14.11.2019 BAUER Aktiengesellschaft  DE0005168108

DGAP-News: BAUER Aktiengesellschaft: BAUER AG affected by weak business in the Far East; order backlog at a new high


DGAP-News: BAUER Aktiengesellschaft / Key word(s): Interim Report/9 Month figures
BAUER Aktiengesellschaft: BAUER AG affected by weak business in the Far East; order backlog at a new high
14.11.2019 / 07:00
The issuer is solely responsible for the content of this announcement.

- Total Group revenues have remained almost unchanged at EUR 1,239.4 million (previous year: EUR 1,235.8 million); sales revenues have decreased by 1.3% to EUR 1,107.7 million (previous year: EUR 1,122.2 million).
- EBIT was EUR 48.5 million due to underutilization in the Construction segment (previous year: EUR 56.8 million).
- Earnings after tax were EUR -0.4 million and were affected by the valuation of interest rate hedging transactions (previous year: EUR 13.1 million).
- Order backlog has grown by 8.5% to EUR 1,062.3 million (previous year: EUR 979.2 million).
- The adjusted full-year forecast announced in September 2019 has been confirmed.

Schrobenhausen - Political changes in the Far East, which temporarily brought local construction markets to a standstill, as well as project postponements in international construction markets have had an effect on BAUER Group's business over the course of the year. Based on high global demand for specialist foundation engineering services, however, the Construction segment was still able to reach a new high for the order backlog in the first nine months of the 2019 financial year. Revenues declined in this segment, while the Equipment and Resources segments recorded growth.

At the end of the third quarter, total Group revenues remained almost unchanged, with an increase of 0.3% from EUR 1,235.8 million to EUR 1,239.4 million. Sales revenues decreased by 1.3%, from EUR 1,122.2 million to EUR 1,107.7 million. EBIT was EUR 48.5 million compared to the previous year's value of EUR 56.8 million. Earnings after tax were EUR -0.4 million, compared to EUR 13.1 million in the previous year. This decline in earnings is mainly attributable to the Construction segment in the markets of the Far East and Australia. Project postponements and delays in the final awarding of contracts led to capacities being underutilized and a burden of fixed costs. The negative effects of interest rate hedging transactions also influenced earnings significantly.

Order backlog in the Group, however, is at a record high. Compared to the same period of the previous year, it increased significantly by 8.5% to EUR 1,062.3 million (previous year: EUR 979.2 million), which can mainly be attributed to the Construction segment. Order intake rose by 4.1%, from EUR 1,237.2 million to EUR 1,288.1 million.

Business segments

With its three segments - Construction, Equipment and Resources - and its broadly diversified business model, the Group operates in more than 110 subsidiaries in some 70 countries around the world.

In the Construction segment, the sustained high global demand for specialist foundation engineering led to a new order backlog record. In the first nine months of the year, the order backlog increased by 25.4% to EUR 631.1 million (previous year: EUR 503.2 million). This was primarily due to large and long-term projects in the USA, including the restoration of the Herbert Hoover Dike, and a major project in Jordan. Order intake rose by 9.3% to EUR 598.8 million, compared to EUR 547.6 million in the previous year. At EUR 515.0 million, total Group revenues were down by 4.1% compared to the previous year (EUR 537.1 million). EBIT decreased significantly compared to the same period of the previous year, from EUR 12.7 million to EUR 0.8 million. The main reason for this were postponed projects and delayed awarding of contracts in the Far East and Australia. The associated underutilization of capacities led to a high burden of fixed costs.

Operative business performance in the Equipment segment continues to be positive. In the first nine months of the year, total Group revenues increased slightly by 0.8%, from EUR 554.7 million to EUR 558.9 million, when compared to the same period of the previous year. At EUR 446.7 million, sales revenues remained almost unchanged. EBIT decreased slightly compared to the previous year, from EUR 52.1 million to EUR 51.5 million. The earnings figures include a non-operating charge of EUR 4.5 million that is attributable to an earnings-affecting restructuring of a subsidiary, which was transferred from the Resources segment to the Equipment segment. Order backlog decreased by 10.2% to EUR 136.3 million, and order intake fell by 2.1% to EUR 545.3 million.

