Group Presentation FYQ4 2019April 9 2020

Foundation works for ldquoQH Trackrdquo project ndash Berlin Germany

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 2

Total Group revenues decreased by 54 from EUR 16861 million to EUR 15947 million EBIT fell very sharply from EUR 1001 million to EUR 225 million At EUR -366 million earnings after taxes were significantly in the negative range (previous year EUR 241 million)

The appeal against an arbitration court verdict led to a significant valuation allowance of about EUR 40 million in the balance sheet which consequently impacted revenues and earnings figures to a significant extent For this reason it was also not possible to keep to the covenants agreed with the banks The decline is also attributable to the markets of the Far East which were affected by a lack of orders and project postponements

The order backlog increased significantly by 14 from EUR 10136 million to EUR 10276 million

Net debt was EUR 5637 million remaining approximately at the 2018 level of EUR 5619 million This was essentially due to IFRS 16 and market valuation of financial liabilities Pure bank debt has seen further reductions

Due to coronavirus pandemic forecast 2020 is much more cautious a slight increase in total Group revenues a significant increase in EBIT as well as a significant increase in earnings after taxes in the positive area

HighlightsFY 2019 ndash BAUER GroupTotal Group revenues

EUR 1595 million(-54)

Sales revenues

EUR 1471 million(-74)

EBIT

EUR 225 million(-775)

Earnings after tax

EUR -366 million(FY 18 EUR 241 million)

Total assets

EUR 1629 million(-02)

Order backlog

EUR 1028 million(+14)

Net debt

EUR 564 million(+03)

Equity ratio

238(FY 18 265)

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 3

Key FiguresFY 2019

FY 2018in EUR million

FY 2019in EUR million

∆ FY in

Total Group revenues of which- Germany- International- Construction- Equipment- Resources

- OtherConsolidation

168614671

12190767672312615

-661

159475187

10760668871362749

-626

-54+111-117-129

-13+51

na

Sales revenues 15891 14709 -74Order intake 17219 16087 -66Order backlog 10136 10276 +14EBITDA 1986 1230 -380EBIT 1001 225 -775EBIT margin in (of sales revenues) 63 15 naEarnings after tax 241 -366 naEarnings per share (in EUR) 132 -217 naTotal assets 16323 16285 -02Equity 4318 3869 -104Equity ratio in 265 238 naEmployees (average over the year) 11643 11684 +04

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 4

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 5

The BAUER Group is a leading provider of services equipment amp products dealing with ground and groundwater

Mission

Strategy

The world is our market

Global network organization with flexible decentralized management

Three forward-looking segments providing high level of synergies Construction Equipment Resources

World market leadership for foundation technology

Powerful development of drilling applications and servicesfor related markets

Highly innovative products and services related to water environmentand natural resources

BAUER GroupMission amp Strategy

EUR 16 billiontotal Group revenues

EUR 225 millionEBIT

15EBIT margin

238equity ratio

11684employees FY 2019

Key targets Revenue growth 3 - 8 per year

EBIT margin 7 - 9

Equity ratio gt 30

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 6

Equipment673

ConstructionOverseas433

ConstructionDomestic220

Resources269

BAUER GroupLongstanding healthy business development

1600

1000

1400

800

600

200

1200

400

1800

Note from 2003 based on IFRS figures

0

Total 1595Total Group revenuesin EUR million (segment after deducting OtherConsolidation)

1980 1984 2000 2004 200819921988 1996 2012 2016 2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

9801208

15271278 1304 1372 1436 1504 1560 1656 1555

1772 1686 1595

0

400

800

1200

1600

2000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

8351033

12911097 1132 1220

1344 1402 1376 1379 13971668 1589

1471

0

400

800

1200

1600

2000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Sales revenuesin EUR million

Total Group revenuesin EUR million

7

CAGR38

BAUER GroupLongstanding healthy business development

CAGR45

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

Schrobenhausen

Kuala LumpurTianjinConroe

Worldwide networkMore than 110 subsidiaries in about 70 countries

Permanent OfficesConstructionEquipment salesResourcesEquipment production

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

Market few large projects in some countries

Bauer low order backlog

Latin America

Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

Bauer good backlog in UK Netherlands and Hungary Russia weak

Europe

Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

Bauer major projects especially in Thailand and Philippines

Far East

Market few projects in some countries Egypt with slow growth

Bauer focus only on single projects reasonable backlog in Egypt

Africa

Market ongoing uncertainty as a result of oil price and political crisis

Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

Middle East amp Central Asia

Market the infrastructure market in the USA is still strong

Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

USA Canada Market good first signs of weakening growth in infrastructure expected

Bauer solid order backlog

Germany

9

BAUER GroupConstruction market environment vs order backlog

+

+

oo

+

+

+

+

-o

+

+

o+

-- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

Regional breakdownTotal Group revenues FY 2019 ndash Group

Africa 80 (5)

Americas 192 (12)

Asia-PacificFar East amp Australia266 (17)

Middle East amp Central Asia208 (13)

Germany 519 (33)

EU excl Germany 259 (16)

Europe (other)71 (4)

Africa 73 (4)

Americas 171 (10)

Asia-PacificFar East amp Australia428 (25)

Middle East amp Central Asia212 (13)

Germany 467 (28)

EU excl Germany 276 (16)

Europe (other)59 (4)

Full year 2018Total 1686in EUR million

Total 1595 in EUR million

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

Regional breakdownTotal Group revenues FY 2019 ndash Segments

Construction segment Equipment segment Resources segment

Figures after deducting OtherConsolidation

Africa 50 (8)

Americas 47 (7)

Asia-Pacific Far East amp Australia85 (13)

Middle East amp Central Asia136 (21)

Germany 220 (34)

EU excl Germany 89 (13)

Europe (other)26 (4)

Africa 18 (3)

Americas 138 (20)

Asia-PacificFar East amp Australia180 (27)

Middle East amp Central Asia34 (5)

Germany 111 (16)

EU excl Germany 147 (22)

Europe (other)45 (7)

Africa 12 (4)

Americas 7 (3)

Asia-Pacific Far East amp Australia 1 (0)

Middle East amp Central Asia 38 (14)

Germany 188 (70)

EU excl Germany 23 (9)

Europe (other)0 (0)

Total 653in EUR million

Total 673 Total 269

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

379 484 429 420

381454 386 418

396409

422 450

411394 485 321

2016 2017 2018 2019

15551772 1686 1595

13971668 1589

1471

0

400

800

1200

1600

2000

2016 2017 2018 2019

1008 978 1014 1028

0

250

500

750

1000

1250

2016 2017 2018 2019

703896

1001

22514437

241

-366-50

-25

0

25

50

75

100

125

2016 2017 2018 2019

13

Q1

Q2

Q3

Q4

FinancialsRevenues earnings amp orders ndash Group

Revenues

Earnings

Order backlog

Order intake

in EUR million

in EUR million in EUR million

in EUR millionTotal Group revenues Sales revenues

EBIT Earnings after tax

1567

+14

-661741

-54-74

∆ FY

-775na

∆ FY 1722 1609

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

231154

768669

2018 2019

547639

2018 2019

263

-207

391

-199

2018 2019

FinancialsConstruction segment ndash Highlights FY 2019

Construction

Global provider for specialist foundation engineering services

Focus on complex international projects

~ 5050 infrastructure industrialTotal Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

14

-129+167Full year 2019

41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 2

Total Group revenues decreased by 54 from EUR 16861 million to EUR 15947 million EBIT fell very sharply from EUR 1001 million to EUR 225 million At EUR -366 million earnings after taxes were significantly in the negative range (previous year EUR 241 million)

The appeal against an arbitration court verdict led to a significant valuation allowance of about EUR 40 million in the balance sheet which consequently impacted revenues and earnings figures to a significant extent For this reason it was also not possible to keep to the covenants agreed with the banks The decline is also attributable to the markets of the Far East which were affected by a lack of orders and project postponements

The order backlog increased significantly by 14 from EUR 10136 million to EUR 10276 million

Net debt was EUR 5637 million remaining approximately at the 2018 level of EUR 5619 million This was essentially due to IFRS 16 and market valuation of financial liabilities Pure bank debt has seen further reductions

Due to coronavirus pandemic forecast 2020 is much more cautious a slight increase in total Group revenues a significant increase in EBIT as well as a significant increase in earnings after taxes in the positive area

HighlightsFY 2019 ndash BAUER GroupTotal Group revenues

EUR 1595 million(-54)

Sales revenues

EUR 1471 million(-74)

EBIT

EUR 225 million(-775)

Earnings after tax

EUR -366 million(FY 18 EUR 241 million)

Total assets

EUR 1629 million(-02)

Order backlog

EUR 1028 million(+14)

Net debt

EUR 564 million(+03)

Equity ratio

238(FY 18 265)

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 3

Key FiguresFY 2019

FY 2018in EUR million

FY 2019in EUR million

∆ FY in

Total Group revenues of which- Germany- International- Construction- Equipment- Resources

- OtherConsolidation

168614671

12190767672312615

-661

159475187

10760668871362749

-626

-54+111-117-129

-13+51

na

Sales revenues 15891 14709 -74Order intake 17219 16087 -66Order backlog 10136 10276 +14EBITDA 1986 1230 -380EBIT 1001 225 -775EBIT margin in (of sales revenues) 63 15 naEarnings after tax 241 -366 naEarnings per share (in EUR) 132 -217 naTotal assets 16323 16285 -02Equity 4318 3869 -104Equity ratio in 265 238 naEmployees (average over the year) 11643 11684 +04

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 4

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 5

The BAUER Group is a leading provider of services equipment amp products dealing with ground and groundwater

Mission

Strategy

The world is our market

Global network organization with flexible decentralized management

Three forward-looking segments providing high level of synergies Construction Equipment Resources

World market leadership for foundation technology

Powerful development of drilling applications and servicesfor related markets

Highly innovative products and services related to water environmentand natural resources

BAUER GroupMission amp Strategy

EUR 16 billiontotal Group revenues

EUR 225 millionEBIT

15EBIT margin

238equity ratio

11684employees FY 2019

Key targets Revenue growth 3 - 8 per year

EBIT margin 7 - 9

Equity ratio gt 30

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 6

Equipment673

ConstructionOverseas433

ConstructionDomestic220

Resources269

BAUER GroupLongstanding healthy business development

1600

1000

1400

800

600

200

1200

400

1800

Note from 2003 based on IFRS figures

0

Total 1595Total Group revenuesin EUR million (segment after deducting OtherConsolidation)

