14.05.2014
BAUER Aktiengesellschaft DE0005168108
DGAP-News: BAUER Aktiengesellschaft: BAUER AG improves first-quarter total Group revenues and earnings
DGAP-News: BAUER Aktiengesellschaft / Key word(s): Interim
Report/Quarter Results
BAUER Aktiengesellschaft: BAUER AG improves first-quarter total Group
revenues and earnings
14.05.2014 / 07:00
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- Total Group revenues up 14.3 percent to EUR 378.1 million
- After-tax result improved by EUR 2.2 million: EUR 7.4 million loss as
expected in line with seasonal norms
- Solid levels of orders in hand according to expectations: 10.2 percent
down against previous year comparative at EUR 721.1 million
- Full-year forecast for 2014 reaffirmed
Schrobenhausen - BAUER Aktiengesellschaft has made a good start to this
year. Mild weather conditions in Germany, the good start made to projects
in the international construction sector and improved order receipts in the
machinery sector delivered a satisfactory first quarter.
Total Group revenues rose by 14.3 percent from EUR 330.7 million to EUR
378.1 million. The net result for the period improved by EUR 2.2 million
against the previous year comparative, showing a loss in line with seasonal
norms of EUR 7.4 million (previous year: EUR 9.6 million). EBIT more than
doubled from EUR 2.3 million to EUR 4.9 million. This trend is in line with
the Group's seasonal performance, whereby a loss is made in the first
quarter which can normally be balanced out over the following quarters.
Solid levels of orders in hand, with medium-sized and larger projects, will
ensure healthy capacity utilization in the months ahead. The orders in hand
of EUR 721.1 million were down against the previous year comparative (EUR
803.4 million), as expected, because a number of last year's major projects
have now been completed.
Business segments
With its three segments - Construction, Equipment and Resources - the Group
operates a widely diversified yet well-balanced business model and an
international network.
The Construction segment improved its total Group revenues by 15.0 percent
to EUR 176.5 million. Segment EBIT improved by EUR 1.1 million to EUR 1.4
million. Orders in hand declined to EUR 429.5 million (previous year: EUR
512.6 million) because a number of major projects were completed.
The Equipment segment's total Group revenues increased by 8.8 percent to
EUR 165.8 million. The first quarter was characterized by stronger margins
and increased sales of large machinery. This had a positive effect on EBIT,
which improved from EUR 3.8 million to EUR 5.6 million. Orders in hand of
EUR 118.1 million (previous year: EUR 126.2 million) were slightly down.
Demand remains lively, though ordering and delivery lead times are still
very short.
The Resources segment increased its total Group revenues by 24.0 percent to
EUR 48.4 million. Segment EBIT was the same as the previous year
comparative of EUR -3.6 million. The segment has high levels of orders in
hand totalling EUR 173.4 million, though that figure is somewhat down
against the peaks seen in the past. The segment - operating in the fields
of water, energy, mineral resources and environmental technology - is
currently undergoing a reorganization.
Outlook
Chairman of the Management Board Prof. Thomas Bauer comments: "We have made
a positive start to the new year, and we expect that healthy trend to
continue. A further pleasing factor is that we have placed our financing on
a new long-term basis." In mid-April, the Group agreed a three-year
syndicated loan with its bankers providing a EUR 450 million credit
facility.
BAUER AG reaffirms the full-year forecast it made in April 2014, predicting
total Group revenues of around EUR 1.55 billion and profit after tax of
around EUR 20 to 25 million, equating to EBIT of around EUR 75 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 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 2013 were approximately EUR 1.5 billion (previous year:
EUR 1.44 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 2014 (IFRS)
2013* 2014 Change in EUR in EUR million million Total Group revenues 330.7 378.1 +14.3 % of which - Germany 96.0 112.5 +17.2 % - International 234.7 265.6 +13.2 % of which - Construction 153.5 176.5 +15.0 % - Equipment 152.4 165.8 +8.8 % - Resources 39.1 48.4 +24.0 % - Other/Consolidation -14.3 -12.6 n/a Consolidated revenues 309.6 371.1 +19.9 % Sales revenues 262.6 313.4 +19.3 % Orders received 349.1 333.9 -4.3 % Orders in hand 803.4 721.1 -10.2 % EBITDA 23.1 27.5 +19.0 % EBITDA margin (as % of sales revenues) 8.8 % 8.8 % n/a EBIT (earnings before interest and 2.3 4.9 n/a taxes) EBIT margin (as % of sales revenues) 0.9 % 1.6 % n/a Net profit or loss -9.6 -7.4 n/a Shareholders' equity 457.1 405.9 -11.2 % Equity ratio 28.4 % 24.8 % n/a Earnings per share in EUR -0.54 -0.45 n/a Employees (on average over the year) 10,176 10,358 +1.8 %* Previous year's figures adjusted 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 --------------------------------------------------------------------- 14.05.2014 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 --------------------------------------------------------------------- 268188 14.05.2014
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