13.04.2017 BAUER Aktiengesellschaft  DE0005168108

DGAP-News: BAUER Aktiengesellschaft: BAUER AG has started to turn its business operations around in 2016

DGAP-News: BAUER Aktiengesellschaft / Key word(s): Final Results/Forecast BAUER Aktiengesellschaft: BAUER AG has started to turn its business operations around in 2016 13.04.2017 / 07:00 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- - Total Group revenues are EUR 1,586.1 million (previous year: EUR 1,656.4 million); sales revenues are up by 1.3 % to EUR 1,396.9 million (previous year: EUR 1,379.0 million) - Earnings after tax at EUR 14.4 million (previous year: EUR 29.0 million) are towards the top of the latest forecast range of about EUR 10 to 15 million - Order backlog is at a high level: growth of 1.3 % to EUR 1,008.1 million - Proposed dividend for 2016: EUR 0.10 per share - Forecast for 2017: Group expects total Group revenues of around EUR 1.7 billion, earnings after tax of around EUR 23 to 28 million and EBIT of around EUR 75 million. Schrobenhausen/Munich - The BAUER Group's results for the 2016 year are in line with the most recent forecast issued in November. However, it hasn't been able to achieve its original objectives. "From an operational perspective our figures were much better than in the previous year and we have reached a turnaround", says Prof. Thomas Bauer, the Chairman of the Management Board of BAUER AG when presenting the balance sheet. The previous year's figures included special effects and are therefore not fully comparable. The BAUER Group achieved total Group revenues amounting to EUR 1,586.1 million in 2016, 4.2 % below the previous year's figure of EUR 1,656.4 million. The previous year's figure included revenues from the divestment and revaluation of businesses amounting to EUR 77.8 million, primarily relating to the deep-drilling joint venture with Schlumberger. Total Group revenues were roughly on a par with the previous year if this influence is excluded. Sales revenues grew by 1.3 % from EUR 1,379.0 million to EUR 1,396.9 million. EBIT came in at EUR 68.3 million (previous year: EUR 90.7 million). The above-mentioned additional revenues also had an effect on the previous year's EBIT figure. Earnings after tax were EUR 14.4 million (previous year: EUR 29.0 million). The excellent order situation provides a good basis for further development. In the fourth quarter in particular the company saw a pick-up in its order intake, and the order backlog at year end was consequently EUR 1,008.1 million, 1.3 % above the previous year's level. The syndicated loan, which was agreed upon in 2014, was renewed for another three years in 2016. It has a volume of EUR 430 million and extends until July 2019 with the option of renewal. A value agreed with lenders as a covenant was not able to be fully adhered to in the 2016 year due to the results being below the original forecast. An amicable solution has already been found with all relevant financial partners for all of the affected loans. For 2017 the company assumes that it will once again fulfill the agreed values as a result of the planned development of earnings. The Management Board and Supervisory Board will propose to the Annual General Meeting that a slightly reduced dividend of EUR 0.10 per share (previous year: EUR 0.15) should be paid for 2016. The dividend quota consequently increases from 8.7 % to 15.2 %. The reduction in the dividend also serves to protect the Group's equity, which we intend to significantly improve in the coming years. Business segments With its three segments - Construction, Equipment and Resources - and more than 110 subsidiaries as well as its broadly diversified business model, the Group operates in some 70 countries around the world. The Construction segment benefits from the overall positive development of the construction markets around the world. Despite the many uncertainties and crisis hot spots, there is a great need for infrastructure such as roads, bridges, dams or power supply infrastructure. Increasing urbanization brings an increased need for specialist foundation engineering services which enable buildings to be erected in increasingly complex and difficult conditions. In total, the segment generated total Group revenues of EUR 722.1 million in 2016. This was 2.8 % below the previous year's figure (EUR 742.9 million). EBIT was up from EUR 13.9 million to EUR 30.4 million. Earnings after tax were EUR 9.5 million - compared to a negative figure of EUR -7.3 million in the previous year, which was mainly caused by the subsidiary in the USA. The completion of the Center Hill Dam project created a considerable financial burden and necessitated a realignment of the subsidiary. In 2016, the segment suffered losses at the construction companies in Hong Kong and Malaysia. In Malaysia, the award of three large projects was delayed several times, which meant that capacities were unable to be utilized for almost six months. In Hong Kong, Bauer carried out preliminary works for an expansion of the airport but ultimately was not awarded the contract. Both caused an overall loss amounting to well over EUR 10 million, which by itself explains the difference between the Group's original forecast and the final result. In contrast to this, the segment achieved additional earnings of just over EUR 10 million which are attributable to the participation in Wöhr + Bauer GmbH. The company achieved a very good operating profit in the financial year; Bauer has also reduced its holding to 16.67 %. At EUR 585.3 million, the order backlog represented a slight 1.0 % decrease compared to the previous year (EUR 591.1 million). The order backlog in core business of specialist foundation engineering increased considerably since the previously included order backlog of the real estate company Wöhr + Bauer GmbH is no longer included in the figures for the 2016 financial year. The Equipment segment has achieved a good performance in a difficult market environment. Growth in large-scale and special equipment had a positive impact on earnings. Sales of anchor drilling rigs and rotary drives were very satisfactory. The service and spare parts business has established itself as an important area of activity. Total Group revenues fell by 13.5 % from EUR 753.1 million to EUR 651.7 million. Thereby, it must be considered that 2015 included the aforementioned