factbook - bilfinger se · 2014 concessions construction ... in € million q3/16 q3/15 Δ% q3/16...

Factbook

Contents / Pages

1. COMPANY PROFILE

The Engineering and Services Group…..............

Overview Business Segments…………….……...

Executive Board ……………………………..........

Supervisory Board …………………………..........

Corporate History ……………………………........

Major Acquisitions …………………………….......

Major Divestments…………………………………

3

4

5

6

7

8

9

2. KEY FIGURES

Overview..............................................................

Profit and Loss Statement & Reconciliation to

adjusted Earnings .……………………………….

Cash Flow Statement …………………………….

Valuation Net Debt ..............................................

10-year-overview Balance Sheet…………….......

10-year-overview Business Development….......

10

11

12

13

14

15

3. DATA SHEET PER SEGMENT

Industrial …………………………….....................

Power ……………………………..………………..

16

19

4. BILFINGER SHARE

Master Data, Share Price Development ......

10-year-overview Key Figures ……………..

Shareholder Structure, Treasury stock…….

21

22

23

Development of Dividend and

Market Capitalization ……………….…...…

Analysts‘ Coverage …………………….…..

Analysts‘ Recommendation

Development…..………………………….….

24

25

26

6. BILFINGER BOND

Master Data, Rating ……………………….. 27

7. FINANCIAL CALENDAR

IR Events …………………………….…….… 28

8. IR CONTACT

Contact Details …………………………...... 28

December 14, 2016 Bilfinger SE Investor Relations Factbook

1. Company Profile

Bilfinger is a leading international industrial services provider. The company delivers

customized engineering and services to customers in the process industry. Bilfinger

enhances the efficiency of assets, increases their availability and reduces

maintenance costs. The portfolio covers the entire value chain: from consulting,

engineering, fabrication and installation through to comprehensive maintenance

concepts and their implementation including turnarounds. Bilfinger stands for the

highest standards of quality and thus meets the strict requirements of customers

active in the petrochemical, chemical, pharmaceutical, energy and oil & gas

sectors. The company generates an annual output volume of more than €4 billion

with about 40,000 employees.

THE ENGINEERING AND SERVICES GROUP

BILFINGER KEY DATA

in € million FY 2015*

Output Volume 5,002

Orders received 4,301

Order backlog 2,902

EBITA adjusted -23

Employess 42,365

Adjusted net profit form

continuing operations -30

Adjusted earnings per

share (in €) -0.68


Adjustments see page 11 “Reconciliation to adjusted earnings

Output volume by segment FY 2015

EBITA adjusted / EBITA margin adjusted

by segment FY 2015

Industrial

€3,650m

Power

€1,284m

Power

-€69m

-5.4%

Industrial

€128m

3.5%

Services for Energy Sector Services for Process Industry

1. Company Profile

Power

Service Focus

Divisions

2015: € 3.7 bn

2016e: Significant decrease

to about €3.1 billion

→ page 19

→ page 20

Output volume

December 14, 2016

OVERVIEW BUSINESS SEGMENTS

Bilfinger SE Investor Relations Factbook

Segments

Industrial Power

→ page 16

2015: € -69 m

2016e: significant improvement,

but still negative

2015: € 128 m

2016e: At prior-year level

Industrial Maintenance

Industrial Fabrication

and Painting

Engineering Solutions

Oil and Gas

→ page 17

2015: € 1.3 bn

2016e: Significant decrease

to about €1.0 billion

CUSTOMER SPLIT

Oil& Gas incl. Refineries 31%

Others 16%

Chemicals 20%

Energy 29%

Pharma 4%

EBITA adjusted

1. Company Profile

December 14, 2016

EXECUTIVE BOARD


Dr. Klaus Patzak, CFO

Born 1965 in Munich. He earned an MBA and a PhD in Economics from

Ludwig-Maximilians-University in Munich. Dr. Patzak worked in various

management positions at Siemens AG including Corporate Vice

President and Chief Accounting Officer & Controller and as CFO at

Osram AG. He joined the Executive Board of the Bilfinger Group as CFO

in October 2016.

Tom Blades, CEO

Born 1956 in Hamburg. He obtained a degree in Electrical Engineering

in Salford and Lyon and started his career at Schlumberger. After

varoius management positions e.g. at Halliburton and Siemens he was

member of the exectuive board at Linde. He joined Bilfinger as

chairman of the executive board in July 2016.

Michael Bernhardt

Born 1967 in Lank-Latum. He obtained a degree in law from the Albert-

Ludwigs University in Freiburg and the McGeorge School of Law,

University of Pacific, USA. He held various positions within Human

Resources at Hydro Aluminium Deutschland GmbH in Cologne and Oslo.

At Bayer Material Science AG he was member of the Executive Board

and Labor Director. He joined Bilfinger in November 2015 as member of

the Executive Board.

