ir presentation q1/2014 - bauer · 2020-05-29 · group presentation q1 2017 . ... global network...
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© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017
BAUER AG
In-house exhibition 2017, Schrobenhausen/Germany
Group Presentation Q1 2017
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 2
Key Figures Q1 2017
Q1 2016 in EUR million
Q1 2017 in EUR million
∆ Q1 in %
Total Group revenues, of which - Germany - International - Construction - Equipment - Resources
- Other/Consolidation
383.2 137.2 246.0 159.9 165.0 71.5
-13.2
455.7 128.2 327.5 213.4 191.6 63.4
-12.7
+18.9 % -6.5 %
+33.1 % +33.5 %
+16.2 % -11.4 %
n/a
Sales revenues 317.6 379.0 +19.3 % Order intake 388.6 491.9 +26.6 % Order backlog 1,001.0 1,044.3 +4.3 % EBITDA 27.4 30.5 +11.5 % EBIT 4.8 8.5 +75.7 % EBIT margin in % (of sales revenues) 1.5 2.3 n/a Earnings after tax -9.6 -3.9 n/a Earnings per share in EUR -0.59 -0.28 n/a Equity ratio in % 24.7 24.2 n/a Number of employees (average over the year) 10,634 10,854 +2,1 %
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 3
The BAUER Group recorded a very good start into the 2017 financial year, especially because of the positive development of the Construction and Equipment segments.
Total Group revenues increased by 18.9 % to EUR 455.7 million (2016: EUR 383.2 million) and sales revenues by 19.3 % to EUR 379.0 million (2016: EUR 317.6 million).
EBIT with EUR 8.5 million was therefore higher than in 2016 (EUR 4.8 million). Earnings after tax increased from EUR -9.6 million to EUR -3.9 million.
Order backlog of the Group continued to develop well and grew by 4.3 % to EUR 1,044.3 million (2016: EUR 1,001.0 million) as the order intake increased significantly by 26.6 % from EUR 388.6 million to EUR 491.9 million.
As a high double-digit million order backlog was taken off the books after the sale of shares in a real estate company at the end of 2016, this represents a significant increase in order volume in specialist foundation engineering.
Forecast 2017 remains unchanged: total Group revenues of around EUR 1.7 billion, EBIT of about EUR 75 million and earnings after tax of about EUR 23 to 28 million.
Highlights Q1 2017 – BAUER Group
Excavation pit for HSBC head office – Dubai
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 4
Table of Content
BAUER Group – Strategy, Chances & Markets
Appendix
Financials Q1 2017 & Guidance
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 5
The BAUER Group is a leading provider of services, equipment & products dealing with ground and groundwater.
Mission
Strategy
The world is our market.
Global network organization with flexible, decentralized management.
Three forward-looking segments providing high level of synergies: Construction, Equipment, Resources
World market leadership for foundation technology.
Powerful development of drilling applications and services for related markets.
Highly innovative products and services related to water, environment and natural resources.
Ground improvement – Germany
BAUER Group Mission & Strategy
EUR 1.6 billion total Group revenues EUR 68.3 million EBIT 4.9 % EBIT margin 25.5 % equity ratio 10,771 employees FY 2016
Key targets
Revenue growth: 3 - 8 % per year
EBIT margin: 7 - 9 %
Equity ratio: > 30 %
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017
in EUR million (segment after deducting Other/Consolidation)
6 Note: from 2003 based on IFRS figures
1,600
Equipment 615
Construction Overseas 493
Total 1,586
Construction Domestic 216
Total Group revenues Longstanding healthy business development
1,000
1,400
800
600
200
0 1980 1982 1984 1986 1996 1998 2000 2002 2004 2006
Resources 262
1990 1988 1992 1994 2008 2010 2012 2014
1,200
400
1,800
2016
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 7
Worldwide network More than 110 subsidiaries in about 70 countries
Schrobenhausen
Kuala Lumpur Conroe Tianjin
Permanent Offices: Construction Equipment sales Resources Equipment production
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 8
BAUER Group Chances
Construction Equipment Resources
Growth potential in new markets and with specialized machines.
Strong position as a lot of efforts were made regarding quality, efficiency and noise reduction
Manufacture of customized deep drilling solutions in the joint venture with Schlumberger.
Powerful duty-cycle crane series, which entered new markets.
