* Sees 2013 profits up when adjusted for asset sales
* To propose 3 euros per share dividend for 2012
* 2012 EBITA 466 mln euros vs forecast 460 mln
* Shares up 2.6 pct, outperform market
(Adds comment by analyst, updates share price)
By Peter Dinkloh
FRANKFURT, Feb 11 Germany's Bilfinger
predicted a rise in underlying earnings this year, and lifted
its dividend for 2012, as its shift away from volatile
construction markets towards more stable building services
activities pays off.
The firm, which maintains, modernises and operates
buildings, industrial plants and power stations, is benefiting
from booming oil and gas industries as well as a trend in less
robustly performing sectors to outsource in a bid to save money.
"The company is delivering on its promises and its prospects
are good," said DZ Bank analyst Marc Nettelbeck, who recommends
buying Bilfinger's shares.
Bilfinger, whose customers include German chemicals firm
BASF and oil major Royal Dutch Shell, said
on Monday it made earnings before interest, tax and amortisation
(EBITA) of 466 million euros ($624 million) last year.
That was in the upper half of its guidance range of 450-470
million euros and above the average forecast of 460 million in a
Reuters poll of analysts.
Bilfinger predicted EBITA, adjusted for asset sales, would
rise from a comparable figure of 421 million euros in 2012, but
did not say by how much. Analysts are currently expecting an
underlying EBITA of 428 million euros for this year.
The company also proposed a dividend of 3.00 euros per share
for 2012, just above the 2.94 euros expected by analysts. It
paid a dividend of 2.50 euros per share in 2011 and made an
additional payment of 90 cents per share for the sale of its
At 0953 GMT, Bilfinger shares were up 2.6 percent at 75.90
euros, outperforming a 0.1 decline in the German MDAX index
of medium-sized companies.
The firm, which traces its roots to a bridge builder founded
in 1883, said it saw particularly strong demand from utilities
outside Germany, with the EBITA margin at its power services
unit rising to 9.3 percent last year from 8.3 percent in 2011.
"That EBITA margin is fantastic," said DZ Bank's Nettelbeck.
Bilfinger chief executive Roland Koch told Reuters in
January the company was benefiting from environment regulations
across the energy industry.
The company said on Monday its construction business would
shrink further in 2013 from revenues including those of minority
stakeholders - also called output - of 1.4 billion euros in
Koch will hold a conference call at 1100 GMT.
($1 = 0.7474 euros)
(Editing by Mark Potter)