EANS-News: BAUER Aktiengesellschaft
BAUER AG optimistic about full year after
solid first half
Schrobenhausen (euro adhoc) -
Total Group revenues of EUR 592.9 million down 12.9 percent against previous year comparative (EUR 681.0 million) Sales revenues stable at EUR 529.1 million (previous year: EUR 534.0 million) Profit after tax EUR 6.1 million (previous year: EUR 21.1 million) Orders received up 38.7 percent to EUR 738.8 million (previous year: EUR 532.8 million) Full-year forecast reaffirmed: stable total Group revenues around previous year's level and after-tax profit of around EUR 40 million
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quarterly report/6-month report
Subtitle: Total Group revenues of EUR 592.9 million down 12.9 percent against previous year comparative (EUR 681.0 million) Sales revenues stable at EUR 529.1 million (previous year: EUR 534.0 million) Profit after tax EUR 6.1 million (previous year: EUR 21.1 million) Orders received up 38.7 percent to EUR 738.8 million (previous year: EUR 532.8 million) Full-year forecast reaffirmed: stable total Group revenues around previous year's level and after-tax profit of around EUR 40 million
International construction and machinery manufacturing concern BAUER Aktiengesellschaft is holding to its full-year forecast after having performed in line with expectations to date. "However, the picture across the various business segments and geographical regions varies widely," comments Professor Thomas Bauer, Chairman of the Management Board of BAUER AG. "In view of the high degree of uncertainty which is still overshadowing markets and the economy as a whole, our strategy focused on building and maintaining an international presence and on our three distinct segments - Construction, Equipment and Resources - is providing us with stability. It allows us to balance out downturns on some markets with strength on others."
Total Group revenues for the first half of the year were EUR 592.9 million, 12.9 percent down against the previous year comparative period. Sales revenues of EUR 529.1 million were more or less stable. Earnings before interest and taxes (EBIT) totalled EUR 27.2 million (previous year: EUR 44.9 million). The business was also profitable over the first half of the year, returning a profit after tax of EUR 6.1 million (previous year: EUR 21.1 million).
Business segments
Revenues in the Construction segment totalled EUR 292.8 million, 7.2 percent up on the previous year comparative of EUR 273.2 million, thanks to a number of large projects on the Arabian peninsula and in Canada. Segment EBIT decreased from EUR 12.9 million to EUR 9.6 million.
The Equipment segment, which was still performing very well in the same period last year, continues to be affected by the economic crisis. Whereas its first- half revenues fell by 32.8 percent to EUR 252.0 million, external sales were down by only 17.0 percent. Its business is being positively influenced in particular by sales of large machinery, in which the BAUER Group has a market advantage. Segment EBIT was EUR 16.3 million (previous year: EUR 33.1 million).
The Resources segment, operating in future growth markets such as mining, environmental technology and well engineering, continues to develop pleasingly. Its first-half revenues rose by 3.9 percent to EUR 77.3 million. The segment's growth potential has not yet been fully realized, as a number of major projects have been subject to delays. Segment EBIT of EUR 1.6 million was well up on the previous year comparative period's EUR 0.6 million.
Orders received, orders in hand and outlook
The pleasing level of orders received - up 38.7 percent to EUR 738.8 million - indicates that the economic crisis appears to have bottomed out. The Group's orders in hand in the first half of the year increased by a quarter relative to the previous year comparative period: at June 30 they totalled EUR 654.8 million.
In the Construction segment, orders in hand which had been at steady levels since the spring of 2009 rose by 10.2 percent against the previous year comparative to EUR 400.9 million. A key factor in this was the acquisition of an additional section of the dam remediation project on Lake Okeechobee in Florida. The BAUER Group is also currently working on the construction of the Guggenheim and Louvre museums in Abu Dhabi as well as on major projects in Qatar and Canada. Orders received were 34.5 percent up on the same period last year.
The Equipment segment continues to see consistent levels of orders, and has increased its orders in hand - relative to the weak previous year - by a substantial 55.7 percent, to EUR 128.6 million. The markets of the Far East played a major part in bringing about the rise. Consequently, the segment's business has now stabilized at a lower level.
The Resources segment has very healthy levels of orders in hand totalling EUR 125.3 million, up a substantial 63.0 percent on the previous year. Orders received also rose significantly, by 58.7 percent, compared to the previous year. The recently established segment is thus well on the way to becoming a key pillar of the Group's business in the long term.
"The significant recovery in order levels makes us confident that our Group's businesses will enjoy healthy future development. We may well succeed in returning to growth, and improving our earnings at an even stronger rate, as early as next year."
For the full year, the BAUER Group reaffirms its forecast of total Group revenues around the previous year's level and profit after tax of around EUR 40 million.
Our complete half-year interim report, including a detailed analysis of the individual segments and markets, can be found on our website at http://www.bauer.de.
About Bauer
Bauer is a 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 the 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 some 8,900 people, the Group's total revenues in 2009 were EUR 1.28 billion (previous year: EUR 1.53 billion). 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 half 2010 (IFRS)
| |H1 2009<0} |H1 2010 |Change | | |in EUR million |in EUR million | | |Total Group revenues |681.0 |592.9 |-12.9 % | |of which | | | | |- Germany |181.2 |145.0 |-20.0 % | |- International |499.8 |447.9 |-10.4 % | |of which | | | | |- Construction* |273.2 |292.8 |7.2 % | |- Equipment* |375.2 |252.0 |-32.8 % | |- Resources* |74.4 |77.3 |3.9 % | |- Other/Elim./Consol.* |-41.8 |-29.2 |n/a | |Consolidated revenues |652.2 |569.7 |-12.6 % | |Sales revenues |534.0 |529.1 |-0.9 % | |Orders received |532.8 |738.8 |38.7 % | |Orders in hand |523.4 |654.8 |25.1 % | |EBITDA |76.4 |63.9 |-16.4 % | |EBITDA margin (as % of sales |14.3 % |12.1 % |n/a | |revenues) | | | | |EBIT |44.9 |27.2 |-39.4 % | |EBIT margin (as % of sales |8.4 % |5.1 % |n/a | |revenues) | | | | |Net profit or loss |21.1 |6.1 |-71.1 % | |Shareholders' equity |378.6 |420.6 |11.1 % | |Equity ratio in % |30.3 % |30.5 % |n/a | |Earnings per share in EUR |1.19 |0.20 |-83.2 % | |Employees (on average over the |8,497 |8,892 |4.6 % | |year) | | | |
* The Mining division of SCHACHTBAU NORDHAUSEN GmbH incl. segment subsidiaries (SBN) has been reassigned from the Construction segment to the Resources segment. The previous year figures have been adjusted as a result.
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.
end of announcement euro adhoc
Further inquiry note:
Bettina Erhart / Christopher Wolf
Investor Relations Department
Telefon: +49(0)8252 97 1918
E-Mail: investor.relations@bauer.de
Branche: Construction & Property
ISIN: DE0005168108
WKN: 516810
Index: MDAX, CDAX, Classic All Share, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade