BAUER Aktiengesellschaft · HAM:B5A0

BAUER Aktiengesellschaft — H1 2011 Earnings Presentation

47 slides from BAUER Aktiengesellschaft's earnings presentation, Aug 12, 2011

  1. Slide 1: BAUER Aktiengesellschaft Group Presentation First half-year 2011

    BAUER Aktiengesellschaft Group Presentation First half-year 2011 Bridge foundation – New Brunswick, Canada 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen

  2. Slide 2: Key Figures HY 2011

    Key Figures HY 2011 Total Group revenues (in EUR million) Net profit (in EUR million) 1,527 1,276 1,304 593 640 107.5 42.0 39.8 6.1 5.6 1,600 120 1,200 90 800 60 400 30 0 0 2008 2009 2010 6M 2010 6M 2011 2008 2009 2010 6M 2010 6M 2011 Orders in hand (in EUR million) Employees (in average) 671.6 508.

  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 HY 2011

    Key Figures HY 2011 HY 2010 HY 2011 ∆ HY in EUR million in EUR million in % Total Group revenues, of which 592.9 639.9 7.9 % - Germany 145.0 168.0 15.9 % - International 447.9 471.9 5.4 % - Construction 292.8 262.2 - 10.4 % - Equipment 252.0 322.7 28.1 % - Resources 77.3 95.5 23.6 % - Consolidation

  5. Slide 5: Contents

    Contents 1 Overview BAUER Group p. 6 2 BAUER market environment p. 13 3 Regional breakdown of Revenues p. 15 4 Financials p. 17 5 Guidance 2011 p. 25 6 Appendix p. 26 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 5

  6. Slide 6: BAUER Group: The three segments

    1 BAUER Group The three segments Construction Equipment  Target ~ 40 % of  Target ~ 40 % of total Group revenues total Group revenues  Global provider for  Market leader in specialist foundation specialist foundation engineering and equipment services in the field of  New products for infrastru

  7. Slide 7: 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 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 7

  8. Slide 8: 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 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 8

  9. Slide 9: Resources Segment

    1 Resources Segment The three divisions Materials Exploration & Mining Environment about 42 % of revenues* Services about 32 % of revenues* about 26 % of revenues* Full-line provider for  Production drilling  Disposal of polluted areas materials in the field of (for example: water wells)  Cleanin

  10. Slide 10: Total Group Revenues

    1 Total Group Revenues Longstanding healthy business development in EUR million (segment after decucting Other/Consolidation) Total 1.304 Financial crisis Resources 172 Equipment 533 Far East crisis Construction German reunification Overseas 424 Construction Domestic 175 Note: 2000 – 2002 based on H

  11. Slide 11: 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 BAUER Tianjin Technologies, Tianjin, China BAUER Manufacturing Inc. BAUER Group, plant Aresing near GWE Gr

  12. Slide 12: 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

  13. Slide 13: World construction markets

    2 World construction markets Bauer market potential Western Europe: Eastern Europe: declining markets, slowly positive development, Germany somewhat better especially Russia + + - - USA / Canada: Far East: stimulus packages, positive development public demand, power plants, dams, etc. + + in all are

  14. Slide 14: Market environment: Orders & Currency risks

    2 Market environment Orders & Currency risks Order backlog (Orders in hand) Currency Risks HY 2011 Reach in months Construction in relation to total  Project size EUR 100,000 up to EUR 20 million Group revenues full year 2010  ~ 50 / 50 infrastructure / large industrial buildings  ~ 600 projects

  15. Slide 15: Regional breakdown

    3 Regional breakdown Total Group revenues HY 2011 Germany 168 (26 %) in EUR million Total 640 Africa 36 (6 %) Americas 75 (12 %) Asia-Pacific, Far East & Australia Full year 2010 149 (23 %) in EUR million Germany 339 (26 %) Total 1.304 Africa 70 (5 %) Americas 155 (12 %) Asia-Pacific, Far East & Aus

  16. Slide 16: Regional breakdown by segment

    3 Regional breakdown Construction, Equipment, Resources HY 2011 Construction segment Equipment segment Resources segment in EUR million Total 254 Total 291 Total 95 Germany 71 (28 %) Germany 49 (17 %) Germany 48 (50 %) Africa 19 (7 %) Africa 8 (3 %) Africa 9 (10 %) Americas 27 (11 %) Americas 1 (1 %

  17. Slide 17: Revenues, earnings & orders

    4 Financials Revenues, earnings & orders Revenues (in EUR million) Orders in hand (in EUR million) Total Group revenues Sales revenues 1,527 1,600 800 1,291 1,276 1,304 672 655 671 1,132 615 1,200 600 1,096 509 800 400 593 640 529 550 400 200 0 0 2008 2009 2010 6M 2010 6M 2011 2008 2009 2010 6M 2010

  18. Slide 18: 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 640 other companies in construction markets. 480  Changes during the year: 320 - Levels in balance sheet and income state

  19. Slide 19: 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

  20. Slide 20: Revenues Q2 / 6M 2011

    4 Financials Revenues Q2 / 6M 2011 in EUR '000 Q2 2010 Q2 2011 ∆ Q2 in % 6M 2010 6M 2011 ∆ 6M in % FY 2010 Total Group revenues 331,878 332,397 0.2% 592,885 639,865 7.9% 1,304,017 Sales revenues, Construction 141,553 128,646 -9.1% 255,555 241,393 -5.5% 505,758 Sales revenues, Equipment 132,211 114,5

  21. Slide 21: Earnings Q2 / 6M 2011

    4 Financials Earnings Q2 / 6M 2011 in EUR '000 Q2 2010 Q2 2011 ∆ Q2 in % 6M 2010 6M 2011 ∆ 6M in % FY 2010 EBITDA 40,463 42,838 5.9% 63,902 68,331 6.9% 165,517 Margin (a) 12.9% 14.5% n/a 12.1% 12.4% n/a 14.6% EBIT 21,604 21,632 0.1% 27,245 28,301 3.9% 88,355 EBIT margin (a) 6.9% 7.3% n/a 5.1% 5.1% n

  22. Slide 22: Income statement June 30, 2011

    4 Financials Income statement June 30, 2011 in EUR '000 6M 2010 6M 2011 ∆ 6M in % FY 2010 Consolidated revenues (P&L) (a) 574,691 626,083 8.9% 1,255,600 Sales revenues (P&L) 529,064 550,054 4.0% 1,131,673 Material costs -275,548 -307,399 11.6% -626,952 Personnel costs -140,041 -145,847 4.1% -282,506

  23. Slide 23: Balance sheet June 30, 2011

    4 Financials Balance sheet June 30, 2011 in EUR '000 June 30, 2010 June 30, 2011 ∆ 6M in % Dec 31, 2010 Assets 1,377,421 1,446,732 5.0% 1,337,749 Intangible assets 22,284 23,341 4.7% 23,261 Property, plant and equipment 437,917 428,627 -2.1% 441,737 Long term financial assets 14,066 14,112 0.3% 14,5

  24. Slide 24: Cash flow statement 6M 2011

    4 Financials Cash flow statement 6M 2011 in EUR '000 6M 2010 6M 2011 ∆ 6M in % FY 2010 Cash flow from operating activities -30.316 -65.770 n/a 45.342 Cash flow from investing activities -25.176 -30.028 n/a -75.518 Cash flow from financing activities 65.716 101.058 53,8% 17.850 Free Cash Flow -55.492

  25. Slide 25: Guidance 2011

    5 Guidance 2011 Top-line growth with higher profitability expected 2010e 2010 final 2011e ~ 2009 level Total Group Revenues 1.304 EUR million 1.35 – 1.4 EUR billion (1.276 EUR million) EBIT not guided 88.4 EUR million 88 – 96 EUR million Net profit 35 – 40 EUR million 39.8 EUR million 40 – 45 EUR mi

  26. Slide 26: 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 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 26

  27. Slide 27: 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 · 2010 1790 1900-1970 1980-1990 2000-2010 End of 1970’s: Early 1980’s: 4. Jul 2006: FY 2010: Start of Selling of equipment to IPO

