Ad-hoc | 20 February 2003 08:00

Bilfinger Berger AG english

Exceptional income utilized for provisions, reserves and dividend bonus Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Ad-hoc statement pursuant to Section 15 of the German Securities Trading Law Bilfinger Berger AG Exceptional income utilized for balance-sheet provisions, increased reserves and dividend bonus Bilfinger Berger is to utilize the exceptional gain of Euro 161 million it realized from the sale of shares in Dresdner Bank at the beginning of 2002 to set-up balance-sheet provisions, to strengthen its reserves and to distribute an exceptional dividend bonus. The amount utilized for balance-sheet provisions will be in the region of Euro 110 million after taxes. end of ad-hoc-announcement (c)DGAP 20.02.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: According to preliminary figures, net profit from ordinary activities in 2002 (excluding the exceptional capital gain) increased by 15% to around Euro 60 million (2001: Euro 52 million). This increase was based on an operating profit (EBITA) of double the previous year’s level, to which the newly acquired services companies also made significant contributions. As well as earnings from ordinary activities, in 2002 an exceptional tax-free capital gain arose in an amount of Euro 161 million from the sale of shares in Dresdner Bank held by Bilfinger Berger. The cash inflow of Euro 262 million was primarily applied for acquisitions connected with expanding the services business. Balance-sheet provisions will take priority with the utilization of the gain on this disposal. Furthermore, it is planned to increase reserves and to propose an exceptional dividend bonus. Bilfinger Berger will use this exceptional income to reduce its capital tied up in real-estate development and the building-materials business. The write-down of real-estate assets will create the right conditions to reduce our portfolio of real-estate activities more quickly within the context of our strategic reorganization. The building-materials business is suffering from continuing weakness in the construction market of Eastern Germany and the resulting pressure on prices. Competition-distorting subsidies have an additional negative impact and are preventing the necessary market contraction. Bilfinger Berger is taking proper account of this situation by reducing its capital tied up in this business and is creating the basis for a possible disposal of our building-materials activities. An additional part of the exceptional income will be used to cover the future costs of a fundamental reorganization of our construction business in Germany and abroad. All three precautionary measures add up to a sum of around Euro 110 million after taxes. The remaining exceptional income of approximately Euro 50 million is available, together with the net profit from ordinary activities of around Euro 60 million, for allocation to reserves, dividend distribution and dividend bonus. Output volume increased in 2002 by 7% to Euro 4,912 million. Orders received and order backlog were significantly higher than in the previous year. For the current financial year Bilfinger Berger anticipates yet another increase in output volume to around Euro 5.2 billion. Despite uncertain economic developments in Germany and abroad, the company aims to achieve another increase in earnings. A detailed overview of current developments at Bilfinger Berger is given in the “Preliminary Report on the 2002 Financial Year”, which is published today. Internet: http://www.bilfingerberger.de ——————————————————————————– WKN: 590 900; ISIN: DE0005909006; Index: MDAX Listed: Amtlicher Markt in Berlin, Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, München, Stuttgart 200800 Feb 03