05.11.2014 Bilfinger SE  DE0005909006

DGAP-Adhoc: Preliminary figures of September 30, 2014: Goodwill impairments in the Power business segment lead to negative net profit; outlook for adjusted EBITA and adjusted net profit for 2014 confirmed


 
Bilfinger SE / Key word(s): 9-month figures/Preliminary Results 05.11.2014 10:48 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- An analysis of the current business situation of each division by the Executive Board of Bilfinger SE in the third quarter of 2014 has shown that a fundamental reassessment of the situation is required in the Power business segment due to the difficult market environment. Significantly worsened demand - particularly in Germany and other European countries - has led not only to reduced earnings expectations for 2014 but also to a significant adjustment to earnings forecasts for the years to follow. This triggered an impairment test of goodwill in the divisions of the Power business segment and resulted in an impairment loss of EUR148 million. On the basis of preliminary figures, Bilfinger achieved a stable output volume of EUR5,631 million (previous year: EUR5,616 million) and, as expected, a lower adjusted EBITA of EUR161 million (previous year: EUR264 million) in the first nine months of financial year 2014. Adjusted net profit from continuing operations of EUR103 million was also well below the prior-year figure (EUR157 million). In the Industrial business segment, with an output volume of EUR2,717 million, earnings declined from EUR147 million to EUR127 million due in particular to the difficult situation in the European process industry and a lack of investment in the power plant sector. As a result of the strongly negative development, an EBITA of minus EUR2 million (previous year: EUR99 million) was recorded in the Power business segment along with an output volume of EUR1,087 million. EBITA in the Building and Facility business segment, on the other hand, increased as a result of acquisitions and organically from EUR65 million to EUR83 million, output volume was EUR1,919 million. In addition to the goodwill impairments described above, a number of other special items impacted net profit: A write-down on investments in a production site in Poland for steel foundations for offshore wind turbines (our share: minus EUR30 million), one-time expenses in connection with Excellence, our efficiency-enhancing program (minus EUR35 million) as well as restructuring expenses in the Power and Industrial business segments (minus EUR20 million). Further, in income taxes, there was the write-down of deferred tax assets on tax-loss carryforwards due to Cevian Capital increasing its equity interest to above the 25-percent threshold (minus EUR12 million). There was also a capital gain from the reduction of our investment in Julius Berger Nigeria (EUR9 million). Reported net profit for the first nine months thus amounts to minus EUR125 million (previous year: EUR116 million). Due, in particular, to the difficult market situation in the power plant sector and in the European process industry, orders received fell to EUR5,123 million (previous year: EUR5,600 million). In the Industrial business segment, orders received of EUR2,398 million were below the high figure for the previous year (EUR2,839 million). In the Power business segment, orders received declined to EUR1,082 million (previous year: EUR1,173 million). In the Building and Facility business segment, this figure rose slightly to EUR1,687 million (previous year: EUR1,649 million). Order backlog of EUR6,133 million was below the previous year figure of EUR6,423 million. Bilfinger confirms the outlook for financial year 2014 issued in September: The Group's output volume in the current financial year will be within the magnitude of the previous year (EUR7.7 billion). Bilfinger anticipates adjusted EBITA from continuing operations of at least EUR270 million (previous year: EUR419 million). Accordingly, adjusted net profit from continuing operations of at least EUR160 million is expected (previous year: EUR255 million). In total, the above-mentioned special items will amount to approximately minus EUR230 million after taxes and minority interest in 2014, which will lead to a net loss for the year. The complete Interim Report Q3 2014 with the final figures will be published on November 12, 2014. 05.11.2014 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Bilfinger SE Carl-Reiß-Platz 1-5 68165 Mannheim Germany Phone: +49 (0621) 459-0 Fax: +49 (0621) 459-23 66 E-mail: [email protected] Internet: http://www.bilfinger.com ISIN: DE0005909006 WKN: 590900 Indices: MDAX Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart; Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München End of Announcement DGAP News-Service ---------------------------------------------------------------------------


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 4.044,20 4.152,60 4.327,00 3.461,00 3.737,40 4.312,00 4.485,60
EBITDA1,2 -118,30 -7,40 135,70 49,50 220,70 174,20 289,40
EBITDA-Marge3 -2,93 -0,18 3,14 1,43 5,91 4,04
EBIT1,4 -126,10 -12,20 28,10 -65,50 121,20 75,50 189,70
EBIT-Marge5 -3,12 -0,29 0,65 -1,89 3,24 1,75 4,23
Jahresüberschuss1 -88,50 -24,30 24,20 99,40 129,50 28,20 181,50
Netto-Marge6 -2,19 -0,59 0,56 2,87 3,47 0,65 4,05
Cashflow1,7 -83,00 34,50 78,20 120,40 115,00 158,00 144,80
Ergebnis je Aktie8 -2,01 -0,59 0,60 2,44 3,16 0,71 4,82
Dividende8 1,00 1,00 0,12 1,88 4,75 1,30 1,00
Quelle: boersengefluester.de und Firmenangaben

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1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

INVESTOR-INFORMATIONEN
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Bilfinger
WKN Kurs in € Einschätzung Börsenwert in Mio. €
590900 44,000 Kaufen 1.654,68
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
12,57 14,19 0,87 19,32
KBV KCV KUV EV/EBITDA
1,50 11,43 0,37 6,86
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
1,30 1,80 4,09 15.05.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
15.05.2024 13.08.2024 14.11.2024 14.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
8,70% 23,19% 26,36% 13,52%
    
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Bauhauptgewerbe , 590900 , GBF , XETR:GBF