Annual Report 2016 the BAUER Group Is a Leading Provider of Services, Equipment and Products Related to Ground and Groundwater
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Annual Report 2016 The BAUER Group is a leading provider of services, equipment and products related to ground and groundwater. With over 110 subsidiaries, Bauer operates a worldwide network on all continents. The operations of the Group are divided into three future-oriented segments with high synergy potential: Construction, Equipment and Resources. The Construction segment offers new and innovative specialist foundation engineering services alongside the established ones, and carries out foundation and excavation work, cut-off walls and ground improvements worldwide. Bauer is a world market leader in the Equipment segment and provides a full range of equipment for specialist foundation engineering as well as for the exploration, mining and extraction of natural resources. In the Resources segment, Bauer focuses on highly innovative products and services in the areas of water, environment and natural resources. Bauer profits greatly from the collaboration between its three separate segments, enabling the Group to position itself as an innovative, highly specialized provider of products and services for demanding projects in specialist foundation enginee- ring and related markets. Bauer therefore offers suitable solutions to the greatest problems in the world, such as urbanization, the growing infrastructure needs, the environment and water, oil and gas. The BAUER Group was founded in 1790 and is based in Schrobenhausen, Bavaria. In 2016, it employed some 10,800 people in around 70 countries and achieved total Group revenues of EUR 1.6 billion. BAUER Aktiengesellschaft is listed in the Prime Standard of the German stock market. The Group at a glance GROUP KEY FIGURES 2013 – 2016 IFRS in EUR million 2013 2014 2015 2016 Change 2015/2016 Total Group revenues 1,504.2 1,560.2 1,656.4 1,586.1 -4.2 % of which Germany 410.4 440.2 473.7 481.0 1.6 % International 1,093.8 1,120.0 1,182.7 1,105.1 -6.6 % International in % 72.7 71.8 71.4 69.7 n/a of which Construction 741.7 725.6 742.9 722.1 -2.8 % Equipment 628.6 639.2 753.1 651.7 -13.5 % Resources 188.9 252.8 221.6 264.7 19.5 % Other/Consolidation -55.0 -57.4 -61.2 -52.4 n/a Consolidated revenues 1,447.5 1,506.0 1,587.9 1,488.6 -6.3 % Sales revenues 1,402.2 1,375.7 1,379.0 1,396.9 1.3 % Order intake 1,484.5 1,521.1 1,811.4 1,598.6 -11.8 % Order backlog 765.2 762.7 995.6 1,008.1 1.3 % EBITDA 124.0 171.0 185.1 158.4 -14.4 % EBITDA margin in % (of sales revenues) 8.8 12.4 13.4 11.3 n/a EBIT 30.1 76.4 90.7 68.3 -24.7 % EBIT margin in % (of sales revenues) 2.1 5.6 6.6 4.9 n/a Earnings after tax -19.4 15.7 29.0 14.4 -50.3 % Capital investment in property, plant and equipment 91.9 64.1 83.2 88.5 6.4 % Equity 419.8 418.9 451.2 434.1 -3.8 % Equity ratio in % 26.5 26.6 27.2 25.5 n/a Net assets 1,585.8 1,575.1 1,656.9 1,701.4 2.7 % Earnings per share -0.99 0.85 1.73 0.66 -61.8 % Distribution 0.00 2.57 2.57 1.71 * -33.3 % Dividend per share in EUR 0.00 0.15 0.15 0.10 * -33.3 % Return on equity after tax in % -4.2 3.7 6.9 3.2 n/a Employees (on average over the year) 10,264 10,405 10,738 10,771 0.3 % of which Germany 4,144 4,158 4,166 4,064 -2.4 % International 6,120 6,247 6,572 6,707 2.1 % * Proposed; subject to the consent of the Annual General Meeting to be held on June 29, 2017 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. > > > DEVELOPMENT OF TOTAL GROUP REVENUES BY SEGMENT in EUR million Construction Equipment Resources 2013 1,504 2014 1,560 2015 1,656 2016 1,586 CONSTRUCTION SEGMENT KEY FIGURES in EUR '000 2015 2016 Change Total Group revenues 742,862 722,103 -2.8 % Sales revenues 650,762 614,456 -5.6 % GROUP KEY FIGURES AT A GLANCE Order intake 878,436 716,316 -18.5 % Order backlog 591,059 585,272 -1.0 % EBIT 13,916 30,385 n/a Earnings after tax -7,316 9,463 n/a Employees (on average over the year) 6,243 6,412 2.7 % EQUIPMENT SEGMENT KEY FIGURES in EUR '000 2015 2016 Change Total Group revenues 753,083 651,715 -13.5 % Sales revenues 548,039 542,688 -1.0 % Order intake 649,108 667,649 2.9 % Order backlog 128,096 144,030 12.4 % EBIT 99,441 36,984 -62.8 % Earnings after tax 65,397 10,946 -83.3 % Employees (on average over the year) 2,919 2,753 -5.7 % RESOURCES SEGMENT KEY FIGURES in EUR '000 2015 2016 Change Total Group revenues 221,609 264,712 19.5 % Sales revenues 179,319 238,199 32.8 % Order