Interim Report Q3 2006 Bilfinger Berger
- Order backlog at new record level
- Major increases in the Services segment
- Increase in earnings anticipated for full year
In the first nine months of 2006, Bilfinger Berger significantly increased its output volume, orders received and order backlog. EBITA surpassed the level of the prior-year period, although write-offs on two concessions projects significantly burdened earnings in the second quarter. The excellent development of the services business was particularly pleasing.
Increased business volume
The Group’s output volume in the first nine months of the year increased by 7% to €5,647 million. Orders received were 26% higher than in the prior-year period, reaching €7,393 million. This was due in particular to new major projects in the Civil business segment and dynamic growth in the Services business segment. The order backlog expanded by 20% to a new record level of €8,553 million.
EBITA above prior-year level
EBITA for the first nine months of 2006 climbed to €51 million (Jan.-Sept. 2005: €43 million). Net interest income amounted to €6 million (Jan.-Sept. 2005: €4 million). Earnings before taxes increased to €50 million (Jan.-Sept. 2005: €43 million). The impairments recognized in the concession business in the second quarter in the amount of €63 million are not tax deductible, meaning that the income tax charge amounted to €39 million (Jan.-Sept. 2005: €16 million). This resulted in net profit of €4 million (Jan.-Sept. 2005: €23 million).
Increase in EBITA and net profit for full year
Bilfinger Berger assumes that the planned sale of three projects from the concession portfolio will be completed in the fourth quarter. For the full year the Company anticipates not only a significant increase in EBITA but also a renewed rise in net profit as compared to the prior year. The return on capital employed will surpass the target of 11%. Output volume is expected to increase to over €7.7 billion.
Read the complete Interim Report at www.bilfingerberger.de