BERLIN (dpa-AFX) - German Industrial services provider Bilfinger (BFLBY.PK) reported Thursday that its fourth-quarter net profit surged to 203 million euros from prior year's 15 million euros.
Adjusted net profit was 24 million euros or 0.60 euo per share, compared to prior year's 32 million euros or 0.80 euro per share.
EBITA was 14 million euros that doubled from last year. Adjusted EBITA declined 26 percent to 42 million euros. Adjusted EBITA margin was 4.8 percent, down from 5.3 percent last year.
Adjusted EBITDA reached 68 million euros, down 20 percent from prior year's 85 million euros.
Revenue declined 18 percent to 882 million euros from 1.07 billion euros a year ago, due to strong impact from COVID-19 and a volatile oil price. Revenues fell 14 percent organically.
Orders received dropped 3 percent to 1.02 billion euros from 1.06 billion euros last year. Organically, orders received grew 3 percent.
The order backlog remained solid at 2.59 billion euros, up 1 percent on a reported basis and up 5 percent organically.
Further, the Executive Board and the Supervisory Board will propose a dividend of 1.88 euros per share to the Annual General Meeting on April 15, recovering last year's 0.12 euro to the level of the 1.00 euro floor dividend.
Looking ahead for 2021, Bilfinger expects significant revenue growth from last year's 3.46 billion euros.
The company anticipates a substantial improvement in reported EBITA from prior year's loss of 57 million euros due to significantly lower expenses recognized as special items.
Bilfinger expects a substantial improvement in adjusted EBITA from 2020's 20 million euros. The adjusted EBITA margin will return to the pre-crisis level of financial year 2019 of 2.4 percent, although revenue in 2021 is expected to be significantly below 2019.
The company confirmed mid-term targets, and expects to achieve a reported EBITA margin of 5 percent by 2024, and group revenues will increase to more than 5 billion euros by 2024.
Copyright RTT News/dpa-AFX