DGAP-News: BAUER Aktiengesellschaft / Key word(s): Annual Report/Forecast 
BAUER Aktiengesellschaft: BAUER AG achieves significant improvement in earnings for 2020 despite decrease in revenues 
2021-04-13 / 07:00 
The issuer is solely responsible for the content of this announcement. 
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- At EUR 1,453.6 million, total Group revenues were down 8.8% due to the COVID-19 pandemic compared to the previous 
year's figure of EUR 1,594.7 million 
- EBIT increased by around EUR 22 million to EUR 55.5 million despite lower total Group revenues 
- Improved EBIT margin of 4.1% (previous year: 2.3%) 
- Reduction of net debt pursued consistently in the course of working capital optimization 
- Measures for sustainable profitability implemented in all segments 
- Forecast for 2021: total Group revenues of between EUR 1,550 million and EUR 1,650 million and EBIT of between EUR 75 
and EUR 85 million. 
Schrobenhausen, Germany - In the context of the publication of the 2020 Annual Report today, BAUER AG provides 
information about developments in the past year as well as the expectations for 2021. According to this, the company 
recorded a decrease in total Group revenues in 2020 in a market environment characterized worldwide by the COVID-19 
pandemic, yet was nevertheless able to increase the earnings before interest and tax (EBIT) with an improved EBIT 
margin as a result. 
"In 2020, the COVID-19 pandemic caused the global economy to drop sharply to an extent not seen in many decades. 
Accordingly, our globally networked business also felt considerable impacts. In particular, we saw a reluctance to 
invest among our customers in the Equipment segment. The Construction segment was affected by curfews and travel 
restrictions in many countries, particularly in the Far East. However, it was largely possible to offset this in other 
regions. The Resources segment was relatively unaffected. Overall, we have made it through this difficult time in good 
shape. Above all, we succeeded in achieving positive EBIT in all three segments despite the challenges, thereby 
increasing EBIT as well as the EBIT margin for the Group," remarks Michael Stomberg, Chairman of the Management Board 
of BAUER AG. 
The BAUER Group achieved total Group revenues amounting to EUR 1,453.6 million in the 2020 financial year, thus 
recording a decrease of 8.8% from the previous year's figure of EUR 1,594.7 million. EBIT rose considerably from EUR 
33.7 million in the previous year to EUR 55.5 million. At EUR -8.2 million, earnings after taxes were slightly 
negative, yet significantly improved from the previous year's value of EUR -36.6 million. 
At EUR 1,162.5 million, the Group's order backlog at the end of 2020 was up 13.1%, significantly more than the previous 
year's already high figure of EUR 1,027.6 million. Even though the markets were very volatile due to the COVID-19 
pandemic and showed themselves to be far more difficult than in 2019, the Construction segment managed to win several 
large orders and significantly increase the order backlog. The order backlog in the Equipment segment was above the 
previous year. On the other hand, in the Resources segment, the backlog decreased compared with the previous year, also 
due to the termination of a major order. Order intake decreased by 1.3% to EUR 1,588.5 million, compared to EUR 1,608.7 
million in the previous year. 
At 23.7%, the equity ratio remained at the same level as the previous year (23.8%). An equity ratio of over 30% remains 
a target. In order to sustainably improve the equity ratio again, no dividends will be distributed. In the medium term, 
however, Bauer continues to maintain its dividend policy, which plans for a dividend ratio of approximately 25 to 30% 
of reported earnings after taxes. 
Net debt was EUR 528.8 million in the year under review, representing a significant decrease from the previous year's 
figure of EUR 563.7 million. This was primarily due to the decrease in inventories and trade receivables, partly in the 
course of measures to optimize the working capital. Liabilities to banks were also further reduced. After reaching its 
highest level in 2013, the net debt has thus reduced by 21.5%. 
Despite the positive developments, Bauer intends to continue working hard in the coming years to improve net debt 
relative to total assets and revenues. Accordingly, Bauer also intends to use the capital increase planned for 2021 to 
further reduce the liabilities to banks. 
Business segments 
With its three segments, Construction, Equipment and Resources, over 100 subsidiaries and a broadly diversified 
business model, the Group operates in around 70 countries all over the world. 
