DGAP-News: BAUER Aktiengesellschaft: BAUER AG increases total Group revenues and starts the new financial year with an excellent order backlog
DGAP-News: BAUER Aktiengesellschaft / Key word(s): Final Results/Forecast
BAUER Aktiengesellschaft: BAUER AG increases total Group revenues and starts
the new financial year with an excellent order backlog
18.04.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
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- Total Group revenues up 6.2 % to EUR 1,656.4 million.
- Net result for the period increased to EUR 29.0 million (previous year:
EUR 15.7 million).
- Order backlog at the high level of EUR 995.6 million (previous year: EUR
762.7 million).
- Dividend proposal for 2015: EUR 0.15 per share
- Forecast for 2016: Total Group revenues of around EUR 1.65 billion,
earnings after tax of around EUR 20 to 25 million and EBIT around EUR 75
million.
Schrobenhausen/Munich - The BAUER Group exceeded its forecast for financial
year 2015. Numerous positive and negative individual factors played their
part in this. Thanks to shareholding transactions in the Equipment segment,
positive exceptional earnings were generated. These were contrasted by
restructuring expenditures as well as losses in discontinued business
activities and from completed projects, which were disrupted during the
construction process.
Total Group revenues increased by 6.2 % from EUR 1,560.2 million to EUR
1,656.4 million year-on-year. These accumulated factors increased EBIT to
EUR 90.7 million (previous year: EUR 76.4 million) and the net result for
the period to EUR 29.0 million (previous year: EUR 15.7 million). "The
numerous individual factors, which had a particular effect on key results,
naturally make it difficult to draw a meaningful comparison with previous
years. The Group's pure operative business without special effects was
nevertheless positive," comments Prof. Thomas Bauer, Chairman of the
Management Board of BAUER AG.
As in the previous year, the Management Board and Supervisory Board will
propose to the Annual General Meeting that a dividend amounting to EUR 0.15
per share should be paid for 2015. It will not be possible to increase the
dividend as the equity base is to be protected and the equity ratio shall
be increased from 27.2 % back to above 30 % in the medium term.
Business segments
With its three segments - Construction, Equipment and Resources - more than
110 subsidiaries and its broadly diversified business model, the Group
operates in some 70 countries around the world.
In 2015, the Construction segment generated a good part of its increased
total Group revenues in the Middle East. The subsidiaries in Saudi Arabia,
Qatar and Egypt recorded significant growth. They are participating in
major subway construction sites in Doha, Riyadh and Cairo, and are also
involved in projects relating to the expansion of the Suez Canal. The
segment also maintained its high standard of the previous year in the
German construction market. Losses were recorded in Russia, where
construction has practically come to a standstill due to sanctions and the
depreciation of the rouble. Overall, the segment generated total Group
revenues of EUR 742.9 million in 2015. This figure is 2.4 % up on the
previous year (EUR 725.6 million). EBIT fell back from EUR 26.0 million to
EUR 13.9 million. The net result for the period was negative at EUR -7.3
million in the reporting year (previous year: EUR 2.5 million). This is
chiefly due to problems with the Center Hill dam project in the USA. As in
the previous year, the project, which was completed in 2015, created a
great financial burden and the US subsidiary had to implement restructuring
measures as a result. The order backlog increased further by 29.8 %
compared with 2014 (EUR 455.5 million), reaching the record level of EUR
591.1 million. Several major projects were also acquired as well as small
and medium-sized projects in all regions around the world.
Sales in the Equipment segment increased despite a difficult market
environment and the operating result reached a healthy level. Total Group
revenues rose by 17.8 % to EUR 753.1 million (previous year: EUR 639.2
million). This significant increase was primarily caused by exceptional
earnings. These were generated on the one hand by the sale and revaluation
of shares in SPANTEC Spann- und Ankertechnik GmbH. Another exceptional
result arose from the joint venture agreement with Schlumberger, the
world's leading supplier of technology, integrated project management and
information solutions for oil and gas industry customers. Schlumberger
invested 49 % each in two subsidiaries as part of a cash capital increase.
The sales revenues grew by 2.9 % to EUR 548.0 million (previous year: EUR
532.7 million). As a result of the exceptional earnings, the segment's EBIT
also increased significantly from EUR 36.0 million to EUR 99.4 million. The
net result for the period rose correspondingly from EUR 8.8 million to EUR
65.4 million. When disregarding the special effects, sales revenues
increased and EBIT reached a healthy level despite a difficult market
environment. New developments have also established themselves well in the
market. The deep drilling rigs business, which depends on crude oil prices,
proved a bigger concern, which is also reflected in the order backlog. It
dropped to EUR 128.1 million, 16.9 % below the previous year (EUR 154.2
million). The joint venture with Schlumberger will provide impetus in this
respect.
The Resources segment was badly affected by the falling raw material prices
in the past year. There were barely any deep drilling projects for oil,
gas, water and natural resources. The reorganization of the segment, which
was started in 2014, also had a negative effect on earnings yet again: for
the future unprofitable businesses were discontinued, capacities reduced
and subsidiaries closed down.