Innovative offshore equipment for the foundation of wind farms and tidal turbines.
Growing construction markets worldwide.
Huge pent-up demand in developed countries and in emerging markets.
Specialist foundation grows somewhat stronger than construction markets.
Construction segment with considerable number of major projects currently under construction and tendered for worldwide.
Full-service provider for products and solutions related to water.
Ground-breaking projects in the field of cleaning drinking and process water, e.g. a biological water treatment plant in Oman.
Promising opportunities due to its focus on growth markets water, environment and natural resources.
High expertise in exploration and mining services for natural resources.
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 9
World construction markets Bauer market potential
USA / Canada: public demand, infrastructure, power plants, dams, etc.
+
Other Americas: several chances in Central America
Africa: little construction activities; some special projects; demand for water and resources is slightly better
o Far East: positive development in all areas, especially Hongkong, Malaysia, Indonesia
+
Western Europe: weak markets with some positive trends
o
Germany: very good + Eastern Europe:
slowly positive development
Russia: crisis regarding Ukraine; difficult to predict.
Middle East: slowing down as a result of oil price
Central Asia: good market potentials +
-- weak - slightly weak o stable + growing ++ strong growth
o -
o
Last update: April 2017
o
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017
2017 2018
2017 2018 2017 2018 2017 2018
2017 2018
2017 2018
2017 2018
2017 2018
2.0 2.0 3.5 3.6
2017 2018 4.5 4.8
1.1 2.0
1.7 2.1 2017 2018
6.4 6.4
1.4 1.4
6.6 6.2
3.1 3.0
2017 2018
2.3 2.5
0.2 1.7
2017 2018
2017 2018 1.7 1.6
1.6 1.5
2017 2018
2.6 3.5 2017 2018
2.6 3.4
Global economic situation IMF projection of the real annual GDP growth in %
Source: International Monetary Fund, World Economic Outlook Database, April 2017 * CIS = Commonwealth of Independent States (incl. Georgia; excl. Russia)
United States
Brazil
CIS*
Germany
Middle East & North Africa
Sub-Saharan Africa
World Advanced Economies
Emerging Markets & Develop. Economies
Russia
Australia
Developing Asia
Latin America
Europe
China
10
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 11
Table of Content
BAUER Group – Strategy, Chances & Markets
Appendix
Financials Q1 2017 & Guidance
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017
334 494 389 492
424 405
383
421 550
398
342
362 429
2014 2015 2016 2017
76,4 90,7
68,3
4,8 8,5 15,7 29,0
14,4 -9,6 -3,9
-25
0
25
50
75
100
2014 2015 2016 Q1 2016 Q1 2017
763
996 1.008 1.001 1.044
0
300
600
900
1.200
2014 2015 2016 Q1 2016 Q1 2017
12
Q1
Q2
Q3
Q4
Financials Revenues, earnings & orders – Group
Revenues
Earnings
Order backlog
Order intake
in EUR million
in EUR million in EUR million
in EUR million Total Group revenues Sales revenues
EBIT Earnings after tax
1,521
1,811 1,599
1.560 1.656 1.586
383 456
1.376 1.379 1.397
318 379
0
450
900
1.350
1.800
2014 2015 2016 Q1 2016 Q1 2017
+18.9 % +19.3 %
∆ Q1
+4.3 %
+26.6 %
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017
153
206 585 578
160
213
BAUER Group Construction segment – Highlights Q1 2017
Construction
Global provider for specialist foundation engineering services
Focus on complex, international projects
~ 50/50 infrastructure / industrial
Full year 2016:
45 % of total Group revenues
EBIT margin: 4.9 %
Key targets:
~ 40 % of total Group revenues
EBIT margin: 4 - 6 %
Total Group revenues in EUR million
Q1 2016 Q1 2017
Order backlog in EUR million
Order intake in EUR million
Q1 2016 Q1 2017 Q1 2016 Q1 2017
The segment has an exceptionally good start into the year as nearly all projects started without delays. Therefore, total Group revenues increased by 33.5 % to EUR 213.4 million.
EBIT decreased slightly from EUR 1.0 million to EUR -0.2 million. Q1 figures have only little significance here. We expect a significant recovery over the course of the year.
Order backlog with EUR 578.3 million decreased slightly from EUR 584.7 million. The segment has a strong order book of 9.6 months. The order backlog in specialist foundation engineering increased considerably, as a high double-digit million order backlog was taken off the books after the sale of shares in a real estate company at the end of 2016.
