BAUER Aktiengesellschaft

Transcription

1 BAUER Aktiengesellschaft Analyst Conference fiscal year 2011 Munich, April 13, 2012 In-house exhibition in Schrobenhausen, Germany

2 Key Figures FY ,600 Total Group revenues (in EUR million) 1,527 1,276 1,304 1, Net profit (in EUR million) , Orders in hand (in EUR million) Employees (in average) ,000 8,674 8,872 9,094 9, , , ,

3 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. Optimizing worldwide organizational networks and self controlling structures for the Group. Growth 5 to 12 % per year. MC 128 Cutter works in Jeddah, Saudi Arabia 3

4 Key Figures FY in EUR million 2011 in EUR million FY in % Q in EUR million Total Group revenues, of which - Germany - International - Construction - Equipment - Resources 1, , , % 9.2 % 3.8 % % 13.6 % 19.0 % Consolidation / Other n/a Sales revenues 1, , % Orders received 1, , % Orders in hand % n/a EBITDA % 52.0 EBIT % 30.8 EBIT margin in % (of sales revenues) n/a 8.9 Net income % 19.9 Earnings per share in EUR % n/a Equity ratio in % n/a n/a Number of employees (average over the year) 9,094 9, % n/a 4

5 Contents 1 Overview BAUER Group p. 6 2 BAUER market environment p Regional breakdown of Revenues p Financials 2011 p BAUER share 6 Guidance 2012 p. 25 p Appendix: Current projects & investments p. 28 5

6 1 BAUER Group The three segments 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: ~ 20 % of total Group revenues Activities in environmental technology, mining, deep drilling, well construction, materials Target: ~ 40 % of total Group revenues Global provider for specialist foundation engineering services Specialist construction services Focus on complex, international projects 6

7 1 What is specialist foundation? Building an excavation pit Supporting Wall Ground Water Underpinning Injection Injection Anchor Sealing Slab Pile Foundation 7

8 1 What is specialist foundation used for? Applications for projects Buildings Infrastructure Water Energy Industry Foundations Excavation pits Cut-off walls Ground improvement 8

9 1 Resources Segment The three divisions Materials about 32 % of revenues* Exploration & Mining Services about 23 % of revenues* Environment about 45 % of revenues* Full-line provider for materials in the field of well construction geothermal energy distribution of gas/water/ geothermal energy * based on figures FY 2011 Production drilling (for example: water wells) Exploration drilling Preparative work for the mining of resources Complete solutions in the field of geothermal energy Special solutions for mining resources Disposal of polluted areas Cleaning of process water and effluents Processing of drinking water Cleaning of extracted air High purity systems Brewing technology High purity water systems 9

10 1 Total Group Revenues Longstanding healthy business development in EUR million (segment after decucting Other/Consolidation) Financial crisis Total Resources 209 Far East crisis Equipment 601 German reunification Construction Overseas 405 Construction Domestic 157 Note: based on HGB figures, from 2003 based on IFRS figures 10

11 1 Worldwide network More than 110 subsidiaries in about 70 countries Permanent Offices: Construction Equipment sales Resources Equipment production locations BAUER Maschinen KSM, Kurgan, Russia Shanghai BAUER Technologies, Shanghai, China BAUER Manufacturing Inc. BAUER Group, plant Edelshausen near GWE Group, Peine, Germany BAUER Equipment Malaysia Conroe, Texas, USA Schrobenhausen, Germany Shah Alam, Malaysia 11

12 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 existing products and designing new ones. Chances Construction segment with considerable number of major infrastructure projects currently tendered for worldwide. New growth potential in Equipment segment with entirely new techniques such as deep drilling rigs, powerful foundation crane series and offshore equipment. Resources segment with ground-breaking projects, e.g. biological water treatment plant and promising opportunities due to its focus on growth markets water, energy and environment. BSD 3000 Subsea drilling at Orkney Islands, Scotland 12

13 2 World construction markets Bauer market potential + Western Europe: declining markets, Germany weak for big projects USA / Canada: stimulus packages, public demand, power plants, dams, etc. - + Eastern Europe: slowly positive development, especially Russia Far East: positive development in all areas, especially Hongkong, Singapore Other Americas: several chances in Central America + o Central Asia: India: dynamic development ++ Africa: slight construction activities, regional growth (Angola, Algeria); demand for water and resources Middle East: stable, especially Abu Dhabi, Qatar, downturn in Dubai Summary: IR-Presentation_9M weak - slightly weak stable + growing ++ strong growth Recovering market conditions worldwide at the end of the crisis; huge pent-up demand. Specialist foundation construction grows relative to construction market. Energy sector becomes main booster also because of energy turnaround (renewable energies 13 & reduction of energy consumption); exploration and downstreamed stages: Liquefaction plants (gas), refineries, power plants 13

