Quarterly Financial Statements as per 31 March 2015 Conference Call

Transcription

1 Quarterly Financial Statements as per 31 March 2015 Conference Call Munich, 7 May 2015 Andreas Helber, CFO

2 Agenda 1. Development of the Group 1-3/ Development of the Segments 1-3/ Outlook for FY 2015 Appendix Page 2

3 Development of the Group 1-3/2015 Page 3

4 Development of the Group 1-3/2015 Summary Revenues in EUR million EBIT in EUR million 3, % 3, > -100% First quarter typical of the season International grain trading activities benefit from bumper harvest and the weak euro Low oil prices stimulate trade with heat energy carriers Delays due to weather conditions in input resources and fruit business Takeover of agri-trader Patberg International, Romania; approval by anti-trust authorities still pending JV for sale of agricultural equipment established with Barloworld Limited in Zambia Reasonable basis for raising revenues and profit against previous year Page 4

5 Development of the Group 1-3/2015 Multiyear EBIT comparison in EUR m % > -100% > +100% > -100% Q Q Q Q Q Page 5

6 Development of the Group 1-3/2015 Key Financials Income Statement in EUR m Q Q Q Q Q /15 (%) Revenues 1, , , , , % EBITDA % % of Revenues 1.5% 1.5% 0.6% 0.9% 0.6% EBIT > -100% % of Revenues 0.3% 0.3% -0.2% 0.1% -0.2% EBT > -100% % of Revenues -0.2% -0.4% -0.5% -0.2% -0.6% Consolidated net loss > -100% Share of minority interest % as % of net loss % -53.8% -23.8% -54.9% -15.6% Share of owners of parent company % as % of net loss 228.6% 153.8% 123.8% 154.9% 115.6% Earnings per share (EPS) in EUR % Page 6

7 Development of the Group 1-3/2015 Key Financials Cash Flow Statement in EUR m Q Q Q Q Q /15 (%) Cash earnings % Cash flow from operating activities % Cash flow from investing activities > -100% Cash flow from financing activities > 100% Cash & cash equivalents at the start of the period Outflow/inflow of funds owing to changes in the group of consolidated companies and in exchange rates Cash & cash equivalents at the end of the period % % Page 7

8 Development of the Group 1-3/2015 Key Financials Balance Sheet in EUR m Q Q Q Q FY 2014 Q /15 (%) Total assets 3, , , , , , % Equity 1, , , , , , % Equity ratio 26.9% 23.2% 19.6% 21.7% 20.5% 18.7% Equity ratio adjusted* 22.0% 24.0% 24.5% 22.3% in EUR m Q Q Q Q FY 2014 Q /15 (%) Non-current assets 1, , , , , , % Current assets 2, , , , , , % Provisions % Non-current financial liabilities , % Current financial liabilities , , , , % * Adjusted for the reserve formed since 2012 for actuarial profits and losses Page 8

9 Development of the Segments 1-3/2015 Page 9

10 Agriculture Segment 1-3/2015 Seed Fertilisers Crop protection Grain Oilseeds Feedstuff Agricultural Equipment Fruit Page 10

11 Agriculture Segment 1-3/2015 Market developments: Products Products Global grain production in 2014/15 at > 2 billion tons exceeds the record result of the previous year; oilseed harvest of 665 million tons about 5% higher year on year World grain balance (excluding rice; April 2015) In million tons Inventory change Production Consumption Grain inventories climb to highest level since 2000/01; oilseed inventories at record high Development of grain prices (Matif) in Q1 still stable: Wheat at /t; maize at /t; farmers' willingness to sell the harvest at a high level Harvest forecasts for 2015/16 predict another aboveaverage volume of grain (IGC): Global production at around 1,947 m tons (-3%) EU harvest volumes of some 303 m tons (-7%) Good cultivation conditions in Germany: Grain volume anticipated at approx m tons in 2015 (previous year: 51.9 m tons) Source: USDA; 2014/15 forecast Page 11

12 Agriculture Segment 1-3/2015 Market developments: Resources, Fruit, Equipment Input resources Fruit Agri-Equipment Delay to the start of the fertiliser season due to weather conditions; postponing effects in Q2 Reduction in high EU apple inventories progressing Downturn in almost all EU markets Increase in apple prices in all Europe's cultivation areas German farmers reluctant to invest NZ apple harvest 2015 starts 2 to 3 weeks late; hail reduces volume of exportable apples by up to max. 4% New tractor registration figures in core regions below previous year level (-12.25%) Digitalisation growth trend Fertiliser price trend relatively stable Solid demand for seed Demand for crop protection in Q1 below year-earlier level; upturn from March onwards Start of fruit marketing season from the southern hemisphere Page 12

