BAUER Aktiengesellschaft · HAM:B5A0
BAUER Aktiengesellschaft — Bauer — FY2012 Earnings Presentation
30 slides from BAUER Aktiengesellschaft's earnings presentation, Apr 11, 2013
Slide 1: BAUER AG Analyst conference fiscal year 2012
BAUER AG Analyst conference fiscal year 2012 Munich, April 11, 2013 Diaphragm wall for MRT stations – Kuala Lumpur, Malaysia 13-04-11 IR-Presentation_Analyst_Conference_FY2012 © BAUER AG, D-86529 Schrobenhausen
Slide 2: Key Figures FY 2012
Key Figures FY 2012 Total Group revenues (in EUR million) Net profit (in EUR million) 1,276 1,304 1,372 1,446 42.0 39.8 34.1 25.3 1,600 60 1,200 45 800 30 400 15 0 0 2009 2010 2011 2012 2009 2010 2011 2012 Orders in hand (in EUR million) Employees (in average) 508.9 614.9 750.0 785.0 8,872 9,094 9,6
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 FY 2012 – Main topics
Key Figures FY 2012 Main topics Total Group revenues with EUR 1,445.6 million (+5.4 % yoy) fully on target. Net profit of the Group with EUR 25.3 million significantly behind previous year (EUR 34.1 million) and at lower end of the guidance range. The year 2012 was marked by some extraordinary
Slide 5: Key Figures FY 2012
Key Figures FY 2012 2011 2012 ∆ FY Q4 2012 in EUR million in EUR million in % in EUR million Total Group revenues, of which 1,371.8 1,445.6 5.4 % 382.4 - Germany 370.3 385.3 4.1 % 104.3 - International 1,001.5 1,060.3 5.9 % 278.1 - Construction* 606.6 656.8 8.3 % 172.8 - Equipment* 636.5 596.1 -6.3
Slide 6: Contents
Contents 1 Overview BAUER Group p. 7 2 BAUER market environment p. 12 3 Regional breakdown of Revenues p. 14 4 Financials 2012 p. 16 5 BAUER share p. 26 6 Guidance 2013 p. 28 13-04-11 IR-Presentation_Analyst_Conference_FY2012 © BAUER AG, D-86529 Schrobenhausen 6
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
Slide 8: Resources Segment
1 Resources Segment The three competence areas Materials Exploration & Mining Environment about 24 % of revenues* Services about 38 % of revenues* about 38 % of revenues* Full-line provider for Production drilling Disposal of polluted areas materials in the field of (for example: water wells)
Slide 9: Total Group Revenues
1 Total Group Revenues Longstanding healthy business development in EUR million (segment after decucting Other/Consolidation) Total 1,446 Financial crisis Resources 260 Equipment 543 Far East crisis German reunification Construction Overseas 478 Construction Domestic 165 Note: 2000 – 2002 based on H
Slide 10: 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 Aresing near GWE
Slide 11: 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 12: 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
Slide 13: Market environment – Orders & Currency risks
2 Market environment Orders & Currency risks Order backlog (Orders in hand) Currency Risks FY 2012 Reach in months Construction in relation to total Project size EUR 100,000 up to EUR 70 million Group revenues full year 2012 ~ 50 / 50 infrastructure / large industrial buildings ~ 600 projects
Slide 14: Regional breakdown
3 Regional breakdown Total Group revenues 2012 in EUR million Germany 385 (27 %) Total 1,446 Africa 60 (4 %) Americas 203 (14 %) Asia-Pacific, Full year 2011 Far East & Australia in EUR million Germany 370 (27 %) 328 (23 %) Total 1,372 Africa 67 (5 %) Americas 191 (14 %) Asia-Pacific, Far East & Aus
Slide 15: Regional breakdown by segment
3 Regional breakdown Construction, Equipment, Resources 2012 Construction segment Equipment segment Resources segment in EUR million Total 643 Total 543 Total 260 Germany 165 (26 %) Germany 100 (18 %) Germany 120 (46 %) Africa 17 (6 %) Africa 29 (4 %) Africa 14 (3 %) Americas 6 (2 %) Americas 94 (15
Slide 16: Financials – Revenues, earnings & orders
