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BAUER Aktiengesellschaft / Key word(s): 9 Month figures/Change in Forecast
Schrobenhausen, Germany - The Executive Board of BAUER Aktiengesellschaft (ISIN DE0005168108) today decided to adjust the forecast for the financial year 2021 given on April 13, 2021 with the publication of the Annual Report. Business figures now available for the end of the third quarter of 2021 are significantly below expectations.
According to preliminary figures, total Group revenues as of September 30, 2021 were EUR 1,150 million (previous year: EUR 1,098 million), EBIT were about EUR 24 million (previous year: EUR 29.8 million) and earnings after taxes were around EUR -6 million (previous year: EUR -13.2 million).
On the one hand, the ongoing consequences of the COVID-19 pandemic weighed more heavily than expected on business in the Construction and Equipment segments in the third quarter of the current year. In the countries of the Far East, especially Southeast Asia, strict exit restrictions continue in many regions and resulted in ongoing project delays and standstills at construction sites. In addition, there were in some cases considerable delays at individual major projects in Europe, among others at a project for the foundation of an offshore wind park off the coast of France.
Because of the ongoing consequences of the COVID-19 pandemic, also revenues and earnings figures for equipment sales in the Far East were too low. The expected recovery in this region in the second half of the current year fell well short of expectations.
Overall, the Executive Board therefore assumes that the forecast for the business year 2021 given in the 2020 Annual Report can no longer be achieved. Previously, an EBIT of between EUR 75 million and EUR 85 million had been expected. The company now expects to achieve EBIT of between EUR 35 million and EUR 45 million by the end of the year. The forecast for total Group revenues, which had been expected to be between EUR 1,550 million and EUR 1,650 million, has been adjusted to a new range between EUR 1,530 million and EUR 1,570 million.
In addition to the forecast, the Executive Board estimates that, due to the significant year-on-year improvement in the financial result, the Group's earnings after taxes at the end of 2021 will be approximately at the same level as in the previous year.
BAUER AG will publish the final figures for the third quarter of 2021 on November 11, 2021.
02-Nov-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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