ROUNDUP: Bilfinger needs a new boss – optimism for 2021 | 01/20/21

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MANNHEIM (dpa-AFX) –  The  industrial service provider Bilfinger (Bilfinger SE) has to look for a new boss. Tom Blades has resigned his mandate as CEO with immediate effect, the company announced on Tuesday evening in Mannheim. CFO Christina Johansson will temporarily take over his duties while retaining her current functions. © www.de24.news

 The  company’s Supervisory Board is dealing with the question of long-term succession and will make a final decision on this in the coming months.

Investors reacted insecure on Wednesday and cashed in after the last good run of the shares. © www.de24.news

 The  share lost more than 2 percent to 28.54 euros. However, the value of the paper had almost doubled since the end of October.

© www.de24.news

 The  panel thanked Blades for “his outstanding performance as Chairman of the Board”. He has successfully realigned the company strategically. © www.de24.news

 The  manager’s wish not to extend his contract beyond June 30, 2021 is made for personal reasons and against the background of reaching the age of 65.

© www.de24.news

 The  Brit Blades had been at the top of Bilfinger since mid-2016 and had heralded a profound restructuring after the sale of the silverware, real estate services. Since then, the group has concentrated on two business areas and parted with loss-making businesses. Blades also introduced an extensive compliance and control system, as Bilfinger was under observation by the US Department of Justice until the end of 2018, among other things because of a corruption case by its former daughter Julius Berger in Nigeria.

Last year, Bilfinger was finally able to put two old burdens on file. In the dispute over compensation, the company agreed with former board members, including the former Hessian Prime Minister Roland Koch, on the payment of almost 17 million euros. In principle, the Supervisory Board had accused all Executive Board members who held office between 2006 and 2015 but joined the body before 2015, breaches of duty. In addition, Bilfinger reached a settlement with the city of Cologne in connection with the collapse of the city archives in 2009 during the construction of a subway, in which the Mannheimers were involved. Bilfinger pays 200 million euros, which are fully covered by the insurers.

At the same time, Bilfinger reaffirmed its forecast for 2020. © www.de24.news

 The  company recently expected a drop in sales of around 20 percent compared to the previous year’s figure of 4.3 billion euros. © www.de24.news

 The  operating result adjusted for special items (Ebita) should decrease significantly, but still remain positive. In 2019, Bilfinger had adjusted earnings before interest, taxes and goodwill amortization of EUR 104 million. However, the company is assuming a loss in consolidated earnings. © www.de24.news

 The  Management Board had already canceled its original outlook for the current year in February. In 2021 sales and earnings are expected to “improve significantly”.

In the meantime, the industrial service provider said goodbye to the Nord Stream 2 pipeline project, according to a report in the “Bild” newspaper. According to the newspaper on Tuesday, this emerges from the letters from the Mannheim company that it has received. With reference to the provisions of the “Protection of the European Energy Security Act”, all cooperations and contracts with Nord Stream 2 have been terminated. © www.de24.news

 The  company did not comment on the report when asked by the dpa.

At the end of 2017, Bilfinger was awarded the contract for control and safety systems to operate the pipeline between Russia and Germany. © www.de24.news

 The  order volume was more than 15 million euros. Bilfinger was also responsible for the construction of a heating center to preheat natural gas at the landing point in Lubmin. On Tuesday, the outgoing US government punished a company for the first time for participating in the construction of Nord Stream 2./mne/knd/mis





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ROUNDUP Bilfinger boss optimism

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