Revenues - BayWa

BayWa Group
Interim Report as at 30 September 2010
Conference Call, Call 11 November 2010
> Klaus Josef Lutz, Chief Executive Officer
1

2
Agriculture
Market developments in the third quarter of 2010
� Lower harvest volume following bumper harvest in 2009 causes the price of wheat to surge
� High producer prices and damp weather conditions encourage farmers to sell
� Strong operating resources business – recovery in the demand for fertilisers
� Trends indicate economic activity in the agriculture sector is on the rise - increasing willingness to invest
Buildingg Materials
� Recovery of the construction sector economy at a low level
� Number of residential building permits climbs after historic lows
� Stable consumer trend in the retail business (DIY & Garden Centres)
� Seasonally-induced catching up effects
Energy
� IIncrease iin hheating ti oil il sales l bbut t still till bbelow l year-earlier li llevel l ( (ca -7%) 7%)
� Filling levels (oil) of tanks in private households slightly below the level customary at this time of the year
� Economic recovery boosts lubricants business
� Decline in the solar business from cuts in government promotion of solar energy lower than expected

Development of the Group
3

4
[in EUR m]
2.500
2.000
1.500
1.000
500
0
[in EUR m]
30
20
10
0
1,888
Q3/2009
19.1
Q3/2009
10.1%
55.5%
Revenues and EBIT in Q3 of 2010 against previous year
2,078
Q3/2010
29.7
Q3/2010
Revenues
� EUR 2,078 million (∆ 10/09: +EUR 190 million / +10.1%)
� Recovery of the fertiliser business
� Strong development in retail (DIY)
� Level of revenues benefits from BayWa y r.e.
EBIT
� EUR 29.7 million (∆ 10/09: EUR +10.6 10.6 million / +55.5%) 55.5%)
� Best quarterly results after the exceptional year of 2007
� No impairment charges for fertiliser in 2010
� IIncrease iin hheating ti oil il sales l ffollowing ll i a weakk fi firstt hhalf-year lf

5
[EUR m]
45
40
35
30
25
20
15
10
5
0
25.8
2006
+61%
Year-on-year (Q3) comparison of EBIT
41.66
2007
‐35%
27.0
2008
‐29%
19.1
2009
+55%
29.7
2010
Ø 28,6
Q3

[in EUR m]
[in EUR m]
6
1‐9/2009
1‐9/2009
4.5%
20.4%
Revenues and EBIT in 1-9 of 2010 against previous year
1‐9/2010
1‐9/2010
Revenues
� EUR 5,855 million (10/09: EUR +251 million / +4.5%)
� Agriculture Segment at previous year‘s level
� Energy Segment with swift growth (price-induced+ BayWa r.e)
� Buildingg Materials Segment g Bau raises sales through g new
DIY& GC
� Disposal of car dealer operations (EUR -135 million)
EBIT
� EUR 86 million (∆ 10/09: EUR +14.6 14.6 million / +20.4%) 20.4%)
� Higher sales volumes in the op. resources business (fertilisers)
� Contribution to profit of just under EUR 10 million by BayWa r.e;
compensates seasonal decline in oil business (EUR -8.3 83million) million)
� Special effect from the disposal of the Animedica investment
(around EUR 5.2 million)

7
Year-on-year comparison
in EUR m 1-9 2007 1-9 2008 1-9 2009 1-9 2010 ∆10/09 (%)
Revenues 5,277.2
EBITDA 171.6
6,742.5
207.2
5,604.4
141.8
5,855.4
157.7
4.5%
11.2%
% of Revenues 3.3% 3.1% 2.5% 2.7%
EBIT 104.3 134.5 71.4 86.0 20.4%
% of Revenues 2.0% 2.0% 1.3% 1.5%
EBT 67 67.8 8 92 92.2 2 40 40.4 4 55 55.8 8 38 38.1% 1%
% of Revenues 1.3% 1.4% 0.7% 1.0%
Consolidated net income 53.0
TTax rate t 21 21.8% 8% 21 21.9% 9% 25 25.0% 0% 23 23.9% 9%
72.0
30.3
42.5
40.3%
Share of minority interest 22.7 18.3 11.8 14.2 20.3%
as % of net income 42.8% 25.4% 38.9% 33.4%
Share of owners of parent company 30.3 53.7 18.5 28.3 53.0%
as % of net income 57.2% 74.6% 61.1% 66.6%
Earnings per share (EPS) in EUR 0.89 1.58 0.54 0.83
53.7%

