BAUER Aktiengesellschaft · HAM:B5A0
BAUER Aktiengesellschaft — Q2 2021 Earnings Presentation
48 slides from BAUER Aktiengesellschaft's earnings presentation, Aug 12, 2021
Slide 1: Group Presentation 6M/Q2 2021
Investor Relations Group Presentation 6M/Q2 2021 BAUER AG August 12, 2021
Slide 2: Overview
1 Overview ▪ BAUER Group ▪ Highlights 6M/Q2 2021 2
Slide 3: Three closely interlinked segments – a business model with a future
BAUER Group Three closely interlinked segments – a business model with a future Mission The BAUER Group is a leading provider of services, equipment & products dealing with ground and groundwater Construction Equipment Resources Global provider for One of the technical leading manufacturer Products
Slide 4: 6M 2021 – Increase of revenues and earnings in still difficult environment
Highlights 6M 2021 – Increase of revenues and earnings in still difficult environment Total Group revenues EBIT* Earnings after tax Order backlog Equity EUR 767.4 million EUR 15.3 million EUR -5.6 million EUR 1,279 million EUR 450.4 million (+5.8%) (EUR 11.0 million) (EUR -16.0 million) (+0.3%) (+22
Slide 5: Financials
2 Financials ▪ Overview: Market environment and course of business ▪ Working capital & Net debt ▪ Capital increase 2021 5
Slide 6: Key figures 6M 2021
Financials Key figures 6M 2021 in EUR million 6M 2020* 6M 2021 ∆ 6M in % Total Group revenues 725.0 767.4 +5.8% Construction 312.2 358.6 +14.8% Equipment 296.9 314.4 +5.9% Resources 151.8 138.2 -9.0% Other/Consolidation -35.9 -43.8 n/a Sales revenues 648.5 685.5 +5.7% Order intake 973.1 884.3 -9.1%
Slide 7: Revenues & Earnings – Group
Financials Revenues & Earnings – Group Revenues Development 6M 2021 in EUR million Total Group revenues Sales revenues ▪ Increase of total Group revenues in a still difficult market ∆ 6M 2,000 +5.8% environment 1,595 +5.7% 1,600 1,471 1,454 ▪ Correspondingly, sales revenues were also above prior-yea
Slide 8: Order situation – Group
Financials Order situation – Group Order intake Development 6M 2021 in EUR million ▪ Order intake decreased on Group level 1,609 1,589 ▪ Equipment segment increased order intake Q4 321 318 Q3 450 297 -9.1% ▪ Decrease in Construction and Resources segments, because of the very high 2020 basis Q2 518
Slide 9: Construction segment
Financials Construction segment Market environment 6M 2021 and course of business ▪ Construction continued to be influenced by the effects of the COVID-19 pandemic ▪ Markets in Europe and the USA positive, good workload in the Middle East due to a major order in Jordan. ▪ Postponements of project st
Slide 10: Equipment segment
Financials Equipment segment Market environment 6M 2021 and course of business ▪ The first quarter of 2020 showed only minimal effects of the COVID-19 pandemic. In this respect, the increase in revenue and earnings in the first half of the year 2021 represents an improvement in comparison. ▪ The cus
Slide 11: Resources segment
Financials Resources segment Market environment 6M 2021 and course of business ▪ Resources segment still relatively unaffected by the pandemic ▪ Revenue decrease compared to H1 2020 is related to the major Kesslergrube project, which was handed over to the client in July 2020 ▪ Good start into 2021
Slide 12: Working Capital, liabilities to banks & net debt – Group
Financials Working Capital, liabilities to banks & net debt – Group Working Capital Development 6M 2021 in EUR million ▪ Positive development ongoing in first half-year 2021 800 726 700 ▪ Measures to optimize working capital take effect: inventories reduced; receivables and other assets increased in
Slide 13: Capital increase 2021 successfully implemented
Financials Capital increase 2021 successfully implemented Results ▪ Very successful – maximum net proceeds of EUR 63.3 million achieved ▪ Strong demand for oversubscriptions ▪ Used for repayment of financial liabilities ▪ Increase in equity ratio – 27.3% compared to 22.2% (6M/2020) Shareholder struc
Slide 14: Markets & Regions
3 Markets & Regions ▪ Markets ▪ Regional distribution 14
Slide 15: Construction market environment vs. order backlog
BAUER Group Construction market environment vs. order backlog Europe USA / Canada Germany o Market: Western European countries affected by o Market: good construction o Market: still a good market, coronavirus; slow development market despite coronavirus; first signs of weakening; in Eastern Europe;
Slide 16: Total Group revenues 6M 2021 – Group
