© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014
BAUER AG
Group Presentation
First half-year 2014
Schwarzkopf Tunnel bypass, Germany
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 2
Key Figures HY 2014
48
36
24
12
0
2011 2012 2013 HY 2013* HY 2014
2011 2012 2013 HY 2013 HY 2014 2011 2012 2013 HY 2013 HY 2014
2011 2012 2013 HY 2013 HY 2014
1,372 1,446 721.3 749.2 34.1 25.8 -19.4 -7.9
750.0 785.0 765.2 868.6 9,646 10,253 10,264 10,388
Total Group revenues
Orders in hand
Net profit
Employees
in EUR million in EUR million
in EUR million in average
1,600
1,200
800
400
0
880
660
440
220
0
12,000
9,000
6,000
3,000
0
1,504
773.7 10,406
-11.0
-12
-24
*Previous years figures adjusted
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 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 3 to 8 % per year.
MC 96 with cutter – Kuala Lumpur, Malaysia
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 4
Total Group revenues with EUR 749.2 million were 3.9 % above previous year (EUR 721.3 million).
EBIT with EUR 13.6 million was considerably higher than in the previous year with EUR 7.4 million.
Revenues of the Construction segment increased by 1.5 % to EUR 351.4 million. EBIT with EUR 7.4
million raised against the previous year comparative of EUR 2.9 million.
The Equipment segment saw revenues of EUR 321.3 million, which is 3.7 % higher than in the previous
year (EUR 309.8 million). EBIT was EUR 13.2 million (previous year: EUR 5.8 million).
Revenues of the Resources segment increased from EUR 93.6 million by 7.9 % to EUR 101.0 million.
EBIT of the segment amounted to EUR -3.3 million (previous year: EUR -2.5 million).
The net loss for the first half-year with EUR -11.0 million was caused by some special effects, like the
loss made on our dam project in the USA, which continues to burden Group’s earnings and also
caused EUR 5.0 million higher income tax expenses compared to the previous year.
Order backlog with EUR 773.7 million (previous year: EUR 868.6 million) is still on a reasonable level.
The full-year forecast predicting total Group revenues of around EUR 1.55 billion, and EBIT of around
EUR 75 million remain unchanged. Because of the special effects and political disturbances we have to
slightly adjust our forecast for profit after tax to around EUR 15 to 20 million.
Main topics
Key Figures HY 2014
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 5
Key Figures HY 2014
HY 2013*
in EUR million
HY 2014
in EUR million
∆ HY
in %
Total Group revenues, of which
- Germany
- International
- Construction
- Equipment
- Resources
- Consolidation / Other
721.3
212.7
508.6
346.1
309.8
93.6
-28.2
749.2
234.6
514.6
351.4
321.3
101.0
-24.5
3.9 %
10.3 %
1.2 %
1.5 %
3.7 %
7.9 %
n/a
Sales revenues 607.3 645.5 6.3 %
Orders received 804.9 757.6 -5.9 %
Orders in hand 868.6 773.7 -10.9 %
EBITDA 50.3 57.6 14.6 %
EBIT 7.4 13.6 83.1 %
EBIT margin in % (of sales revenues) 1.2 2.1 n/a
Net income -7.9 -11.0 n/a
Earnings per share in EUR -0.45 -0.66 n/a
Equity ratio in % 26.5 24.2 n/a
Number of employees (average over the year) 10,388 10,406 0.2 %
*Previous years figures adjusted
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 6
Contents
Regional breakdown of revenues 3
Financials 4
Overview BAUER Group 1
BAUER market environment 2
p. 7
p. 14
p. 17
p. 19
5 Guidance 2014
6 Appendix
p. 26
p. 27
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 7
1 BAUER Group The three segments
7 © BAUER AG, D-86529 Schrobenhausen
Target: ~ 40 % of
total Group revenues
Market leader in
specialist foundation
equipment
New products for
mining, deep drilling
and offshore drilling
80 % of revenues
from sales abroad
Multi-branding
strategy
Target: ~ 40 % of total Group revenues
Global provider for specialist foundation engineering services
Specialist construction services
Focus on complex, international projects
Target: ~ 20 % of
total Group revenues
Activities in
environmental
technology, mining,
deep drilling, well
construction,
materials
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 8
What is specialist foundation? Building an excavation pit
1
Ground Water
Injection Anchor
Sealing Slab
Supporting Wall
Underpinning
Injection
Pile Foundation
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 9
What is specialist foundation used for? Applications for projects
1
Foundations Cut-off walls Excavation pits
Buildings Infrastructure Water – Energy Industry
Ground improvement
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 10
Resources Segment The three competence areas
1
Environment Exploration & Mining
Services
Materials
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
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014
in EUR million (segment after decucting Other/Consolidation)
11
1
Note: 2000 – 2002 based on HGB figures, from 2003 based on IFRS figures
Resources
196
Equipment
591
Construction
Overseas
532
Total 1,504
Construction
Domestic
185
Total Group Revenues Longstanding healthy business development
German reunification
Far East crisis
Financial crisis
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 12
Worldwide network More than 110 subsidiaries in about 70 countries
1
BAUER Manufacturing Inc.