Order intake increased significantly by 34.5 % to EUR 206.4 million (2016: EUR 153.5 million), as numerous projects were acquired in Q1.
13
+33.5 % +34.5 % -1.1 %
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017
BAUER Group Construction segment – Revenues and order development
Order backlog in EUR million
Total Group revenues in EUR million
Construction
14
153
193 197 199 178 177 187 183 193
176 195
178 160 172 184
206 213
0
50
100
150
200
250
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
513 531 498 499 436
477 472 455 513
551 584 591 585 575 578 585 578
0
125
250
375
500
625
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
+33.5 %
-1.1 %
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017
108
127
BAUER Group Equipment segment – Highlights Q1 2017
Market leader in specialist foundation equipment
New products for mining, deep drilling and offshore drilling
About 80 % of sales abroad
Full year 2016:
39 % of total Group revenues
EBIT margin: 6.8 %
Key targets:
~ 40 % of total Group revenues
EBIT margin: 10 - 12 %
Sales revenues in EUR million
Order intake in EUR million
EBIT in EUR million
Equipment
The segment recorded a very good first quarter, due to a generally more positive development of the global construction machinery markets and the delivery of several large-scale equipment.
Total Group revenues increased by 16.2 % from EUR 165.0 million to EUR 191.7 million and sales revenues by 17.5 % from EUR 107.8 million to EUR 126.7 million.
Therefore, EBIT increased from EUR 5.9 million to EUR 9.3 million.
The reason was the significant increase of the order intake by 30.3 % to EUR 216.4 million, which led to an increase of the order backlog of 30.6 % from EUR 129.2 million to EUR 168.8 million.
Now the segment has an order book of 3.1 months.
15 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Q1 2016 Q1 2017
+17.5 %
166
216 +30.3 %
5,9
9,3 +58.0 %
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017
BAUER Group Equipment segment – Revenues and order development
Order intake in EUR million
Sales revenues in EUR million
Equipment
16
104 125 128
205
103 115 143
171
100 137 129
181
108 115 123
197
127
0
50
100
150
200
250
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
165 185
154 127
165 163 187
162 177
155 166 152 166 159 163 179
216
0
50
100
150
200
250
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
+17.5 %
+30.3 %
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017
BAUER Group Equipment segment – Market development vs. Bauer
Sales revenues of the Bauer Equipment segment in EUR million
Revenues of 50 largest construction equipment manufacturers in USD billion
Equipment
Source: internationalconstruction (04/2016)
Revenues of the world’s 50 largest construction
equipment manufacturer saw a tremendous decline
between 2012 and 2016 of 31%.
In China the decline was even worse with a decline
of 50% and therefore the main reason for the
world’s market development.
A second reason was the fall in global commodity
prices, which hit sales of mining equipment.
The very competitive situation because of the
surplus production capacities in China is easing.
Bauer passed through this situation with a small
increase in revenues, which shows the success of
the efforts made regarding, quality, efficiency and
noise reduction of Bauer equipment.
Nonetheless, the market development lead to a
weaker margin situation in Equipment.
17
187 162 157
135 130
0
50
100
150
200
2012 2013 2014 2015 2016
521 562 545 548 543
0
150
300
450
600
2012 2013 2014 2015 2016
-31 %
+4 %
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017
72 63
BAUER Group Resources segment – Highlights Q1 2017
Products & services related to water, environment and natural resources.
Service provider for the oil, gas and mining industry
Full year 2016:
16 % of total Group revenues
EBIT margin: n/a
Key targets:
~ 20 % of total Group revenues
EBIT margin: 6 - 8 %
Total Group revenues in EUR million
Order backlog in EUR million
EBIT in EUR million
Resources
Total Group revenues decreased by 11.4 % from EUR 71.5 million to EUR 63.4 million. The figure has only little significance in the first quarter. A recovery will be seen in the course of the year.
EBIT was already better than in the previous year and increased from EUR -1.6 million to EUR -0.3 million.
Order backlog grew by 3.5 % from EUR 287.1 million to EUR 297.2 million and is still on an excellent level. The segment has a sustainable order book of 13.5 months.
Order intake decreased slightly by 0.5 % from EUR 82.2 million to EUR 81.8 million.
The segment is now stabilizing after many reorganization measures in recent years.
