DGAP-News: BAUER Aktiengesellschaft / Key word(s): Half Year Report/Half Year Results 
BAUER Aktiengesellschaft: BAUER AG increases revenue and earnings in the first half of the year despite the effects of 
the COVID-19 pandemic 
2021-08-12 / 07:00 
The issuer is solely responsible for the content of this announcement. 
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- Total Group revenues increased by 5.8% compared to the previous year, from EUR 725.0 million to EUR 767.4 million 
- EBIT of EUR 15.3 million is significantly above the previous year's value (EUR 11.0 million) 
- Order backlog remains high 
- Forecast 2021 confirmed 
Schrobenhausen, Germany - Despite significant regional effects of the COVID-19 pandemic, the BAUER Group increased 
revenue and earnings in the first half of 2021. The total Group revenues increased by 5.8% from EUR 725.0 million to 
EUR 767.4 million, compared to the same period of the previous year. At EUR 15.3 million, EBIT was also significantly 
above the previous year's value of EUR 11.0 million. The Group's earnings after taxes improved considerably to EUR -5.6 
million (previous year: EUR -16.0 million). 
"The COVID-19 pandemic continues to significantly affect our markets, particularly in the Far East. Nevertheless, we 
are seeing better business development than last year," explains the CEO of BAUER AG, Michael Stomberg. 
At EUR 1,279.4 million, the order backlog in the Group remained high and virtually unchanged compared to the reference 
period in the previous year. 
The company also significantly increased the equity from EUR 366.8 million to EUR 450.4 million, which is primarily 
attributable to the capital increase from authorized capital (EUR +16.0 million) carried out in December 2020 as well 
as the larger capital increase with subscription rights (EUR +76.1 million). As a result, the equity ratio grew from 
22.2% to 27.3% compared to the previous year. The capital increase with subscription rights was successfully concluded 
at the end of June 2021, with large demand on the part of institutional and private investors. 
Income from the capital increase was used for the repayment of bank loans, which means that the liabilities to banks 
reduced by a total of EUR 85.7 million compared to the same period of the previous year. Even without taking into 
account the capital increase with subscription rights, this would have decreased by EUR 21.9 million compared to the 
previous year. Overall, the Group's balance sheet structure has thus significantly improved once again. 
The company is currently working on the early extension of the syndicated loan agreement that expires in June 2022. 
Discussions in this regard are already well advanced and should be concluded over the course of the third quarter. 
Business segments 
With its three segments - Construction, Equipment and Resources - and a broadly diversified business model, Bauer 
address major global trends such as rapidly progressing urbanization, infrastructure expansion, water extraction and 
treatment or climate change as well as increasing environmental awareness. 
At EUR 358.6 million, total Group revenues in the Construction segment were up significantly by 14.8% compared to the 
previous year at EUR 312.2 million. EBIT increased compared to the same period in the previous year, from EUR -0.01 
million to EUR 2.5 million. Earnings after taxes amounted to EUR -5.5 million (previous year: EUR -11.5 million). 
Overall, the Construction segment continued to be influenced by the effects of the COVID-19 pandemic. Although work was 
able to proceed well in the markets of Europe, USA and the Middle East, the business in the Far East was burdened by 
renewed exit restrictions and travel restrictions due to the once again increasing spread of the COVID-19 pandemic, 
which caused project delays and construction suspensions. In this region, the company is still working hard on the 
adjustment of capacities, which presents an additional financial burden in addition to insufficient capacity 
utilization. 
Order backlog in the Construction segment grew slightly by 1.1% from EUR 783.3 million in the previous year to EUR 
791.9 million. This includes major projects in Europe, Jordan, India and Egypt. The order intake was EUR 429.2 million, 
representing a significant decrease of 11.4% from the previous year's value of EUR 484.5 million, as the same period in 
the previous year included a very large individual order. 