Conroe, Texas, USA
GWE Group, plant Luckau,
Germany
BAUER Maschinen KSM,
Kurgan, Russia
BAUER Equipment Malaysia
Shah Alam, Malaysia
BAUER Tianjin Technologies,
Tianjin, China
BAUER Group, plant Aresing near
Schrobenhausen, Germany
Permanent Offices:
Construction
Equipment sales
Resources
Equipment production
locations
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 13
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
projects currently under construction and tendered for
worldwide.
New growth potential in Equipment segment with entirely new
techniques such as deep drilling rigs, powerful foundation
crane series and offshore equipment.
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 440 M2 – Deep drilling rig
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 14
BAUER Group Challenges of the world provide chances for the company
1
Urbanization Infrastructure Water
Environment Energy / Oil & Gas Values
The megatrend urbanization leads to
more complex inner-city solutions
High demand for new infrastructure and
for restoration of existing structures
Changing social values influence the
working and corporate environment
The pollution and contamination of soil
require innovative purification solutions
Energy and resource scarcity provide
chances for underwater and deep drilling
The shortage of clean drinking water
is one of the worlds biggest problems
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014
+
World construction markets Bauer market potential
2
15
-
Western Europe:
weak markets,
Germany is quite good +
+
++
Far East:
positive development
in all areas, especially
Hongkong, Malaysia
+ Other Americas:
several chances in
Central America
o
Africa:
slight construction activities,
regional growth (Angola, Algeria);
demand for water and resources
Summary: Growing construction markets worldwide, but generally very unstable; 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).
Middle East:
stable, especially
Abu Dhabi, Saudi Arabia;
Qatar many projects
Eastern Europe:
slowly positive development,
Russia is difficult to predict
Central Asia:
good market
potentials
USA / Canada:
public demand,
power plants, dams, etc.
15
-- weak - slightly weak o stable + growing ++ strong growth
-
+
+
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014
2
16
Global economic situation IMF projection of the real annual GDP growth in %
United States
Latin America
European Union
Brazil
CIS*
China
Developing Asia
Germany
Middle East &
North Africa
Sub-Saharan Africa
World Advanced
Economies
Emerging Markets &
Develop. Economies
Russia
Australia
Quelle: International Monetary Fund, World Economic Outlook Database, April 2014 * CIS = Commonwealth of Independent States (incl. Georgia)
2014 2015
2014 2015
2014 2015
2014 2015
2014 2015
2014 2015
2014 2015
2014 2015
2014 2015
2014 2015 2014 2015
2.2 2.3
2014 2015
7.5 7.3
3.6 3.9
2014 2015
2014 2015 4.9
5.3
2.8 3.0
2.3 3.1
6.7 6.8
2.5 3.0
3.2 4.4
5.4 5.5
2014 2015
1.6 1.8
1.7 1.6
2.6 2.7
1.3 2.3
1.8 2.7
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 17
Market environment Orders & Currency risks
2
Order backlog (Orders in hand) Currency Risks
Expected order intake
2014
Construction Germany +
Construction International +
Equipment BAUER Maschinen GmbH
Equipment Subsidiaries
Resources
-- weak - slightly weak adequate + well adequate ++ very well adequate
HY 2014 Reach in months
in relation to total
Group revenues
full year 2013