8
Key data – balance sheet (IFRS)
in EUR million 1-9 2009 1-9 2010 ∆10/09 (%)
Total assets
2,939.3 3,440.9
Equity
957.5 984.0
Equity ratio 32.6% 28.6%
17.1%
iin EUR million illi 11-9 9 2009 11-9 9 2010 ∆10/09 10/09 (%)
Non-current assets
1,427.2
Current assets 1,507.4
Provisions 590.7
Financial liabilities 664.6
1,438.8
1,959.3
598.0
757.3
2.8%
0.8%
30.0%
1.2%
13.9%

9
Cashflow
In EUR m 1-9 2009 1-9 2010 ∆10/09 (%)
Consolidated net income
94.9
Cash flow from operating activities 23.1
114.7
47.9
20.9%
107.4% %
Cash flow from investing activities - 55.1 - 94.0 70.6%
Cash flow from financing Activities 28.9 56.7 96.2%
Cash & cash equivalents at the start of the period
Cash & cash equivalents at the end of the period
16.1
13.1
19.7
33.2
22.4%
153.4%

Development of the Segments
10

11
BayWa Agriculture
� Seeds
� Fertilisers l
� Crop protection
� Grain
�� Feedstuff
� Fruit
� Agricultural equipment

12
Developments in 1-9/2010
Development of operating resources
� Strong demand for fertilisers (price level rising gradually)
� Stable demand for seed
� Competition exerts pressure on crop protection margins
Development of agricultural produce
� Sharp increase in grain prices from end of Q2 onwards (drought and speculation)
� Collection and storage of harvest above year-earlier level
� Processing and drying of grain harvest due to weather conditions
Development of agricultural equipment
� Order intake around 25% higher than a year ago (tractors)
� Incoming liquidity encourages greater willingness to invest

13
[in EUR m]
3.000
2.000
1.000
0
[in EUR m]
50
40
30
20
10
0
2,560
1,927
1‐9/2009
32.1
21.8
0.4%
38.6%
Revenues and EBIT in 1-9 of 2010 against previous year
2,571
1,944
1‐9/2010
44.5
36.4
10,3 8,1
1‐9/2009
1‐9/2010
Agrar
Technik
Agrar
Technik
Revenues
� Agriculture ∆ 10/09: EUR +17 million (+0.9%)
� Agricultural Equipment ∆ 10/09: EUR -6 million (-0.9%)
� Sales at previous year‘s level
� Sale of operating p g resources stable; fertiliser prices p
� Sale of grain in H1/2010 at low price level
� Agricultural Equip.: increased order intake
EBIT
� Agriculture ∆ 10/09: / EUR + 14.6 million ( (+67.0%) %)
� Agricultural Equipment ∆ 10/09: EUR – 2.2 million (-21.4%)
� Fertiliser problem (2009) no longer an issue – raises profit
� Agricultural equip. with effects delayed to Q4/2010

14
Year-on-year comparison
in EUR m 1-9 2007 1-9 2008 1-9 2009 1-9 2010 ∆10/09 (%)
Revenues 2,414.1
EBITDA 83.2
3,179.1
128.3
2,559.8
61.4
2,570.9
74.9
0.4%
22.0%
% of Revenues 3.4% 4.0% 2.4% 2.9%
EBIT 53.3 96.1 32.1 44.5 38.6%
% of Revenues 2.2% 3.0% 1.3% 1.7%
EBT 32 32.4 4 68 68.3 3 11 11.9 9 26 26.0 0 118 118.5% 5%
% of Revenues 1.3% 2.1% 0.5% 1.0%

