EANS-News: BAUER Aktiengesellschaft BAUER AG reaffirms forecast and enters Q4
with high levels of orders in hand
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Financial Figures/Balance Sheet/quarterly report/9-month report
Subtitle: Total Group revenues up 5.4 percent to EUR 1,063.2 million
Orders in hand up 4.7 percent to EUR 775.1 million
After-tax profit of EUR 6.2 million (previous year: EUR 14.2 million)
negatively impacted by extraordinary effects totalling EUR 7.5 million
Forecast for total Group revenues and after-tax profit reaffirmed
Schrobenhausen (euro adhoc) - BAUER Aktiengesellschaft has reaffirmed its
revenue and earnings forecast for the current financial year and is entering the
fourth quarter with high levels of orders in hand.
Total Group revenues of the international construction and machinery
manufacturing concern for the first nine months of the year were EUR 1,063.2
million, up 5.4 percent on the previous year comparative period (EUR 1,008.9
million). Orders in hand increased by 4.7 percent to EUR 775.1 million,
representing a further healthy rise over previous years. EBIT (earnings before
interest and taxes) fell in the reporting period from EUR 51.5 million to EUR
45.2 million. At the end of September the Group posted an after-tax profit of
EUR 6.2 million (previous year: EUR 14.2 million). Approximately EUR 7.5
million in respect of expected particular losses from major projects in the
Construction and Resources segments was taken into account here. Excluding
these extraordinary effects, the net profit for the period would have been
approximately EUR 13.5 million, around EUR 0.5 million below the previous year
comparative.
The company has reaffirmed the full-year forecast contained in its half-year
interim report, predicting total Group revenues of EUR 1.45 billion and after-
tax profit of between EUR 25 and 30 million.
Business segments: Growth in Construction and Resources, decline in Equipment
segment
Total Group revenues in the Construction segment rose in the first nine months
of the year by 11.4 percent from EUR 434.5 million to EUR 484.0 million, thanks
to a number of large-scale projects. EBIT increased from EUR 9.9 million to EUR
16.1 million.
Total Group revenues in the Equipment segment in the first nine months of the
year fell by 5.2 percent to EUR 444.2 million (previous year: EUR 468.3
million). Segment EBIT decreased from EUR 34.3 million to EUR 20.1 million. The
general uncertainty on many markets significantly weakened sales performance in
the Equipment segment. The company sold fewer machines in China, in the Middle
East, and in some European countries.
Ongoing trends in our Resources segment remain positive. Its total Group
revenues rose by 17.6 percent to EUR 191.3 million (previous year: EUR 162.7
million). EBIT of EUR 8.7 million is slightly up on the previous year's level.
This was where much of the provision for expected losses from major projects
was made. Without that extraordinary effect, EBIT would have improved
substantially.
Entering Q4 with high levels of orders in hand
Professor Thomas Bauer, Chairman of the Management Board of BAUER AG, comments
on the good levels of orders in hand: "The general trend on global construction
markets is showing slight growth, and our prospects are bright as we look to
the year ahead." Orders in hand in the Construction segment total EUR 473.6
million - up 7.4 percent on the previous year comparative quarter, and on a
level with the boom year 2008. Furthermore, a number of major projects have
been acquired in recent weeks.
The Resources segment is currently working on a number of major projects. It
has once again recorded outstanding levels of orders in hand totalling EUR
160.7 million (previous year: EUR 179.4 million). Demand is particularly strong
in relation to environmental and exploration services, especially for the
extraction of water. By contrast, orders in hand in the Equipment segment
totalling EUR 140.9 million are at a low level.
The company expects to gain a competitive edge in future thanks to its broad
product range. It has developed a number of new machines and techniques focused
on complex specialist construction works. "We are now once again increasingly
positive with regard to our future prospects," Professor Bauer asserts.
"However, the financial crisis and its consequences have not yet been overcome
- as we are seeing in our Equipment segment. We are continuing to plan for
growth of between 5 and 10 percent in total Group revenues over the coming
years. Based on current forecasts, our earnings will pick up again from 2013
onwards."
Our full Quarterly 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 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 pools 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 January - September 2012 (IFRS)
| |Jan-Sep 2011 |Jan-Sep 2012 |Change |
| |in EUR million |in EUR million | |
|Total Group revenues |1,008.9 |1,063.2 |+5.4 % |
|of which | | | |
|- Germany |263.6 |280.9 |+6.6 % |
|- International |745.3 |782.3 |+5.0 % |
|of which | | | |
|- Construction* |434.5 |484.0 |+11.4 % |
|- Equipment* |468.3 |444.2 |-5.2 % |
|- Resources |162.7 |191.3 |+17.6 % |
|- Other/Consol. |-56.6 |-56.3 |n/a |
|Consolidated revenues |978.3 |1,027.8 |+5.1 % |
|Sales revenues |874.9 |933.9 |+6.7 % |
|Orders received |1,134.0 |1,088.3 |-4.0 % |
|Orders in hand |740.0 |775.1 |+4.7 % |
|EBITDA |112.5 |112.9 |+0.4 % |
|EBITDA margin (as % of sales |12.9 % |12.1 % |n/a |
|revenues) | | | |
|EBIT (earnings before interest |51.5 |45.2 |-12.2 % |
|and taxes) | | | |
|EBIT margin (as % of sales |5.9 % |4.8 % |n/a |
|revenues) | | | |
|Net profit or loss |14.2 |6.2 |-56.3 % |
|Shareholders' equity |443.3 |468.8 |+5.8 % |
|Equity ratio |29.5 % |28.5 % |n/a |
|Earnings per share in EUR |0.70 |0.34 |-51.4 % |
|Employees (on average over the |9,603 |10,151 |+5.7 % |
|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