14 2 Market environment Orders & Currency risks Order backlog (Orders in hand) Currency Risks FY 2011 TOTAL EUR 750 million Construction EUR 457 million Equipment EUR 125 million Resources EUR 168 million * incl. running small-type orders Reach in months in relation to total Group revenues full year months 9.4 months 2.3 months* 9.6 months Construction Project size EUR 100,000 up to EUR 70 million ~ 50 / 50 infrastructure / large industrial buildings ~ 600 projects per year Local financing (natural hedge) for project duration Translation risk (consolidation) hedged US$ business hedged, e.g. swaps Construction Germany Expected order intake 2012 Construction International + Equipment BAUER Maschinen GmbH Equipment Subsidiaries Resources ++ Equipment ~ 80 % of invoicing in EUR US$ business hedged with permanent translation of individual machines Production expansion to US, China and others to counteract currency risk Euro / US$ / RMB and others -- weak - slightly weak adequate + well adequate ++ very well adequate 14

15 3 Regional breakdown Total Group revenues 2011 in EUR million Total 1,372 Germany 370 (27 %) Africa 67 (5 %) Americas 191 (14 %) Asia-Pacific, Far East & Australia 292 (21 %) Full year 2010 in EUR million Germany 339 (26 %) Total 1,304 Africa 70 (5 %) Americas 155 (12 %) Europe (other) 131 (10 %) EU excl. Germany 153 (12 %) Asia-Pacific, Far East & Australia 252 (19 %) Middle East & Central Asia 204 (16 %) Europe (other) 127 (9%) EU excl. Germany 154 (11 %) Middle East & Central Asia 171 (13 %) 15

16 3 Regional breakdown Construction, Equipment, Resources 2011 Construction segment Equipment segment Resources segment in EUR million Total 562 Total 601 Total 209 Germany 157 (28 %) Africa 36 (6 %) Americas 77 (14 %) Asia-Pacific, Far East & Australia 138 (25 %) Germany 111 (19 %) Africa 14 (2 %) Americas 112 (19 %) Asia-Pacific, Far East & Australia 153 (25 %) Germany 102 (49 %) Africa 17 (8 %) Americas 2 (1 %) Asia-Pacific, Far East & Australia 1 (1 %) Europe (other) 33 (6 %) EU excl. Germany 53 (9 %) Middle East & Central Asia 68 (12 %) Europe (other) 91 (15 %) EU excl. Germany 82 (14 %) Middle East & Central Asia 38 (6 %) Middle East & Central Asia 65 (31 %) Europe (other) 3 (1 %) Figures after deducting Other/Consolidation EU excl. Germany 19 (9 %) 16

17 4 Financials Revenues, earnings & orders Revenues (in EUR million) Orders in hand (in EUR million) 1,600 1,200 Total Group revenues 1,527 1,291 1,276 1,096 Sales revenues 1,304 1,132 1,372 1, Earnings (in EUR million) Order intake (in EUR million) EBIT Net profit , % % 1,507 1,410 Q % , Q Q Q

18 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 other companies in construction markets. Changes during the year: - Levels in balance sheet and income statement during the year are typically higher than year-end positions Equipment segment: Net debt (in EUR million) 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. Net financial debt Pensions 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. 18

19 Contract value Contract value 4 Financials Working capital needs & cash flow EUR Building construction Positive cash contribution Negative cash contribution 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). Comparison with main contractor: they can finance their company by a positive cash flow from jobs. EUR Positive cash contribution months Specialist foundation engineering Pre-financing need Negative cash contribution months Special items related to net debt end of 2011: - New deep drilling rig TBA 440 is finished and ready for sales: approx. EUR 15 million. - Special effects increased working capital in FY 2011 by approx. EUR 60 million: 1) Delays on three big construction projects lead to higher pre-financing and accounts receivables. 2) Pre-financing for the extension of the water treatment plant in Oman. 3) Delays in equipment deliveries to customers related to stoppage of railway projects in China year-end. 4) Overestimation of equipment sales potentials lead to an higher inventory. 19