1980 1984 2000 2004 200819921988 1996 2012 2016 2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

9801208

15271278 1304 1372 1436 1504 1560 1656 1555

1772 1686 1595

0

400

800

1200

1600

2000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

8351033

12911097 1132 1220

1344 1402 1376 1379 13971668 1589

1471

0

400

800

1200

1600

2000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Sales revenuesin EUR million

Total Group revenuesin EUR million

7

CAGR38

BAUER GroupLongstanding healthy business development

CAGR45

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

Schrobenhausen

Kuala LumpurTianjinConroe

Worldwide networkMore than 110 subsidiaries in about 70 countries

Permanent OfficesConstructionEquipment salesResourcesEquipment production

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

Market few large projects in some countries

Bauer low order backlog

Latin America

Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

Bauer good backlog in UK Netherlands and Hungary Russia weak

Europe

Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

Bauer major projects especially in Thailand and Philippines

Far East

Market few projects in some countries Egypt with slow growth

Bauer focus only on single projects reasonable backlog in Egypt

Africa

Market ongoing uncertainty as a result of oil price and political crisis

Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

Middle East amp Central Asia

Market the infrastructure market in the USA is still strong

Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

USA Canada Market good first signs of weakening growth in infrastructure expected

Bauer solid order backlog

Germany

9

BAUER GroupConstruction market environment vs order backlog

+

+

oo

+

+

+

+

-o

+

+

o+

-- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

Regional breakdownTotal Group revenues FY 2019 ndash Group

Africa 80 (5)

Americas 192 (12)

Asia-PacificFar East amp Australia266 (17)

Middle East amp Central Asia208 (13)

Germany 519 (33)

EU excl Germany 259 (16)

Europe (other)71 (4)

Africa 73 (4)

Americas 171 (10)

Asia-PacificFar East amp Australia428 (25)

Middle East amp Central Asia212 (13)

Germany 467 (28)

EU excl Germany 276 (16)

Europe (other)59 (4)

Full year 2018Total 1686in EUR million

Total 1595 in EUR million

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

Regional breakdownTotal Group revenues FY 2019 ndash Segments

Construction segment Equipment segment Resources segment

Figures after deducting OtherConsolidation

Africa 50 (8)

Americas 47 (7)

Asia-Pacific Far East amp Australia85 (13)

Middle East amp Central Asia136 (21)

Germany 220 (34)

EU excl Germany 89 (13)

Europe (other)26 (4)

Africa 18 (3)

Americas 138 (20)

Asia-PacificFar East amp Australia180 (27)

Middle East amp Central Asia34 (5)

Germany 111 (16)

EU excl Germany 147 (22)

Europe (other)45 (7)

Africa 12 (4)

Americas 7 (3)

Asia-Pacific Far East amp Australia 1 (0)

Middle East amp Central Asia 38 (14)

Germany 188 (70)

EU excl Germany 23 (9)

Europe (other)0 (0)

Total 653in EUR million

Total 673 Total 269

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

379 484 429 420

381454 386 418

396409

422 450

411394 485 321

2016 2017 2018 2019

15551772 1686 1595

13971668 1589

1471

0

400

800

1200

1600

2000

2016 2017 2018 2019

1008 978 1014 1028

0

250

500

750

1000

1250

2016 2017 2018 2019

703896

1001

22514437

241

-366-50

-25

0

25

50

75

100

125

2016 2017 2018 2019

13

Q1

Q2

Q3

Q4

FinancialsRevenues earnings amp orders ndash Group

Revenues

Earnings

Order backlog

Order intake

in EUR million

in EUR million in EUR million

in EUR millionTotal Group revenues Sales revenues

EBIT Earnings after tax

1567

+14

-661741

-54-74

∆ FY

-775na

∆ FY 1722 1609

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

231154

768669

2018 2019

547639

2018 2019

263

-207

391

-199

2018 2019

FinancialsConstruction segment ndash Highlights FY 2019

Construction

Global provider for specialist foundation engineering services

Focus on complex international projects

~ 5050 infrastructure industrialTotal Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

14

-129+167Full year 2019

41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 3

Key FiguresFY 2019

FY 2018in EUR million

FY 2019in EUR million

∆ FY in

Total Group revenues of which- Germany- International- Construction- Equipment- Resources

- OtherConsolidation

168614671

12190767672312615

-661

159475187

10760668871362749

-626

-54+111-117-129

-13+51

na

Sales revenues 15891 14709 -74Order intake 17219 16087 -66Order backlog 10136 10276 +14EBITDA 1986 1230 -380EBIT 1001 225 -775EBIT margin in (of sales revenues) 63 15 naEarnings after tax 241 -366 naEarnings per share (in EUR) 132 -217 naTotal assets 16323 16285 -02Equity 4318 3869 -104Equity ratio in 265 238 naEmployees (average over the year) 11643 11684 +04

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 4

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 5

The BAUER Group is a leading provider of services equipment amp products dealing with ground and groundwater

Mission

Strategy

The world is our market

Global network organization with flexible decentralized management

Three forward-looking segments providing high level of synergies Construction Equipment Resources

World market leadership for foundation technology

Powerful development of drilling applications and servicesfor related markets

Highly innovative products and services related to water environmentand natural resources

BAUER GroupMission amp Strategy

EUR 16 billiontotal Group revenues

EUR 225 millionEBIT

15EBIT margin

238equity ratio

11684employees FY 2019

Key targets Revenue growth 3 - 8 per year

EBIT margin 7 - 9

Equity ratio gt 30

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 6

Equipment673

ConstructionOverseas433

ConstructionDomestic220

Resources269

BAUER GroupLongstanding healthy business development

1600

1000

1400

800

600

200

1200

400

1800

Note from 2003 based on IFRS figures

0

Total 1595Total Group revenuesin EUR million (segment after deducting OtherConsolidation)

1980 1984 2000 2004 200819921988 1996 2012 2016 2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

9801208

15271278 1304 1372 1436 1504 1560 1656 1555

1772 1686 1595

0

400

800

1200

1600

2000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

8351033

12911097 1132 1220

1344 1402 1376 1379 13971668 1589

1471

0

400

800

1200

1600

2000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Sales revenuesin EUR million

Total Group revenuesin EUR million

7

CAGR38

BAUER GroupLongstanding healthy business development

CAGR45

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

Schrobenhausen

Kuala LumpurTianjinConroe

Worldwide networkMore than 110 subsidiaries in about 70 countries

Permanent OfficesConstructionEquipment salesResourcesEquipment production

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

Market few large projects in some countries

Bauer low order backlog

Latin America

Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

Bauer good backlog in UK Netherlands and Hungary Russia weak

Europe

Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

Bauer major projects especially in Thailand and Philippines

Far East

Market few projects in some countries Egypt with slow growth

Bauer focus only on single projects reasonable backlog in Egypt

Africa

Market ongoing uncertainty as a result of oil price and political crisis

Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

Middle East amp Central Asia

Market the infrastructure market in the USA is still strong

Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

USA Canada Market good first signs of weakening growth in infrastructure expected

Bauer solid order backlog

Germany

9

BAUER GroupConstruction market environment vs order backlog

+

+

oo

+

+

+

+

-o

+

+

o+

-- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

Regional breakdownTotal Group revenues FY 2019 ndash Group

Africa 80 (5)

Americas 192 (12)

Asia-PacificFar East amp Australia266 (17)

Middle East amp Central Asia208 (13)

Germany 519 (33)

EU excl Germany 259 (16)

Europe (other)71 (4)

Africa 73 (4)

Americas 171 (10)

Asia-PacificFar East amp Australia428 (25)

Middle East amp Central Asia212 (13)

Germany 467 (28)

EU excl Germany 276 (16)

Europe (other)59 (4)

Full year 2018Total 1686in EUR million

Total 1595 in EUR million

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

Regional breakdownTotal Group revenues FY 2019 ndash Segments

Construction segment Equipment segment Resources segment

Figures after deducting OtherConsolidation

Africa 50 (8)

Americas 47 (7)

Asia-Pacific Far East amp Australia85 (13)

Middle East amp Central Asia136 (21)

Germany 220 (34)

EU excl Germany 89 (13)

Europe (other)26 (4)

Africa 18 (3)

Americas 138 (20)

Asia-PacificFar East amp Australia180 (27)

Middle East amp Central Asia34 (5)

Germany 111 (16)

EU excl Germany 147 (22)

Europe (other)45 (7)

Africa 12 (4)

Americas 7 (3)

Asia-Pacific Far East amp Australia 1 (0)

Middle East amp Central Asia 38 (14)

Germany 188 (70)

EU excl Germany 23 (9)

Europe (other)0 (0)

Total 653in EUR million

Total 673 Total 269

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

379 484 429 420

381454 386 418

396409

422 450

411394 485 321

2016 2017 2018 2019

15551772 1686 1595

13971668 1589

1471

0

400

800

1200

1600

2000

2016 2017 2018 2019

1008 978 1014 1028

0

250

500

750

1000

1250

2016 2017 2018 2019

703896

1001

22514437

241

-366-50

-25

0

25

50

75

100

125

2016 2017 2018 2019

13

Q1

Q2

Q3

Q4

FinancialsRevenues earnings amp orders ndash Group

Revenues

Earnings

Order backlog

Order intake

in EUR million

in EUR million in EUR million

in EUR millionTotal Group revenues Sales revenues

EBIT Earnings after tax

1567

+14

-661741

-54-74

∆ FY

-775na

∆ FY 1722 1609

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

231154

768669

2018 2019

547639

2018 2019

263

-207

391

-199

2018 2019

FinancialsConstruction segment ndash Highlights FY 2019

Construction

Global provider for specialist foundation engineering services

Focus on complex international projects

~ 5050 infrastructure industrialTotal Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

14

-129+167Full year 2019

41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 4

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 5

The BAUER Group is a leading provider of services equipment amp products dealing with ground and groundwater

Mission

Strategy

The world is our market

Global network organization with flexible decentralized management

Three forward-looking segments providing high level of synergies Construction Equipment Resources

World market leadership for foundation technology

Powerful development of drilling applications and servicesfor related markets

Highly innovative products and services related to water environmentand natural resources