intake 345,045 267,044 -22.6 % Order backlog 276,463 278,795 0.8 % EBIT -19,807 -3,229 n/a Earnings after tax -29,398 -8,452 n/a Employees (on average over the year) 1,276 1,282 0.5 % BAUER Aktiengesellschaft Annual Report 2016 2 Milestones in the Company's History 68 Report of the Supervisory Board 4 Pictures of 2016 71 Balance sheet and income statement of BAUER Aktiengesellschaft 6 Mission and Strategy in accordance with HGB 8 The World is our Market 75 Consolidated financial statements 10 Foreword in accordance with IFRS 13 Combined Management Report 166 Assurance by the legal representatives 62 The Bauer Share 167 Audit opinion 64 Corporate Governance Report 168 Imprint 2 Milestones in the Company's History 1790 1956 Sebastian Bauer acquires a coppersmith's shop in the Dr.-Ing. Karlheinz Bauer, a shareholder in the company center of Schrobenhausen; in the 19th century, subsequent since 1952, becomes sole managing director; construction Bauer generations were engaged in copper working, of a first office building in Wittelsbacherstrasse primarily for breweries and domestic households Dipl.-Ing. Karl Bauer (left) turned the company into an industrial well builder known throughout Bavaria. Dr.-Ing. Karlheinz Bauer (center) led the company onto 1840 the international stage, taking it into the field of specialist Copper cladding for the steeple roof of St. Jakob's church foundation engineering and launching equipment manu- in Schrobenhausen facturing operations. Prof. Dr. Dipl.-Kfm. Thomas Bauer shaped the current global Group, with a network of 1900 operations on every continent. Start of well drilling by Andreas Bauer 1790 – 1948 1956 – 1984 1902 1958 Drilling of an artesian well for Schrobenhausen railway Invention of the injection anchor on the construction site station of the Bayrischer Rundfunk building in Munich 1969 First anchor drilling rig UBW 01 1972 Construction of the new head office administration block 1975 First contracts in Libya, Saudi Arabia and the United Arab Emirates 1928 Dipl.-Ing. Karl Bauer constructs the Schrobenhausen water 1976 supply system; construction of wells and water pipes First heavy-duty rotary drilling rig BG 7 throughout Bavaria 1984 1948 Work complex West begins operations; manufacture and First works on Wittelsbacherstrasse deployment of the first trench cutter MILESTONES IN THE COMPANY'S HISTORY 3 1986 2008 Prof. Thomas Bauer becomes sole managing director Expansion of machinery manufacturing capacities in Aresing of BAUER Spezialtiefbau GmbH and drives forward the and Nordhausen as well as in Tianjin and Shanghai, China international growth of the Group 2009 1990 Largest investment program in the company's history com- Founding of BAUER und MOURIK Umwelttechnik GmbH pleted: administration building in Schrobenhausen, Edelshausen and of SPESA Spezialbau und Sanierung GmbH plant, machinery manufacturing plant in Conroe, Texas, USA 1992 2011 Takeover of SCHACHTBAU NORDHAUSEN GmbH The first deep drilling rig is sold to South America 2012 During the year, the Group's global workforce topped the 10,000 mark for the first time 2013 Bauma Innovation Prize for an underwater drilling technique 2014 Execution of the Schwarzkopf Tunnel bypass railway project 1986 – 2007 2008 – 2016 1994 2015 Founding of BAUER Aktiengesellschaft Joint Venture in the field of deep drilling technology with Schlumberger, the world's leading supplier of technology 2001 and project management for oil and gas industry customers BAUER Maschinen GmbH becomes independent company 2016 2002 Start of drilling large diameter boreholes for the Kessler- Purchase of large machinery manufacturing facility in Aresing grube remediation project, the company's largest single contract to date 2003 – 2005 Specialist companies in a variety of fields are acquired and integrated into the BAUER Group 2006 BAUER AG is listed on the stock market 2007 Founding of BAUER Resources GmbH; market launch of the three new segments: Construction, Equipment and Resources 1 1 2 2 Pictures of 2016 A successful home game: Successful Mine Rescue in China using Bauer BAUER Maschinen Group at the Bauma 2016 1 Technology 2 Every three years, the world’s largest construction machinery For 36 days, hundreds of rescue workers fought for the fair opens its doors at the Munich exhibition center. With lives of numerous buried miners in a gypsum mine in the 580,000 visitors from 200 countries, an exhibition area Shandong province of eastern China.