24.11.2020 KWS SAAT SE & Co. KGaA  DE0007074007

DGAP-News: KWS posts stable business performance in the first quarter despite negative exchange rate effects - Guidance for the year confirmed


DGAP-News: KWS SAAT SE & Co. KGaA / Key word(s): Quarterly / Interim Statement
KWS posts stable business performance in the first quarter despite negative exchange rate effects - Guidance for the year confirmed

24.11.2020 / 07:00
The issuer is solely responsible for the content of this announcement.

Einbeck, 24 November 2020

KWS posts stable business performance in the first quarter despite negative exchange rate effects - Guidance for the year confirmed

Total net sales of the KWS Group (ISIN: DE0007074007) fell by 3.6% in the first three months of fiscal 2020/2021 due to negative exchange rate effects but increased by 6.8% on a comparable basis. As is customary in the first quarter, the key figures of EBITDA, EBIT and net income were negative.

"Our operational business performance was stable by and large in the first quarter," said Eva Kienle, Chief Financial Officer of KWS. "However, the fall in the value of a number of currencies, in particular in South America and Eastern Europe, weighed on our key financial indicators."

Net sales for the first three month were at € 184.1 (191.0) million. EBITDA was € -27.3 (-21.8) million, while EBIT was € -50.5 (-42.3) million. The Group recorded a lower gross profit, as well as higher function costs for research and development and administration, while selling expenses fell year over year.

Net financial income/expenses was € -15.2 (-22.2) million. Since the earnings contributed by the equity-accounted joint ventures do not materialize until the third quarter, net income from equity investments in the first quarter is well in the red. It totaled € -12.0 (-16.9) million. The interest result improved to € -3.2 (-5.3) million due to a fall in interest expenses.

Income taxes totaled € -17.7 (-18.0) million. The result was net income for the period of € -47.9 (-46.6) million or € -1.45 (-1.41) per share.

Free cash flow improved to -119.1 (-138.4 million €; excluding the acquisition of Pop Vriend Seeds) in the reporting period.

Overview of the key figures

in € millions   Q1 2020/2021 Q1 2019/2020 +/-
Net sales   184.1 191.0 -3.6%
EBITDA   -27.3 -21.8 -25.2%
EBIT   -50.5 -42.3 -19.4%
Net financial income/expenses   -15.2 -22.2 31.5%
Result of ordinary activities   -65.6 -64.6 -1.5%
Income taxes   -17.7 -18.0 1.7%
Net income   -47.9 -46.6 -2.8%
Earnings per share in € -1.45 -1.41 -2.8%

Business performance of the segments

The Corn Segment grew its net sales by around 6% to €46.9 (44.4) million in the first quarter despite negative exchange rate effects. In main markets in South America, Argentina and Brazil, business expanded significantly in them (in terms of local currency). However, net sales were impacted heavily by negative exchange rate effects from the fall in value of the Argentinean peso and the Brazilian real. In the regions of Europe and North America, the segment does not generate any significant net sales in the first quarter due to seasonal reasons. The segment's income was € -41.0 (-37.5) million.

The Sugarbeet Segment posts only low net sales in the first quarter due to seasonal reasons. Net sales in the first three months were €16.1 million and thus above the level of the previous year (€10.6 million). The revenue mainly comes from the sale of sugarbeet seed in Chile and North Africa. The segment's income fell to € -32.2 (€ -28.5) million.

Net sales in the Cereals Segment in the first quarter declined by around 3% to €109.1 (112.0) million, but were at the level of the previous year after adjustment for exchange rate effects. The level of hybrid rye seed business varied in our sales regions, and net sales from it were around 5% below the same period of the previous year. However, the growth prospects for hybrid rye remain positive. Winter rapeseed business grew by around 5% on the back of improved conditions in the sowing season in a number of European countries. The segment's income was €36.0 million and thus at the level of the previous year (€36.6 million).

Net sales in the Vegetables Segment fell significantly to € 13.3 (27.0) million compared to the same quarter of the previous year, which showed a strong sales development. In addition, the food service market segment saw lower demand in connection with the COVID-19 pandemic. As a result of the course of business, EBITDA fell to € 2.4 (8.7) million and EBIT (including non-cash effects as part of the purchase price allocation for the acquisition of Pop Vriend Seeds) also fell to € -3.3 (3.0) million.

