22.04.2015
Bilfinger SE DE0005909006
DGAP-Adhoc: Bilfinger SE: Preliminary figures for March 31, 2015: Negative earnings in first quarter; earnings expectations for 2015 reduced; comprehensive measures for efficiency enhancement and capacity adjustments planned
Bilfinger SE / Key word(s): Quarter Results/Change in Forecast
22.04.2015 18:27
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.
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The first three months of financial year 2015 were disappointing for
Bilfinger. Preliminary figures show that adjusted EBITA amounted to minus
EUR8 million (previous year: EUR47 million). Adjusted net profit from
continuing operations of minus EUR21 million was also well below the
prior-year figure (EUR26 million). Output volume amounted to EUR1,763
million (previous year: EUR1,715 million).
In the Industrial business segment, with an output volume of EUR835 million
(previous year: EUR833 million), earnings declined from EUR31 million to
EUR9 million, due in particular to the difficult situation in the European
and US oil and gas sectors. As a result of a lack of demand in the power
plant business in Germany and in other European countries, the Power
business segment reported an EBITA of minus EUR18 million (previous year:
EUR16 million) with an output volume of EUR287 million (previous year:
EUR320 million). The reason for the weak development in these two segments
was the underutilization of capacities in a number of areas as well as
worsened earnings in individual projects. The Building and Facility
business segment, on the other hand, continued to develop positively.
Output volume was EUR658 million (previous year: EUR584 million) and EBITA
increased from EUR12 million to EUR18 million as a result of acquisitions.
Orders received in the Group in the first quarter of 2015 amounted to
EUR2,046 million (previous year: EUR1,870 million). In the Industrial
business segment, orders received of EUR840 million were at the level of
the previous year (EUR834 million). In the Power business segment, orders
received declined to EUR325 million (previous year: EUR422 million). By
contrast, orders received in the Building and Facility business segment
increased significantly to EUR917 million (previous year: EUR636 million).
Order backlog of EUR5,913 million was below the previous year figure of
EUR6,638 million.
Bilfinger is reacting to this business development with a range of
measures: these include further efficiency improvements in administrative
functions as well as capacity adjustments in selected areas of the
Industrial business segment. In the Power business segment, on top of
capacity adjustments that have already been carried out, an extensive
restructuring and a fundamental realignment will also be undertaken. The
objectives of these measures include the achievement of additional savings,
a further reduction of over-capacity, a greater level of cost flexibility
and a lowering of project risks. In addition, the portfolio will be further
focused in the course of Group development.
Bilfinger will not meet the output volume and earnings forecast it issued
for financial year 2015. The company expects a considerable decrease in
adjusted EBITA as compared to the prior-year figure of EUR270 million.
Primary reasons include the negative development of the oil and gas
business which was more pronounced than expected, especially in the USA as
well as ongoing weakness in demand in the Power business segment. The
Building and Facility business segment is developing in line with the
forecast.
For the same reasons, adjusted net profit from continuing operations will
also be substantially below the prior-year figure of EUR175 million.
Further, a range of special items will also have an impact on net profit,
especially restructuring expenses.
In the case of further upheaval in the power plant sector in financial year
2015 and depending on the future strategic alignment of the Power business
segment, a goodwill impairment of the divisions in this segment cannot be
ruled out.
Bilfinger intends to issue a quantitative forecast for financial year 2015
as soon as the change in the Executive Board Chairmanship has been
completed and the new committee has had an opportunity to carefully analyze
and evaluate the prospects for the current financial year.
The complete Interim Report Q1 2015 with the final figures will be
published on May 7, 2015.
22.04.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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: Regulated Market in Frankfurt (Prime Standard), Stuttgart;
Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg,
Hanover, Munich
End of Announcement DGAP News-Service
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