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.
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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
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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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