BAUER GroupMission amp Strategy

EUR 16 billiontotal Group revenues

EUR 225 millionEBIT

15EBIT margin

238equity ratio

11684employees FY 2019

Key targets Revenue growth 3 - 8 per year

EBIT margin 7 - 9

Equity ratio gt 30

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 6

Equipment673

ConstructionOverseas433

ConstructionDomestic220

Resources269

BAUER GroupLongstanding healthy business development

1600

1000

1400

800

600

200

1200

400

1800

Note from 2003 based on IFRS figures

0

Total 1595Total Group revenuesin EUR million (segment after deducting OtherConsolidation)

1980 1984 2000 2004 200819921988 1996 2012 2016 2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

9801208

15271278 1304 1372 1436 1504 1560 1656 1555

1772 1686 1595

0

400

800

1200

1600

2000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

8351033

12911097 1132 1220

1344 1402 1376 1379 13971668 1589

1471

0

400

800

1200

1600

2000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Sales revenuesin EUR million

Total Group revenuesin EUR million

7

CAGR38

BAUER GroupLongstanding healthy business development

CAGR45

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

Schrobenhausen

Kuala LumpurTianjinConroe

Worldwide networkMore than 110 subsidiaries in about 70 countries

Permanent OfficesConstructionEquipment salesResourcesEquipment production

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

Market few large projects in some countries

Bauer low order backlog

Latin America

Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

Bauer good backlog in UK Netherlands and Hungary Russia weak

Europe

Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

Bauer major projects especially in Thailand and Philippines

Far East

Market few projects in some countries Egypt with slow growth

Bauer focus only on single projects reasonable backlog in Egypt

Africa

Market ongoing uncertainty as a result of oil price and political crisis

Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

Middle East amp Central Asia

Market the infrastructure market in the USA is still strong

Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

USA Canada Market good first signs of weakening growth in infrastructure expected

Bauer solid order backlog

Germany

9

BAUER GroupConstruction market environment vs order backlog

+

+

oo

+

+

+

+

-o

+

+

o+

-- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

Regional breakdownTotal Group revenues FY 2019 ndash Group

Africa 80 (5)

Americas 192 (12)

Asia-PacificFar East amp Australia266 (17)

Middle East amp Central Asia208 (13)

Germany 519 (33)

EU excl Germany 259 (16)

Europe (other)71 (4)

Africa 73 (4)

Americas 171 (10)

Asia-PacificFar East amp Australia428 (25)

Middle East amp Central Asia212 (13)

Germany 467 (28)

EU excl Germany 276 (16)

Europe (other)59 (4)

Full year 2018Total 1686in EUR million

Total 1595 in EUR million

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

Regional breakdownTotal Group revenues FY 2019 ndash Segments

Construction segment Equipment segment Resources segment

Figures after deducting OtherConsolidation

Africa 50 (8)

Americas 47 (7)

Asia-Pacific Far East amp Australia85 (13)

Middle East amp Central Asia136 (21)

Germany 220 (34)

EU excl Germany 89 (13)

Europe (other)26 (4)

Africa 18 (3)

Americas 138 (20)

Asia-PacificFar East amp Australia180 (27)

Middle East amp Central Asia34 (5)

Germany 111 (16)

EU excl Germany 147 (22)

Europe (other)45 (7)

Africa 12 (4)

Americas 7 (3)

Asia-Pacific Far East amp Australia 1 (0)

Middle East amp Central Asia 38 (14)

Germany 188 (70)

EU excl Germany 23 (9)

Europe (other)0 (0)

Total 653in EUR million

Total 673 Total 269

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

379 484 429 420

381454 386 418

396409

422 450

411394 485 321

2016 2017 2018 2019

15551772 1686 1595

13971668 1589

1471

0

400

800

1200

1600

2000

2016 2017 2018 2019

1008 978 1014 1028

0

250

500

750

1000

1250

2016 2017 2018 2019

703896

1001

22514437

241

-366-50

-25

0

25

50

75

100

125

2016 2017 2018 2019

13

Q1

Q2

Q3

Q4

FinancialsRevenues earnings amp orders ndash Group

Revenues

Earnings

Order backlog

Order intake

in EUR million

in EUR million in EUR million

in EUR millionTotal Group revenues Sales revenues

EBIT Earnings after tax

1567

+14

-661741

-54-74

∆ FY

-775na

∆ FY 1722 1609

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

231154

768669

2018 2019

547639

2018 2019

263

-207

391

-199

2018 2019

FinancialsConstruction segment ndash Highlights FY 2019

Construction

Global provider for specialist foundation engineering services

Focus on complex international projects

~ 5050 infrastructure industrialTotal Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

14

-129+167Full year 2019

41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 5

The BAUER Group is a leading provider of services equipment amp products dealing with ground and groundwater

Mission

Strategy

The world is our market

Global network organization with flexible decentralized management

Three forward-looking segments providing high level of synergies Construction Equipment Resources

World market leadership for foundation technology

Powerful development of drilling applications and servicesfor related markets

Highly innovative products and services related to water environmentand natural resources

BAUER GroupMission amp Strategy

EUR 16 billiontotal Group revenues

EUR 225 millionEBIT

15EBIT margin

238equity ratio

11684employees FY 2019

Key targets Revenue growth 3 - 8 per year

EBIT margin 7 - 9

Equity ratio gt 30

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 6

Equipment673

ConstructionOverseas433

ConstructionDomestic220

Resources269

BAUER GroupLongstanding healthy business development

1600

1000

1400

800

600

200

1200

400

1800

Note from 2003 based on IFRS figures

0

Total 1595Total Group revenuesin EUR million (segment after deducting OtherConsolidation)

1980 1984 2000 2004 200819921988 1996 2012 2016 2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

9801208

15271278 1304 1372 1436 1504 1560 1656 1555

1772 1686 1595

0

400

800

1200

1600

2000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

8351033

12911097 1132 1220

1344 1402 1376 1379 13971668 1589

1471

0

400

800

1200

1600

2000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Sales revenuesin EUR million

Total Group revenuesin EUR million

7

CAGR38

BAUER GroupLongstanding healthy business development

CAGR45

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

Schrobenhausen

Kuala LumpurTianjinConroe

Worldwide networkMore than 110 subsidiaries in about 70 countries

Permanent OfficesConstructionEquipment salesResourcesEquipment production

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

Market few large projects in some countries

Bauer low order backlog

Latin America

Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

Bauer good backlog in UK Netherlands and Hungary Russia weak

Europe

Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

Bauer major projects especially in Thailand and Philippines

Far East

Market few projects in some countries Egypt with slow growth

Bauer focus only on single projects reasonable backlog in Egypt

Africa

Market ongoing uncertainty as a result of oil price and political crisis

Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

Middle East amp Central Asia

Market the infrastructure market in the USA is still strong

Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

USA Canada Market good first signs of weakening growth in infrastructure expected

Bauer solid order backlog

Germany

9

BAUER GroupConstruction market environment vs order backlog

+

+

oo

+

+

+

+

-o

+

+

o+

-- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

Regional breakdownTotal Group revenues FY 2019 ndash Group

Africa 80 (5)

Americas 192 (12)

Asia-PacificFar East amp Australia266 (17)

Middle East amp Central Asia208 (13)

Germany 519 (33)

EU excl Germany 259 (16)

Europe (other)71 (4)

Africa 73 (4)

Americas 171 (10)

Asia-PacificFar East amp Australia428 (25)

Middle East amp Central Asia212 (13)

Germany 467 (28)

EU excl Germany 276 (16)

Europe (other)59 (4)

Full year 2018Total 1686in EUR million

Total 1595 in EUR million

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

Regional breakdownTotal Group revenues FY 2019 ndash Segments

Construction segment Equipment segment Resources segment

Figures after deducting OtherConsolidation

Africa 50 (8)

Americas 47 (7)

Asia-Pacific Far East amp Australia85 (13)

Middle East amp Central Asia136 (21)

Germany 220 (34)

EU excl Germany 89 (13)

Europe (other)26 (4)

Africa 18 (3)

Americas 138 (20)

Asia-PacificFar East amp Australia180 (27)

Middle East amp Central Asia34 (5)

Germany 111 (16)

EU excl Germany 147 (22)

Europe (other)45 (7)

Africa 12 (4)

Americas 7 (3)

Asia-Pacific Far East amp Australia 1 (0)

Middle East amp Central Asia 38 (14)

Germany 188 (70)

EU excl Germany 23 (9)

Europe (other)0 (0)

Total 653in EUR million

Total 673 Total 269

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

379 484 429 420

381454 386 418

396409

422 450

411394 485 321

2016 2017 2018 2019

15551772 1686 1595

13971668 1589

1471

0

400

800

1200

1600

2000

2016 2017 2018 2019

1008 978 1014 1028

0

250

500

750

1000

1250

2016 2017 2018 2019

703896

1001

22514437

241

-366-50

-25

0

25

50

75

100

125

2016 2017 2018 2019

13

Q1

Q2

Q3

Q4

FinancialsRevenues earnings amp orders ndash Group

Revenues

Earnings

Order backlog

Order intake

in EUR million

in EUR million in EUR million

in EUR millionTotal Group revenues Sales revenues

EBIT Earnings after tax

1567

+14

-661741

-54-74

∆ FY

-775na

∆ FY 1722 1609

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

231154

768669

2018 2019

547639

2018 2019

263

-207

391

-199

2018 2019

FinancialsConstruction segment ndash Highlights FY 2019

Construction

Global provider for specialist foundation engineering services

Focus on complex international projects

~ 5050 infrastructure industrialTotal Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

14

-129+167Full year 2019

41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 6

Equipment673

ConstructionOverseas433

ConstructionDomestic220

Resources269

BAUER GroupLongstanding healthy business development

1600

1000

1400

800

600

200

1200

400

1800

Note from 2003 based on IFRS figures

0

Total 1595Total Group revenuesin EUR million (segment after deducting OtherConsolidation)

1980 1984 2000 2004 200819921988 1996 2012 2016 2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

9801208

15271278 1304 1372 1436 1504 1560 1656 1555

1772 1686 1595

0

400

800

1200

1600

2000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

8351033

12911097 1132 1220

1344 1402 1376 1379 13971668 1589

1471

0

400

800

1200

1600

2000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Sales revenuesin EUR million

