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Bilfinger: Adjustment of 2014 Forecast and upcoming Change in Executive Board Chairmanship

The Executive Board of Bilfinger SE has decided today to reduce the forecast for financial year 2014 published on June 30, 2014. With an anticipated output volume of approximately €7.8 billion, the company now expects an adjusted EBITA in the magnitude of €340 to €360 million, a reduction of €40 million. Accordingly, adjusted net profit is now expected to be between €205 million and €220 million, a reduction of €25 million.

The adjustment to the recently published earnings forecast is due primarily to a further reduction of earnings expectations in the Power business segment. This resulted, among other things, from a project loss in South Africa that has only now come to light. The Executive Board now expects an EBITA margin of between 4 and 5 percent in the Power business segment this year.

Roland Koch to leave Bilfinger

Roland Koch, Chairman of the Executive Board at Bilfinger SE, has offered Supervisory Board to step down on mutually agreed terms. The Supervisory Board of the company will make a decision in this regard on August 7, 2014.

In addition, the Supervisory Board shall appoint Herbert Bodner, Member of the Supervisory Board and former Chairman of the Executive Board, as Chairman of the Executive Board on an interim basis with effect from August 11, 2014 until May 31, 2015.

Roland Koch explained: "Predictability on the capital market is an important commodity for a continuingly successful company like Bilfinger. As a result of two profit warnings in quick succession, for which I as Chairman of the Executive Board take responsibility, this trust has been shaken. I hope that with my offer it will be possible to quickly normalize the situation. This is not least because I must realize that significant parts of the Supervisory Board and myself do not agree to a sufficient extent on the evaluation of the next, directly necessary measures. Bilfinger has taken significant steps forward in recent years. I am certain that the future will be successful."

Bernhard Walter explained: "I view the approach in the interests of the company proposed by Roland Koch as fair and worthy of my utmost respect. These thanks also apply expressly for his work in the last three years. In its integration to an engineering and services group, Bilfinger has made substantial progress under the leadership of Roland Koch. All significant strategic decisions, including the major organizational changes within the scope of the Excellence program, have met with the unanimous approval of the Supervisory Board. We stand by these decisions."

The Supervisory Board has asked Roland Koch to conduct the transition in the days to come in collegial cooperation with Herbert Bodner, which is why the date of the departure was set for August 8, 2014. Roland Koch and Herbert Bodner emphasized that they will carry out the transition in an already proven spirit of cooperation.

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