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KWS Investor Presentation February 2015

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KWS Investor Presentation February 2015

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KWS Investor Presentation February 2015

  1. 1. Investor Presentation KWS SAAT AG February, 2015
  2. 2. 2 Business performance of the KWS Group November 2014 Investor Presentation
  3. 3. 3 Sales* in Europe in € bn 1.30 USD/EUR * Estimated sales for calendar year 2013 Source: Phillips McDougall Consultants; own estimates KWS Global sales in € bn 1.30 USD/EUR 1) Sales 2013/14 „Seeds & Genomics“ w/o vegetables; FY: September 1 to August 31 2) Sales 2013, „Seeds“; FY: January 1 to December 31 3) Sales 2013 w/o flowers & vegetables; FY: January 1 to December 31 4) Sales 2013; „Seeds, Traits & Oils“; FY: January 1 to December 31 5) Sales 2013/14; FY: July 1 to June 30 6) Sales 2013/14; „Field seeds“; FY: July 1 to June 30 TOP 6 Global agricultural seed companies Sales of agricultural crops February 2015 Investor Presentation DuPont/Pioneer Vilmorin Monsanto 1.0 0.7 0.6 0.6 0.5 DuPont/Pioneer Vilmorin Syngenta Monsanto 7.6 1.2 0.9 6) 3) 2) 1) 4) 6.3 1.9 1.3Dow 5) Dow 0.1 Syngenta
  4. 4. 4 754 855 986 1,147 1,178 09/10 10/11 11/12 12/13 13/14 KWS Track record Sales in € mn EBIT in € mn EBIT-Margin 2013/2014: 11.8% 82 117 141 151 138 09/10 10/11 11/12 12/13 13/14 • After adjustment for exchange rate effects: Sales of €1,228.5 mn (+7.1%) EBIT of €142.6 mn (-6.5%) • Below-proportionate increase in cost of sales by 1.2% to €614.5 mn • Increase in expenditure: R&D by 6.0% to €148.8 mn Selling expenses by 7.1% to €204.0 mn In the following figures of FY 2012/13 are adjusted to IAS 19 (2011)February 2015 Investor Presentation
  5. 5. 5 Rest of world 5% Europe (w/o Germany) 38% Americas 38% Germany 19% By Region Total sales by Region and Business Segment 2013/2014 February 2015 Investor Presentation By Business Segment Cereals 9% Sugarbeet* 30% Corn 61% * Incl. potato sales
  6. 6. 6 Sales and EBIT-Margin Development by Segment Corn in € mn Sugarbeet in € mn Cereals in € mn EBIT-Margin Net sales * Incl. potato sales 78 93 112 107 112 (e) 19% 20% 24% 16% 12% 10/11 11/12 12/13 13/14 14/15 477 572 702 715 778 (e) 13% 14% 13% 14% 11% 10/11 11/12 12/13 13/14 14/15 294 313 329 351 362 (e) 22% 25% 22% 20% 21% 10/11* 11/12* 12/13* 13/14* 14/15* February 2015 Investor Presentation
  7. 7. 7 Rest of world 2.5% Europe (w/o Germany) 33.7% Americas 35.0% Germany 28.8% Cereals 8.3% Sugarbeet* 32.8% Corn 51.8% Corporate 17.1% February 2015 Investor Presentation Capital expenditure 2013/2014 Strengthening of growth markets By Region € 83 mn By Business Segment € 83 mn * Incl. potato sales
  8. 8. 8
  9. 9. 9 Corn Segment 2013/2014
  10. 10. 10 Source: Kleffmann, KWS, USDA Market volume 2013/2014 in mn ha EU 28: 1.1 mn ha (+1%) Europe (excl. CH, incl. TR, UA, RU): 23.4 mn ha (+1%) 0.8 1.7 2.1 2.6 3.2 3.7 4.9 7.8 15.5 34.0 37.1 Corn acreage for sowing season 2014 NE: DK, UK, NL, BE; SOE: HU, BG, AT, RO, RS, HR; NA: US; ME: PL, CZ, SK; SE: IT, ES, PT; OE: RU, UA February 2015 Investor Presentation
  11. 11. 11 Net sales in € mn 2009/2010 – 2013/2014 Others 25% Corn EU Net sales and Market Share Pioneer 22% KWS 19% Vilmorin 13% Syngenta 6% * Kleffmann, 2014 Market Share* 2013/2014 Monsanto 15% EU acreage 14.1 mn ha February 2015 Investor Presentation 231 259 297 314 321 09/10 10/11 11/12 12/13 13/14
  12. 12. 12 Others 13% Corn North America Sales development and Market Share Pioneer 35% AgReliant 7% Syngenta 6% Dow 4% Net sales in € mn 2009/2010 – 2013/2014 * Estimated data, KWS Market Share* 2013/2014 Monsanto 35% US acreage 37.1 mn ha 50-50 JV with Vilmorin, France February 2015 Investor Presentation 318 358 451 537 509 09/10 10/11 11/12 12/13 13/14
  13. 13. 13 Asia/Africa 17% Corn - Other Regions Net sales development and Market Share South America 48% European not EU states 35% Sales breakdown other regions 2013/2014 February 2015 Investor Presentation Segment sales 2013/2014 €147 mn 23 39 50 123 145 09/10 10/11 11/12 12/13 13/14 Net sales in € mn 2009/2010 – 2013/2014
  14. 14. 14 New markets - Brazil Net sales 2014/2015: €65 mn (previous year: €53 mn) • World‘s third largest corn market (approx. 15 mn ha) • Tropical & subtropical climate • Growing importance of GM-crops • Significant competitors: Pioneer, Monsanto and Syngenta February 2015 Investor Presentation
  15. 15. 15 82% 7,500 Chinese breeding companies KWS 3% Pioneer 12% Monsanto Syngenta Vilmorin each 1% New markets - China Corn acreage 34 mn ha KWS corn varieties grow on approx. 1 mn hectares in China. • Approval of the JV with our longstanding partner Kenfeng mid-2014 • Operational start of the JV in FY 2015/2016 February 2015 Investor Presentation
  16. 16. 16 Sugarbeet Segment 2013/2014
  17. 17. 17 Sugarbeet Segment sales 2013/2014 Total Segment sales €351.1 mn Potato 9% Sugarbeet 91% February 2015 Investor Presentation
  18. 18. 18 Others 1% Sugarbeet worldwide Net sales and Market Share KWS 25% Strube 13% Syngenta 10% Desprez 6% Betaseed 13% Maribo 3% Lion Seeds 1% Net sales1 in € mn 2009/2010 – 2013/2014 Global Acreage: 4.1 mn ha ACH Seeds 9% Market Share1,2 2013/2014 February 2015 Investor Presentation 1 Sugarbeet seeds w/o potato 2 Own data KWS, 2014 247 267 281 298 319 09/10 10/11 11/12 12/13 13/14 SESVanderHave 19%
  19. 19. 19 Sugarbeet EU Net sales and Market Share Net sales1 in € mn 2009/2010 – 2013/2014 EU-Acreage: 1.6 mn ha 1 Sugarbeet seeds w/o potato Others 1% SESVanderHave 22% KWS 39% Strube 18% Syngenta 8% Desprez 5% Betaseed 3% Maribo 4% Market Share1,2 2013/2014 2 Own data KWS, 2014 113 132 129 128 137 09/10 10/11 11/12 12/13 13/14 February 2015 Investor Presentation
  20. 20. 20 Important sugarbeet research projects at KWS New research & breeding projects:  New breeding technologies (GABI)  KWS & Bayer  ALS (non-GMO herbicide resistance)  KWS & BASF  Yield genes (GMO)  Rizomania resistance (GMO virus resistance)  Winter Beet (GMO)  … What lies ahead? KWS will remain no.1 in innovations February 2015 Investor Presentation
  21. 21. 21 Cereals Segment 2014/2015 (e)
  22. 22. 22 KWS Cereals activities 2013/2014 Net sales in € mn 2010/2011 – 2014/2015 February 2015 Investor Presentation 78 93 112 107 112 10/11 11/12 12/13 13/14 14/15 Strong acreage-related decline in hybrid rye business Segment sales 2014/2015 €112 mn (e) Others 8% Barley 14% Rapeseed 6% Wheat 20% Rye 52% Net sales breakdown by product group 2014/2015
  23. 23. 23 KWS Cereals activities 2013/2014 Acquisition of the remaining 18.9% of shares in KWS LOCHOW GMBH February 2015 Investor Presentation
  24. 24. 24 Takeover of the remaining shares in Momont, France KWS Cereals activities 2013/2014 February 2015 Investor Presentation
  25. 25. 25 Research & Development
  26. 26. 26 Research & Development at KWS Base of a successful Corporate Development Development of R&D expenditure in € mn Estimated R&D intensity of approx. 13% in FY 2014/2015 98 114 127 140 149 09/10 10/11 11/12 12/13 13/14 February 2015 Investor Presentation Bio-Research & Development Growth Park (BRDG Park) in St. Louis, Missouri (U.S.)
