- Total Group revenues increased by 21.1% to EUR 916.4 million; sales revenues grew by 27.8% to EUR 830.2 million
- EBIT increased by 39.7% to EUR 25.7 million (previous year: EUR 18.4 million); earnings after tax are already positive at EUR 0.1 million (previous year: EUR -7.9 million)
- Order backlog with EUR 1,044.7 million (previous year: EUR 1,010.2 million) still at a high level.
- Forecast for total Group revenues raised from about EUR 1.7 billion to about EUR 1.8 billion.
The first half of 2017 has gone according to plan for the BAUER Group. For the total Group revenues, the international construction and machinery concern has increased its forecast from about EUR 1.7 billion to about EUR 1.8 billion.
The total Group revenues have developed better than expected and amounted to EUR 916.4 million at the end of the second quarter. This figure is 21.1% up on the previous year (EUR 757.0 million). The sales revenues increased by 27.8% from EUR 649.8 million to EUR 830.2 million. EBIT increased by 39.7% from EUR 18.4 million to EUR 25.7 million. The earnings after tax were already in a positive range with EUR 0.1 million (previous year: EUR -7.9 million). The order backlog grew by 3.4% to EUR 1,044.7 million (previous year: EUR 1,010.2 million) and is still at a high level.
With its three segments – Construction, Equipment and Resources – and its broadly diversified business model, the Group operates through more than 110 subsidiaries in some 70 countries around the world.
In the Construction segment, excellent capacity utilization in all of the world's markets ensures a significant increase in revenues. The fact that, from the start of the year, most projects were able to start without delay also contributed to this. The total Group revenues of the segment increased by 31.6% to EUR 436.6 million. EBIT decreased from EUR 5.3 million year-on-year to EUR 2.9 million for the period. This figure was negatively impacted by effects related to exchange rate fluctuations as well as by individual unsatisfactory projects in Germany and Australia – projects which have been completed as far as possible in the meantime. Earnings after tax of EUR -4.2 million were identical to the previous year (EUR -4.2 million). The order backlog is still at a high level with EUR 526.4 million but 8.4% lower than the previous year's figure. This is because, at the end of 2016, a high double-digit million order backlog was taken off the books after the sale of shares in a real estate company. If this is taken into account, the order backlog has risen.
The Equipment segment benefited from significantly more sales as well as successful deliveries of large machinery and specialist equipment. Therefore, the total Group revenues increased by 21.8% from EUR 312.4 million to EUR 380.7 million. Sales revenues increased by 40.1% to EUR 312.3 million. The EBIT increased from EUR 13.4 million to EUR 22.3 million as a consequence of the increase in sales. Earnings after tax improved from EUR -0.1 million to EUR 6.6 million. The trend toward increased and more stable order intake from virtually all regions of the world, which started in the fall of 2016, continued. Order backlog increased from EUR 141.1 million to EUR 201.7 million.
In the Resources segment, the slow recovery of the raw materials market has had an effect on revenues and earnings. A project of our brewery business and other necessary reorganization expenses are also having an negative impact. Nevertheless, even in this segment, the key financial figures meet expectations. The total Group revenues in the first half of the year were EUR 128.2 million (previous year: EUR 139.0 million). EBIT amounted to EUR 0.2 million (previous year: EUR -0.1 million) and earnings after tax to EUR -4.0 million (previous year: EUR -4.4 million). The segment has a order backlog with a volume of EUR 316.6 million, 7.6% up on the previous year.
"The good start to the year has continued into the second quarter and we assume that the dynamics will last into the second half of the year," says Prof. Thomas Bauer, Chairman of the Management Board of Bauer Aktiengesellschaft. "That's why we are raising our expectations regarding the total Group revenues from about EUR 1.7 billion to about EUR 1.8 billion." The earnings forecast for the whole year remain unchanged: earnings after tax of about EUR 23 to 28 million and EBIT of about EUR 75 million. The currently known positive and negative factors, financial provisions and other discernible effects are also to be considered.
Source: Bauer Group
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