Quarterly Financial Statements as per 31 March 2014 Conference Call

Transcription

1 Quarterly Financial Statements as per 31 March 2014 Conference Call Munich, Prof. Klaus Josef Lutz, CEO Andreas Helber, CFO

2 Agenda 1. Development of the Group 1-3/ Development of the Segments 1-3/ Outlook for FY 2014 Appendix Page 2

3 Development of the Group 1-3/2014 Page 3

4 Development of the Group 1-3/2014 Summary Revenues in EUR million 3, % 3,613.9 EBIT in EUR million > +100% Strong first quarter Mild weather and economic tailwind enable optimal start Strong development borne primarily by Agriculture and Building Materials segments EBIT positive (good quarterly profit; international activities paying off) Streamlining of building materials locations completed Takeover of Apollo Apples Ltd. in NZ completed; anti-trust approval still pending Good basis for raising revenues and profit against previous year Page 4

5 Development of the Group 1-3/2014 Multiyear EBIT comparison in EUR m > +100% % > -100% > +100% Ø Q Q Q Q Q Page 5

6 Development of the Group 1-3/2014 Key Financials Income Statement in EUR m Q Q Q Q Q /14 (%) Revenues 1, , , , , % EBITDA % % of Revenues 0.7% 1.5% 1.5% 0.6% 0.9% EBIT >100% % of Revenues -0.9% 0.3% 0.3% -0.2% 0.1% EBT % % of Revenues -1.6% -0.2% -0.4% -0.5% -0.2% Consolidated net income / loss % Share of minority interest % as % of net income -7.5% % -53.8% -24.0% -56.5% Share of owners of parent company % as % of net income 107.5% 228.6% 153.8% 124.0% 156.5% Earnings per share (EPS) in EUR % Page 6

7 Development of the Group 1-3/2014 Key Financials Cash Flow Statement in EUR m Q Q Q Q Q /14 (%) Consolidated net income >100% Cash flow from operating activities % Cash flow from investing activities >100% Cash flow from financing activities % 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 1-3/2014 Key Financials Balance Sheet in EUR m Q Q Q Q Q /14 (%) Total assets 3, , , , , % Equity , , , , % Equity ratio 28.1% 26.9% 23.2% 19.6% 21.7% Non-current assets 1, , , , , % Current assets 1, , , , , % Provisions % Financial liabilities , , , % Page 8

9 Development of the Segments 1-3/2014 Page 9

10 Agriculture Segment 1-3/2014 Seed Fertilisers Crop protection Grain Feedstuff Agricultural Equipment Fruit Page 10

11 Agriculture Segment 1-3/2014 Market Developments Market Trends World Grain Balance (April 2014) Positive sentiment in the agri-industry ongoing In million tons Mild winter accelerates vegetational developments throughout Europe Production Consumption Confident harvest forecasts for grain and oilseeds following global record volumes in 2013 Producer prices below year-earlier levels; significant upturn at the end of the quarter (Ukraine crisis) Weather-induced early start to the fertiliser season; strong demand Rising fertiliser prices owing to tight supply situation Tractor registrations in Germany higher y/y (+8.9%) NZ fruit harvest produces high-quality apples; volume virtually unchanged from high 2013 level 2014/15: Prognosis Sources: DRV, IGC, Copa, Coceral, ACTI, BayWa, ZMP, Strategie grains Page 11

12 Agriculture Segment 1-3/2014 Revenues and EBIT as against previous year Agricultural Trade BayWa core regions* Cefetra + Bohnhorst Agricultural Trade in EUR m in EUR m -11.9% +4.0% 1, ,296.2 Revenues Revenues -6.1% 16.3 > +100% EBIT EBIT Revenues: 13/14 EUR million EBIT: 13/14 EUR 1.0 million Revenues: 13/14 EUR million EBIT: 13/14 EUR +4.9 million Strong operating resources business: fertiliser sales +76 %, seed +20 % higher y/y Lower trading margins for grain Lower grain price level Cefetra doubles profit contribution Full-year inclusion of Bohnhorst (initial consolidation in June 2013) * incl. RWA, WHG etc. Page 12

