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Group Presentation 6M/Q2 2021 Investor Relations Group Presentation 6M/Q2 2021 BAUER AG August 12, 2021 1 Overview ▪ BAUER Group ▪ Highlights 6M/Q2 2021 2 BAUER Group Three closely interlinked segments – a business model with a future Mission The BAUER Group is a leading provider of services, equipment & products dealing with ground and groundwater Construction Equipment Resources Global provider for One of the technical leading manufacturer Products and services for the water, specialist foundation engineering services of specialist foundation equipment mining and environmental industries ▪ For private and public clients ▪ Equipment for all specialist foundation ▪ Drilling services and well construction, ▪ Broad portfolio of specialist foundation engineering methods environmental technology, constructed techniques and many years of know-how ▪ Innovative and digital assistance systems wetlands, mining and remediation ▪ Focus on complex projects in the world ▪ Specialized machines for mining, deep ▪ Waste disposal and brownfield services drilling and offshore drilling often in combination with specialist ▪ Own equipment in use foundation engineering 3 Highlights 6M 2021 – Increase of revenues and earnings in still difficult environment Total Group revenues EBIT* Earnings after tax Order backlog Equity EUR 767.4 million EUR 15.3 million EUR -5.6 million EUR 1,279 million EUR 450.4 million (+5.8%) (EUR 11.0 million) (EUR -16.0 million) (+0.3%) (+22.8%) Significant financial developments Significant operational developments ▪ Increase of total Group revenues in a still difficult market ▪ Construction markets are still significantly influenced by COVID-19 environment pandemic, especially in the Far East ▪ EBIT increased in all business segments ▪ Improved demand situation in the Equipment segment, but no significant improvement in key figures. Continued reluctance to ▪ Earnings after taxes significantly better – invest due to uncertainty and disruptions caused by the COVID-19 improvement of financial result pandemic – especially in China and South-East Asia ▪ Order backlog stable on a very high level ▪ Resources with successful first half-year. The restructuring measures of the recent years are now showing their effect. ▪ Equity and equity ratio increased substantially – capital increase was very successful and showed great interest from investors and private shareholders ▪ Bank liabilities were reduced very significantly * Previous year adjusted; see p. 70 in the Annual Report 2020 4 2 Financials ▪ Overview: Market environment and course of business ▪ Working capital & Net debt ▪ Capital increase 2021 5 Financials Key figures 6M 2021 in EUR million 6M 2020* 6M 2021 ∆ 6M in % Total Group revenues 725.0 767.4 +5.8% Construction 312.2 358.6 +14.8% Equipment 296.9 314.4 +5.9% Resources 151.8 138.2 -9.0% Other/Consolidation -35.9 -43.8 n/a Sales revenues 648.5 685.5 +5.7% Order intake 973.1 884.3 -9.1% Order backlog 1,275.7 1,279.4 +0.3% EBITDA 62.4 66.4 +6.3% EBIT 11.0 15.3 +39.3% EBIT margin (in % of sales revenues) 1.7 2.2 n/a Earnings after tax -16.0 -5.6 n/a Earnings per share (in EUR) -0.96 -0.35 n/a Total assets 1,655.5 1,650.5 -0.3% Equity 366.8 450.4 +22.8% Equity ratio (in %) 22.2 27.3 n/a Employees 12,038 11,728 -2.6% * Previous year adjusted; see p. 14 in the Half-Year Interim Report and p. 70 in the Annual Report 2020 6 Financials Revenues & Earnings – Group Revenues Development 6M 2021 in EUR million Total Group revenues Sales revenues ▪ Increase of total Group revenues in a still difficult market ∆ 6M environment 2,000 +5.8% 1,595 1,471 1,454 +5.7% 1,600 1,343 ▪ Correspondingly, sales revenues were also above prior-year level 1,200 767 800 725 649 685 400 0 2019 2020 6M 2020 6M 2021 Earnings in EUR million EBIT* Earnings after tax ▪ EBIT increased significantly; earnings growth in all business ∆ 6M segments 75 55.5 +39.3% n/a 50 ▪ Earnings after taxes were significantly better, also the financial 33.7 result improved significantly 25 11.0 15.3 -8.2 -16.0 -5.6 0 2019 2020 6M 2020 6M 2021 -25 -50 -36.6 * Previous year adjusted; see p. 70 in the Annual Report 2020 7 Financials Order situation – Group Order intake Development 6M 2021 in EUR million ▪ Order intake decreased on Group level 1,609 1,589 ▪ Equipment segment increased order intake Q4 321 318 Q3 450 297 -9.1% ▪ Decrease in Construction and Resources segments, because of the very high 2020 basis 518 Q2 418 368 Q1 420 455 516 2019 2020 2021 Order backlog in EUR million ▪ Order backlog stable on a very high level 1,500 1,276 1,279 1,163 +0.3% ▪ Construction segment with new major orders in Europe, Jordan, 1,200 1,028 India and Egypt in the first half-year 2021 900 ▪ Equipment segment increased order backlog 600 300 0 2019 2020 6M 2020 6M 2021 8 Financials Construction segment Market environment 6M 2021 and course of business ▪ Construction continued to be influenced by the effects of the COVID-19 pandemic ▪ Markets in Europe and the USA positive, good workload in the Middle East due to a major order in Jordan. ▪ Postponements of project starts on some