12.05.2010 – 07:01
EANS-News: BAUER Aktiengesellschaft
BAUER AG reaffirms full-year forecast at
end of first quarter
Total Group revenues of EUR 261 million down 30.5 percent against previous year comparative quarter (EUR 375.3 million) After-tax loss as expected, totalling EUR 4.4 million (previous year: EUR 11.0 million profit) Orders received up 22.2 percent to EUR 293.2 million (previous year: EUR 239.9 million) Full-year forecast reaffirmed: Stable total Group revenues around previous year's level and after-tax profit of around EUR 40 million
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quarterly report/3-month report
Subtitle: Total Group revenues of EUR 261 million down 30.5 percent against previous year comparative quarter (EUR 375.3 million) After-tax loss as expected, totalling EUR 4.4 million (previous year: EUR 11.0 million profit) Orders received up 22.2 percent to EUR 293.2 million (previous year: EUR 239.9 million) Full-year forecast reaffirmed: Stable total Group revenues around previous year's level and after-tax profit of around EUR 40 million
Schrobenhausen (euro adhoc) - Schrobenhausen - BAUER Aktiengesellschaft closed first-quarter 2010 in line with its expectations and has reaffirmed its full-year forecast. In the first three months of the current financial year the effects of the economic crisis and of adverse weather conditions depressed the revenues and earnings of the construction and machinery manufacturing concern. Total Group revenues were EUR 261 million, down 30.5 percent against the exceptionally good previous year comparative quarter. Earnings before interest and taxes (EBIT) totalled EUR 5.6 million (previous year: EUR 23.3 million). As expected, an after-tax loss of EUR 4.4 million was made (previous year: EUR 11.0 million profit).
Revenues of the Construction segment were affected particularly by the adverse weather conditions, as well as by the fact that a number of major projects were delayed in starting. As a consequence, segment revenues were 11.8 percent down, at EUR 125.1 million. Segment EBIT decreased from EUR 5.2 million in the comparative previous year period to EUR 2.9 million.
The Equipment segment, which was still reporting boom-period sales levels up to the end of last year's first quarter, saw its performance return to the more normal seasonal cycle as a result of the economic crisis. The early months of the year are generally very slack, as customers only start ordering equipment when the construction season begins. Reflecting the underlying base effect, and under the impact of the crisis, first-quarter revenues were 48.7 percent down against the previous year comparative at EUR 113.2 million. The BAUER Group is nevertheless outperforming the competition in this sector, thanks to its market edge in sales of large-scale equipment. Segment EBIT was EUR 2.6 million (previous year: EUR 20.3 million).
The Resources segment continued to make positive progress. Its revenues grew by 5.6 percent to EUR 35.6 million. Segment EBIT of EUR 0.1 million was already positive by the end of the first quarter, and thus well above the previous year's comparative level.
Orders in hand and outlook
The Group's orders in hand have been stable since the first quarter of last year, and at the end of the current reporting period totalled EUR 541.1 million.
Orders received saw pleasing growth for the first time in four quarters, rising by 22.2 percent to EUR 293.2 million. In the Construction segment, a number of major projects, including the construction of the Guggenheim and Louvre museums in Abu Dhabi as well as other projects in Qatar and Canada, are delivering positive momentum. The Equipment segment is profiting from projects in connection with government economic stimulus packages, among other factors, in which it is able to exploit the demand for larger specialist foundation engineering equipment. The interest shown at the Bauma international trade fair for construction machinery also provided grounds for optimism. The Resources segment continues to grow. In early April the Group was awarded a major contract in Jordan, with an order value of some EUR 35 million, to drill a well field. The Group's mining operations are also recovering discernibly as commodity prices rise.
"The normal seasonal effects in the industry affected our business in the first quarter. Prior to the boom period, a sluggish start to the year was always the norm, and we are used to dealing with it," explains Chairman of the Management Board Professor Thomas Bauer. "Overall, we are seeing a return to relatively stable market conditions which should enable us to meet our forecast."
For the full year, the BAUER Group forecasts total Group revenues around the previous year's level and after-tax profit of around EUR 40 million.
Our full Interim 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 nearly 8,900 people, the Group´s total revenues in 2009 were EUR 1.28 billion (previous year: EUR 1.53 million). 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 - March 2010 (IFRS)
| |Jan - Mar 2009 |Jan - Mar 2010 |Change | | |in EUR million |in EUR million | | |Total Group revenues* |375.3 |261.0 |-30.5 % | |of which | | | | |- Germany |89.4 |66.1 |-26.0 % | |- International |285.9 |194.9 |-31.9 % | |of which | | | | |- Construction |141.9 |125.1 |-11.8 % | |- Equipment |220.5 |113.2 |-48.7 % | |- Resources |33.9 |35.6 |5.0 % | |- Other/Elim./Consol. |-21.0 |-12.9 |n/a | |Consolidated revenues |362.5 |252.1 |-30.4 % | |Sales revenues |270.6 |216.0 |-20.2 % | |Orders received |239.9 |293.2 |22.2 % | |Orders in hand |536.2 |541.1 |0.9 % | |EBITDA |38.3 |23.4 |-38.8 % | |EBITDA margin (as % of sales |14.2 % |10.9 % |n/a | |revenues) | | | | |EBIT |23.3 |5.6 |-75.8 % | |EBIT margin (as % of sales |8.6 % |2.6 % |n/a | |revenues) | | | | |Net profit or loss** |11.0 |-4.4 |n/a | |Shareholders' equity |383.8 |406.6 |5.9 % | |Equity ratio in % |32.2 % |31.6 % |n/a | |Earnings per share in EUR*** |0.62 |-0.31 |n/a | |Employees (on average over the |8,454 |8,860 |4.8 % | |year) | | | |
* 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
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