At the end of the first half of the year, total Group revenues in the Equipment segment increased by 5.9%, from EUR 
296.9 million to EUR 314.4 million, when compared to the same period of the previous year. EBIT increased compared to 
the previous year, from EUR 4.2 million to EUR 8.4 million, as did earnings after taxes, which improved from EUR -3.8 
million to EUR 1.3 million. 
In the first quarter of the previous year, the key figures still showed only minimal effects of the COVID-19 pandemic. 
In this respect, the increase in revenue and earnings in the first half of the year represents an improvement in 
comparison. Overall, however, the Equipment segment continues to be affected by customer reluctance to invest due to 
uncertainty caused by the COVID-19 pandemic, particularly in the Far East. 
Order backlog increased significantly by 32.9%, from EUR 126.1 million in the previous year to EUR 167.6 million. The 
order intake rose by 15.4% to EUR 363.2 million, compared to EUR 314.8 million in the previous year. 
At EUR 138.2 million, total Group revenues in the Resources segment were down by 9.0% after the first half of the year, 
compared to the previous year's EUR 151.8 million. This was mainly because the previous year's figures included the 
major Kesslergrube project, where the client has been responsible for continuation of works since July 2020. On the 
other hand, EBIT increased from EUR 4.1 million to EUR 4.8 million, and earnings after taxes went from EUR 1.1 million 
to EUR 2.9 million. 
The restructuring carried out in recent years is now being increasingly reflected in the key figures of the Resources 
segment. In the first half of the year, in particular the areas of water well construction, environmental services and 
mining performed well. The segment continues to not be significantly influenced by the COVID-19 pandemic. 
At the end of the first half of the year, the order backlog decreased by 12.7%, from EUR 366.2 million to EUR 319.9 
million. The order intake fell by 35.3%, from EUR 209.8 million to EUR 135.7 million. 
Outlook 
The effects of the COVID-19 pandemic are still being felt worldwide and are particularly impacting the Construction and 
Equipment segments. In Europe, the USA and the Middle East, work on the construction sites was able to proceed well 
overall. However, exit restrictions that were reintroduced in some regions led to significant project delays or 
suspension of construction on the sites in those locations. 
As a consequence, equipment sales in the Far East were also inappropriately low. Although the demand situation has 
revived significantly, an overall reluctance to invest is still being felt. Nevertheless, the company continues to 
anticipate a better second half of the year for the Equipment segment. 
"Overall, we are optimistic that we will make it through this year in good shape. With a view to 2021, we anticipated 
an ongoing pandemic and further effects on our business that remain difficult to forecast," says Michael Stomberg. "In 
this regard, we are particularly pleased with the positive development of the Resources segment." 
Given the background of the ongoing pandemic, the Executive Board continues to anticipate total Group revenues of 
between EUR 1,550 million and EUR 1,650 million, and EBIT of between EUR 75 million and EUR 85 million for the Group in 
the 2021 financial year. 
The complete Half-Year Report can be found online at www.bauer.de. 
About Bauer 
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 a high potential for synergy: 
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. The Resources segment delivers innovative products and services and acts as a service provider with several 
business divisions and subsidiaries in the areas of drilling services and water wells, environmental services, 
constructed wetlands, mining and rehabilitation. 
Bauer profits greatly from the collaboration between its three separate business divisions, enabling the Group to 
position itself as an innovative and highly specialized provider of products and services for demanding projects in 
specialist foundation engineering and related markets. Bauer therefore offers appropriate solutions for the world's 
major challenges, such as urbanization, growing infrastructure needs, the environment, and water, oil and gas. 
The BAUER Group was founded in 1790 and is based in Schrobenhausen, Bavaria. In 2020, it employed some 11,000 people in 
around 70 countries and achieved total Group revenues of EUR 1.5 billion. BAUER Aktiengesellschaft is listed in the 
Prime Standard segment of the German stock market. 
More information can be found at http://www.bauer.de. 
GROUP KEY FIGURES January - June 2021 (IFRS) 
                                2020*           2021 Change 
                       in EUR million in EUR million 
Total Group revenues            725.0          767.4  +5.8% 
Of which 
- Construction                  312.2          358.6 +14.8%

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