revenues amounting to EUR 77.8 million from the divestment and revaluation of businesses. Sales revenues fell slightly by 1.0 %, from EUR 548.0 million to EUR 542.7 million. The deep-drilling business - which is now a joint venture with Schlumberger - is no longer included in 2016, so that the figure is entirely attributable to the core specialist foundation equipment business and consequently shows growth. This all the more commendable given that the global construction machinery market recorded a decline of roughly 28 % between 2012 and 2015. Over the same period Bauer managed to keep its revenues more or less stable. EBIT fell from EUR 99.4 million to EUR 37.0 million. EBIT grew considerably if the aforementioned effects of EUR 77.8 million are stripped out of the 2015 figures. Earnings after tax reduced from EUR 65.4 million to EUR 10.9 million. The order backlog was EUR 144.0 million, 12.4 % up on the previous year's figure of EUR 128.1 million. In the fourth quarter a good order intake was recorded. This meant that the order backlog at year end was at roughly the same level as during the rest of the year, despite the usually high level of orders delivered at this time of year. In the Resources segment the Group started the current financial year with a new organizational structure. The extensive restructuring was completed by the end of the year, so the segment can now focus on the operative business again under the BAUER Resources GmbH umbrella. Total Group revenues recorded an increase of 19.5 % to EUR 264.7 million. EBIT improved from EUR -19.8 million to EUR -3.2 million and earnings after tax were up from EUR -29.4 million to EUR -8.5 million. The order backlog was EUR 278.8 million, 0.8 % higher than the previous year's figure of EUR 276.5 million. Bauer's involvement in the remediation works at the Kesslergrube landfill site in Grenzach-Wyhlen, the largest order in the company's history, will continue until 2020. With its realignment and improved order backlog, the company expects to return the segment to profit in the next two years. Order backlog and outlook A very positive order situation forms the basis of the BAUER Group's current financial year. The order backlog increased to EUR 1,008.1 million by the end of 2016 and was consequently 1.3 % above the previous year's figure of EUR 995.6 million. "In operative terms we have improved significantly and have taken a big step forward. We have realigned some business operations and withdrawn from some markets, but we are not stopping there. We have identified further areas, such as human resources, purchasing and production, and we are working on making them more efficient", says Prof. Thomas Bauer. "These efforts and the very good order situation offer us the opportunity to achieve a sustainable improvement in our profitability." For the current financial year the Group expects total Group revenues of around EUR 1.7 billion, earnings after tax of around EUR 23 to 28 million, and EBIT of around EUR 75 million. We are continuing to plan for growth of between 3 % and 8 % in total Group revenues for the coming years. Our full Annual Report, including a detailed analysis of the individual segments and markets, can be found on our website at http://www.bauer.de. About Bauer The BAUER Group is a leading provider of services, equipment and products related to ground and groundwater. With over 110 subsidiaries, Bauer operates a worldwide network on all continents. The operations of the Group are divided into three future-oriented segments with high synergy potential: Construction, Equipment and Resources. The Construction segment offers new and innovative specialist foundation engineering services alongside the established ones, and it carries out foundation and excavation work including cut-off walls and ground improvements on a worldwide basis. Bauer is a global market leader in the Equipment segment and provides a full range of equipment for specialist foundation engineering as well as for the exploration, mining and extraction of natural resources. In the Resources segment, Bauer focuses on highly innovative products and services in the areas of water, environment and natural resources. Bauer benefits greatly from the collaboration between its three separate segments, enabling the Group to position itself as an innovative, highly specialized provider of products and services for demanding projects in specialist foundation engineering and related markets. Bauer therefore offers appropriate solutions for the world's major challenges, such as urbanization, growing infrastructure needs, the environment, and water, oil and gas. The BAUER Group was founded in 1790 and is based in Schrobenhausen, Bavaria. In 2016 it employed some 10,800 people in around 70 countries and achieved total Group revenues of EUR 1.6 billion. BAUER Aktiengesellschaft is listed in the Prime Standard of the German stock market. More information can be found at http://www.bauer.de. GROUP KEY FIGURES 2016 (IFRS) 2015 2016 Change in EUR in EUR million million Total Group revenues 1,656.4 1,586.1 -4.2 % of which - Germany 473.7 481.0 +1.6 % - International 1,182.7 1,105.1 -6.6 % of which - Construction 742.9 722.1 -2.8 % - Equipment 753.1 651.7 -13.5 % - Resources 221.6 264.7 +19.5 % - Other/Consolidation -61.2 -52.4 n/a Consolidated revenues 1,587.9 1,488.6 -6.3 % Sales revenues 1,379.0 1,396.9 +1.3 % Order intake 1,811.4 1,598.6 -11.8 % Order backlog 995.6 1,008.1 +1.3 % EBITDA 185.1 158.4 -14.4 % EBITDA margin (as percent of sales 13.4 % 11.3 % n/a revenues) EBIT 90.7 68.3 -24.7 % EBIT margin (as percent of sales 6.6 % 4.9 % n/a revenues) Earnings after tax 29.0 14.4 -50.3 % Equity 451.2 434.1 -3.8 % Equity ratio 27.2 % 25.5 % n/a Earnings per share in EUR 1.73 0.66 -61.8 % Employees (average number during the 10,738 10,771 +0.3 % year) Contact: Christopher Wolf Investor Relations BAUER Aktiengesellschaft BAUER-Strasse 1 86529 Schrobenhausen, Germany Phone: +49 8252 97-1797 Fax: +49 8252 97-2900 investor.relations@bauer.de www.bauer.de --------------------------------------------------------------------------- 13.04.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at 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: investor.relations@bauer.de Internet: www.bauer.de ISIN: DE0005168108 WKN: 516810 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 564725 13.04.2017