18 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Q1 2016 Q1 2017
287 297 -11.4 % +3.5 %
-1,6
-0,3
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017
BAUER Group Resources segment – Revenues and order development
Order backlog in EUR million
Total Group revenues in EUR million
Resources
19
39
55 53 42
48 53 60
92
54 48
75
44
72 67 66 59 63
0
20
40
60
80
100
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
165 183 177 150
173 169 172 153 173 174
274 276 287 294 290 279 297
0
70
140
210
280
350
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
-11.4 %
+3.5 %
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 20
in EUR million
Total 1,586
in EUR million
Africa 77 (4 %) Americas 297 (18 %)
Asia-Pacific, Far East & Australia 348 (21 %)
Middle East & Central Asia 227 (14 %)
Germany 474 (29 %)
EU excl. Germany 162 (10 %)
Europe (other) 71 (4 %)
Total 1,656
Full year 2015
Africa 75 (5 %)
Americas 236 (15 %)
Asia-Pacific, Far East & Australia 284 (18 %)
Middle East & Central Asia 197 (12 %)
Germany 481 (30 %)
EU excl. Germany 218 (14 %)
Europe (other) 95 (6 %)
Financials Regional breakdown – Total Group revenues FY 2016
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 21
in EUR million Total 709 Total 615 Total 262
Construction segment Equipment segment Resources segment
Africa 49 (7 %)
Americas 76 (11 %)
Asia-Pacific, Far East & Australia 140 (20 %)
Middle East & Central Asia 108 (15 %)
Germany 216 (30 %)
EU excl. Germany 75 (11 %)
Europe (other) 45 (6 %)
Africa 20 (2 %)
Americas 172 (23 %)
Asia-Pacific, Far East & Australia 154 (23 %)
Middle East & Central Asia 60 (7 %)
Germany 164 (16 %)
EU excl. Germany 96 (21 %)
Europe (other) 39 (8 %)
Africa 11 (4 %)
Americas 18 (7 %)
Asia-Pacific, Far East & Australia 1 (0 %)
Middle East & Central Asia 46 (18 %)
Germany 167 (64 %)
EU excl. Germany 16 (6 %)
Europa (other) 3 (1 %)
Financials Regional breakdown – Segments FY 2016
Figures after deducting Other/Consolidation
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 22
Financials Working capital & net debt – typical cycle during the year
Net debt (excl. pensions) in EUR million
Working capital in EUR million
686 721 717
605
711 720 736
604
726 701 700 629
672 709 684 608
674
0
150
300
450
600
750
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
724 777 781 672
773 776 778
646
779 752 749 665
743 762 736 677
740
0
160
320
480
640
800
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17
+0.3 %
-0.4 %
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 23
Financials Working capital & net debt – requirements and development
Total Group revenues / net debt in EUR million
1.372 1.436 1.504 1.560 1.656 1.586
645 611 672 646 665 677
0
350
700
1.050
1.400
1.750
2011 2012 2013 2014 2015 2016
Working capital / net debt in EUR million
626 580 605 604 629 608 645 611
672 646 665 677
0
150
300
450
600
750
2011 2012 2013 2014 2015 2016
Net debt Working capital
Net debt Total Group revenues
Bauer’s business model with its three segments requires considerably more working capital than other companies in construction markets.
Changes during the year:
- Levels of working capital in the balance sheet during the year are typically higher than year-end positions.
Construction segment:
- 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 final account settlement).
- On some jobs collection of money takes long time due to disputes with the customer. Bad payment is frequently used by customers to achieve reductions in final payments. This can cause law cases.
Comparison with main contractor: they can finance their company by a positive cash flow from jobs.
+15.6 %
+5.0 %
∆ 2011/2016
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 24
Building construction positive cash contribution
Specialist foundation engineering pre-financing need
Financials Working capital needs & cash flow
EUR
12 24 months
Positive cash contribution
Negative cash contribution
Con
trac
t val
ue
EUR
Negative cash contribution
12 24 months
Con
trac
t val
ue
Equipment segment:
- 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.
- Spare parts store is needed for large customer base.
- A relatively large rental fleet is needed for different contract types (e.g. rental purchase).
- Deep drilling rigs add large numbers in value.
Resources segment:
- A mixture of the Construction and Equipment segments.
