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BAUER Aktiengesellschaft Annual Report 2006 at a Glance: the Group 2003 – 2006 in EUR Million

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BAUER Aktiengesellschaft Annual Report 2006 at a Glance: the Group 2003 – 2006 in EUR Million BAUER Aktiengesellschaft Annual Report 2006 At a Glance: The Group 2003 – 2006 in EUR million IFRS 2003 2004 2005 2006 Total Group revenues 634.0 664.0 824.3 979.9 of which: Construction, Germany 266.4 250.9 223.2 234.2 International 173.0 186.8 290.7 328.4 Equipment 194.6 226.3 310.4 417.3 Consolidated revenues * 615.9 640.2 770.0 914.2 Sales revenues * 576.5 602.4 717.5 835.4 Orders in hand as per February of following year 288.6 311.7 386.8 429.8 as per December of current year 269.7 281.3 346.1 422.4 Employees (on average over the year) 4,629 4,810 5,155 5,541 of which: Germany 2,594 2,659 2,663 2,741 International 2,035 2,151 2,492 2,800 Capital investment in property, plant and equipment 48.4 33.0 51.1 61.1 Net assets 485.2 495.5 568.8 643.7 Fixed assets 172.6 169.8 184.3 205.7 of which: Property, plant and equipment and Intangible assets 168.8 165.9 179.9 196.2 Financial assets 3.8 3.9 4.5 9.5 Shareholders' equity 122.3 128.4 148.5 222.6 Subscribed capital 63.0 63.0 63.0 73.0 Equity ratio in % 25.2 25.9 26.1 34.6 Profit 13.8 8.7 19.5 35.2 Earnings per share ** 0.90 0.55 1.32 2.17 Dividend payment (2006 proposal) 1.48 1.85 2.46 8.57 Dividend per share in EUR 0.60 0.75 1.00 0.50 Return on equity after tax in % 11.3 6.8 13.1 15.8 EBIT 34.9 31.6 47.5 73.0 EBIT / consolidated revenues in % * 5.7 4.9 6.2 8.0 EBITDA 76.9 74.8 94.8 123.2 EBITDA / consolidated revenues in % * 12.5 11.7 12.3 13.5 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-consolidat- ed subsidiaries and joint ventures. * Previous year figures have been adjusted; see Notes item (5) ** Following share split; see Notes item (13) BAUER Aktiengesellschaft 2006 Annual Report 3 Management Board of the Company 4 Foreword 8 Milestones in the Company's History 10 The World is our Market 12 2006 Group Management Report of BAUER Aktiengesellschaft 38 Specialist Foundation Engineering, Germany 40 Specialist Foundation Engineering, International 42 Specialist Construction 44 Equipment 48 The BAUER Share 50 Corporate Governance Report 55 Report by the Supervisory Board 59 Balance Sheet and Income Statement of BAUER Aktiengesellschaft in accordance with HGB 63 Consolidated Financial Statements of BAUER Aktiengesellschaft in accordance with IFRS 112 Imprint Péribonka dam project in Canada Management Board of the Company Management Board Dipl.-Ing. Heinz Kaltenecker, Dipl.-Ing. (FH) Mark Schenk, Prof. Dipl.-Kfm. Thomas Bauer, Prof. Dipl.-Kfm. Thomas Bauer, Chairman Dipl.-Betriebswirt (FH) Hartmut Functions: Subsidiaries Beutler Supervisory Board, BAUER Spezialtiefbau GmbH, Schrobenhausen, Chairman 1 Supervisory Board, BAUER Maschinen GmbH, Schrobenhausen, Chairman 1 Supervisory Board, SCHACHTBAU NORDHAUSEN GmbH, Nordhausen, Chairman 1 Supervisory Board, Sozialkassen der Bauwirtschaft, Wiesbaden (construction industry ancillary benefits and holiday benefits fund) 2 Supervisory Board, Mannheimer Holding AG, Mannheim 2 Dipl.-Betriebswirt (FH) Hartmut Beutler Functions: Finance, Legal Affairs, Facility Management Dipl.-Ing. Heinz Kaltenecker Functions: Subsidiaries Supervisory Board, BAUER Maschinen GmbH, Schrobenhausen 1 Supervisory Board, SCHACHTBAU NORDHAUSEN GmbH, Nordhausen 1 Dipl.-Ing. (FH) Mark Schenk Functions: Human Resources, IT, Accounting, Controlling 1 Internal Supervisory Board membership 2 Memberships of Supervisory Boards or comparable supervisory bodies in Germany and abroad, in accordance with section 285 No. 10 of the German Commercial Code (HGB) 3 Foreword Dear Shareholders and Friends, Ladies and Gentlemen, The companies of the BAUER Group have once again made excellent progress in 2006. The out- standing event in the past financial year was the company's listing on the Frankfurt Stock Exchange on July 4, 2006 – a major milestone in the history of Bauer. For decades now, our strategic goal has been to develop the business in order to establish a leading international position with our specialist foundation engineering services and related equipment sales so that a stock market listing would be possible, thereby ultimately safeguarding the long-term independence of the Group. Last year's listing represented the attainment of that goal. In the early months of the year we focused closely on preparations for the upcoming listing. In addi- tion to drawing up the annual financial statements, we had to write a prospectus with the assistance of our legal advisers and bankers, and also compiled documentation for our presentations to potential investors and the public. As the markets were extremely healthy during those months, we had few concerns about the final step – the actual public