TOTAL
Construction
Equipment
Resources
EUR 773.7 million
EUR 470.4 million
EUR 134.2 million
EUR 169.1 million
6.2 months
7.7 months
2.6 months*
10.7 months
* incl. running small-type orders
Construction
Project size EUR 100,000 up to EUR 70 million
~ 50 / 50 infrastructure / large industrial buildings
~ 600 projects per year
Local financing (natural hedge) for project duration
Translation risk (consolidation) hedged
USD business hedged, e.g. swaps
Equipment
~ 70 % of invoicing in EUR
USD business hedged with permanent translation of
individual machines
Production expansion to US, China and others to
counteract currency risk EUR / USD / RMB and
others
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 18
3 Regional breakdown Total Group revenues HY 2014
in EUR million
Total 749
in EUR million
Africa 58 (4 %)
America 186 (12 %)
Asia-Pacific,
Far East & Australia
364 (25 %)
Middle East
& Central Asia 163 (11 %)
Germany 410 (27 %)
EU excl. Germany
168 (11 %)
Europe (other)
155 (10 %)
Total 1,504
Full year 2013 (adjusted)
Africa 35 (5 %)
America 75 (10 %)
Asia-Pacific,
Far East & Australia
179 (24 %)
Middle East
& Central Asia 88 (12 %)
Germany 234 (31 %)
EU excl. Germany
64 (8 %)
Europe (other)
74 (10 %)
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 19
3 Regional breakdown Construction, Equipment, Resources HY 2014
Figures after deducting Other/Consolidation
in EUR million
Total 345 Total 304 Total 100
Construction segment Equipment segment Resources segment
Africa 30 (9 %)
America 30 (9 %)
Asia-Pacific,
Far East & Australia
97 (28 %)
Middle East
& Central Asia 42 (12 %)
Germany 83 (24 %)
EU excl.
Germany
21 (6 %)
Europe (other)
42 (12 %)
Africa 4 (1 %)
America 43 (14 %)
Asia-Pacific,
Far East & Australia
81 (27 %)
Middle East
& Central Asia 25 (8 %)
Germany 87 (29 %)
EU excl.
Germany
35 (11 %)
Europe (other)
29 (10 %)
Africa 1 (1 %)
America 2 (2 %)
Asia-Pacific,
Far East & Australia
1 (1 %)
Middle East
& Central Asia
21 (21 %)
Germany 64 (64 %)
EU excl.
Germany
8 (8 %)
Europe (other)
3 (3 %)
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 20
Revenues
Earnings
Financials Revenues, earnings & orders
4
2013 HY 2013
1,600
1,200
800
400
0
100
75
50
25
0
Orders in hand
880
660
440
220
0
Order intake
2013 2014
2012
2012
2011
2011
1,372
1,220
750.0
82.3
34.1
364
332
438
373
1,507
Q1
Q2
Q3
Q4
1,436 1,344
HY 2014
2013 HY 2013 2012 2011 HY 2014
72.0
25.8
2013 HY 2013 2012 2011 HY 2014
785.0 765.2
349
Total Group revenues Sales revenues
EBIT Net profit
in EUR million
in EUR million in EUR million
in EUR million
721 607
749 645
868.6
30.1
7.4 -19.4
342
389
358
392
1,471 +1.0 %
-5.9 %
458
353
-25
1,504 1,402 773.7
-7.9
13.6
-11.0
-1.7 %
325
1,485
334
424
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 21
Financials Revenues, earnings & orders per segment
4 C
on
str
uc
tio
n
Eq
uip
me
nt
Re
so
urc
es
*Previous years figures adjusted
in EUR '000 Q2 2013* Q2 2014 ∆ Q2 in % HY 2013* HY 2014 ∆ HY in % FY 2013*
Total Group revenues 157,422 155,534 -1.2 % 309,782 321,340 3.7 % 628,661
Sales revenues 125,382 118,724 -5.3 % 229,521 223,567 -2.6 % 561,615
Orders in hand 154,015 134,216 -12.9 % 116,525
EBIT 1,998 7,527 n/a 5,771 13,174 n/a 32,223
EBIT margin (in %) 1.6 6.3 n/a 2.5 5.9 n/a 5.7
Net profit -2,830 772 n/a -5,303 -93 n/a 5,055
in EUR '000 Q2 2013* Q2 2014 ∆ Q2 in % HY 2013* HY 2014 ∆ HY in % FY 2013*
Total Group revenues 192,613 174,944 -9.2 % 346,099 351,448 1.5 % 731,274
