21:37 clock
The interim report has been signed Roland Koch. On Friday, he has vacated his office at the headquarters at Bilfinger, resigned from the post of chief executive officers and the staff handed back to his predecessor, Herbert Bodner. Nevertheless, it was chief financial officer Joachim Müller, who explained the expected weak half-year results on Monday. He admitted that the first half was disappointing and fell short of expectations. Downward through it is likely in the second half barely. The net profit would fall by about 20 percent compared to 2013 as in the first half of the full year 2014, Mueller conceded.
The budget for acquisitions to be checked
But he also stressed that the current austerity program will import 50 million euros in the second half of the year and support the result. In the power business, Bilfinger will remove 300 jobs, more short-term austerity measures would be taken. Bilfinger had painted in 2013 1,250 posts in the administration worldwide. End of June, a total of 70,000 people were employed. However, the number could rise due to acquisitions. They should, Müller, continue approximately for the maintenance of shale gas assets in the United States. The last ailing energy sector should be strengthened through acquisitions outside Europe. It is available for acquisitions budget of last around 650 million euros should however be checked first, added Müller
The stock market reacted nicely on the mid-term. Bilfinger share gained time, more than six percent. Analysts had expected even worse numbers. The paper was, however, plummeted by more than 40 percent since the beginning
Müller. Utilities reduce their investments
Müller makes for a weak business, especially the difficult environment in the energy market and in the European oil – and gas sector responsible. Energy supplier in Europe reduced their investment plans significantly, in Germany power plant projects have been postponed because of the faltering energy revolution. In contrast, it ran in the construction and building services business comparatively well. The performance was indeed in the first six months stable at 3.63 billion euros, but new orders fell by six per cent to 3.52 billion, the order backlog by two percent to 6.4 billion euros. In South Africa, Bilfinger had not received the expected bid for a major power station project. The bottom line is earnings before interest, taxes, depreciation and amortization broke compared to the first half of 2013 by almost 50 percent to only 80 million euros a, the net profit was 55 million euro by almost 20 percent lower.
The business remains difficult
In the second half of the business remains difficult, although the total construction industry actually benefited from low interest rates and expects a nominal sales by 4.5 percent this year. In Bilfinger suggests, according to Müller, however, the difficult situation on the energy market through. Consequently, he only expects that the current year with an operating profit 340-360 million euros – by 419 million in the previous year. Net should be in the previous year, only between 205 and more than 220 million euros of profit by 255 million.
analysts such as Christoph Schöndube of Independent Research are skeptical. Although he welcomes the change of leadership, trust the company but given the difficult situation in the energy sector is no quick overcoming of the crisis. Schöndube recommends selling the shares. Target price 50 euros (current: 55 Euro)
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