Total Group revenues decreased by 12.3 % to EUR 221.6 million as a result
(previous year: EUR 252.8 million). EBIT was clearly negative at EUR -19.8
million (previous year: EUR 15.9 million), as was the net result for the
period at EUR -29.4 million (previous year: EUR 4.3 million). The order
backlog of EUR 276.5 million was 80.7 % higher than in 2014 (EUR 153.0
million), which is a positive sign. This was primarily due to the largest
single project in the history of the BAUER Group, the remediation of two
segments of the old Kesslergrube landfill site in Grenzach-Wyhlen, Germany,
with a value of over EUR 100 million. The order situation in the
environmental and water sectors also provides a positive picture with
regard to the further development of the segment.
Order backlog and outlook
A very positive order situation forms the basis of the BAUER Group's
current financial year. The order backlog had risen by 30.5 % to EUR 995.6
million (previous year: EUR 762.7 million) by the end of 2015. Apart from
the Construction segment, the Resources segment contributed the lion's
share to this development with the largest project in the history of the
Group. "The very high order backlog is an indication of our strength in the
market. We can build on that in 2016," comments Prof. Bauer. "The
instability in many regions around the world will be with us in the future,
but our Company has taken a new path in many respects and has a product and
service portfolio that is in great demand."
The Group is cautiously optimistic and expects total Group revenues of
around EUR 1.65 billion in the current financial year. It expects earnings
after tax of around EUR 20 to 25 million and EBIT of around EUR 75 million.
Our full Annual Report, including a detailed analysis of the individual
segments and markets, can be found on our website at http://www.bauer.de.
About Bauer
The BAUER Group is a leading provider of services, equipment and products
related to ground and groundwater. With over 110 subsidiaries, Bauer
operates a worldwide network on all continents.
The operations of the Group are divided into three future-oriented segments
with high synergy potential: Construction, Equipment and Resources. The
Construction segment offers new and innovative specialist foundation
engineering services alongside the established ones, and carries out
foundation and excavation work, cut-off walls and ground improvements
worldwide. Bauer is a world market leader in the Equipment segment and
provides a full range of equipment for specialist foundation engineering as
well as for the exploration, mining and extraction of natural resources. In
the Resources sector, Bauer focuses on highly innovative products and
services in the areas of water, environment and mineral deposit reserves.
Bauer profits greatly from the collaboration between its three separate
segments, enabling the Group to position itself as an innovative, highly
specialized provider of products and services for demanding projects in
specialist foundation engineering and related markets. Bauer therefore
offers suitable solutions to the greatest problems in the world, such as
urbanization, the growing infrastructure needs, the environment and water,
oil and gas.
The BAUER Group was founded in 1790 and is based in Schrobenhausen,
Bavaria. In 2015, it employed some 10,700 people in around 70 countries and
achieved total Group revenues of EUR 1.66 billion. BAUER Aktiengesellschaft
is listed in the Prime Standard of the German stock market.
More information can be found at http://www.bauer.de.
GROUP KEY FIGURES 2015 (IFRS)
2014* 2015 Change
in EUR in EUR
million million
Total Group revenues 1,560.2 1,656.4 +6.2 %
of which
- Germany 440.2 473.7 +7.6 %
- International 1,120.0 1,182.7 +5.6 %
of which
- Construction 725.6 742.9 +2.4 %
- Equipment 639.2 753.1 +17.8 %
- Resources 252.8 221.6 -12.3 %
- Other/Consolidation -57.4 -61.2 n/a
Consolidated revenues 1,506.0 1,587.9 +5.4 %
Sales revenues 1,375.7 1,379.0 +0.2 %
Order intake 1,521.1 1,811.4 +19.1 %
Order backlog 762.7 995.6 +30.5 %
EBITDA 171.0 185.1 +8.2 %
EBITDA margin (as percent of sales 12.4 % 13.4 % n/a
revenues)
EBIT 76.4 90.7 +18.7 %
EBIT margin (as percent of sales 5.6 % 6.6 % n/a
revenues)
Net result for the period 15.7 29.0 +84.7 %
Equity 418.9 451.2 +7.7 %
Equity ratio 26.6 % 27.2 % n/a
Earnings per share in EUR 0.85 1.73 n/a
Employees (average number during the 10,405 10,738 +3.2 %
year)
* Previous year's figures adjusted
Contact:
Christopher Wolf
Investor Relations
BAUER Aktiengesellschaft
BAUER-Strasse 1
86529 Schrobenhausen, Germany
Phone: +49 8252 97-1797
Fax: +49 8252 97-2900
investor.relations@bauer.de
www.bauer.de
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18.04.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
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Language: English
Company: BAUER Aktiengesellschaft
BAUER-Straße 1
86529 Schrobenhausen
Germany
Phone: +49 (0)8252 97 1218
Fax: +49 (0)8252 97 2900
E-mail: investor.relations@bauer.de
Internet: www.bauer.de
ISIN: DE0005168108
WKN: 516810
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart; Terminbörse EUREX
End of News DGAP News Service
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454797 18.04.2016
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