Bilfinger has released preliminary annual results for 2014 that have shown a net loss of €71 million and a reduced order book.
The German-based engineering and industrial services company’s figures follow a series of profit warnings last year – which it said were due to a difficult market in its power business.
Its output volume showed a 2% year-on-year increase to €7.69 billion, but the firm's order book for 2014 was down by 16% to €5.46 billion. In December it confirmed the sale of its civil engineering operations to Swiss company Implenia for €230 million.
He was replaced by Herbert Bodner on an interim basis until May this year, with the business confirming that a permanent replacement would be named shortly. It has recently appointed Axel Salzmann as its new chief financial officer, succeeding Joachim Müller, who left in October 2014.
The company said, “Bilfinger’s business development in 2014 was affected by a difficult situation in the European power-plant sector and general hesitation on the part of customers in the process industry.”