13 Agriculture Segment 1-3/2015 Revenues and EBIT as against previous year Agricultural Trade In EUR m -2.9% 2, ,150.1 Revenues -15.0% EBIT Revenues: 14/15 EUR million EBIT: 14/15 EUR -3.5 million Price-induced downturn in revenues Strong collection and storage business; increase in the volume of grain and oilseed trade Operating resources sales volume lower year on year Page 13

14 Agriculture Segment 1-3/2015 Revenues and EBIT as against previous year Agricultural Equipment In EUR m Fruit in EUR m -2.6% % Revenues Revenues > -100% -55.0% EBIT 0.9 EBIT Revenues: 14/15 EUR -7.0 million EBIT: 14/15 EUR -3.8 million Revenues almost reach previous year's high level Sales benefit from order backlog from 2014; increase in used machinery sales (+3%) Squeeze on margins for new machinery Deviating bonus accruals Revenues: 14/15 EUR million EBIT: 14/15 EUR -1.1 million Initial consolidation of Apollo results in revenue growth Fruit prices in Germany lower year on year Postponing effects due to delayed NZ harvest Page 14

15 Agriculture Segment 1-3/2015 Key Financials Income Statement Agriculture in EUR m Q Q Q Q Q /15 (%) Revenues 1, , , , , % % 3.9% 2.7% 1.2% 1.6% 1.3% % 1.8% 0.8% 1.1% 0.8% % 1.0% 0.6% 0.7% 0.3% EBITDA % of Revenues EBIT % of Revenues EBT % of Revenues -29.7% -55.4% Page 15

16 Energy Segment 1-3/2015 Fuels Heating Oil Lubricants Solid Biofuels BayWa r.e. Page 16

17 Energy Segment 1-3/2015 Market developments Market trends Average price of crude oil falls in January to multi-year low; since then slight recovery to currently around USD 60 per barrel Weak euro boosts positive economic development in Germany Demand for heating oil benefits from low oil price level Global record installation anticipated for wind (onshore) of 59.1 GW in 2015; Germany is the largest EU market with just under 4 GW The growth drivers of solar energy are China and America; in 2015 around 57 GW of new installations predicted worldwide Switch to bidding procedures to get subsidies for production of electricity from renewable energies in Germany; pilot phase for PV plants until 2017 Multi-year comparison heating oil prices Development of heating oil prices in Germany ( ) Source: TECSON, as of April 2015 Page 17

18 Energy Segment 1-3/2015 Revenues and EBIT as against previous year Conventional Energy Renewable Energy In EUR m in EUR m -11.6% +28.8% Revenues Revenues > +100% > -100% EBIT EBIT Revenues: 14/15 EUR million EBIT: 14/15 EUR +1.5 million Price-induced downturn in revenues Increase in sales of heating oil (+39% y/y) and lubricants (+1% y/y) Margin improvement fuels business Strong first quarter Revenues: 14/15 EUR million EBIT: 14/15 EUR -0.2 million Increase in revenues on the back of expanding energy trade and services Polmaugan Solar Park sold in UK (4.9 MW) Restructuring costs due to strategic realignment of PV trading in Germany Page 18

19 Energy Segment 1-3/2015 Key Financials Income Statement Energy in EUR m Q Q Q Q Q /15 (%) Revenues % % 0.4% 1.9% 1.4% 1.1% 1.4% % 0.9% 0.3% 0.0% 0.2% % 0.4% -0.2% -0.4% -0.4% EBITDA % of Revenues EBIT % of Revenues EBT % of Revenues > 100% 17.2% Page 19

20 Building Materials Segment 1-3/2015 Building Materials Page 20

21 Building Materials Segment 1-3/2015 Market developments Market trends Weather conditions cause slow start to the building season in 2015 Improvement of business climate in the building sector in April: ifo index climbs by 2.4 points Annual building volume forecast in Germany: +2% compared with 2014 Ongoing residential building boom in metropolitan areas: completion of 262,000 new builds in 2015 Refurbishment share in building construction at around 70% Current low interest rate policy in the euro area promotes construction investments Sentiment in German Construction Sector Construction Industry Expectation business development Assessment present state of business Source: ifo-institut; as of April 2015 Page 21

