Bauer maintains last year's outstanding upward trend in the first quarter
Schrobenhausen, May 15, 2008 (euro adhoc) -
. Total Group revenues up 29.1 percent to EUR 339.7 million
. After-tax profit up 244.4 percent to EUR 12.4 million
. Earnings per share up from EUR 0.20 to EUR 0.70
. Full-year forecast for 2008 reaffirmedots.CorporateNews transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
companies/Quarterly Results
The performance of global construction and equipment manufacturing group BAUER Aktiengesellschaft in the first quarter of 2008 has maintained the outstanding upward trend seen last year. Revenues, earnings and orders in hand have all increased significantly once again.
From January to March, Bauer increased its total Group revenues by 29.1 percent to EUR 339.7 million. Earnings before interest and taxes (EBIT) more than doubled, rising 113.4 percent to EUR 25.4 million. Net profit of EUR 12.4 million was around three and a half times that of the comparative previous year period. With orders in hand up 77.3 percent against the comparative previous year period at EUR 743.4 million, the Group's capacities are well taken up through to the end of the year. The workforce at March 31, 2008 totalled 7,681 employees - 1,851 more than at the same date last year and 698 up on the year- end figure. The increase in the number of staff in the early months of 2008 mainly related to Egypt, Vietnam and the United Arab Emirates.
Segment trends
The Construction segment profited primarily from growth in its international business. Its first-quarter revenues increased by 23.8 percent to EUR 150 million. The segment's EBIT of EUR 3.3 million (previous year: EUR -0.2 million) substantially outperformed the historical seasonal trend.
With a 28.2 percent increase in revenues to EUR 181 million, the Equipment segment has enjoyed a particularly successful start to the new year. The segment's EBIT of EUR 23.7 million (previous year: EUR 15.7 million) is 51.3 percent up on the same period of last year. In order to meet the high demand from its customers promptly, Bauer is currently undertaking the largest investment programme in its history, expanding its production capacities in Germany and internationally.
In the Resources segment, the 80 percent increase in revenues to EUR 22.7 million resulted mainly from the acquisition of the GWE Group during the second quarter of 2007. The segment's EBIT of EUR -1.3 million (previous year EUR -0.6 million) was negatively affected by seasonal factors on its primarily German market.
Outlook
Bauer is looking to the future with confidence, not only in view of the healthy state of the construction sector and the outstanding levels of orders in hand in all areas of the Group. "Our traditional invitation events for customers held at the end of April in Schrobenhausen attracted more than 2,500 visitors, from almost 50 countries and from every continent on Earth, eager to find out about our range of services and construction equipment, including a large number of highly promising new product developments," reports Chairman of the Management Board Professor Thomas Bauer. "There was clearly a high level of demand and a marked willingness to invest on the part of our customers, and that was reflected in the orders taken."
Consequently, the Group is reaffirming its full-year forecasts for 2008. It expects total Group revenues to increase by a good 16 percent to a good EUR 1.4 billion (previous year: EUR 1.2 billion) and after-tax profit to rise by an even higher proportion, to a good EUR 90 million (previous year: EUR 74.4 million).
About Bauer
Bauer is an international provider of services, machinery and ancillary products in the earth-working and groundwater fields. The Group markets its products and services all over the world. Its global spread allows it to remain largely unaffected by fluctuating business cycles.
The operations of the Group are divided into three segments: Construction, Equipment and Resources. The Construction segment carries out specialist foundation engineering work all over the world, developing foundation and excavation projects as well as providing related construction services. In its Equipment segment, in which it is a world market leader, Bauer offers an extensive range of machinery, equipment and tools for specialist foundation engineering. The Resources segment encompasses the Group's operations in the exploitation of raw materials, in environmental technology, in geothermal drilling operations and also in equipment for wells (including pumps and drills, screens and casings).
Bauer profits greatly from the collaboration between its three separate segments, enabling the Group to position itself as an innovative, highly specialized provider of complete solutions and services for demanding projects on the specialist foundation engineering and related markets.
Founded in 1790, Bauer today generates more than two thirds of its total revenues outside of Germany. Employing nearly 7,000 people, the Group's total revenues in 2007 were EUR 1.2 billion (previous year: EUR 980 million). BAUER Aktiengesellschaft has been listed on the official market of the Frankfurt Stock Exchange since July 4, 2006 (Prime Standard, ISIN DE0005168108).
GROUP KEY FIGURES - 1st Quarter 2008 (IFRS)
| |Q1 2007 |Q1 2008 |Change | | |in EUR |in EUR million | | | |million | | | |Total Group revenues* |263.1 |339.7 |29.1 % | |of which | | | | |- Germany |87.4 |74.6 |-14.6 % | |- International |175.7 |265.1 |50.9 % | |of which | | | | |- Construction |121.2 |150.0 |23.8 % | |- Equipment |141.1 |181.0 |28.3 % | |- Resources |12.6 |22.7 |80.2 % | |- |-11.8 |-14.0 |n/a | |Other/Eliminations/Consolidations | | | | |Consolidated revenues |252.6 |328.2 |29.9 % | |Sales revenues |203.7 |261.4 |28.3 % | |Orders in hand |419.2 |743.4 |77.3 % | |EBITDA |23.5 |38.3 |63.0 % | |EBITDA margin (as % of sales |11.5 % |14.7 % |n/a | |revenues) | | | | |EBIT |11.9 |25.4 |113.4 % | |EBIT margin (as % of sales |5.8 % |9.7 % |n/a | |revenues) | | | | |Net profit or loss** |3.6 |12.4 |244.4 % | |Shareholders' equity |225.7 |289.8 |28.4 % | |Equity ratio in % |31.1 % |32.2 % |n/a | |Earnings per share in EUR*** |EUR 0.20 |EUR 0.70 |250.0 % | |Employees |5,830 |7,681 |31.7 % |
* At variance with the consolidated revenues presented in the Group income statement, the total Group revenues presented here include portions of revenues from associated companies as well as revenues of non-consolidated subsidiaries and joint ventures.
** Before minority interests.
*** Diluted and basic.
end of announcement euro adhoc
Further inquiry note:
Bettina Mestenhauser
Head of Investor Relations
Telefon: +49(0)8252 97 1918
E-Mail: investor.relations@bauer.de
Branche: Construction & Property
ISIN: DE0005168108
WKN: 516810
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