Interim Report as at 30 September 2011 Conference Call

Transcription

1 Interim Report as at 30 September 2011 Conference Call Munich, 10 November 2011 Klaus Josef Lutz CEO Klaus Josef Lutz, CEO Andreas Helber, CFO

2 Agenda 1. Building Materials Segment: Strategic solution for DIY&GC 2. Agricultural Segment: Acquisition of fruit trading operations in New Zealand 3. Market trends 4. Performance of the Group in the first nine months of Performance of the segments in the first nine months of Outlook for The BayWa share Appendix BayWa Interim Report as at 30 September /11/2011 Page 2

3 Building Materials Segment: Strategic solution for DIY&GC BayWa Interim Report as at 30 September /11/2011 Page 3

4 Status 2010 In operational terms, DIY&GC not in a position to generate sustainable profits and earn cost of capital Economic Profit 2010 Agriculture and Energy segments generate economic profit Building Materials Segment: NOPAT of EUR 17.6 million not sufficient to earn cost of capital EBIT Taxes Fixed assets + Net working capital Financial assets ± Adjustments (e.g. deferred taxes) Economic Profit in EUR m Agriculture Building Materials Energy NOPAT = NOPAT = Invested Capital Ø Invested Capital / Spread ROIC Invested x Capital WACC Economic Profit ROIC 6.81% 3.06% 41.90% WACC 6.80% 6.80% 6.80% Spread (ROIC./. WACC) 0.01% -3.74% 35.10% Economic Profit BayWa Interim Report as at 30 September /11/2011 Page 4

5 Analysis of the Building Materials Segment Building Materials Segment Building Materials DIY & Garden Centres Good competitive position No. 2 in Germany Lacks critical mass; annual revenues of 250 m Local supplier and small-scale concept runs Sales territory in southern Germany counter to trend in the sector NRW: Structural problem solved Large-scale stores need much investment Management problem solved Ongoing investment requirements New regional structure implemented No retail trade competence Focus on sales implemented System head costs too high h in an industry comparison Goal of earning cost of capital within reach Not profitable to operate on a long-term basis BayWa Interim Report as at 30 September /11/2011 Page 5

6 Options - Building Materials Segment Building Materials DIY & Garden Centres Implementation of project 2015 Profit potential ti 2012: 20 m Strategic solution for DIY&GC Closure Sale Strategic partnership - High execution costs - Unrest in the workforce - Uncertainty in regional markets - Problem of multiplefunction locations - Only possible with high mark-downs on assets ( m) - Uncertainty for workforce - Problem of multiplefunction locations - Joint venture with strong partner - Safeguarding of jobs in the region - Retaining and further development - System head and retail trading competence Not an option Not an option Hellweg BayWa Interim Report as at 30 September /11/2011 Page 6

7 Hellweg option Hellweg profile: Hardly store overlaps between partners Revenues 2010: approx. EUR 600m 81 DIY stores (of which > 90% with garden centres) in Germany another 7 DIY locations in Austria Among the TOP10 German DIY companies Homogeneous store network averaging 8,200 m 2 Market leader in regional territories (esp. the Ruhr area and Berlin) Around 4,000 employees Market leader and test winner in customer support and service Rottenburg Baywa Locations Hellweg Locations Expansion 2012 Win-win situation for Hellweg and BayWa BayWa Interim Report as at 30 September /11/2011 Page 7

8 Transaction structure BayWa establishes new subsidiary (NewCo): BayWa Bau & Garten KG general partner (BG Verwaltungs-GmbH) BayWa transfers DIY&GC business effective 01/01/2012 to NewCo by way of a partial business transfer pursuant to Section 613a German Civil Code (BGB); corporate real estate retained by BayWa As per 01/01/ 2012, BayWa sells 50% of the limited partner capital of 1 m and a 50% share in the general partner GmbH (Ltd) to Hellweg 4 Operational management, including system head, assumed by Hellweg: Hellweg provides one GM of the general partner company BayWa provides one GM of the general partner company 5 NewCo will no longer have the status of a fully consolidated company within the BayWa Group: deconsolidation on 1 January JV to run for limited period: Phase I (50:50) until 1 January 2017 Phase II (90:10) 1 January 2019 Phase III (90:10) option to prolong JV to max. 1 January 2021 Aim of JV: Joint management of operations with gradual transfer to Hellweg, accompanied by reduction of capital provided by BayWa (ca 110 million) without loss of value BayWa Interim Report as at 30 September /11/2011 Page 8

