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EANS-News: BAUER Aktiengesellschaft
Bauer as yet virtually unaffected by
financial crisis in first quarter
. Total Group revenues up 10.5 percent to EUR 375.3 million . Profit after tax of EUR 11.0 million down EUR 1.4 million against previous year . Orders in hand stable in Construction and Resources segments, down substantially in Equipment segment . Forecast for 2009 reaffirmed: total Group revenues of EUR 1.4 billion and profit after tax at 2007 level
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Schrobenhausen, May 15, 2009 - (euro adhoc) - Construction and machinery manufacturing concern BAUER Aktiengesellschaft remained as yet virtually unaffected by the international financial crisis in the first quarter of 2009.
In the first three months of the current financial year, Bauer increased its total Group revenues by 10.5 percent to EUR 375.3 million. While earnings before interest, taxes, depreciation and amortization (EBITDA) remained constant at EUR 38.3 million, earnings before interest and taxes (EBIT) of EUR 23.3 million were EUR 2.1 million, or 8.4 percent, down against the previous year comparative. After-tax earnings fell correspondingly by EUR 1.4 million, or 11.3 percent, to EUR 11.0 million. Bauer employed an average of 8,454 people worldwide through the first quarter, compared to an average of 8,674 people throughout 2008.
The Construction segment made a good start to the new financial year. With revenues of EUR 144.6 million, it could not quite match the performance of the same quarter last year, falling back by 3.6 percent. By contrast, segment EBIT was a healthy 59.2 percent up, at EUR 5.2 million.
With a 21.8 percent increase in revenues to EUR 220.5 million, the Equipment segment performed well above expectations in the early months of the year. Segment EBIT of EUR 20.3 million was some EUR 3.4 million down on the comparative previous year quarter.
The progress made by the Resources segment was pleasing. Revenues increased by 37.4 percent to EUR 31.2 million, with Esau & Hueber GmbH making a first-time contribution of EUR 2.2 million. Segment EBIT improved slightly to EUR -1.2 million.
Orders in hand and outlook
At the end of the first quarter the Group held orders in hand totalling EUR 536.2 million. This was 27.9 percent down against the previous year comparative, and some 20 percent down against the end of 2008. Whereas orders in the specialist foundation engineering business stabilized from January to March 2009, and the trend in the Resources segment is positive, substantial declines in production and deliveries are forecast in the Equipment segment showing a significantly regressive order backlog over the coming months as a result of the market crisis.
"Like most other capital goods manufacturers, we are increasingly living from hand to mouth," comments Chairman of the Management Board Professor Thomas Bauer on the current situation. He nevertheless remains confident: "The customer events we hosted in late April showed that our customers are thinking about some interesting projects for the future." BAUER AG traditionally holds an exhibition every spring at its headquarters in Schrobenhausen, Bavaria, to demonstrate its latest innovations. This year these events were attended by some 2,800 industry specialists from all over the world - more than in recent years - eager to take the opportunity to find out about the latest developments and to exchange news and views with colleagues. The response to the large rigs on show was particularly positive.
There are bright prospects in the Resources segment based on a long-term large- scale water treatment project in Oman. The acquisition of the SITE Group in Jordan, agreed for the second quarter of the year, will also deliver positive momentum. The company is a specialist in deep-level well drilling for water and for oil and gas.
The BAUER Group is also profiting in many countries from the series of economic stimulus packages being implemented, specifically targeting infrastructure construction projects.
On current estimates, the Group is able to reaffirm its 2009 full-year forecast: it expects total Group revenues of around EUR 1.4 billion and aims to achieve profit after tax around the 2007 level (at that time EUR 74 million).
The full Interim Report can be found on the Internet at http://www.bauer.de/en.
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 8,600 people, the Group's total revenues in 2008 were EUR 1.53 billion (previous year: EUR 1.2 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 - 1st Quarter 2009 (IFRS)
| |Q1/2008 |Q1/2009 |Change | | |in EUR |in EUR million | | | |million | | | |Total Group revenues* |339.7 |375.3 |10.5 % | |of which | | | | |- Germany |74.6 |89.4 |19.9 % | |- International |265.1 |285.9 |7.8 % | |of which | | | | |- Construction |150.0 |144.6 |-3.6 % | |- Equipment |181.0 |220.5 |21.8 % | |- Resources |22.7 |31.2 |37.4 % | |- |-14.0 |-21.0 |n/a | |Other/Eliminations/Consolidations | | | | |Consolidated revenues |328.2 |362.5 |10.4 % | |Sales revenues |261.4 |270.6 |3.5 % | |Orders received |465.1 |239.9 |-48.8 % | |Orders in hand |743.4 |536.2 |-27.9 % | |EBITDA |38.3 |38.3 |0 % | |EBITDA margin (as % of sales |14.7 % |14.2 % |n/a | |revenues) | | | | |EBIT |25.4 |23.3 |-8.4 % | |EBIT margin (as % of sales |9.7 % |8.6 % |n/a | |revenues) | | | | |Net profit or loss** |12.4 |11.0 |-11.3 % | |Shareholders' equity |289.8 |383.8 |32.4 % | |Equity ratio in % |32.2 % |32.2 % |n/a | |Earnings per share in EUR*** |0.70 |0.62 |-11.4 % | |Employees |7,681 |8,454 |10.1 % |
* 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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