BAUER Aktiengesellschaft - BAUER Gruppe
Transcript of BAUER Aktiengesellschaft - BAUER Gruppe
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011
BAUER Aktiengesellschaft
Abu Dhabi, UAE – Foundation works for Presidential Palace
Group Presentation
First nine month
2011
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Total Group revenues (in EUR million)
1,527 1,276 1,304 963
2008 2009 2010 9M 2010
1,600
1,200
800
400
0
2008 2009 2010 9M 2010
Orders in hand (in EUR million)
671.6 508.9 614.9 588.5 800
600
400
200
0
Net profit (in EUR million)
107.5 42.0 39.8 21.0
2008 2009 2010 9M 2010
120
90
60
30
0
Key Figures 9M 2011
2008 2009 2010 9M 2010
Employees (in average)
8,674 8,872 9,094 8,962 10,000
7,500
5,000
2,500
0
9M 2011
1,009
9M 2011
14.2
740.0
9M 2011
9,603
9M 2011
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 3
Mission & Strategy
Services, equipment & products dealing with ground
and groundwater
Our mission
Our strategy
The world is our market.
World market leadership for foundation technology.
Powerful development of drilling applications and related
services for resources, water and energy markets.
Optimizing worldwide organizational networks and self
controlling structures for the Group.
Growth 5 to 12 % per year.
Tottenham Court Road – London, Great Britain
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Key Figures 9M 2011
9M 2010
in EUR million
9M 2011
in EUR million
∆ 9M
in %
Total Group revenues, of which
- Germany
- International
- Construction
- Equipment
- Resources
- Consolidation / Other
962.6
250.0
712.6
469.3
412.3
124.6
- 43.6
1,008.9
263.6
745.3
415.7
487.1
162.7
- 56.6
4.8 %
5.4 %
4.6 %
- 11.4 %
18.1 %
30.6 %
n/a
Sales revenues 844.4 874.9 3.6 %
Equity ratio in % 30.5 29.5 n/a
Orders received 1,042.1 1,134.0 8.8 %
Orders in hand 588.5 740.0 25.8 %
EBITDA 110.2 112.5 2.1 %
EBIT 55.8 51.5 - 7.7 %
EBIT margin in % (of sales revenues) 6.6 5.9 n/a
Net income 21.0 14.2 - 32.6 %
Earnings per share in EUR 1.01 0.70 - 30,7 %
Number of employees (average over the year) 8,962 9,603 7,2 %
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Contents
Regional breakdown of Revenues 3
Overview BAUER Group 1
BAUER market environment 2
p. 6
p. 13
p. 15
Financials 4
5 Guidance 2011
6 Appendix
p. 17
p. 25
p. 26
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Resources
Construction Equipment
1 BAUER Group The three segments
Target ~ 40 % of
total Group revenues
Market leader in
specialist foundation
equipment
New products for
mining, deep drilling
and offshore drilling
85 % of revenues
from sales abroad
Multi-branding
strategy
Target ~ 40 % of
total Group revenues
Global provider for
specialist foundation
engineering and
services in the field of
infrastructure and
engineering works
Focus on complex,
international projects
Target ~ 20 % of
total Group revenues
Activities in the field of
environmental services,
mining, geothermal
energy, well drilling and
well engineering materials
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 7
What is specialist foundation? Building an excavation pit
1
Ground Water
Injection Anchor
Sealing Slab
Supporting Wall
Underpinning
Injection
Pile Foundation
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What is specialist foundation used for? Applications for projects
1
Foundations Cut-off walls Excavation pits
Buildings Infrastructure Water – Energy Industry
Ground improvement
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Resources Segment The three divisions
1
Environment about 36 % of revenues*
Exploration & Mining
Services about 26 % of revenues*
Materials about 38 % of revenues*
Full-line provider for
materials in the field of
well construction
geothermal energy
distribution of gas/water/
geothermal energy
Production drilling
(for example: water wells)
Exploration drilling
Preparative work for the mining
of resources
Complete solutions in the field
of geothermal energy
Special solutions for mining
resources
Disposal of polluted areas
Cleaning of process water
and effluents
Processing of drinking water
Cleaning of extracted air
High purity systems
Brewing technology
High purity water systems * based on figures 9M 2011
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011
in EUR million (segment after decucting Other/Consolidation)
10
1
Note: 2000 – 2002 based on HGB figures, from 2003 based on IFRS figures
Resources
172
Equipment
533
Construction
Overseas
424
Total 1.304
Construction
Domestic
175
Total Group Revenues Longstanding healthy business development
German reunification
Far East crisis
Financial crisis
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 11
Worldwide network More than 110 subsidiaries in about 70 countries
1
BAUER Manufacturing Inc.
Conroe, Texas, USA
GWE Group, Peine, Germany
BAUER Maschinen KSM,
Kurgan, Russia
Shanghai BAUER Technologies,
Shanghai, China
BAUER Tianjin Technologies,
Tianjin, China
BAUER Group, plant Aresing near
Schrobenhausen, Germany
Permanent Offices:
Construction
Equipment sales
Resources
Equipment production
locations
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1 BAUER Group Strengths & Chances
Strategic business model with three forward-looking segments
providing high level of synergies.
Global network organisation with flexible, decentralized
management.
World market leader in foundation equipment with innovative
strength in enhancing existing products and designing new
ones.
Strengths
Chances
Construction segment with considerable number of major
infrastructure projects currently tendered for worldwide.
New growth potential in Equipment segment with entirely
new techniques such as deep drilling rigs and powerful
foundation crane series.
Resources segment with ground-breaking projects, e.g.
biological water treatment plant and promising opportunities
due to its focus on growth markets water, energy and
environment. TBA 300 – Deep drilling rig
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011
+
World construction markets Bauer market potential
2
13
-
Western Europe:
declining markets, Germany
weak for big projects +
+
++
Far East:
positive development
in all areas, especially
Hongkong, Singapore
+ Other Americas:
several chances in
Central America
o
Africa:
slight construction activities,
regional growth (Angola, Algeria);
demand for water and resources
Summary: Recovering market conditions worldwide at the end of the crisis; huge pent-up demand.
Specialist foundation construction grows relative to construction market.
Energy sector becomes main booster – also because of energy turnaround (renewable
energies & reduction of energy consumption); exploration and downstreamed stages:
Liquefaction plants (gas), refineries, power plants
Middle East:
stable, especially
Abu Dhabi, Qatar,
downturn in Dubai
Eastern Europe:
slowly positive development,
especially Russia
Central Asia:
India: dynamic
development
USA / Canada:
stimulus packages,
public demand,
power plants, dams, etc.
13
-- weak - slightly weak stable + growing ++ strong growth
-
+
o
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 14
Market environment Orders & Currency risks
2
Order backlog (Orders in hand) Currency Risks
Expected order intake
2011
Construction Germany
Construction International +
Equipment BAUER Maschinen GmbH
Equipment Subsidiaries
Resources +
-- weak - slightly weak adequate + well adequate ++ very well adequate
9M 2011 Reach in months
in relation to total
Group revenues
full year 2010
TOTAL
Construction
Equipment
Resources
EUR 740 million
EUR 424 million
EUR 137 million
EUR 179 million
6.8 months
8.3 months
2.8 months*
12.1 months
* incl. running small-type orders
Construction
Project size EUR 100,000 up to EUR 20 million
~ 50 / 50 infrastructure / large industrial buildings
~ 600 projects per year
Local financing (natural hedge) for project duration
Translation risk (consolidation) hedged
US$ business (~ 9 %) hedged, e.g. swaps
Equipment
~ 80 % of invoicing in EUR
US$ business (~ 10 %) hedged with permanent
translation of individual machines
Production expansion to US, China and others to
counteract currency risk Euro / US$ / RMB and
others
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3 Regional breakdown Total Group revenues Jan – Sep 2011
in EUR million
Total 1,009
in EUR million
Africa 70 (5 %)
Americas 155 (12 %)
Asia-Pacific,
Far East & Australia
252 (19 %)
Middle East &
Central Asia 204 (16 %)
Germany 339 (26 %)
EU excl. Germany
153 (12 %)
Europe (other)
131 (10 %)
Total 1,304
Full year 2010
Africa 51 (5 %)
Americas 133 (13 %)
Asia-Pacific,
Far East & Australia
206 (20 %)
Middle East
& Central Asia 138 (14 %)
Germany 264 (26 %)
EU excl. Germany
119 (12 %)
Europe (other)
98 (10 %)
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3 Regional breakdown Construction, Equipment, Resources Jan – Sep 2011
Figures after deducting Other/Consolidation
Construction segment Equipment segment Resources segment
in EUR million
Total 407 Total 440 Total 162
Africa 27 (7 %)
Americas 50 (12 %)
Asia-Pacific,
Far East & Australia
94 (23 %)
Middle East &
Central Asia 52 (13 %)
Germany 112 (27 %)
EU excl. Germany
44 (11 %)
Europe (other)
28 (7 %)
Africa 10 (2 %)
Americas 81 (18 %)
Asia-Pacific,
Far East & Australia
111 (25 %)
Middle East &
Central Asia 32 (7 %)
Germany 74 (17 %)
EU excl. Germany
64 (15 %)
Europe (other)
68 (16 %)
Africa 14 (9 %)
Americas 2 (1 %)
Asia-Pacific,
Far East & Australia
1 (1 %)
Middle East &
Central Asia 54 (33 %)
Germany 78 (48 %)
EU excl. Germany
11 (7 %)
Europe (other)
2 (1 %)
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 17
Revenues (in EUR million)
Earnings (in EUR million)
Financials Revenues, earnings & orders
4
1,276
1,096
2010 9M 2010
1,600
1,200
800
400
0
963
1,132
Total Group revenues Sales revenues
84.4
42.0
2010
180
135
90
45
0
88.4
39.8
EBIT Net profit
Orders in hand (in EUR million)
509
2010
800
600
400
200
0
615
Order intake (in EUR million)
Q1
Q2
Q3
Q4
2009
297
283
293
240
1,113
2009
1,527
1,291
2009
107.5
167.5
2009
672
2008
465
445
342
329
1,581 - 29,4 %
2008
2008
2008
2010
303
446
293
368
1,410 +26,7 %
9M 2011
1,304
1,009
844 875
55.8
21.0
51.5
14.2
9M 2010 9M 2011
9M 2010 9M 2011
588
740
364
2011
+8,8 %
332
438
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 18
Financials Working capital needs & net debt
4
Net debt (in EUR million)
2008 2009 2010
305
Ne
t fi
na
nc
ial
de
bt
Pe
ns
ion
s
44
446 520
46
49
Bauer’s business model with its three segments
requires considerably more working capital than
other companies in construction markets.
Changes during the year:
- Levels in balance sheet and income statement during
the year are typically higher than year-end positions.
Equipment segment:
- Due to very special parts being installed, parts need
to be pre-ordered well in advance
approx. 3 months pre-financing of equipment
during production.
- Spare parts store is needed for large customer base.
- A relatively large rental fleet is needed for different
contract types (e.g. rental purchase).
- Deep drilling rigs add large numbers in value.
Net working capital (in EUR million)
2008 2009 2010
363 444 494
640
480
320
160
0
555 646
542 667
48
51
9M 2010 9M 2011
9M 2010 9M 2011
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 19
Building construction
Positive cash contribution
Specialist foundation engineering
Pre-financing need
Financials Working capital needs & cash flow
4
EUR
12 24 months
Positive cash
contribution
Negative cash
contribution
Co
ntr
ac
t va
lue
EUR
Negative cash
contribution
12 24 months
Co
ntr
ac
t va
lue
Construction segment:
- Construction contracts with short duration need approx.
2 - 3 months pre-financing
(no advance payments, no front-loading of prices
possible, comparably long time needed for final account
settlement).
Comparison with main contractor: they can finance
their company by a positive cash flow from jobs.
Resources segment:
- A mixture of the Construction and Equipment segments.
Special items related to net debt end of 9M 2011:
- New deep drilling rig TBA 440 is finished and ready for
sales: approx. EUR 20 million.
- Regulations under IFRS for inventory financing: approx.
EUR 25 million (not acknowledged in balance sheet
September 30, 2010).
- As a result of an overestimated market growth for the
first nine months 2011, stock levels for equipment
became high. They will be reduced as much as possible
in accordance with stock needs for our sales strategy.
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 20
Financials Revenues Q3 / 9M 2011
4
in EUR '000 Q3 2010 Q3 2011 ∆ Q3 in % 9M 2010 9M 2011 ∆ 9M in % FY 2010
Total Group revenues 369.730 369.076 -0,2% 962.615 1.008.941 4,8% 1.304.017
Sales revenues, Construction 155.418 118.737 -23,6% 410.973 360.130 -12,4% 505.758
Sales revenues, Equipment 118.866 138.873 16,8% 320.932 361.572 12,7% 469.252
Sales revenues, Resources 41.000 67.137 63,7% 112.281 152.891 36,2% 156.398
Sales revenues, Other 94 68 -27,7% 256 276 7,8% 265
Sales revenues (external) 315.378 324.815 3,0% 844.442 874.869 3,6% 1.131.673
Consolidated revenues (P&L) 354.255 352.174 -0,6% 928.946 978.257 5,3% 1.255.600
Orders in hand 588.480 740.043 25,8% 614.936
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 21
Financials Earnings Q3 / 9M 2011
4
n/a not applicable (a) of sales revenues (b) pre-minorities
in EUR '000 Q3 2010 Q3 2011 ∆ Q3 in % 9M 2010 9M 2011 ∆ 9M in % FY 2010
EBITDA 46.276 44.151 -4,6% 110.178 112.482 2,1% 165.517
Margin (a) 14,7% 13,6% n/a 13,0% 12,9% n/a 14,6%
EBIT 28.583 23.208 -18,8% 55.828 51.509 -7,7% 88.355
EBIT margin (a) 9,1% 7,1% n/a 6,6% 5,9% n/a 7,8%
EBIT Construction segment 12.937 6.364 -50,8% 22.489 9.384 -58,3% 28.798
EBIT margin, Construction segment (a) 8,3% 5,4% n/a 5,5% 2,6% n/a 5,7%
EBIT Equipment segment 11.665 11.603 -0,5% 27.927 34.792 24,6% 48.283
EBIT margin, Equipment segment (a) 9,8% 8,4% n/a 8,7% 9,6% n/a 10,3%
EBIT Resources segment 3.364 5.410 60,8% 4.931 8.223 66,8% 8.075
EBIT margin, Resources segment (a) 8,2% 8,1% n/a 4,4% 5,4% n/a 5,2%
Net income (b) 14.971 8.609 -42,5% 21.022 14.172 -32,6% 39.789
Margin (a) 4,7% 2,7% n/a 2,5% 1,6% n/a 3,5%
Earnings per share (in EUR) 0,81 0,44 -45,7% 1,01 0,70 -30,7% 2,04
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 22
Financials Income statement September 30, 2011
4
in EUR '000 Sept 30, 2010 Sept 30, 2011 ∆ 9M in % Dec 31, 2010
Consolidated revenues (P&L) 928.946 978.257 5,3% 1.255.600
Sales revenues (P&L) 844.442 874.869 3,6% 1.131.673
Material costs -462.915 -493.725 6,7% -626.952
Personnel costs -212.543 -222.274 4,6% -282.506
Depreciation and amortization of fixed assets -47.521 -48.743 2,6% -64.914
Write-downs of inventories due to use -6.829 -12.230 79,1% -12.248
Other operation expenses -143.310 -149.776 4,5% -180.625
EBIT 55.828 51.509 -7,7% 88.355
Financial income 1.063 9.479 n/a 4.071
Financial expenses -26.618 -35.992 35,2% -36.400
Result from associated entities 1.227 -1.564 n/a 1.436
Profit before tax (EBT) 31.500 23.432 -25,6% 57.462
Income tax -10.478 -9.260 -11,6% -17.673
Net income 21.022 14.172 -32,6% 39.789
whereof attributable to shareholders of Bauer AG 17.218 12.063 -29,9% 35.029
whereof minority interest 3.804 2.109 -44,6% 4.760
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 23
Financials Balance sheet September 30, 2011
4
in EUR '000 Sept 30, 2010 Sept 30, 2011 ∆ 9M in % Dec 31, 2010
Assets 1.373.263 1.502.575 9,4% 1.337.749
Intangible assets 21.854 24.132 10,4% 23.261
Property, plant and equipment 422.776 444.988 5,3% 441.737
Long term financial assets 14.352 11.265 -21,5% 14.528
Other long term assets & deferred taxes 31.704 30.127 -5,0% 28.204
Receivables from concession arrangements --- 45.421 n/a 45.874
Inventories 426.123 500.936 17,6% 420.417
Receivables and other assets 413.166 410.278 -0,7% 329.109
Effective income tax refund claims 3.619 3.913 8,1% 7.006
Cash and cash equivalents 39.669 31.515 -20,6% 27.613
Equity and liabilities 1.373.263 1.502.575 9,4% 1.337.749
Equity 419.164 443.314 5,8% 443.866
Pension provisions 46.818 49.247 5,2% 47.380
Non-current liabilities 412.149 368.818 -10,5% 400.494
Current liabilities 466.064 612.285 31,4% 411.827
Other provisions / tax 29.068 28.911 -0,5% 34.182
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 24
Financials Cash flow statement 9M 2011
4
in EUR '000 9M 2010 9M 2011 ∆ 9M in % FY 2010
Cash flow from operating activities -27.901 -58.793 n/a 45.342
Cash flow from investing activities -35.131 -50.977 n/a -75.518
Cash flow from financing activities 63.488 115.423 81,8% 17.850
Free Cash Flow -63.032 -109.770 n/a -30.176
Changes in liquid funds affecting payments 456 5.653 n/a -12.326
Influence of exchange rate movements on cash 2.160 -1.751 n/a 2.886
Total change in liquid funds 2.616 3.902 49,2% -9.440
Cash at beginning of reporting period 37.053 27.613 -25,5% 37.053
Cash at end of reporting period 39.669 31.515 -20,6% 27.613
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 25
Guidance 2011 Top-line growth with higher profitability expected
5
2010e 2010 final 2011e
Total Group Revenues ~ 2009 level
(1.276 million EUR) 1.304 EUR million ~ 1.35 EUR billion
EBIT not guided 88.4 EUR million ~ 80 EUR million
Net profit 35 – 40 EUR million 39.8 EUR million > 30 EUR million
International airport – Doha, Qatar New power plant – Rotterdam, Netherlands Water treatment plant – Nimr, Oman
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 26
Appendix
Equipment programme C
Resources projects D
History of Bauer A
E Market environment Germany
F BAUER share
Construction projects B
p. 27
p. 29
p. 34
p. 39
p. 42
p. 43
G Key Figures Time Line p. 45
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 27
1790 · 1900 · 1902 · 1928 · 1948 · 1956 · 1958 · 1967 · 1969 · 1972 · 1975 · 1976 · 1984 · 1990 · 1992 · 1994 · 1998 · 2001 · 2010
History of Bauer Two centuries of experience
End of 1970’s:
Start of
internationalisation
Early 1990’s:
Build up of
specialist construction/
environmental business
FY 2010:
Total Group
revenues
EUR 1.304
billion,
9,094
employees
4. Jul 2006:
IPO
Sept 2006:
Admittance in
SDAX
A
Early 1970’s:
Start of equipment
manufacturing
Company founded as
copper forge
After WW II (1950's):
Start of construction
business
Early 1980’s:
Selling of equipment to
third parties
1790 1900-1970 1980-1990 2000-2010
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 28
A Bauer’s home base Headquarters and plant Schrobenhausen, Germany
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 29
Construction New Brunswick, Canada – Bridge foundation Route 1
B
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 30
Construction Vienna, Austria – New University of Economics
B
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 31
B Construction Florida/Okeechobee, USA – Remediation of Herbert Hoover Dike
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 32
Construction Munich, Germany – Tunnel for Mittlerer Ring
B
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 33
Construction Bielefeld, Germany – Foundation works at the University
B
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 34
Equipment BAUER Maschinen Group In-House Exhibition 2011
C
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 35
Equipment Product range: BG-systems (BG 12 H – BG 50)
C
Small-sized (BG 12 H – BG 18 H) Medium-sized (BG 20 H – BG 28) Large-sized (BG 36 – BG 50)
* Torque
BG 12 H
125 kNm*
BG 15 H
151 kNm*
BG 18 H
177 kNm*
BG 20 H
200 kNm*
BG 24 H
222 kNm*
BG 28
269 kNm*
BG 36
367 kNm*
BG 40
390 kNm*
BG 50
468 kNm*
BG 30
295 kNm*
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 36
C Equipment Product range: Foundation Cranes
MC 128 MC 64 MC 32
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 37
C Equipment Product range: Deep Drilling
RB 50 TBA 200 TBA 300
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 38
C Equipment Other products (examples: geothermal drilling, double rotary head drilling, pile driving)
KR 707 RG 25 S BG 24 H
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 39
Resources Materials Division
D
Amman, Jordan – Drilling works and installation of production wells
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 40
Resources Exploration and Mining Services Division
D
Canada - Highland Valley Copper Mine Jordan - Oil drilling rig
Canada – Diavik Mine
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 41
Resources Environment Division
D
Oman – Reed Bed Water Treatment Plant
One third of total area (6 km2) visible
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 42
West-
Germany
Employees in 1000 534,8 181,0 -45,8 1,7 0,2 -59,5 1,2 -0,1
Revenues in EUR billion 63,5 18,4 -19,7 -0,6 11,6 -40,4 0,6 12,9
Building construction 40,8 10,1 -21,9 0,1 13,7 -49,9 1,8 13,5
Foundation engineering 22,7 8,3 -14,1 -1,9 7,9 -23,4 -0,7 12,1
Orders received *
in EUR billion
Housebuilding 6,7 1,2 -59,0 9,1 22,2 -74,6 13,9 31,8
Industrial building 15,4 4,7 -24,9 5,5 12,4 -52,9 7,6 12,8
Public sector
of which
public buildings 3,1 0,9 -35,6 5,5 -12,6 -61,5 -4,8 3,2
road building 6,7 2,3 -1,4 -9,6 0,1 -24,4 -10,5 -4,0
underground structures 5,0 1,6 -43,4 -4,4 -3,0 -50,8 0,4 -11,7
*) only companies > 20 employees
Jan-Aug
Change in %
West Germany East Germany
2010/2010/
1994 2009
East-
Germany
2010/
36,9 10,7
2010/11August 2011 2010/ Jan-Aug
2010/11
6,6-35,4
1994
7,5
2009
1,6 -56,7
-6,0 -5,3-27,6 -5,0
1,6
Absolute Figures
2010
-3,6 -44,814,8 4,8
Market environment – Germany German construction market
E
Source: Federal Statistical Office, Statistical Office Bavaria
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 43
BAUER share Facts & Figures
F
Bauer family
48.19 %
Free float
51.81 %
Number of shares outstanding: 17,131,000
Listed on Frankfurt stock exchange,
Prime Standard since July 4, 2006
Shares issued 17,131,000
Issue price EUR 16.75
Listed in SDAX (MDAX from 22.09.2008 to 19.09.2010)
Earnings per share 2010
EUR 2.04 (2009 EUR 2.28)
Dividend payout 2010
EUR 0.60 per share (2009 EUR 0.60 per share)
Year high / Year low 2010
EUR 36.81 / EUR 27.38 (14.04.2010 / 01.07.2010)
YTD high / YTD low 2011
EUR 38.49 / EUR 16.04 (07.02.2011 / 01.11.2011)
Market capitalisation
around EUR 340 million
Shareholder structure
Share performance (2011 – YTD 2011)
SDAX
DAX
Trading volume
BAUER AG
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 44
BAUER share Dividend policy
F
2009
Dividend payment (in EUR per share)
2010 2008 2007 2006
0.30
0.00
0.60
0.90
1.20
0.50
1.00 1.00
0.60 0.60
Dividend policy founded on a reasonable
balance between shareholders and
company
fair participation of shareholders
continuity over the years
safeguarding of the equity base
All shareholders shall participate in the
success of the business.
In turbulent times such as the financial crisis
our goal of strategic and safe growth of the
company led to slightly higher profit retention
for the past two years.
To secure an adequate equity ratio is an
important aim of the company’s management.
With this we intend to safeguard the long-term
success of the Group.
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 45
G Key Figures Time Line Q3 2008 – Q3 2011
Total Group Revenues
(in EUR million)
BAUER Group 392,3 415,4 1.527,2 375,3 305,7 263,5 331,3 1.275,8 261,0 331,9 369,7 341,4 1.304,0 307,5 332,4 369,1
Construction 182,5 180,8 700,9 141,9 131,3 127,7 169,1 570,0 125,1 167,7 176,5 146,1 615,4 124,4 137,8 153,5
Equipment 203,8 210,6 780,1 220,5 154,7 106,4 126,9 608,5 113,2 138,8 160,3 169,4 581,7 159,8 162,9 164,4
Resources 34,3 47,9 135,1 33,9 40,5 50,8 49,1 174,3 35,6 41,7 47,3 53,1 177,7 39,1 56,4 67,2
Sales Revenues
(in EUR million)
BAUER Group 335,5 360,6 1.290,8 270,6 263,4 248,2 314,3 1.096,5 216,0 313,1 315,3 287,3 1.131,7 255,4 294,7 324,8
Construction 159,0 138,9 584,3 118,3 106,8 122,6 140,2 487,9 114,0 141,6 155,4 94,8 505,8 112,7 128,7 118,7
Equipment 150,9 186,4 601,2 126,1 117,5 84,2 128,7 456,5 69,9 132,2 118,9 148,3 469,3 108,1 114,6 138,9
Resources 25,6 35,2 105,1 26,2 38,9 41,5 45,4 152,0 32,0 39,3 41,0 44,1 156,4 34,4 51,4 67,1
EBIT
(in EUR million)
BAUER Group 45,0 59,1 167,5 23,3 21,6 15,1 24,4 84,4 5,6 21,6 28,6 32,6 88,4 6,7 21,6 23,2
Construction 16,5 17,0 46,3 5,2 7,7 7,6 5,2 25,7 2,9 6,7 12,9 6,3 28,8 -1,3 4,3 6,4
Equipment 28,5 38,7 118,3 20,3 12,8 5,6 12,6 51,3 2,6 13,7 11,6 20,4 48,3 9,2 14,0 11,6
Resources 1,8 2,8 4,0 -1,2 1,8 2,2 3,2 6,0 0,1 1,5 3,3 3,2 8,1 -0,6 3,4 5,4
EBIT margin
(in %)
BAUER Group 13,4% 16,4% 13,0% 8,6% 8,2% 6,1% 7,8% 7,7% 2,6% 6,9% 9,1% 11,3% 7,8% 2,6% 7,3% 7,1%
Construction 10,4% 12,2% 7,9% 4,4% 7,2% 6,2% 3,7% 5,3% 2,5% 4,7% 8,3% 6,6% 5,7% -1,2% 3,3% 5,4%
Equipment 18,9% 20,8% 19,7% 16,1% 10,9% 6,7% 9,8% 11,2% 3,7% 10,4% 9,8% 13,8% 10,3% 8,5% 12,2% 8,4%
Resources 7,0% 8,0% 3,8% n/a 4,6% 5,3% 7,0% 3,9% 0,3% 3,8% 8,0% 7,3% 5,2% -1,7% 6,6% 8,0%
Q3 11
Q3 11
Q3 11
Q3 112010
2010
2010
2010
Q2 11
Q2 11
Q2 10 Q3 10 Q4 10Q3 08 Q4 08 2008 Q1 09 Q2 09
Q3 09 Q4 09 2009 Q1 10
2009 Q1 10Q3 09 Q4 09
Q3 08 Q4 08 2008 Q1 09
Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10
Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09
Q1 11
Q1 11
Q2 11
Q2 11
Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10
Q1 11
Q1 11Q2 10 Q3 10 Q4 10Q2 09
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 46
Investor Relations
BAUER Aktiengesellschaft Tel.: +49 8252 97-1918
BAUER-Straße 1 Fax: +49 8252 97-2900
86529 Schrobenhausen
Germany www.bauer.de
BAUER Aktiengesellschaft
Financial calendar 2011
Publication Annual Report 2010 April 15, 2011
Annual Press Conference April 15, 2011
Analyst Conference April 15, 2011
Annual General Meeting June 30, 2011
Interim Report to March 31, 2011 May 13, 2011
Half-Year Interim Report to June 30, 2011 August 12, 2011
Interim Report to September 30, 2011 November 14, 2011
ISIN DE0005168108
Reuters B5AG.DE
Bloomberg B5A GR
Listing SDAX, CDAX, GEX,
Classic All Share
Prime All Share
DAXplus Family
© BAUER AG, D-86529 Schrobenhausen 11-11-14 IR-Presentation_9M2011 47
Disclaimer
This presentation contains forward-looking statements. Forward-looking statements
are statements that are not historical facts, including statements about our beliefs,
intentions, expectations, predictions and the assumptions underlying them.
These statements are based on factors as they are currently available to the
management of BAUER AG and therefore speak only as of the date they are made.
We assume no liability to update publicly or conform any of them to future events or
future developments.
Forward-looking information is subject to various known and unknown risks and un-
certainties, which could lead to material differences between the actual future results,
financial situation, development or performance of the BAUER Group and those
factors contained in any forward-looking statement. In view of these uncertainties, no
assurance can be given that these forward-looking statements will prove accurate
and correct, or that anticipated and projected future results will be achieved and we
caution you not to place undue reliance on these forward-looking statements.