Annual Press Conference 2010
March 11, 2010
March 11, 2010
Annual Press Conference 2010:
- Earnings exceed outlook
- Increased dividend distribution proposed
- Positive outlook for the current financial year
Bilfinger Berger continued along its successful path in 2009 despite the difficult economic conditions.
Output volume of €10,403 million in 2009 was close to the level achieved in the prior year. While output volume decreased as planned in the construction business, the Services segment continued to grow. Orders received increased by 8 percent to €11,129 million. The order backlog at the end of 2009 amounted to €11,704 million, representing an increase of 10 percent.
With EBIT of €250 million and net profit of €140 million, Bilfinger Berger reached the earnings level of the previous year after adjusting for the exceptional item relating to the sale of the French subsidiary Razel. The guidance issued in the third quarter of 2009 was thus significantly exceeded.
The Executive Board and Supervisory Board will propose to the Annual General Meeting on April 15, 2010 in Mannheim that a dividend of €2.00 per share be paid out for 2009. The figure for the previous year, after an arithmetical adjustment for the subscription rights issue, amounted to €1.85 per share. The total dividend distribution to be paid out to the shareholders thus increases from €70 million to €88 million based on the number of shareholders currently entitled to a dividend.
With the expansion of its services divisions and the reduction of the construction business, Bilfinger Berger improves its risk profile and further strengthens its profitability. In the medium term, it is intended to reduce the volume of the construction business to the region of €2 billion annually. A significant step in this direction is the planned sale of Bilfinger Berger Australia, which generated an output volume of €2.7 billion in 2009.
Without the business in Australia, an output volume of €7.7 billion, EBIT of €173 million and net profit of €80 million were achieved in 2009. For 2010, the Group anticipates further growth in the continuing operations’ output volume combined with disproportionately high increases in EBIT and net profit. The business operations in Australia will contribute towards the Group’s output volume and earnings until the planned disposal.
| Key figures for the Group | | | |
| 2009
in € million | 2008
in € million | ? in % |
| Output volume | 10,403 | 10,742 | - 3 |
| Orders received | 11,129 | 10,314 | + 8 |
| Order backlog | 11,704 | 10,649 | + 10 |
| | | |
| | | |
| EBIT | + 250 | + 298 | |
| EBIT adjusted | + 250 | + 253* | - 1 |
| Net profit | + 140 | + 200 | |
| Net profit adjusted | + 140 | + 140** | 0 |
| | | |
| | | |
| Earnings per share (in €) | 3.79 | 5.18 | - 27 |
| Dividend (in €) | 2.00 | 1.85 | + 8 |
| | | |
| | | |
| Cash flow from operating activities | 368 | 357 | + 3 |
| Return on capital employed (ROCE) in % | 15.6 | 23.2 | |
| Value added | 98 | 202 | - 51 |
| | | |
| | | |
| Cash and cash equivalents | 798 | 720 | + 11 |
| Financial liabilities*** | 354 | 328 | + 8 |
| Equity ratio*** in % | 26 | 22 | |
| | | |
| | | |
| Employees (number) | 67,199 | 60,923 | + 10 |
* Adjusted for exceptional item relating to the sale of French subsidiary Razel
** Adjusted for the aforementioned exceptional item and the resulting tax effects
*** Adjusted for project-related non-recourse debt
