Bauer starts 2007 with good first quarter
Schrobenhausen, May 15, 2007 - (euro adhoc) -
. Increase in total Group revenues to around EUR 263 million . Improvement in first quarter profit to EUR 3.6 million . Confirmation of positive outlook for 2007 financial year
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The construction and equipment manufacturing group BAUER Aktiengesellschaft, which since July 4, 2006 has been listed in official trading (Prime Standard) on the Frankfurt Stock Exchange, has sustained its previous year performance into the first quarter of the current financial year (January 1 to March 1, 2007), achieving healthy increases in revenue and earnings in virtually all areas.
Bauer increased first quarter total Group revenues by just under 24 percent to around EUR 263 million (previous year: EUR 212 million). Earnings before interest and taxes (EBIT) increased even more strongly, by more than EUR 8 million, to around EUR 11.9 million (previous year: EUR 3.5 million). Consolidated profit increased substantially to EUR 3.6 million (previous year: EUR -0.3 million).
The strong growth again results from the outstanding performance of the Group's Equipment segment. Based on much higher demand for machinery, total revenues in that segment increased by 45.8 percent in the first quarter to around EUR 143 million (previous year: EUR 98 million) and earnings before interest and taxes (EBIT) improved substantially to around EUR 15.7 million (previous year: EUR 6.8 million).
The Construction segment increased its first quarter total revenues by around 9 percent to EUR 131 million (previous year: EUR 120 million). First quarter performance was boosted, especially in Germany, by the mild weather at the beginning of the year. In line with seasonal trends in the construction industry, however, EBIT was slightly negative, at EUR -0.9 million (previous year: EUR -2.6 million). The main reason for this result was the still unsatisfactory level of prices in Germany, particularly on large-scale projects. Over the full year Bauer expects its German construction operations to return a profit.
Orders in hand increased by less than revenues in the reporting period, because of the company's cautious approach to taking on new work in Germany, though attractive projects outside of Germany did result in an increase of just under 5 percent, to EUR 419.2 million (previous year: EUR 399.6 million).
Alongside substantial investments to expand equipment manufacturing capacities in Germany and internationally, Bauer will be driving forward its move into new market segments throughout the current year. The companies of the newly acquired German Water and Energy GmbH (GWE) group will be merged with Bauer's existing environmental, geothermal and mining businesses to form a new, third, segment named "Resources". "We see this as a major opportunity to grow our business without abandoning our core competencies. It will reduce the dependence of our existing segments on specific business cycles because the new segment, though needing to apply the same technology as the existing segments, will be subject to its own entirely independent business cycle", states Chairman of the Management Board Professor Thomas Bauer.
Bauer expects Group performance to sustain its upward trend in 2007, with total Group revenues set to rise by over 20 percent to around EUR 1.2 billion and profit after tax at a minimum of EUR 45 million.
Bauer is a global provider of specialist foundation engineering and related services as well as a leading international vendor of specialist foundation engineering machinery, equipment and tools and related services.
The Group's operations are managed in two segments: Construction and Equipment. The Construction segment provides specialist foundation engineering services and also operates in the related fields of environmental technology, structure remediation, bridge-building and project development. In its Equipment segment, Bauer offers an extensive range of machinery, equipment and tools for specialist foundation engineering. The Group markets its products and services worldwide, through local sales companies and project management networks. The BAUER Group profits from the collaboration between its two segments. This means Bauer is able to offer innovative and highly specialized complete solutions for specialist foundation engineering projects, providing all the necessary services and specialist equipment.
Founded over 200 years ago, the BAUER Group today generates over two thirds of its total revenues outside of Germany. Employing over 5,500 people, the Group's total revenues were EUR 980 million (previous year: EUR 824 million) in 2006.
GROUP KEY FIGURES, Q1 2007 (IFRS)
| |Q1 2006 |Q1 2007 |Change | | |in EUR |in EUR million | | | |million | | | |Total Group revenues*, |212.3 |263.1 |+ 23.9 % | |of which | | | | |-Construction |119.9 |131.0 |+ 9.3 % | |-Equipment | 98.3 |143.3 |+ 45.8 % | |-Consolidation / Other |- 5.9 |-11.2 | n/a | |Consolidated revenues |202.2 |252.6 |+ 24.9 % | |Orders in hand |399.6 |419.2 |+ 4.9 % | |EBITDA | 14.8 | 23.5 |+ 59.1 % | |EBIT, | 3.5 | 11.9 |+ 244.3 % | |of which | | | | |-Construction |- 2.6 |- 0.9 | n/a | |-Equipment | 6.8 | 15.7 |+ 131.9 % | |-Consolidation / Other |- 0.7 |- 2.9 | n/a | |Profit** |- 0.3 | 3.6 | n/a | |Earnings per share in EUR***| -0.03 EUR | 0.20 EUR | n/a | |Employees | 5,353 | 5,830 |+ 8.9 % |
* 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, following share split.
end of announcement euro adhoc 15.05.2007 08:00:00
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