Earnings release
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Press Release February 11 , 2021 Preliminary 2020 financial results : Bilfinger again delivered on targets : resilient business model and high cost agility ensured positive results and cash flow despite substantial revenue decrease ● ● ● ● ● ● ● ● BILFINGER Achievements : major legacy issues resolved , COVID - 19 and cost agility well managed , structural improvements driven forward Market : recovery in Europe , slower in United States Orders received € 3.724 bn / -7 % org .: year - on - year decrease , but Q4 with growth of 3 % org . Revenue € 3.461 bn / -17 % org .: strong impact from COVID - 19 and a volatile oil price , with stronger ramp - up in second half Adjusted EBITA € 20 m / 0.6 % margin : positive due to high cost agility Reported net profit € 99 m : clearly positive including capital gain from PPN Apleona Reported free cash flow € 93 m : strong due to successful year - end working capital measures Dividend : proposed payout of € 1.88 per share also recovers last year's € 0.12 Outlook for 2021 : significant revenue growth and substantial EBITA improvement Mid - term targets confirmed : € 5 billion revenues , sustainable 5 % EBITA margin , free cash flow > € 200m Industrial services provider Bilfinger has continued to deliver on its targets , demonstrating the resilience of its business model and high cost agility over the past financial year . In a very challenging environment , the Group fully achieved the guidance it had already published in May last year . The financial year 2020 concluded with an organic revenue decrease of 17 percent and adjusted EBITA of € 20 million . Reported free cash flow was very strong at € 93 million , with good underlying cash conversion in the fourth quarter . This was despite the payment of virtually all tax and social security deferrals the company had benefited from as a precaution during the challenging second quarter . On that basis , the Executive Board and the Supervisory Board will Bilfinger SE Corporate Communications & Public Affairs Esther Döringer Phone +49 621 459-2640 esther.doeringer@bilfinger.com Page 1/7