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 25
Financials Income statement 3M 2017 in EUR '000 3M 2016 3M 2017 ∆ in %
Sales revenues (P&L) 317,641 379,042 19.3%
Consolidated revenues (P&L) 365,514 418,734 14.6%
Cost of materials -172,074 -225,639 31.1%
Personel expenses -90,644 -94,422 4.2%
Other operation expenses -75,444 -68,166 -9.6%
EBITDA 27,352 30,507 11.5%
Depreciation of fixed assets -18,493 -18,355 -0.7%
Write-downs of inventories due to use -4,013 -3,637 -9.4%
EBIT 4,846 8,515 75.7%
Financial income 667 2,411 n/a
Financial expenses -11,101 -10,258 -7.6%
Share of profit/loss of associated companies (equity method) -201 -37 n/a
Earnings before tax (EBT) -5,789 631 n/a
Income tax expense -3,837 -4,528 18.0%
Earnings after tax -9,626 -3,897 n/a
of which attributable to shareholders of BAUER AG -10,040 -4,746 n/a
of which attributable to non-controlling interests 414 849 n/a
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 26
Financials Balance sheet March 31, 2017 in EUR '000 March 31, 2016 March 31, 2017 ∆ in % Assets 1,700,719 1,787,920 5.1%
A. Non-current assets 628,536 633,364 0.8% I. Intangible assets 26,479 24,484 -7.5%
II. Property, plant and equipment and investment property 411,320 402,205 -2.2%
III. Investments accounted for using the equity method 130,658 128,320 -1.8%
IV. Participations 3,460 9,746 n/a
V. Other non-current assets & deferred tax assets 56,619 68,609 21.2%
B. Current assets 1,072,183 1,154,556 7.7% I. Inventories 472,390 470,601 -0.4%
II. Receivables and other assets 532,794 614,074 15.3%
III. Effective income tax refund claims 2,837 4,571 61.1%
IV. Cash and cash equivalents 64,162 45,933 -28.4%
V. Assets classified as held for sale 0 19,377 n/a
Equity and liabilities 1,700,719 1,787,920 5.1%
A. Equity 420,387 431,852 2.7% B. Non-current debt 546,101 623,558 14.2% I. Provisions for pensions 127,742 124,198 -2.8%
II. Non-current liabilities & deferred tax liabilities 418,359 499,360 19.4%
C. Current debt 734,231 732,510 -0.2% I. Financial liabilities 418,674 316,826 -24.3%
II. Other current liabilities 281,680 387,270 37.5%
III. Effective income tax obligations 15,722 9,869 -37.2%
IV. Provisions 18,155 18,545 2.1%
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 27
Financials Cash flow statement 3M 2017 in EUR '000 3M 2016 3M 2017 ∆ in %
Cash flow from operational activity -41,703 -38,557 n/a
Cash flow from investment activity -26,176 -6,967 n/a
Cash flow from financing activity 87,583 57,995 -33.8%
Free Cash Flow -67,879 -45,524 n/a
Changes in liquid funds affecting payments 19,704 12,471 -36.7%
Influence of exchange rate movements on cash -2,948 -1 n/a
Total change in liquid funds 16,756 12,470 -25.6%
Cash and cash equivalents at beginning of reporting period 47,406 33,463 -29.4%
Cash and cash equivalents at end of reporting period 64,162 45,933 -28.4%
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 28
BAUER Group Forecast 2017
2016 final
Total Group Revenues 1,586 EUR million ~ 1,700 EUR million
Revenue growth -4.2 % 3 - 8 %
EBIT 68.3 EUR million ~ 75.0 EUR million
EBIT margin 4.9 % 7 - 9 %
Earnings after tax 14.4 EUR million ~ 23 - 28 EUR million
Equity ratio 25.5 % > 30 %
2017 forecast Long-term
Tunnel under Suez Canal – Egypt Soil replacement – Hersbruck, Germany Bauma 2016 – Munich, Germany
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 29
Investor Relations BAUER Aktiengesellschaft BAUER-Straße 1 86529 Schrobenhausen Germany Tel.: +49 8252 97-1218 Fax: +49 8252 97-2900 [email protected] www.bauer.de
Annual Report 2016 April 13, 2017 Annual Press Conference April 13, 2017 Analyst Conference April 13, 2017 Annual General Meeting June 29, 2017 Quarterly Statement Q1 2017 May 15, 2017 Half-Year Interim Report to June 30, 2017 August 11, 2017 Quarterly Statement 9M/Q3 2017 November 14, 2017
Listing CDAX, GEX, Classic All Share Prime All Share DAXplus Family
ISIN DE0005168108 Reuters B5AG.DE Bloomberg B5A GR
www.youtube.com/Bauergruppe www.facebook.com/BauerAGgroup
Investor Relations Financial calendar & contact
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 30
Table of Content
BAUER Group – Strategy, Chances & Markets
Appendix
Financials Q1 2017 & Guidance