Regional breakdown Total Group revenues 6M 2021 – Group Total 767 in EUR million Germany 266 (35%) Europe 138 (18%) Middle East 86 (11%) Full year 2020 Total 1.098 Africa 52 (5%) in EUR million America 187 (17%) Germany 332 (30%) Asia-Pacific, Far East & Australia 162 (15%) Middle East & Asia-Pacifi
Slide 17: Total Group revenues 6M 2021 – Segments
Regional breakdown Total Group revenues 6M 2021 – Segments Construction segment Equipment segment Resources segment Total 351 Total 279 Total 138 in EUR million Germany 86 (24%) Germany 83 (30%) Germany 98 (71%) Europe 46 (13%) Europe 77 (28%) Europe 15 (11%) Middle East Middle East Middle East 67 (
Slide 18: Outlook
4 Outlook ▪ Forecast 2021 ▪ Megatrends & focus topics ▪ Financial ambition for 2023 18
Slide 19: Forecast 2021 unchanged – Increase in revenues and earnings expected
BAUER Group Forecast 2021 unchanged – Increase in revenues and earnings expected Construction Equipment Resources ▪ High demand for infrastructure ▪ Investments expected to pick up from ▪ Measures 2020 are the basis for the ▪ Growth in revenues and EBIT mid-2021 onwards realignment ▪ Growth in reven
Slide 20: A look into the future
BAUER Group A look into the future Megatrends Our focus topics ▪ Exploiting opportunities in global fields of the future ▪ Megatrends open up attractive potential worldwide ▪ Leveraging synergies between the segments ▪ The three segments Construction, Equipment and Resources enable an interlinking o
Slide 21: Financial ambition – mid-term perspective for year-end 2023
BAUER Group Financial ambition – mid-term perspective for year-end 2023 Key topics Mid-term financial targets ▪ Sustainable profit improvement is our main focus for the next ▪ Growth: 3 - 5% (CAGR) years ▪ Top line growth is not our primary focus ▪ EBIT margin: ▪ Target is a healthy & strong balance
Slide 22: Appendix
5 Appendix ▪ BAUER Group ▪ Executive Board ▪ The three segments ▪ Financials ▪ BAUER share ▪ Financial calendar & IR contact 22
Slide 23: Longstanding healthy business development
BAUER Group Longstanding healthy business development Total Group revenues in EUR million (segment after deducting Other/Consolidation) Total 1,454 1,800 1,600 Resources 1,400 265 1,200 Equipment 546 1,000 800 Construction 600 Overseas 501 400 200 Construction Domestic 142 0 1980 1984 1988 1992 1996
Slide 24: The three segments
BAUER Group The three segments ▪ Target: ~ 40 % of ▪ Target: ~ 20 % of total Group revenues total Group revenues ▪ Market leader in specialist ▪ Innovative products and foundation equipment services in the fields of drilling services and water ▪ Specialized products for wells, environmental mining,
Slide 25: Worldwide network
BAUER Group Worldwide network Permanent Offices: Construction Equipment sales Resources Equipment production Conroe Schrobenhausen Tianjin Kuala Lumpur 25
Slide 26: The history – Over two centuries of experience
BAUER Group The history – Over two centuries of experience Dipl.-Ing. Dr.-Ing. Prof. Dr. Dipl.-Kfm. Karl Bauer Karlheinz Bauer Thomas Bauer 1790 - 1956 1958 - 1990 1992 - 2008 2009 - 2020 ▪ 1790 Sebastian Bauer acquires a ▪ 1958 Invention of the injection anchor on the ▪ 1992 Takeover of SCHACHTBAU
Slide 27: Executive Board
BAUER AG Executive Board Michael Stomberg (CEO) Florian Bauer Hartmut Beutler (CFO) Peter Hingott ▪ Digitalization ▪ Financing & Treasury ▪ Group Controlling & Accounting ▪ Technology ▪ Human Resources 27
Slide 28: Construction segment Overview
Construction segment Overview Key facts ▪ About 50 small-/mid-size local companies around the world ▪ Focus on complex, international projects ▪ About 400 to 500 projects per year with a 50/50 infrastructure/industrial split ▪ Figures are somewhat cyclical between the quarters – focus on the entire
Slide 29: What is specialist foundation? Building an excavation pit
What is specialist foundation? Building an excavation pit Mixed-In-Place Method Diaphragm and Cut-off Wall Piling Retaining Ground Anchor Wall Permeation Grouting Pile Foundation 29
Slide 30: What is specialist foundation used for? Applications
What is specialist foundation used for? Applications Excavation Pits Cut-off-Walls Foundations Soil Improvement ... for every problem and requirement … as solution for dams and dikes …for the highest buildings in the world … allows projects on weak ground 30
Slide 31: Arab Potash, Dead Sea, Jordan
Construction segment Arab Potash, Dead Sea, Jordan 31
