BAUER Aktiengesellschaft · HAM:B5A0
BAUER Aktiengesellschaft — Q1 2011 Earnings Presentation
47 slides from BAUER Aktiengesellschaft's earnings presentation, May 13, 2011
Slide 1: BAUER Aktiengesellschaft Group Presentation First Quarter 2011
BAUER Aktiengesellschaft Group Presentation First Quarter 2011 Foundation works in Jakarta, Indonesia 11-5-13 IR-Presentation_AnalystConference_Q12011 © BAUER AG, D-86529 Schrobenhausen
Slide 2: Key Figures FY 2010
Key Figures FY 2010 Total Group revenues (in EUR million) Net profit (in EUR million) 1,208 1,527 1,276 1,304 74.4 107.5 42.0 39.8 1,600 120 1,200 90 800 60 400 30 0 0 2007 2008 2009 2010 2007 2008 2009 2010 Orders in hand (in EUR million) Employees (in average) 618.0 671.6 508.9 614.9 6,983 8,674 8
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 2011
Key Figures Q1 2011 Q1 2010 Q1 2011 ∆ Q1 in EUR million in EUR million in % Total Group revenues, of which 261.0 307.5 17.8 % - Germany 66.1 70.2 6.2 % - International 194.9 237.3 21.8 % - Construction 125.1 124.4 - 0.6 % - Equipment 113.2 159.8 41.1 % - Resources 35.6 39.1 9.9 % - Consolidation / O
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 2011 p. 25 6 Appendix p. 26 11-5-13 IR-Presentation_AnalystConference_Q12011 © BAUER AG, D-86529 Schrobenhausen 5
Slide 6: BAUER Group: The three segments
1 BAUER Group The three segments Construction Equipment Target ~ 40 % of Target ~ 40 % of total Group revenues total Group revenues Global provider for Market leader in specialist foundation specialist foundation engineering and equipment services in the field of infrastructure and New pro
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 11-5-13 IR-Presentation_AnalystConference_Q12011 © 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 11-5-13 IR-Presentation_AnalystConference_Q12011 © BAUER AG, D-86529 Schrobenhausen 8
Slide 9: Resources Segment
1 Resources Segment The three divisions Materials Exploration & Mining Environment about 36 % of revenues* Services about 41 % 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 1.304 Financial crisis Resources 172 Equipment 533 Far East crisis Construction German reunification Overseas 424 Construction Domestic 175 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 BAUER Tianjin Technologies, Tianjin, China BAUER Manufacturing Inc. BAUER Group, plant Aresing near GWE Gr
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, slowly positive development, Germany somewhat better especially Russia + + - - USA / Canada: Far East: stimulus packages, positive development public demand, power plants, dams, etc. + + in all are
Slide 14: Market environment: Orders & Currency risks
2 Market environment Orders & Currency risks Order backlog (Orders in hand) Currency Risks Q1 2011 Reach in months Construction in relation to total Project size EUR 100,000 up to EUR 20 million Group revenues full year 2010 ~ 50 / 50 infrastructure / large industrial buildings ~ 600 projects
Slide 15: Regional breakdown
3 Regional breakdown Total Group revenues FY 2010 Germany 339 (26 %) in EUR million Total 1.304 Africa 70 (5 %) Americas 155 (12 %) Asia-Pacific, Far East & Australia Full year 2009 252 (19 %) in EUR million Germany 361 (28 %) Total 1.276 Africa 78 (6 %) America 138 (11 %) Asia-Pacific, Far East & A
Slide 16: Regional breakdown by segment
3 Regional breakdown Construction, Equipment, Resources FY 2010 Construction segment Equipment segment Resources segment in EUR million Total 599 Total 533 Total 172 Germany 176 (29 %) Germany 82 (15 %) Germany 81 (47 %) Africa 51 (9 %) Africa 7 (1 %) Africa 12 (7 %) Americas 66 (11 %) Americas 84 (
