Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.

Munich, 31 March 2004 - The Supervisory Board and the Advisory
Council of the BayWa Group have confirmed the 2003 consolidated
financial statements. In 2003, the BayWa Group raised sales by 10% to
EUR 5.9 billion. Growth was generated by the takeover of
Stuttgart-based WLZ Raiffeisen AG and by market expansion in the
Energy and Construction segments. The Group improved operating
profit, adjusted for one-off factors, by 9.4 % to EUR 40.8 million.
Net income for the year fell, as scheduled, from EUR 49.9 million to
EUR 24.4 million due to the fact that the previous year included
one-off proceeds from the sale of a food chain. A stable dividend of
EUR 0.24 per share will be proposed to the Annual General Meeting.
For the current financial year, the management of the Group expects a
more favourable economic environment and fewer exceptional one-off
factors. Against this background, stable sales and earnings increase
have been planned. More information will be provided by the Group on
1 April at 10 a.m. at the Press Conference on the Financial
Statements and at 14 p.m. at the Analysts' Conference.

BayWa Aktiengesellschaft
Sec. code no. 519406 // ISIN DE0005194062;  Sec. code no. 519400 // 
ISIN DE0005194005

end of announcement        euro adhoc 01.04.2004

Further inquiry note:

Birgit Sigl
Tel.: +49 (0)89 9222 3692
E-Mail: birgit.sigl@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