BAUER Aktiengesellschaft · HAM:B5A0
BAUER Aktiengesellschaft — Q1 2012 Earnings Presentation
47 slides from BAUER Aktiengesellschaft's earnings presentation, May 15, 2012
Slide 1: BAUER Aktiengesellschaft Group Presentation First Quarter 2012
BAUER Aktiengesellschaft Group Presentation First Quarter 2012 In-house exhibition in Schrobenhausen, Germany 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen
Slide 2: Key Figures FY 2011
Key Figures FY 2011 Total Group revenues (in EUR million) Net profit (in EUR million) 1,527 1,276 1,304 1,372 107.5 42.0 39.8 34.1 1,600 120 1,200 90 800 60 400 30 0 0 2008 2009 2010 2011 2008 2009 2010 2011 Orders in hand (in EUR million) Employees (in average) 671.6 508.9 614.9 750.0 8,674 8,872 9
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.
Slide 4: Key Figures Q1 2012
Key Figures Q1 2012 Q1 2011 Q1 2012 ∆ FY in EUR million in EUR million in % Total Group revenues, of which 307.5 340.0 10.6 % - Germany 70.2 82.2 17.0 % - International 237.3 257.8 8.7 % - Construction 124.4 156.9 26.1 % - Equipment 159.8 140.7 - 12.0 % - Resources 39.1 58.1 48.6 % - Consolidation /
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 2012 p. 25 6 Appendix p. 26 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 5
Slide 6: 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
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 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 7
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 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 8
Slide 9: Resources Segment: The three divisions
1 Resources Segment The three divisions Materials Exploration & Mining Environment about 32 % of revenues* Services about 45 % of revenues* about 23 % of revenues* Full-line provider for Production drilling Disposal of polluted areas materials in the field of (for example: water wells) Cleanin
Slide 10: 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
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 Shanghai BAUER Technologies, Shanghai, China BAUER Manufacturing Inc. BAUER Group, plant Edelshausen near
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
Slide 13: World construction markets
2 World construction markets Bauer market potential Western Europe: Eastern Europe: declining markets, Germany slowly positive development, weak for big projects especially Russia + + - + - USA / Canada: Far East: stimulus packages, positive development public demand, power plants, dams, etc. + + in
Slide 14: Market environment: Orders & Currency risks
2 Market environment Orders & Currency risks Order backlog (Orders in hand) Currency Risks Q1 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
Slide 15: Regional breakdown
3 Regional breakdown Total Group revenues FY 2011 in EUR million Germany 370 (27 %) Total 1,372 Africa 67 (5 %) Americas 191 (14 %) Asia-Pacific, Far East & Australia Full year 2010 292 (21 %) in EUR million Germany 339 (26 %) Total 1,304 Africa 70 (5 %) Americas 155 (12 %) Asia-Pacific, Far East &
Slide 16: Regional breakdown by segment
3 Regional breakdown Construction, Equipment, Resources FY 2011 Construction segment Equipment segment Resources segment in EUR million Total 562 Total 601 Total 209 Germany 157 (28 %) Germany 111 (19 %) Germany 102 (49 %) Africa 36 (6 %) Africa 14 (2 %) Africa 17 (8 %) Americas 77 (14 %) Americas 1
Slide 17: Financials: Revenues, earnings & orders
4 Financials Revenues, earnings & orders Revenues (in EUR million) Orders in hand (in EUR million) Total Group revenues Sales revenues 1,600 800 750.0 751.6 1,372 671.3 1,276 1,304 1,132 1,220 614.9 1,200 600 1,096 508.9 800 400 400 340 200 308 255 286 0 0 2009 2010 2011 Q1 2011 Q1 2012 2009 2010 20
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 720 other companies in construction markets. 540 Changes during the year: 360 - Levels of working capital in the balance
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
Slide 20: Revenues Q1 2012
4 Financials Revenues Q1 2012 in EUR '000 Q1 2011 Q1 2012 ∆ Q1 in % FY 2011 Total Group revenues 307,468 339,979 10.6% 1,371,831 Sales revenues, Construction 112,747 138,839 23.1% 482,658 Sales revenues, Equipment 108,146 93,607 -13.4% 534,999 Sales revenues, Resources 34,377 53,637 56.0% 201,549 Sa
Slide 21: Earnings Q1 2012
4 Financials Earnings Q1 2012 in EUR '000 Q1 2011 Q1 2012 ∆ Q1 in % FY 2011 EBITDA 25,493 28,113 10.3% 164,496 Margin (a) 10.0% 9.8% n/a 13.5% EBIT 6,669 6,171 -7.5% 82,300 EBIT margin (a) 2.6% 2.2% n/a 6.7% EBIT Construction segment -1,252 2,167 n/a 17,631 EBIT margin, Construction segment (a) -1.1
Slide 22: Income statement March 31, 2012
4 Financials Income statement March 31, 2012 in EUR '000 March 31, 2011 March 31, 2012 ∆ in % FY 2011 Consolidated revenues (P&L) 301,015 328,409 9.1% 1,327,085 Sales revenues (P&L) 255,372 286,217 12.1% 1,219,587 Material costs -150,283 -168,016 11.8% -672,807 Personnel costs -71,067 -78,186 10.0%
Slide 23: Balance sheet March 31, 2012
