Interim Report as per 30 September 2015 Conference Call

Transcription

1 Interim Report as per 30 September 2015 Conference Call Munich, Prof. Klaus Josef Lutz, CEO Andreas Helber, CFO

2 Agenda 1. Development of the Group 1-9/ Development of the Segments 1-9/ Outlook FY 2015 Page 2

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

4 Development of the Group 1-9/2015 Summary Revenues in EUR million -3.0% 11, ,096.7 EBIT in EUR million +1.1% Substantial earnings improvement in Q3 due to international activities - Agriculture: - Cefetra significantly improved y/y; BayWa Agrar International start-up costs of ca EUR 5 million - Difficult grain trading business during harvesting in Germany - NZ apple trader T&G delivers outstanding sales results - Energy: - Earnings leap of BayWa r.e: strong project development business in Q3 ( Beethoven closing) - Good business development in conventional energy; price decline benefits heating oil sales - Building materials trading returns to profit zone Page 4

5 Development of the Group 1-9/2015 Third quarter comparison of EBIT in EUR m % -40.2% Ø % -39.5% 12.4 Q Q Q Q Q Page 5

6 Development of the Group 1-9/2015 Expansion progress Operating EBIT (in EUR m) BayWa excl. acquisitions BayWa incl. acquisitions % BayWa including companies aquired from 2009 onwards BayWa excluding companies acquired from 2009 onwards Page 6

7 Development of the Group 1-9/2015 Key Financials Income Statement Group in EUR m /15 (%) Revenues 7, , , , , % EBITDA % % of Revenues 2.8% 2.7% 2.2% 1.4% 1.5% EBIT % % of Revenues 1.7% 1.6% 1.5% 0.7% 0.7% EBT % % of Revenues 1.2% 1.0% 1.1% 0.3% 0.3% Consolidated net income % Share of minority interest % as % of net income 23.8% 34.8% 20.1% 68.3% 56.1% Share of owners of parent company % as % of net income 76.2% 65.2% 79.9% 31.7% 43.9% Earnings per share (EPS) in EUR % Page 7

8 Development of the Group 1-9/2015 Key Financials Cash Flow Statement in EUR m /15 (%) Cash earnings % Cash flow from operating activities % Cash flow from investing activities % 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 % > 100% % Page 8

9 Development of the Group 1-9/2015 Key Financials Balance Sheet in EUR m FY /15 (%) Total assets 4, , , , , , % Equity 1, , , , , , % Equity ratio 26.1% 23.5% 21.9% 20.0% 20.5% 18.3% Equity ratio adjusted* 24.3% 22.2% 24.5% 22.0% in EUR m FY /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 9

10 Development of the Segments 1-9/2015 Page 10

11 Agriculture Segment 1-9/2015 Seed Fertiliser Crop protection Grain Feedstuff Agricultural equipment Fruit Page 11

12 Agriculture Segment 1-9/2015 Market Developments Agricultural products - Global grain production with 2 billion tons in 2015/16 almost at record year-earlier level despite unfavorable weather: volume growth of wheat compensates for corn decline - Global soya production 2015/16 with 320 million tons likely to be marginally higher than in prior-year period - Despite the increase in global consumption, closing grain & oil seed stocks report another increase - EU harvest impacted by the dry, hot summer (-8.2%); German corn volume declines up to 33% - High production volumes cause grain prices (Matif) to drop to 147 /t (wheat) and 162 /t (corn) after their peak in July; slight recovery since the beginning of September - Summer months determined by reticence of farmers to sell and processors' purchasing reluctance; recent recovery in trading activities and rising export demand for EU grain World grain balance (without rice; October 2015) In million tons Source: USDA; * 2015/16 forecast Page 12

13 Agriculture Segment 1-9/2015 Market Developments Agricultural resources Fruit Agri equipment Attractive fertiliser storage conditions promote early purchasing business for the 2015/16 fertiliser season Downturn in the demand for crop protection owing to fewer applications over the course of the year (dry weather) Seed sales benefit from greening regulations: increasing demand for cover crops NZ apple harvest delivers high volume (+13% y/y); selling volume likely to set new record (exports) Downturn in producer prices enhances farmers' reluctance to invest Fruit volumes affected by the dry, hot weather: apple production in the EU (-5% y/y) and in Germany (-21% y/y) in decline Plan data for new farm buildings dropped by more than 50% New tractor registration figures 1-9/2015 in Germany below previous year's level (-10%) Innovations anticipated at Agritechnica (smart farming) Supply shortage likely to cause apple prices to rise Page 13

