Interim Report Q1 2009

May 07, 2009

May 7, 2009

Bilfinger Berger: Interim Report Q1 2009

High order intake in services business
Strong increase in operating profit
Outlook confirmed for full year

Bilfinger Berger started the year 2009 with a good first quarter. Output volume, orders received and operating profit (EBIT) all showed strong growth due, in particular, to positive development in the services business. The construction business remained generally stable, and an important transport project was added to the privately financed concessions portfolio.

Increases in output volume, orders received and order backlog

The Bilfinger Berger Group’s total output volume increased in the first quarter of this year by 9 percent to €2,418 million. Orders received amounted to €2,729 million, which is 22 percent higher than in the first quarter of 2008. Order backlog increased by 2 percent to €10,971 million, thus exceeding the level of a full year’s output volume.

Increased operating profit

Compared to the adjusted prior-year quarter, EBIT improved to €43 million (Q1 2008: €28 million), earnings before taxes to €37 million (Q1 2008: €29 million) and net profit to €23 million (Q1 2008: €18 million). The net interest result declined to an expense of €6 million (Q1 2008: income of €1 million).

Outlook confirmed

Based on current assessments of future economic development, the Company anticipates output volume in the range of €10 billion in financial year 2009. The Group believes EBIT and net profit will at least maintain the prior-year’s level of €250 million and €140 million respectively (after adjustment for the exceptional item from the sale of the French subsidiary Razel).

Key figures for the Group (€ million)
-	Q1 2009	Q1 2008*	? in %	FY 2008
Output volume	2,418	2,223	+ 9	10,742
Orders received	2,729	2,245	+ 22	10,314
Order backlog	10,971	10,791	+ 2	10,649
EBIT	+ 43	+ 28*	+ 54	+ 298
Earnings before taxes	+ 37	+ 29*	+ 28	+ 284
Net profit	+ 23	+ 18*	+ 28	+ 200
Earnings per share (in €)	+ 0.65	+ 0.49*	+ 33	+ 5.61
Investments - in P, P & E - in financial assets	119 29 90	62 38 24	+ 92 - 24 + 275	697 237 460
Employees	61,301	55,626	+ 10	60,923

* Adjusted for one time-gain of €9 million before taxes and €13 million after taxes from the sale of office buildings used by Bilfinger Berger (corresponds to € 0.35 per share)