Bilfinger SE Chief Executive Officer Roland Koch earned 2.3 million euros ($3 million) in his first full year heading Germany’s second-largest construction company.
The former prime minister of the state of Hesse earned a basic salary of 768,000 euros, while his total pay rose 42 percent from 2011, the Mannheim, Germany-based company said in its annual report. Koch became CEO on July 1, 2011.
Bilfinger is predicting an increase in 2013 profit helped by a savings program and rising demand for engineering work and services in the power industry. The 133-year-old company is planning to fuel its growth with acquisitions, and Koch said in January he has 850 million euros available for such deals.
Koch, born in Frankfurt in 1958, served as prime minister of Hesse for 11 years until 2010 as a member of Angela Merkel’s Christian Democratic Union. Frankfurt is the largest city in the federal state.
Bilfinger’s shares gained 11 percent under Koch’s leadership in 2012 and they have risen 11 percent this year, valuing it at 3.7 billion euros. Competitor Hochtief AG (HOT) lost 1.7 percent last year.
Bilfinger today reiterated a target of achieving at least 11 billion euros in output and net income of 400 million euros in 2016.
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