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 31
1790 · 1900 · 1902 · 1928 · 1948 · 1956 · 1958 · 1967 · 1969 · 1972 · 1975 · 1976 · 1984 · 1990 · 1992 · 1994 · 1998 · 2001 · 2016
BAUER Group The history – Two centuries of experience
End of 1970’s: Start of
internationalisation
Early 1990’s: Build up of
specialist construction/ environmental business
FY 2016: Total Group
revenues EUR 1.586
billion, 10,771
employees
4. Jul 2006: IPO
Early 1970’s: Start of equipment
manufacturing
Company founded as copper forge
After WW II (1950's): Start of construction
business
Early 1980’s: Selling of equipment to
third parties
1790 1900-1970 1980-1990 2000-2016
© BAUER AG, D-86529 Schrobenhausen 17-05-15 IR-Presentation_Q1_2017 32
BAUER Group The three segments
32 © BAUER AG, D-86529 Schrobenhausen
Target: ~ 40 % of total Group revenues
Market leader in specialist foundation equipment
New products for mining, deep drilling and offshore drilling
80 % of revenues from sales abroad
Multi-branding strategy
Target: ~ 40 % of total Group revenues
Global provider for specialist foundation engineering services
Specialist construction services
Focus on complex, international projects
Target: ~ 20 % of total Group revenues Activities in
environmental technology, deep drilling, well construction, materials
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What is specialist foundation? Building an excavation pit
Ground Water
Injection Anchor
Sealing Slab
Supporting Wall
Underpinning Injection
Pile Foundation
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What is specialist foundation used for? Applications for projects
Foundations Cut-off walls Excavation pits
Buildings Infrastructure Water – Energy Industry
Ground improvement
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BAUER Group Challenges of the world provide chances for the company
Urbanization Infrastructure Water
Environment Energy / Oil & Gas Values
The megatrend urbanization leads to more complex inner-city solutions
High demand for new infrastructure and for restoration of existing structures
Changing social values influence the working and corporate environment
The pollution and contamination of soil require innovative purification solutions
Energy and resource scarcity provide chances for underwater and deep drilling
The shortage of clean drinking water is one of the worlds biggest problems
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BAUER Group Solutions for the biggest challenges and megatrends
Urbanization & Infrastructure
Water
Environment
Energy / Oil & Gas
Leading position in special foundation engineering.
Global activities with presence in over 50 countries worldwide.
Construction Equipment
Resources
Market leader in specialist foundation equipment.
Focus on specialized and high-end equipment.
Construction Innovative construction
methods and services with a special focus on environmental issues.
Extensive solutions in the field of decontaminating polluted ground and groundwater and for remediation works.
Equipment Resources Longstanding experience in
the manufacture of well drilling rigs.
Innovative products and services for wells and for cleaning of drinking and process water.
Equipment Resources Customized solutions for
deep drilling, which set new standards of safety, efficiency, productivity and service.
Comprehensive service provider for clients in the exploration and mining fields.
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Construction Diavik, Canada – Diaphragm wall for Diavik Diamond Mines
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Construction Sydney, Australia – Foundation works for new hotel complex
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Construction Dogern, Germany – Dike remediation with Mixed-in-Place
© euroluftbild.de
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Equipment Product range: Drilling rigs (BG series) – ValueLine
BG 30 BG 38 BG 20
ValueLine The BG ValueLine is a fully dedicated Kelly drilling rig.
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Equipment Product range: Drilling rigs (BG series) – PremiumLine
BG 42 BG 50 BG 20
PremiumLine Multi-purpose drilling rigs for various applications of foundation works.
