BAUER Aktiengesellschaft · HAM:B5A0
BAUER Aktiengesellschaft — 9M 2008 Earnings Presentation
32 slides from BAUER Aktiengesellschaft's earnings presentation, November 2008
Slide 1: BAUER Aktiengesellschaft Analyst Presentation first nine months 2008
BAUER Aktiengesellschaft Analyst Presentation first nine months 2008
Slide 2: Contents
Contents 1 BAUER Group 2 BAUER Construction / Equipment / Resources 3 Market environment 4 Financials first nine months 2008 5 Outlook 6 BAUER share 08-11-IR-Presentation_Q3_2008 2
Slide 3: BAUER Group Key Figures first nine months
1 BAUER Group Key Figures first nine months Jan-Sep 2007 Jan-Sep 2008 Change in EUR million in EUR million in % Total Group revenues, of which 891.2 1,111.8 + 24.7 % - Germany 257.7 264.6 - 4.0 % - International 615.5 847.2 + 37.6 % - Construction 403.3 520.1 + 29.0 % - Equipment 453.7 569.5 + 25.5
Slide 4: BAUER Group: Construction, Equipment, Resources
1 BAUER Group Services, equipment & products dealing with ground and groundwater Construction Equipment Target ~ 42 % of Target ~ 42 % of total Group revenues total Group revenues Global provider Market leader for specialist in specialist foundation engineering foundation and related constru
Slide 5: History of Bauer
1 History of Bauer Two centuries of experience FY 2007: Early 1990’s: Total Group revenues After WW II: End of 1970’s: Build up of EUR 1.2 billion, Start of construction Start of specialist construction/ 6,983 employees business internationalisation environmental business 1790 1950's 1960's 1970's 1
Slide 6: Longstanding healthy business development
1 Longstanding healthy business development Total Group revenues 1980 - 2007 in EUR million, CAGR on average ~ 9.5 % 43% Overall growth rate 1980 - 2007 on average ~ 9.5 % 08-11-IR-Presentation_Q3_2008 6 Note: 1980 – 2002 based on HGB figures, from 2003 based on IFRS figures; segment figures after d
Slide 7: Leading position in highly specialised markets
1 Leading position in highly specialised markets Worldwide network in main business segments BAUER Maschinen KSM, Kurgan, Russia Permanent Offices: Construction Equipment Resources BAUER Tianjin Technologies, Tianjin, China Shanghai BAUER Technologies, Pileco, Houston, Texas, USA BAUER Gruppe, Schro
Slide 8: What is specialist foundation?
2 What is specialist foundation? Building an excavation pit Supporting Wall Ground Water Underpinning Injection Injection Anchor Pile Foundation Sealing Slab 08-11-IR-Presentation_Q3_2008 8
Slide 9: What is specialist foundation used for?
2 What is specialist foundation used for? Applications for infrastructure projects Project portfolio: ~ 50 / 50 infrastructure (Government) / large industrial buildings ⇒ very little exposure to residential construction 08-11-IR-Presentation_Q3_2008 9
Slide 10: Construction: Typical infrastructure project
2 Construction Typical infrastructure project 115m deep cut-off wall … … for Peribonka dam in Québec, Canada Construction of a concrete cut-off wall, 115 m deep, fully … securing the main earth dam across a main and a secondary embedded in rock - a challenge for the most advanced valley and two main
Slide 11: Construction: Exemplary projects, Germany
2 Construction Exemplary projects, Germany Schwäbisch Hall Munich Stuttgart Pasing 08-11-IR-Presentation_Q3_2008 11
Slide 12: Construction: Exemplary projects, Europe
2 Construction Exemplary projects, Europe Istanbul, Turkey Moscow, Russia Rotterdam, Netherlands 08-11-IR-Presentation_Q3_2008 12
Slide 13: Construction: Exemplary projects, International
2 Construction Exemplary projects, International Canada Abu Dhabi Panama Oman 08-11-IR-Presentation_Q3_2008 13
Slide 14: Equipment: BG-systems product range
2 Equipment Product range: BG-systems (large diameter drilling rigs) 11 different versions BG-line rigs Height 15 to 36 meter Weight 50 tonne 250 tonne Torque 10 to 50 tonne-meter (100 to 500 kNm) Engine power 150 to over 600 kW Drilling depth up to ~ 120 meter Compact drilling rigs in
Slide 15: Equipment: Trench cutters, Grab systems, Tools
2 Equipment Product range: Trench cutters, Grab systems, Tools 08-11-IR-Presentation_Q3_2008 15
Slide 16: Equipment: Other equipment
2 Equipment Product range: Other equipment 08-11-IR-Presentation_Q3_2008 16
Slide 17: Resources: Areas of strategic development
2 Resources Areas of strategic development Materials (Water) Exploration & Mining Environment 08-11-IR-Presentation_Q3_2008 17
Slide 18: Resources: Areas of strategic development
