EANS-News: BAUER Aktiengesellschaft
BAUER AG improves total Group revenues and
earnings in the first quarter
Total Group revenues up 17.8 percent to EUR 307.5 million After-tax loss of EUR 2.6 million better than previous year comparative (EUR 4.4 million loss) Orders received up 24.1 percent to EUR 363.9 million (previous year: EUR 293.2 million) Orders in hand in Resources segment boosted to high level of EUR 167.8 million by a major contract Full-year forecast for 2011 reaffirmed
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quarterly report/3-month report
Subtitle: Total Group revenues up 17.8 percent to EUR 307.5 million After-tax loss of EUR 2.6 million better than previous year comparative (EUR 4.4 million loss) Orders received up 24.1 percent to EUR 363.9 million (previous year: EUR 293.2 million) Orders in hand in Resources segment boosted to high level of EUR 167.8 million by a major contract Full-year forecast for 2011 reaffirmed
Schrobenhausen (euro adhoc) - International construction and machinery manufacturing concern BAUER Aktiengesellschaft saw its first quarter total Group revenues and earnings improve over the previous year's comparative period. Growth was driven primarily by the Group's Equipment segment and by projects in the Environmental Technology division of its Resources segment.
Total Group revenues in the first three months increased by 17.8 percent from EUR 261.0 million to EUR 307.5 million. Earnings before interest and taxes (EBIT) rose by 18.2 percent to EUR 6.7 million (previous year: EUR 5.6 million). An after-tax loss was made as expected, though at EUR 2.6 million it was much improved on the EUR 4.4 million loss made in the same quarter of the previous year. This is in line with the normal seasonal trend in the Group's business, featuring a weaker start to the year which is then balanced out over the subsequent months.
In the Construction segment, total Group revenues of EUR 124.4 million were virtually on a par with the previous year's level (EUR 125.1 million). Performance was affected by delays to projects in the Arab countries due to the ongoing unrest in the region, especially in Egypt, where the troubles at the start of the year brought work on three construction projects around Tahrir Square in Cairo to a temporary halt. Segment EBIT was EUR -1.3 million, down against the previous year comparative of EUR 2.9 million. A number of major projects saw orders in hand increase to EUR 342.6 million (previous year: EUR 307.3 million) by the end of the quarter. The projects include dyke remediation works on Lake Okeechobee in Florida, USA and foundations for a railway station in Hong Kong.
The biggest improvement in performance was noted in the Equipment segment, which saw revenues rise 41.1 percent to EUR 159.8 million (previous year: EUR 113.2 million). Sales revenues increased even more strongly, by 54.8 percent. Segment EBIT rose by EUR 6.6 million against the previous year comparative to EUR 9.2 million. The level of orders in hand also demonstrates that the segment, which was hit the most heavily among all the Group's business units by the economic crisis in the last two years, has now achieved turnaround. Orders were up 15.1 percent at EUR 160.9 million, and the trend continues to rise. Capacities at the plants in China serving the booming markets of the Far East are fully utilized.
The Resources segment increased its total Group revenues by 9.9 percent to EUR 39.1 million (previous year: EUR 35.6 million). Segment EBIT was somewhat down, at EUR -0.6 million. In the comparative previous year quarter it had been EUR 0.7 million higher. The segment saw very healthy growth in orders in hand, up from EUR 94.1 million to EUR 167.8 million. One of the reasons for this was the acquisition of a major new contract. Over the next two years Bauer will be extending the existing reed-bed treatment plant it constructed in Oman. The environmental technology project, involving the treatment of oil-contaminated water for the local oil industry, was just recently nominated "Industrial Water Project of the Year" at the 2011 Global Water Awards. At the official ceremony, the award was presented to the company by former UN Secretary General Kofi Annan. The project served as a reference, encouraging other potential customers to take an interest in the company's environmental technology know-how.
Outlook
The positive order trends show that markets are recovering and that the Group is in a position to utilize opportunities which arise in all three of its segments. Orders received across the Group were up 24.1 percent at EUR 363.9 million (previous year: EUR 293.2 million). The orders in hand held by the Group at the end of the quarter totalled EUR 671.3 million (previous year: EUR 541.1 million), up 24.1 percent year-on-year.
Professor Bauer comments: "We are holding firm to our forecast for the current financial year. We will be able to cope relatively well with the impact on our business of the political unrest in some countries in the Middle East thanks to our international presence in some 70 countries around the world." The Group expects total Group revenues of EUR 1.4 billion in full-year 2011, with after- tax profit above EUR 45 million.
Our full 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 and related fields. 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 around three quarters of its total revenues outside of Germany. Employing some 9,100 people, the Group's total revenues in 2010 were EUR 1.30 billion (previous year: EUR 1.28 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 January - March 2011 (IFRS)
| |2010 |2011 |Change | | |in EUR million |in EUR million | | |Total Group revenues |261.0 |307.5 |17.8 % | |of which | | | | |-Germany |66.1 |70.2 |6.2 % | |-International |194.9 |237.3 |21.8 % | |of which | | | | |- Construction |125.1 |124.4 |-0.6 % | |- Equipment |113.2 |159.8 |41.1 % | |- Resources |35.6 |39.1 |9.9 % | |- Other/Consolidation |-12.9 |-15.8 |n/a | |Consolidated revenues * |257.0 |301.0 |17.1 % | |Sales revenues |216.0 |255.4 |18.2 % | |Orders received |293.2 |363.9 |24.1 % | |Orders in hand |541.1 |671.3 |24.1 % | |EBITDA |23.4 |25.5 |8.8 % | |EBITDA margin (as % of sales |10.9% |10.0 % |n/a | |revenues) | | | | |EBIT |5.6 |6.7 |18.2 % | |EBIT margin (as % of sales |2.6 % |2.6 % |n/a | |revenues) | | | | |Net profit or loss |-4.4 |-2.6 |n/a | |Shareholders´ equity |406.6 |430.7 |5.9 % | |Equity ratio in % |31.6 % |30.7 % |n/a | |Earnings per share in EUR |-0.31 |-0.19 |n/a | |Employees (on average over the |8,860 |9,653 |9.0 % | |year) | | | |
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.
* Previous year figure adjusted
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company: BAUER Aktiengesellschaft
BAUER-Straße 1
D-86529 Schrobenhausen
phone: +49 (0)8252-97-1918
FAX: +49 (0)8252-97-2900
mail: investor.relations@bauer.de
WWW: http://www.bauer.de
sector: Construction & Property
ISIN: DE0005168108
indexes: SDAX, CDAX, Classic All Share, Prime All Share
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
Hamburg, Stuttgart, Düsseldorf, München
language: EnglishContact:
Bettina Erhart / Christopher Wolf
Investor Relations
Telefon: +49(0)8252 97 1918
E-Mail: investor.relations@bauer.de
Branche: Construction & Property
ISIN: DE0005168108
WKN: 516810
Index: SDAX, 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