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Bauer raises profit forecast for 2008 following successful first half
. Total Group revenues up 27.9 percent to EUR 719.5 million . After-tax profit doubles to EUR 37.2 million . Full-year profit forecast raised
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Schrobenhausen, August 14, 2008 - (euro adhoc) - The global construction and equipment manufacturing group BAUER Aktiengesellschaft benefited from the continuing healthy state of the construction industry in the first half of 2008 and is again able to report significant growth.
In the first six months of the current financial year, Bauer increased its total Group revenues by 27.9 percent to EUR 719.5 million. With earnings before interest and taxes (EBIT) increasing by 50.6 percent to EUR 63.4 million, the Group achieved a double-digit EBIT margin of 10.7 percent. Profit after tax was doubled to EUR 37.2 million. Orders in hand rose by 74.3 percent to EUR 808.4 million, with the result that capacity utilization remains good. The workforce was strengthened to a total of 7,989 employees at June 30, 2008.
The Construction segment profited from growth in its international business. Revenues were up 36.8 percent to EUR 337.6 million, and the level of orders in hand doubled. The segment's EBIT for the first six months increased more than three-fold to EUR 12.8 million (previous year: EUR 3.7 million).
With a 27.3 percent increase in revenues to EUR 365.7 million and a 53 percent surge in orders in hand, the Equipment segment is likewise able to look back on a successful first half. The segment's EBIT was up by around one-third on the prior-year period at EUR 51.1 million (previous year: EUR 38.5 million). The extensive investment programme that aims to expand production capacities, both in Germany and internationally, is progressing in line with schedule.
In the Resources segment, which was created one year ago, the focus remains on establishing a sound structure as the basis for growth in strategic markets of the future. Although progress is still slow, with revenues falling 9.7 percent to EUR 52.9 million and EBIT for the segment reaching EUR -0.5 million, this is in line with our target. The level of orders in hand is slightly up on the previous year and ought to rise soon now that a number of major projects are likely to be secured. With a view to strengthening the segment, Bauer has acquired majority shareholdings in two smaller companies in recent months. These are the Schrobenhausen-based Esau & Hueber GmbH, which is active in the area of high-purity systems with its 40-strong workforce, and the Swiss company Foralith AG, which specializes in deep-level drilling projects and has a core staff of six employees.
After a successful first half, Bauer is able to raise its forecasts for the full year. The company expects total Group revenues to increase by around 20 percent to over EUR 1.4 billion (previous year: EUR 1.2 billion). It anticipates disproportionately high growth in profit after tax to more than EUR 100 million (previous year: EUR 74.4 million), up from the previous forecast of EUR 90 million.
Bauer is also looking to the future with optimism. "Our worldwide presence means we are already able to compensate for fluctuating business cycles in individual markets," remarked Chairman of the Management Board Professor Thomas Bauer. "The growing worldwide shortage of raw materials and the resulting energy problems are actually a big opportunity for us. That is precisely the target area of our Resources segment. We can help to exploit reserves of raw materials thanks to our new deep-level drilling rigs and specialized knowledge in operations for deep mines. And we can profit from the investment backlog for infrastructure projects such as the construction of power stations."
Bauer provides 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 a 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 7,000 people, the Group's total revenues in 2007 were EUR 1.2 billion (previous year: EUR 980 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 - 1st Half Year 2008 (IFRS)
| |1st HY 2007 |1st HY 2008 |Change | | |in EUR |in EUR million | | | |million | | | |Total Group revenues* |562.5 |719.5 |27.9 % | |of which | | | | |- Germany |169.0 |165.2 |-2.2 % | |- International |393.5 |554.3 |40.9 % | |- International in % |70.0 % |77.0 % |n/a | |of which | | | | |- Construction |246.8 |337.6 |36.8 % | |- Equipment |287.2 |365.7 |27.3 % | |- Resources |58.6 |52.9 |-9.7 % | |- Other/Eliminations/Cons. |-30.0 |-36.7 |n/a | |Consolidated revenues |534.3 |686.9 |28.6 % | |Sales revenues |477.8 |594.7 |24.5 % | |Orders in hand |463.8 |808.4 |74.3 % | |EBITDA |65.9 |89.1 |35.2 % | |EBITDA margin (as % of sales |13.8 % |15.0 % |n/a | |revenues) | | | | |EBIT |42.1 |63.4 |50.6 % | |EBIT margin (as % of sales |8.8 % |10.7 % |n/a | |revenues) | | | | |Net profit or loss** |18.6 |37.2 |100.0 % | |Shareholders' equity |239.5 |297.2 |24.1 % | |Equity ratio in % |29.6 % |30.5 % |n/a | |Earnings per share in EUR*** |1.05 |2.09 |99.0 % | |Employees |6,507 |7,989 |22.8 % |
* 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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