BayWa AG Annual Report 2011

Letter to the Shareholders
Letter to the Shareholders
Foreword by Klaus Josef Lutz, Chief Executive Officer
BayWa AG Annual Report 2011
Dear Shareholders,
The year 2011 was determined by the euro and
the sovereign debt crisis, the consequences
of the tsunami and the nuclear catastrophe in
Japan, compounded by turbulence from political
unrest in North Africa and in the Middle East.
Against this backdrop, the BayWa Group once
again delivered an excellent result in the past
year. Revenues rose by 21% to €9.6 billion, with
the segments of Agriculture, Energy and Building Materials all contributing to this
strong performance. EBIT came in at €151 million, which is an increase of 17.5%.
The fact is that we have fully achieved our targets and guidance and met the
high expectations – another success for the Group’s around 17,000 employees.
We will continue to energetically pursue our goals with the requisite flexibility,
underpinned by sound risk management.
This is particularly applicable to progressing our strategy of innovation and
internationalisation. The takeover of Turners & Growers Ltd (T & G), New
Zealand’s market leader in the fruit business, is BayWa’s largest international
transaction ever. More than 73% in the shares in T & G and close cooperation with
the fruit producers in New Zealand will enable BayWa to position itself as a global
player in the supply of pome fruit. We believe that Asia will be the world’s highest
growth market for fresh fruit. BayWa’s domestic fruit business and the German
fruit farmers will also benefit through this investment from improved selling
opportunities for the products in a global market.
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