9 Corporate structure BayWa HELLWEG Group Limited partnership 50% interest 50% GmbH & Co. KG Management 50% -1 vote General Partner 50% + 1 vote GmbH Deployment of GM ^ Comm. GM. = GM secondment ^ Operational GM = BayWa Interim Report as at 30 September /11/2011 Page 9

10 We achieve our goals Outcome of the strategic solution for the DIY&GC business DIY&GC jobs are maintained Hellweg is a strong partner with powerful synergy effects in the DIY&GC business BayWa will get back the capital invested over a defined period BayWa will ultimately withdraw from the DIY&GC business BayWa will continue to operate franchise and local supplier locations Franchise and local supplier stores benefit from procurement advantages of the partnership BayWa Interim Report as at 30 September /11/2011 Page 10

11 Agricultural Segment: Acquisition of fruit trading operations in New Zealand BayWa Interim Report as at 30 September /11/2011 Page 11

12 Profile of Turners & Growers Overview of Turners & Growers Turners and Growers Limited ( T&G ) was established in 1897 and is a vertically integrated fruit trader with international operations Listed on New Zealand Stock Exchange; market capitalisation of EUR 113 million GPG, majority shareholder with 63%, currently reviewing offers of potential candidates through Goldman Sachs - international selling process initiated Background to the sale is the liquidation of the GPG fund and the reallocation of funds in new technologies BayWa intends to acquire 63% but is required to submit a compulsory offer to all shareholders T&G has a workforce of around 1,400 employees within the group Turners & Growers' product portfolio Largest domestic distributor of fresh fruit and NZ's largest exporter of dessert fruit (~35% market share in the whole harvest) Exclusive brand rights for the global cultivation and sale of the Jazz and Envy Apple varieties and the ENZAGreen, ENZAGold and ENZARed kiwi varieties T&G as a 70% stake in Delica NZ, the largest exporter of fresh fruit in NZ and sole exporter of ENZA dessert fruit to Asia T&G sales more than 200 fresh fruit products to food retailers in New Zealand Business lines T&G has five business lines (%- share 2011 EBIT): Domestic (30%) largest local fruit and vegetable trader (~40% market share) Export 1 (32%) global exporter of desert fruit produced in New Zealand and sourced internationally (35% market share in exports of NZ dessert fruit) Cultivation (14%) tomato greenhouses and 605 hectares of apples, kiwis, lemons and mandarins Real estate (12%) portfolio worth EUR 77.5 million (book value) with 10 diversify its properties throughout NZ Other (12%) a number of smaller business lines and <=50% shares in nine other companies 1 including processing 11,4 13,8 EBIT planning in EUR million BayWa Plan T&G Plan BayWa Sicherheitsszenario security scenario 17,3 15,1 22,6 17,3 27,1 21,1 17,5 31,8 24,3 36,1 26,9 18,9 19, BayWa Interim Report as at 30 September /11/2011 Page 12

13 Global network Turners & Growers Vertriebsnetzwerk Lieferantennetzwerk Niederlassung/ Beteiligung BayWa Interim Report as at 30 September /11/2011 Seite 13

14 t Stagnation in domestic market - growth taking place in Asia Apple consumption/germany Apple consumption/asia kg/population ple consumption in Ap 25 Ap pple consumption in kg g/ person ,22 18,6 18,2 18,6 18, ,2 19,5 19,5 17,7 18,0 18,5 19,2 17,7 18,0 18,5 19,2 17,8 18,1 18,4 17,8 18,1 18,4 18,3 18,3 18,0 18,0 Pro Per Kopf capita Apfelkonsum apple consumption Pro Kopf Apfelkonsum Apfelausfuhr Germany s aus apple Deutschland exports Apfelausfuhr aus Deutschland Apfeleinfuhr Germany s nach apple Deutschland imports Apfeleinfuhr nach Deutschland rts d t Apple imports/expor Germany in thousand ort /export ibn thousand tons Apple imp Germany Impo ort volume in thousand Tsd. t 283 Tsd. t Tsd. t 522 Tsd. t 442 Tsd. t Tsd. t Indonesia Thailand Malaysia Philippines China Pakistan India 11 Source: UN Comtrade, 201 Source: Eurostat Obst- und Gemüsebilanz, 2011 Apple consumption in Germany is stagnating: Ø consumption in last three years -2% (31 thousand t) down on the 12-year average Apple production in marginal decline: Figures fluctuate between 763 thousand t (2002) and 1,131 thousand t (2000); currently at 835 thousand t (2010) Imports in decline from 1998/10 with CAGR of -3%. Exports up year on year, with CAGR +4% - nonetheless from low level Import volumes of fresh apples to Asia growing swiftly: Volumes imported into Indonesia and Thailand are main contributors to growth Additional growth potential through deregulation of the Chinese and Indian markets; dismantling of non-tariff and tariff barriers to trading between China and New Zealand as from 2013 Free trade agreement between India and New Zealand scheduled for March 2012 Fruit Business Unit performs well in stagnating domestic market in current form, however, not yet equipped for growing competition and globalisation BayWa Interim Report as at 30 September /11/2011 Page 14