Total Group revenuesin EUR million

7

CAGR38

BAUER GroupLongstanding healthy business development

CAGR45

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

Schrobenhausen

Kuala LumpurTianjinConroe

Worldwide networkMore than 110 subsidiaries in about 70 countries

Permanent OfficesConstructionEquipment salesResourcesEquipment production

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

Market few large projects in some countries

Bauer low order backlog

Latin America

Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

Bauer good backlog in UK Netherlands and Hungary Russia weak

Europe

Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

Bauer major projects especially in Thailand and Philippines

Far East

Market few projects in some countries Egypt with slow growth

Bauer focus only on single projects reasonable backlog in Egypt

Africa

Market ongoing uncertainty as a result of oil price and political crisis

Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

Middle East amp Central Asia

Market the infrastructure market in the USA is still strong

Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

USA Canada Market good first signs of weakening growth in infrastructure expected

Bauer solid order backlog

Germany

9

BAUER GroupConstruction market environment vs order backlog

+

+

oo

+

+

+

+

-o

+

+

o+

-- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

Regional breakdownTotal Group revenues FY 2019 ndash Group

Africa 80 (5)

Americas 192 (12)

Asia-PacificFar East amp Australia266 (17)

Middle East amp Central Asia208 (13)

Germany 519 (33)

EU excl Germany 259 (16)

Europe (other)71 (4)

Africa 73 (4)

Americas 171 (10)

Asia-PacificFar East amp Australia428 (25)

Middle East amp Central Asia212 (13)

Germany 467 (28)

EU excl Germany 276 (16)

Europe (other)59 (4)

Full year 2018Total 1686in EUR million

Total 1595 in EUR million

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

Regional breakdownTotal Group revenues FY 2019 ndash Segments

Construction segment Equipment segment Resources segment

Figures after deducting OtherConsolidation

Africa 50 (8)

Americas 47 (7)

Asia-Pacific Far East amp Australia85 (13)

Middle East amp Central Asia136 (21)

Germany 220 (34)

EU excl Germany 89 (13)

Europe (other)26 (4)

Africa 18 (3)

Americas 138 (20)

Asia-PacificFar East amp Australia180 (27)

Middle East amp Central Asia34 (5)

Germany 111 (16)

EU excl Germany 147 (22)

Europe (other)45 (7)

Africa 12 (4)

Americas 7 (3)

Asia-Pacific Far East amp Australia 1 (0)

Middle East amp Central Asia 38 (14)

Germany 188 (70)

EU excl Germany 23 (9)

Europe (other)0 (0)

Total 653in EUR million

Total 673 Total 269

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

379 484 429 420

381454 386 418

396409

422 450

411394 485 321

2016 2017 2018 2019

15551772 1686 1595

13971668 1589

1471

0

400

800

1200

1600

2000

2016 2017 2018 2019

1008 978 1014 1028

0

250

500

750

1000

1250

2016 2017 2018 2019

703896

1001

22514437

241

-366-50

-25

0

25

50

75

100

125

2016 2017 2018 2019

13

Q1

Q2

Q3

Q4

FinancialsRevenues earnings amp orders ndash Group

Revenues

Earnings

Order backlog

Order intake

in EUR million

in EUR million in EUR million

in EUR millionTotal Group revenues Sales revenues

EBIT Earnings after tax

1567

+14

-661741

-54-74

∆ FY

-775na

∆ FY 1722 1609

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

231154

768669

2018 2019

547639

2018 2019

263

-207

391

-199

2018 2019

FinancialsConstruction segment ndash Highlights FY 2019

Construction

Global provider for specialist foundation engineering services

Focus on complex international projects

~ 5050 infrastructure industrialTotal Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

14

-129+167Full year 2019

41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

9801208

15271278 1304 1372 1436 1504 1560 1656 1555

1772 1686 1595

0

400

800

1200

1600

2000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

8351033

12911097 1132 1220

1344 1402 1376 1379 13971668 1589

1471

0

400

800

1200

1600

2000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Sales revenuesin EUR million

Total Group revenuesin EUR million

7

CAGR38

BAUER GroupLongstanding healthy business development

CAGR45

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

Schrobenhausen

Kuala LumpurTianjinConroe

Worldwide networkMore than 110 subsidiaries in about 70 countries

Permanent OfficesConstructionEquipment salesResourcesEquipment production

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

Market few large projects in some countries

Bauer low order backlog

Latin America

Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

Bauer good backlog in UK Netherlands and Hungary Russia weak

Europe

Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

Bauer major projects especially in Thailand and Philippines

Far East

Market few projects in some countries Egypt with slow growth

Bauer focus only on single projects reasonable backlog in Egypt

Africa

Market ongoing uncertainty as a result of oil price and political crisis

Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

Middle East amp Central Asia

Market the infrastructure market in the USA is still strong

Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

USA Canada Market good first signs of weakening growth in infrastructure expected

Bauer solid order backlog

Germany

9

BAUER GroupConstruction market environment vs order backlog

+

+

oo

+

+

+

+

-o

+

+

o+

-- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

Regional breakdownTotal Group revenues FY 2019 ndash Group

Africa 80 (5)

Americas 192 (12)

Asia-PacificFar East amp Australia266 (17)

Middle East amp Central Asia208 (13)

Germany 519 (33)

EU excl Germany 259 (16)

Europe (other)71 (4)

Africa 73 (4)

Americas 171 (10)

Asia-PacificFar East amp Australia428 (25)

Middle East amp Central Asia212 (13)

Germany 467 (28)

EU excl Germany 276 (16)

Europe (other)59 (4)

Full year 2018Total 1686in EUR million

Total 1595 in EUR million

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

Regional breakdownTotal Group revenues FY 2019 ndash Segments

Construction segment Equipment segment Resources segment

Figures after deducting OtherConsolidation

Africa 50 (8)

Americas 47 (7)

Asia-Pacific Far East amp Australia85 (13)

Middle East amp Central Asia136 (21)

Germany 220 (34)

EU excl Germany 89 (13)

Europe (other)26 (4)

Africa 18 (3)

Americas 138 (20)

Asia-PacificFar East amp Australia180 (27)

Middle East amp Central Asia34 (5)

Germany 111 (16)

EU excl Germany 147 (22)

Europe (other)45 (7)

Africa 12 (4)

Americas 7 (3)

Asia-Pacific Far East amp Australia 1 (0)

Middle East amp Central Asia 38 (14)

Germany 188 (70)

EU excl Germany 23 (9)

Europe (other)0 (0)

Total 653in EUR million

Total 673 Total 269

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

379 484 429 420

381454 386 418

396409

422 450

411394 485 321

2016 2017 2018 2019

15551772 1686 1595

13971668 1589

1471

0

400

800

1200

1600

2000

2016 2017 2018 2019

1008 978 1014 1028

0

250

500

750

1000

1250

2016 2017 2018 2019

703896

1001

22514437

241

-366-50

-25

0

25

50

75

100

125

2016 2017 2018 2019

13

Q1

Q2

Q3

Q4

FinancialsRevenues earnings amp orders ndash Group

Revenues

Earnings

Order backlog

Order intake

in EUR million

in EUR million in EUR million

in EUR millionTotal Group revenues Sales revenues

EBIT Earnings after tax

1567

+14

-661741

-54-74

∆ FY

-775na

∆ FY 1722 1609

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

231154

768669

2018 2019

547639

2018 2019

263

-207

391

-199

2018 2019

FinancialsConstruction segment ndash Highlights FY 2019

Construction

Global provider for specialist foundation engineering services

Focus on complex international projects

~ 5050 infrastructure industrialTotal Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

14

-129+167Full year 2019

41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 8

Schrobenhausen

Kuala LumpurTianjinConroe

Worldwide networkMore than 110 subsidiaries in about 70 countries

Permanent OfficesConstructionEquipment salesResourcesEquipment production

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

Market few large projects in some countries

Bauer low order backlog

Latin America

Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

Bauer good backlog in UK Netherlands and Hungary Russia weak

Europe

Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

Bauer major projects especially in Thailand and Philippines

Far East

Market few projects in some countries Egypt with slow growth

Bauer focus only on single projects reasonable backlog in Egypt

Africa

Market ongoing uncertainty as a result of oil price and political crisis

Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

Middle East amp Central Asia

Market the infrastructure market in the USA is still strong

Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

USA Canada Market good first signs of weakening growth in infrastructure expected

Bauer solid order backlog

Germany

9

BAUER GroupConstruction market environment vs order backlog

+

+

oo

+

+

+

+

-o

+

+

o+

-- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

Regional breakdownTotal Group revenues FY 2019 ndash Group

Africa 80 (5)

Americas 192 (12)

Asia-PacificFar East amp Australia266 (17)

Middle East amp Central Asia208 (13)

Germany 519 (33)

EU excl Germany 259 (16)

Europe (other)71 (4)

Africa 73 (4)

Americas 171 (10)

Asia-PacificFar East amp Australia428 (25)

Middle East amp Central Asia212 (13)

Germany 467 (28)

EU excl Germany 276 (16)

Europe (other)59 (4)

Full year 2018Total 1686in EUR million

Total 1595 in EUR million

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

Regional breakdownTotal Group revenues FY 2019 ndash Segments

Construction segment Equipment segment Resources segment

Figures after deducting OtherConsolidation

Africa 50 (8)

Americas 47 (7)

Asia-Pacific Far East amp Australia85 (13)

Middle East amp Central Asia136 (21)

Germany 220 (34)

EU excl Germany 89 (13)

Europe (other)26 (4)

Africa 18 (3)

Americas 138 (20)

Asia-PacificFar East amp Australia180 (27)

Middle East amp Central Asia34 (5)

Germany 111 (16)

EU excl Germany 147 (22)

Europe (other)45 (7)

Africa 12 (4)

Americas 7 (3)

Asia-Pacific Far East amp Australia 1 (0)

Middle East amp Central Asia 38 (14)

Germany 188 (70)

EU excl Germany 23 (9)

Europe (other)0 (0)