20 4 Financials Revenues Q4 / FY 2011 in EUR '000 Q Q Q4 in % FY 2010 FY 2011 FY in % Total Group revenues 341, , % 1,304,017 1,371, % Sales revenues, Construction 94, , % 505, , % Sales revenues, Equipment 148, , % 469, , % Sales revenues, Resources 44,117 48, % 156, , % Sales revenues, Other n/a n/a Sales revenues (external) 287, , % 1,131,673 1,219, % Consolidated revenues (P&L) 326, , % 1,255,600 1,327, % Orders in hand 614, , % 20

21 4 Financials Earnings Q4 / FY 2011 in EUR '000 Q Q Q4 in % FY 2010 FY 2011 FY in % EBITDA 55,339 52, % 165, , % Margin (a) 19.3% 15.1% n/a 14.6% 13.5% n/a EBIT 32,527 30, % 88,355 82, % EBIT margin (a) 11.3% 8.9% n/a 7.8% 6.7% n/a EBIT Construction segment 6,309 8, % 28,798 17, % EBIT margin, Construction segment (a) 6.7% 6.7% n/a 5.7% 3.7% n/a EBIT Equipment segment 20,356 18, % 48,283 53, % EBIT margin, Equipment segment (a) 13.7% 10.6% n/a 10.3% 9.9% n/a EBIT Resources segment 3,144 2, % 8,075 10, % EBIT margin, Resources segment (a) 7.1% 5.5% n/a 5.2% 5.4% n/a Net income (b) 18,767 19, % 39,789 34, % Margin (a) 6.5% 5.8% n/a 3.5% 2.8% n/a Earnings per share (in EUR) % % n/a not applicable (a) of sales revenues (b) pre-minorities 21

22 4 Financials Income statement FY 2011 in EUR '000 Dec 31, 2010 Dec 31, 2011 FY in % Consolidated revenues (P&L) 1,255,600 1,327, % Sales revenues (P&L) 1,131,673 1,219, % Material costs -626, , % Personnel costs -282, , % Depreciation and amortization of fixed assets -64,914-66, % Write-downs of inventories due to use -12,248-15, % Other operation expenses -180, , % EBIT 88,355 82, % Financial income 4,071 6,624 n/a Financial expenses -36,400-40, % Result from associated entities 1, n/a Profit before tax (EBT) 57,462 47, % Income tax -17,673-13, % Net income 39,789 34, % whereof attributable to shareholders of Bauer AG 35,029 31, % whereof minority interest 4,760 2, % 22

23 4 Financials Balance sheet December 31, 2011 in EUR '000 Dec 31, 2010 Dec 31, 2011 FY in % Assets 1,337,749 1,487, % Intangible assets 23,261 30, % Property, plant and equipment 441, , % Long term financial assets 14,528 18, % Other long term assets & deferred taxes 28,204 26, % Receivables from concession arrangements 45,874 43, % Inventories 420, , % Receivables and other assets 329, , % Effective income tax refund claims 7,006 4, % Cash and cash equivalents 27,613 24, % Equity and liabilities 1,337,749 1,487, % Equity 443, , % Pension provisions 47,380 49, % Non-current liabilities 400, , % Current liabilities 411, , % Other provisions / tax 34,182 24, % (a) Other provisions also include short term portion of pension provisions 23

24 4 Financials Cash flow statement FY 2011 in EUR '000 Dec 2010 Dec 2011 FY in % Cash flow from operating activities 45,342 8, % Cash flow from investing activities -75,518-84,656 n/a Cash flow from financing activities 17,850 73,466 n/a Free Cash Flow -30,176-76,197 n/a Changes in liquid funds affecting payments -12,326-2,731 n/a Influence of exchange rate movements on cash 2, n/a Total change in liquid funds -9,440-2,666 n/a Cash at beginning of reporting period 37,053 27, % Cash at end of reporting period 27,613 24, % 24

25 5 BAUER share Facts & Figures Listed on Frankfurt stock exchange, Prime Standard since July 4, 2006 Share performance (2011 YTD 2012) Shares issued 17,131,000 Issue price EUR DAX BAUER AG SDAX Listed in SDAX (MDAX from to ) Trading volume Earnings per share 2011 EUR 1,86 (2010 EUR 2.04) Dividend payout 2011 (proposal) EUR 0.50 per share (2010 EUR 0.60 per share) Shareholder structure Year high / Year low 2011 EUR / EUR ( / ) YTD high / YTD low 2012 EUR / EUR ( / ) Bauer family % Free float % Market capitalisation around EUR 360 million Number of shares outstanding: 17,131,000 25