14 Agriculture Segment 1-9/2015 Market Price Trends Wheat & Corn International Paris, 27/10/2015 Granulated Urea & CAN Baltic Sea Ports, 28/10/2015 /t /t Closing price on 27/10/2015 Closing price on 28/10/ Closing price on 27/10/2015 Closing price on 28/10/2015 = Wheat Matif, Paris = Granulated Urea, Baltic Sea Ports = Corn Matif, Paris = CAN, Baltic Sea Ports Source: Page 14

15 Agriculture Segment 1-9/2015 Revenues and EBIT as against previous year Agricultural Trade In EUR m -0.8% 6, ,247.8 Revenues -18.6% EBIT Revenues: 14/15 EUR million EBIT: 14/15 EUR -7.5 million Price induced revenue downturn Increase in trading volume; weak corn collection business Crop protection sales decrease due to dry weather Earnings decline: lack of drying proceeds, start-up costs (BAGI), higher logistics costs (low water surcharge) Page 15

16 Agriculture Segment 1-9/2015 Revenues and EBIT as against previous year Agricultural Equipment In EUR m Fruit in EUR m -0.5% % Revenues Revenues +39.0% -33.1% EBIT EBIT Revenues: 14/15 EUR -5.2 million EBIT: 14/15 EUR -4.5 million Revenues: 14/15 EUR million EBIT: 14/15 EUR +6.2 million Sales of new machinery (-5% y/y) running above market development; increase in used machinery Margins for new machinery under pressure Smart Farming start-up costs (ca 1 million) NZ bumper harvest boosts T&G sales Recent upturn in apple prices due to weaker EU harvest Good selling proceeds for overseas apples Apollo earnings contribution in the previous year not included Page 16

17 Agriculture Segment 1-9/2015 Key Financials Income Statement Agriculture /15 (%) in EUR m Revenues 3, , , , , % EBITDA % % of Revenues 3.2% 3.1% 1.7% 1.4% 1.3% % 2.1% 1.2% 0.9% 0.8% % 1.4% 0.9% 0.5% 0.4% EBIT % of Revenues EBT % of Revenues -8.5% -21.7% Page 17

18 Energy Segment 1-9/2015 Fuels Heating Oil Lubricants Solid Biofuels BayWa r.e. Page 18

19 Energy Segment 1-9/2015 Market Developments Rohöl& Heizölpreise sinken auf Mehrjahrestiefs Market Trends US-wind farm Beethoven (80 MW) Development of heating oil prices in Germany ( ) Renewable energies investment: boom in China and the US compensates for decline in the EU; stimulus anticipated from UN climate summit New PV capacity installation reaches global record high (approx. 59 GW) in 2015; with approx. 1.3 GW, Germany about to miss instalment target of 2.5 GW Global wind capacity instalment (onshore) estimated at 54 GW in 2015; Germany (ca 4 GW) with third-largest contribution after USA & China Crude oil prices drop to 6-year low in August (around USD 42 per barrel) Heating oil tanks meanwhile well filled due to declining oil prices; slowing demand in summer Good economic situation (GDP growth of 1.7% anticipated in 2015) boosts diesel and lubricants sales Page 19

20 Energy Segment 1-9/2015 Revenues and EBIT as against previous year Conventional Energy Renewable Energy In EUR m In EUR m -16.7% 2, % 1,692.0 Revenues Revenues +87.5% +24.9% EBIT EBIT Revenues: 14/15 EUR million EBIT: 14/15 EUR +3.5 million Price-driven revenue decline Sales increases in the heating business (heating oil, pellets) Improved trading margins for crude oil-based products; strong business in Austria Revenues: 14/15 EUR million EBIT: 14/15 EUR +5.1 million Strong project business in Q3: Sale of solar parks and wind farms in the US (87.0 MW), solar park in UK (15.4 MW), wind farms in Germany (Trierweiler & Guggenberg; 9.6 MW), PV on-roof system in France (1 MW) Page 20

