BAUER Aktiengesellschaft · HAM:B5A0

BAUER Aktiengesellschaft — 9M 2012 Earnings Presentation

46 slides from BAUER Aktiengesellschaft's earnings presentation, Nov 14, 2012

  1. Slide 1: BAUER Aktiengesellschaft Group Presentation First nine month 2012

    BAUER Aktiengesellschaft Group Presentation First nine month 2012 City West project – Zurich, Switzerland 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen

  2. Slide 2: Key Figures 9M 2012

    Key Figures 9M 2012 Total Group revenues (in EUR million) Net profit (in EUR million) 1,276 1,304 1,372 1,009 1,063 42.0 39.8 34.1 14.2 6.2 1,600 60 1,200 45 800 30 400 15 0 0 2009 2010 2011 9M 2011 9M 2012 2009 2010 2011 9M 2011 9M 2012 Orders in hand (in EUR million) Employees (in average) 508.9 6

  3. Slide 3: Mission & Strategy

    Mission & Strategy Our mission Services, equipment & products dealing with ground and groundwater 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.

  4. Slide 4: Key Figures 9M 2012 Main topics

    Key Figures 9M 2012 Main topics  Total Group revenues with EUR 1,063.2 million (+5.4 % yoy) fully on target.  The Construction and Resources segments recorded substantial growth, while the Equipment segment saw a marked decline.  Net profit of the Group with EUR 6.2 million significantly behind p

  5. Slide 5: Key Figures 9M 2012

    Key Figures 9M 2012 9M 2011 9M 2012 ∆ HY in EUR million in EUR million in % Total Group revenues, of which 1,008.9 1,063.2 5.4 % - Germany 263.6 280.9 6.6 % - International 745.3 782.3 5.0 % - Construction* 434.5 484.0 11.4 % - Equipment* 468.3 444.2 - 5.2 % - Resources 162.7 191.3 17.6 % - Consolid

  6. Slide 6: Contents

    Contents 1 Overview BAUER Group p. 7 2 BAUER market environment p. 14 3 Regional breakdown of Revenues p. 16 4 Financials p. 18 5 Guidance 2012 p. 26 6 Appendix p. 27 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen 6

  7. Slide 7: BAUER Group: The three segments

    1 BAUER Group The three segments  Target: ~ 40 % of  Target: ~ 20 % of total Group revenues total Group revenues  Market leader in  Activities in specialist foundation environmental equipment technology, mining, deep drilling, well  New products for construction, mining, deep drilling materials

  8. Slide 8: What is specialist foundation?

    1 What is specialist foundation? Building an excavation pit Supporting Wall Ground Water Underpinning Injection Injection Anchor Pile Foundation Sealing Slab 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen 8

  9. Slide 9: What is specialist foundation used for?

    1 What is specialist foundation used for? Applications for projects Buildings Infrastructure Water – Energy Industry Foundations Excavation pits Cut-off walls Ground improvement 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen 9

  10. Slide 10: Resources Segment: The three divisions

    1 Resources Segment The three divisions Materials Exploration & Mining Environment about 32 % of revenues* Services about 40 % of revenues* about 28 % of revenues* Full-line provider for  Production drilling  Disposal of polluted areas materials in the field of (for example: water wells)  Cleanin

  11. Slide 11: Total Group Revenues

    1 Total Group Revenues Longstanding healthy business development in EUR million (segment after decucting Other/Consolidation) Total 1.372 Financial crisis Resources 209 Equipment 601 Far East crisis German reunification Construction Overseas 405 Construction Domestic 157 Note: 2000 – 2002 based on H

  12. Slide 12: Worldwide network

    1 Worldwide network More than 110 subsidiaries in about 70 countries Permanent Offices: Construction Equipment sales BAUER Maschinen KSM, Resources Kurgan, Russia Equipment production locations Shanghai BAUER Technologies, Shanghai, China BAUER Manufacturing Inc. BAUER Group, plant Edelshausen near

  13. Slide 13: BAUER Group: Strengths & Chances

    1 BAUER Group Strengths & Chances Strengths  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 exi

  14. Slide 14: World construction markets

    2 World construction markets Bauer market potential Western Europe: Eastern Europe: declining markets, slowly positive development, Germany is quite good especially Russia + + - + - USA / Canada: Far East: public demand, positive development power plants, dams, etc. + + in all areas, especially Hong

  15. Slide 15: Market environment

    2 Market environment Orders & Currency risks Order backlog (Orders in hand) Currency Risks 9M 2012 Reach in months Construction in relation to total  Project size EUR 100,000 up to EUR 70 million Group revenues full year 2011  ~ 50 / 50 infrastructure / large industrial buildings  ~ 600 projects

  16. Slide 16: Regional breakdown Total Group revenues Jan – Sep 2012

    3 Regional breakdown Total Group revenues Jan – Sep 2012 in EUR million Germany 281 (26 %) Total 1,063 Africa 40 (4 %) Americas 150 (14 %) Asia-Pacific, Far East & Australia Full year 2011 248 (23 %) in EUR million Germany 370 (27 %) Total 1,372 Africa 67 (5 %) Americas 191 (14 %) Asia-Pacific, Far

  17. Slide 17: Regional breakdown Construction, Equipment, Resources

    3 Regional breakdown Construction, Equipment, Resources Jan – Sep 2012 Construction segment Equipment segment Resources segment in EUR million Total 473 Total 405 Total 185 Germany 117 (25 %) Germany 83 (21 %) Germany 80 (43 %) Africa 20 (4 %) Africa 8 (2 %) Africa 11 (6 %) Americas 65 (14 %) Americ

  18. Slide 18: Financials: Revenues, earnings & orders

    4 Financials Revenues, earnings & orders Revenues (in EUR million) Orders in hand (in EUR million) Total Group revenues Sales revenues 775.1 1,600 800 750.0 740.0 1,372 1,276 1,304 1,132 1,220 614.9 1,200 600 1,096 1,063 1,009 508.9 875 934 800 400 400 200 0 0 2009 2010 2011 9M 2011 9M 2012 2009 201

  19. Slide 19: Working capital needs & net debt

    4 Financials Working capital needs & net debt Net working capital (in EUR million) Bauer’s business model with its three segments requires considerably more working capital than 720 other companies in construction markets. 540  Changes during the year: 360 - Levels of working capital in the balance

  20. Slide 20: Working capital needs & cash flow

    4 Financials Working capital needs & cash flow Building construction  Construction segment: EUR positive cash contribution - 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

  21. Slide 21: Revenues Q3 / 9M 2012

    4 Financials Revenues Q3 / 9M 2012 in EUR '000 Q3 2011 Q3 2012 ∆ Q3 in % 9M 2011 9M 2012 ∆ 9M in % FY 2011 Total Group revenues 369,076 361,672 -2.0% 1,008,941 1,063,207 5.4% 1,371,831 Sales revenues, Construction* 136,076 148,295 9.0% 375,321 431,518 15.0% 482,658 Sales revenues, Equipment* 121,534

  22. Slide 22: Earnings Q3 / 9M 2012

    4 Financials Earnings Q3 / 9M 2012 in EUR '000 Q3 2011 Q3 2012 ∆ Q3 in % 9M 2011 9M 2012 ∆ 9M in % FY 2011 EBITDA 44,151 49,490 12.1% 112,482 112,878 0.4% 164,496 Margin (a) 13.6% 15.1% n/a 12.9% 12.1% n/a 13.5% EBIT 23,208 26,213 12.9% 51,509 45,222 -12.2% 82,300 EBIT margin (a) 7.1% 8.0% n/a 5.9%

  23. Slide 23: Income statement 9M 2012

    4 Financials Income statement 9M 2012 in EUR '000 9M 2011 9M 2012 ∆ 9M in % FY 2011 Consolidated revenues (P&L) 978,257 1,027,778 5.1% 1,327,085 Sales revenues (P&L) 874,869 933,891 6.7% 1,219,587 Material costs -493,725 -518,265 5.0% -672,807 Personnel costs -222,274 -239,006 7.5% -298,761 Deprecia

  24. Slide 24: Balance sheet September 30, 2012

    4 Financials Balance sheet September 30, 2012 in EUR '000 Sept. 30, 2011 Sept. 30, 2012 ∆ in % Dec 31, 2011 Assets 1,502,575 1,644,399 9.4% 1,487,450 Intangible assets 24,132 32,095 33.0% 30,303 Property, plant and equipment 444,988 469,931 5.6% 458,572 Long term financial assets 11,265 12,743 13.1%

  25. Slide 25: Cash flow statement 9M 2012

    4 Financials Cash flow statement 9M 2012 in EUR '000 9M 2011 9M 2012 ∆ 9M in % FY 2011 Operating cash flow -58,793 -21,569 n/a 8,459 Investing cash flow -50,977 -62,461 n/a -84,656 Financing cash flow 115,423 107,769 -6.6% 73,466 Free Cash Flow -109,770 -84,030 n/a -76,197 Changes in liquid funds af

  26. Slide 26: Guidance 2012

    5 Guidance 2012 Top-line growth with a decrease in profitability 2011* 2011 final 2012e Total Group Revenues ~ 1,350 EUR million 1,372 EUR million ~ 1,450 EUR million EBIT ~ 80 EUR million 82.3 EUR million ~ 76 EUR million Net profit > 30 EUR million 34.1 EUR million 25 - 30 EUR million * Guidance p

  27. Slide 27: Appendix

    Appendix A History of Bauer p. 27 B Construction projects p. 29 C Equipment programme p. 34 D Resources projects p. 39 E Market environment Germany p. 42 F BAUER share p. 43 G Key Figures Time Line p. 45 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen 27

