Interim Report Q2 2010
August 12, 2010
August 12, 2010
Bilfinger Berger: Interim Report Q2 2010
- Successful first half of 2010
- Earnings more than doubled
- Jump in earnings also anticipated for full year
- Quality: experts give positive assessment
Bilfinger Berger substantially increased its profitability in the first half of 2010. While output volume, orders received and order backlog remained stable, EBIT and earnings after taxes from continuing operations more than doubled. Net profit also significantly exceeded the prior year period.
Key figures for the Group* (in € million) |
- | H1/10 | H1/09 | ? in
% | FY
09 |
Output volume | 3,812 | 3,768 | 1 | 7,727 |
Orders received | 3,976 | 3,965 | 0 | 7,696 |
Order backlog | 8,872 | 8,307 | 7 | 8,362 |
EBIT | 135 | 64 | 111 | 173 |
Earnings after taxes from
continuing operations | 77 | 27 | 185 | 83 |
Earnings after taxes from
discontinued operations | 41 | 39 | 5 | 60 |
Net profit** | 118 | 65 | 82 | 140 |
Earnings per share (in €)** | 2.67 | 1.69 | 58 | 3.79 |
Investments
thereof in P, P&E
thereof in financial assets | 185
56
129 | 190
55
135 | -3
2
-4 | 496
135
361 |
Number of employees | 60,723 | 55,163 | 10 | 61,027 |
* Bilfinger Berger’s plan to sell its Australian business is unchanged. Until then, it will be reported separately as discontinued operations. All the figures presented in this interim report reflect the Bilfinger Berger Group’s continuing operations, unless otherwise stated.
** includes continuing and discontinued operations
Stable business volume
In the first six months of this year, output volume and orders received were at the prior-year levels of €3,812 million and €3,976 million respectively. The order backlog totaled €8,872 million, representing an increase of 7 percent.
EBIT more than doubled
First-half EBIT increased to €135 million (H1 2009: €64 million). All segments contributed to the significant increase in earnings. The net interest expense was €18 million (H1 2009: €17 million). Earnings after taxes from continuing operations rose to €77 million (H1 2009: €27 million). In addition, discontinued operations delivered earnings after taxes of €41 million (H1 2009: €39 million). Net profit increased to €118 million (H1 2009: €65 million).
Jump in earnings anticipated for full year
For full-year 2010, The Company expects output volume from continuing operations to increase to approximately €8.0 billion (FY 2009: €7.7 billion). Bilfinger Berger anticipates EBIT of at least €300 million (FY 2009: €173 million) while net profit – including the contribution from discontinued operations – should reach at least €250 million (FY 2009: €140 million).
Experts give positive assessment
The groups of experts commissioned by the Executive Board in March 2010 to review the structural integrity and quality assurance of civil engineering projects have completed their work. The results provide confirmation of the high quality of Bilfinger Berger’s standards. The structural integrity of the civil engineering projects they examined was confirmed without reservations. The implementation and functionality of Bilfinger Berger’s quality assurance system comply with the usual high standards of listed construction companies. Further information on the findings of the groups of experts can be found in the reports by Prof. Dr. Schnell and Prof. Dr. Diederichs.
