BAUER AG performing fully to plan after first quarter

- Total Group revenues up 10.6 percent to EUR 340.0 million
- Orders in hand up 12.0 percent to EUR 751.6 million
- After-tax loss of EUR 4.8 million as expected due to seasonal factors; EBIT of EUR 6.2 million slightly down year-on-year
- Full-year forecast for 2012 reaffirmed

Schrobenhausen - International construction engineering and machinery manufacturing concern BAUER Aktiengesellschaft is performing fully to plan as at the end of first quarter 2012. Total Group revenues rose in the first three months of the year by 10.6 percent from EUR 307.5 million to EUR 340.0 million. Orders in hand increased by 12.0 percent to EUR 751.6 million (previous year: EUR 671.3 million). The increase is primarily related to large-scale construction projects.

As expected, the BAUER Group had to combat the after-effects of last year's disturbances, which hampered results. Weather conditions also had an effect, as did the usual seasonal tendency of customers to be cautious in placing orders at the start of the year. This is a trend that has increased due to the financial turbulence of recent years. As a consequence, earnings were slightly down against the previous year comparative period. While EBIT (earnings before interest and taxes) of EUR 6.2 million was only slightly down on the previous year comparative of EUR 6.7 million, an after-tax loss of EUR 4.8 million was made (previous year: after-tax loss of EUR 2.6 million). This is in line with the normal seasonal trend in the Group's business, featuring a weaker start to the year which is then balanced out over the subsequent months.

With its three segments - Construction, Equipment and Resources - the Group operates a widely diversified yet well-balanced business model and an international network.

The Construction segment has had a good start to the year. Major projects in Hong Kong and Malaysia, especially, contributed to a 26.1 percent rise in total Group revenues from EUR 124.4 million to EUR 156.9 million. A further factor was that massive disturbances relating to the "Arab Spring" had resulted in relatively low revenues last year. A better ratio of fixed costs to revenues resulted in an improvement in EBIT from EUR -1.3 million to EUR 2.2 million.

The Equipment segment continued to feel the impact of customers showing restraint in their investments. The machinery business booked slightly fewer orders in the first quarter, and its total Group revenues of EUR 140.7 million were 12.0 percent down against the previous year comparative quarter. Segment EBIT fell by EUR 4.4 million to EUR 4.9 million.

The Resources segment increased its total Group revenues by 48.6 percent to EUR 58.1 million (previous year: EUR 39.1 million). Segment EBIT was depressed by problems on a well-drilling project in Jordan, and at EUR -0.6 million was slightly down against last year.

Orders in hand increased in the reporting period by 12.0 percent to EUR 751.6 million (previous year: EUR 671.3 million). This growth was driven mainly by the Construction segment, which increased its orders in hand by 25.2 percent to EUR 463.0 million thanks to ongoing large-scale projects. Orders in hand in the Equipment segment totalling EUR 133.6 million were virtually unchanged against the previous year comparative quarter (EUR 133.8 million). Chairman of the Management Board Professor Thomas Bauer comments: "The growth in the Equipment segment is being driven primarily by new products. We see particularly high potential in our large-diameter rotary drilling rigs, in our new deep drilling rigs for extracting oil, gas and water, and in our new developments for offshore foundations. The great interest in our specialist machinery was demonstrated by the in-house exhibition we held in early May at our home base in Schrobenhausen, which attracted 2,200 visitors." The Resources segment has outstandingly high levels of orders in hand: as at the end of the first quarter they totalled EUR 155.0 million, compared to EUR 167.8 million at the same date last year. All in all, the Group recorded a healthy order intake totalling EUR 341.6 million (previous year: EUR 363.9 million).

BAUER AG has reaffirmed its full-year forecast for 2012, and according to the performance data currently available expects to achieve total Group revenues of EUR 1,450 million, profit after tax of around EUR 35 million, and EBIT of around EUR 85 million.