26 5 BAUER share Dividend policy Dividend payment (in EUR per share) * * Proposed; subject to the consent of the Annual General Meeting to be held on June 28, 2012 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 slightly 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. 26

27 5 Guidance 2012 Top-line growth with stable profitability 2011e* 2011 final 2012e Total Group Revenues ~ 1,350 EUR billion 1,372 EUR million ~ 1,450 EUR billion EBIT ~ 80 EUR million 82.3 EUR million ~ 85 EUR million Net profit > 30 EUR million 34.1 EUR million ~ 35 EUR million * Guidance published October 31, 2011 Presidential Palace Abu Dhabi, U.A.E In-house exhibition, Schrobenhausen Water treatment plant Nimr, Oman 27

28 Current BAUER projects & investments BAUER Equipment Malaysia new workshop & service center

29 Investments Singapur New service center of BAUER Technologies Far East

30 Construction project Abu Dhabi, U.A.E Foundation works for Presidential Palace 30

31 Construction project New Brunswick, Canada Bridge foundation for Route 1 31

32 Construction project Okeechobee, USA (Florida) Remediation of Herbert Hoover Dike 32

33 Construction project Sochi, Russia Infrastructure works for Olympic Games 33

34 Construction project Republic of Moldova Expansion of Giurgiulesti Port 34

35 Construction project Munich, Germany Tunnel for Mittlerer Ring 35

36 Construction project Bielefeld, Germany Foundation works for the university 36

37 Schachtbau Nordhausen Bridge construction A10 near Brieselang, Germany 37

38 SPESA Spezialbau und Sanierung GmbH Reconstruction of the brick wall of Sengbachtal dam 38

39 In-house exhibition 2011 Schrobenhausen About customers from all over the world 39

40 TBA 300 TBA 300 / 440 M1 40

41 BSD 3000 Orkney Islands, Scotland Monopile foundation for a tidal energy turbine at EMEC 41

42 BSD 3000 Orkney Islands, Scotland Monopile foundation for a tidal energy turbine at EMEC 42

43 BSD 3000 Orkney Islands, Scotland Monopile foundation for a tidal energy turbine at EMEC 43

44 BAUER Resources Environment BAUER Nimr Oman Process water treatment Phase I 1,8 km Buffer zone 3,3 km Reed bed Camp Pipeline Corridor Evaporation pond / Production of salt Volume of water m³/d 44

45 BAUER Resources Environment BAUER Nimr Oman Process water treatment One third of total area (6 km 2 ) visible 45

46 BAUER Resources Environment BAUER Nimr Oman Process water treatment One third of total area (6 km 2 ) visible 46

47 BAUER Resources Environment BAUER Nimr Oman Process water treatment Global Water Award 2011 Industrial Water Project of the Year One third of total area (6 km 2 ) visible 47

48 BAUER Resources Environment BAUER Nimr Oman Process water treatment Phase II Volume of water after extension: ~ m³/d Building phase until beginning of

49 BAUER Resources Environment BAUER Nimr Oman Process water treatment 49

50 BAUER Resources Exploration & Mining Services Disi Amman, Jordan 50

51 BAUER Resources Environment Guadalajara, Spain BASF 51

52 BAUER Resources Exploration and Mining Services Oil shale exploration in Jordan 52

53 BAUER Aktiengesellschaft Financial calendar 2012 Publication Annual Report 2011 April 13, 2012 Annual Press Conference April 13, 2012 Analyst Conference April 13, 2012 Annual General Meeting June 28, 2012 Interim Report to March 31, 2012 May 15, 2012 Half-Year Interim Report to June 30, 2012 August 14, 2012 Interim Report to September 30, 2012 November 14, 2012 Investor Relations BAUER Aktiengesellschaft Tel.: BAUER-Straße 1 Fax: Schrobenhausen investor.relations@bauer.de Germany ISIN Reuters Bloomberg Listing DE B5AG.DE B5A GR SDAX, CDAX, GEX, Classic All Share Prime All Share DAXplus Family 53

54 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 uncertainties, 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. 54