Interim Report Q2 2007

August 09, 2007

    August 9, 2007

  • Half-year earnings doubled
  • Lively demand in all markets
  • Order backlog over €10 billion for the first time

Bilfinger Berger grew strongly once again in the first half of 2007. Demand was lively in all of the Group's markets, leading to a high volume of orders received. At June 30, 2007, the total order backlog surpassed €10 billion for the first time in Bilfinger Berger's history. EBITA and net profit increased at a higher rate than output volume, and doubled compared with the prior-year period.

The Group expanded its product portfolio in major international markets by making acquisitions in the services business: With the takeover of O'Hare Engineering the Company has further developed its industrial services in the United Kingdom. And Bilfinger Berger is now one of the leading property-management companies in Switzerland as a result of another acquisition in that market.

Strong growth in output volume, orders received and order backlog
In the first six months of this year, output volume increased by 20% to €4,367 million. The volume of orders received was 24% higher than in the prior-year period at €5,811 million, thanks to major projects in the construction business and the strong growth of our services activities. The order backlog increased by 25% to €10,141 million.

Doubled half-year earnings
EBITA for the first half of 2007 doubled to €78 million (H1 2006: €38 million). The net interest result was minus €1 million (H1 2006: income of €3 million). Earnings before taxes increased to €71 million (H1 2006: €39 million). Net profit amounted to €41 million (H1 2006: €21 million).

Key figures for the Group (€ million)

-

H1
2007

H1
2006
1

? in %

H1
2006
2

FY
2006

Output volume

4,367

3,636

+ 20

-

7,936

Orders received

5,811

4,675

+ 24

-

10,000

Orders backlog

10,141

8,109

+ 25

-

8,747

EBITA

+ 78

+ 38

+ 105

- 15

7,936

Earnings before taxes

+ 71

+ 39

+ 82

- 14

+ 173

Net profit

+ 41

+ 21

+ 95

- 36

+ 92

Earnings per share (in €)

+ 1.10

+ 0.56

+ 96

- 0.97

+ 2.48

Investments
- property, plant, equipment
- financial assets

106

75

31

116

52

64

- 9

+ 44

- 52

-

370

136

234

Employees

50,370

43,719

+ 15

-

49,141

1 before exceptional items
2 after exceptional items

In the year 2006, the adjustment of the concessions portfolio led to an exceptional charge on earnings of €53 million before taxes. All prior-year comparisons relate to earnings before exceptional items.

Significant increase in earnings planned for full year
In financial year 2007, Bilfinger Berger anticipates an increase in output volume to €8.9 billion. According to the Group's planning, EBITA will grow faster than output volume, while net profit will significantly surpass the previously targeted level of €100 million. Return on capital employed will exceed the cost of capital of 10.5%, as in 2006.