Slide 17: Revenues, earnings & orders
4 Financials Revenues, earnings & orders Revenues (in EUR million) Orders in hand (in EUR million) Total Group revenues Sales revenues 1,527 1,600 800 1,291 1,276 1,304 672 671 1,132 615 1,200 600 1,096 541 509 800 400 400 200 261 216 307 255 0 0 2008 2009 2010 Q1 2010 Q1 2011 2008 2009 2010 Q1 2010
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 600 other companies in construction markets. 450 Changes during the year: 300 - Levels in balance sheet and income state
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 2011
4 Financials Revenues Q1 2011 in EUR '000 Q1 2010 Q1 2011 ∆ Q1 in % FY 2010 Total Group revenues 261,007 307,468 17.8% 1,304,017 Sales revenues, Construction 114,002 112,747 -1.1% 505,758 Sales revenues, Equipment 69,855 108,146 54.8% 469,252 Sales revenues, Resources 32,027 34,377 7.3% 156,398 Sale
Slide 21: Earnings Q1 2011
4 Financials Earnings Q1 2011 in EUR '000 Q1 2010 Q1 2011 ∆ Q1 in % FY 2010 EBITDA 23,439 25,493 8.8% 165,517 Margin (a) 10.9% 10.0% n/a 14.6% EBIT 5,641 6,669 18.2% 88,355 EBIT margin (a) 2.6% 2.6% n/a 7.8% EBIT Construction segment 2,910 -1,252 n/a 28,798 EBIT margin, Construction segment (a) 2.6%
Slide 22: Income statement March 31, 2011
4 Financials Income statement March 31, 2011 in EUR '000 Q1 2010 Q1 2011 ∆ Q1 in % FY 2010 Consolidated revenues (P&L) 257,040 301,015 17.1% 1,255,600 Sales revenues (P&L) 215,968 255,372 18.2% 1,131,673 Material costs -123,882 -150,283 21.3% -626,952 Personnel costs -66,273 -71,067 7.2% -282,506 De
Slide 23: Balance sheet March 31, 2011
4 Financials Balance sheet March 31, 2011 in EUR '000 March 31, 2010 March 31, 2011 ∆ Q1 in % Dec 31, 2010 Assets 1,288,254 1,404,643 9.0% 1,337,749 Intangible assets 22,058 23,107 4.8% 23,261 Property, plant and equipment 426,711 429,379 0.6% 441,737 Long term financial assets 14,402 14,607 1.4% 14
Slide 24: Cash flow statement Q1 2011
4 Financials Cash flow statement Q1 2011 in EUR '000 Q1 2010 Q1 2011 ∆ Q1 in % FY 2010 Operating cash flow -35.614 -28,427 n/a 45,342 Investing cash flow -10,595 -10,505 n/a -75,518 Financing cash flow 53,075 52,242 -1.6% 17,850 Free Cash Flow -46,209 -38,932 n/a -30,176 Net cash increase 7,689 13,6
Slide 25: Guidance 2011
5 Guidance 2011 Top-line growth with higher profitability expected 2010e 2010 final 2011e ~ 2009 level Total Group Revenues (1.276 EUR million) 1.304 EUR million ~ 1.400 EUR million EBIT not guided 88.4 EUR million > 95 EUR million Net profit 35 – 40 EUR million 39.8 EUR million > 45 EUR million Int
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 11-5-13 IR-Presentation_AnalystConference_Q12011 © 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 · 2010 1790 1900-1970 1980-1990 2000-2010 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 11-5-13 IR-Presentation_AnalystConference_Q12011 © BAUER AG, D-86529 Schrobenhausen 28
Slide 29: Construction: Abu Dhabi
B Construction Abu Dhabi – Pile foundation for Carina Views residences 11-5-13 IR-Presentation_AnalystConference_Q12011 © BAUER AG, D-86529 Schrobenhausen 29
Slide 30: Construction: Sochi, Russia
B Construction Sochi, Russia – Infrastructure works for the Olympic Games 11-5-13 IR-Presentation_AnalystConference_Q12011 © BAUER AG, D-86529 Schrobenhausen 30
Slide 31: Construction: Florida, USA
B Construction Florida/Okeechobee, USA – Remediation of Herbert Hoover Dike 11-5-13 IR-Presentation_AnalystConference_Q12011 © BAUER AG, D-86529 Schrobenhausen 31
Slide 32: Construction: Munich, Germany