Die wichtigsten Finanzdaten auf einen Blick
  2013 2014 2015 2016 2017 2018 2019 2020e
Umsatzerlöse1 1.404,17 1.375,68 1.378,99 1.396,88 1.667,86 1.589,09 1.470,92 1.500,00
EBITDA1,2 124,00 171,00 185,10 158,39 182,55 198,62 123,05 140,00
EBITDA-Marge3 8,83 12,43 13,42 11,34 10,95 12,50 8,37 9,33
EBIT1,4 32,08 76,43 90,72 68,35 89,57 100,06 22,48 60,00
EBIT-Marge5 2,28 5,56 6,58 4,89 5,37 6,30 1,53 4,00
Jahresüberschuss1 -19,43 15,73 28,99 14,41 3,67 24,09 -36,55 5,00
Netto-Marge6 -1,38 1,14 2,10 1,03 0,22 1,52 -2,48 0,33
Cashflow1,7 45,44 115,40 32,43 124,88 183,33 147,44 168,88 0,00
Ergebnis je Aktie8 -0,99 0,85 1,73 0,66 0,16 1,32 -2,17 0,25
Dividende8 0,00 0,15 0,15 0,10 0,10 0,10 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

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1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

WKN Kurs in € Einschätzung Börsenwert in Mio. €
516810 9,080 Halten 155,55
KGV 2021e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
13,97 16,23 0,877 17,67
0,41 0,92 0,11 6,578
Dividende '19 in € Dividende '20e in € Div.-Rendite '19e
in %
0,00 0,00 0,00 25.06.2020
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
13.05.2020 13.08.2020 13.11.2020 09.04.2020
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-2,63% -17,60% -39,87% -37,55%
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