15
Trend of market prices
Wheat B-wheat, Hamburg, 02/11/2010
tbd

Grain Balance - World and Usage
in EUR m 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11*
Production 1,862 2,042 2,017 2,002 2,124 2,237 2,222 2,200
Beginning g g Balance 429 355 403 389 342 364 448 474
Available 2,291 2,397 2,420 2,391 2,466 2,601 2,670 2,674
Consumption 1,936 1,994 2,031 2,049 2,102 2,153 2,196 2,245
Ending Balance
Stock / Consumption in
355 403 389 342 364 448 474 429
% 18 20 19 17 17 21 22 19
Days in Ending Stock 67 74 70 61 63 76 79 70
[I [In millions illi off ttons, wheat, h t rice, i maize, i bbarley, l oats, t rye, sorghum] h ]
Status: 09/2010; *2010/11 forecast; figures partly estimated
SSources: DRV DRV, ACTI Schumacher, S h h DOWJ DOWJones, BBayWa W
16

17
Trend of market prices
Urea CAN
Granulated urea ex Baltic Sea Ports Ports,
Calcium ammonium nitrate ex Baltic Sea Ports Ports,
02/11/2010
02/11/2010

18
BayWa Building
Materials
� Building Materials
� DIY & Garden d Centres

19
Development in 1-9/2010
Development p of Buildingg Materials
� Slow start to the season due to the weather and project delays (Q3)
� Increase in modernisation and refurbishment activities in residential construction
� Increase in the warehousing business over the course of the year
� As from Q3, result positive
Development p of DIY & Garden Centres
� Catching up effect in the retail business (Q3)
� Optimisation of product mix having positive effects
� Very good start to business of refurbished garden centres in Backnang, Illertissen and
Grafenau
� Garden business suffered from cold weather in the spring

20
[in EUR m]
1.500
1.000
500
0
[in EUR m]
1,341
986
355
1‐9/2009
16 16.33
7.9
7.5%
2.5%
1,441
1,024
417
1‐9/2010
16 16.77
6.8
1‐9/2009 1‐9/2010
Revenues and EBIT in 1-9 2010 against previous year
Baustoffe
B&G
Baustoffe
B&G
Revenues
� Building Materials ∆ 10/09: EUR + 38 million (+3.9%)
Increase in roof business and tradingg in solar components p
Slight economic recovery in the construction sector
� DIY & Garden Centres ∆ 10/09: EUR + 62 million (+17.5%)
EBIT
Sales growth through larger sales area and product mix
optimisation
� Building Materials ∆ 10/09: EUR -1.1 million (-13.9%)
Delays in projects and due to the weather
� DIY&Garden Centres ∆ 10/09: EUR +1.5 million (+17.8%)
Increase in profit due to non-recurrent costs for opening
new centres

21
Year-on-year comparison
in EUR m 1-9 2007 1-9 2008 1-9 2009 1-9 2010 ∆10/09 (%)
Revenues 1,281.4
EBITDA 40.3
1,354.6
45.0
1,341.1
41.2
1,441.4
39.8
7.5%
-3.4%
% of Revenues 3.1% 3.3% 3.1% 2.8%
EBIT 17.7 20.2 16.4 16.8 2.4%
% of Revenues 1.4% 1.5% 1.2% 1.2%
EBT 65 6.5
75 7.5
76 7.6
80 8.0 53% 5.3%
% of Revenues 0.5% 0.6% 0.6% 0.6%

