Slide 37: Economic Profit 2022
03 | Group Financials 2022 Economic Profit 2022 Net In EUR m Ø Invested ROIC WACC Spread Economic Operating Capital (in %) (in %) (in %) Profit Profit Renewable Energies 239.1 2,820.7 8.48 6.63 1.85 52.0 Energy 53.6 115.6 46.4 7.20 39.20 45.3 Cefetra Group 59.5 711.9 8.36 6.30 2.06 14.6 Agri Trade &
Slide 38: Thank you for your attention
Thank you for your attention Munich, 30 March 2023 Prof. Klaus Josef Lutz, CEO Andreas Helber, CFO
Slide 39: Appendix
Appendix BayWa 30/03/2023 | 39
Slide 40: BayWa share 2022/23: Price performance compared with the SDAX and DAX
04 | Appendix BayWa share 2022/23: Price performance compared with the SDAX and DAX 130% BayWa SDAX DAX 1 January 2022 to 22 March 2023: performance & closing price1 120% BayWa 41.60€ 110% 7.9% closing price 100% SDAX 12,858.53* 90% -21.7% closing price 80% 70% DAX 15,216.19* 60% -4.2% closing price
Slide 41: BayWa share 2022
04 | Appendix BayWa share 2022 Shareholder structure (31/12/2022) BayWa share profile (31/12/2022) Stock exchanges Frankfurt, Munich, Xetra Segment Official Market / Prime Standard 34.1% Security code no. 519406 and 519400 38.3% ISIN DE0005194062 and DE0005194005 Share capital EUR 91,807,715.84 Numb
Slide 42: Investor Relations Contact / Financial Calendar 2023
04 | Appendix Investor Relations Contact Financial Calendar 2023 30 11 6 March May June ANALYST ANALYST ANNUAL CONFERENCE CONFERENCE GENERAL MEETING, FY 2022 CALL Q1 ICM MUNICH Josko André Pierre (IN PERSON) Radeljic Wahlen Head of Investor Relations Investor Relations Manager Tel.: +49 (089) 92 22
Slide 43: Disclaimer
04 | Appendix 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 guar