  28. Slide 28: History of Bauer

    A History of Bauer Two centuries of experience 1790 · 1900 · 1902 · 1928 · 1948 · 1956 · 1958 · 1967 · 1969 · 1972 · 1975 · 1976 · 1984 · 1990 · 1992 · 1994 · 1998 · 2001 · 2011 1790 1900-1970 1980-1990 2000-2011 End of 1970’s: Early 1980’s: 4. Jul 2006: FY 2011: Start of Selling of equipment to IPO

  29. Slide 29: Bauer's home base

    A Bauer’s home base Headquarters and plant Schrobenhausen, Germany 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen 29

  30. Slide 30: Construction: Hong Kong Express Rail Link

    B Construction Hong Kong – Cutter works for “Express Rail Link” 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen 30

  31. Slide 31: Construction: Kuala Lumpur underground station

    B Construction Kuala Lumpur, Malaysia – Cutter works for underground station 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen 31

  32. Slide 32: Construction: Munich Tunnel for Mittlerer Ring

    B Construction Munich, Germany – Tunnel for Mittlerer Ring 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen 32

  33. Slide 33: Construction: Sylvenstein dam strengthening

    B Construction Lenggries, Germany – Strengthening works on Sylvenstein dam 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen 33

  34. Slide 34: Equipment: In-House Exhibition 2012

    C Equipment BAUER Maschinen Group – In-House Exhibition 2012 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen 34

  35. Slide 35: Equipment: Drilling rigs (BG-systems)

    C Equipment Product range: Drilling rigs (BG-systems) The ValueLine and the ValueLine PremiumLine were introduced as The BG ValueLine is a fully dedicated two product lines with the goal of Kelly drilling rig. even better satisfying various • Long mast for more drilling depth • Increased drill axis

  36. Slide 36: Equipment: Foundation Cranes

    C Equipment Product range: Foundation Cranes MC 32 MC 96 MC 128 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen 36

  37. Slide 37: Equipment: Deep Drilling

    C Equipment Product range: Deep Drilling RB 50 TBA 100 TBA 300/440 M1 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen 37

  38. Slide 38: Resources: Materials Division

    D Resources Materials Division Amman, Jordan – Drilling works and installation of production wells 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen 38

  39. Slide 39: Resources: Exploration and Mining Services Division

    D Resources Exploration and Mining Services Division Canada – Diavik Mine Oil drilling rig of Site Goup Jordan – Oil shale exploration 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen 39

  40. Slide 40: Resources: Environment Division

    D Resources Environment Division One third of total area visible Oman – Reed Bed Water Treatment Plant 12-08-14 IR-Presentation_9M_2012 © BAUER AG, D-86529 Schrobenhausen 40

  41. Slide 41: Market environment – Germany

    E Market environment – Germany German construction market Absolute Figures Change in % 2011 West Germany East Germany August 2012 West- East- 2011/ 2011/ Jan-Aug 2011/ 2011/ Jan-Aug Germany Germany 1994 2010 2012/2011 1994 2010 2012/2011 Employees in 1000 549.1 185.1 -44.3 2.7 -0.2 -58.6 2.2 -2.9 Re

  42. Slide 42: BAUER share: Facts & Figures

    5 BAUER share Facts & Figures Share performance (Jan. – Oct. 2012)  Listed on Frankfurt stock exchange, Prime Standard, since July 4, 2006 DAX SDAX  Share capital EUR 73,001,420.45  Shares issued 17,131,000 BAUER AG  Issue price EUR 16.75 Trading volume  Listed in SDAX (MDAX from 22.09.2008 to

  43. Slide 43: BAUER share: Dividend policy

    5 BAUER share Dividend policy Dividend payment (in EUR per share) Dividend policy founded on a reasonable balance between shareholders and company 1.20  fair participation of shareholders 1.00 1.00  continuity over the years 0.90  safeguarding of the equity base All shareholders shall participate

  44. Slide 44: Key Figures Time Line Q3 2009 – Q3 2012

    G Key Figures Time Line Q3 2009 – Q3 2012 Total Group Revenues Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 (in EUR million) BAUER Group 263.5 331.3 1,275.8 261.0 331.9 369.7 341.4 1,304.0 307.4 332.4 369.1 362.9 1,371.8 340.0 361.6 361.7 Construction

  45. Slide 45: BAUER Aktiengesellschaft Financial calendar 2013

    BAUER Aktiengesellschaft Financial calendar 2013 Publication Annual Report 2012 April 11, 2013 Annual Press Conference April 11, 2013 Analyst Conference April 11, 2013 Annual General Meeting June 27, 2013 Interim Report to March 31, 2013 May 15, 2013 Half-Year Interim Report to June 30, 2013 August

  46. Slide 46: Disclaimer

    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

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