In the Resources segment, total Group revenues were significantly higher compared to the previous year, growing by 8.3% to EUR 204.9 million (previous year: EUR 189.1 million). EBIT improved from EUR -7.8 million to EUR -2.5 million. These figures contain the non-operating earnings contribution of EUR 4.5 million arising from the restructuring of a subsidiary. Compared to the first half of 2019 (EUR 0.5 million), EBIT has decreased due to the fact that, among others, receivables from old projects were adjusted as part of ongoing restructuring. Regardless of these effects, the operative performance of the segment improved. In the first nine months of the year, the order backlog decreased significantly by 9.0% from EUR 324.1 million to EUR 294.9 million. The order intake grew by 3.2% from EUR 177.5 million to EUR 183.3 million.


BAUER AG reaffirms its full-year forecast as adjusted in the ad-hoc announcement on September 18. This forecasts total Group revenues of about EUR 1.7 billion, EBIT of about EUR 70 million and slightly positive earnings after tax. The adjustment was made due to poor capacity utilization in construction, caused by project postponements and delays in the awarding of contracts in a number of countries. In addition, interest rate developments has resulted in substantial financial strain regarding provisions for pensions and interest rate hedging.

"We are confident that the planned construction contracts in the Far East start again and that there is a very good chance that we will be able to execute the projects next year," says Chairman of the Management Board of BAUER AG, Michael Stomberg. "The general demand for specialist foundation engineering services in markets around the world continues to be high, our order backlog is at a very good level, and we are also working on a range of interesting and large project opportunities. We are also pleased that, once again, we were successful in executing our construction projects well this year."

You can read the full quarterly statement online at 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 a high potential for synergy: Construction, Equipment and Resources. The Construction segment offers new and innovative specialist foundation engineering services alongside the established ones, and carries out foundation and excavation work, cut-off walls and ground improvements worldwide. Bauer is a world 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 profits greatly from the collaboration between its three separate business divisions, enabling the Group to position itself as an innovative and 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 2018, it employed some 12,000 people in around 70 countries and achieved total Group revenues of EUR 1.7 billion. BAUER Aktiengesellschaft is listed in the Prime Standard segment of the German stock market.

More information can be found at http://www.bauer.de.

GROUP KEY FIGURES January - September 2019 (IFRS)

  2018 2019 Change
  in EUR million in EUR million  
Total Group revenues 1,235.8 1,239.4 +0.3%
of which      
- Construction 537.1 515.0 -4.1%
- Equipment 554.7 558.9 +0.8%
- Resources 189.1 204.9 +8.3%
- Other/Consolidation -45.1 -39.4 n/a
Sales revenues 1,122.2 1,107.7 -1.3%
Order intake 1,237.2 1,288.1 +4.1%
Order backlog 979.2 1,062.3 +8.5%
EBITDA 126.2 121.0 -4.2%
EBIT 56.8 48.5 -14.5%
Earnings after tax 13.1 -0.4 n/a
Total assets 1,729.3 1,771.1 +2.4%
Equity 421.8 415.0 -1.6%
Employees (average number during the year) 11,475 11,570 +0.8%

Christopher Wolf
Investor Relations
BAUER Aktiengesellschaft
BAUER-Strasse 1
86529 Schrobenhausen, Germany
Phone: +49 8252 97-1797
Fax: +49 8252 97-2900

14.11.2019 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.

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Language: English
Company: BAUER Aktiengesellschaft
BAUER-Straße 1
86529 Schrobenhausen
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
EQS News ID: 912455

End of News DGAP News Service

912455  14.11.2019 


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

  Geschäftsbericht 2019 - Kostenfrei herunterladen.  
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 8,780 Halten 150,41
KGV 2021e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
13,51 16,06 0,824 17,08
0,39 0,89 0,10 6,536
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
-5,57% -19,47% -41,85% -38,17%
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