22
BayWa Energy
� Fuel
� Heating oill
� Lubricants
� Solid biofuels
�� BayWa rr.e e

23
Development in 1-9/2010
Development of Energy (conventional)
� Rising demand for heating oil from H2 onwards
� At the end of Q3, levels of filling tanks in private households still slightly below average
levels for the time of the year (around 60%)
� Fuel oil: margin trend remains stable
� Development of lubricants business higher y/y due to influence of economy
Development of BayWa r.e
� DDevelopment l t off BBayWa W r.e iin li line with ith plan l
� Profit generated in particular by solar business
� First project sale (La BenateWind Park in France)
� Completion of on-roof solar plant in Barcelona‘s harbour

2.000
1.500
1.000
24
[in EUR m]
500
0
[in EUR m]
11,367 367
26.8%
Revenues and EBIT in 1-9 2010 against previous year
1,734
1,525
209
1‐9/2009 1‐9/2010
10.1%
15 15.22
5.4
1‐9/2009 1‐9/2010
Konv. Energie
BayWa r.e
Konv. Energie
BayWa r.e
Revenues
� Energy (conventional) ∆ 10/09: EUR + 158 million (+11.6%)
� Pi Price-induced i d d iincrease iin revenue ffrom conventional ti l ttrading di
� Rising volume of sales from lubricants
� BayWa r.e: EUR + 209 million
� Solar boom due to cuts in a feed-in tariffs at mid-year drives
BayWa r.e‘s revenues
EBIT
� Energy (conventional) ∆ 10/09: EUR -8.4 million (-60.9%)
� Volume-induced decline; demand for heating oil still modest
owing to high oil prices
� BayWa r.e: EUR + 9.8 million
� Profit contribution by MHH Solartechnik of around EUR 9.5
million

25
Year-on-year comparison
in EUR m 1-9 2007 1-9 2008 1-9 2009 1-9 2010 ∆10/09 (%)
Revenues 1,271.5
EBITDA 9.0
1,837.3
13.0
1,366.8
20.1
1,734.8
25.1
26.9%
24.9%
% of Revenues 0.7% 0.7% 1.5% 1.4%
EBIT 3.4
7.0 13.8 15.2 10.1%
% of Revenues 0.3% 0.4% 1.0% 0.9%
EBT 25 2.5
74 7.4 13 13.0 0 13 13.3 3 23% 2.3%
% of Revenues 0.2% 0.4% 1.0% 0.8%

26
BayWa Other
Activities
Food production

27
[in EUR m]
[in EUR m]
337
‐67.7%
109
1‐9/2009 1‐9/2010
3.3%
1‐9/2009 1‐9/2010
Revenues and EBIT in 1-9 2010 against previous year
Revenues
� Ybbstaler: EUR 74.1 million
� Frisch & Frost: EUR 34 million
� ∆ 10/09: EUR -228 million (-67.6%)
�� Decline in revenues due to disposal of car dealer operations
as from 1 October 2009
EBIT
� ∆ 10/09: EUR +0.3 million (+3.3%)
� Increase in profit through disposal of Animedica stake
� Ergebnis Frisch & Frost around EUR 2 million lower y/y
�� Disposal of car dealer operations: benefited from scrap
premium in 2009
� Ybbstaler around EUR 0.2 million lower y/y

28
Year-on-year comparison
in EUR m 1-9 2007 1-9 2008 1-9 2009 1-9 2010 ∆10/09 (%)
Revenues 310.3
EBITDA 39.1
371.5
20.9
336.7
19.0
108.8
18.0
-67.7%
-5.3%
% of Revenues 12.6% 5.6% 5.7% 16.5%
EBIT 29.9 11.2
9.2
9.5 3.3%
% of Revenues 9.6% 3.0% 2.7% 8.8%
EBT 26 26.4 4 91 9.1
78 7.8
85 8.5 90% 9.0%
% of Revenues 8.5% 2.4% 2.3% 7.8%

