BayWa AG Annual Report 2011

2 • BayWa and the Capital Market • The Share
The Share
Long-term price performance of the BayWa share (in €) 1
The German stock market closed the year 2011 having shed nearly 15% of its value measured against the
DAX as the leading index. The BayWa share was also unable to decouple from this general market trend.
BayWa continued to extend the scope of its Investor Relations activities in 2011. The number of banks
conducting regular coverage of BayWa rose again. In the autumn of 2011, BayWa took advantage of the
attractive capital market environment and issued a second bonded loan.
The slowdown in growth and the debt crisis puts pressure on the
stock exchanges
The start to the year 2011 was characterised by the recovery in the global economy holding steady. Expectations
of the economic development in North America and Western Europe in particular were still largely positive. In
the second quarter, however, sentiment darkened. The tsunami catastrophe in Japan, political unrest in North
Africa and in the Near East and, last but not least, the debt crisis in Europe and in the US considerably dampened
expectations of economic development. The Euro Stoxx 50 lost almost 18% of its value in 2011.
The German stock market’s development mostly mirrored the trend in other global stock markets. Through to the
beginning of May, the DAX climbed by around 9% to 7,528 points. The deterioration in the debt crisis of a number
of euro countries, the downgrading of the countries in question, along with major banks, triggered a flight from
risky equities as the year progressed. By mid September, therefore, the DAX had lost 2,455 points which equates to
almost 33%. The moderate rally in the fourth quarter was also unable to make up for lost ground. As a result, the
DAX closed the year 2011 at 5,898 points, which is around 15% down compared with the year-earlier level. The
MDAX also sustained losses in 2011, closing with a minus of approximately 12%.
Price performance of the BayWa share
In comparison to the stock market year 2010 when the BayWa registered share with restricted transferability closed
at its almost highest level for the year, the share had already peaked by 6 January in 2011 when it stood at €35.01.
The lifting of the grain embargo in Russia and the announcement of considerable tracts of land freed up for the
cultivation of maize and wheat in the US, combined with the significant downturn in grain prices, put an end to the
boom in the agricultural sector which had prevailed since mid-2010. In addition, general factors in the market, such
as anxiety about the global economy slipping back into recession and the breakup of the currency union, exerted
a negative influence.
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
High 6.50 13.70 15.40 18.35 26.29 47.71 44.50 26.90 35.04 35.01
Low 4.60 4.60 11.62 12.70 16.51 23.05 17.92 14.15 24.95 24.05
Closing price 5.20 13.21 13.40 16.20 24.28 34.02 25.80 25.16 35.04 27.30
Market capitalisation (in € million) 176.3 443.4 452.9 548.6 823.2 1,154.1 874.4 855.9 1,193.5 937.7
1 XETRA prices: registered share with restricted transferability (sec. ident. no. 519 406); market capitalisation: both classes of shares (sec. ident. no. 519 400 and sec. code no. 519 406)
BayWa AG Annual Report 2011
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