BAUER Aktiengesellschaft · HAM:B5A0
BAUER Aktiengesellschaft — Bauer — H1 2013 Earnings Presentation
48 slides from BAUER Aktiengesellschaft's earnings presentation, Aug 14, 2013
Slide 1: BAUER AG Group Presentation First half-year 2013
BAUER AG Group Presentation First half-year 2013 Old carpentry shop – Esslingen, Germany 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen
Slide 2: Key Figures HY 2013
Key Figures HY 2013 Total Group revenues Net profit in EUR million in EUR million 1,304 1,371 1,446 701.5 724.5 39.8 34.1 25.8 -2.8 -7.9 1,600 48 36 1,200 24 800 12 400 0 0 2010 2011 2012 HY 2012 HY 2013 2010 2011 2012 HY 2012* HY 2013 Orders in hand Employees in EUR million in average 614.9 750.0 7
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 HY 2013 Main topics
Key Figures HY 2013 Main topics Total Group revenues with EUR 724.5 million were 3,3 % above first half-year 2012 (EUR 701.5 million). The Construction segment’s weaker increase in revenues resulted from a delayed start to some major projects. EBIT with EUR 3.3 million was down against the previ
Slide 5: Key Figures HY 2013
Key Figures HY 2013 HY 2012* HY 2013 ∆ HY in EUR million in EUR million in % Total Group revenues, of which 701.5 724.5 3.3 % - Germany 177.7 215.0 21.0 % - International 523.8 509.5 -2.7 % - Construction 320.3 347.3 8.4 % - Equipment 291.2 310.8 6.7 % - Resources 123.6 94.1 -23.8 % - Consolidation
Slide 6: Contents
Contents 1 Overview BAUER Group p. 7 2 BAUER market environment p. 14 3 Regional breakdown of revenues p. 17 4 Financials p. 19 5 Guidance 2013 p. 26 6 Appendix p. 27 13-08-14 IR-Presentation_HY_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 13-08-14 IR-Presentation_HY_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 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen 9
Slide 10: Resources Segment
1 Resources Segment The three competence areas Materials Exploration & Mining Environment about 35 % of revenues* Services about 40 % of revenues* about 25 % 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: Global economic situation
2 Global economic situation IMF projection of the real annual GDP growth in % 2.5 3.3 1.3 2.8 3.6 0.3 1.2 2013 2014 2013 2014 2.7 -0.1 Russia 1.7 Germany 2013 2014 2013 2014 7.8 7.7 European Union CIS* 2013 2014 3.7 6.9 7.0 United States 3.0 3.2 2.5 5.9 2013 2014 5.1 2013 2014 Middle East & China 20
Slide 16: Market environment: Orders & Currency risks
2 Market environment Orders & Currency risks Order backlog (Orders in hand) Currency Risks HY 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 17: Regional breakdown
3 Regional breakdown Total Group revenues HY 2013 in EUR million Germany 215 (30 %) Total 725 Africa 25 (4 %) Americas 87 (12 %) Asia-Pacific, Full year 2012 Far East & Australia in EUR million Germany 385 (27 %) 155 (21 %) Total 1,446 Africa 60 (4 %) Americas 203 (14 %) Asia-Pacific, Far East & Aus
Slide 18: Regional breakdown by segment
3 Regional breakdown Construction, Equipment, Resources HY 2013 Construction segment Equipment segment Resources segment in EUR million Total 340 Total 291 Total 94 Germany 97 (28 %) Germany 63 (22 %) Germany 55 (59 %) Africa 4 (4 %) Africa 16 (5 %) Africa 5 (2 %) Americas 5 (5 %) Americas 36 (11 %)
Slide 19: Financials: Revenues, earnings & orders
4 Financials Revenues, earnings & orders Revenues Orders in hand in EUR million in EUR million Total Group revenues Sales revenues 868.6 1,600 880 1,446 785.0 778.6 1,372 1,344 750.0 1,304 1,132 1,220 1,200 660 614.9 800 725 440 702 605 608 400 220 0 0 2010 2011 2012 HY 2012 HY 2013 2010 2011 2012 H
Slide 20: Revenues, earnings & orders per segment
4 Financials Revenues, earnings & orders per segment in EUR '000 Q2 2012* Q2 2013 ∆ Q2 in % HY 2012* HY 2013 ∆ HY in % FY 2012* Construction Total Group revenues 163,402 193,685 18.5 % 320,272 347,294 8.4 % 656,834 Sales revenues 144,384 168,078 16.4 % 283,223 292,429 3.3 % 579,069 Orders in hand 48
Slide 21: 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. 800 600 Changes during the year: - Levels of working capital in the balance sheet
Slide 22: 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 23: Income statement HY 2013
4 Financials Income statement HY 2013 in EUR '000 HY 2012 * HY 2013 ∆ HY in % FY 2012 Consolidated revenues (P&L) 678,659 682,320 0.5% 1,385,862 Sales revenues (P&L) 605,429 608,266 0.5% 1,344,421 Material costs -346,541 -366,156 5.7% -686,834 Personnel costs -157,256 -164,794 4.8% -324,989 Deprecia
Slide 24: Balance sheet June 30, 2013
