BAUER AG - Total Group revenues increased by 2.7 percent to EUR 1,194.9 million
- The net result for the period was EUR -2.7 million (previous year: EUR -5.0 million)
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Order backlog increased by 30.3 percent to the record level of EUR 1,017.6 million
(previous year: EUR 780.8 million) - Forecast reaffirmed
Schrobenhausen - As at September 30, 2015, the BAUER Group can announce that its order backlog has reached a record level: at EUR 1,017.6 million, it is 30.3 percent up on the previous year, and has broken the billion barrier for the first time in the company's history. Total Group revenues amounted to EUR 1,194.9 million, which is 2.7 percent up on the previous year (EUR 1,163.2 million). EBIT was recorded at EUR 36.4 million in comparison to EUR 38.3 million for the previous year. The net result for the period was EUR -2.7 million (previous year: EUR -5.0 million). This was influenced by charges at individual subsidiaries and by restructuring measures.
Business segments
With its three segments - Construction, Equipment and Resources - and its broadly diversified business model, the Group operates through more than 110 subsidiaries in some 70 countries around the world.
In the Construction segment, business has picked up in almost all regions of the world. Total Group revenues amounted to EUR 564.4 million, an increase of 4.0 percent on the previous year. The EBIT decreased by EUR 4.4 million to EUR 12.4 million, while the net result for the period decreased slightly from EUR -1.3 million to EUR -1.4 million. Delays in the approval of the Center Hill Dam project in the USA had an additional negative impact in the current year. This created capacity bottlenecks, which also had a negative impact on the American subsidiary's other project business. Restructuring measures also had to be implemented. The order backlog underwent a positive development, growing by 23.9 percent to EUR 584.3 million (previous year: EUR 471.5 million). Major projects in the pipeline include construction of a cut-off wall for the Diavik diamond mine in Canada as well as diaphragm walling works for the Polavaram dam in India - an order that was received after the balance sheet date. Additionally, we succeeded in winning further smaller and medium-sized orders worldwide.
The order backlog in the Equipment segment developed satisfactorily in the first three quarters, increasing from EUR 137.1 million to EUR 159.7 million. The main growth was generated by the deep drilling business and small equipment. We expect further positive deliveries to our customers in the fourth quarter. Total Group revenues increased slightly by 0.3 percent to EUR 496.6 million, sales revenues were up by 1.5 percent from EUR 361.8 million to EUR 367.3 million. EBIT fell from EUR 25.6 million to EUR 24.6 million. The net result for the period was slightly down from EUR 4.3 million to EUR 4.2 million. The result was burdened by restructuring measures at subsidiaries. The sale of 50 percent of the shares in SPANTEC Spann- & Ankertechnik GmbH and the revaluation of the remaining 40 percent of the shares generated a one-time income item to offset against expenditure.
The total Group revenues of the Resources segment rose 10.4 percent to EUR 177.2 million (previous year: EUR 160.6 million). EBIT totaled EUR -1.2 million (previous year: EUR -1.9 million). The net result for the period was EUR -7.8 million after EUR -7.2 million in the previous year. Restructuring measures created significant costs during the current year. On the other hand, the segment has an excellent order backlog with a volume of EUR 273.7 million, 58.9 percent up on the previous year. The remediation order for the former landfill site at Kesslergrube in Grenzach-Wyhlen made an important contribution to this, amounting to more than EUR 100 million - the biggest order in the company's history to date.
Outlook
With its high order backlog, the BAUER Group is looking to the future with confidence. 'On the one hand, we have to shoulder the expenditures of the restructuring measures. On the other hand, we have a very good order backlog, and there are additional favorable opportunities for the future,' says Prof. Thomas Bauer, Chairman of the Management Board of BAUER Aktiengesellschaft. These include a planned joint venture with Schlumberger, which is intended to foster the deep drilling business. The joint venture outlines a common approach for the development and construction of larger deep drilling rigs for the oil, gas and geothermal sectors. The negotiations are expected to be brought to a close during the fourth quarter. The sales volume of the planned joint venture could soon amount to more than one hundred million euros.
The forecast confirmed by the company up to the year-end is predicting total Group revenues of around EUR 1.6 billion and EBIT of around EUR 75 million. The expected profit after tax of about EUR 18 to 23 million will, as planned, include non-operating profit, which offset the restructuring expenses.
The full Interim Report, including a detailed analysis of the individual segments and markets, can be found online at http://www.bauer.de
About Bauer
Bauer is a provider of services, machinery and products for ground and groundwater. The Group markets its products and services all over the world. Its global presence 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 is involved in special foundation engineering works for complex excavation pits and foundations for large infrastructure projects and buildings, cut-off walls and ground improvements all over the world, as well as engineering construction services and project development. Bauer's Equipment segment, a world market leader, offers a comprehensive range of construction machinery, equipment and tools for the specialist foundation engineering sector as well as for other underground drilling operations, such as for mines, water wells, geothermal energy sources, and oil and gas extraction. The Resources segment covers the activities of the Group in the areas of water, environment and natural resources.
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 around three quarters of its total revenues outside of Germany. In 2014, the Group with its workforce of about 10,400 people achieved total Group revenues of approx. EUR 1.56 billion (previous year: EUR 1.5 billion). BAUER Aktiengesellschaft has been listed on the official market of the Frankfurt Stock Exchange since July 4, 2006 (Prime Standard, ISIN DE0005168108).
Contact:
Christopher Wolf
Investor Relations
BAUER Aktiengesellschaft
BAUER-Straße 1
86529 Schrobenhausen, Germany
Tel.: +49 8252 97-1797
Fax: +49 8252 97-2900
e-mail: investor.relations@bauer.de
Internet: www.bauer.de
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