Net sales in the Corporate Segment totaled €1.8 (1.6) million. They are mainly generated from KWS farms. Since all cross-segment costs for the KWS Group's central functions and basic research expenditure are charged to the Corporate Segment, its income is usually negative. The segment's income improved to € -22.0 (-30.9) million, mainly due to positive, exchange rate-related measurement effects from financial instruments.

The difference from the KWS Group's statement of comprehensive income and segment reporting is due to the requirements of the International Financial Reporting Standards (IFRSs) and is summarized for the key indicators of net sales and EBIT in the reconciliation table below:

Reconciliation table

in € millions   Segments Reconciliation KWS Group
Net sales   187.1 -3.1 184.1
EBIT   -62.5 12.1 -50.5

Guidance for the 2020/2021 fiscal year confirmed

For the KWS Group, the Executive Board continues to expect net sales at the previous year's level (€1,282.6 million). Assuming that net sales are stable, the EBIT margin is expected to be in the range between 11% and 13% (after adjustment for the non-cash effects as part of the purchase price allocation for the acquisition of Pop Vriend Seeds).

Annual General Meeting 2020 in virtual format

The Annual General Meeting of KWS SAAT SE & Co. KGaA will take place on December 16, 2020 from 11:00 a.m. (CET) in virtual format (without physical presence). The documents and further information on the Annual General Meeting are available at www.kws.com.

About KWS*

KWS is one of the world's leading plant breeding companies. More than 5,700 employees in 70 countries generated net sales of around €1.3 billion in fiscal 2019/2020. A company with a tradition of family ownership, KWS has operated independently for more than 160 years. It focuses on plant breeding and the production and sale of seed for corn, sugarbeet, cereals, vegetables, rapeseed and sunflowers. KWS uses leading-edge plant breeding methods to continuously improve yield for farmers and plants' resistance to diseases, pests and abiotic stress. To that end, the company invested more than €200 million last fiscal year in research and development.

* All figures excluding the shares of the equity-accounted companies AGRELIANT GENETICS LLC., AGRELIANT GENETICS INC. and KENFENG - KWS SEEDS CO., LTD.

More information: www.kws.com. Follow us on Twitter(R) at https://twitter.com/KWS_Group.


Peter Vogt
Head of Investor Relations
Phone: +49-30 816914-490
[email protected]
Martin Heistermann
Senior Manager Investor Relations
Phone: +49-30 816914-341
[email protected]
Sina Barnkothe
Corporate Communications
Phone: +49-5561 311-1783
sina[email protected]


24.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: KWS SAAT SE & Co. KGaA
Grimsehlstraße 31
37555 Einbeck
Phone: +49 (0)5561 311-0
Fax: +49 (0)5561 311-322
E-mail: [email protected]
Internet: www.kws.de
ISIN: DE0007074007
WKN: 707400
Indices: S-DAX
Listed: Regulated Market in Frankfurt (Prime Standard), Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1150077

End of News DGAP News Service

1150077  24.11.2020 


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 1.068,01 1.113,34 1.282,55 1.310,23 1.539,52 1.819,80 1.900,00
EBITDA1,2 182,42 198,72 225,50 230,86 252,40 318,15 335,00
EBITDA-Marge3 17,08 17,85 17,58 17,62 16,40 17,48
EBIT1,4 132,56 149,99 137,37 137,03 155,06 222,76 239,00
EBIT-Marge5 12,41 13,47 10,71 10,46 10,07 12,24 12,58
Jahresüberschuss1 99,66 104,02 95,22 110,59 107,76 126,99 131,00
Netto-Marge6 9,33 9,34 7,42 8,44 7,00 6,98 6,90
Cashflow1,7 98,06 72,85 136,16 168,32 100,32 144,65 0,00
Ergebnis je Aktie8 3,02 3,15 2,89 3,35 3,27 3,85 3,96
Dividende8 0,64 0,67 0,70 0,80 0,80 0,90 0,64
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Ernst & Young

KWS Saat
WKN Kurs in € Einschätzung Börsenwert in Mio. €
707400 58,300 Kaufen 1.923,90
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
12,15 17,78 0,68 18,70
1,53 13,30 1,06 7,82
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
0,90 0,90 1,54 05.12.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
09.11.2023 08.02.2024 14.05.2024 27.09.2023
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
8,49% 11,54% 8,57% 1,39%
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Agrar , 707400 , KWS , XETR:KWS