Sales revenues 167,734 162,710 -3.0 % 292,085 328,609 12.5 % 657,920
Orders in hand 531,339 470,389 -11.5 % 498,701
EBIT 2,603 6,000 n/a 2,928 7,418 n/a 21,827
EBIT margin (in %) 1.6 3.7 n/a 1.0 2.3 n/a 3.3
Net profit 4.652 1,726 n/a 204 -1,661 n/a 5,472
in EUR '000 Q2 2013* Q2 2014 ∆ Q2 in % HY 2013* HY 2014 ∆ HY in % FY 2013*
Total Group revenues 54,553 52,547 -3.7 % 93,604 100,956 7.9 % 199,211
Sales revenues 51,409 50,674 -1.4 % 85,372 93,166 9.1 % 182,115
Orders in hand 183,222 169,070 -7.7 % 150,020
EBIT -123 -1,163 n/a -2,506 -3,281 n/a -24,582
EBIT margin (in %) -0.2 -2.3 n/a -2.9 -3.5 n/a -13.5
Net profit -955 -3,086 n/a -4,513 -6,653 n/a -31,444
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 22
Financials Working capital needs & net debt
4
Net financial debt & pensions
Net
fin
an
cia
l
de
bt
Pe
ns
ion
s
Net working capital
2011 2012
800
600
400
200
0
625
645
52
2013 HY 2013 HY 2014
580 605
2011 2012 2013 HY 2013 HY 2014
82 84
611 672 777
97
in EUR million
in EUR million
721
Bauer’s business model with its three segments
requires considerably more working capital than
other companies in construction markets.
Changes during the year:
- Levels of working capital in the balance sheet during
the year are typically higher than year-end positions.
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).
- On some jobs collection of money takes long time
due to disputes with the customer. Bad payment is
frequently used by customers to achieve reductions
in final payments. This can cause law cases.
Comparison with main contractor: they can finance
their company by a positive cash flow from jobs.
720
84
776
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 23
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
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.
Resources segment:
- A mixture of the Construction and Equipment
segments.
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 24
Financials Income statement HY 2014
4
*Previous years figures adjusted
in EUR '000 HY 2013* HY 2014 ∆ HY in % FY 2013
Consolidated revenues (P&L) 679,144 732,072 7.8% 1,447,525
Sales revenues (P&L) 607,266 645,541 6.3% 1,402,173
Material costs -366,156 -395,371 8.0% -755,906
Personnel costs -164,794 -174,856 6.1% -342,815
Depreciation and amortization of fixed assets -38,053 -37,300 -2.0% -79,696
Write-downs of inventories due to use -4,796 -6,716 40.0% -14,196
Other operation expenses -97,917 -104,226 6.4% -224,827
EBIT 7,428 13,603 83.1% 30,085
Financial income 6,277 2,641 -57.9% 7,729
Financial expenses -21,637 -21,519 -0.5% -45,541
Result from associated entities 787 66 -91.6% 1,770
Profit before tax (EBT) -7,145 -5,209 -27.1% -5,957
Income tax -789 -5,755 n/a -13,474
Net income -7,934 -10,964 38.2% -19,431
of which attributable to shareholders of BAUER AG -7,716 -11,346 47.0% -16,927
of which minority interest -218 382 n/a -2,504
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 25
Financials Balance sheet June 30, 2014
4
(a) Other provisions also include short term portion of pension provisions *Previous years figures adjusted
in EUR '000 June 30, 2013* June 30, 2014 ∆ in % Dec 31, 2013
Assets 1.677.817 1.652.323 -1,5% 1.585.218
Intangible assets 34.021 34.656 1,9% 35.388
Property, plant and equipment 469.933 442.415 -5,9% 459.537
Long term financial assets 24.379 21.502 -11,8% 21.684
Other long term assets & deferred taxes 41.131 36.315 -11,7% 33.863
