BayWa AG more than tripled its earnings year on year in the first quarter of 2022. The company is reporting revenues of €6.3 billion for the first three months of the current financial year (Q1/20211: €4.1 billion). Earnings before interest and tax (EBIT) amount to €144.9 million (Q1/2021: €45.1 million). “We have gone straight from the coronavirus pandemic into an energy crisis. In a market environment dominated by volatility and uncertainty, BayWa is proving itself to be extremely robust,” says Prof. Klaus Josef Lutz, Chief Executive Officer of BayWa.
The trend shown by renewable energies is continuing, he adds. Lutz believes that the company has so far done a good job of mitigating the global supply bottlenecks affecting agricultural products and building materials through active inventory and risk management. “Our customers trust in BayWa’s supply capabilities. Although the first quarter is only of limited relevance to the year as a whole, we expect our business to perform positively overall,” says Lutz.
Renewable Energies Segment
The Renewable Energies Segment accounted for the largest share of earnings in the first quarter. The BayWa r.e. subgroup, in which the renewable energies business is pooled, generated revenues of €1.6 billion (Q1/2021: €662.1 million) and EBIT of €63.9 million (Q1/2021: €33.7 million) in the first three months of the year. Three solar and wind energy projects were sold during the reporting period. The boom in trading of photovoltaic modules is continuing unabated.
Customers’ fears of a further increase in energy prices led to anticipatory effects in the Energy Segment in the form of greater stockpiling of heating oil. Sales of wood pellets were also up, while the fuel business benefited from the broad lifting of coronavirus measures. Revenues in the Energy Segment stood at €649.2 million in the first quarter (Q1/2021: €377.3 million). EBIT amounted to €8.4 million (Q1/2021: €3.3 million).
Global Produce Segment
Thanks to a good start to the New Zealand apple harvest and forward-looking supply chain management, the Global Produce Segment recorded strong year-on-year growth in the first quarter, with revenues rising to €224.3 million (Q1/2021: €216.0 million). EBIT stood at €7.3 million (Q1/2021: €1.0 million). The scarce supply of containers and high logistics costs remain the biggest challenges for the segment.
For more information: baywa.com