Bilfinger Berger: Interim Report Q1 2010
May 10, 2010
May 10, 2010
Bilfinger Berger: Interim Report Q1 2010
- Good start to the new financial year
- Earnings more than doubled
- New business-segment structure introduced
Bilfinger Berger started the 2010 financial year with a good first quarter. Output volume and orders received were at the prior-year level while order backlog further increased. EBIT from continuing operations, or not including Bilfinger Berger Australia which is being sold, and net profit more than doubled compared to the first quarter of 2009.
Key figures for the Group (in € million) |
- | Q1/10 | Q1/09 | ? in % | FY 2009 |
Output volume | 1,773 | 1,777 | 0 | 7,727 |
Orders received | 2,122 | 2,127 | 0 | 7,696 |
Order backlog | 8,941 | 8,421 | 6 | 8,362 |
EBIT from continuing operations | 49 | 23 | 113 | 173 |
| EBIT from discontinued operations | 30 | 20 | 50 | 77 |
| Total EBIT* | 79 | 43 | 84 | 250 |
| Earnings after taxes from continuing operations | 26 | 8 | 225 | 83 |
Earnings after taxes from discontinued operations | 22 | 15 | 47 | 60 |
Net profit* | 48 | 23 | 109 | 140 |
Earnings per share (in €)* | 1.10 | 0.60 | 83 | 3.79 |
Investments
- thereof in P,P&E
- thereof in financial assets | 72
26
46 | 114
24
90 | - 37
8
-49 | 496
135
361 |
Number of employees | 60,374 | 54,970 | 10 | 61,027 |
* includes continuing and discontinued operations
Proceeds from the sale of Bilfinger Berger Australia will be used to press forward with the expansion of the Company's services activities. At the same time, this step leads to a substantial reduction in the size of the construction business. The intended sale is progressing as planned. An initial public offering is being prepared and should take place in the middle of this year. For this reason, the key figures of this company will no longer be included in the reporting segments, but will be disclosed as 'discontinued operations'. All the figures presented in this interim report reflect the Group's continuing operations, unless otherwise stated.
Due to the increasing importance of its services activities, the Group has introduced, from the beginning of the 2010 reporting year, a new business segment structure organized as follows:
- Industrial Services
The Industrial Services business segment provides services for the repair and maintenance of industrial plants. - Power Services
The Power Services business segment provides services for the maintenance, modernization, delivery and assembly of power plant components. - Building and Facility Services
The focus in the Building and Facility Services business segment is on providing real estate life-cycle services. This segment includes the German building activities and the Facility Services division. It also provides construction-related services from Germany for Julius Berger Nigeria PLC. - Construction
The Construction business segment is comprised of the Group's civil-engineering activities. - Concessions
Bilfinger Berger reports on its privately financed concession projects in the Concessions business segment.
Increased order backlog
Output volume and orders received remained stable in the first three months of this year at €1,773 million and €2,122 million respectively. The order backlog of €8,941 million at the end of March was 6 percent higher than a year earlier.
EBIT and net profit more than doubled
EBIT from continuing operations more than doubled to €49 million (Q1 2009: €23 million), EBIT including discontinued operations rose to €79 million (Q1 2009: €43 million). The net interest expense increased to €9 million (Q1 2009: €7 million). Earnings after taxes from continuing operations amounted to €26 million (Q1 2009: €8 million). In addition, discontinued operations delivered earnings after taxes of €22 million (Q1 2009: €15 million). Net profit increased to €48 million (Q1 2009: €23 million).
Outlook
Bilfinger Berger's continuing operations generated output volume of €7.7 billion in 2009, with EBIT of €173 million and net profit of €80 million. For the year 2010, the Company anticipates growth in output volume along with disproportionately high increases in EBIT and net profit. The business in Australia will deliver positive contributions to the Group's net profit until it is sold. This is in addition to the expected capital gain.
