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EANS-News: BAUER Aktiengesellschaft
Bauer surpasses targets and delivers
record 2008 performance
. Total Group revenues up 26.4 percent to EUR 1.53 billion . Profit after tax up 44.5 percent to EUR 107.5 million . Forecast for 2009 confident: total Group revenues of EUR 1.4 billion and profit after tax at 2007 level
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Schrobenhausen/Munich, April 21, 2009 - (euro adhoc) - Construction and equipment manufacturing group BAUER Aktiengesellschaft enjoyed a record year in 2008. Despite the global economic collapse in the second half of the year, business was sustained at a consistently high level through to the end of the year, enabling the growth targets set in August to be surpassed. The Group's global presence and its combination of future-proof business fields were proving to be the key stabilizing factors, enabling it to look to the future with confidence.
Increase in revenues and profit at high level In the year under review Bauer increased its total Group revenues by 26.4 percent to EUR 1.53 billion. Profitability was improved at an even higher rate thanks to the low tax ratio. Bauer's profit after tax was up 44.5 percent at EUR 107.5 million, surpassing the mid-year forecast. EBIT (earnings before interest and taxes) increased by 27.1 percent to EUR 167.5 million. On the basis of this performance, the Management Board and Supervisory Board will propose to the Annual General Meeting that the dividend be held constant at EUR 1.00 per share. This will entail a total payout of EUR 17.1 million.
The Bauer workforce through 2008 averaged 8,674 people - almost a quarter up on the previous year's figure.
All three segments - Construction, Equipment and Resources - achieved growth in their business and contributed to the overall growth of the Group.
Construction segment: momentum from large-scale infrastructure projects outside Germany The best growth in relative terms was achieved by the Construction segment, which generated Group revenues up 31.8 percent against the previous year at EUR 700.9 million. The segment's operating profit rose 86.4 percent to EUR 46.3 million.
Key factors driving this growth were wide-ranging large-scale infrastructure and inner city construction projects as well as large power stations and underground railway systems. While international business sustained its positive trend of recent years, business in Germany achieved a slight improvement in revenues and a return to operating profit following many years of crisis in the construction industry.
Equipment segment: capacities expanded and innovative machinery developed The Equipment segment increased Group revenues by 21.3 percent over the previous year to EUR 780.1 million. The segment's operating profit rose by 11.7 percent to EUR 118.3 million.
Bauer has responded to the high demand generated by the construction boom of recent years by expanding its production capacities. The most extensive programme of capital investment in the company's history had been brought to completion in many areas by the end of 2008. All the Group's plants have been brought up to the state of the art, and are in a position to compensate for the investments made in them by improved productivity.
Bauer is currently once again demonstrating its innovative strength at its annual in-house exhibition. Among the new products being featured at the company's home base in Schrobenhausen is a large base carrier unit for specialist foundation engineering operations. The newly developed deep-level drilling rig is being presented to customers for the first time in shell form.
Resources segment: targeting the environmental and commodities markets of the future The Resources segment divides its services into three divisions: Materials (materials for use in drilling operations for water drawing and geothermal energy recovery), Environment (soil and ground-water treatment, as well as treatment of other kinds of water) and Mining (services relating to the mining of raw materials and extraction of geothermal energy). The segment is still in the process of development, and completed its first full year of business in 2008.
The segment increased Group revenues by 20.6 percent to EUR 135.1 million. Its operating profit was EUR 4.0 million, against EUR 0.3 million in the previous year.
In the year under review the segment was awarded a major contract in Oman, with a value of some EUR 80 million, which demonstrates its outstanding future potential: in conjunction with a local firm, Bauer will over the next two years be constructing a treatment plant for process water from the oil industry and will subsequently operate the plant over a period of 20 years.
Orders in hand and outlook The Group's orders in hand had increased by the end of 2008 to EUR 671.6 million, 8.7 percent up on the previous year's comparative level. By mid-2008 orders in hand had in fact reached more than EUR 800 million, but they fell back by some EUR 130 million over the second half of the year. "This trend was due only in part to the emerging economic crisis," reports Chairman of the Management Board Professor Thomas Bauer. "On closer analysis of the decline in orders in hand, it can be seen that, as well as the consequences of the crisis, it is also linked to entirely normal fluctuations in business operations: in the specialist foundation engineering sector relating to the degree of completion of large-scale projects, and in the equipment manufacturing business resulting from a change in ordering behaviour based on shorter delivery lead times."
The early months of 2009 have instilled Professor Bauer with confidence: "Although Bauer is not able to isolate itself entirely from the generally negative global economic trend, our global presence and our three future-proof business fields place us in a good position to make use of opportunities as they arise and to overcome the challenges we face. We will in particular profit from economic stimulus packages specifically targeting infrastructure construction projects."
On current estimates, the Group expects total Group revenues to drop to around EUR 1.4 billion in 2009. Profit after tax is forecast to attain the 2007 level (then EUR 74 million).
Our full Annual Report, including a detailed analysis of worldwide markets, can be found on our website at http://www.bauer.de.
About Bauer Bauer is a provider of services, machinery and ancillary products in the earth- working and ground-water fields. 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 all over the world, developing foundation and excavation projects as well as providing related construction services. In its Equipment segment, in which it is the world market leader, Bauer offers an extensive range of machinery, equipment and tools for specialist foundation engineering. The Resources segment encompasses the Group's operations in the exploitation of raw materials, in environmental technology, in geothermal drilling operations and also in equipment for wells (including pumps and drills, screens and casings).
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 more than two thirds of its total revenues outside of Germany. Employing some 8,600 people, the Group's total revenues in 2008 were EUR 1.53 billion (previous year: EUR 1.2 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 2008 (IFRS)
| |2007 |2008 |Change | | |in EUR million |in EUR | | | | |million | | |Total Group revenues* |1,208.1 |1,527.2 |+26.4 % | |of which | | | | |- Germany |331.6 |379.5 |+14.4 % | |- International |876.5 |1,147.7 |+30.9 % | |of which | | | | |- Construction |531.8 |700.9 |+31.8 % | |- Equipment |643.1 |780.1 |+21.3 % | |- Resources |112.0 |135.1 |+20.6 % | |- Consolidation / Other |- 78.8 |-88,9 | n/a | |Sales revenues |1,033.0 |1,290.8 |+25.0 % | |Orders in hand |618.0 |671.6 |+8.7 % | |EBITDA |185.4 |228.4 |+23.2 % | |EBITDA margin in % (of sales |17.9 % |17.7 % | n/a | |revenues) | | | | |EBIT |131.8 |167.5 |+27.1 % | |EBIT margin in % (of sales |12.8 % |13.0 % | n/a | |revenues) | | | | |Net profit or loss** |74.4 |107.5 |+44.5 % | |Shareholders' equity |279.1 |372.6 |+33.5 % | |Equity ratio in % |34.1 % |35.8 % | n/a | |Earnings per share in EUR*** |EUR 4.23 |EUR 6.09 |+44.0 % | |Dividend per share in EUR**** |EUR 1.00 |EUR 1.00 | n/a | |Employees |6,983 |8,674 |+24.2 % |
* At variance with the consolidated revenues presented in the Group income statement, the total Group revenues presented here include portions of revenues from associated companies as well as revenues of non-consolidated subsidiaries and joint ventures.
** Before minority interests. *** Diluted and basic.
**** 2008 proposed.
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