29
Outlook in 2010
BayWa Agriculture
� Good grain sales potential due to inventory stockpiles
� Collection and storage business likely to be weaker than in 2009
� Grain prices: sideways movement anticipated at a high level
� Stable incoming liquidity boosts operating resources and agricultural equipment business
� Agriculture Segment : anticipates an increase in revenues and profits as against the year-earlier
figures
BBayWa W BBuilding ildi Materials
M t i l
� Building Materials: delaying effects likely to boost performance in the final quarter
� Overall development of the Building Materials business unit falls short of expectations despite
possibility of increase as against the year-earlier figure
� DIY&GC: slight growth anticipated from optimisation of product mix and DIY and garden centres
� Consumer behaviour more stable owing to economic situation
� Building Materials Segment: following quarters depend greatly on the weather and the economy
BayWa Energy
� Fuel: winter quarter likely to boost order volumes further (heating oil)
� Record result in 2009 from conventional energy gy business cannot be repeated p
(higher oil prices as against previous year – weaker consumer demand and margins)
� Further reductions of tariffs under the German Renewable Energies Act (EEG) to provide
stimulus for the solar business before the year ends
� Completion and sale of projects (and plants) planned for the final quarter
� BayWa r.e‘s EBIT target of EUR 20 million on track

30
The BayWa Share

31
BayWa Share
Share price performance
from 30/09/2009 until 01/11/2010
Share
Share
Closing price on 30/09/2009 € 25.03
High (01/11/2010) € 31.50
Low (28/10/2009) € 21.47
Closing price on 30/09/2010 € 30.23
Market capitalisation in € million
As per p 30/09/2009 683.47
As per 30/09/2010
Free float market cap.
1,031.10
(30/09/2010) 407.77

32
BayWa Share 2010
Shareholder structure as per 30/09/2010
Free float
39.55
35.33
Raiffeisen Agrar
Invest GmbH
25.12
Bayerische
Raiffeisen‐
Beteiligungs AG
More information on the BayWa share and share capital
Sept. 2010
Stock exchanges Frankfurt, Munich, Xetra
Segment Official Market/Prime Standard
Stock exch. index MDAX (Sec. code no. 519406)
ISIN DE0005194062
Share capital EUR 87,307,622.40
Number of shares 34,104,540
Denomination No-par No par value shares with an arithmetical portion of
EUR 2.56 each in the share capital
Securitisation
In the form of a global certificate deposited with
Clearstream Banking AG. Shareholders participate
as co-owners corresponding to the number of
shares held (collective custody account)

33
Financial Calendar 2010/11
November 2010
11/11 BBayWa W AG PPress CConference f Q3
11/11 BayWa AG
March 2011
Analysts‘ Conference Call Q3
30/03 BayWa AG Annual Results Press Conference
31/03 Frankfurt a.M. a M
May 2011
Analysts‘ Analysts Conference
12/05 BayWa AG Press Release Q1
12/05 BayWa AG
June 2011
Analysts‘ Conference Call Q1
15/06 ICM, München
August 2010
Annual General Meeting of Shareholders
04/08 BayWa AG Press Conference, Half-yearly Results
04/08 BayWa AG Analysts‘ Analysts Conference Call
November 2011
10/11 BayWa AG Press Conference Q3
10/11 BayWa AG Analysts‘ Conference Call Q3

34
Investor Relations Manager
Josko Radeljic
Arabellastr. 4
D-81925 München
Phone: +49 (0)89 ( ) / 92 22 - 38 87
Fax: +49 (0)89 / 92 12 - 38 87
Investor Relations contact
e-mail: investorrelations@baywa.de

35
Disclaimer
� The information in this presentation is partly made up of forward-looking statements which
are bbased d on assumptions ti and d are subject bj t tto unforeseeable f bl risks. i k
� In as much as the assumptions on the successful integration of acquisitions and on the
internal growth of the company should prove to be inaccurate, or should other
unforeseeable risks occur, the possibility of the assets, financial position and results of
operations p of the Group p diverging g g negatively g y from the target g figures g cited in this
presentation should not be discounted.
� BayWa AG can therefore undertake no guarantee that the actual development of the net
worth, financial position and results of operations of the Group will concur with the target
figures described in this presentation.