  28. Slide 28: Bauer's home base

    A Bauer’s home base Headquarters and plant Schrobenhausen, Germany 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 28

  29. Slide 29: Construction: Abu Dhabi, UAE – Presidential Palace

    B Construction Abu Dhabi, UAE – Foundation works for Presidential Palace 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 29

  30. Slide 30: Construction: Vienna, Austria – New University of Economics

    B Construction Vienna, Austria – New University of Economics 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 30

  31. Slide 31: Construction: Florida, USA – Herbert Hoover Dike

    B Construction Florida/Okeechobee, USA – Remediation of Herbert Hoover Dike 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 31

  32. Slide 32: Construction: Munich, Germany – Tunnel for Mittlerer Ring

    B Construction Munich, Germany – Tunnel for Mittlerer Ring 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 32

  33. Slide 33: Construction: Bielefeld, Germany – University foundation works

    B Construction Bielefeld, Germany – Foundation works at the University 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 33

  34. Slide 34: Equipment: In-House Exhibition 2011

    C Equipment BAUER Maschinen Group In-House Exhibition 2011 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 34

  35. Slide 35: Product range: BG-systems

    C Equipment Product range: BG-systems (BG 12 H – BG 50) Small-sized (BG 12 H – BG 18 H) Medium-sized (BG 20 H – BG 28) Large-sized (BG 36 – BG 50) BG 12 H BG 15 H BG 18 H BG 20 H BG 24 H BG 28 BG 30 BG 36 BG 40 BG 50 125 kNm* 151 kNm* 177 kNm* 200 kNm* 222 kNm* 269 kNm* 295 kNm* 367 kNm* 390 kNm* 46

  36. Slide 36: Product range: Foundation Cranes

    C Equipment Product range: Foundation Cranes MC 32 MC 64 MC 128 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 36

  37. Slide 37: Product range: Deep Drilling

    C Equipment Product range: Deep Drilling RB 50 TBA 200 TBA 300 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 37

  38. Slide 38: Other products

    C Equipment Other products (examples: geothermal drilling, double rotary head drilling, pile driving) KR 707 RG 25 S BG 24 H 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 38

  39. Slide 39: Resources: Materials Division

    D Resources Materials Division Amman, Jordan – Drilling works and installation of production wells 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 39

  40. Slide 40: Resources: Exploration and Mining Services Division

    D Resources Exploration and Mining Services Division Canada – Diavik Mine Jordan - Oil drilling rig Canada - Highland Valley Copper Mine 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 40

  41. Slide 41: Resources: Environment Division

    D Resources Environment Division One third of total area (6 km2) visible Oman – Reed Bed Water Treatment Plant 11-08-12_IR-Presentation_HY2011 © BAUER AG, D-86529 Schrobenhausen 41

  42. Slide 42: Market environment – Germany

    E Market environment – Germany German construction market Absolute Figures Change in % 2010 West Germany East Germany May 2011 West- East- 2010/ 2010/ Jan-May 2010/ 2010/ Jan-May Germany Germany 1994 2009 2010/11 1994 2009 2010/11 Employees in 1000 534.8 181.0 -45.8 1.7 0.6 -59.5 1.2 0.6 Revenues in

  43. Slide 43: BAUER share: Facts & Figures

    F BAUER share Facts & Figures  Listed on Frankfurt stock exchange, Share performance (2011 – YTD 2011) Prime Standard since July 4, 2006 DAX SDAX  Shares issued 17,131,000  Issue price EUR 16.75 BAUER AG  Listed in SDAX (MDAX from 22.09.2008 to 19.09.2010) Trading volume  Earnings per share 201

  44. Slide 44: BAUER share: Dividend policy

    F 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

  45. Slide 45: Key Figures Time Line Q2 2008 – Q2 2011

    G Key Figures Time Line Q2 2008 – Q2 2011 Total Group Revenues Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 (in EUR million) BAUER Group 379.8 392.3 415.4 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 Construction

  46. Slide 46: Financial calendar 2011 and Investor Relations

    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

  47. Slide 47: 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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