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Â• Total Group revenues for 2009 of EUR 1,278.3 million down 16.3 percent against previous year (EUR 1,527.2 million) Â• 2009 after-tax profit of EUR 42.0 million down 60.9 percent against previous year (EUR 107.5 million) Â• Dividend proposal EUR 0.60 per share (previous year: EUR 1.00 per share) Â• Forecast for 2010: Stable total Group revenues and after-tax profit of around EUR 40 million
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. --------------------------------------------------------------------------------
Subtitle: Â• Total Group revenues for 2009 of EUR 1,278.3 million down 16.3 percent against previous year (EUR 1,527.2 million)
Â• 2009 after-tax profit of EUR 42.0 million down 60.9 percent against previous year (EUR 107.5 million) Â• Dividend proposal EUR 0.60 per share (previous year: EUR 1.00 per share) Â• Forecast for 2010: Stable total Group revenues and after-tax profit of around EUR 40 million
Schrobenhausen/Munich (euro adhoc) - Construction and machinery manufacturing concern BAUER Aktiengesellschaft has today presented its results for 2009. Having achieved a record year in 2008, the company's revenues and earnings fell substantially in 2009 under the impact of the unprecedented global economic recession. "In view of the severe turbulence on international markets, we are satisfied with the overall performance of the BAUER Group," stated Prof. Thomas Bauer, Chairman of the Management Board of BAUER AG. "All of our business segments are profitable. Moreover, our strategy of maintaining a global presence and focusing on three segments has proved to be the right one in countering the effects of the economic crisis. After a weak second half, we saw business stabilize as the year came to an end."
Total Group revenues were EUR 1,278.3 million, down 16.3 percent against the previous year. Earnings before interest and taxes (EBIT) halved to EUR 84.4 million (previous year: EUR 167.5 million). After-tax profit outperformed the updated forecast, reaching EUR 42.0 million, which was down 60.9 percent against the previous year's EUR 107.5 million. The Management Board and Supervisory Board will propose to the Annual General Meeting that a dividend of EUR 0.60 per share be paid (previous year: EURÂ 1.00 per share). This entails a total payout of EUR 10.3 million, representing a dividend rate of about 25 percent.
Stability based on global presence and future-oriented business segments
The company's long-term strategy of international diversification and focus on three future-oriented business segments is proving highly effective in the face of the economic crisis.
Construction segment: Trends inconsistent across regional markets
The consolidated revenues of the Construction segment fell by 16.2 percent to EUR 587.1 million (previous year: EUR 700.9 million). Consequently, segment EBIT declined to EUR 25.7 million, down 44.4 percent against the previous year's level. There were far fewer large-scale projects than in the boom year 2008, and markets in Eastern Europe and Dubai saw major collapses which had to be balanced out. Markets in the Far East and Africa have been little affected. Construction activity in the Middle East remains at a high level, with the exception of Dubai. In America, infrastructure projects conducted as part of economic stimulus packages are driving growth. In Germany, basic capacities are being taken up by a major project extending over a number of years in Munich.
Equipment segment: Nadir reached in second half of 2009; growth being driven by new machines
The Equipment segment suffered most severely of all the Group's business units from the effects of the economic crisis, yet it made the largest contribution to total Group revenues. Its consolidated revenues were EUR 604.5 million, down 22.5 percent (EUR 780.1 million) against the previous year. Segment EBIT fell by 56.6 percent from EUR 118.3 million to EUR 51.3 million. While customers remain reluctant to invest in smaller standard equipment, demand for larger specialist machinery is relatively stable. This is a market segment in which Bauer plays a dominant role. The company expects to see growth impetus from the launch of new machines. In the spring, as one example of this trend, sales will be starting of the deep drilling rigs which have been undergoing development, manufacture and testing for the last two years. The company will also be presenting numerous innovations at the upcoming Bauma construction industry trade fair in Munich.
Resources: Future growth markets in environmental technology and commodities on the up
The long-term strategy of the BAUER Group in establishing the Resources segment as a key new driver of growth for the future is proving to be the right one. The segment's consolidated revenues reached EUR 163.8 million (previous year:Â EUR 135.1 million), representing 12.8 percent of total Group revenues. The 21.2 percent growth seen in the financial year just ended was also boosted by the acquisition of a majority share in the Site Group for Services and Well Drilling Ltd. Co. in Jordan. However, segment EBIT of EUR 6.0 million was still below expectations. The earnings level reflects the expenditure incurred in building up the business. A key milestone is the major project being undertaken in Oman, involving the biological treatment of process water from the oil industry. The mining market, which virtually collapsed as the crisis hit, has recovered markedly in recent months. There are many interesting - and in some cases very large - projects involving drilling operations for the mining industry, in which the Group sees good growth opportunities.
Orders in hand and outlook
After a weak second half of 2009, the BAUER Group saw its business stabilize at a low level as the year ended. Orders in hand at the year-end totalled EUR 508.9 million, just under a quarter less than at the same time in the previous year (EUR 671.6 million). The company expects to see trends remaining weak through the first two quarters. In the first quarter, especially, significantly reduced sales relative to last year will see the business record a loss.
For the full year, the BAUER Group forecasts total Group revenues around the previous year's level. Current forecasts of after-tax profit are around EUR 40 million.
"We have taken effective action to adjust our business to market conditions," comments Professor Bauer. "Despite the economic crisis, opportunities are repeatedly opening up in all our business segments, and we will make use of them. Our strategic approach has proved to be correct, and consequently we believe the BAUER Group is on the right road to meet the challenges of 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.
Bauer is a provider of services, machinery and ancillary products in the earth- working and groundwater 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 8,900 people, the Group's total revenues in 2009 were EUR 1.28 billion (previous year: EURÂ 1.53 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 2009 (IFRS)
| |2008 |2009 |Change | | |in EUR million |in EUR million | | |Total Group revenues* |1,527.2 |1,278.3 |-16.3 % | |of which | | | | |- Germany |379.5 |364.0 |-4.1 % | |- International |1,147.7 |914.3 |-20.3 % | |of which | | | | |- Construction |700.9 |587.1 |-16.2 % | |- Equipment |780.1 |604.5 |-22.5 % | |- Resources |135.1 |163.8 |21.2 % | |- Other/Elim./Consol. |-88.9 |-77.1 |n/a | |Consolidated revenues |1,455.3 |1,228.6 |-15.6 % | |Sales revenues |1,290.8 |1,096.5 |-15.1 % | |Orders received |1,580.7 |1,115.7 |-29.4 % | |Orders in hand |671.6 |508.9 |-24.2 % | |EBITDA |228.4 |159.9 |-30.0 % | |EBITDA margin (as % of sales |17.7 % |14.6 % |n/a | |revenues) | | | | |EBIT |167.5 |84.4 |-49.6 % | |EBIT margin (as % of sales |13.0 % |7.7 % |n/a | |revenues) | | | | |Net profit or loss** |107.5 |42.0 |-60.9 % | |Shareholders' equity |372.6 |401.9 |7.8 % | |Equity ratio in % |35.8 % |33.9 % |n/a | |Earnings per share in EUR*** |6.09 |2.28 |-62.6 % | |Dividend per share in EUR**** |1.00 |0.60 |-40.0 % | |Employees |8,674 |8,872 |2.3 % |
* 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 **** 2009 proposed
end of announcement euro adhoc --------------------------------------------------------------------------------
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