DGAP-Adhoc: Bilfinger SE: Bilfinger to focus on the

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News Desk 2018

Jun 17, 2015 at 12:15 PM

DGAP-Adhoc: Bilfinger SE: Bilfinger to focus on the industry and real-estate sectors - sale of Power business segment planned. Project burdens and lack of capacity utilization lead to substantial loss in Power business segment

Bilfinger SE / Key word(s): Letter of Intent/Disposal 17.06.2015 18:01 Dissemination of an Ad hoc announcement according to Â§ 15 WpHG, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- The Executive Board of Bilfinger SE decided in its meeting today to focus on the business with clients in the industrial and real-estate sectors. A structured selling process will be initiated for the Power business segment which should be completed within one year. The objective is to find a new owner for Power that can take advantage of the future potential of the segment, primarily outside of Germany. The Power business segment, which has approximately 11,000 employees and generated an output volume of EUR1.45 billion in 2014, will be presented as discontinued operations in the interim financial statements as of June 30, 2015. In view of the difficult situation in the home market, a further internationalization of power is necessary. Such a move requires an expansion of the project business, which at about 60 percent already today makes up a significant portion of the segment's output volume, and is thus no longer in line with the strategy and risk profile of Bilfinger as an engineering and services group. At about 60 percent, Power is already today generating a large share of its volume in the project business. The business segment employs about 11,000 people and had an output volume of EUR1.45 billion in 2014. A comprehensive review of all projects in the Power business segment with the support of external consultants revealed further substantial losses. This is in addition to ongoing burdens from a lack of capacity utilization. Overall, the company expects an adjusted EBITA of up to minus EUR100 million in this segment for financial year 2015 (previous year: plus EUR8 million). The results will be presented as discontinued operations. A majority of this loss will impact the first half of the year. A substantial goodwill impairment in the Power business segment will also be taken into account in the financial statements as of June 30, 2015 which, overall, will lead to a significantly negative net profit in the first half of the year. In addition to the operational losses, one-time expenses for the reduction of fixed costs will be incurred over the course of the year, measures to improve project management and execution have already been introduced. Bilfinger anticipates an adjusted EBITA in the mid double-digit million euro range for the first half year in the continuing operations Industrial as well as Building and Facility (previous year comparable: plus EUR87 million). The Building and Facility business segment continues to develop positively while in the Industrial business segment, individual units are still suffering from the impact of the low oil price as well as limited demand in the power plant sector. The Executive Board has initiated a detailed strategic review of all business segments, the results of which will be available in the fall of this year. The report for the first half of the year will be published as planned on August 12, 2015. 17.06.2015 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Bilfinger SE Carl-ReiÃ-Platz 1-5 68165 Mannheim Germany Phone: +49 (0621) 459-0 Fax: +49 (0621) 459-23 66 E-mail: sabine.klein@bilfinger.com Internet: http://www.bilfinger.com ISIN: DE0005909006 WKN: 590900 Indices: MDAX Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich End of Announcement DGAP News-Service ---------------------------------------------------------------------------

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