Total 653in EUR million

Total 673 Total 269

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

379 484 429 420

381454 386 418

396409

422 450

411394 485 321

2016 2017 2018 2019

15551772 1686 1595

13971668 1589

1471

0

400

800

1200

1600

2000

2016 2017 2018 2019

1008 978 1014 1028

0

250

500

750

1000

1250

2016 2017 2018 2019

703896

1001

22514437

241

-366-50

-25

0

25

50

75

100

125

2016 2017 2018 2019

13

Q1

Q2

Q3

Q4

FinancialsRevenues earnings amp orders ndash Group

Revenues

Earnings

Order backlog

Order intake

in EUR million

in EUR million in EUR million

in EUR millionTotal Group revenues Sales revenues

EBIT Earnings after tax

1567

+14

-661741

-54-74

∆ FY

-775na

∆ FY 1722 1609

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

231154

768669

2018 2019

547639

2018 2019

263

-207

391

-199

2018 2019

FinancialsConstruction segment ndash Highlights FY 2019

Construction

Global provider for specialist foundation engineering services

Focus on complex international projects

~ 5050 infrastructure industrialTotal Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

14

-129+167Full year 2019

41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

Market few large projects in some countries

Bauer low order backlog

Latin America

Market stable markets in most Western European countries slow development in Eastern Europe Russia remains weak

Bauer good backlog in UK Netherlands and Hungary Russia weak

Europe

Market positive development inThailand Indonesia Philippines Australia Malaysia Vietnam weak stable demand in China (equipment)

Bauer major projects especially in Thailand and Philippines

Far East

Market few projects in some countries Egypt with slow growth

Bauer focus only on single projects reasonable backlog in Egypt

Africa

Market ongoing uncertainty as a result of oil price and political crisis

Bauer reasonable order backlog in UAE and Qatar major project in Jordan slight recovery in Saudi Arabia Lebanon very weak bigger projects in Bangladesh and Bhutan

Middle East amp Central Asia

Market the infrastructure market in the USA is still strong

Bauer good backlog with mainly federal projects in the USA reasonable workload in Canada

USA Canada Market good first signs of weakening growth in infrastructure expected

Bauer solid order backlog

Germany

9

BAUER GroupConstruction market environment vs order backlog

+

+

oo

+

+

+

+

-o

+

+

o+

-- weak - slightly weak o stable + growing ++ strong growthThe corona pandemic can have a significant impact on this basic market assessment Last update April 2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

Regional breakdownTotal Group revenues FY 2019 ndash Group

Africa 80 (5)

Americas 192 (12)

Asia-PacificFar East amp Australia266 (17)

Middle East amp Central Asia208 (13)

Germany 519 (33)

EU excl Germany 259 (16)

Europe (other)71 (4)

Africa 73 (4)

Americas 171 (10)

Asia-PacificFar East amp Australia428 (25)

Middle East amp Central Asia212 (13)

Germany 467 (28)

EU excl Germany 276 (16)

Europe (other)59 (4)

Full year 2018Total 1686in EUR million

Total 1595 in EUR million

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

Regional breakdownTotal Group revenues FY 2019 ndash Segments

Construction segment Equipment segment Resources segment

Figures after deducting OtherConsolidation

Africa 50 (8)

Americas 47 (7)

Asia-Pacific Far East amp Australia85 (13)

Middle East amp Central Asia136 (21)

Germany 220 (34)

EU excl Germany 89 (13)

Europe (other)26 (4)

Africa 18 (3)

Americas 138 (20)

Asia-PacificFar East amp Australia180 (27)

Middle East amp Central Asia34 (5)

Germany 111 (16)

EU excl Germany 147 (22)

Europe (other)45 (7)

Africa 12 (4)

Americas 7 (3)

Asia-Pacific Far East amp Australia 1 (0)

Middle East amp Central Asia 38 (14)

Germany 188 (70)

EU excl Germany 23 (9)

Europe (other)0 (0)

Total 653in EUR million

Total 673 Total 269

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

379 484 429 420

381454 386 418

396409

422 450

411394 485 321

2016 2017 2018 2019

15551772 1686 1595

13971668 1589

1471

0

400

800

1200

1600

2000

2016 2017 2018 2019

1008 978 1014 1028

0

250

500

750

1000

1250

2016 2017 2018 2019

703896

1001

22514437

241

-366-50

-25

0

25

50

75

100

125

2016 2017 2018 2019

13

Q1

Q2

Q3

Q4

FinancialsRevenues earnings amp orders ndash Group

Revenues

Earnings

Order backlog

Order intake

in EUR million

in EUR million in EUR million

in EUR millionTotal Group revenues Sales revenues

EBIT Earnings after tax

1567

+14

-661741

-54-74

∆ FY

-775na

∆ FY 1722 1609

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

231154

768669

2018 2019

547639

2018 2019

263

-207

391

-199

2018 2019

FinancialsConstruction segment ndash Highlights FY 2019

Construction

Global provider for specialist foundation engineering services

Focus on complex international projects

~ 5050 infrastructure industrialTotal Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

14

-129+167Full year 2019

41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 10

Regional breakdownTotal Group revenues FY 2019 ndash Group

Africa 80 (5)

Americas 192 (12)

Asia-PacificFar East amp Australia266 (17)

Middle East amp Central Asia208 (13)

Germany 519 (33)

EU excl Germany 259 (16)

Europe (other)71 (4)

Africa 73 (4)

Americas 171 (10)

Asia-PacificFar East amp Australia428 (25)

Middle East amp Central Asia212 (13)

Germany 467 (28)

EU excl Germany 276 (16)

Europe (other)59 (4)

Full year 2018Total 1686in EUR million

Total 1595 in EUR million

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

Regional breakdownTotal Group revenues FY 2019 ndash Segments

Construction segment Equipment segment Resources segment

Figures after deducting OtherConsolidation

Africa 50 (8)

Americas 47 (7)

Asia-Pacific Far East amp Australia85 (13)

Middle East amp Central Asia136 (21)

Germany 220 (34)

EU excl Germany 89 (13)

Europe (other)26 (4)

Africa 18 (3)

Americas 138 (20)

Asia-PacificFar East amp Australia180 (27)

Middle East amp Central Asia34 (5)

Germany 111 (16)

EU excl Germany 147 (22)

Europe (other)45 (7)

Africa 12 (4)

Americas 7 (3)

Asia-Pacific Far East amp Australia 1 (0)

Middle East amp Central Asia 38 (14)

Germany 188 (70)

EU excl Germany 23 (9)

Europe (other)0 (0)

Total 653in EUR million

Total 673 Total 269

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

379 484 429 420

381454 386 418

396409

422 450

411394 485 321

2016 2017 2018 2019

15551772 1686 1595

13971668 1589

1471

0

400

800

1200

1600

2000

2016 2017 2018 2019

1008 978 1014 1028

0

250

500

750

1000

1250

2016 2017 2018 2019

703896

1001

22514437

241

-366-50

-25

0

25

50

75

100

125

2016 2017 2018 2019

13

Q1

Q2

Q3

Q4

FinancialsRevenues earnings amp orders ndash Group

Revenues

Earnings

Order backlog

Order intake

in EUR million

in EUR million in EUR million

in EUR millionTotal Group revenues Sales revenues

EBIT Earnings after tax

1567

+14

-661741

-54-74

∆ FY

-775na

∆ FY 1722 1609

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

231154

768669

2018 2019

547639

2018 2019

263

-207

391

-199

2018 2019

FinancialsConstruction segment ndash Highlights FY 2019

Construction

Global provider for specialist foundation engineering services

Focus on complex international projects

~ 5050 infrastructure industrialTotal Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

14

-129+167Full year 2019

41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 11

Regional breakdownTotal Group revenues FY 2019 ndash Segments

Construction segment Equipment segment Resources segment

Figures after deducting OtherConsolidation

Africa 50 (8)

Americas 47 (7)

Asia-Pacific Far East amp Australia85 (13)

Middle East amp Central Asia136 (21)

Germany 220 (34)

EU excl Germany 89 (13)

Europe (other)26 (4)

Africa 18 (3)

Americas 138 (20)

Asia-PacificFar East amp Australia180 (27)

Middle East amp Central Asia34 (5)

Germany 111 (16)

EU excl Germany 147 (22)

Europe (other)45 (7)

Africa 12 (4)

Americas 7 (3)

Asia-Pacific Far East amp Australia 1 (0)

Middle East amp Central Asia 38 (14)

Germany 188 (70)

EU excl Germany 23 (9)

Europe (other)0 (0)

Total 653in EUR million

Total 673 Total 269

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

379 484 429 420

381454 386 418

396409

422 450

411394 485 321

2016 2017 2018 2019

15551772 1686 1595

13971668 1589

1471

0

400

800

1200

1600

2000

2016 2017 2018 2019

1008 978 1014 1028

0

250

500

750

1000

1250

2016 2017 2018 2019

703896

1001

22514437

241

-366-50

-25

0

25

50

75

100

125

2016 2017 2018 2019

13

Q1

Q2

Q3

Q4

FinancialsRevenues earnings amp orders ndash Group

Revenues

Earnings

Order backlog

Order intake

in EUR million

in EUR million in EUR million

in EUR millionTotal Group revenues Sales revenues

EBIT Earnings after tax

1567

+14

-661741

-54-74

∆ FY

-775na

∆ FY 1722 1609

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

231154

768669

2018 2019

547639

2018 2019

263

-207

391

-199

2018 2019

FinancialsConstruction segment ndash Highlights FY 2019

Construction

Global provider for specialist foundation engineering services

Focus on complex international projects

~ 5050 infrastructure industrialTotal Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

14

-129+167Full year 2019

41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 12

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

379 484 429 420

381454 386 418

396409

422 450

411394 485 321

2016 2017 2018 2019

15551772 1686 1595

13971668 1589

1471

0

400

800

1200

1600

2000

2016 2017 2018 2019

1008 978 1014 1028

0

250

500

750

1000

1250

2016 2017 2018 2019

703896

1001

22514437

241

-366-50

-25

0

25

50

75

100

125

2016 2017 2018 2019

13

Q1

Q2

Q3

Q4

FinancialsRevenues earnings amp orders ndash Group

Revenues

Earnings

Order backlog

Order intake

in EUR million

in EUR million in EUR million

in EUR millionTotal Group revenues Sales revenues

EBIT Earnings after tax

1567

+14

-661741

-54-74

∆ FY

-775na

∆ FY 1722 1609

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

231154

768669

2018 2019

547639

2018 2019

263

-207

391

-199

2018 2019

FinancialsConstruction segment ndash Highlights FY 2019

Construction

Global provider for specialist foundation engineering services

Focus on complex international projects

~ 5050 infrastructure industrialTotal Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

14

-129+167Full year 2019

41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

379 484 429 420

381454 386 418

396409

422 450

411394 485 321

2016 2017 2018 2019

15551772 1686 1595

13971668 1589

1471

0

400

800

1200

1600

2000

2016 2017 2018 2019

1008 978 1014 1028

0

250

500

750

1000

1250

2016 2017 2018 2019

703896

1001

22514437

241

-366-50

-25

0

25

50

75

100

125

2016 2017 2018 2019

13

Q1

Q2

Q3

Q4

FinancialsRevenues earnings amp orders ndash Group

Revenues

Earnings

Order backlog

Order intake

in EUR million

in EUR million in EUR million

in EUR millionTotal Group revenues Sales revenues

EBIT Earnings after tax

1567

+14

-661741

-54-74

∆ FY

-775na

∆ FY 1722 1609

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

231154

768669

2018 2019

547639

2018 2019

263

-207

391

-199

2018 2019

FinancialsConstruction segment ndash Highlights FY 2019

Construction

Global provider for specialist foundation engineering services

Focus on complex international projects

~ 5050 infrastructure industrialTotal Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

14

-129+167Full year 2019

41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

231154

768669

2018 2019

547639

2018 2019

263

-207

391

-199

2018 2019

FinancialsConstruction segment ndash Highlights FY 2019

Construction

Global provider for specialist foundation engineering services

Focus on complex international projects

~ 5050 infrastructure industrialTotal Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Total Group revenues fell by 129 to EUR 6688 million compared to EUR 7676 million At EUR -199 million EBIT was markedly negative (2018 EUR 391 million) At EUR -527 million earnings after taxes were negative In 2018 positive earnings of EUR 96 million were reported

The verdict on appeal against an arbitration court verdict from 2018 resulted in a considerable valuation allowance of about EUR 40 million This had an impact of corresponding magnitude on revenues and earnings figures for the segment The decline is also attributable to the markets of the Far East and Australia which were affected by a lack of orders and project postponements

At EUR 6386 million order backlog which was 167 well above the previous years figure of EUR 5473 million is at a record level At EUR 7601 million order intake fell back by 76 from EUR 8222 million The order book lasts for 115 months

14

-129+167Full year 2019

41 of total Group revenues EBIT margin -32Key targets ~ 40 of total Group revenues (TGR) EBIT margin 4 - 6

Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

178 177 187 183 193176

195178

156171 185

201 211 221 227

177151

176210 231

170 172 173154

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

436 477 472 455513 551 584 591 585 575 578 585 578

526 516 493 511 507 503 547 546 551631 639

0

150

300

450

600

750

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsConstruction segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Construction

15

-333

+167

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

194 164

640 610

2018 2019

724 672

2018 2019

227

97

749

612

2018 2019

FinancialsEquipment segment ndash Highlights FY 2019

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

About 80 of sales abroad Sales revenuesin EUR million

Order intakein EUR million

EBITin EUR million

Equipment Total Group revenues fell slightly by 13 from EUR 7231 million to EUR 7136

million Sales revenues also dropped by 47 from EUR 6401 million to EUR 6102 million Accordingly EBIT decreased from EUR 749 million to EUR 612 million Earnings after taxes rose slightly from EUR 340 million to EUR 395 million in particular because of a lower tax burden and lower at-equity loss compared with the previous year

In the overall very favorable market environment we succeeded in keeping revenue sales and earnings at very good levels The main drivers were once again the sales markets in Europe and China

Order intake performed less well in the second half of 2019 Overall it fell by 71 from EUR 7237 million to EUR 6721 million Order backlog was EUR 1083 million remaining significantly below the previous years level of EUR 1500 million

16

-47 -76Full year 2019 42 of total Group revenues EBIT margin 100Key targets ~ 40 of total Group revenues EBIT margin 10 - 12Key figures to be considered Sales revenues order intake EBIT

-183FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

103 115143

171

100137 129

181

108 115 123

197

127

186169 180

129

174144

194

125

180

142164

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

165 163187

162 177155 166 152 161 159 160 171

212 218

148182

227

170 160 167186 192

168

127

0

50

100

150

200

250

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsEquipment segment ndash Revenues and order development

Order intakein EUR million

Sales revenuesin EUR million

Equipment

17

-156

-239

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

72 70

261 275

2018 2019

316281

2018 2019

-32

-137-110

-1622018 2019

FinancialsResources segment ndash Highlights FY 2019

Products amp services related to water environment and natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Total Group revenuesin EUR million

Order backlogin EUR million

EBITin EUR million

Resources Total Group revenues increased by 51 from EUR 2615 million in the previous

year to EUR 2749 million EBIT decreased from EUR -110 million to EUR -162 million and earnings after taxes were up from EUR -160 million in the previous year to EUR -137 million primarily due to higher at-equity earnings

The segment fell short of expectations once again in 2019 While earnings from the operating business improved significantly underutilization in Jordan a weak order situation in the business with brewery and beverage technology further restructuring expenditure and adjustments for receivables from old projects primarily proved to be a burden

At the order backlog was down 113 from EUR 3165 million to EUR 2807 million The decline is essentially due to progress on the large Kesslergrube project The order intake was EUR 2391 million in 2019 and thus 13 slightly below the 2018 value of EUR 2422 million The order book lasts for 123 months

18

+51-113Full year 2019

17 of total Group revenues EBIT margin naKey targets ~ 20 of total Group revenues (TGR) EBIT margin 6 - 8Key figures to be considered TGR order backlog EBIT

FYQ4

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

48 5360

92

5448

75

44

71 67 6657 63 65 65

55 52

68 70 72 69 70 66 70

0

20

40

60

80

100

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

173 169 172 153 173 174

274 276 287 294 290 279 297 317 308336 330 321 324 316 327 322

295 281

0

75

150

225

300

375

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

FinancialsResources segment ndash Revenues and order development

Order backlogin EUR million

Total Group revenuesin EUR million

Resources

19

-32

-113

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

FinancialsWorking capital amp net debt ndash Financing of future revenues

Bauerrsquos business model requires considerably more working capital than building construction companies Net debt is needed to pre-finance the operating business (working capital) Working capital mainly consists of

Inventory Receivables

Construction segment Construction contracts with short duration need approx 2 - 3 months of pre-financing

(no advance payments no front-loading of prices possible comparably long time needed for final account settlement)

Receivables also includes litigations On some jobs collection of money need a long time due to disputes with the customer However valuation adjustments on receivables were only about 4 in average over the last years

Payment terms in some regions are 6 to 9 months

Equipment segment Machinery parts need to be pre-ordered well in advance because of delivery times of up to 12 months Customer often need their

equipment in a few weeks Therefore approx 3 months of the equipment during production is pre-financed

Worldwide spare parts stores are needed for large customer base and a 247 after-sales service A relatively large rental fleet is needed for different contract types (eg rental purchase)

Resources segment Outstanding customer payments (water business) and receivables on projects (environmental amp drilling business)

75-8015-20 ~5

Construction Equipment Resources20-2555-60 15-20

20

Key facts

Why does the business model needs so much working capital

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

629 608549 552

467

665 677594 562 564

0

150

300

450

600

750

2015 2016 2017 2018 2019

646 665 677594 562 564

171 185 158 183 199123

38 36

43

33

28

46

00

10

20

30

40

50

0

160

320

480

640

800

2014 2015 2016 2017 2018 2019

1656 15551772 1686 1595

665 677 594 562 564

0

360

720

1080

1440

1800

2015 2016 2017 2018 201921

FinancialsWorking capital amp net debt ndash Current development

Total Group revenues net debtin EUR million

Net debtWorking capital

EBITDANet debt

Current development At EUR 5637 million net debt was at the same level

as 2018 This was essentially due to the new IFRS 16 standard and the market valuation of financial liabilities Pure bank debt has seen further reductions which demonstrates that our numerous measures are making progress

Net debt to EBITDA ratio has worsened substantially as a consequence of significantly lower earnings than originally expected Our target range is a ratio of below 30 yearend

-37-152

∆ 20152019

Working capital net debtin EUR million

Net debt EBITDA ratioin EUR million

Net debtTotal Group revenues ndash Net debtEBITDA

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

711 720 736

604

726 701 700629 672 709 684

608674 646 628

549 576624 629

552 584 609 591

467

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

773 776 778

646

779 752 749665

743 762 736677

740 712 686594 639 678 679

562620 648 637

564

0

160

320

480

640

800

Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319

22

FinancialsWorking capital amp net debt are lower year-end than during the year

Net debt (excl pensions)in EUR million

Working capitalin EUR million -154

+03

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 23

FinancialsIncome statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Sales revenues (PampL) 1589091 1470922 -74

Consolidated revenues (PampL) 1616936 1537691 -49

Cost of materials -821496 -783126 -47

Personel expenses -392384 -418805 67

Other operation expenses -204440 -212713 40

EBITDA 198616 123047 -380

Depreciation of fixed assets -80967 -84760 47

Write-downs of inventories due to use -17590 -15806 -101

EBIT 100059 22481 -775

Financial income 38204 33742 -117

Financial expenses -76992 -78766 23

Share of profitloss of associated companies (equity method) 4594 11225 na

Earnings before tax (EBT) 65865 -11318 na

Income tax expense -41778 -25232 -396

Earnings after tax 24087 -36550 na

of which attributable to shareholders of BAUER AG 22577 -37146 na

of which attributable to non-controlling interests 1510 596 -605

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 24

Financials Balance sheet December 31 2019in EUR 000 Dec 31 2018 Dec 31 2019 ∆ in Assets 1632284 1628549 -02

Non-current assets 621041 692778 116Intangible assets 18077 16946 -63Property plant and equipment and investment property 411571 460470 119Investments accounted for using the equity method 113019 118185 46Participations 8350 8806 55Other non-current assets amp deferred tax assets 70024 88371 262Current assets 1011243 935771 -75Inventories 365865 405401 108Rental equipment 60488 61838 22Less advances received on inventories -16098 -8921 -446

410255 458318 117Receivables and other assets 535111 434608 -188Effective income tax refund claims 3290 5270 602Cash and cash equivalents 62587 37575 -400

Equity and liabilities 1632284 1628549 -02

Equity 431816 386916 -104Non-current debt 501424 327118 -348Provisions for pensions 134389 158641 180Non-current liabilities amp deferred tax liabilities 367035 257977 -297Current debt 699044 914515 308Financial liabilities 286104 376453 316Other current liabilities 357851 402318 124Effective income tax obligations 31687 19566 -383Provisions 23402 26678 140

