- The total Group revenues fell by 5.0% from EUR 410.9 million to EUR 390.2 million; sales revenues also dropped by 2.3%, from EUR 341.9 million to EUR 334.0 million
- EBIT, at EUR 6.3 million, was below the previous year at EUR 10.5 million; at EUR -5.0 million, earnings after tax remained close to the previous year's level (previous year: EUR -5.1 million)
- Order backlog grew by 6.9% to EUR 1,092.7 million (previous year: EUR 1,022.6 million)

Schrobenhausen, Germany - The BAUER Group closes the first quarter with a decline in EBIT but very high order backlog. The total Group revenues decreased by 5.0% from EUR 410.9 million to EUR 390.2 million, compared to the same period of the previous year. Sales revenues also dropped by 2.3%, from EUR 341.9 million to EUR 334.0 million. EBIT fell from EUR 10.5 million in the previous year to EUR 6.3 million. Earnings after tax for the Group were EUR
-5.0 million, compared to EUR -5.1 million in the previous year.

The order backlog in the Group was EUR 1,092.7 million, significantly higher than the previous year at EUR 1,022.6 million and the end of 2019 at EUR 1,027.6 million, which was mainly due to the Construction segment. The order intake increased by 8.4%, from EUR 419.8 million to EUR 455.2 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.

At EUR 177.1 million, total Group revenues in the Construction segment were up by 4.1% compared to the previous year at EUR 170.2 million. EBIT decreased slightly compared to the previous year to EUR -0.5 million. The order backlog in the Construction segment saw a significant increase of 18.9%, from EUR 545.8 million to EUR 649.1 million. Compared with EUR 638.6 million at the end of 2019, however, there was virtually no change. The order intake rose by 11.2% to EUR 187.6 million, compared to EUR 168.7 million in the previous year.

In the first three months of the year, total Group revenues in the Equipment segment fell by 11.9%, from EUR 185.8 million to EUR 163.8 million, when compared to the same period of the previous year. Sales revenues also dropped by 12.3%, from EUR 125.3 million to EUR 110.0 million. EBIT decreased compared to the previous year, from EUR 8.2 million to EUR 4.8 million. The previous year included a non-operating charge of EUR 4.5 million that was attributable to the earnings-affecting restructuring of a subsidiary, which was transferred from the Resources segment to the Equipment segment. Without this effect, the decrease would have been even more significant. Order backlog in the Equipment segment decreased by 12.8%, from EUR 149.9 million in the previous year to EUR 130.7 million. With EUR 186.2 million, order intake remained at the previous year's level of EUR 185.8 million.

With EUR 70.7 million, total Group revenues in the Resources segment were slightly higher at the end of the first quarter than the previous year's EUR 69.1 million, marking an increase of 2.2%. EBIT fell from EUR 2.7 million to EUR 1.5 million. However, the previous year already included the described positive non-operating contribution of EUR 4.5 million. Without this effect, EBIT would have improved by EUR 3.3 million compared to the previous year. In the first three months of the year, the order backlog decreased by 4.3% from EUR 326.9 million to EUR 312.8 million. The order intake rose significantly by 29.2%, from EUR 79.6 million to EUR 102.8 million.

Financing
Due to the loss at the end of 2019, the Group was unable to keep to its covenants agreed with the banks. At the end of April, the company reached an amicable solution concerning financing with the financing partners for the syndicated loan agreements. This is now being discussed with the other financing partners involved to the same extent.

Outlook
"Overall, the key figures for the first quarter in the Construction and Resources segments were not yet heavily affected by the coronavirus pandemic. However, in the Equipment segment we are seeing restraint among customers. There is a glimmer of hope with the sales situation in China, which is noticeably picking up again," remarks Michael Stomberg, Chairman of the Management Board of BAUER AG. "The worldwide effects and potential consequences for business fundamentally entail a significant amount of uncertainty for the current financial year and outlook."

Due to the uncertainties in global equipment sales and the partially disrupted construction operations, the Group reacted with short-time work for some companies in Germany and also initiated corresponding measures in other countries. Short-time work primarily applies to the Schrobenhausen machine production location, but also many areas of construction operations and administration functions.

Although the general situation involves considerable uncertainty, on the basis of the weak business figures for 2019 the Group currently still expects to achieve a slight increase in total Group revenues, a significant increase in EBIT and a significant increase in earnings after tax in the positive area for the 2020 financial year.

You can read the full quarterly statement online 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 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 2019, it employed some 12,000 people in around 70 countries and achieved total Group revenues of EUR 1.6 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 - March 2020 (IFRS)

	2019	2020	Change
	in million EUR	in million EUR
Total Group revenues	410.9	390.2	-5.0%
Of which
- Construction	170.2	177.1	+4.1%
- Equipment	185.8	163.8	-11.9%
- Resources	69.1	70.7	+2.2%
- Other/Consolidation	-14.2	-21.4	n/a
Sales revenues	341.9	334.0	-2.3%
Order intake	419.8	455.2	+8.4%
Order backlog	1,022.6	1,092.7	+6.9%
EBITDA	32.7	31.1	-5.0%
EBIT	10.5	6.3	-40.3%
Earnings after tax	-5.1	-5.0	n/a
Total assets	1,700.1	1,708.9	+0.5%
Equity	426.8	375.9	-11.9%
Employees (average number during the year)	11,797	11,745	-0.4%

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