BAYWA AG Agenda
01
Overview Financial Year 2023
02 Business Development of the Segments in
2023 and Operational Outlook 2024
03 Group Financials 2023
04 Outlook
05 Appendix
01
Overview Financial Year 2023
Marcus Pöllinger, CEO
Strategic Milestones in 2023
▪ "Strategy 2030" approved
▪ Sale of software business and distribution (NEXT Farming) to AGCO
▪ New enterprise resource planning system → Implementation of the first sub-packages of the core program
(SAP - S4/HANA)
▪ BayWa r.e. Sale of Solar Trade not possible in 2023:
→ Massive surplus capacities of solar modules in the market (approx. 800 to 900 GW); global demand of around 400 to 500 GW
→ Chinese manufacturers sell PV modules below production costs
→ Prices plunge by up to 50 % in 2023
→ Market recovery expected in the second half of 2024; selling process ongoing
▪ Medium-term EBIT target of EUR 470 - 520 million adjusted to 2026 determined by market environment for building materials and delay in selling Solar Trade
Summary Financial Results 2023
▪ Price-induced decline in revenue to EUR 23.9 billion (EUR -3.1 bn y/y) → Steep downtrend in commodity prices
(Bloomberg Commodity Index -12.5% y/y)
▪ EBIT guidance of EUR 320 - 370 just missed → Postponement effect of approx. EUR 15 million in the
Global Produce Segment; insurance compensation not yet fully collected → Huge write-downs of solar module inventories (EUR 34 million)
▪ Negative consolidated result → Substantial burden from value adjustment of tax loss carryforwards and interest rate cap; non-cash expense
▪ Dividend for 2023 suspended1 → Dividend policy in planning
1) Subject to approval by the Annual General Meeting of Shareholders
Development of the Group 2023 Multi-year comparison of EBIT
in EUR m
504.1
2019
304.0
Ø 294.9
2020
2021
2022
2023
01 | Overview of the Financial Year 2023
EBIT One-Offs and Economics 2023
In EUR m
Cyclone damage
Write-downs of solar modulesAnniversary costsFarmFacts
Output
Downside Building Materials
Downside CEE/RLG
EBIT 2023
One-off losses in 2023
Upside Agricultural Equipment
-32.0
Upside Cefetra Group
-17.0
Economics
EBIT 2023 "normalised"
Earnings development in the Group 2021 to 2023
in EUR m
in particular value adjustment of tax loss carryforwards and interest rate cap as non-cash tax expense
EBIT
Tax effect -55.7 EUR m
.
2021
2022
2023
2021
2022
2023
2021
2022
2023
02
Business Development of the Segments in 2023 and Operational Outlook 2024
Marcus Pöllinger, CEO
02 | Energy Business Unit - Development in 2023
Business Unit | Segment | Segment |
Energy | Renewable | Energy |
Energies | ||
Key Figures 2023 |
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Disclaimer
BayWa AG published this content on 27 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2024 06:33:07 UTC.