B Construction Munich, Germany – Tunnel for Mittlerer Ring 11-5-13 IR-Presentation_AnalystConference_Q12011 © BAUER AG, D-86529 Schrobenhausen 32
Slide 33: Construction: Ochsenfurt, Germany
B Construction Ochsenfurt, Germany – Bridge foundation across Main river 11-5-13 IR-Presentation_AnalystConference_Q12011 © BAUER AG, D-86529 Schrobenhausen 33
Slide 34: Equipment
C Equipment BAUER Maschinen Group at Bauma 2010 11-5-13 IR-Presentation_AnalystConference_Q12011 © BAUER AG, D-86529 Schrobenhausen 34
Slide 35: Equipment: Product range BG-systems
C Equipment Product range: BG-systems (BG 12 – BG 50) Small-sized (BG 12 – BG 18) Medium-sized (BG 20 – BG 28) Large-sized (BG 36 – BG 50) BG 12 H BG 15 H BG 18 H BG 20 H BG 24 H BG 25 BG 28 H BG 36 BG 40 BG 50 125 kNm* 151 kNm* 177 kNm* 200 kNm* 222 kNm* 237 kNm* 269 kNm* 367 kNm* 390 kNm* 468 kNm*
Slide 36: Equipment: Foundation Cranes
C Equipment Product range: Foundation Cranes MC 32 MC 64 MC 128 11-5-13 IR-Presentation_AnalystConference_Q12011 © BAUER AG, D-86529 Schrobenhausen 36
Slide 37: Equipment: Deep Drilling
C Equipment Product range: Deep Drilling RB 50 TBA 200 TBA 300 11-5-13 IR-Presentation_AnalystConference_Q12011 © 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 11-5-13 IR-Presentation_AnalystConference_Q12011 © BAUER AG, D-86529 Schrobenhausen 38
Slide 39: Resources: Materials Division
D Resources Materials Division Amman, Jordan – Drilling works and installation of production wells 11-5-13 IR-Presentation_AnalystConference_Q12011 © BAUER AG, D-86529 Schrobenhausen 39
Slide 40: Resources: Exploration and Mining Services Division
D Resources Exploration and Mining Services Division Canada – Diavik Mine Jordan - Oil drilling rig Canada - Highland Valley Copper Mine 11-5-13 IR-Presentation_AnalystConference_Q12011 © BAUER AG, D-86529 Schrobenhausen 40
Slide 41: Resources: Environment Division
D Resources Environment Division One third of total area (6 km2) visible Oman – Reed Bed Water Treatment Plant 11-5-13 IR-Presentation_AnalystConference_Q12011 © BAUER AG, D-86529 Schrobenhausen 41
Slide 42: Market environment – Germany
E Market environment – Germany German construction market Absolute Figures Change in % 2010 West Germany East Germany December 2010 West- East- 2010/ 2009/ 2010/ 2010/ 2009/ 2010/ Germany Germany 1994 2008 2009 1994 2008 2009 Employees in 1000 534.8 181.0 -45.8 -0.1 1.7 -59.5 0.0 1.2 Revenues in EUR
Slide 43: BAUER share: Facts & Figures
F BAUER share Facts & Figures Listed on Frankfurt stock exchange, Share performance (2010 – YTD 2011) Prime Standard since July 4, 2006 Shares issued 17,131,000 SDAX BAUER AG Issue price EUR 16.75 DAX Listed in SDAX (MDAX from 22.09.2008 to 19.09.2010) Trading volume Earnings per share 201
Slide 44: BAUER share: Dividend policy
F 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
G Key Figures Time Line Q1 2008 – Q1 2011 Total Group Revenues Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 (in EUR million) BAUER Group 339.7 379.8 392.3 416.0 1527.8 375.3 305.7 263.5 331.3 1275.8 261.0 331.9 369.7 341.4 1304.0 307.5 Construction 150
Slide 46: BAUER Aktiengesellschaft Financial calendar 2011
BAUER Aktiengesellschaft Financial calendar 2011 Publication Annual Report 2010 April 15, 2011 Annual Press Conference April 15, 2011 Analyst Conference April 15, 2011 Annual General Meeting June 30, 2011 Interim Report to March 31, 2011 May 13, 2011 Half-Year Interim Report to June 30, 2011 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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