BAUER Aktiengesellschaft · HAM:B5A0
BAUER Aktiengesellschaft — Bauer — Q1 2013 Earnings Presentation
46 slides from BAUER Aktiengesellschaft's earnings presentation, May 15, 2013
Slide 1: BAUER AG Group Presentation First quarter 2013
BAUER AG Group Presentation First quarter 2013 Bauma 2013 – Munich, Germany 13-05-15 IR-Presentation_Q1_2013 © BAUER AG, D-86529 Schrobenhausen
Slide 2: Key Figures FY 2012
Key Figures FY 2012 Total Group revenues Net profit in EUR million in EUR million 1,276 1,304 1,372 1,446 42.0 39.8 34.1 25.8 1,600 60 1,200 45 800 30 400 15 0 0 2009 2010 2011 2012 2009 2010 2011 2012* Orders in hand Employees in EUR million in average 508.9 614.9 750.0 785.0 8,872 9,094 9,646 10,2
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 2013
Key Figures Q1 2013 Main topics Total Group revenues with EUR 331.2 million were 2,6 % below first quarter 2012 (EUR 340.0 million). The Construction segment’s revenues declined somewhat because of delayed starts of some major projects. In the Resources segments revenues were lower than in the p
Slide 5: Key Figures Q1 2013
Key Figures Q1 2013 Q1 2012* Q1 2013 ∆ Q1 in EUR million in EUR million in % Total Group revenues, of which 340.0 331.2 -2.6 % - Germany 82.2 96.3 17.2 % - International 257.8 234.9 -8.9 % - Construction 156.9 153.6 -2.1 % - Equipment 140.7 152.6 8.5 % - Resources 58.1 39.2 -32.6 % - Consolidation /
Slide 6: Contents
Contents 1 Overview BAUER Group p. 7 2 BAUER market environment p. 14 3 Regional breakdown of revenues p. 16 4 Financials p. 18 5 Guidance 2013 p. 25 6 Appendix p. 26 13-05-15 IR-Presentation_Q1_2013 © 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: 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 13-05-15 IR-Presentation_Q1_2013 © BAUER AG, D-86529 Schrobenhausen 8
Slide 9: 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 13-05-15 IR-Presentation_Q1_2013 © BAUER AG, D-86529 Schrobenhausen 9
Slide 10: 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 11: 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 12: 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 13: 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 14: 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 15: Market environment: Orders & Currency risks
2 Market environment Orders & Currency risks Order backlog (Orders in hand) Currency Risks Q1 2013 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 16: 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 17: 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 18: Financials: Revenues, earnings & orders
4 Financials Revenues, earnings & orders Revenues Orders in hand in EUR million in EUR million Total Group revenues Sales revenues 803.4 1,600 840 785.0 1,446 750.0 751.6 1,372 1,344 1,304 1,132 1,220 614.9 1,200 630 800 420 400 340 331 210 286 263 0 0 2010 2011 2012 Q1 2012 Q1 2013 2010 2011 2012 Q
Slide 19: Revenues, earnings & orders per segment
4 Financials Revenues, earnings & orders per segment in EUR '000 Q1 2012* Q1 2013 ∆ Q1 in % FY 2012* Construction Total Group revenues 156,870 153,609 -2.1 % 656,834 Sales revenues 138,839 124,351 -10.4 % 579,069 Orders in hand 436,000 512,599 10.7 % 513,087 EBIT 2,277 325 n/a 22,025 EBIT margin (in
Slide 20: Working capital needs & net debt
4 Financials Working capital needs & net debt Bauer’s business model with its three segments Net working capital requires considerably more working capital than in EUR million other companies in construction markets. 760 Changes during the year: 570 - Levels of working capital in the balance sheet
Slide 21: Working capital needs & cash flow
4 Financials Working capital needs & cash flow Building construction Equipment segment: EUR positive cash contribution - Due to very special parts being installed, parts need to be pre-ordered well in advance approx. 3 months pre-financing of equipment during production. Contract value Negative
Slide 22: Income statement 3M 2013
4 Financials Income statement 3M 2013 in EUR '000 3M 2012* 3M 2013 ∆ 3M in % FY 2012 * Consolidated revenues (P&L) 328.409 310.100 -5,6% 1.385.862 Sales revenues (P&L) 286.217 262.596 -8,3% 1.344.421 Material costs -168.016 -157.776 -6,1% -686.834 Personnel costs -77.909 -79.542 2,1% -324.989 Deprec
Slide 23: Balance sheet March 31, 2013
4 Financials Balance sheet March 31, 2013 in EUR '000 March 31, 2012* March 31, 2013 ∆ in % Dec 31, 2012* Assets 1.570.138 1.610.011 2,5% 1.529.404 Intangible assets 32.437 34.606 6,7% 34.567 Property, plant and equipment 456.389 468.069 2,6% 465.316 Long term financial assets 17.174 23.508 36,9% 23