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Equipment Product range: Duty-cycle cranes (MC series)
MC 128 MC 96 MC 64
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Equipment Product range: Deep Drilling
PR 440 Joint Venture of Bauer & Schlumberger
In order to meet the upcoming market challenges, out-of-the-box thinking
is necessary and therefore customized rig solutions are of growing
importance. Based on more than 40 years of experience in engineering and
manufacturing of drilling rigs, NeoRig develops and manufactures
customized drilling solutions which set new standards of safety,
efficiency, productivity and ease of service in the deep drilling
business.
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Resources Segment Pool of competences from a single hand
Industrial Waste Water Process & Produced Water NORM Constructed Wetlands Modelling & Well Design Construction Material for Wells
and Geothermal Water Distribution Management Irrigation Systems
Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste
Management
Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling
Environment Water Natural Resources
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Resources Water – Process Water & Water Distribution Management
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Resources Environment – Remediation of Kesslergrube landfill, Germany
© Source: Press picture Roche
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Market environment – Germany German construction market
Source: Federal Statistical Office, Statistical Office Bavaria
Germany2016
Employees in 1000
Revenues in EUR billion 107.3Building construction 69.2Foundation engineering 38.1
Orders received *in EUR billion
Housebuilding 15.3Industrial building 27.5Public sectorof which
public buildings 4.3road building 12.0underground structures 8.7
*) only companies > 20 employees
0.8
-12.3
0.4
1.6
1.4
18.8
16.82.9
7.0
2.4
6.3
-3.0
35.9
6.5
-21.9
13.3
1.1
9.3
-25.3
-13.8-4.3
December 2016 2015/ 2016/1995 2014 20152016/
11.9
25.0
67.8
-44.7
-8.1
781.4
5.9
9.2
-13.6 5.2 14.6
5.4
1.9
17.0
16.3
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BAUER share Facts & Figures
Bauer family
Free float 51.81 %
Listed on Frankfurt stock exchange, Prime Standard, since July 4, 2006
Share capital EUR 73,001,420.45
Shares issued 17,131,000
Issue price EUR 16.75
Shareholder structure
Share performance (05/2016 – 05/2017)
in EUR 2013 2014 2015 2016 2017
Earnings per share -0.99 0.85 1.73 0.66 ---
Share price year end 18.81 13.35 17.40 11.40 ---
Share price highest 23.05 20.04 19.20 17.16 18.11
Share price lowest 17.33 11.75 13.85 9.45 11.72
Market Cap (in EUR million)
322.2 228.7 298.1 195.3 ~300
48.19 %
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BAUER share Dividend policy
2009
Dividend payment
2010 2008 2007 2006
0.30
0.00
0.60
0.90
1.20
0.50
1.00 1.00
0.60 0.60
Dividend policy founded on a reasonable balance between shareholders and company
fair participation of shareholders continuity over the years safeguarding of the equity base
All shareholders shall participate in the success of the business. In turbulent times such as the financial crisis our goal of strategic and safe growth of the company led to higher profit retention for the last years. To secure an adequate equity ratio is an important aim of the company’s management. With this we intend to safeguard the long-term success of the Group.
2011
0.50
2012
0.30
2013
0.00
0.15
2014
in EUR per share
2015
0.15
2016
0.10*
* Proposed; subject to the consent of the Annual General Meeting to be held on June 29, 2017
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Key Figures Time Line FY 2008 – Q1 2017
In all three segments, total Group revenues and EBIT figures of Q4 2015 and FY 2015 were influenced by exceptional earnings.
