BayWa Q1 Report 2024
The BayWa Group reported a 17.3% decline in revenues for the first three months of the current financial year 2024 compared to the same quarter of the previous year.
The decline is mainly due to the sharp fall in raw material and solar module prices. As expected, EBIT (earnings before interest and tax) declined from €91.8 million to minus €61.3 million. The development in the energy business unit was the main reason for the decline in the consolidated result.
Photovoltaics and energy trading in the Renewable Energies Segment in particular were unable to match the previous year’s strong results due to falling electricity prices and the extreme drop in the price of solar modules. In addition, no wind farms or solar parks with significant output were sold in the reporting period.
Highlights
- Consolidated result (EBIT) typically negative for the season, but in line with quarterly planning
- Agriculture business unit: Mild weather favors agricultural input trade; Agricultural Equipment Segment remains in the fast lane
- Energy business unit: Solar trade is still under pressure, but with an upturn; project and plant construction in full swing; commercialization phase scheduled for the second half of 2024
- Construction business unit: Recovery in the construction industry is a long time coming, and operating measures initiated to reduce costs
- First signs of positive effects from a programme of measures