BayWa AG Annual Report 2011

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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. 3
4 Letter to the Shareholders We intend to forge ahead with expanding our project business in the field of renewable energies in the international and national arena. Having activities in different countries makes sense simply from the standpoint of evening out market fluctuations from political framework conditions. We will remain open for interesting acquisitions in Germany and abroad in all our businesses, which also particularly applies to the agricultural market. Our international network, which is becoming increasingly strong, releases numerous synergies for more growth phases in our trading, logistics and services group. Similar to 2010, BayWa also issued a bonded loan at the end of 2011. We had great success again in placing this bonded loan of €220 million in the capital market. The original request was for €100 million. The order book, however, was oversubscribed almost three times. The response underscores how sound BayWa is and the trust of investors in our company. The bonded loan, which will be used exclusively to secure the financing of working capital in the longer term, will further strengthen the financial position of the Group. At the end of 2011, BayWa made a strategically important decision with far reaching consequences: to hive off the DIY & Garden Centres Business Unit and integrate it into newly founded BayWa Bau- und Gartenmärkte GmbH & Co. KG. This step enables an operational link with Hellweg, a well-known operator of DIY and garden centres. It is also a forward-looking solution for the BayWa DIY and garden centres business in Germany which was unable to operate profitably due to lack of critical mass and a fiercely competitive market environment. The new constellation with Hellweg, effective at the start of January, will sharpen the competitive edge and profitability of the 56 DIY and garden centres carved out and promote job security. We have therefore found a good way, firstly of ensuring that the business can continue to operate in a future-oriented manner and secondly of enabling BayWa to withdraw in the medium term without loss of value. The new company will be reported at equity in future and is thus no longer part of the group of fully consolidated companies. BayWa AG Annual Report 2011
Page 1 and 2: BayWa AG Annual Report 2011
Page 3: Page Table of Contents 3 Letter to
Page 7 and 8: 6 The Board of Management The Board
Page 9 and 10: 8 The Supervisory Board The Supervi
Page 11 and 12: 10 The Cooperative Council The Coop
Page 13 and 14: Turners & Growers - a special acqui
Page 15 and 16: 14 1 • The Company • The Busine
Page 17 and 18: 16 1 • The Company • Agricultur
Page 23 and 24: 22 1 • The Company • Energy Seg
Page 29 and 30: 28 1 • The Company • Building M
Page 31 and 32: 30 1 • The Company • Building M
Page 33 and 34: 32 1 • The Company • Goals and
Page 39 and 40: 38 1 • The Company • Conducting
Page 41 and 42: From ------------------------ € 0
Page 43 and 44: 42 2 • BayWa and the Capital Mark
Page 49 and 50: Excellent performance Agriculture:
Page 51 and 52: 50 Growth in Building Materials’
Page 53 and 54: 52 108 fully consolidated companies
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54 Customer groups of BayWa’s bui
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56 Significant increase in the pric
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58 Increase of 19.8% in the revenue
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60 Growth of 21.3% in the BayWa Gro
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62 No entering into speculative ris
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64 Sale of non-core real estate Bon
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66 Excellent result in the financia
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68 3 • Management Report on the C
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70 Cyclical fluctuations lower than
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72 BayWa Group with larger credit f
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74 Stake of 70% in Tecno Spot GmbH
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76 3 • Management Report on the C
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78 Prospects for the sector positiv
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80 Grain imports to Germany possibl
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82 Contribution to value added anti
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84 4 • Consolidated Financial Sta
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4 • Consolidated Financial Statem
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132 4 • Consolidated Financial St
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The provisions have developed as fo
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(C.17.) Other liabilities The table
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(C.20.) Contingent liabilities 4
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The financial liabilities cover the
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In € million As per 31/12/2010 4
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2010 Assets 4 • Consolidated Fina
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(D.3.) Cost of materials 4 • Cons
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(D.7.) Interest income and expenses
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178 4 • Consolidated Financial St
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(E.8.) Executive and supervisory bo
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Franz Kustner Farmer Alois Pabst Fa
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Name and principal place of busines
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Name and principal place of busines
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Report of the Supervisory Board An
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Report of the Supervisory Board Sep
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Corporate Governance Report / State
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Remuneration Report Remuneration of
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29 March 2012 Annual Results Press
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BayWa AG Annual Report 2011

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