Slide 32: Operaparken, Copenhagen, Denmark
Construction segment Operaparken, Copenhagen, Denmark 32
Slide 33: Equipment segment Overview
Equipment segment Overview Key facts ▪ Provider for the full range of equipment for specialist foundation engineering as well as for the exploration, mining and extraction of natural resources ▪ Multi-branding strategy ▪ About 80% of sales abroad Market environment ▪ Growing construction markets wor
Slide 34: Whole range of products for special foundation engineering
Equipment segment Whole range of products for special foundation engineering 34
Slide 35: Resources segment Overview
Resources segment Overview Key facts ▪ Three focus topics: water, environment, natural resources ▪ Competence areas: water treatment, environmental remediation, waste management, drilling technologies and constructed wetlands ▪ Focus on key markets: Germany, Europe & Middle East Market environment ▪
Slide 36: Groundwater treatment on industrial area, Leuna, Germany
Resources segment Groundwater treatment on industrial area, Leuna, Germany 36
Slide 37: World's largest reed bed treatment plant, Nimr, Oman
Resources segment World's largest reed bed treatment plant, Nimr, Oman 37
Slide 38: Income statement 6M 2021
Financials Income statement 6M 2021 in EUR '000 Q2 2020* Q2 2021 6M 2020* 6M 2021 ∆ 6M in % Sales revenues (P&L) 314,531 382,472 648,527 685,464 5.7% Consolidated revenues (P&L) 329,367 396,114 705,575 736,790 4.4% Cost of materials -166,105 -206,197 -350,291 -371,852 6.2% Personel expenses -90,256
Slide 39: Balance sheet as of June 30, 2021
Financials Balance sheet as of June 30, 2021 in EUR '000 Dec 31, 2020 June 30, 2020* June 30, 2021 ∆ June in % Assets 1,543,985 1,655,545 1,650,521 -0.3% Non-current assets 641,541 679,228 654,069 -3.7% Intangible assets 14,598 15,106 14,342 -5.1% Property, plant and equipment and investment propert
Slide 40: Cash flow statement 6M 2021
Financials Cash flow statement 6M 2021 in EUR '000 6M 2020 6M 2021 ∆ in % Cash flow from operational activity -24,383 -50,949 n/a Cash flow from investment activity -30,969 -50,307 n/a Cash flow from financing activity 65,541 96,626 47.4% Free Cash Flow -55,352 -101,256 n/a Changes in liquid funds a
Slide 41: Working capital & net debt – Financing of future revenues
Financials Working capital & net debt – Financing of future revenues Key facts ▪ Bauer’s business model requires considerably more working capital than building construction companies ▪ Net debt is needed to pre-finance the operating business (working capital) ▪ Working capital mainly consists of In
Slide 42: Working capital needs – Comparison with building construction
Financials Working capital needs – Comparison with building construction Specialist foundation engineering Building construction ▪ Pre-financing need ▪ Positive cash contribution ▪ Construction contracts with short duration need ▪ Construction contracts with long durations ▪ No advance payments, no
Slide 43: Time line – FY 2008 to Q2 2021
Financials Time line – FY 2008 to Q2 2021 Total Group revenues in EUR million 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019 Q1 20 Q2 20 Q3 20 Q4 20 2020 Q1 21 Q2 21 BAUER Group 1,527.2 1,275.8 1,304.0 1,371.8 1,435.8 1,504.2 1,560.2 1,656
Slide 44: BAUER share Facts & Figures
BAUER share Facts & Figures Shareholder structure Share performance since IPO (in EUR) Doblinger Beteiligung GmbH 30.00% Bauer family 36.02% 33.98% Free float ▪ Listed on Frankfurt stock exchange (Prime Standard), since July 4, 2006 ▪ Share capital: EUR 111,186,566.80 in EUR 2017 2018 2019 2020 2021
Slide 45: BAUER share Dividend policy
BAUER share Dividend policy Dividend policy Dividend payment ▪ The dividend policy founded on a reasonable balance between in EUR shareholders and company 1.20 ▪ fair participation of shareholders 1.00 1.00 ▪ maintaining continuity 0.90 ▪ safeguarding of the equity ratio 0.60 0.60 0.60 0.50 0.50 ▪ A
Slide 46: Financial calendar & contact
Investor Relations Financial calendar & contact Financial Calendar 2021 IR contact March 2, 2021 Preliminary figures for 2020 Christopher Wolf Head of Investor Relations March 31, 2021 Extraordinary General Meeting BAUER Aktiengesellschaft April 13, 2021 Annual Report 2020 BAUER-Straße 1 86529 Schro
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
Slide 48: © 2021 BAUER AG. All rights reserved.
© 2021 BAUER AG. All rights reserved.
BAUER Aktiengesellschaft — Q2 2021 Earnings Presentation on 6ix