2 Resources Areas of strategic development Divisions: Current market position Divisions: Future strategy Materials Materials • 4 production sites in Germany, 1 in Poland • Focus on Europe, Africa, Middle East • Market leader for well driling materials and well extension (screens, filters, sealing ma
Slide 19: Market environment - Global economy
3 Market environment - Global economy Stimulus packages worldwide "25 billion US$ for construction" BAUER Group BAUER Group (United States of America) Segments Overall strengths Construction • Focus on infrastructure projects "Expenditure for infrastructure • Higher density in metropolitan Excellent
Slide 20: Market environment - Germany
3 Market environment - Germany Recovery of German construction market Absolute Figures Change in % July 2008 2007 West Germany East Germany West- East- 2007/ 2007/ Jan-Jul 2006/ 2007/ Jan-Jul Germany Germany 1994 2006 2008/2007 1994 2006 2008/2007 Employees in 1000 529.4 184.4 -46.4 0.7 -1.1 -58.8 -
Slide 21: Market environment - Trends
3 Market environment - Trends Orders & US-Dollar exposure Orders in hand US$ Exposure / Currency Risks Reach in months Decentralized sales network operating out of Europe, Jan-Sep 2008 in relation to total Middle East, Far East , America Group revenues with > 90 subsidiaries on all continents 2007
Slide 22: Financial results: Revenues
4 Financial results Revenues Jan-Sep 2008 in EUR '000 Jan-Sep 2007 Jan-Sep 2008 change FY 2007 Total Group revenues 891,232 1,111,775 24.7% 1,208,100 Sales revenues, Construction 335,252 445,399 32.9% 433,405 Sales revenues, Equipment 354,482 414,807 17.0% 509,733 Sales revenues, Resources 69,557 69
Slide 23: Financial results: Earnings
4 Financial results Earnings Jan-Sep 2008 in EUR '000 Jan-Sep 2007 Jan-Sep 2008 change FY 2007 EBITDA 115,712 149,263 29.0% 185,406 (a) Margin 15.2% 16.0% n/a 17.9% EBIT 78,118 108,373 38.7% 131,810 (a) EBIT margin 10.3% 11.7% n/a 12.8% EBIT Construction segment 12,411 29,334 136.4% 24,847 (a) EBIT
Slide 24: Regional breakdown
4 Regional breakdown Total Group revenues Jan-Sep 2008 in EUR '000 Jan-Sep 2007 in % Jan-Sep 2008 in % change Germany 275,661 31% 264,639 24% -4% Europe (EU) 165,975 19% 237,108 21% 43% Europe (not EU) 53,142 6% 87,765 8% 65% Middle East 136,672 15% 177,089 16% 30% Far East 97,894 11% 134,983 12% 38
Slide 25: Regional breakdown: Construction, Equipment, Resources
4 Regional breakdown Construction, Equipment, Resources Jan-Sep 2008 Segment Construction Segment Equipment Segment Resources in EUR million in EUR million in EUR million Figures after deducting Other/Eliminations/Consolidations 08-11-IR-Presentation_Q3_2008 25
Slide 26: Financial results: P&L items
4 Financial results P&L items Jan-Sep 2008 in EUR '000 Jan-Sep 2007 Jan-Sep 2008 change FY 2007 (a) Consolidated revenues (P&L) 843,537 1,073,596 27.3% 1,159,377 Sales revenues (P&L) 759,439 930,197 22.5% 1,032,961 Material costs 455,797 603,462 32.4% 632,714 Personnel costs 153,278 180,470 17.7% 21
Slide 27: Financial results: Balance sheet
4 Financial results Balance sheet Sep 30, 2008 in EUR '000 Sep 30, 2007 June 30, 2008 change Dec 31, 2007 Assets 857,173 1,044,322 21.8% 817,971 Intangible assets 26,398 14,210 -46.2% 14,198 Property, plant and equipment 200,994 292,846 45.7% 245,815 Long term financial assets 12,473 13,172 5.6% 12,
Slide 28: Financial results: Cash flow items
4 Financial results Cash flow items Jan-Sep 2008 in EUR '000 Jan-Sep 2007 Jan-Sep 2008 change FY 2007 Operating cash flow -844 46,223 n/a 67,173 Investing cash flow -56,354 -75,078 33.2% -89,949 Financing cash flow 74,487 36,365 -51.2% 38,715 Free Cash Flow -57,198 -28,855 n/a -22,776 Net cash incre
Slide 29: Outlook 2008 and beyond
5 Outlook 2008 and beyond Above average level of orders in hand provides healthy take-up of capacities through year-end International heavy construction markets in reasonable shape, providing further chances worldwide So far no significant impact from financial crisis Guidance 2008 Total G
Slide 30: BAUER share
6 BAUER share Share performance 1 year Listed on Frankfurt stock exchange, Prime Standard since July 4, 2006 Listed in MDAX since Sep 22, 2008 BAUER AG Shares issued 17,131,000 Issue price EUR 16.75 Year high / Year low 2008 YTD MDAX EUR 70.12 / EUR 25.05 (5.6.2008 / 10.10.2008) Earnings
Slide 31: BAUER Aktiengesellschaft
BAUER Aktiengesellschaft ISIN DE0005168108 Reuters B5AG.DE Bloomberg B5A GR Listing Indices C-DAX GEX Classic All Share Prime All Share Investor Relations BAUER Aktiengesellschaft Wittelsbacherstraße 5 D - 86529 Schrobenhausen Tel.: +49 8252 97-1918 Fax: +49 8252 97-2900 E-mail: bettina.mestenhauser
Slide 32: 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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