03.09.2014
Bilfinger SE DE0005909006
DGAP-Adhoc: Bilfinger SE: Earnings forecast reviewed, expectations for 2014 reduced
Bilfinger SE / Key word(s): Change in Forecast
03.09.2014 23:10
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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Following the change in the Chairmanship of the Executive Board of
Bilfinger SE in August 2014, the current business situation in the
individual divisions was once again analyzed and the respective
opportunities and risks evaluated.
In the Industrial business segment, the potential of the organization
measures that have been taken, particularly the establishment of a new
divisional structure, will only be fully realized in financial year 2015.
Management changes and new business processes need more time to effectively
establish themselves. In addition, the difficult market situation in the
energy and European oil & gas sectors also plays a role. Although Bilfinger
anticipates a substantial increase in earnings in the second half of 2014
as compared to the first six months, the EBITA margin for 2014 will be
below the prior-year figure (5.8 percent).
Due to the uncertain market environment, a fundamental reassessment of the
situation is necessary in the Power business segment. As a result of low
capacity utilization in other units and low price levels in markets that
are relevant for Bilfinger, earnings expectations for 2014 must be
significantly reduced once again.
The previous expectations in the Building and Facility business segment are
confirmed.
Output volume for the Group in the current financial year will be within
the scope of our previous forecast (EUR7.7 billion). Bilfinger anticipates
an adjusted EBITA from continuing operations of at least EUR270 million
(previous year: EUR419 million). Accordingly, an adjusted net profit from
continuing operations of at least EUR160 million is expected (previous
year: EUR255 million).
Furthermore, Bilfinger will write down its investments in the production
facility that manufactures steel foundations for offshore wind turbines in
Poland in the amount of approximately EUR30 million. This expense is not
included in the adjusted EBITA.
As announced, the Executive Board will detail the medium-term outlook for
the company in its report on the third quarter 2014.
03.09.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München
End of Announcement DGAP News-Service
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