13 Agriculture Segment 1-3/2014 Revenues and EBIT as against previous year Agricultural Equipment Fruit In EUR m in EUR m +10.2% -3.0% Revenues Revenues > +100% -48.7% EBIT EBIT Revenues: 13/14 EUR million EBIT: 13/14 EUR +5.4 million Revenues: 13/14 EUR -3.6 million EBIT: 13/14 EUR -1.9 million Agricultural Equipment benefits from surplus orders in 2013 Used machinery sales growth (+ 18% y/y) Stable workshop business Decline in sales owing to weak apple harvest in Germany (-17% y/y) Fruit trading in southern hemisphere unable to fully compensate for pressure on margins in Germany despite very promising apple quality Page 13

14 Agriculture Segment 1-3/2014 Key Financials Income Statement Agriculture in EUR m Q Q Q Q Q /14 (%) Revenues , , , , % % 2.1% 3.9% 2.7% 1.2% 1.6% % 3.0% 1.8% 0.8% 1.1% % 2.4% 1.0% 0.6% 0.7% EBITDA % of Revenues EBIT % of Revenues EBT % of Revenues 35.5% 14.2% Page 14

15 Energy Segment 1-3/2014 Fuels Heating Oil Lubricants Solid Biofuels BayWa r.e. Page 15

16 Energy Segment 1-3/2014 Market Developments Market Trends Crude oil price lower y/y through to March; heating oil price levels consistently lower y/y Lubricants and fuel sector benefits from German economic growth Mild weather slows down heating oil demand Global record installation of 9 GW of photovoltaic capacity in Q1 (UK & Asia as growth drivers) Ongoing market consolidation in continental Europe's solar trade Amendment to German Renewable Energies Act adopted US tax grants for wind power plants extended through to 2015; global capacity installation of 45 GW anticipated in 2014 Wind farm Brahms (19.8 MW), New Mexico, USA Page 16

17 Energy Segment 1-3/2014 Revenues and EBIT as against previous year Conventional Energie In EUR m Renewable Energy in EUR m -8.4% % Revenues Revenues -96.2% +50.0% EBIT EBIT Revenues: 13/14 EUR million EBIT: 13/14 EUR +0.3 million Price-induced downturn in revenues Heating oil sales lower y/y; growth in fuel and lubricants Greater profitability owing to internal reorganisation Revenues: 13/14 EUR million EBIT: 13/14 EUR -2.5 million Full year inclusion of Würth solar business (initial consolidation in May 2013) Sale of Selmsdorf III Wind Park (9.2 MW) Increase in sales portfolio: commissioning of three solar parks in UK & Germany (30.8 MW); sharp increase in profit anticipated in subsequent quarters Page 17

18 Energy Segment 1-3/2014 Key Financials Income Statement Energy in EUR m Q Q Q Q Q /14 (%) Revenues % % 1.3% 0.4% 1.9% 1.4% 1.1% % -0.1% 0.9% 0.3% 0.0% % -0.4% 0.4% -0.2% -0.4% EBITDA % of Revenues EBIT % of Revenues EBT % of Revenues > -100% > -100% Page 18

19 Building Materials Segment 1-3/2014 Building Materials Page 19

20 Building Materials Segment 1-3/2014 Market Developments Market Trends Early start to the construction season owing to mild weather Economic tailwind in Germany boosts building investments Increase of 1.25 billion a year approved for public-sector spending in infrastructure Building Investments in Germany (Δ y/y in %) Sales growth of nominal 3.5% anticipated in construction industry compared with 2013 Building permits in Germany at 10-year high: approx. 270,000 new builds approved Order backlog results in rising prices and high capacity utilisation in the sector * Residential Construction Commercial Construction 5.1 Public-sector Construction 4.0 Total Investments Source: ifo Institut; Statistisches Bundesamt, * Forecast (as of March 2014) Page 20

21 Building Materials Segment 1-3/2014 Revenues and EBIT as against previous year Building Materials Segment in EUR m Revenues: EBIT: +6.6% % Building Materials Building Materials Revenues: 13/14 EUR million High demand for building materials due to mild weather Increase in sales above all in products for construction and civil engineering * * EBIT: 13/14 EUR million Surplus orders from 2013 enable good start to the season Increase in volume in the warehouse and transit business boosts profit considerably Sold locations not disclosed in core segment * 2014 excluding the activities of sold locations in NRW and Rhineland-Palatinate (transfer of ownership in Q2) Page 21

