Frankfurt am Main – After the sacking of Roland Koch Bilfinger has reported a drop in profits. Adjusted operating profit (EBITA) broke from April to June by 30 percent to 93 million euros a, as the company announced. Order intake fell by 15 percent in the second quarter. As a reason of the construction company led to lack of investment by European utilities, which are struggling with the energy revolution in Germany. Bilfinger had decreased in the last week for the second time within a short time its annual forecast. Therefore CEO Roland Koch had to vacate his post.
The share of the small caps MDAX segment 
traded company was despite the drop in profits premarket two percent in Plus . “The figures were in line with low expectations,” said a stockbroker. In the past week the Bilfinger shares had lost more than 15 percent after Koch’s resignation, since the first profit warning on 30 June, the price dropped 37 percent.
The former prime minister of Hesse Koch was responsible for the strong assumed decline in profits, but his resignation also justified by the Supervisory Board dispute about the further course of the company.
Executive Chairman Bernhard Walter had only given the failure to meet internal profit promise cook as a reason for the “amicable separation”. The confidence in the CEO, who moved to the top of the traditional company from the policy until three years ago, had been destroyed. About the strategy, Bilfinger focus more on construction and engineering services for power plants, industrial and building management and reduce the construction business heavily, but consensus had prevailed. After Koch’s resignation on Friday, the former long-time CEO Herbert Bodner was appointed interim chief.
Hoping for the second half of the year
For the second half of 2014 Bilfinger expects continued difficult conditions in the European energy market. However, a much stronger second half was to be expected after the Group’s earnings had declined in the first six months by a fifth to 55 million euros, it said in a statement.
In the far most profitable division power four to five percent to be achieved by the conversion of operating profit this year – half as much as last year. Even after the first profit warning, the group had decided to reduce from 200 to 300 points in the power plant sector under chef guidance. Already last year Bilfinger had announced the elimination of 1,250 job cuts in administration.
The EBITA is expected to fall from 340 to 360 million euros this year. The comparable value at which the for sale Civil division is not taken into account, amounted to 419 million euros. Sales will therefore rise to 7.8 billion euros from 7.7 billion euros comparable, originally targeted were 8.0 billion euros.
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