Receivables from concession arrangements 38.934 36.964 -5,1% 36.762
Inventories 472.730 479.333 1,4% 419.352
Receivables and other assets 537.125 549.674 2,3% 517.978
Effective income tax refund claims 5.549 4.245 -23,5% 3.437
Cash and cash equivalents 54.015 47.219 -12,6% 57.217
Equity and liabilities 1.677.817 1.652.323 -1,5% 1.585.218
Equity 444.454 400.235 -9,9% 419.411
Pension provisions 82.801 95.110 14,9% 81.637
Non-current liabilities 465.358 413.174 -11,2% 300.708
Current liabilities 663.440 720.699 8,6% 757.079
Other provisions (a)
/ tax 21.764 23.105 6,2% 26.383
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 26
Financials Cash flow statement HY 2014
4
in EUR '000 HY 2013 HY 2014 ∆ HY in % FY 2013
Operating cash flow -116.934 -61.597 -47,3% 38.416
Investing cash flow -32.738 -16.339 -50,1% -67.153
Financing cash flow 157.150 67.896 -56,8% 43.576
Free Cash Flow -149.672 -77.936 -47,9% -28.737
Changes in liquid funds affecting payments 7.478 -10.040 n/a 14.839
Influence of exchange rate movements on cash 1.305 42 n/a -2.854
Total change in liquid funds 8.783 -9.998 n/a 11.985
Cash at beginning of reporting period 45.232 57.217 26,5% 45.232
Cash at end of reporting period 54.015 47.219 -12,6% 57.217
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 27
Guidance 2014 Top-line growth with an increase in profitability
5
2013e* 2013 final 2014e
Total Group Revenues ~ 1,500 EUR million 1,504 EUR million ~ 1,550 EUR million
EBIT ~ 25 EUR million 30.1 EUR million ~ 75 EUR million
Net profit ~ -20 EUR million -19.4 EUR million ~ 15-20 EUR million
Lakhta Tower – St. Petersburg, Russia Water treatment plant – Nimr, Oman
* Guidance published October 28, 2013
In-house exhibition 2014 – Schrobenhausen
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 28
Appendix
Equipment programme C
Resources projects D
History of Bauer A
E Market environment Germany
F BAUER share
Construction projects B
p. 28
p. 30
p. 35
p. 40
p. 43
p. 44
G Key Figures Time Line p. 46
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 29
1790 · 1900 · 1902 · 1928 · 1948 · 1956 · 1958 · 1967 · 1969 · 1972 · 1975 · 1976 · 1984 · 1990 · 1992 · 1994 · 1998 · 2001 · 2013
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 2013:
Total Group
revenues
EUR 1.506
billion,
10,264
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 2000-2013
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 30
A Bauer’s home base Headquarters and plant Schrobenhausen, Germany
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 31
Construction St. Petersburg, Russia – Foundation works for Lakhta Tower
B
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 32
Construction Hong Kong – Foundation of Hong Kong-Zhuhai-Macau bridge
B
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 33
B Construction Panama City, Panama – Pile foundation for Alta Terra project
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 34
Construction Bochum, Germany – Foundation works for Justice buildings
B
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 35
Equipment Product range: Drilling rigs (BG-systems) – ValueLine
C
ValueLine The BG ValueLine is a fully dedicated Kelly drilling rig.
BG 30 BG 38 BG 20
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 36
Equipment Product range: Drilling rigs (BG-systems) – PremiumLine
C
BG 42 BG 50 BG 20
PremiumLine Multi-purpose drilling rigs for various applications of foundation works.
