DGAP-News: BayWa AG: Financial year 2012 - International growth results in top revenues and earnings
(firmenpresse) - DGAP-News: BayWa AG / Key word(s): Final Results
BayWa AG: Financial year 2012 - International growth results in top
revenues and earnings
21.03.2013 / 10:30
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BayWa AG: Financial year 2012 - International growth results in top
revenues and earnings
BayWa AG, Munich, considerably boosted its 2012 result in comparison with
2011. At EUR10.5 billion, Group revenues in 2012 were up approximately 10%
year on year (2011: EUR9.6 billion). Earnings before interest and tax
(EBIT) climbed by 25.2% to EUR186.8 million (2011: EUR149.2 million). The
Executive Board will put forward a proposal to the Annual General Meeting
of Shareholders to raise the dividend from EUR0.60 to EUR0.65 per share.
'Our international growth strategy is bearing fruit,' explained Klaus Josef
Lutz, Chief Executive Officer (CEO). New Zealand fruit trading company
Turners&Growers Ltd was consolidated in the group for the first time and
made a significant positive contribution to profit. The CEO was equally
satisfied with the operating business: 'EBIT for all segments totalled
EUR169.5 million and is considerably higher than in previous years,'
commented Lutz.
New dimensions for BayWa's agricultural trading
Lutz is optimistic for 2013. 'Both of the agricultural companies acquired
in autumn 2012 will allow BayWa AG to conquer new agricultural trading
horizons. The year 2013 will be one of consolidation. We want raise EBIT to
EUR250 million as of 2014,' stated the CEO. Plans are to use the EUR295
million or so generated from property sales in the first quarter of 2013 to
reduce financial liabilities.
Agriculture: Fruit business unit reported greatest improvement in EBIT
In 2012, the Group posted revenues of approximately EUR5.1 billion in the
Agriculture segment (2011: EUR4.3 billion), an increase of 18.6%. EBIT rose
by 16.7% to EUR91 million in 2012 (2011: EUR78.0 million).
The Fruit business unit reported a considerable climb in revenues to
EUR468.3 million in 2012 due to the New Zealand fruit business (2011:
EUR129.7 million). EBIT rose to EUR17.9 million in 2012 (2011: EUR4.0
million).
Stable harvest volumes have been forecasted for Germany and New Zealand in
2013 and BayWa expects good selling opportunities. 'The acquisition of
Turners&Growers not only means that we can deliver fresh fruit to Germany
all year round; it also enabled us to sell German fruit from Lake Constance
in Asia for the first time in 2012,' said Lutz, explaining the benefits of
this transaction. He sees the Asian market as the Group's greatest
opportunity for growth.
At approximately EUR3.4 billion, the Agricultural Trade business unit again
made the largest contribution to revenues in its segment in 2012 (2011:
EUR3.0 billion). This increase is due to higher prices for agricultural
produce and operating resources as well as a rise in sales volumes for
almost all products.
Grain turnover increased by almost 10% year on year to more than 5 million
tonnes. 'We expect our new international companies - Dutch grain trader
Cefetra B.V. and the Bohnhorst agricultural trading company based in Lower
Saxony - to trade in almost 30 million tonnes of grain in 2013,' said Klaus
Josef Lutz, explaining the scale of these acquisitions. In 2012,
agricultural trading EBIT slipped slightly to EUR54.3 million (2011:
EUR56.1 million) as grain and fertiliser trading volumes fell just short of
the previous year's levels.
The Agricultural Trade business unit expects market conditions for both
grain and operating resource trading to remain stable in 2013. 'However,
price volatility will continue and will place demands on our risk
management system, which we will expand to encompass the new holdings,' he
continued.
The Agricultural Equipment business unit also posted growth in revenues and
EBIT again in 2012. Record sales of 4,661 new sets of machinery boosted
revenues in 2012 to EUR1.2 billion (2011: EUR1.1 billion) and EBIT to
EUR18.9 million (2011: EUR18 million). The business unit was buoyed by
farmers' continuously high willingness to invest; Germany and Austria are
again expected to play a positive role in 2013. In the coming months, BayWa
will also be in a position to fill the high number of orders on hand from
the previous year.
Energy: Renewable Energies business unit profits from strong project
business - heating oil picks up considerably in the fourth quarter
In 2012, the Energy Segment reported revenues of approximately EUR3.7
billion (2011: EUR3.1 billion) and EBIT of EUR43.0 million (previous year:
EUR33.4 million).
Both the conventional energy carriers of heating oil, fuels, lubricants and
wood pellets as well as the Renewable Energies business unit contributed to
this increase. In the conventional energy sector, sales of heating oil and
pellets rose sharply in the fourth quarter of 2012 due to low stocks held
by households and the early start to winter. Fuel sales also rose - by
almost 14% year on year. All in all, the conventional energy business
posted revenues growth of 15.3% to EUR3.2 billion (2011: EUR2.8 billion)
and increased EBIT to EUR10.5 million (2011: EUR6.3 million) in 2012.
The Renewable Energies business unit profited from a stable solar market
and growing project business in 2012. Revenues rose in 2012 to EUR440.8
million (2011: EUR306 million). EBIT also rose considerably in 2012 - to
EUR32.5 million (2011: EUR27.1 million). 'Despite the announced further
cuts in feed-in tariffs, BayWa solar module trading performed better than
originally expected, with 147 megawatts (MW) in output sold,' commented
Klaus Josef Lutz. 'The political back and forth with regards to feed-in
tariffs must stop. The economy and consumers need reliable conditions,' he
urged.
The project business also performed extremely well. Some solar and wind
parks - such as the solar park in Stralsund-Barth (Mecklenburg-Vorpommern)
and the wind park in Gunzenhausen (Bavaria) - were sold for a profit, as
interest from institutional investors is continuously growing on account of
low capital market returns. 'We will continue to pursue our successful
strategy of realising projects in different countries and then selling them
off. We believe that both the UK and the US will be good growth markets in
2013,' said Lutz.
Building Materials: Operating result up year on year
The Building Materials segment, which mainly covers the building materials
trade, continued its restructuring strategy in the past financial year
following the deconsolidation of the DIY and Garden Centre business unit
effective 1 January 2012. The key figures for 2012 cannot be compared with
those of the previous year as the DIY and Garden Centre business no longer
contributes to performance. Revenues in 2012 dropped to EUR1.7 billion
(2011: EUR2.1 billion, including DIY and Garden Centres); EBIT only
declined by 3.1% in 2012 to EUR35.4 million (2011: EUR36.5 million,
including DIY and Garden Centres). Only the Building Materials business
unit bucked the trend and saw an increase in revenues to EUR1.7 billion in
2012 (2011: EUR1.5 billion); EBIT was EUR35.4 million in 2012 (2011:
EUR24.7 million). 'We believe that we are making good progress in light of
these figures and the relatively sound construction industry in Germany,
and we will continue to take measures to improve the operating building
materials business, such as in logistics,' explained CEO Klaus Josef Lutz.
Contact:
Marion Danneboom, BayWa AG,Head of PR/Corporate Communication,
tel. +49 (0)89/92 22-36 80, Fax +49 (0)89/92 22-36 98,
e-mail: marion.danneboom(at)baywa.de
End of Corporate News
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21.03.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: BayWa AG
Arabellastraße 4
81925 München
Germany
Phone: 089/ 9222-3691
Fax: 089/ 9222-3698
E-mail: marion.danneboom(at)baywa.de
Internet: www.baywa.de
ISIN: DE0005194062, DE0005194005,
WKN: 519406, 519400,
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
Stuttgart
End of News DGAP News-Service
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204682 21.03.2013
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