BAUER AG - Total Group revenues up 4.2 percent to EUR 780.4 million
- Net loss for the period according to plan at EUR -6.8 million (previous year: EUR -11.0 million)
- Orders in hand up 13.9 percent to EUR 881.5 million (previous year: EUR 773.7 million)
Schrobenhausen, Germany - The first half of the year went according to plan for the BAUER Group. Thanks to the solid order situation, the international construction and machinery manufacturing concern remains optimistic for the rest of the fiscal year. With the major remediation project for the former Kesslergrube landfill, the largest single contract in the company's history, valued at more than EUR 100 million, the Group's orders in hand through August once again rose sharply.
Total revenues for the BAUER Group at the end of first half of the year were EUR 780.4 million, 4.2 percent above the previous year (EUR 749.2 million). EBIT came in at EUR 16.0 million versus EUR 13.6 million for the first half of 2014. Net loss for the period was in line with expectations at EUR -6.8 million (previous year: EUR -11.0 million). Orders in hand rose at the end of June by 13.9 percent to EUR 881.5 million.
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.
The Construction segment saw improved results in the first half of the year. Almost all regions of the world experienced an upturn. Total Group revenues for the Construction segment totaled EUR 369.9 million, an increase of 4.0 percent from the previous year. Segment EBIT increased by 39.4 percent to EUR 10.4 million. The net result for the period improved from EUR -1.7 million in the previous year to EUR 1.5 million. Orders in hand in the Construction segment increased 15.5 percent to EUR 550.8 million, despite the completion of large projects, and are distributed evenly across the regions.
Orders in hand in the Equipment segment increased from EUR 127.6 million in the previous year to EUR 157.0 million. This was mostly attributable to orders for deep drilling rigs and small machines. Total Group revenues rose 5.1 percent over the previous year to EUR 333.4 million, as did sales revenues, which increased 8.9 percent to EUR 237.9 million. EBIT fell from EUR 13.1 million in the previous year to EUR 8.4 million. The net result for the period also decreased from EUR 0.0 million in the previous year to EUR -2.9 million in the current year. The first half of 2015 saw fewer sales of large and complex machinery. Numerous orders will also be delivered to customers in the second half of the year.
There is great potential for the Resources segment, which serves the future markets of water, environment and natural resources. Larger contracts are expected in various locations worldwide in the near future. In July, the BAUER Group was awarded the contract for the remediation of the old Kesslergrube landfill in Grenzach-Wyhlen. The project, valued at over EUR 100 million, underscores the company's competence in this area. The realignment of the segment is requiring extra effort, as results are somewhat below expectations. Total Group revenues in the first half of the year totaled EUR 102.1 million, roughly on par with the previous year (EUR 101.0 million). EBIT came in at EUR -3.2 million (previous year: EUR -3.3 million). The net loss for the period was EUR -7.1 million (previous year: EUR -6.7 million). Orders in hand, at EUR 173.8 million, are up 2.8 percent from the previous year.
Outlook
The BAUER Group is optimistic about its progress during the first half of the year. "We see a positive trend for our business. The recently awarded large contract will further encourage this development," says Prof. Thomas Bauer, Chairman of the Management Board of BAUER Aktiengesellschaft. The company confirmed its full-year forecast predicting total Group revenues of around EUR 1.6 billion, profit after tax of EUR 18 to 23 million and EBIT of around EUR 75 million.
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).
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