15 Transaction rationale - key strategic points I. Internationalisation part of BayWa s strategy T&G, founded in 1897, company with strong international profile listed on the stock exchange with established structures Offers a global platform and access to high-growth global markets, particularly Asia - T&G is present in all key markets No other company in the sector has an international position and export structure which is comparable II. Strengthening the core business Fruit is a strategic high-growth business unit of BayWa, the most profitable one in the Agriculture Segment Strengthening of current status of fruit business: Steady supply throughout the year (possible due to different harvest seasons) to customers / fall-year capacity utilisation of packaging facilities due to different harvest seasons Potential increase in earnings through enhanced efficiency (60% of ENZA volume is sold in Europe) III. Securing of future growth Attractive range of products - exclusive global brand rights for: Jazz, Envy, ENZA secure long-term growth T&G present through the Delica brand in high-growth markets - strong growth outlook, especially due to demand from Indonesia, Thailand and India - Australia as well in some product segments Increased supplies from growth markets - New Zealand, South America and South Africa IV. Above average return accompanied by moderate risk Growth assumptions mainly secured through existing cultivation and own plantations Offering price significantly below book value - especially country and real estate valuation secure downside risk; very low leverage ratios - net indebtedness in 2010: 1,1x net liabilities to EBITDA / equity ratio ca. 67% Through current listing of T&G: established compliance and corporate governance structures BayWa Interim Report as at 30 September /11/2011 Page 15

16 Share price performance T&G share performance $2,80 $2,60 $2,40 $2,20 $2,00 $1,80 $1,60 GPG press release on portfolio restructuring T&G press release on new strategic direction Equity book value: NZ$ 2.42 Adjusted equity book value: NZ$ 2.03 Valuation Shares outstanding Share price (19 Sep 2011) 117 million NZ$1.67 Market capitalisation EUR 113 million EV/ 2012F EBITDA 5.9x EV/ 2012F EBIT 9.8x $1,40 $1,20 T&G NZ50 Index (rebased) $1,00 Jan 10 Mai 10 Sep 10 Jan 11 Mai 11 Sep 11 The Turners & Growers share has performed well: both in absolute terms and relative to the index Current share price: NZ$ 1.66 (as per 07/11/2011). BayWa Interim Report as at 30 September /11/2011 Page 16

17 Market trends BayWa Interim Report as at 30 September /11/2011 Page 17

18 Market trends 3Q 2011 AGRICULTURE ENERGY BUILDING MAT. Heterogeneous cereal supplies in Germany; south-north divide in terms of volume and quality Decline in volume of cereal of ca 6% y/y to 41 million tons (BMELV estimate) Agricultural equipment benefits from farmers' liquidity Numbers of newly licensed tractors climb by almost 30% year on year Fertiliser producers gradually raising prices Farmers' sentiment remains positive despite slight cooling off Crude oil prices in the current FY 2011 consistently higher down a year ago Mineral Oil Association reports 20% y/y decline in heating oil High capacity utilisation of the processing industry boosts the sale of lubricants and fuel Solar sector suffering from excess capacities and uninterrupted t decline in the price of solar modules Wind power assigned an increasingly important role in the energy mix of the future Impetus in conventional business; renewable energies business harbours opportunities Improvement in the construction business climate index Number of building permits on the rise Increase in share of modernisation in building activities Wet summer breaks demand in the retail trade (DIY& GC), particularly for garden products Positive impetus in conventional business; renewable energies business harbours opportunities BayWa Interim Report as at 30 September /11/2011 Page 18

19 Performance of the Group in 1-9/2011 BayWa Interim Report as at 30 September /11/2011 Page 19

20 Summary Performance of the Group in 1-9/2011 Revenues in EUR m EBIT in EUR m EBT in EUR m 5, % 7, % % / / / / / /2011 Headway made in first half-year of 2011 in revenues and profit retained and improved in Q3 BayWa Interim Report as at 30 September /11/2011 Page 20

