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Bauer defies financial market crisis with excellent performance - nine-month figures fully in line with planning
. Total Group revenues up 24.7 percent to EUR 1,112 million . After-tax profit up 74 percent to EUR 67.8 million . Full-year forecast for 2008 reaffirmed
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Schrobenhausen, November 14, 2008 - (euro adhoc) - The global construction and equipment manufacturing group BAUER AG is defying the financial market crisis and has delivered excellent performance over the first nine months of the current year. All segments are progressing fully in line with planning, reaffirming the Group's ambitious growth forecast for the full year.
To September 30, 2008, total Group revenues were EUR 1,112 million, representing an increase of 24.7 percent over the previous year comparative. Earnings before interest and taxes (EBIT) rose 38.7 percent to EUR 108.4 million. Profit after tax increased by 74 percent to EUR 67.8 million. Orders in hand went up by 49.6 percent to EUR 757.7 million, ensuring that capacity utilization will remain high through to the year-end and beyond. The Group's workforce increased to a total of 8,103 people.
In the Construction segment, growing business volumes and a large number of major projects, spread evenly across all regions of the world, had a positive effect on performance for the first nine months. Revenues increased by 29 percent to EUR 520.1 million. Orders in hand were up 56.5 percent. The segment's operating profit rose 136.4 percent to EUR 29.3 million.
With a 25.5 percent increase in revenues to EUR 569.5 million and operating profit of EUR 79.6 million, the Equipment segment is once again on course to set new records. Orders in hand of EUR 276.3 million are 38.5 percent up on the previous year comparative. This performance provides the Group with confidence that it will meet its set targets, despite the slight slowdown in capital investment seen in recent weeks because of the financial crisis. In view of this trend, Bauer has developed a large number of new machines for new markets which are scheduled for launch over the coming year.
The strategic development of the Resources segment established last year is making progress. The segment is showing a pleasing growth in orders in hand, which at EUR 36 million are 60.5 percent up on the previous year comparative. Segment revenues of EUR 87.2 million and operating profit of EUR 1.2 million are around the previous year's level.
In view of the pleasing performance shown to date and the current healthy levels of orders in hand in all the Group's segments, Bauer is reaffirming its forecasts for the full year. The company expects total Group revenues to increase by almost 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).
The current business operations of BAUER AG have to date been little affected by the financial crisis. However, the Group does not exclude the possibility of negative effects being felt over the coming year. It has carried out a number of simulations, the results of which give Professor Thomas Bauer, Chairman of the Management Board, good reason to be confident: "The market position and internal strength of the BAUER Group has been built up so successfully over the past years that, even if some of its markets were to undergo substantial change, we expect that the business as a whole would remain on an upward trend."
The Group is ideally placed to cope with any potential changes to markets, not least thanks to its global presence, with representation in more than 60 countries. Consequently, any declines in countries affected by the financial market crisis can be compensated by maximizing opportunities in newly emerging economies and in countries with resources of essential raw materials. Bauer's work on infrastructure projects and its provision of solutions helping to ease the global shortage of raw material resources and resultant energy problems make it relatively well cushioned against the impact of economic downturn. The Group has geared itself up accordingly by developing new machinery and specialist know-how.
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 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 January - September (IFRS)
| |Jan-Sep 2007 |Jan-Sep 2008 |Change | | |in EUR |in EUR million | | | |million | | | |Total Group revenues* |891.2 |1,111.8 |24.7 % | |of which | | | | |- Germany |275.7 |264.6 |-4.0 % | |- International |615.5 |847.2 |37.6 % | |- International in % |69.1 % |76.2 % |n/a | |of which | | | | |- Construction |403.3 |520.1 |29.0 % | |- Equipment |453.7 |569.5 |25.5 % | |- Resources |87.4 |87.2 |-0.2 % | |- Other/Elim./Cons. |-53.2 |-65.0 |n/a | |Consolidated revenues |843.5 |1,073.6 |27.3 % | |Sales revenues |759.4 |930.2 |22.5 % | |Orders received |975.5 |1,251.4 |28.3 % | |Orders in hand |506.6 |757.7 |49.6 % | |EBITDA |115.7 |149.3 |29.0 % | |EBITDA margin in % (of sales |15.2 % |16.0 % |n/a | |revenues) | | | | |EBIT |78.1 |108.4 |38.7 % | |EBIT margin in % (of sales |10.3 % |11.7 % |n/a | |revenues) | | | | |Net profit or loss** |38.9 |67.8 |74.0 % | |Shareholders' equity |249.8 |330.6 |32.3 % | |Equity ratio in % |29.1 % |31.7 % |8.9 % | |Earnings per share in EUR*** |2.21 |3.81 |72.4 % | |Employees |6,627 |8,103 |22.3 % |
* 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.
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