major projects ▪ Renewed exit and travel restrictions in some countries in Far East, due to an again increasing spread of the COVID-19 pandemic. Adjustment of capacities in Far East ongoing. ▪ Order backlog still very high; larger projects have been commissioned in Europe, Jordan, India and Egypt in the first half-year of 2021 Key figures in EUR million 6M 2020* 6M 2021 ∆ 6M in % Total Group revenues 312.2 358.6 +14.8% EBIT -0.01 2.5 n/a Earnings after tax -11.5 -5.5 n/a Order backlog 783.3 791.9 +1.1% Order intake 484.5 429.2 -11.4% * Previous year adjusted; see p. 14 in the Half-Year Interim Report and p. 70 in the Annual Report 2020 9 Financials Equipment segment Market environment 6M 2021 and course of business ▪ The first quarter of 2020 showed only minimal effects of the COVID-19 pandemic. In this respect, the increase in revenue and earnings in the first half of the year 2021 represents an improvement in comparison. ▪ The customers’ reluctance to invest, resulting from the uncertainty and disruptions caused by the COVID-19 pandemic is still ongoing. ▪ In the Far East, the sales figures so far have remained significantly below expectations. ▪ Order intake and order backlog increased Key figures in EUR million 6M 2020* 6M 2021 ∆ 6M in % Sales revenues 223.1 227.3 +1.9% EBIT 4.2 8.4 +98.9% Earnings after tax -3.8 1.3 n/a Order intake 314.8 363.2 +15.4% Order backlog 126.1 167.6 +32.9% * Previous year adjusted; see p. 70 in the Annual Report 2020 10 Financials Resources segment Market environment 6M 2021 and course of business ▪ Resources segment still relatively unaffected by the pandemic ▪ Revenue decrease compared to H1 2020 is related to the major Kesslergrube project, which was handed over to the client in July 2020 ▪ Good start into 2021 with lower footprint after restructuring – water well drilling, environmental services and mining performed well ▪ Restructuring success of recent years is now being increasingly reflected in the key figures Key figures in EUR million 6M 2020* 6M 2021 ∆ 6M in % Total Group revenues 151.8 138.2 -9.0% EBIT 4.1 4.8 +15.7% Earnings after tax 1.1 2.9 n/a Order backlog 366.2 319.9 -12.7% Order intake 209.8 135.7 -35.3% * Previous year adjusted; see p. 14 in the Half-Year Interim Report and p. 70 in the Annual Report 2020 11 Financials Working Capital, liabilities to banks & net debt – Group Working Capital Development 6M 2021 in EUR million ▪ Positive development ongoing in first half-year 2021 800 726 700 ▪ Measures to optimize working capital take effect: inventories reduced; receivables and other assets increased in line with higher 600 553 547 revenues 500 400 ▪ Income from capital increase was used to reduce liabilities to Q1/15 Q4/15 Q3/16 Q2/17 Q1/18 Q4/18 Q3/19 Q2/20 Q1/21 banks. Total reduction of about EUR 86 million (EUR 64 million effect from capital increase plus EUR 22 million additional reduction) Net debt in EUR million ▪ Net debt reduced by EUR 78.2 million to EUR 560.2 million; 800 779 700 638 600 560 500 400 Q1/15 Q4/15 Q3/16 Q2/17 Q1/18 Q4/18 Q3/19 Q2/20 Q1/21 12 Financials Capital increase 2021 successfully implemented Results ▪ Very successful – maximum net proceeds of EUR 63.3 million achieved ▪ Strong demand for oversubscriptions ▪ Used for repayment of financial liabilities ▪ Increase in equity ratio – 27.3% compared to 22.2% (6M/2020) Shareholder structure – before Capital increase 2021 Shareholder structure – after Capital increase 2021 Doblinger Free float Beteiligung GmbH 36.35% 30.00% 43.81% Bauer family 36.02% Bauer family 19.84% Doblinger Beteiligung GmbH 33.98% Free float 13 3 Markets & Regions ▪ Markets ▪ Regional distribution 14 BAUER Group Construction market environment vs. order backlog Europe USA / Canada Germany o Market: Western European countries affected by Market: good construction Market: still a good market, o o coronavirus; slow development market despite coronavirus; first signs of weakening; in Eastern Europe; Russia very increasing demand for Bauer: good order situation weak infrastructure in the USA and + Canada, but delays in awards + Bauer: Reasonable order + and tender situation, primarily due to Asia Pacific major projects Bauer: good order backlog with o Market: regional market public projects in the USA, Middle East environment strongly affected by increased presence in Canada coronavirus; strong demand for - Market: significant negative infrastructure in Philippines, influences due to ongoing conflicts, Thailand, Indonesia, but strong coronavirus and slow economy o disruptions due to pandemic o Bauer: reasonable order backlog in Bauer: Weak order situation in Latin America UAE and Saudi Arabia; major Africa Malaysia; awaiting additional project in Jordan expanded; projects awards in Thailand and Market: isolated larger projects - projects in Bangladesh, Bhutan and o Market: few projects in some Philippines; chances in Australia, - Bauer: new orders in Panama, new projects starting in India countries, Egypt still growing Singapore low performance caused by + Bauer: healthy business situation in pandemic Egypt, e.g.
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