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 25

FinancialsCash flow statement 12M 2019in EUR 000 12M 2018 12M 2019 ∆ in

Cash flow from operational activity 147444 168882 145

Cash flow from investment activity -57600 -75213 306

Cash flow from financing activity -75088 -120339 603

Free Cash Flow 89844 93669 43

Changes in liquid funds affecting payments 14756 -26670 na

Influence of exchange rate movements on cash 565 1658 na

Total change in liquid funds 15321 -25012 na

Cash and cash equivalents at beginning of reporting period 47266 62587 324

Cash and cash equivalents at end of reporting period 62587 37575 -400

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 26

FinancialsForecast 2020 ndash More cautious view due to coronavirus pandemic

2019 final

Total Group Revenues 1594 EUR million slight increase

Revenue growth -54 3 - 8

EBIT 225 EUR million significant increase

EBIT margin 15 7 - 9

Earnings after tax -366 EUR million significant increase in the positive area

Equity ratio 238 gt 30

2020 forecast Long-term goal

Slope stabilisation with BG 15 ndash Germany Largest water treatment plant ndash Nimr OmanCompact cutter system for Grand Paris

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 27

BAUER AktiengesellschaftBAUER-Straszlige 186529 SchrobenhausenGermany

Tel +49 8252 97-1218investorrelationsbauerdewwwbauerde

April 9 2020 Annual Report 2019Analyst amp Press Conference

May 13 2020 Quarterly Statement Q1 2020

June 25 2020 Annual General Meeting

August 13 2020 Half-Year Interim Report toJune 30 2020

November 13 2020 Quarterly Statement 9MQ3 2020

wwwyoutubecomBauergruppe

wwwfacebookcomBauerAGgroup

Investor RelationsFinancial calendar amp contact

Christopher WolfHead of Investor Relations

2020

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 28

Table of Content

BAUER Group ndash Strategy Chances amp Markets

Appendix

Financials FYQ4 2019 amp Guidance

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 29

1790 middot 1900 middot 1902 middot 1928 middot 1948 middot 1956 middot 1958 middot 1967 middot 1969 middot 1972 middot 1975 middot 1976 middot 1984 middot 1990 middot 1992 middot 1994 middot 1998 middot 2001 middot 2019

BAUER GroupThe history ndash Two centuries of experience

End of 1970rsquosStart of

internationalisation

Early 1990rsquosBuild up of

specialist construction environmental business

FY 2019Total Group

revenues EUR 16 billion 11684

employees

4 Jul 2006IPO

Early 1970rsquosStart of equipment

manufacturing

Company founded as copper forge

After WW II (1950s)Start of construction

business

Early 1980rsquosSelling of equipment to

third parties

1790 1900-1970 1980-1990 2000-2019

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 30

Michael Stomberg (CEO) HSE IT Process Management Quality Management

Florian Bauer Digitalization Development

Coordination Training Company Culture

Hartmut Beutler (CFO) Financing amp Treasury Legal Affairs amp Insurance IR amp Corporate

Communications Facility Management Media Design

Peter Hingott Group Controlling amp

Accounting Human Resources Group Purchasing

Management BoardBAUER AG

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 31

BAUER GroupThe three segments

31copy BAUER AG D-86529 Schrobenhausen

Target ~ 40 of total Group revenues

Market leader in specialist foundation equipment

New products for mining deep drilling and offshore drilling

80 of revenues from sales abroad

Multi-branding strategy

Target ~ 40 of total Group revenues

Global provider for specialist foundation engineering services

Specialist construction services

Focus on complex international projects

Target ~ 20 of total Group revenues Activities in

environmental technology deep drilling well construction materials

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 32

BAUER GroupChallenges of the world provide chances for the company

The megatrend of urbanization requires construction solutions for the city of the future

To deal with the scarcity of drinking water purification and supply technologies are needed

The increasing mobility in society demands new and renewed transport routes

Changing social values are fundamentally revolutionizing the business world

UrbanizationInfrastructure Water

CultureA change in energy supply can only be realized through comprehensive construction works

The remediation of contaminated soil is the key to sustainable utilization of resources

Energy transitionEnvironment

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ConstructionKey factsConstruction

Leading global provider for specialist foundation engineering

services

33

Total Group revenues (incl JV) Order backlog EBIT

~ 40 of total Group revenues EBIT margin 4 - 6

(2018 54 2019 na)

Key facts About 50 small-mid-size local companies around the world

Central support for project management services

About 400 to 500 projects per year with a 5050 infrastructureindustrial split

Figures are somewhat cyclical between the quarters ndash focus on the entire year

Market environment Growing construction markets worldwide

Special foundation engineering is growing stronger than construction markets

Huge pent-up demand in developed countries and in emerging markets

Competition Keller Trevi Soletanche Bachy

(worldwide)

Local competitors in each country

Current focus topics Improving project and risk management especially for major projects

Leading in digitalization solutions for our market

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 34

What is specialist foundationBuilding an excavation pit

Permeation Grouting

Mixed-In-Place Method

Injection Anchor

Diaphragm andCut-off Wall

Pile Foundation

Piling Retaining Wall

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 35

What is specialist foundation used forApplications

Foundationsfor the highest buildings in the world

Excavation Pits for every problem and requirement

Ground Improvementallows projects on weak ground

Cut-off Walls as solution for dams and dikes

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 36

ConstructionMunich Germany ndash Foundation works for a boarding house

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

EquipmentKey facts

Market leader in specialistfoundation equipment

Equipment

37

Sales revenues (excl JV) Order intake EBIT

~ 40 of total Group revenues EBIT margin 10 - 12

(2018 117 2019 100)

Key facts Provider for the full range of equipment for specialist foundation engineering as well

as for the exploration mining and extraction of natural resources

Multi-branding strategy About 80 of sales abroad JV with Schlumberger for the production of deep drilling rigs (oil amp gas)

Market environment Growing construction markets worldwide lead to positive equipment demand

Strong position due to efforts regarding quality efficiency and noise reduction

Growth potential with specialized machines for mining water and offshore drilling

Competition Trevi Liebherr Chinese manufactures

(eg Sany XCMG)

Further competition regarding special product types

Current focus topics Focus on value analysis methods and purchase organization

Optimizing and increasing after-sales services

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 38

EquipmentWhole range of products for special foundation engineering

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 39

EquipmentProduct range Deep Drilling

Joint Ventureof Bauer amp Schlumberger

In order to meet the upcoming market challenges out-of-the-box thinking

is necessary and therefore integrated drilling and rig solutions are of

growing importance

Based on more than 40 years of experience in engineering and

manufacturing of drilling rigs NeoRig develops and manufactures

modern drilling solutions which set new standards of safety efficiency

productivity and ease of service in the deep drilling business

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

ResourcesKey factsResources

40

Products amp services for environmental technology mining well construction

and water cleaning

Total Group revenues (incl JV) Order backlog EBIT

~ 20 of total Group revenues EBIT margin 6 - 8

(2018 na 2019 na)

Key facts Three focus topics water environment natural resources

Competence areas water treatment environmental remediation waste management drilling technologies and constructed wetlands

Focus on key markets Germany Europe amp Middle East

Market environment Huge demand for environmental and water solutions

Outstanding market position with ground-breaking projects in the field of cleaning drinking and process water eg the biological water treatment plant in Oman

Competition Fragmented competition for each single product and service area

Current focus topics Improvement of loss-making Jordan subsidiary which is caused by overcapacities

Consistent proceeding of reorganization in the water related companies

Focus on new projects for the profitable environment business

Key figures

Key targets

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 41

ResourcesPool of competences from a single hand

Industrial Waste Water Process amp Produced Water NORM Constructed Wetlands Modelling amp Well Design Construction Material for Wells

and Geothermal Water Distribution Management Irrigation Systems

Remediation Landfill Restoration Decommissioning Demolition Hazardous Waste Management Soil Treatment and Waste

Management

Exploration Drilling Deep Geothermal Drilling Well Drilling Blast Hole Drilling

EnvironmentWater Natural Resources

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 42

ResourcesWater ndash Process Water amp Water Distribution Management

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 43

ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 44

Market environment ndash GermanyGerman construction market

Source Federal Statistical Office Statistical Office Bavaria

in EUR billion

Germany2019

Employees (in 1000)

Revenues 922Building construction 508Foundation engineering 414

Orders received in EUR billion

Housebuilding 196Industrial building 363Public sectorof which

public buildings 55road building 142underground structures 105

) only companies gt 20 employees

49

108

95

39

109

65

80

88

38

49

82

77

112

132

25

Dezember 2019 2018 20192017 2018

in

89

97

302

861

4867

88

100 82

59

125

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

Weiszlig

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2005							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2005			2005			Jan - Aug			2005			2005			Jan - Aug			2005			2005			Jan - Aug
			Laumlnder			Laumlnder			1994			2004			0605			1994			2004			0605			1994			2004			0605
Beschaumlftigte in 1000		1261			5283			1887			-470			-60			-10			-465		-60		-58			-38			-578			-85			-51
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-395			-101			249			-417			-41			171			-680			-157			259
Umsatz in Mrd EUR		139			570			173			-305			-64			73			-312			-48			35			-452			-88			13
Hochbau		96			371			92			-318			-61			100			-336			-50			48			-565			-118			35
Tiefbau		43			199			81			-280			-71			12			-255			-43			11			-247			-51			-14
Auftragseingang		90			337			99			-374			31			106			-447			09			84			-609			-70			43
in Mrd EUR
Wohnungsbau		23			65			11			-489			-18			12			-586			-58			88			-805			-148			41
Wirtschaftsbau		33			140			40			-303			68			181			-433			45			104			-625			-56			121
Oumlffentlicher Bau		33			131			48			-331			32			99			-340			09			72			-420			-62			-18
darunter
Oumlffentl Hochbau		09			25			09			-238			127			290			-500			-38			142			-602			-93			-51
Straszligenbau		12			58			21			-138			-12			47			-96			59			78			-211			-85			82
Sonstiger Tiefbau		12			48			18			-495			15			22			-439			-24			30			-477			-18			-124
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

