DGAP-News: BayWa AG / Key word(s): Annual Results 
BayWa defies the Corona crisis and grows significantly in 2020 - New record set in total operating earnings 
2021-03-25 / 10:30 
The issuer is solely responsible for the content of this announcement. 
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BayWa defies the Corona crisis and grows significantly in 2020 - New record set in total operating earnings 
BayWa AG, Munich, significantly exceeded its targets for the financial year 2020 despite the restrictions associated 
with the coronavirus pandemic. At EUR215.2 million, earnings before interest and tax (EBIT) were significantly better 
than expected (2019: EUR188.4 million). All segments contributed to this positive trend, with some business units 
generating record-breaking figures. As expected, there was a moderate rise in revenues to EUR17.2 billion (2019: 
EUR17.1 billion). BayWa AG plans to raise its dividend for 2020 by 5 cents to EUR1.00 per share. 
"As a provider of essential goods and services, BayWa is a diversified, international company with a successful track 
record in forward-looking business units such as Renewable Energies says Klaus Josef Lutz, Chief Executive Officer of 
BayWa AG. "BayWa has therefore proven to be robust in the coronavirus crisis as well, plus it has even managed to 
achieve growth. The global expansion of renewable energies is a megatrend that continues unabated. In 2020, we 
sustained our growth in the Renewable Energies business unit and achieved record-breaking revenue and EBIT figures. 
Furthermore, our conventional business areas also developed positively. From heating oil and wood pellets to fruit and 
tractors and the building materials trade, almost all operating areas benefited from high levels of demand and recorded 
year-on-year growth, in some cases by a substantial margin." The only business area to post negative EBIT was the 
German agricultural trade, despite higher revenues. "This is where one-off costs for the restructuring of our Agri 
Trade & Service business unit, which we implemented in eastern and northern Germany last year, are having an impact," 
Lutz continues. "This expenditure was necessary to secure future profitability in the German agriculture business and 
was more than compensated for by results in other business divisions. BayWa's diversified approach has once again 
proven to be a major advantage in this regard." 
BayWa expects revenues and EBIT to increase slightly year on year in the financial year 2021, provided the restrictions 
imposed on the global economy due to the ongoing coronavirus pandemic remain manageable. "Renewable Energies will 
continue to be a pillar of our success in the current financial year," the Chief Executive Officer adds. The project 
pipeline for 2021 is well-filled with 1.1 gigawatts (GW). The capital increase at BayWa r.e. renewable energy GmbH 
(BayWa r.e.) by Swiss investor EIP provides additional tailwind. 
Energy Segment generates new records 
EBIT in the Energy Segment reached a new record high of EUR142.7 million in 2020 (2019: EUR127.4 million), even though 
revenues fell year on year to EUR4.2 billion (2019: EUR4.5 billion). 
Project business and solar trading were the main drivers of revenues and earnings in the Renewable Energies business 
unit. With a total output of 667.0 megawatts (MW), the share of turnkey wind farms and solar parks in the reporting 
period stood at 94% (2019: 37%). The total output of traded photovoltaic (PV) components rose by a double-digit 
percentage once again to over 1 GW due to the heightened demand for green electricity. BayWa expects both revenues and 
EBIT to experience further significant growth in 2021, when revenues from independent power producer (IPP) business 
will be included for the first time. BayWa plans to independently operate around 20 solar parks and wind farms with a 
total output of 600 MW by the end of the year. 
In the Conventional Energy business unit, the low oil price and political measures, such as the lowering of value added 
tax in the second half of the year and the introduction of carbon tax at the turn of the year, fuelled demand for 
heating oil. It is unlikely that heating oil sales will be able to match the strong previous-year figures. Wood pellets 
have established themselves at BayWa as a strong pillar of the Conventional Energy business unit. With wood pellets a 
carbon-neutral alternative to heating oil, this positive trend will continue in the current financial year. BayWa is 
also continuing its successful expansion in the fields of CO[2]-optimised mobility. Four LNG filling stations for 
heavy-goods vehicles came online in 2020, a figure BayWa intends to more than double by the end of the current year. 
The number of charging stations and charging points where the BayWa filling station and charging card is accepted as a 
means of payment also increased further in the reporting period. 
Significant EBIT growth in the Agriculture Segment 
The Agriculture Segment increased its revenues moderately to EUR11.0 billion in 2020 (2019: EUR10.9 billion). EBIT rose 