4 Financials Revenues, earnings & orders Revenues (in EUR million) Orders in hand (in EUR million) Total Group revenues Sales revenues 785.0 1,600 800 750.0 1,446 1,372 1,344 1,276 1,304 1,132 1,220 614.9 1,200 600 1,096 508.9 800 400 400 200 0 0 2009 2010 2011 2012 2009 2010 2011 2012 Earnings (in
Slide 17: Financials – Working capital needs & cash flow
4 Financials Working capital needs & cash flow Building construction Bauer’s business model with its three segments positive cash contribution requires considerably more working capital than EUR other companies in construction markets. Changes during the year: Contract value Negative cash contribu
Slide 18: Financials – Working capital needs & net debt
4 Financials Working capital needs & net debt Net working capital (in EUR million) Equipment segment: 720 - Due to very special parts being installed, parts need to be pre-ordered well in advance 540 approx. 3 months pre-financing of equipment during production. 360 - Spare parts store is needed
Slide 19: Financials – Revenues Q4 / FY 2012
4 Financials Revenues Q4 / FY 2012 in EUR '000 Q4 2011 Q4 2012 ∆ Q4 in % FY 2011 FY 2012 ∆ FY in % Total Group revenues 362,890 382,384 5.4% 1,371,831 1,445,591 5.4% Sales revenues, Construction * 130,906 147,551 12.7% 506,227 579,069 14.4% Sales revenues, Equipment * 165,049 194,450 17.8% 511,430 5
Slide 20: Financials – Segment reporting FY 2012
4 Financials Segment reporting FY 2012 13-04-11 IR-Presentation_Analyst_Conference_FY2012 © BAUER AG, D-86529 Schrobenhausen 20
Slide 21: Financials – Segment reporting FY 2012
4 Financials Segment reporting FY 2012 13-04-11 IR-Presentation_Analyst_Conference_FY2012 © BAUER AG, D-86529 Schrobenhausen 21
Slide 22: Financials – Earnings Q4 / FY 2012
4 Financials Earnings Q4 / FY 2012 in EUR '000 Q4 2011 Q4 2012 ∆ Q4 in % FY 2011 FY 2012 ∆ FY in % EBITDA 52,014 50,316 -3.3% 164,496 163,194 -0.8% Margin (a) 15.1% 12.3% n/a 13.5% 12.1% n/a EBIT 30,791 26,177 -15.0% 82,300 71,399 -13.2% EBIT margin (a) 8.9% 6.4% n/a 6.7% 5.3% n/a EBIT Construction
Slide 23: Financials – Income statement FY 2012
4 Financials Income statement FY 2012 in EUR '000 FY 2011 FY 2012 ∆ FY in % Consolidated revenues (P&L) 1,327,085 1,385,862 4.4% Sales revenues (P&L) 1,219,587 1,344,421 10.2% Material costs -672,807 -686,834 2.1% Personnel costs -298,761 -325,594 9.0% Depreciation and amortization of fixed assets -
Slide 24: Financials – Balance sheet December 31, 2012
4 Financials Balance sheet December 31, 2012 in EUR '000 Dec 31, 2011 Dec 31, 2012 ∆ in % Assets 1,487,450 1,521,474 2.3% Intangible assets 30,303 34,567 14.1% Property, plant and equipment 458,572 465,316 1.5% Long term financial assets 18,635 23,617 26.7% Other long term assets & deferred taxes 26
Slide 25: Financials – Cash flow statement FY 2012
4 Financials Cash flow statement FY 2012 in EUR '000 FY 2011 FY 2012 ∆ FY in % Cash flow from operating activities 8,459 165,713 n/a Cash flow from investing activities -84,656 -76,187 -10.0% Cash flow from financing activities 73,466 -68,008 n/a Free Cash Flow -76,197 89,526 n/a Changes in liquid f
Slide 26: BAUER share – Facts & Figures
5 BAUER share Facts & Figures Share performance (2012 – Jan. 2013) Listed on Frankfurt stock exchange, DAX Prime Standard, since July 4, 2006 Share capital EUR 73,001,420.45 SDAX BAUER AG Shares issued 17,131,000 Issue price EUR 16.75 Trading volume Listed in SDAX (MDAX from 22.09.2008 to
Slide 27: 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 28: Guidance 2013
5 Guidance 2013 Top-line growth with an increase in profitability 2012e* 2012 final 2013e Total Group Revenues ~ 1,450 EUR million 1,446 EUR million > 1,500 EUR million EBIT ~ 76 EUR million 71.4 EUR million ~ 85 EUR million Net profit 25 - 30 EUR million 25.3 EUR million > 30 EUR million * Guidance
Slide 29: BAUER AG – Financial calendar 2013
BAUER AG 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 14, 2013 Interim
Slide 30: 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