Bunt

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

	in EUR billion		in
Dezember 2019		Germany		2005			2005			Jan - Aug			2018			2019
	2019		1994			2004			0605			2017			2018
Employees (in 1000)		4867		-47			-60			-10			49			49
Revenues		922		-305			-64			73			108			82
Building construction		508		-318			-61			100			95			77
Foundation engineering		414		-280			-71			12			125			88
Orders received		861		-374			31			106			100			82
in EUR billion
Housebuilding		196		-489			-18			12			112			97
Industrial building		363		-303			68			181			132			89
Public sector		302		-331			32			99			59			65
of which
public buildings		55		-238			127			290			25			109
road building		142		-138			-12			47			88			39
underground structures		105		-495			15			22			38			80
	1256		168			-243			-95			-173			-23
1) Bei Baugenehmigungen liegen fuumlr West- und Ostdeutschland erst die Maumlrzwerte vor
) only companies gt 20 employees

Kunterbunt

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

Zweistelliges Auftragsplus am Bau in Bayern
	Absolute Werte							Veraumlnderungen in
August 2006		2004							Bayern							Westdeutschland							Ostdeutschland
	Bayern			West-			Ost-			2004			2004			0			2004			2004			0			2004			2004			0
			Laumlnder			Laumlnder			1994			2003			0			1994			2003			0			1994			2003			0
Beschaumlftigte in 1000		1261			5283			1887			-52			-52			00			-432		-60		-52			00			-539			-72			00
Baugenehmigungen Mio msup3 umb Raum		653			2572			423			-108			-108			00			-252			-84			00			-68			-103			00
Umsatz in Mrd EUR		139			570			173			-249			-58			00			-277			-45			00			-399			-76			00
Hochbau		96			371			92			-265			-56			00			-301			-44			00			-507			-74			00
Tiefbau		43			199			81			-217			-62			00			-222			-45			00			-207			-79			00
0		90			337			99			-393			-100			00			-452			-56			00			-580			-60			00
in Mrd EUR
Wohnungsbau		23			65			11			-480			-71			00			-561			-64			00			-771			-207			00
Wirtschaftsbau		33			140			40			-347			-105			00			-457			-59			00			-603			-94			00
Oumlffentlicher Bau		33			131			48			-352			-115			00			-346			-49			00			-382			18			00
darunter
Oumlffentl Hochbau		09			25			09			-324			-85			00			-480			-01			00			-561			69			00
Straszligenbau		12			58			21			-128			-112			00			-146			-51			00			-160			42			00
Sonstiger Tiefbau		12			48			18			-502			-137			00			-425			-71			00			-467			-34			00
	197			1256			1362			168			-243			-95			248			-173			-23			210			-21			146
1) Bei Baugenehmigungen liegen erst die Oktoberwerte vor
1) Bei Baugenehmigungen liegen erst die Februarwerte vor
2) Nur Betriebe von Unternehmen mit 20 und mehr Beschaumlftigten

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 45

Building constructionpositive cash contribution

Specialist foundation engineeringpre-financing need

Financials Working capital needs ndash Comparison with building construction

EUR

12 24 months

Positive cash contribution

Negative cash contribution

Con

trac

t val

ue

EUR

Negative cash contribution

12 24 months

Con

trac

t val

ue

Construction contracts with short duration need

No advance payments no front-loading of prices possible approx 2 - 3 months of pre-financing

Negative cash contribution during construction phase

Construction contracts with long durations

Advance payments front-loading of prices

Positive cash contribution during construction phase

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 46

BAUER shareFacts amp Figures

Listed on Frankfurt stock exchange (Prime Standard) since July 4 2006

Share capital EUR 7300142045

Shares issued 17131000

Issue price EUR 1675

Share performance (012019 ndash 032020)

Bauer familyFree float

5181

Shareholder structure

4819

in EUR 2015 2016 2017 2018 2019

Earnings per share 173 066 016 132 -217

Share price year end 1740 1140 3000 1216 1510

Share price highest 1920 1716 3096 3125 2430

Share price lowest 1385 945 1172 1208 1262

Market Cap(in EUR million) 2981 1953 5139 2083 2587

CDAXClassic All SharePrime All Share

ISIN DE0005168108Reuters B5AGDEBloomberg B5A GR

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019

050

100 100

060 060050

030

001

015 015010 010 010

001000

030

060

090

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

47

BAUER shareDividend policy

Dividend payment Dividend policy founded on a reasonable balance between shareholders and company

fair participation of shareholders maintaining continuity safeguarding of the equity ratio

All shareholders shall participate in the success of the business

After some difficult years we must continue to strike a careful balance between continuity and shareholder participation on the one hand and safeguarding our equity ratio on the other

To secure an adequate equity ratio is an important aim of the companyrsquos management With this we intend to safeguard the long-term success of the Group Our mid-term target is an equity ratio of more than 30

In the medium term the payout ratio should be about 25 to 30 of the reported earnings after tax

in EUR per share

000

Proposed subject to the consent of the Annual General Meeting to be held on June 25 2020

000

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 48

Key Figures Time LineFY 2008 ndash FY 2019

In all three segments total Group revenues and EBIT figures of FY 2015 were influenced by exceptional earnings

Total Group revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 15272 12758 13040 13718 14358 15042 15602 16564 15547 4482 4541 4766 3931 17720 3708 4215 4435 4503 16861 4109 4207 4078 3553 15947

Construction 7009 5700 6154 6066 6552 7417 7256 7429 7131 2110 2205 2269 1766 8350 1508 1762 2100 2306 7676 1702 1722 1726 1538 6688Equipment 7801 6085 5817 6365 5891 6286 6392 7531 6344 1867 1853 1966 1859 7545 1808 1936 1802 1685 7231 1859 1950 1781 1547 7137Resources 1351 1743 1777 2115 2628 1889 2528 2216 2624 630 647 651 554 2482 517 676 699 723 2615 692 695 662 700 2749

Sales revenues 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 12908 10965 11317 12196 13444 14022 13757 13790 13969 3789 4512 4354 4022 16679 3184 3987 4051 4669 15891 3419 4035 3622 3633 14709

Construction 5843 4879 5058 5062 5791 6575 6466 6508 6145 1966 2064 2145 1663 7838 1432 1642 2021 2168 7263 1616 1628 1605 1408 6257Equipment 6012 4565 4693 5114 5206 5616 5327 5480 5427 1266 1857 1685 1801 6609 1287 1736 1440 1938 6401 1253 1797 1417 1635 6102Resources 1051 1520 1564 2015 2443 1826 1959 1793 2382 553 577 532 553 2215 462 605 587 559 2213 548 607 597 583 2335

EBIT 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in EUR million)BAUER Group 1675 844 884 823 720 301 764 907 703 85 302 277 232 896 110 231 227 433 1001 104 248 133 -260 225

Construction 463 257 288 179 220 212 260 139 297 09 124 81 -18 196 27 21 80 263 391 00 42 -34 -207 -199Equipment 1183 513 483 530 340 322 360 994 384 80 160 249 317 806 142 222 158 227 749 83 230 202 97 612Resources 40 60 81 109 152 -240 159 -198 -37 -01 09 -53 -55 -100 -57 -10 -12 -32 -110 27 -22 -30 -137 -162

EBIT margin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17 Q2 17 Q3 17 Q4 17 2017 Q1 18 Q2 18 Q3 18 Q4 18 2018 Q1 19 Q2 19 Q3 19 Q4 19 2019(in )BAUER Group 130 77 78 67 54 21 56 66 50 22 67 64 58 54 35 58 56 93 63 30 61 37 -72 15

Construction 79 53 57 35 38 32 40 21 48 05 60 38 -11 25 19 13 39 121 54 00 26 -21 -147 -32Equipment 197 112 103 104 65 57 68 181 71 64 86 148 176 122 110 128 110 117 117 66 128 143 60 100Resources 38 39 52 54 62 -131 81 -110 -16 -02 15 -100 -99 -45 -123 -16 -20 -57 -50 49 -37 -49 -235 -69

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer

copy BAUER AG D-86529 Schrobenhausen20-04-09 IR-Presentation_FY_2019 49

Disclaimer

This presentation contains forward-looking statements Forward-looking statements are statements that are not historical facts including statements about our beliefs intentions expectations predictions and the assumptions underlying them

These statements are based on factors as they are currently available to the management of BAUER AG and therefore speak only as of the date they are made We assume no liability to update publicly or conform any of them to future events or future developments

Forward-looking information is subject to various known and unknown risks and un-certainties which could lead to material differences between the actual future results financial situation development or performance of the BAUER Group and those factors contained in any forward-looking statement In view of these uncertainties no assurance can be given that these forward-looking statements will prove accurate and correct or that anticipated and projected future results will be achieved and we caution you not to place undue reliance on these forward-looking statements

• Foliennummer 1
• Foliennummer 2
• Key FiguresFY 2019
• Table of Content
• Foliennummer 5
• Foliennummer 6
• Foliennummer 7
• Foliennummer 8
• BAUER Group Construction market environment vs order backlog
• Foliennummer 10
• Foliennummer 11
• Table of Content
• Foliennummer 13
• Foliennummer 14
• Foliennummer 15
• Foliennummer 16
• Foliennummer 17
• Foliennummer 18
• Foliennummer 19
• Foliennummer 20
• Foliennummer 21
• Foliennummer 22
• FinancialsIncome statement 12M 2019
• Financials Balance sheet December 31 2019
• FinancialsCash flow statement 12M 2019
• Foliennummer 26
• Foliennummer 27
• Table of Content
• BAUER GroupThe history ndash Two centuries of experience
• Foliennummer 30
• BAUER GroupThe three segments
• Foliennummer 32
• Foliennummer 33
• What is specialist foundationBuilding an excavation pit
• What is specialist foundation used forApplications
• ConstructionMunich Germany ndash Foundation works for a boarding house
• Foliennummer 37
• EquipmentWhole range of products for special foundation engineering
• EquipmentProduct range Deep Drilling
• Foliennummer 40
• ResourcesPool of competences from a single hand
• ResourcesWater ndash Process Water amp Water Distribution Management
• ResourcesEnvironment ndash Worldrsquos biggest reed bed treatment plant Oman
• Market environment ndash Germany German construction market
• Financials Working capital needs ndash Comparison with building construction
• BAUER shareFacts amp Figures
• BAUER shareDividend policy
• Foliennummer 48
• Disclaimer