22 Building Materials Segment 1-3/2015 Revenues and EBIT as against previous year Building Materials Segment in EUR m Revenues: EBIT: -10.2% % Building Materials Building Materials Revenues: 14/15 EUR million EBIT: 14/15 EUR -4.0 million Modest demand for building materials due to weather conditions Sales of material for roof and external work lower year on year Seasonally typical negative result at moderate level; strong first quarter in the previous year Savings from freight and fleet costs Page 22

23 Building Materials Segment 1-3/2015 Key Financials Income Statement Building Materials in EUR m Q Q Q Q Q /15 (%) Revenues % EBITDA % -3.6% -4.1% -9.0% -3.9% -6.0% % -5.8% -10.2% -4.8% -6.9% % -6.3% -10.4% -5.4% -7.6% % of Revenues EBIT % of Revenues EBT % of Revenues -30.1% -26.0% Page 23

24 Other Activities 1-3/2015 Revenues and EBIT as against previous year In EUR m -90.8% 38.2 Revenues % EBIT Revenues: 14/15 EUR million EBIT: 14/15 EUR +0.5 million Previous year includes revenues from building material activities in NRW and Rhineland Palatinate (sold in 2014) EBIT consists of overhead costs and consolidation effects Page 24

25 Outlook for FY 2015 Page 25

26 Outlook for 2015 Outlook 2015 AGRICULTURE AGRICU LTURE E ENERGY ENERGY BUILD. MAT. BUIL DING MAT ERIA LS Increase in grain and oilseed volumes through new trading companies in Italy, Spain and Romania Ongoing demand for EU grain anticipated Upturn in demand for fertilisers and crop protection to high year-earlier level Slowdown in momentum in agri-equipment anticipated; stimulus through Agritechnica Apollo takeover opens opportunities in international Apple trading (Asia) No sustainable recovery foreseeable in oil prices Positive economy fosters expectations of stable demand for fuel and lubricants Projects with output capacity of > 300 MW planned in 2015 (wind, solar) Entry into the solar project business in the USA generates additional profit potential Enhancement of efficiency through realignment of German PV trading activities Moderate construction forecast for 2015: +2% revenues in construction sector Recovery in energetic refurbishment anticipated Steady increase in building permits should boost business development Adding windows and doors to high-margin own brand product range planned Good consumer sentiment in Germany: strengthening B2C sales structure Page 26

27 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 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. 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.

28 Appendix Page 28

29 Agriculture Segment 1-3/2015 Market Price Trends Wheat & Corn International Paris, 29/04/2015 Granulated Urea & CAN Baltic Sea Ports, 29/04/2015 /t /t Closing price as of 29/04/ closing price as of 29/04/ Closing price as of 29/04/ Closing price as of 29/04/2015 = Wheat Matif, Paris = Granulated Urea, Baltic Sea Ports = Corn Matif, Paris = CAN, Baltic Sea Ports Source:: Page 29

30 BayWa Share Page 30

31 BayWa Share Share Price Performance Share From 01/01/2014 to 29/04/2015 BayWa (Sec. code no ) Closing Price on 31/03/ High (08/07/2014) Low (15/12/2014) Closing Price on 31/03/ Market Capitalisation in EUR m As per 31/03/2014 1,423.7 As per 31/03/2015 Freefloat Market cap. (31/03/2015) 1, Page 31

32 BayWa Share Shareholder Structure as per 31/03/2015 Bayerische RaiffeisenBeteiligungs AG 35.3% Freefloat 39.5% BayWa Share Profile (March 2015) Stock Exchanges Frankfurt, Munich, Xetra Segment Official Market/Prime Standard Stock exch. Index SDAX (Sec. code no and ) ISIN DE und DE Share capital EUR 88,736, Number of Shares 34,662,844 Raiffeisen Agrar Invest GmbH 25.2% Denomination No-par value shares with an arithmetical portion of 2.56 each in the share capital Securitisation In the form of a global certificate deposited with Clearstream Banking AG. Shareholders participate as coowners corresponding to the number of shares held (collective custody account) Page 32

33 Contact and Financial Calendar Financial Calendar 2015 Head of Investor Relations May /05 Analysts Conference Call Q1 Josko Radeljic 19/05 Annual General Meeting, ICM Munich St.-Martin-Str. 76 August /08 Analysts Conference Call Q Munich Germany November /11 Analysts Conference Call Q3 Tel: +49 (0)89 / Fax: +49 (0)89 / investorrelations@baywa.de