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BayWa AG

euro adhoc: BayWa AG
Quarterly or Semiannual Financial Statements / Report on the first quarter of 2004 The BayWa Group raises the result of ordinary activities (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Munich, 13 May 2004 - In the first quarter of 2004, the BayWa Group
has raised the result of ordinary activities by EUR 1.2 million year
on year. The Group’s result of ordinary activities is still in the
minus at EUR -1.9 million which is seasonally induced and typical of
the Group’s business. Consolidated sales of EUR 1.23 million are
currently only 2.2% below last year’s figure. Whereas the Agriculture
and Construction segments have already outstripped last year’s
performance, the Energy segment is in the process of catching up and
improving its income, which is currently lower in a year-on-year
comparison.
In the Agriculture segment, quarterly sales, which came in at EUR 641
million, were slightly higher against the previous year’s quarter.
The Group has already made good spring's hesitant burgeoning through
the sale of agricultural products and equipment. The downtrend in the
Agricultural Equipment business is slowing. The segment’s result of
ordinary activities improved due to the good market for agricultural
products and as a result of slashing costs by EUR 3.6 million to EUR
9.65 million in the Agricultural Equipment business unit.
The Construction segment raised sales by one percent to EUR 255
million as against the first quarter of 2003. The Group can use its
strong market position and brisker business in rural areas to raise
income, particularly in the building materials trade. The DIY and
Garden Center business unit is currently making good for the delay in
the gardening season. As the Group makes only 14% of its total volume
in trading with building materials in the first three months of the
year its result of ordinary business, which is still in the minus at
EUR 13.5 million, is typical of its business at this time of year.
Sales in the Energy segment at the end of March were around 10 %
lower than the previous year’s figure which is primarily due to the
price-induced demand distortions last year caused by the Iraq war.
The result is expected to even out over the course of the year. The
disparate trends of the quarters being compared is also reflected in
the segment's result of ordinary activities of EUR 1 million, which
currently corresponds to a minus of EUR 3.3 million.
Sales in the consumer goods business remained stable at EUR 66
million. The Other Activities segment result of EUR 0.9 million is
EUR 0.8 million higher year on year.
Raising efficiency and cutting costs on an ongoing basis
The integration of WLZ is having a notable effect in the areas of
personnel and interest. The former WLZ head office in the centre of
Stuttgart now stands empty, and the regional administration assigned
to other BayWa locations. All business segments have cut costs
substantially in the first quarter. In 2004, the new SAP inventory
control system is to be installed in a number of other business units
with the concurrent positive effect on optimising processes and
managing the various businesses. The concept for streamlining the
Agricultural Equipment business unit has been initiated with an
analysis on improving efficiency, the aim being to raise
profitability long term.
Growth within the Group, rationalisation and optimising processes
mean that the number of employees and how the workforce is organised
is constantly changing. As per 31 March 2004, the BayWa Group
employed a workforce of 15,241. As against 31 December 2003, this
represents reduction of 299 jobs. Above all, the amalgamation with
WLZ has enabled changes to the Group’s workforce in the wake of
reorganisation, new management and new sales and distribution
structures.
Good outlook for 2004
The performance in the first quarter underpins the goals of the Group
for 2004, which include the stabilisation of sales and the steady
improvement of the operating result. The goal has been set at 40
million plus x. That this goal can be achieved is substantiated by
the results achieved by the end of March, along with the uptrend in
successive weeks in the Group’s segments, greater expectations for a
good harvest and the significance of the increase in the number of
building permissions for parts of the Group.
Sec. code no. 519 406; DE 0005194062
end of announcement        euro adhoc 13.05.2004

Further inquiry note:

Lothar Schönberger
Tel.: +49 (89) 9222 3692
E-Mail: presse@baywa.de

Branche: Agriculture
ISIN: DE0005194062
WKN: 519406
Index: CDAX, Classic All Share, Prime All Share, Prime Standard
Börsen: Bayerische Börse / official dealing
Frankfurter Wertpapierbörse / official dealing

Original-Content von: BayWa AG, übermittelt durch news aktuell

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