Total Group revenues 2008 2009 2010 2011 2012 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15 Q2 15 Q3 15 Q4 15 2015 Q1 16 Q2 16 Q3 16 Q4 16 2016 Q1 17
(in EUR million) BAUER Group 1,527.2 1,275.8 1,304.0 1,371.8 1,435.8 1,504.2 378.1 371.1 413.9 397.1 1,560.2 409.1 371.3 414.5 461.5 1,656.4 383.1 373.8 389.3 439.9 1,586.1 455.7 Construction 700.9 570.0 615.4 606.6 655.2 741.7 178.5 173.0 181.8 192.3 725.6 193.5 176.4 194.5 178.5 742.9 159.9 172.0 184.5 205.7 722.1 213.4 Equipment 780.1 608.5 581.7 636.5 589.1 628.6 163.8 157.6 186.1 131.7 639.2 173.8 159.6 163.2 256.5 753.1 165.0 147.5 153.3 186.0 651.7 191.6 Resources 135.1 174.3 177.7 211.5 262.8 188.9 48.4 52.5 59.6 92.3 252.8 54.3 47.8 75.1 44.4 221.6 71.5 67.4 66.5 59.4 264.7 63.4 Sales revenues
2008 2009 2010 2011 2012 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15 Q2 15 Q3 15 Q4 15 2015 Q1 16 Q2 16 Q3 16 Q4 16 2016 Q1 17 (in EUR million)
BAUER Group 1,290.8 1,096.5 1,131.7 1,219.6 1,344.4 1,402.2 313.4 332.2 368.1 362.0 1,375.7 299.6 342.4 376.8 360.2 1,379.0 317.6 332.2 342.8 404.3 1,396.9 379.0 Construction 584.3 487.9 505.8 506.2 579.1 657.5 167.8 160.8 163.5 154.5 646.6 156.0 163.9 179.4 151.5 650.8 143.6 154.9 162.7 153.3 614.5 196.6 Equipment 601.2 456.5 469.3 511.4 520.6 561.6 102.9 120.6 147.4 161.8 532.7 100.5 137.4 129.3 180.8 548.0 107.8 115.2 123.0 196.7 542.7 126.7 Resources 105.1 152.0 156.4 201.5 244.3 182.6 42.5 50.7 57.2 45.5 195.9 42.9 40.9 67.9 27.6 179.3 65.9 61.6 56.7 54.0 238.2 55.4 EBIT
2008 2009 2010 2011 2012 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15 Q2 15 Q3 15 Q4 15 2015 Q1 16 Q2 16 Q3 16 Q4 16 2016 Q1 17 (in EUR million)
BAUER Group 167.5 84.4 88.4 82.3 72.0 30.1 4.9 8.7 24.7 38.1 76.4 1.2 14.8 20.4 54.3 90.7 4.8 13.5 19.7 30.3 68.3 8.5 Construction 46.3 25.7 28.8 17.9 22.0 21.2 1.5 6.0 12.9 5.6 26.0 4.9 5.5 2.0 1.5 13.9 1.0 4.3 7.3 17.8 30.4 -0.2 Equipment 118.3 51.3 48.3 53.0 34.0 32.2 5.6 7.7 12.7 10.0 36.0 -0.9 9.3 16.2 74.8 99.4 5.9 7.5 9.4 14.2 37.0 9.3 Resources 4.0 6.0 8.1 10.9 15.2 -24.0 -2.1 -1.2 -2.4 21.6 15.9 -2.9 -0.3 2.0 -18.6 -19.8 -1.6 1.5 3.5 -6.6 -3.2 -0.3 EBIT margin
2008 2009 2010 2011 2012 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014 Q1 15 Q2 15 Q3 15 Q4 15 2015 Q1 16 Q2 16 Q3 16 Q4 16 2016 Q1 17 (in %)
BAUER Group 13.0% 7.7% 7.8% 6.7% 5.4% 2.1% 1.6% 2.6% 6.7% 10.5% 5.6% 0.4% 4.3% 5.4% 15.1% 6.6% 1.5% 4.1% 5.7% 7.5% 4.9% 2.2% Construction 7.9% 5.3% 5.7% 3.5% 3.8% 3.2% 0.9% 3.7% 7.9% 3.6% 4.0% 3.1% 3.4% 1.1% 1.0% 2.1% 0.7% 2.8% 4.5% 11.6% 4.9% -0.1% Equipment 19.7% 11.2% 10.3% 10.4% 6.5% 5.7% 5.4% 6.4% 8.6% 6.2% 6.8% -0.9% 6.8% 12.5% 41.4% 18.1% 5.5% 6.5% 7.6% 7.2% 6.8% 7.4% Resources 3.8% 3.9% 5.2% 5.4% 6.2% -13.1% -4.9% -2.4% -4.2% 47.5% 8.1% -6.8% -0.7% 2.9% -67.4% -11.0% -2.4% 2.4% 6.2% -12.2% -1.4% -0.5%
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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 are currently available to the management of BAUER AG and therefore speak only as of the date they are made. We assume no liability to update publicly or conform any of them to future events or future developments. Forward-looking information is subject to various known and unknown risks and un-certainties, which could lead to material differences between the actual future results, financial situation, development or performance of the BAUER Group and those factors contained in any forward-looking statement. In view of these uncertainties, no assurance can be given that these forward-looking statements will prove accurate and correct, or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements.