EANS-News: BAUER Aktiengesellschaft BAUER AG half-year performance hampered by
weak machinery business and extraordinary effects
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Financial Figures/Balance Sheet/quarterly report/6-month report
Subtitle: Total Group revenues up 9.6 percent to EUR 701.5 million
Orders in hand up 16.0 percent to EUR 778.6 million
After-tax result of EUR -3.1 million (previous year: EUR +5.6 million)
negatively impacted by extraordinary effects totalling EUR 7.5 million
Earnings forecast for 2012 adjusted
Schrobenhausen (euro adhoc) - Healthy levels of orders in hand and a number of
ongoing large-scale projects in the Construction and Resources segments
characterized the first half of the year for BAUER Aktiengesellschaft. Earnings
were hampered by the weak performance of the Equipment segment as well as by
some extraordinary effects.
Total Group revenues of the international construction and machinery
manufacturing concern for the half-year were in line with planning at EUR 701.5
million, up 9.6 percent on the previous year comparative period (EUR 639.9
million). Orders in hand increased by 16.0 percent to EUR 778.6 million
(previous year: EUR 671.1 million) thanks to very positive trends in the
Construction and Resources segments. Half-year earnings are well down against
the planned target. While EBIT (earnings before interest and taxes) declined
from EUR 28.3 million to EUR 19.0 million, an after-tax loss of EUR 3.1 million
was made (previous year: profit of EUR 5.6 million). A factor in this was that
approximately EUR 7.5 million in respect of expected losses from large-scale
projects in the Construction and Resources segments was taken into account.
Excluding those extraordinary effects, a net profit of around EUR 3.8 million
would have been made.
As a consequence, and in view of the weak machinery business, the Group is
adjusting its full-year after-tax profit forecast for 2012 to a figure between
EUR 25 and 30 million. The previous forecast had been around EUR 35 million. The
forecast for total Group revenues remains unchanged at EUR 1.45 billion. As a
number of major projects will be fully operational in the second half of the
year, the Group expects to see a positive trend in revenues through to the
year-end.
Business segments
A number of major projects - especially in the Far East - drove total Group
revenues in the Construction segment up 18.4 percent in the first half of the
year, from EUR 270.5 million to EUR 320.3 million. Segment EBIT rose from EUR
3.3 million to EUR 6.4 million. The earnings growth was attributable to the
improved ratio of fixed costs to revenues resulting from the large number of
projects in progress all over the world.
The machinery business recorded much weaker sales than expected. In the first
half of the year the total Group revenues of the Equipment segment fell 7.4
percent against the previous year comparative period to EUR 291.2 million
(previous year: EUR 314.4 million). There is a measure of uncertainty and
reluctance to place orders among customers due to the problems being faced by
many economies around the world. Markets in Europe and China, especially, are
in decline. Segment EBIT fell by EUR 11.4 million to EUR 11.6 million.
The Resources segment saw positive growth, increasing its total Group revenues
by 29.4 percent to EUR 123.6 million (previous year: EUR 95.5 million). The
segment's EBIT of EUR 1.0 million for the first half-year is EUR 1.8 million
down against the previous year comparative. The on-going problems on the well
drilling project in Jordan, the company has taken into account.
Orders in hand
Group-wide orders in hand increased in the reporting period by 16.0 percent to
EUR 778.6 million (previous year: EUR 671.1 million). "We are currently seeing a
very positive trend in order receipts in the Construction and Resources
segments," comments Chairman of the Management Board Professor Thomas Bauer. "We
have succeeded in acquiring major projects in a number of regions around the
world, and we have good prospects to acquire more." Orders in hand in the
Construction segment totalling EUR 484.6 million are above the 2011 year-end
level and 30.3 percent up on the previous year comparative period. The Resources
segment likewise has outstanding levels of orders in hand, amounting to EUR
158.7 million. The level is below the previous year comparative figure of EUR
180.3 million because of the large-scale projects currently being handled.
Orders in hand in the Equipment segment totalling EUR 135.4 million are on the
same level as in the previous year comparative.
Our full 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 for ground
and groundwater. The Group markets its products and services all over the
world. Its global spread allows it to remain largely unaffected by fluctuating
business cycles.
Its business is divided into three segments: Construction, Equipment and
Resources. The Construction segment carries out specialist foundation
engineering work for complex excavation pits and foundations on major
infrastructure and building projects all over the world, installing cut-off
walls and carrying out ground improvement works as well as providing related
project development services. Bauer's Equipment segment, a world market leader,
offers a comprehensive range of construction machinery, equipment and tools for
the specialist foundation engineering sector as well as for other underground
drilling operations, such as for mines, water wells, geothermal energy sources,
and oil and gas extraction. The Resources segment bundles the Group's activities
in the fields of water, energy, mineral resources and environmental technology.
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 9,700 people, the Group's total
revenues in 2011 were approximately EUR 1.4 billion (previous year: EUR 1.3
billion). BAUER Aktiengesellschaft has been listed on the official market of
the Frankfurt Stock Exchange since July 4, 2006 (Prime Standard, ISIN
DE0005168108).
You can also visit us on YouTube: http://www.youtube.com/BAUERGruppe
GROUP KEY FIGURES - 1st half 2012 (IFRS)
| |H1 2011 |H1 2012 |Change |
| |in EUR million |in EUR million | |
|Total Group revenues |639.9 |701.5 |+9.6 % |
|of which | | | |
|- Germany |168.0 |177.7 |+5.8 % |
|- International |471.9 |523.8 |+11.0 % |
|of which | | | |
|- Construction* |270.5 |320.3 |18.4 % |
|- Equipment* |314.4 |291.2 |-7.4 % |
|- Resources |95.5 |123.6 |+29.4 % |
|- Other/Consol. |-40.5 |-33.6 |n/a |
|Consolidated revenues |626.1 |678.7 |+8.4 % |
|Sales revenues |550.1 |605.4 |+10.1 % |
|Orders received |696.1 |730.1 |+4.9 % |
|Orders in hand |671.1 |778.6 |+16.0 % |
|EBITDA |68.3 |63.4 |-7.2 % |
|EBITDA margin (as % of sales |12.4 % |10.5 % |n/a |
|revenues) | | | |
|EBIT (earnings before interest |28.3 |19.0 |-32.8 % |
|and taxes) | | | |
|EBIT margin (as % of sales |5.1 % |3.1 % |n/a |
|revenues) | | | |
|Net profit or loss |5.6 |-3.1 |n/a |
|Shareholders' equity |425.2 |462.0 |+8.6 % |
|Equity ratio |29.4 % |28.3 % |n/a |
|Earnings per share in EUR |0.26 |-0.13 |n/a |
|Employees (on average over the |9,656 |10,126 |+4.9 % |
|year) | | | |
* Previous year figures adjusted
Further inquiry note:
Christopher Wolf
Investor Relations
Tel.: +49 8252 97 1797
E-Mail: christopher.wolf@bauer.de
end of announcement euro adhoc
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company: BAUER Aktiengesellschaft
BAUER-Straße 1
D-86529 Schrobenhausen
phone: +49 (0)8252-97-1797
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: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English