Mixed group
New bank loans should simplify BayWa session
The green electricity business is a millstone around the Baywa neck and is to be sold. Now the lending banks are generous, which should simplify the process.
When renovating the highly indebted Baywa, the creditor banks with new loans are great for the largest problem subsidiary of the Munich mixed group. That is why the sales plan, which was only published at the end of February, is now being changed at short notice for the Baywa re in the green electricity business, as both the parent company Baywa AG and the subsidiary made public in separate messages. The new plan has not yet been signed.
Capital increase is no longer necessary
Baywa, which emerged from the cooperative movement, is the largest German agricultural dealer and plays an important role in agriculture and food supply in the south and east of Germany. The daughter Baywa Re plans, builds and operates solar and wind farms, on the green electricity business alone, according to the 2024 half-year balance sheet of the group of over four billion euros. The BayWa RE receives 435 million euros, composed of shareholder loans, other credit lines and guarantees. Mother BayWa AG is to be released its 51 percent proportion of majority at the Baywa RE to a investment company, so that the daughter and her debts no longer appear in the corporate balance.
Baywa AG does not have to copy 350 million euro loans
The original plan was more complicated and would have been associated with a big horse foot for BayWa AG. Accordingly, the Swiss co -partner Energy Infrastructure Partners (EIP) would have taken over the majority at the green electricity daughter and initiated a capital increase of 150 million euros. In return, Baywa AG should have given up a shareholder loan at EUR 350 million that it had granted the daughter. The depreciation of these 350 million would have led to the equity of Baywa AG slipped into the minus. Now the equity should remain positive.
High losses last year
In the first nine months of 2024, the BayWa Group including Baywa Re had written over 640 million euros in net loss. The cause of the crisis is an unsuccessful expansion to credit in the past decade. The workforce pays a high price for the renovation: 1,300 of the 8,000 full-time positions of the parent company Baywa AG are to be deleted, which corresponds to 16 percent of the group’s full-time workplaces in Germany.
dpa
Source: Stern
