Bauer records outstanding 2006 financial year
Geschrieben am 25-04-2007 |
. Strong growth in total Group revenues to around EUR 980 million . Profit up to EUR 35.2 million . Proposed dividend EUR 0.50 per share . Positive outlook for 2007 financial year
-------------------------------------------------------------------------------- ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
companies/Consolidated financial statements
Schrobenhausen, April 25, 2007 (euro adhoc) - The construction and equipment manufacturing group BAUER Aktiengesellschaft, which since July 4, 2006 has been listed in official trading (Prime Standard) on the Frankfurt Stock Exchange, is able to look back on an outstanding year 2006. Bauer sustained its earnings-oriented growth in the past financial year, meeting all its self-imposed targets in full. The main reasons for the highly positive performance, alongside a healthy general climate in the industry, were the Group's concerted focus on the needs of its markets and its many years spent developing an international network of branches and subsidiaries all over the world.
Excellent sales and profit growth, healthy levels of orders in hand
In the year under review Bauer increased total Group revenues by just under 19 percent to EUR 980 million (previous year: EUR 824 million). The long recession in Germany and the Group's strategy of globalization in recent years has meant that now around 70 percent of total Group sales are generated outside of Germany.
EBIT (Earnings before interest and taxes) increased even more strongly, by some 53 percent, to around EUR 73 million (previous year: EUR 47.5 million). Net profit was increased substantially, by well over 80 percent, to EUR 35.2 million (previous year: EUR 19.5 million).
Bauer operates in the fast-growing worldwide specialist foundation engineering market. Growth in this niche market is founded on the booming global economy, which is bringing with it substantial investment in public and private sector infrastructure construction and engineering projects. These new projects entail high demand for additional machinery capacity, which in turn is benefiting the Group's Equipment segment.
At year-end, orders in hand in the Group were up 22 percent year-on-year to EUR 422.4 million (previous year: EUR 346.1 million). "The current very healthy levels of orders in hand, which by the end of February had reached just under EUR 430 million, provide all the companies in the BAUER Group with a sound foundation for the current financial year. In the Equipment segment in particular, orders in hand are excellent," reports Chairman of the Management Board Professor Thomas Bauer.
Positive trend in revenues from the Construction segment
The Construction segment increased its total revenues by around 10 percent to EUR 575.5 million in 2006 (previous year: EUR 521.3 million). Segment earnings before interest and taxes (EBIT) of EUR 13.1 million was some EUR 4 million down on the previous year. The main reason for this trend was the continued weakness of business in Germany.
Professor Thomas Bauer comments: "In view of the still unsatisfactory development of the German market, we are satisfied with the positive trend in sales of our construction business, which were generated almost entirely outside of Germany. In 2006, the German construction business was still suffering from the fact that costs rise faster than revenues at the start of a recovery. This situation will change in 2007."
The revenues of the international subsidiaries increased by around 35 percent, driven in particular by major projects in Canada, the Far East - especially Malaysia, Indonesia and Hong Kong - and Eastern Europe.
Strong growth in profitability in the Equipment segment
The most successful arm of the business in the year under review, the Equipment segment, saw total revenues rise by 38 percent to EUR 463.4 million (previous year: EUR 335.7 million). This means the equipment business now accounts for over 40 percent of total Group revenues.
"Based on our worldwide presence and our outstanding product range, which sets the technology benchmark in virtually every sector, we were able to further increase our market share and as a result grow more rapidly than our competitors," asserts Professor Thomas Bauer.
Segment earnings before interest and taxes (EBIT) rose significantly by more than 96 percent to EUR 60.7 million (previous year: EUR 30.9 million). This very good result was to a large extent down to the fact that fixed costs increased much more slowly than sales.
In order to handle the high levels of orders received, the Group began massively building up its capacities in Germany and internationally during the year under review. New production capacities were created, including in Russia, and existing facilities at a number of locations in Germany, China and Italy were extended.
Dividend payment of EUR 0.50 per share planned
The Management Board of BAUER AG wishes the shareholders to participate appropriately in the success of the business. Against that background, the Management Board and Supervisory Board will propose to the Annual General Meeting that a dividend of EUR 0.50 per share be paid, corresponding to a payout of 25.1 percent of the Group's consolidated profit after deducting minority interests.
Chairman of the Management Board Professor Thomas Bauer states: "2006 was a milestone in the over 200-year history of our business. We are pleased by the success of our stock market listing, and by the strong growth in the share price since issue, which reflects our outstanding performance. This provides an excellent foundation for future growth."