21 Performance of the Group in 1-9/2011 Multi-year comparison of EBIT In EUR million % -46.9% 43.1% Ø % 1-9/ / / / /2011 BayWa Interim Report as at 30 September /11/2011 Page 21

22 Performance of the Group Revenues and EBIT in 1-9/2011 vs previous year Revenues EUR 7,042.9 m ( 11/10: +EUR 1,187.5 m / +20.3%) Increase in revenues from all 3 segments Price- and volume-induced increase in Agriculture Record sales of tractors Price-induced increase in Energy (crude oil) Building Materials benefits from good consumer sentiment and mild weather at the start of the year In EUR million 20.3% 7, , / /2011 EBIT EUR m ( 11/10: +EUR 37.1 m / +43.1%) Great willingness of farmers to invest boosts resources and agricultural l machinery business; higher h trading margins for produce Renewable energies pick up considerable momentum in Q3 Along with a positive development e e in the construction o industry, measures to enhance efficiency in the building materials trade take effect In EUR million / % /2011 BayWa Interim Report as at 30 September /11/2011 Page 22

23 Performance of the Group Key financials - income statement 1-9/2011 In EUR million 1-9/ / / / / /10 (%) Revenues 5, , , , , % EBITDA % as % of revenues 3.3% 3.1% 2.5% 2.7% 2.8% EBIT % as % of revenues 2.0% 2.0% 1.3% 1.5% 1.7% Earnings before tax (EBT) % as % of revenues 1.3% 1.4% 0.7% 1.0% 1.2% Consolidated net income/loss % Share due to minority interest % as % consolidated net income 43.0% 25.4% 38.9% 33.4% 23.8% Share due to shareholders of parent company % as % consolidated net income 57.2% 74.6% 61.1% 66.6% 76.2% Earnings per share (EPS) in EUR % BayWa Interim Report as at 30 September /11/2011 Page 23

24 Performance of the Group Key financials - balance sheet 1-9/2011 In EUR million 1-9/ / / / /10 (%) Total assets 3,420 2,975 3,441 4, % Equity , % Equity ratio 26.8% 31.3% 28.6% 26.1% In EUR million 1-9/ / / / /10 (%) Non-current assets 1,275 1,302 1,439 1, % Current assets 2,144 1,669 1,959 2, % Provisions % Financial liabilities , % Increase in total assets: Intangible assets: ca EUR 39 m (incl. Focused Energy) Property, plant & equipm.: ca EUR 191 m (incl. La Muela) Working capital: ca EUR 392 m (incl. inventories, trade receivables) Increase in financial liabilities: Group companies: ca EUR 88 m (incl. La Muela) Agriculture - inventories: ca EUR 200 m r.e projects: ca EUR 45 m BayWa Interim Report as at 30 September /11/2011 Page 24

25 Performance of the Group Key financials - cash flow statement 1-9/2011 In EUR million 1-9/ / / / /10 (%) Cash earnings % Cash flow from operating activities % Cash flow from investing activities % Cash flow from financing activities % Cash and cash equivalents at the start of the period % Outgoing/incoming funds owing to changes in the group of consolidated companies and >100% exchange rates Cash and cash equivalents at the end of the period % BayWa Interim Report as at 30 September /11/2011 Page 25

26 Business performance of the segments in 1-9/2011 BayWa Interim Report as at 30 September /11/2011 Page 26

27 Agriculture Segment Seed Fertilisers Crop protection Grain Feedstuff Agricultural Equipment Fruit BayWa Interim Report as at 30 September /11/2011 Page 27

28 Agriculture Segment 1-9/2011 Revenues and EBIT - year-on-year comparison Revenues Agricultural Trade: 10/11 +EUR m (+24.7%) Agricultural Equipment: 10/11 +EUR m (+27.0%) Fruit: 10/11 + EUR 31.2 m (+45.4%) Price- and volume-induced increase in operating resources, produce and fruit Record revenues of Agricultural Equipment buoyed by strong demand for tractors In EUR million 25.8% 3, , Agr.Equip Agric.* 1, , / /2011 * incl. Fruit EBIT Agricultural Trade 10/11 +EUR 26.9 m (+94.4%) Agricultural Equipment: 10/11 +EUR 9.7 m (+126.0%) Fruit: 10/11 +EUR 0.5 m (+25.0%) Better margins in grain and fruit trading Higher fertiliser prices passed on to the market Significant ifi increase in profit of Agricultural l Equipment; boosted by farmers' income situation and dual brand strategy (Claas/AGCO Fendt) In EUR million 97.4% Agr.Equip. Agric. * / /2011 * incl. Fruit BayWa Interim Report as at 30 September /11/2011 Page 28

29 Agriculture Segment 1-9/2011 Key financials - income statement Agriculture Segment In EUR million 1-9/ / / / / /10 (%) Revenues 2, , , , , % EBITDA % as % of revenues 3.4% 4.0% 2.4% 2.6% 3.2% EBIT % as % of revenues 2.2% 3.0% 1.3% 1.5% 2.3% Earnings before tax (EBT) % as % of revenues 1.3% 2.1% 0.5% 0.8% 1.7% BayWa Interim Report as at 30 September /11/2011 Page 29

30 Energy Segment Fuels Heating oil Lubricants Solid fuels BayWa r.e BayWa Interim Report as at 30 September /11/2011 Page 30

31 Energy Segment 1-9/2011 Revenues and EBIT - year-on-year comparison Revenues Conventional Energy: 11/10 +EUR m (+30.8%) Price-induced increase in revenues (crude oil) Modest demand for heating oil (decline in volume of ca 20%) Sale of fuel and lubricants boosted by economic environment Renewable Energies: 11/10 -EUR 45.5 m (-21.7%) Decline in revenues expected following solar boom in 2010, accompanied by decline in module prices; already partly compensated by sale of plants EBIT Conventional Energy: 11/10 +EUR 1.0 m (+21.4%) Strong fuel and lubricants business compensate for weak heating oil demand d Renewable Energies: 11/10 -EUR 4.2 m (-33.1%) Lower profit margin in photovoltaic trading due to tumbling module prices Holleben and Rain am Lech plants built to completion and sold In EUR million BayWa r.e Energie In EUR million BayWa r.e Energie 1, , / / % -18.5% 2, , / /2011 BayWa Interim Report as at 30 September /11/2011 Page 31

32 Energy Segment 1-9/2011 Key financials - income statement Energy Segment In EUR million 1-9/ / / / / /10(%) Revenues 1, , , , , % EBITDA % as % of revenues 0.7% 0.7% 1.5% 1.5% 1.2% EBIT % as % of revenues 0.3% 0.4% 1.0% 1.0% 0.7% Earnings before tax (EBT) % as % of revenues 0.2% 0.4% 1.0% 0.9% 0.4% BayWa Interim Report as at 30 September /11/2011 Page 32

33 Building Materials Segment Building Materials DIY & Garden Centres BayWa Interim Report as at 30 September /11/2011 Page 33

34 Building Materials Segment 1-9/2011 Revenues and EBIT - year-on-year comparison Revenues Building Materials: 11/10 +EUR m (+10.0%) Price decline in solar trade compensated by higher sales in SanReMo products Increase in transit business (e.g. heavy duty building materials) DIY & Garden Centres: 11/10 -EUR 5.8 m (-1.3%) Decline in revenues despite higher sales surface area Opening of new stores in Aschaffenburg and Aalen In EUR million DIY&GC Build.Mat. 6.6% 1, , , , / /2011 EBIT Building Materials: 11/10 +EUR 11.4 m (+134.0%) Profit growth benefit from strong first quarter (short winter and good consumer sentiment) Sales initiatives taking effect Positive effects on performance in Q3 from optimising locations DIY & Garden Centres: 11/10 -EUR 0.1 m (-0.8%) Slight decline in result due to start-up costs for opening new markets and wet summer In EUR million DIY&GC Build.Mat / % BayWa Interim Report as at 30 September /11/2011 Page /2011

35 Building Materials Segment 1-9/2011 Key financials - income statement Building Materials In EUR million 1-9/ / / / / /10 (%) Revenues 1, , , , , % EBITDA % as % of revenues 3.1% 3.3% 3.1% 2.7% 3.3% EBIT % as % of revenues 1.4% 1.5% 1.2% 1.3% 2.0% Earnings before tax (EBT) >100% as % of revenues 0.5% 0.6% 0.6% 0.7% 1.4% BayWa Interim Report as at 30 September /11/2011 Page 35

