MANNHEIM (dpa-AFX) - Industrial services provider Bilfinger has partially exceeded its own targets for 2023. The operating margin (Ebita) is expected to reach 4.3 percent and thus exceed the upper target of 3.8 to 4.1 percent by 0.2 percentage points, the SDax company surprisingly announced in Mannheim on Monday. The free cash flow is expected to amount to 122 million euros. This includes cash inflows of EUR 26 million from the sale of real estate and cash outflows of EUR 18 million in connection with the efficiency program. Sales are expected to be within the forecast range of EUR 4.3 to 4.6 billion. The Bilfinger share gained 2.7 percent.

The efficiency program was completed as planned at the end of 2023, the company added. The remaining cash outflows of around EUR 40 million are to be made in the current year. Bilfinger intends to become more efficient in the coming years with a streamlined administration and standardized work processes. From this year onwards, this should result in annual savings of around 55 million euros, also through job cuts.

The company confirmed its medium-term targets. The detailed preliminary business figures for 2023, the outlook for 2024 and the dividend proposal will be published as announced on February 14./mne/men