BAUER Aktiengesellschaft / Key word(s): Profit Warning/Change in Forecast 28.10.2013 18:14 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Schrobenhausen, October 28, 2013 - BAUER Aktiengesellschaft (ISIN DE0005168108) has to adjust its full-year forecast for 2013 to a net loss, reflecting the predicted impact of some negative one-off effects. Following completion of the extensive well construction project executed by the Group's Resources segment in Jordan, the earnings forecast for the project has had to be adjusted downwards by some EUR 20 million. The adjustment was made necessary owing to the complex conditions under which the project was operated, which substantially increased the costs of the construction companies involved. Moreover, the financial difficulties being experienced by Jordan have meant that no amicable settlement has yet been obtained. The Group's third-quarter figures have been further impacted by reduced profit contributions from the Construction segment resulting from delays on major projects at the start of the year. And the Equipment segment continues to suffer from weaker margins than last year. The economic problems still persisting in many parts of the world are hindering stability of order acquisition in the segment. The Group made a net loss for the period to September 30, 2013 of more than EUR 20 million. In view of this situation, the forecast earnings of the Equipment and Construction segments have been reassessed and the adjusted forecast now incorporates restructuring expenditure as part of a cost-cutting programme. Due to the one-off effects, the BAUER Group now expects to make a net loss of approximately EUR 20 million, with EBIT of around EUR 25 million, in the 2013 financial year. The forecast for total Group revenues remain unchanged at around EUR 1.5 billion. As the effects are one-offs, they are not expected to impact on future earning power. The full-year loss now predicted would mean that the covenants regarding net debt to EBITDA agreed with banks in respect of promissory notes and some long-term loans could not be met. The BAUER Group expects that an acceptable solution will be found in consultation with its financial partners. Covenants will be met again next year in line with the Group's financial planning. The Group is responding to this displeasing forecast loss by initiating a cost-cutting programme which will also entail withdrawing from a number of minor, economically challenging opeations. Based on a sustained high level of orders in hand, still some 8 percent above last year's figure, the BAUER Group expects performance next year to resume the trend seen in 2012. BAUER AG will publish the final figures for the first nine months of the 2013 financial year on November 14, 2013. Supplementary information: ISIN: DE0005168108, Bloomberg B5A Official market / Prime Standard; Frankfurt Stock Exchange Contact: 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 28.10.2013 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 Announcement DGAP News-Service ---------------------------------------------------------------------------