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 37
C Equipment Product range: Foundation Cranes
MC 128 MC 96 MC 64
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 38
C Equipment Product range: Deep Drilling
RB 50 TBA 100 TBA
440 M1
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 39
C Equipment Product range: Underwater Drilling
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 40
Resources Materials
D
Amman, Jordan – Drilling works and installation of production wells
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 41
Resources Exploration and Mining Services
D
Oil drilling rig of Site Goup Tulves, South Tyrol
Canada – Diavik Mine
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 42
Resources Environment
D
Oman – Reed Bed Water Treatment Plant
One third of total area visible
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 43
West-
Germany
Employees in 1000 573,1 183,3 -38,3 2,1 2,4 -62,0 -0,5 0,9
Revenues in EUR billion 75,1 20,3 -5,2 1,2 13,1 -45,8 -1,9 17,9
Building construction 49,8 11,6 -7,9 2,3 11,3 -53,4 1,8 16,6
Foundation engineering 25,4 8,8 -0,5 -1,0 17,1 -31,0 -6,3 20,0
Orders received *
in EUR billion
Housebuilding 9,1 1,9 -29,0 9,4 16,0 -74,0 8,4 5,8
Industrial building 19,4 5,0 -3,4 5,8 6,2 -58,1 3,1 10,3
Public sector
of which
public buildings 2,8 1,0 -30,9 -3,1 -3,3 -55,0 8,8 -4,0
road building 7,6 2,4 23,0 7,5 7,5 -8,7 1,1 0,6
underground structures 5,8 1,5 -27,2 17,0 -0,5 -51,1 6,1 2,2
*) only companies > 20 employees
Jan-May
Change in %
West Germany East Germany
2012/2013/
1995 2011
East-
Germany
2013/
44,7 11,8
2014/2013May 2014 2012/ Jan-May
2014/2013
5,4-12,5
1995
6,8
2011
7,5 -56,9
4,3 0,2-11,0 8,6
4,3
Absolute Figures
2013
2,7 -38,116,2 4,9
Market environment – Germany German construction market
E
Source: Federal Statistical Office, Statistical Office Bavaria
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 44
BAUER share Facts & Figures
F
Bauer family
48.19 %
Free float
51.81 %
Listed on Frankfurt stock exchange,
Prime Standard, since July 4, 2006
Share capital EUR 73,001,420.45
Shares issued 17,131,000
Issue price EUR 16.75
Listed in SDAX (MDAX from 22.09.2008 to 19.09.2010)
Shareholder structure
Share performance (01/2014 – 08/2014)
SDAX
DAX
Trading volume
BAUER AG
in EUR 2010 2011 2012 2013 2014
Earnings per share 2.04 1.86 1.44 -0.99 ---
Share price year end 35.30 21.10 19.32 18.81 ---
Share price highest 36.81 38.49 26.50 23.05 20.04
Share price lowest 27.38 16.04 16.13 17.33 14.44
Market Cap (in EUR million)
604.7 361.5 331.0 322.2 ~260
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 45
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 higher profit retention for the
last 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.
2011
0.50
2012
0.30
2013
0.00
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 46
G Key Figures Time Line Q2 2011 – Q2 2014
* Figures 2013 adjusted
Total Group Revenues
(in EUR million)
BAUER Group 1,527.2 1,275.8 1,304.0 332.4 369.1 362.9 1,371.8 340.0 361.6 361.7 372.5 1,435.8 330.7 390.7 382.6 400.2 1,504.2 378.1 749.2
