14.08.2013
BAUER Aktiengesellschaft DE0005168108
DGAP-News: BAUER Aktiengesellschaft: BAUER AG reports weak first half, but very healthy orders in hand
DGAP-News: BAUER Aktiengesellschaft / Key word(s): Half Year
Results/Interim Report
BAUER Aktiengesellschaft: BAUER AG reports weak first half, but very
healthy orders in hand
14.08.2013 / 07:01
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- Total Group revenues of EUR 724.5 million 3.3 percent up on previous
year
- Orders in hand up 11.6 percent to an all-time high of EUR 868.6 million
- After-tax loss of EUR 7.9 million significantly lower than previous
year (EUR 2.8 million)
- Adjusted full-year forecast: Total Group revenues of around EUR 1.5
billion, EBIT about EUR 70 million and after-tax profit of around EUR
20 million
Schrobenhausen - On August 1st BAUER Aktiengesellschaft was obliged to
adjust its full-year forecast based on its weak first-half performance. The
development of the Construction segment was impacted primarily by delayed
starts to a number of large-scale projects. The earnings of the Equipment
segment were hit by low-margin sales, while the Resources segment failed to
meet its revenue targets because expected large-scale contracts had not yet
materialized.
The total Group revenues of the global construction engineering and
machinery manufacturing concern for the first half of 2013 were up 3.3
percent at EUR 724.5 million (previous year: EUR 701.5 million). EBIT
(earnings before interest and taxes) fell from EUR 19.4 million to EUR 8.4
million. The net loss for the period of EUR 7.9 million likewise
represented a significant deterioration against the previous year's EUR 2.8
million loss. By contrast, orders in hand increased substantially by 11.6
percent to a new record level of EUR 868.6 million (previous year: EUR
778,6 million).
Business segments
The total Group revenues of the Construction segment totalling EUR 347.3
million were 8.4 percent up on the previous year. Segment EBIT decreased
from EUR 6.5 million to EUR 3.3 million. Growth was generally less than
expected due to the delayed starts to a number of large-scale projects.
Those projects are now running very well, and indeed one of them is already
almost completed. Orders in hand of EUR 531.3 million are again up by a
substantial 9.6 percent on the previous year comparative (EUR 484.6
million). A key factor in this was the award to Bauer of the largest
specialist foundation engineering contract in Germany to date. Worth some
EUR 47 million, it comprises the foundation engineering works for the
tunnels and retaining walls on the new bypass rail link between Hanau and
Nantenbach.
The Equipment segment improved its total Group revenues by 6.7 percent to
EUR 310.8 million. Segment EBIT decreased from EUR 11.7 million to EUR 5.8
million. The decline stemmed from lower-margin sales in the first half of
the year which impacted negatively on earnings. Orders in hand of EUR 154.0
million reflect an improvement to a more stable level compared to the early
months of the year. Business remains very short-term in nature compared to
the boom years however.
The total Group revenues of the Resources segment fell by a substantial
23.8 percent to EUR 94.1 million. Segment EBIT of EUR -1.9 million was well
down against the previous year comparative (EUR 1.0 million). The segment
handled a number of large-scale projects in 2012 which are now lacking in
terms of revenue and earnings. Large-scale contracts expected for the early
months of the year were not in fact acquired. Moreover, the well
engineering materials business was impacted by the bad weather at the start
of the year in Germany. Orders in hand at the end of June totalling EUR
183.2 million were at a healthy level, up 15.5 percent on the previous year
comparative.
Outlook
Orders in hand have risen by 11.6 percent to an all-time high of EUR 868.6
million (previous year: EUR 778.6 million), thanks mainly to the very good
progress made by the Construction segment, but also based on recovering
order intake in the Equipment segment.
Chairman of the Management Board of BAUER AG Professor Thomas Bauer
comments: 'The first half of the year was generally disappointing for our
businesses. We had to deal with a wide range of problems and delays in all
three segments. The high levels of orders in hand give us confidence for
the future however. The demand for infrastructure works around the world
remains enormous. All in all, we are looking to the future in positive
mood, despite the fact that we will unfortunately not be able to meet out
full-year targets.'
The company regards itself as being well positioned thanks to its broad
international base in the construction sector and its focus on specialist
machinery. New products for drilling underwater and for deep drilling in
the oil, gas and geothermal energy sectors, as well as for emergency mine
recovery, offer the Group good opportunities.
BAUER AG now expects full-year total Group revenues for 2013 of around EUR
1.5 billion and after-tax profit of around EUR 20 million, equating to EBIT
of about EUR 70 million.
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 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.
The operations of the Group are 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 10,300 people, the Group's
total revenues in 2012 were approximately EUR 1.45 billion (previous year:
EUR 1.37 billion). BAUER Aktiengesellschaft has been listed on the official
market of the Frankfurt Stock Exchange since July 4, 2006 (Prime Standard,
ISIN DE0005168108).
Visit us also on YouTube: http://www.youtube.com/BAUERGruppe
GROUP KEY FIGURES - 1st half 2013 (IFRS)
H1 2012* H1 2013 Change in EUR in EUR million million Total Group revenues 701.5 724.5 +3.3 % of which - Germany 177.7 215.0 +21.0 % - International 523.8 509.5 -2.7 % of which - Construction 320.3 347.3 +8.4 % - Equipment 291.2 310.8 +6.7 % - Resources 123.6 94.1 -23.8 % - Other/Consolidation -33.6 -27.7 n/a Consolidated revenues 678.7 682.3 +0.5 % Sales revenues 605.4 608.3 +0.5 % Orders received 730.1 808.1 +10.7 % Orders in hand 778.6 868.6 +11.6 % EBITDA 63.8 51.3 -19.6 % EBITDA margin (as % of sales revenues) 10.5 % 8.4 % n/a EBIT (earnings before interest and 19.4 8.4 -56.6 % taxes) EBIT margin (as % of sales revenues) 3.2 % 1.4 % n/a Net profit or loss -2.8 -7.9 n/a Shareholders' equity 445.1 444.7 -0.1 % Equity ratio 27.1 % 26.5 % n/a Earnings per share in EUR -0.12 -0.45 n/a Employees (on average over the year) 10,126 10,388 +2.6 %* Previous year figures adjusted; first-time adoption of IAS 19 R Contact: Christopher Wolf Investor Relations BAUER Aktiengesellschaft BAUER-Strasse 1 86529 Schrobenhausen, Germany Phone: +49 8252 97-1797 Fax: +49 8252 97-2900 [email protected] www.bauer.de End of Corporate News --------------------------------------------------------------------- 14.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: BAUER Aktiengesellschaft BAUER-Straße 1 86529 Schrobenhausen Germany Phone: +49 (0)8252 97 1218 Fax: +49 (0)8252 97 2900 E-mail: [email protected] Internet: www.bauer.de ISIN: DE0005168108 WKN: 516810 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 225653 14.08.2013
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