  27. 27. 27 274 296 303 276 336 09/10 10/11 11/12 12/13 13/14 1,446 1,460 1,582 1,768 1,836 09/10 10/11 11/12 12/13 13/14 Research & Development at KWS Highly innovative and tailor-made R&D employees Newly approved varieties February 2015 Investor Presentation
  28. 28. 28 KWS: Global breeding Breeding and distribution in over 70 countries February 2015 Investor Presentation Trial locations Breeding stations
  29. 29. 29 KWS Trait Pipeline Progress by Project Genetically engineered Trait Lead Gene Identification Proof of Concept Elite Event Selection Deregulation Commerciali- zation Sugarbeet Glyphosate Tolerance Virus Resistance Winter Beet Yield Genes Corn Glyphosate Tolerance Glyphosate Tolerance + Insect Resistance Drought Tolerance Nitrogen Use Efficiency Wheat Fungal Resistance Potato Fungal Resistance First GENECTIVE trait successfully deregulated in the USA February 2015 Investor Presentation
  30. 30. 30 Employees Employees by function* Production 23.4% Distribution 25.6% R&D 37.9% Administration 13.1% *on average for the year Employees by function* 2013/2014 2012/2013 +/- R&D 1,836 1,768 3.8% Distribution 1,241 1,132 9.6% Production 1,136 956 18.8% Administration 634 587 8.0% Total 4,847 4,443 9.1% February 2015 Investor Presentation
  31. 31. 31 Capital expenditure Strengthening of growth markets Capital expenditure in € mn 58 49 112 65 83 09/10 10/11 11/12 12/13 13/14 Planned capital expenditure in FY 2014/2015: ca. €138 mn February 2015 Investor Presentation New corn processing plant in Serbia
  32. 32. 32 Sales Outlook 2014/15 Corn Sugarbeet Cereals KWS Group In €mn Net sales 2013/14 Net sales forecast 2014/15 Corporate 778 e 362 e 112 e 714,9 351,1 107,3 1.178 1.255 e 4,7 4 e February 2015 Investor Presentation
  33. 33. 33 EBIT-Outlook 2014/15 Corn Sugarbeet Cereals KWS Group In €mn EBIT 2013/14 EBIT forecast 2014/15 Corporate 100,9 70,1 17,1 138,4 88 e 77 e 14 e 125 e -49,7 -55 e February 2015 Investor Presentation
  34. 34. 34
  35. 35. 35 The Executive Board Dr. Peter Hofmann (1960) • Member of the Executive Board since October 1, 2014 • Responsibility: Sugarbeet, Cereals, Marketing • Ph.D. in Seed Physiology Dr. Léon Broers (1960) • Member of the Executive Board since 2007 • Responsibility: Research & Breeding • Ph.D. in Plant Breeding; Master of Business Administration Dr. Hagen Duenbostel (1970) • CEO/ Member of the Executive Board since 2003 • Responsibility: Corn, Investor Relations • Degree in Business Administration; Dr. rer. pol. February 2015 Investor Presentation Eva Kienle (1967) • Member of the Executive Board since 2013 • Responsibility: Finance, Controlling, Global Services, Legal, IT, HR • Degree in Business Administration
  36. 36. 36 The KWS share 56.1% Families Büchting Arend Oetker Giesecke 15.1% Tessner Beteiligungs GmbH 28.8% Free float Shareholder structure No. of shares: 6,600,000 Key figures per February 23, 2015 (Xetra) Closing call: €271,50 Market Cap.: €1.79 bn Free Float Market Cap.: €515 mn 52 weeks high/low: €283.69/€249.56 WKN: 707400 ISIN: DE0007074007 Symbol: KWS February 2015 Investor Presentation
  37. 37. 37 Financial calendar May 27, 2015 3rd Quarter Report 2014/2015 October 15, 2015 Full year results 2014/2015, Annual press conference in Frankfurt, Analyst conference in Frankfurt December 17, 2015 Annual Shareholders' Meeting in Einbeck February 2015 Investor Presentation
  38. 38. 38 Disclaimer These materials are not an offer for sale of Subscription rights or Securities in the United States. Subscription rights and Securities may not be offered or sold in the United States without registration or an exemption from registration under the U.S Securities Act of 1993, as amended. KWS SAAT AG does not intend to register any portion of the offering in the United States or to conduct a public offering in the United States or to conduct a public offering of Subscription rights or Securities in the United States. This document contains certain forward-looking statements relating to the business, financial performance and results of KWS SAAT AG and/or its subsidiaries and/or the industry in which KWS SAAT AG and its subsidiaries operate. These forward-looking statements are based on KWS’ current plans, estimates, projections and expectations. These statements are based on certain assumptions that, although reasonable at this time, may prove to be erroneous. Prospective investors should not place undue reliance on these forward-looking statements. If certain risks and uncertainties materialize, or if certain underlying assumptions prove incorrect, events described in this document as anticipated, believed, estimated or expected may not occur, and KWS SAAT AG may not be able to achieve its financial targets and strategic objectives. This presentation should not be viewed as definitive legal, tax, or other advice regarding investment. All interested investors should seek independent third party legal, tax, and other advice. KWS SAAT AG does not intend, and does not assume any obligations, to update industry information or forward-looking statements set forth in this document. KWS SAAT AG assumes no responsibility or liability in regard to the completeness of the contents and the accuracy of opinions, estimates, prognoses, calculations, or other information contained in this presentation. This presentation may contain confidential information. Neither the presentation nor any of its contents may be reproduced or otherwise made available to third parties. February 2015 Investor Presentation
  39. 39. 39 IR Contact Georg Folttmann Head of Investor Relations +49 5561 311-640 georg.folttmann@kws.com KWS SAAT AG Grimsehlstr. 31 D-37555 Einbeck February 2015 Investor Presentation

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