substantially to EUR107.1 million (2019: EUR96.6 million). 
In the second half of 2020, international trade in grain and oilseed benefited from price increases triggered by 
anticipated harvest losses in key cultivation regions around the world, as well as strong demand for feedstuff grain in 
China as pig stocks recover. The effects of the measures to contain the coronavirus pandemic on supply chains remained 
manageable. On the other hand, increased logistics costs, as well as competitive and price pressure in soya trading, 
had an adverse effect on trading business. Trading of specialities and sustainable agricultural commodities was stable 
and is to be expanded further in 2021. 
German trade business benefited from a largely positive harvest in BayWa's collecting territory. The price rise 
observed over the past few months provides a solid platform here and - with more volatile markets - offers good 
opportunities for product trade in Germany. Agricultural input business, however, was once again challenging in 2020. 
The price-related pressure on margins in the fertilizer business, unfavourable weather conditions, stricter legal 
requirements and greater precision in the use of fertilizers and crop protection had a negative impact on sales of 
agricultural inputs. Sales of seed developed significantly better than expected. BayWa expects fertilizer and crop 
protection business to be down slightly year on year in 2021. The trend towards more organic farming and society's 
ecological expectations towards farmers are having a noticeable effect here. 
With fruit sales up 31% year on year, the Global Produce business unit developed extremely positively. Higher prices, 
coupled with better fruit quality and less pressure from imports from other countries, bolstered pome fruit business in 
Germany. The New Zealand Group company T&G Global benefited from an above-average harvest, high fruit quality and 
strong exports at the beginning of the apple season in spring 2020. However, the volume of higher-quality fruit will be 
lower in the current marketing season than in the previous year. Hail damage following storms in New Zealand at the 
beginning of the year affected apples and summer fruits in particular. 
High consumer demand for healthy food and, at T&G Global, an improved product mix for the particularly attractive Asian 
market indicate that the successful development of the Global Produce business unit will continue. Al Dahra BayWa 
Agriculture LCC in the United Arab Emirates will contribute to earnings again, having rebuilt the climate-controlled 
greenhouse following its destruction in a natural disaster in January 2020. The first tomatoes of the new season will 
be harvested from April. 
The Agricultural Equipment business unit exceeded expectations, with new record sales of new and used machinery. 
Besides tractors, demand was particularly high for machinery designed for more-efficient and resource-conversing 
agricultural input use. Going forward, workshop service will continue to benefit from the high sales figures in the 
past year, whereas new machinery business will normalise after the record-breaking year. 
Building Materials Segment records largest growth 
The Building Materials Segment enjoyed an unusually strong financial year. Revenues climbed to EUR1.9 billion (2019: 
EUR1.7 billion), while EBIT far exceeded expectations to stand at EUR46.9 million (2019: EUR32.1 million). 
These developments were driven by extremely strong demand from the building sector across the entire product range and 
changes in how consumers are spending their leisure time. With people largely spending their holidays at home due to 
the coronavirus pandemic, many invested more significantly in gardening and landscaping. As a provider of essential 
goods and services, BayWa's building materials sites were open and able to deliver products throughout the lockdown. 
Both online trade and bricks-and-mortar business saw a boom. The expansion of digital solutions will be a focal point 
at BayWa once again in the current financial year. BayWa Bau Projekt GmbH's business, which began in 2020 by marketing 
its first residential units, is also expected to grow, with further construction projects currently being implemented 
or scheduled to start in 2021. 
 
 
 
Performance of the BayWa Group as at 31 December 2020 
 
 
               Revenues^ 1                 EBIT^ 2 
In EUR million   2020      2019      %       2020  2019  % 
               17,155.4  17,059.0  + 0.6   215.2 188.4 + 14.2 Performance of the Energy Segment 
                     Revenues                 EBIT 
In EUR million         2020    2019    %        2020  2019  % 
Renewable Energies   2,500.6 1,975.3 + 26.6   110.9 101.0 + 9.8 
Conventional Energy  1,745.2 2,499.0 - 30.2   31.8  26.4  + 20.5 
Energy Segment       4,245.8 4,474.3 - 5.1    142.7 127.4 + 12.0 Performance of the Agriculture Segment

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March 25, 2021 05:32 ET (09:32 GMT)