14.08.2014
BAUER Aktiengesellschaft DE0005168108
DGAP-News: BAUER Aktiengesellschaft: BAUER AG improves first-half total Group revenues and EBIT
DGAP-News: BAUER Aktiengesellschaft / Key word(s): Half Year
Results/Interim Report
BAUER Aktiengesellschaft: BAUER AG improves first-half total Group
revenues and EBIT
14.08.2014 / 07:00
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- Total Group revenues up 3.9 percent to EUR 749.2 million
- EBIT increases from EUR 7.4 million to EUR 13.6 million
- After-tax loss of EUR 11.0 million down against previous year
- Forecast for after-tax profit slightly adjusted
Schrobenhausen - In the first six months of the current financial year
BAUER Aktiengesellschaft increased its total Group revenues by 3.9 percent
from EUR 721.3 million to EUR 749.2 million. The global construction and
equipment manufacturing concern improved its EBIT (earnings before interest
and taxes) by EUR 6.2 million to EUR 13.6 million. Due to special factors,
the net loss of EUR 11.0 million was down against the previous year's
comparative figure of EUR -7.9 million. The special factors included
problems on a dam project in the USA, which made a loss. This additionally
resulted in significantly higher income tax expense year-on-year.
Chairman of the Management Board Professor Thomas Bauer comments:
"Excluding the special factors, our after-tax result would have been around
last year's level."
Orders in hand totalling EUR 773.7 million are within the range of
expectations (previous year: EUR 868.6 million). Some medium and
larger-scale projects will provide healthy levels of capacity utilization
over the coming months to replace a number of major projects which have
mostly 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. In the first half of the year, the Construction and
Equipment segments profited from the healthy state of their German home
markets, among other positive factors.
Total Group revenues in the Construction segment increased by 1.5 percent
to EUR 351.4 million. Segment EBIT increased from EUR 2.9 million to EUR
7.4 million. As a number of major projects have been completed, orders in
hand decreased as expected to EUR 470.4 million (previous year: EUR 531.3
million).
In the Equipment segment, total Group revenues rose by 3.7 percent to EUR
321.3 million. Business in the first half of the year was marked by higher
margins based on stronger sales of complex large machines. That had a
positive effect on segment EBIT, which more than doubled relative to the
previous year comparative period from EUR 5.8 million to EUR 13.2 million.
Orders in hand of EUR 134.2 million (previous year: EUR 154.0 million) were
down. Demand remains lively, though ordering and delivery lead times are
still very short. Opportunities are arising from new products and markets,
including through the development contract with Saxon Energy Services Inc.
relating to a large-sized deep drilling rig.
The Resources segment improved its total Group revenues by 7.9 percent to
EUR 101.0 million. The main drivers of growth were the Materials and
Environment areas. Segment EBIT of EUR -3.3 million was somewhat lower than
the previous year comparative (EUR -2.5 million). Orders in hand totalling
EUR 169.1 million are at a healthy level. The segment - operating in the
fields of water, energy, mineral resources and environmental technology -
is still undergoing a restructuring phase.
Outlook
"Demand is very volatile because of the political and economic situation in
a number of regions around the world, and that is hampering consistent
business growth," comments Professor Bauer. "In Russia especially, where we
have been operating for many years, the consequences of the political
conflict are marked, and the further course of developments is impossible
to predict."
As forecast in April 2014, BAUER AG expects to achieve total Group revenues
of around EUR 1.55 billion and EBIT of around EUR 75 million in the current
financial year. The company has adjusted its after-tax profit forecast
slightly, based on the special factors and the current political
uncertainty. It now expects to make around EUR 15 to 20 million instead of
the previously predicted EUR 20 to 25 million.
The full half-year interim report, including a detailed analysis of the
individual segments and markets, can be found online 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 - June 2014 (IFRS)
2013* 2014 Change in EUR in EUR million million Total Group revenues 721.3 749.2 +3.9 % of which - Germany 212.7 234.6 +10.3 % - International 508.6 514.6 +1.2 % of which - Construction 346.1 351.4 +1.5 % - Equipment 309.8 321.3 +3.7 % - Resources 93.6 101.0 +7.9 % - Other/Consolidation -28.2 -24.5 n/a Consolidated revenues 679.1 732.1 +7.8 % Sales revenues 607.3 645.5 +6.3 % Orders received 804.9 757.6 -5.9 % Orders in hand 868.6 773.7 -10.9 % EBITDA 50.3 57.6 +14.6 % EBITDA margin (as % of sales revenues) 8.3 % 8.9 % n/a EBIT (earnings before interest and 7.4 13.6 +83.1 % taxes) EBIT margin (as % of sales revenues) 1.2 % 2.1 % n/a Net profit or loss -7.9 -11.0 n/a Shareholders' equity 444.5 400.2 -10.0 % Equity ratio 26.5 % 24.2 % n/a Earnings per share in EUR -0.45 -0.66 n/a Employees (on average over the year) 10,388 10,406 +0.2 %* 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 --------------------------------------------------------------------- 14.08.2014 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. 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 --------------------------------------------------------------------- 282174 14.08.2014
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