4 Financials Balance sheet June 30, 2013 in EUR '000 June 30, 2012 * June 30, 2013 ∆ in % Dec 31, 2012 Assets 1,640,175 1,677,806 2.3% 1,529,404 Intangible assets 32,345 34,021 5.2% 34,567 Property, plant and equipment 472,622 469,933 -0.6% 465,316 Long term financial assets 18,493 22,407 21.2% 23,6
Slide 25: Cash flow statement HY 2013
4 Financials Cash flow statement HY 2013 in EUR '000 HY 2012 HY 2013 ∆ HY in % FY 2012 Operating cash flow -49,147 -116,934 n/a 165,713 Investing cash flow -47,533 -32,738 n/a -76,187 Financing cash flow 119,636 157,150 31.4% -68,008 Free Cash Flow -96,680 -149,672 n/a 89,526 Changes in liquid funds
Slide 26: Guidance 2013
5 Guidance 2013 Top-line growth with a decrease 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 ~ 70 EUR million Net profit 25 - 30 EUR million 25.3 EUR million ~ 20 EUR million * Guidance
Slide 27: Appendix
Appendix A History of Bauer p. 28 B Construction projects p. 30 C Equipment programme p. 35 D Resources projects p. 40 E Market environment Germany p. 43 F BAUER share p. 44 G Key Figures Time Line p. 46 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen 27
Slide 28: 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 29: Bauer's home base
A Bauer’s home base Headquarters and plant Schrobenhausen, Germany 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen 29
Slide 30: Construction: Sydney, Australia
B Construction Sydney, Australia – Pile foundation for office complexes © Sydney Aerial Photography 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen 30
Slide 31: Construction: Kuala Lumpur, Malaysia
B Construction Kuala Lumpur, Malaysia – Diaphragm wall for MRT stations 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen 31
Slide 32: Construction: Singapore
B Construction Singapore – Foundation works for Market Street Tower 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen 32
Slide 33: Construction: Munich, Germany
B Construction Munich, Germany – Tunnel for Mittlerer Ring 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen 33
Slide 34: Construction: Lenggries, Germany
B Construction Lenggries, Germany – Strengthening works on Sylvenstein dam 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen 34
Slide 35: 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 36: Equipment: Foundation Cranes
C Equipment Product range: Foundation Cranes MC 32 MC 96 MC 128 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen 36
Slide 37: Equipment: Deep Drilling
C Equipment Product range: Deep Drilling RB 50 TBA 100 TBA 300/440 M1 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen 37
Slide 38: Equipment: Underwater Drilling
C Equipment Product range: Underwater Drilling 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen 38
Slide 39: Equipment: Bauma 2013 – Munich, Germany
C Equipment Bauma 2013 – Munich, Germany 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen 39
Slide 40: Resources: Materials
D Resources Materials Amman, Jordan – Drilling works and installation of production wells 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen 40
Slide 41: Resources: Exploration and Mining Services
D Resources Exploration and Mining Services Canada – Diavik Mine Oil drilling rig of Site Goup Tulves, South Tyrol 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen 41
Slide 42: Resources: Environment
D Resources Environment One third of total area visible Oman – Reed Bed Water Treatment Plant 13-08-14 IR-Presentation_HY_2013 © BAUER AG, D-86529 Schrobenhausen 42
Slide 43: Market environment – Germany
E Market environment – Germany German construction market Absolute Figures Change in % 2012 West Germany East Germany May 2013 West- East- 2012/ 2012/ Jan-May 2012/ 2012/ Jan-May Germany Germany 1994 2011 2013/2012 1994 2011 2013/2012 Employees in 1000 560,7 184,2 -43,1 2,1 -0,4 -58,8 -0,5 -2,7 Reve
Slide 44: BAUER share
5 BAUER share Facts & Figures Share performance (07/2012 – 08/2013) Listed on Frankfurt stock exchange, SDAX Prime Standard, since July 4, 2006 Share capital EUR 73,001,420.45 DAX BAUER AG Shares issued 17,131,000 Issue price EUR 16.75 Trading volume Listed in SDAX (MDAX from 22.09.2008 to
Slide 45: 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 46: Key Figures Time Line Q2 2010 – Q2 2013
G Key Figures Time Line Q2 2010 – Q2 2013 Total Group Revenues 2008 2009 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 Q2 13 (in EUR million) BAUER Group 1.527,2 1.275,8 331,9 369,7 341,4 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
Slide 47: 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 48: 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