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Bilfinger Posts Narrower Loss In Q3, Revenue Up 8% Organically; Confirms Outlook

Bilfinger (BFLBY.PK) reported a narrower third-quarter net loss year-over-year, primarily as a consequence of fewer special items taking effect, reaching a loss of 1 million euros compared to a loss of 21 million euros, prior year. Adjusted net profit remained at 13 million euros, notwithstanding one-off effects on EBITA or taxes. Adjusted earnings per share was 0.30 euros, flat year-over-year.

Adjusted EBITA improved slightly in the third quarter to 22 million euros from 21 million euros. At 2.1%, adjusted EBITA margin was at the prior-year level. The Group noted that the adjusted EBITA of the prior-year quarter was influenced by special items.

Third-quarter revenue was up by 5% (organically up 8%) at 1.05 billion euros. Orders received increased compared to a strong prior-year quarter, growing by 5% (organically up 6%) to 1.105 billion euros.

Bilfinger confirmed the outlook for financial year 2018. Organic growth in orders received will be in the mid single-digit percentage range. Revenue development will be organically stable to slightly growing. Adjusted EBITA will increase significantly: the Group anticipates a figure in the mid to higher double-digit million-euro range, somewhere between 50 million and 75 million euros.

The Group stated that its return on capital employed and free cash flow will also improve significantly in the current financial year. Both figures will be negative as a result of special items. On an adjusted basis, free cash flow is expected to break even.

Bilfinger CEO Tom Blades said: "We have delivered a stable third quarter and we are pleased with the performance of our business. We have made further progress in the build-up phase of our Bilfinger 2020 Strategy and are on track towards achieving the growth targets we set for ourselves."

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