Interim Report Q2 2011

August 11, 2011

August 11, 2011

Bilfinger Berger: Interim Report Q2 2011

  • Successful first half of 2011  
  • EBIT rises at a rate greater than output volume 
  • Net profit doubles as a result of Valemus sale
  • Increased output volume and earnings expected for full year


In the first half of 2011, Bilfinger Berger increased its output volume while operating profit (EBIT) grew at a disproportionately high rate. The successful business development will continue in the second half of the year. 
 

Key figures for the Group* (€ million)

                                           6M 2011 6M 2010 ? in %  FY 2010
Output volume 4,028 3,779 + 7 8,059
Orders received 3,818 3,891 - 2 7,954
Order backlog 8,221 8,752 - 6 8,497
EBIT 153 132 + 16 341
Earnings after taxes
from continuing operations
91 77 + 18 208
Earnings after taxes
from discontinued operations
174 41 + 324 78
Net profit** 264 118 + 124 284
Earnings per share (in €)** 5.99 2.67 + 124 6.43
Investments
thereof in P,P&E
thereof in financial assets
 71
 49
 22
185
56
129
- 62
- 13
- 83
343
141
202
Number of employees 58,585 60,569 - 3 58,182


* In these interim consolidated financial statements, both Valemus Australia (which was sold in the first quarter) and the abandoned construction business in North America are presented as discontinued operations. The prior-year figures have been adjusted accordingly. Unless otherwise stated, all of the figures provided in this interim report refer to the Group’s continuing operations.

** Includes continuing and discontinued operations.


Further growth in output volume

In the first six months of 2011, output volume increased by 7 percent to €4,028 million. Orders received were slightly below the volume of the prior-year period at €3,818 million. The order backlog decreased as a result of the planned focusing of the Company’s construction business; it was 6 percent lower than a year earlier at €8,221 million.

Positive development of earnings

First-half EBIT increased to €153 million (H1 2010: €132 million). All business segments contributed to this positive development. The net interest expense amounted to €17 million, as in the first half of last year. Earnings after taxes from continuing operations increased to €91 million (H1 2010: €77 million). Earnings after taxes from discontinued operations amounted to €174 million (H1 2010: €41 million). As well as underlying first-half earnings of €13 million, that figure includes an additional gain of €161 million realized on the sale of Valemus Australia. As a result, net profit for the first half of 2011 more than doubled to €264 million (H1 2010: €118 million).

Increased output volume and earnings planned for full year

In full-year 2011, Bilfinger Berger anticipates slight growth in output volume generated by continuing operations – without taking potential acquisitions into account – to a magnitude of €8.2 billion and an increase in EBIT to an amount of about €350 million. This corresponds to an increase of approximately 9 percent as compared to the adjusted figure from the prior year which included a special effect from the sale of shares in concession projects in the amount of €21 million. Due to the gain realized on the sale of Valemus Australia, Bilfinger Berger expects net profit to increase to approximately €380 million in 2011. It will therefore be substantially higher than the net profit of €284 million posted in 2010.