The Construction segment achieved total Group revenues of EUR 669.0 million in the 2020 financial year, representing an 
increase of 6.4% from the previous year's EUR 628.8 million. EBIT returned to markedly positive figures at EUR 24.3 
million (previous year: EUR -17.4 million). In the previous year, a significant valuation allowance of approximately 
EUR 40 million had a negative impact on the total Group revenues and the earnings for the Construction segment as well 
as for the Group. 
Developments in the individual regions differed considerably in 2020 depending on the country-specific measures to 
combat the COVID-19 pandemic. Primarily the countries in the Far East were greatly impacted by the consequences of the 
COVID-19 pandemic. In countries such as Malaysia, the Philippines, Vietnam and partly also in Thailand, there were 
massive lockdowns and a correspondingly significant reduction in construction activities. On the other hand, the 
overall performance in Germany, Europe and North America was good. 
In 2020, Bauer continued working steadily on the global rollout of the Bauer Construction Process. Initial successes 
have already been achieved in the systematic introduction of structured lean management methods transferred to the 
specialist foundation engineering process. For example, project management improved on many sites, with processes and 
risk reduction measures unified for the long term. 
By the end of 2020, order backlog grew significantly by 23.7% from EUR 611.1 million in the previous year to EUR 755.8 
million. This was primarily due to very large orders received in Europe. Accordingly, the order intake rose by 17.5% to 
EUR 813.7 million, compared to EUR 692.7 million in the previous year. 
In 2020, the Equipment segment was the segment most significantly affected by the customers' reluctance to invest, 
resulting from uncertainty caused by the COVID-19 pandemic. Accordingly, total Group revenues fell by 14.4% from EUR 
713.7 million in the previous financial year to EUR 610.7 million. EBIT decreased from EUR 58.7 million to EUR 30.1 
million. Thanks to the numerous measures that were adopted, earnings after taxes were still in the positive range. 
Markets in Germany, the USA and China proved to be the most robust. In the countries in Europe, the sales figures 
declined. The same was true for the Middle East as well as the other Asian countries and Africa. 
Bauer achieved a significant strategic milestone in the third quarter of 2020 by ending the joint venture launched 
together with Schlumberger in 2015 to develop and build deep drilling rigs for the oil and gas industry. On the other 
hand, the well drilling business in the USA was expanded in the year gone by. The water well drilling rig business 
established in the USA under the Gefco brand was taken over in order to ensure a successful market entry. 
Order intake development was significantly weaker than in the previous year due to the COVID-19 pandemic. Overall, it 
fell by 7.6% from EUR 672.1 million in the previous year to EUR 621.3 million. At EUR 118.9 million, order backlog at 
the end of 2020 was above the previous year's level of EUR 108.3 million. 
The Resources segment delivers innovative products and services in the areas of drilling services and water wells, 
environmental services, constructed wetlands, mining and remediation. Total Group revenues decreased by 14.6%, from EUR 
314.8 million in the previous year to EUR 268.8 million. However, EBIT improved from EUR -5.1 million to EUR 1.9 
million. 
Overall, 2020 was once again shaped by the restructuring measures initiated in the previous years, which are now nearly 
completed. As a result, Bauer sees itself in a significantly better position for the future. For example, Bauer sold 
its brewery and beverage technology business and significantly reduced the financial burden on the subsidiary in 
Jordan, which has recorded losses for a number of years. 
The environmental services business was healthy again and was able to handle a market environment with good demand in 
2020. The business in drilling services and well drilling recorded stable performance, while the subsidiary in Jordan 
was negatively impacted due to a decline in orders and delays caused by lockdowns. Significant restructuring in the 
area of well materials over the past years has proven successful, and Bauer achieved positive earnings. Also, the 
financial year was once again successful in the area of constructed wetlands in Oman. In 2021, there is an opportunity 
for additional contracts for constructed wetlands in the Middle East. The area of mining also once again recorded 
positive revenues and earnings in 2020. 
Order intake was EUR 248.5 million in 2020, below the previous year's value of EUR 306.6 million. At EUR 287.9 million, 
the order backlog at the end of the year was also down from the previous year's EUR 308.2 million. This decrease can 
also be attributed to the fact that the remaining works for the large Kesslergrube project are no longer included. 
Outlook 
The COVID-19 pandemic will have a significant impact on the general economic situation in 2021 as well. Given the 
background of the ongoing pandemic and the difficulty of predicting further effects in the current financial year, the

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