21 Energy Segment 1-9/2015 Key Financials Income Statement Energy /15 (%) in EUR m Revenues 2, , , , , % % 1.2% 1.8% 1.6% 2.0% 2.6% % 0.9% 0.7% 1.0% 1.5% % 0.5% 0.2% 0.5% 1.0% EBITDA % of Revenues EBIT % of Revenues EBT % of Revenues 35.1% 75.0% Page 21

22 Building Materials Segment 1-9/2015 Building Materials Page 22

23 Building Materials Segment 1-9/2015 Market Developments Market Trends - Increase in building permits in 1H 2015 restricted to multi-story residential construction (+5.3%); slight decline in detached and semi-detached housing construction - Dry, hot weather favours construction sector in the summer months: by July revenue shortfall reduced to 2% compared with Hours worked in construction from January to July still 3.5% below year-earlier level - Ifo-index for construction industry returns to positive range in September (+2.9 points) - German costruction industry association anticipates sales growth (real) of 1% in Construction investment still favoured by low interest rate environment Sentiment in German Construction Sector Construction Industry Expectation business development Assessment present state of business Source: ifo-institut; as per October 2015 Page 23

24 Building Materials Segment 1-9/2015 Revenues and EBIT as against previous year Building Materials Segment in EUR m Revenues: EBIT: -3.0% 1, % 1, Building Materials Building Materials Revenues: 14/15 EUR million EBIT: 14/15 EUR -3.5 million Q3 business unable to catch up on weather induced revenue shortfall from the half-year period Decline in building materials demand of private builders and homeowners Result clearly turns into profit zone in Q3; yearearlier level not yet achieved High-margin renovation and refurbishment business in a downtrend Page 24

25 Building Materials Segment 1-9/2015 Key Financials Income Statement Building Materials /15 (%) in EUR m Revenues 1, , , , , % % 3.3% 2.9% 1.7% 2.1% 1.9% % 1.8% 1.0% 1.5% 1.2% % 1.2% 0.6% 1.1% 0.7% EBITDA % of Revenues EBIT % of Revenues EBT % of Revenues -20.5% -32.8% Page 25

26 Other Activities 1-9/2015 Revenues and EBIT as against previous year In EUR m -87.7% 81.0 Revenues % EBIT EBIT consists of overhead costs and consolidation effects No dividends from Austrian banks in 2015 received Special earnings from sale of the Bäckermühlenweg property (Linz) in 2014 Page 26

27 Outlook FY 2015 Page 27

28 Outlook for FY 2015 Outlook 2015 AGRICULTURE Domestic market remains challenging in the final quarter Increase in warehouse stocks raises potential for grain trading (national & international) AGRICU LTURE Attractive storage conditions favour early purchasing of fertilisers Service capacity utilisation benefits from high tractor sales ; stimulus from Agritechnica Decline in EU harvest suggests upturn in apple prices for sales campaign 2015/16 E ENERGY Sale of the Spanish solar park portfolio (13 plants, 36 MW) in Q4 already realised Further project sales by the end of 2015 (wind, solar) to result in earnings increase of BayWa r.e. ENERGY Heating oil demand likely to accelerate in the winter months; stable fuel & lubricants business anticipated No sustainable recovery in oil prices foreseeable BUILD. MAT. Moderate construction forecast for 2015: real increase in revenues of 1% in construction industry Growth restricted to residential construction: 140,435 apartments approved in H1 (+2.6% y/y) BUIL DING MAT ERIA LS Government incentive programme in Bavaria likely to stimulate energetic renovation demand Sales trend in building construction & civil engineering depends on weather conditions in Q4 Page 28

29 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.

30 Contact and Financial Calendar Financial Calendar 2015/2016 Head of Investor Relations November /11 Analysts Conference Call Q3 Josko Radeljic March /03 Annual Results Press Conference, Munich April /04 Analysts Conference FY 2015, Frankfurt/M. May /05 Analysts Conference Call Q1 June /06 Annual General Meeting, ICM Munich St.-Martin-Str Munich Germany Tel: +49 (0)89 / Fax: +49 (0)89 / investorrelations@baywa.de Page 30