Bilfinger Slashes Outlook for 2014

Posted by Eric Haun
Monday, June 30, 2014
Photo courtesy of Bilfinger

German engineering and services company Bilfinger SE slashed its 2014 outlook on Monday, blaming fallout from Germany's transition to renewable energy for its woes.

Adjusted earnings before interest, tax and amortization (EBITA) are expected to come in between 380 million euros ($518.34 million) and 400 million euros this year, down from 419 million in 2013, it said in a statement.

Bilfinger's EBITA margin in its power business is expected to slide to 6 percent in 2014 from 8.9 percent last year, hurt by a reluctance to invest on the part of energy suppliers affected by the shift to green energy.

"The extent of the negative impact on investment behaviour in other central European countries was not foreseeable," the statement said.

"German wind energy provided at no charge, for example, is preventing the construction of new power plants in Poland," it said.

Adjusted net profit will be between 230 million euros and 245 million euros, compared with 255 million in 2013, it said.

Bilfinger said it would adjust capacities in its power and industrial business segments, starting further near-term cost- cutting programmes without delay.

This would lead to an additional restructuring expense in the low to middle double-digit million-euro range in the second half of the year, it said.

After the restructuring, Bilfinger will again target a margin above 8 percent in the power business segment from 2016, it added.

($1 = 0.7331 Euros)

(Reporting by Jonathan Gould; Editing by Larry King)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

SENER Presents Two FORAN Papers at the Morintekh

In June, the SENER engineering and technology group participated in the 17th Morintekh – Praktik 2016 Scientific Conference, in the city of St. Petersburg, Russia.

Ship of the Year Award for NYK Vessel

Japan's first LNG-fueled ship, Sakigake, which is a tugboat owned by NYK has been recognized with a Technology Special Award at the 2015 Ship of the Year Awards

IRClass First to Certify Indian Recycling Yards per EU Standard

IRClass is amongst the first organizations in the world to certify ship recycling yards according to EU standards as an ‘Independent Verifier’. IRClass Systems and Solutions Pvt.

Finance

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

Energy

Libya's PFG to Lift Terminal Blockades

Petroleum Facilities Guard has blocked terminals for months. Ras Lanuf, Es Sider terminals damaged by fighting. Libya's Petroleum Facilities Guard (PFG) will

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

Ship of the Year Award for NYK Vessel

Japan's first LNG-fueled ship, Sakigake, which is a tugboat owned by NYK has been recognized with a Technology Special Award at the 2015 Ship of the Year Awards

News

Migrants Survivors Tell of Struggle at Sea

The bodies of 21 women and one man were brought ashore to Sicily on Friday as fellow migrants described scenes of panic and violence when water poured into their dinghy.

SENER Presents Two FORAN Papers at the Morintekh

In June, the SENER engineering and technology group participated in the 17th Morintekh – Praktik 2016 Scientific Conference, in the city of St. Petersburg, Russia.

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2380 sec (4 req/sec)