Slide 24: Cash flow statement 3M 2013
4 Financials Cash flow statement 3M 2013 in EUR '000 3M 2012 3M 2013 ∆ 3M in % FY 2012 Operating cash flow -45.271 -83.972 n/a 165.713 Investing cash flow -21.640 -13.978 n/a -76.187 Financing cash flow 74.563 104.289 39,9% -68.008 Free Cash Flow -66.911 -97.950 n/a 89.526 Changes in liquid funds af
Slide 25: 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 26: Appendix
Appendix A History of Bauer p. 27 B Construction projects p. 29 C Equipment programme p. 34 D Resources projects p. 38 E Market environment Germany p. 41 F BAUER share p. 42 G Key Figures Time Line p. 44 13-05-15 IR-Presentation_Q1_2013 © 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 · 2012 1790 1900-1970 1980-1990 2000-2012 End of 1970’s: Early 1980’s: 4. Jul 2006: FY 2012: Start of Selling of equipment to IPO
Slide 28: Bauer's home base
A Bauer’s home base Headquarters and plant Schrobenhausen, Germany 13-05-15 IR-Presentation_Q1_2013 © BAUER AG, D-86529 Schrobenhausen 28
Slide 29: Construction: Sydney, Australia
B Construction Sydney, Australia – Pile foundation for office complexes © Sydney Aerial Photography 13-05-15 IR-Presentation_Q1_2013 © BAUER AG, D-86529 Schrobenhausen 29
Slide 30: Construction: Kuala Lumpur, Malaysia
B Construction Kuala Lumpur, Malaysia – Diaphragm wall for MRT stations 13-05-15 IR-Presentation_Q1_2013 © BAUER AG, D-86529 Schrobenhausen 30
Slide 31: Construction: Singapore
B Construction Singapore – Foundation works for Market Street Tower 13-05-15 IR-Presentation_Q1_2013 © BAUER AG, D-86529 Schrobenhausen 31
Slide 32: Construction: Munich, Germany
B Construction Munich, Germany – Tunnel for Mittlerer Ring 13-05-15 IR-Presentation_Q1_2013 © BAUER AG, D-86529 Schrobenhausen 32
Slide 33: Construction: Lenggries, Germany
B Construction Lenggries, Germany – Strengthening works on Sylvenstein dam 13-05-15 IR-Presentation_Q1_2013 © BAUER AG, D-86529 Schrobenhausen 33
Slide 34: Equipment: Drilling rigs (BG-systems)
C Equipment Product range: Drilling rigs (BG-systems) The ValueLine and the ValueLine PremiumLine were introduced as The BG ValueLine is a fully dedicated two product lines with the goal of Kelly drilling rig. even better satisfying various • Long mast for more drilling depth • Increased drill axis
Slide 35: Equipment: Foundation Cranes
C Equipment Product range: Foundation Cranes MC 32 MC 96 MC 128 13-05-15 IR-Presentation_Q1_2013 © BAUER AG, D-86529 Schrobenhausen 35
Slide 36: Equipment: Deep Drilling
C Equipment Product range: Deep Drilling RB 50 TBA 100 TBA 300/440 M1 13-05-15 IR-Presentation_Q1_2013 © BAUER AG, D-86529 Schrobenhausen 36
Slide 37: Equipment: Underwater Drilling
C Equipment Product range: Underwater Drilling 13-05-15 IR-Presentation_Q1_2013 © BAUER AG, D-86529 Schrobenhausen 37
Slide 38: Resources: Materials
D Resources Materials Amman, Jordan – Drilling works and installation of production wells 13-05-15 IR-Presentation_Q1_2013 © BAUER AG, D-86529 Schrobenhausen 38
Slide 39: Resources: Exploration and Mining Services
D Resources Exploration and Mining Services Canada – Diavik Mine Oil drilling rig of Site Goup Tulves, South Tyrol 13-05-15 IR-Presentation_Q1_2013 © BAUER AG, D-86529 Schrobenhausen 39
Slide 40: Resources: Environment
D Resources Environment One third of total area visible Oman – Reed Bed Water Treatment Plant 13-05-15 IR-Presentation_Q1_2013 © BAUER AG, D-86529 Schrobenhausen 40
Slide 41: Market environment – Germany
E Market environment – Germany German construction market Absolute Figures Change in % 2012 West Germany East Germany December 2012 West- East- 2012/ 2011/ 2012/ 2012/ 2011/ 2012/ Germany Germany 1994 2010 2011 1994 2010 2011 Employees in 1000 560,7 184,2 -43,1 2,7 2,1 -58,8 2,2 -0,5 Revenues in EUR
Slide 42: BAUER share: Facts & Figures
5 BAUER share Facts & Figures Share performance (07/2012 – 04/2013) Listed on Frankfurt stock exchange, Prime Standard, since July 4, 2006 DAX 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 43: 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 44: Key Figures Time Line Q1 2010 – Q1 2013
G Key Figures Time Line Q1 2010 – Q1 2013 Total Group Revenues Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 (in EUR million) BAUER Group 261,0 331,9 369,7 341,4 1.304,0 307,4 332,4 369,1 362,9 1.371,8 340,0 361,6 361,7 382,3 1.445,6 331,2 Construction
Slide 45: BAUER Aktiengesellschaft: Financial calendar 2013
BAUER Aktiengesellschaft 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
Slide 46: 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