Frankfurt the ailing construction and services group Bilfinger has suffered a record loss due to the drop in the power generation sector over the past year.
The shortfall summed due amortization, a loss in the division of power and restructuring costs of 489 million euros compared to a loss of 71 million euros in the previous year, Bilfinger said on Thursday. After a year with the highest loss in company history that goes back to 1880, Bilfinger is probably from being destroyed not only the crisis division Power is to be sold, and is currently the Group supporting construction and real estate business can be turned into money
clarity about the strategy aims to create CEO Per Utnegaard According to a spokesperson as soon as possible. The next opportunity is the annual press conference on March 16. The Norwegian using the major shareholder Cevian, a Swedish financial investor, employed had presented only a two-pronged strategy with the categories “Industrial” and “Building and Facility” as a new direction in the fall. That this was thrown after the surprise announcement of the possible sale in January again to the winds, bringing the unions against management.
IG Metall and IG Bauen-Agrar-Umwelt urged leaflets they distributed on Wednesday outside the headquarters in Mannheim, by the board a new concept and an agreement on job security , They also insist on investing revenue from sales and not paid to the owner. Of which would primarily involved with more than 25 percent of major shareholder Cevian something. Since entering five years ago Cevian bought Bilfinger shares for 600 million euros, which made 100 million euros minus on the paper according to Reuters calculations.
Bilfinger would with the construction and real estate business to give up his income Perle: sales increased in 2015 by nine percent to 2.9 billion euros, thus outstripping the total revenue, by four percent to almost 6 5 billion euro climbed. The division is a plus in orders of 57 percent currently the growth engine for the Group. The division held the operating margin stable at 5.1 percent, while the margin shrank in larger industrial business around one and a half percentage points to 3.5 percent. The stagnant division suffers from sluggish investment in the chemical and oil and gas industry.
BILFINGER WOULD YIELD PEARL GIVE
The North Baden stuck in a serious crisis for two years which has the former prime minister of Hesse Roland Koch tasted the post of CEO. The business with the construction and maintenance of power plants has slumped because of the energy transition, but also because of errors in project management. The division should by mid-year change hands. Other business, last the water technology were sold. Revenue is thus reduced by one billion euros, the number of employees dropped by 15,000 to 56,000, which operate almost 20,000 in Germany.
The net loss last year was terrible as high as announced. In autumn Bilfinger had expected a minus 530-540 million euros. Even without the for sale power plant division of the Mannheimer Group cut not as badly as feared. Adjusted earnings before interest, taxes, depreciation and amortization broke the previous year by 29 percent to 186 million euros. Placed in view were 150 to 170 million euros.
“In addition to the necessary restructuring of the Group, we will make targeted investments in growth initiatives to make Bilfinger fit for the future” explained Utnegaard. A detailed outlook for the current year will be in March the CEO. He had explained earlier, in 2016 will be a transitional year, is growth expected again until 2017th
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