offering of shares. However, two months prior to the scheduled listing date the climate turned distinctly icy. Markets went into free fall, and within just a few days potential investors had stopped buying and started looking to sell. The last weeks before the initial price was set on the Frankfurt trading floor posed a challenge to the nerves of all involved – our management team as well as our bankers. When the day came, the listing succeeded in hitting its mark, though it was tight: the issue price of EUR 16.75 was just above the lower end of the price span. Since then our share price has risen steadily. At the year-end it stood at EUR 32.30, around 93 percent up on the issue price. We are extremely pleased with its performance. This stock market listing has very significant advantages for our business. For the first time, we had the opportunity – indeed were obliged – to present our strategy in detail to an array of highly critical and influential international market analysts. It was extremely pleasing to us that virtually all potential investors understood and appreciated our Group's positioning as an international construction engi- neering and equipment manufacturing business within a clearly defined market. In recent years the relative scale of the various divisions within the Group has shifted significantly. Whereas in the early 1980s, domestic specialist foundation engineering operations still accounted for 80 percent of total sales, they now make up just 10 percent. In the same period, the international specialist foundation engineering business has increased to over 30 percent of total sales, and sale of construction equip- ment to over 40 percent. This trend has also radically altered the Group's market positioning. Bauer is no longer a German company in the way the general public perceives it. Today Bauer is an interna- tional concern managed from a German base. Around three quarters of total Group revenues are generated outside of Germany. 4 Investors also appreciated the sound market prospects of our new products arising from our specialist foundation engineering know-how, such as geothermal applications, offshore drilling methods and exploration mining all over the world. The equipment and services developed for those operations are delivering substantial growth. Another key reason for the very healthy trend in our share price since listing has of course also been the excellent progress made by our company in the past year. Total Group revenues increased by just under 19 percent; sales of Bauer Maschinen increased by 38 percent. Consolidated profit after tax increased by more than 80 percent, to EUR 35.2 million. Geographical breakdown of total Group revenues Breakdown of total Group revenues in EUR million in the Equipment segment in EUR million Germany 282 Other 54 29 % Germany 54 EU excl. Germany 104 6 % Other 21 5 % 13 % 25 % America 156 16 % 18 % EU excl. 21 % 12 % 11 % 13 % Germany America Europe 181 89 10 % 7 % other 50 14 % Far East 45 Middle East 54 Far East 102 Europe other 70 Middle East 135 Breakdown of total Group revenues in the Construction segment in EUR million This success is founded on the following key factors: the specialist foundation engineering market Germany 228 has been growing strongly for a number of years. Forecast growth in the global economy is cur- Other 33 rently around 4 percent per year. This growth does, however, require adequate investment in con- 6 % 40 % struction projects in order to develop the public and private sector infrastructure. For this reason, America 12 % 67 10 % 13 % construction volumes are growing much faster than the global economy. The construction projects 14 % 4 % demand substantial additional equipment capacities. The global construction equipment industry Far East 57 EU excl. Middle East 81 Europe Germany is profiting from that trend, with current annual growth rates of well over 10 percent. other 20 77 In this phase, the specialist foundation engineering business is growing even more strongly than the construction business, as the ever tighter spaces in our major cities mean expensive construc- tion land has to be utilized much more intensively than in the past. This entails additional demand for specialist services and equipment. Bauer's ability to outperform the market trend is primarily due to our success, in recent years, in building strong international networks encompassing branch offices and subsidiaries, providing a 5 Foreword Development of total Group revenues by strategic business sector in EUR million Total: 980 1000 900 800 417 700 600 500 133 Equipment 400 Specialist construction 300 Specialist foundation 328 200 engineering, international 100 Specialist foundation 102 engineering, Germany 0 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 range of construction engineering services and equipment.
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