36 Other Activities Segment BayWa Interim Report as at 30 September /11/2011 Page 36

37 Other Activities Segment 1-9/2011 Revenues and EBIT - year-on-year comparison Revenues In EUR million 8.4% EUR m ( 11/10: +EUR 9.1 m (+8.4%) Higher food prices raise revenues of Ybbstaler In EUR million 1-9/2010 Consolidated EBIT 1-9/ /2011 In EUR million 31, ,3 1-9/ Transition -19,7 Transition Decline in EBIT 11/10 -EUR 8 m (-70.8%): Consolidation effects from Frisch & Frost deconsolidation and disposal of Animedica last year BayWa Interim Report as at 30 September /11/2011 Page 37

38 Other Activities Segment 1-9/2011 Key financials - income statement Other Activities In EUR million 1-9/ / / / / /10 (%) Revenues % EBITDA % as % of revenues EBIT % 1% as % of revenues Earnings before tax (EBT) % as % of revenues not disclosable as % of revenues owing to inclusion of financial participations BayWa Interim Report as at 30 September /11/2011 Page 38

39 Outlook for 2011 Group: ambitious profit targets (EBIT of EUR 150 m) to be achieved Outlook for 2011 AGRICULTURE AGRICU LTURE Producer prices likely to have bottomed out Lower trading margins anticipated i t in selling in Q4 Fertiliser inventory risk potential limited through lower stocks Agricultural machinery likely to benefit from surplus orders in the first half-year Stable liquidity inflow for farmers likely to persist E ENERGY ENERGY Fuels: filling levels of household tanks still below average (around 55%); demand likely to pick up in Q4 Stable trend expected for the sale of fuels and lubricants Reductions in feed-in tariffs for solar electricity likely to boost solar business towards year-end Order book (PV trading) suggests strong year-end business Target forecast for BayWa r.e of EUR 26 million affirmed BUILDING MAT. Final quarter depends greatly on weather conditions Tailwind for building materials trading due to sector's brisk activities BUIL DING Ongoing process optimisation in building materials trade Implementation ti of new sales structure t MAT Demand for DIY&GC weaker in Q4 due to seasonal effects ERIA BayWa Interim Report as at 30 September 2011 LS 10/11/2011 Page 39

40 The BayWa Share BayWa Interim Report as at 30 September /11/2011 Page 40

41 The BayWa share Share price performance Over the period from 01/01/2011 to 01/11/2011 Share Closing price on 30/09/ Highest price (06/01/2011) Lowest price (08/08/2011) Closing price on 30/09/ Market capitalisation in EUR million as per 30/09/2010 1, as per 30/09/2011 1, Free float market capitalisation as per 30/09/ BayWa (sec.code no ) BayWa Interim Report as at 30 September /11/2011 Page 41

42 The BayWa share Shareholder structure on 30/09/2011 BayWa share profile (November 2011) Bayerische Raiffeisen- i Beteiligungs AG 35.15% Free float 39.77% Stock exchanges Frankfurt, Munich, Xetra Segment Official Market/Prime Standard Stock exch. index MDAX (sec.code nos and ) ISIN DE and DE Raiffeisen Agrar Invest GmbH 25.08% BayWa Interim Report as at 30 September 2011 Share capital EUR 87,920, Number of shares 34,344,020 Denomination Securitisation No-par value shares with an arithmetical portion of EUR 2.56 each in the share capital In the form of a global certificate deposited with Clearstream Banking AG. Shareholders participate as co-owners corresponding to the number of shares held (collective custody account) 10/11/2011 Page 42

43 The BayWa share Contact and Financial Calendar Financial Calendar 2011/2012 November /11 Press Conference Q3 10/11 Analysts' Conference Call Q3 March /03 Annual Results Press Conference 30/03 Analysts' Conference, Frankfurt a.m. May /05 Press Release Q1 10/05 Analysts' Conference Call Q1 30/05 Annual General Meeting, ICM Munich August /08 Press Conference on the First Half-Year 09/08 Analysts' Conference Call Q2 November /11 Press Conference Q3 08/11 Analysts' Conference Call Q3 Head of Investor Relations Josko Radeljic BayWa AG Arabellastr. 4 D Munich Telephone: +49 (0)89 / Telefax: +49 (0)89 / investorrelations@baywa.de BayWa Interim Report as at 30 September /11/2011 Page 43

44 Thank you for your attention. The information in this presentation is partly made up of forwardlooking 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 company should prove to be inaccurate, or should other unforeseeable risks occur, the possibility of the assets, financial position and results of operations of the Group diverging negatively from the target figures cited in this presentation should not be discounted.. BayWa AG can therefore undertake no guarantee that the actual development of the net worth, financial position and results of operations of the Group will concur with the target figures described in this presentation. ti