4 Financials Balance sheet March 31, 2012 in EUR '000 March 31, 2011 March 31, 2012 ∆ in % Dec 31, 2011 Assets 1,404,643 1,564,524 11.4% 1,487,450 Intangible assets 23,107 32,437 40.4% 30,303 Property, plant and equipment 429,379 456,389 6.3% 458,572 Long term financial assets 14,607 17,174 17.6% 18
Slide 24: Cash flow statement Q1 2012
4 Financials Cash flow statement Q1 2012 in EUR '000 Q1 2011 Q1 2012 ∆ Q1 in % FY 2011 Cash flow from operating activities -28,427 -45,271 n/a 8,459 Cash flow from investing activities -10,505 -21,640 n/a -84,656 Cash flow from financing activities 52,242 74,563 42.7% 73,466 Free Cash Flow -38,932 -
Slide 25: Guidance 2012
5 Guidance 2012 Top-line growth with stable profitability 2011e* 2011 final 2012e Total Group Revenues ~ 1,350 EUR billion 1,372 EUR million ~ 1,450 EUR billion EBIT ~ 80 EUR million 82.3 EUR million ~ 85 EUR million Net profit > 30 EUR million 34.1 EUR million ~ 35 EUR million * Guidance published
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 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 26
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 · 2011 1790 1900-1970 1980-1990 2000-2011 End of 1970’s: Early 1980’s: 4. Jul 2006: FY 2010: Start of Selling of equipment to IPO
Slide 28: Bauer's home base
A Bauer’s home base Headquarters and plant Schrobenhausen, Germany 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 28
Slide 29: Construction: New Brunswick, Canada
B Construction New Brunswick, Canada – Bridge foundation Route 1 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 29
Slide 30: Construction: Jeddah, Saudi Arabia
B Construction Jeddah, Saudi Arabia – Cutter works for North Lift Station 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 30
Slide 31: Construction: Florida, USA
B Construction Florida/Okeechobee, USA – Remediation of Herbert Hoover Dike 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 31
Slide 32: Construction: Munich, Germany
B Construction Munich, Germany – Tunnel for Mittlerer Ring 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 32
Slide 33: Construction: Bielefeld, Germany
B Construction Bielefeld, Germany – Foundation works at the University 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 33
Slide 34: Equipment: BAUER Maschinen In-House Exhibition 2012
C Equipment BAUER Maschinen Group – In-House Exhibition 2012 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 34
Slide 35: Equipment: 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
Slide 36: Equipment: Product range Foundation Cranes
C Equipment Product range: Foundation Cranes MC 32 MC 96 MC 128 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 36
Slide 37: Equipment: Product range Deep Drilling
C Equipment Product range: Deep Drilling RB 50 TBA 300 TBA 300/440 M1 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 37
Slide 38: Equipment: Other products
C Equipment Other products (examples: geothermal drilling, double rotary head drilling, pile driving) KR 707 RG 25 S BG 24 H 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 38
Slide 39: Resources: Materials Division
D Resources Materials Division Amman, Jordan – Drilling works and installation of production wells 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 39
Slide 40: 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 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 40
Slide 41: Resources: Environment Division
D Resources Environment Division One third of total area visible Oman – Reed Bed Water Treatment Plant 12-05-15 IR-Presentation_Q1_2012 © BAUER AG, D-86529 Schrobenhausen 41
Slide 42: Market environment – Germany
E Market environment – Germany German construction market Absolute Figures Change in % 2011 West Germany East Germany December 2011 West- East- 2011/ 2010/ 2011/ 2010/ 2010/ 2011/ Germany Germany 1994 2009 2010 1994 2009 2010 Employees in 1000 534.8 181.0 -45.8 1.7 2.7 -59.5 1.2 2.2 Revenues in EUR
Slide 43: BAUER share: Facts & Figures
5 BAUER share Facts & Figures Listed on Frankfurt stock exchange, Share performance (2011 – YTD 2012) Prime Standard since July 4, 2006 DAX Shares issued 17,131,000 SDAX 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
Slide 44: 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
Slide 45: Key Figures Time Line Q1 2009 – Q1 2012
G Key Figures Time Line Q1 2009 – Q1 2012 Total Group Revenues Q1 09 Q2 09 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 (in EUR million) BAUER Group 375.3 305.7 263.5 331.3 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 Construction
Slide 46: BAUER Aktiengesellschaft: Financial calendar 2012
BAUER Aktiengesellschaft Financial calendar 2012 Publication Annual Report 2011 April 13, 2012 Annual Press Conference April 13, 2012 Analyst Conference April 13, 2012 Annual General Meeting June 28, 2012 Interim Report to March 31, 2012 May 15, 2012 Half-Year Interim Report to June 30, 2012 August
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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