The stock market listing of BAUER AG was one of the most successful of 2006. After being quoted at an issue price of EUR 16.75 on its initial listing on July 4, 2006, the share had by September 18, 2006 already been admitted to the exclusive SDAX index. At a year-end closing price of EUR 32.30, the share had virtually doubled in value within six months. The share price has since risen further. The closing price on April 23, 2007 was EUR 53.90 (Xetra). The Bauer family represents the largest single shareholder block, holding 48 percent of the shares. Just under 52 percent of the shares are traded in free float.
Outlook
The global economy - and consequently the worldwide market for construction and machinery - will maintain its upward trend over the remaining financial year. Ever-increasing infrastructure projects and building works, in ever-tighter city centre locations, are necessitating ever more complex specialist foundation engineering solutions, and this is opening up exciting new prospects for the BAUER Group, especially on the international stage. In the German construction sector the improvement in the market situation has still not yet been felt, though on current forecasts there will be an upturn in the course of this year.
Bauer expects Group performance to continue improving in 2007. Consolidated Group revenues will rise by well over 10 percent. Earnings will be in line with that trend.
About Bauer
Bauer is a global provider of specialist foundation engineering and related services as well as a leading international vendor of specialist foundation engineering machinery, equipment and tools and related services.
The Group's operations are managed in two segments: Construction and Equipment. The Construction segment provides specialist foundation engineering services and also operates in the related fields of environmental technology, structure remediation, bridge-building and project development. In its Equipment segment, Bauer offers an extensive range of machinery, equipment and tools for specialist foundation engineering. The Group markets its products and services worldwide, through local sales companies and project management networks. The BAUER Group profits from the collaboration between its two segments. This means Bauer is able to offer innovative and highly specialized complete solutions for specialist foundation engineering projects, providing all the necessary services and specialist equipment.
Founded over 200 years ago, the BAUER Group today generates over two thirds of its total revenues outside of Germany. Employing over 5,500 people, the Group's total revenues were EUR 980 million (previous year: EUR 824 million) in 2006.
GROUP KEY FIGURES 2006 (IFRS)
| |2005 |2006 |Change | | |in EUR |in EUR | | | |million |million | | |Total Group revenues*, |824.3 |979.9 |+ 18.9 % | |of which | | | | |-Germany |270.4 |282.2 |+ 4.4 % | |-International |553.9 |697.7 |+ 26.0 % | |-Construction |521.3 |575.5 |+ 10.4 % | |-Equipment |335.7 |463.4 |+ 38.0 % | |-Consolidation / Other |- 32.7 |- 59.0 |n/a | |Consolidated revenues |770.0 |914.2 |+ 18.7 % | |Shareholders' equity |148.5 |222.6 |+ 49.9 % | |Equity ratio in % | 26.1 | 34.6 |n/a | |Orders in hand |346.1 |422.4 |+ 22.0 % | |EBITDA | 94.8 |123.2 |+ 29.9 % | |EBIT, | 47.5 | 73.0 |+ 53.7 % | |of which | | | | |-Construction | 17.1 | 13.1 |- 23.4 % | |-Equipment | 30.9 | 60.7 |+ 96.4 % | |-Consolidation / Other | - 0.5 | - 0.8 |n/a | |EBIT margin (EBIT / revenues|6.2 |8.0 |+ 29.0 % | |in %) | | | | |Net profit for the year** |19.5 |35.2 |+ 80.5 % | |Earnings per share in EUR***|1.32 |2.17 |+ 64.4 % | |Employees |5,155 |5,541 |+ 7.5 % |
* At variance with the consolidated revenues presented in the Group income statement, the total Group revenues presented here include portions of revenues from associated companies as well as revenues of non-consolidated subsidiaries and joint ventures.
** Before minority interests.
*** Basic and diluted, following share split.
end of announcement euro adhoc 25.04.2007 08:00:00 --------------------------------------------------------------------------------
ots Originaltext: Bauer AG Im Internet recherchierbar: http://www.presseportal.de
Further inquiry note: Bettina Mestenhauser Head of Investor Relations Telefon: +49(0)8252 97 1918 E-Mail: bettina.mestenhauser@bauer.de
Branche: Construction & Property ISIN: DE0005168108 WKN: 516810 Index: CDAX, Classic All Share, Prime All Share, SDAX Börsen: Frankfurter Wertpapierbörse / official dealing/prime standard Börse Berlin-Bremen / free trade Hamburger Wertpapierbörse / free trade Baden-Württembergische Wertpapierbörse / free trade Börse Düsseldorf / free trade Bayerische Börse / free trade
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