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EANS-News: BAUER Aktiengesellschaft
BAUER AG progressing as planned after nine
months: forecast reaffirmed and concretized
Â• Total Group revenues up 1.9 percent from EUR 944.5 million to EUR 962.6 million Â• Sales revenues up 8.0 percent to EUR 844.4 million (previous year: EUR 782.2 million) Â• Profit after tax EUR 21.0 million (previous year: EUR 30.0 million) Â• Orders received up 27.7 percent to EUR 1,042.1 million (previous year: EUR 815.9 million) Â• Full-year forecast reaffirmed and concretized: stable total Group revenues around previous year's level and after-tax profit between EUR 35 and 40 million
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quarterly report/9-month report
Subtitle: Â• Total Group revenues up 1.9 percent from EUR 944.5 million to EUR 962.6 million Â• Sales revenues up 8.0 percent to EUR 844.4 million (previous year: EUR 782.2 million) Â• Profit after tax EUR 21.0 million (previous year: EUR 30.0 million) Â• Orders received up 27.7 percent to EUR 1,042.1 million (previous year: EUR 815.9 million) Â• Full-year forecast reaffirmed and concretized: stable total Group revenues around previous year's level and after-tax profit between EUR 35 and 40 million
Schrobenhausen (euro adhoc) - The business of international construction and machinery concern BAUER Aktiengesellschaft is progressing in line with its planning. In the first nine months of the current financial year, total Group revenues increased slightly, by 1.9 percent from EUR 944.5 million to EUR 962.6 million. Sales revenues were up 8.0 percent to EUR 844.4 million (previous year: EUR 782.2 million). Earnings before interest and taxes (EBIT) totalled EUR 55.8 million (previous year: EUR 60.0 million). Profit after tax was EUR 21.0 million (previous year: EUR 30.0 million).
The strategy focused on three distinct business segments and on building and maintaining an international presence is providing the BAUER Group with a high degree of stability. This is reflected by the increase in revenues in the construction sector, which balanced out the downturn in the machinery business.
In the Construction segment, major projects on the Arabian peninsula and in Canada are driving growth. The segment's third-quarter revenues increased by 17.1 percent against the previous year comparative figure to EUR 469.3 million. Segment EBIT increased from EUR 20.5 million to EUR 22.5 million. Orders in hand were down 6.7 percent year-on-year at EUR 326.2 million, while orders received increased by 25.2 percent to EUR 481.4 million (previous year: EUR 384.4 million).
The Equipment segment continues to be impacted by customers' reluctance to invest due to the economic crisis. In the first nine months its revenues fell from EUR 481.6 million to EUR 412.3 million, down 14.4 percent against the previous year comparative, though external sales decreased by only 2.1 percent. While demand for small and medium-sized machinery has fallen dramatically, Bauer is profiting from the stability in the large specialist foundation engineering machinery sector thanks to its market-leading strength. Segment EBIT totalled EUR 27.9 million (previous year: EUR 38.7 million). Orders in hand rose slightly from EUR 114.3 million to EUR 126.4 million, reaffirming the analysis that the market has stabilized at a much lower level than prior to the crisis.
The Resources segment maintained its revenues just below the previous year comparative level at EUR 124.6 million in the first three quarters. This was less than planned, because of delays to a major project for water supply to the Jordanian city of Amman. Segment EBIT of EUR 4.9 million was well up on the previous year comparative period's EUR 2.8 million. The healthy levels of orders in hand totalling EUR 135.8 million (previous year: EUR 79.2 million) at the end of the third quarter were boosted by a new large contract from Jordan to construct wells for a phosphate factory. Consequently, the recently established segment, operating on future-oriented markets such as mining, environmental technology and well engineering, is making good progress towards its long-term strategic goal of becoming a key pillar of the Group's business.
Confidence has been boosted by the 27.7 percent rise in orders received to EUR 1,042.1 million (previous year: EUR 815.9 million). The orders in hand held by the Group as per September 30th totalled EUR 588.5 million, up 8.4 percent year- on-year.
"Except for the machinery manufacturing business, the order situation is satisfactory, and demonstrates that the BAUER Group is capable of utilizing opportunities offered by major new projects on a regular basis," comments Professor Thomas Bauer, Chairman of the Management Board of BAUER AG. "Based on current estimates, we are forecasting growth in revenues and an appropriate corresponding rise in earnings in all segments over the coming year. We might well regain and surpass our 2008 revenue levels by 2013."
For the current full year, the BAUER Group reaffirms its forecast of total Group revenues around the previous year's level. The after-tax profit outlook has been concretized, and is expected to be at the bottom end of the forecast - that is to say, in the range between EUR 35 and 40 million.
Our full third-quarter interim report, including a detailed analysis of the individual segments and markets, can be found on our website at http://www.bauer.de.
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 8,900 people, the Group's total revenues in 2009 were EUR 1.28 billion (previous year: EUR 1.53 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 January - September 2010 (IFRS)
@@start.t2@@| |Jan-Sep 2009 |Jan-Sep 2010 |Change |
| |in EUR million |in EUR million | |
|Total Group revenues |944.5 |962.6 |-1.9 % |
|of which | | | |
|- Germany |273.9 |250.0 |-8.7 % |
|- International |670.6 |712.6 |6.3 % |
|of which | | | |
|- Construction* |400.9 |469.3 |17.1 % |
|- Equipment* |481.6 |412.3 |-14.4 % |
|- Resources* |125.2 |124.6 |-0.4 % |
|- Other/Elim./Consol.* |-63.2 |-43.6 |n/a |
|Consolidated revenues |896.3 |924.3 |3.1 % |
|Sales revenues |782.2 |844.4 |8.0 % |
|Orders received |815.9 |1,042.1 |27.7 % |
|Orders in hand |543.0 |588.5 |8.4 % |
|EBITDA |110.0 |110.2 |0.2 % |
|EBITDA margin (as % of sales |14.1 % |13.0% |n/a |
|revenues) | | | |
|EBIT |60.0 |55.8 |-7.0 % |
|EBIT margin (as % of sales |7.7 % |6.6 % |n/a |
|revenues) | | | |
|Net profit or loss |30.0 |21.0 |-30.0 % |
|ShareholdersÂ´ equity |383.1 |419.2 |9.4 % |
|Equity ratio in % |30.5 % |30.5 % |n/a |
|Earnings per share in EUR |1.68 |1.01 |-39.9 % |
|Employees (on average over the |8,685 |8,962 |3.2 % |
|year) | | | |@@end@@
* The Mining division of SCHACHTBAU NORDHAUSEN GmbH incl. segment subsidiaries (SBN) has been reassigned from the Construction segment to the Resources segment. The previous year figures have been adjusted as a result.
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.
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