Construction 700.9 570.0 615.4 146.1 164.0 172.1 606.6 156.9 163.4 163.7 171.2 655.2 153.5 192.7 183.0 202.1 731.3 176.5 351.4
Equipment 780.1 608.5 581.7 154.6 153.9 168.1 636.5 140.7 150.5 153.0 144.9 589.1 152.4 157.4 163.9 155.1 628.7 165.8 321.3
Resources 135.1 174.3 177.7 56.4 67.2 48.8 211.5 58.1 65.5 67.7 71.5 262.8 39.1 54.6 53.2 52.3 199.2 48.4 101.0
Sales Revenues
(in EUR million)
BAUER Group 1,290.8 1,096.5 1,131.7 294.7 324.8 344.7 1,219.6 286.2 319.2 328.5 410.5 1,344.4 262.6 344.7 361.2 433.7 1,402.2 313.4 645.5
Construction 584.3 487.9 505.8 126.6 136.0 130.8 506.2 138.8 144.4 148.3 147.6 579.1 124.4 167.7 182.4 183.4 657.9 165.9 328.6
Equipment 601.2 456.5 469.3 116.7 121.5 165.0 511.4 93.6 108.4 124.1 194.5 520.6 104.1 125.5 127.5 204.5 561.6 104.8 223.6
Resources 105.1 152.0 156.4 51.4 67.1 48.6 201.5 53.6 66.3 56.0 68.4 244.3 34.0 51.4 51.4 45.3 182.1 42.5 93.2
EBIT
(in EUR million)
BAUER Group 167.5 84.4 88.4 21.6 23.2 30.8 82.3 6.4 13.0 26.3 26.3 72.0 2.3 5.1 5.3 17.4 30.1 4.9 13.6
Construction 46.3 25.7 28.8 4.5 6.6 8.0 17.9 2.3 4.2 9.7 5.8 22.0 0.3 2.6 15.5 3.4 21.8 1.4 7.4
Equipment 118.3 51.3 48.3 13.7 11.3 18.7 53.0 5.0 6.8 8.6 13.6 34.0 3.8 2.0 7.5 18.9 32.2 5.6 13.2
Resources 4.0 6.0 8.1 3.4 5.4 2.7 10.9 -0.6 1.6 7.7 6.5 15.2 -2.4 -0.1 -17.6 -4.5 -24.6 -2.1 -3.3
EBIT margin
(in %)
BAUER Group 13.0% 7.7% 7.8% 7.3% 7.1% 8.9% 6.7% 2.3% 4.1% 8.0% 6.4% 5.4% 0.9% 1.5% 1.5% 4.0% 2.1% 1.6% 2.1%
Construction 7.9% 5.3% 5.7% 3.6% 4.9% 6.1% 3.5% 1.7% 2.9% 6.5% 3.9% 3.8% 0.2% 1.6% 8.5% 1.9% 3.3% 0.8% 2.3%
Equipment 19.7% 11.2% 10.3% 11.7% 9.3% 11.3% 10.4% 5.3% 6.3% 6.9% 7.0% 6.5% 3.7% 1.6% 5.9% 9.2% 5.7% 5.3% 5.9%
Resources 3.8% 3.9% 5.2% 6.6% 8.0% 5.6% 5.4% -1.1% 2.4% 13.8% 9.5% 6.2% -7.1% -0.2% -34.2% -9.9% -13.5% -4.9% -3.5%
Q4 13 2013
Q1 14
Q1 14
Q2 14
Q2 14
Q3 13 Q4 13 2013
Q1 14
Q1 14
Q2 14
Q2 14
Q4 13 2013
Q3 13 Q4 13 2013
Q3 13
Q2 13
Q2 13
Q2 13Q3 12
Q4 12
2012
2012
2012 Q3 13Q2 11 Q1 12
2011
2011
Q4 11
Q2 13Q1 12
Q1 12
Q1 12
2011
2010 Q4 11
Q4 11
2009
20092008
2008
2009
2008
2008
2009
Q3 11
Q3 11
Q3 11
Q3 112010
Q2 11
2010
Q2 112010 Q4 11
Q2 11
2011
Q2 12 Q3 12
Q2 12
Q2 12
Q2 12
Q4 12
Q3 12 Q4 12
Q3 12
Q4 12
Q1 13
Q1 13
Q1 13
Q1 13
2012
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 47
Investor Relations
BAUER Aktiengesellschaft
BAUER-Straße 1
86529 Schrobenhausen
Germany
Tel.: +49 8252 97-1218
Fax: +49 8252 97-2900
www.bauer.de
BAUER Aktiengesellschaft
Financial calendar 2014
Publication Annual Report 2013 April 11, 2014
Annual Press Conference April 11, 2014
Analyst Conference April 11, 2014
Annual General Meeting June 26, 2014
Interim Report to March 31, 2014 May 14, 2014
Half-Year Interim Report to June 30, 2014 August 14, 2014
Interim Report to September 30, 2014 November 14, 2014
Listing SDAX, CDAX, GEX,
Classic All Share
Prime All Share
DAXplus Family
Get the
BAUER App
for Apple and
Android
Visit us on YouTube:
http://www.youtube.com/Bauergruppe
ISIN DE0005168108
Reuters B5AG.DE
Bloomberg B5A GR
© BAUER AG, D-86529 Schrobenhausen 14-08-14 IR-Presentation_HY_2014 48
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.