BERLIN (dpa-AFX) - German Industrial services provider Bilfinger (BFLBY.PK) said it resolved a program to increase efficiency in order to standardize workflows in administration, simplify structures, reduce costs and at the same time to invest in education and training of the workforce.
According to the company, savings of around 55 million euros per annum. will be realized by the end of 2023, of which around a quarter will be reinvested annually in education and training. The efficiency program is accompanied by one-off costs of around 60 million euros, for which a provision is created in the fourth quarter 2022.
EBITA for the full year 2022 will therefore be negatively impacted by around 60 million euros, which is why EBITA is expected to be significantly lower than in the prior year.
Operationally, the outlook for the full year is confirmed, also on the basis that Bilfinger's development in the third quarter of 2022 was stable as expected.
Bilfinger expects unchanged for the full year 2022 a significant increase in revenue and in the operational contribution to EBITA as well as a Free Cash Flow on prior year level.
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