22 Building Materials Segment 1-3/2014 Key Financials Income Statement Building Materials in EUR m Q Q Q Q Q /14 (%) Revenues % EBITDA % -6.1% -3.6% -4.1% -9.0% -3.9% % -5.5% -5.8% -10.2% -4.8% % -6.2% -6.3% -10.4% -5.4% % of Revenues EBIT % of Revenues EBT % of Revenues 50.2% 45.0% Page 22

23 Other Activities 1-3/2014 Revenues and EBIT as against previous year In EUR m > +100% 38,2 Revenues 3, > -100% EBIT -3,8-10, Revenues: 13/14 EUR million EBIT: 13/14 EUR -6.9 million Revenues reflect building materials activities in NRW and Rhineland-Palatinate EBIT comprises profit contributed by sold building materials locations and rental expenses (in Q1/2013 EUR 4 m onetime income from first part of real estate sale included) Page 23

24 Outlook for FY 2014 Page 24

25 Outlook for 2014 Outlook 2014 Notable increase in profit targeted AGRICULTURE AGRICU LTURE E ENERGY ENERGY BUILD. MAT. BUIL DING MAT ERIA LS Higher trading volumes anticipated from record global harvest Political turmoil and weather turbulences in the USA stabilise producer prices Early start to vegetation likely to lift demand for operating resources Stable development in agri-equipment expected; demand driven by farm and animal equipment Acquisition strengthens apple business in NZ; good conditions for German harvest Solid income situation encourages farmers to invest Demand for heating oil likely to rise in 2H Stable demand for fuel and lubricants anticipated Reorganisation by product group harbours profit potential Consolidation phase in European PV trade; possible growth in market share Healthy project pipeline in the wind farm and solar power plant business (USA, UK) Positive development of renewables through rising number of project sales Good construction forecast for 2014: 4% growth in investment; building permits up High order book levels of construction companies with positive impact on subsequent quarters Withdrawal from non-core regions Disposal of loss-making locations improves result Strong start likely to hold steady through to year-end Page 25

26 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.

27 Appendix Page 27

28 Agriculture Segment 1-3/2014 Market Price Trends Wheat & Corn International Paris, 24/04/2014 Granulated Urea & CAN Baltic Sea Ports, 22/04/2014 /t /t closing price as of 21/04/ Closing price as of 23/04/ Closing price as of 21/04/2014 Closing price as of 23/04/2014 = Wheat Matif, Paris = Granulated Urea, Baltic Sea Ports = Corn Matif, Paris = CAN, Baltic Sea Ports Source:: Page 28

29 Agriculture Segment 1-3/2014 Grain Balance World / Usage in millions of tons 2009/ / / /13 2,222 2,182 2,280 2,230 2,400 2, Available 2,670 2,655 2,705 2,665 2,805 2,897 Consumption 2,197 2,230 2,270 2,260 2,325 2, Stock / Consumption in % Days - final stock Production Opening Balance Closing Balance 2013/ /15* [in millions of tons: wheat, rice, maize, barley, oats, rye, sorghum] Status: 04/2014; *2014/15 Forecast; figures partly estimated Sources: DRV, Copa, Coceral, ACTI, DOWJones, ZMP, Strategie grains, BayWa Page 29

30 BayWa Share Page 30

31 BayWa Share Share Price Performance Share From 01/01/2013 to 28/04/2014 Closing Price on 31/03/ High (31/03/2014) Low (17/04/2013) Closing Price on 31/03/ Market Capitalisation in EUR m As per 31/03/2013 1,262.3 As per 31/03/2014 Freefloat Market cap. (31/03/2014) 1, Page 31

32 BayWa Share Shareholder Structure as per 31/03/2014 Bayerische RaiffeisenBeteiligungs AG 34.9% Freefloat 39.9% BayWa Share Profile (March 2014) 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 88,459, Number of Shares 34,554,346 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 und Financial Calendar Financial Calendar 2014/2015 May /05 Analysts Conference Call Q1 June /06 Annual General Meeting, ICM Munich August /08 Analysts s Conference Call Q2 November /11 Analysts Conference Call Q3 March /03 Analysts Conference FY 2014, Frankfurt/Main Head of Investor Relations Josko Radeljic Arabellastr Munich Germany Tel: +49 (0)89 / Fax: +49 (0)89 / investorrelations@baywa.de