1. Company Profile

Dr. Eckhard Cordes (Chairman)

Partner with Cevian Capital

Stephan Brückner, Deputy Chairman*

Employee of Bilfinger Maintenance GmbH,

Heinsberg

Agnieszka Al-Selwi*

Employee of MULTSERWIS Sp. Z o.o.

Dorothée Anna Deuring

Independent Corporate Finance Advisor

Lone Fønss Schrøder

Non-executive member in administrative bodies at

German and non-German companies

Dr. Ralph Heck

Senior Director at McKinsey & Company, Inc.

Dr. Marion Helmes

Independent Corporate Advisor, former Speaker of

the Executive Board at Celesio AG

Susanne Hupe*

Employee of Bilfinger Piping Technologies GmbH

Rainer Knerler*

Regional Manager Berlin-Brandenburg,

Industriegewerkschaft Bauen-Agrar-Umwelt

(Construction, Agriculture and Environment

Trade Union), Berlin

Dr. Janna Köke*

Trade Union Secretary at IG Metall, Mannheim

Jörg Sommer*

Employee of Bilfinger arnholdt GmbH,

Gelsenkirchen

Jens Tischendorf

Managing Director of Cevian Capital AG,

Pfäffikon, Switzerland

*Staff representatives

Audit Committee

Dr. Marion Helmes

Dorothée Anna Deuring

Dr. Janna Köke

Jörg Sommer

Presiding Committee

Dr. Eckhard Cordes

Stephan Brückner

Dr. Ralph Heck

Rainer Knerler

Nomination Committee

Dr. Eckhard Cordes

Dr. Marion Helmes

Jens Tischendorf

COMMITTEES OF THE

SUPERVISORY BOARD

December 14, 2016

SUPERVISORY BOARD


1880 Hydraulic Engineering business Weis &

Bernatz in Lorraine

1883 Hydraulic Engineering business August

Bernatz in Mannheim

1886 Bernatz & Grün OHG in Mannheim

1892 Grün & Bilfinger OHG

1906 Transformation to Grün & Bilfinger AG

1912 Stock market launch of the Grün & Bilfinger

share

1890 Start of Julius Berger construction business

in Zempelburg / West Prussia

1895 Julius Berger OHG in Bromberg/Posen

1905 Transformation to Julius Berger Tiefbau AG

1910 Corporate headquarters moves to Berlin

1948 Corporate headquarters moves to

Wiesbaden

1890 Berlinische Boden-Gesellschaft

1951 Corporate headquarters moves

to Düsseldorf

1954 Renamed Bau- und Boden

aaaaaaiAktiengesellschaft (Bauboag)

1969 Merger of Julius Berger AG with

Bauboag to form Julius Berger –

Bauboag AG

1970 Majority interest of Grün & Bilfinger AG

in Julius Berger–Bauboag AG

1975 Merger of Grün & Bilfinger AG with

Julius Berger–Bauboag AG to form

Bilfinger + Berger Bauaktiengesellschaft

2001 Renamed Bilfinger Berger AG

2010 Transformation to Bilfinger Berger SE

2012 Renamed Bilfinger SE

CORPORATE HISTORY – THREE HISTORICAL ROOTS

1. Company Profile


Acquisitions Output volume

in m€ 1)

Enterprise value

in m€

Year of

acquisition Segment

Reinhold & Mahla ~800 ~220 2002 Industrial

HSG ~200 ~65 2002 Building and Facility

Wolfferts ~120 ~21 2002 Building and Facility

Arnhold Services ~60 ~23 2003 Industrial

Centennial ~150 ~48 2003 Building and Facility

InfraServ ~130 ~27 2005 Industrial

Babcock Borsig Service ~400 ~162 2005 Power

Salamis ~180 ~49 2006 Industrial

ROB ~60 ~21 2006 Industrial

Ahr ~60 ~28 2006 Building and Facility

EHR ~180 ~72 2006 Power

O‘Hare ~60 ~28 2007 Industrial

Duro Dakovic ~50 ~17 2007 Power

HPP ~250 ~90 2008 Industrial

Tepsco ~180 ~129 2008 Industrial

M+W Zander ~510 ~235 2008 Building and Facility

MCE ~900 ~280 2009 Industrial

Rohrbaugruppe ~50 ~22 2009 Industrial

Neostructo ~60 ~58 2011 Industrial

Tebodin ~230 ~145 2012 Industrial

Westcon ~160 ~96 2012 Industrial

S.I.E.L.V. ~50 ~27 2012 Building and Facility

Mauell ~60 ~40 2013 Power

Johnson Screens ~160 ~93 2013 Building and Facility

Europa Support Services ~180 ~80 2013 Building and Facility

GVA ~190 ~160 2014 Building and Facility

1. Company Profile

1) At time of transaction

December 14, 2016

MAJOR SERVICE ACQUISITIONS SINCE 2002 (Output volume >50m EUR, continuing operations)


Subtotal major acquisitions ~€ 5,430 ~€ 2,250

Subtotal other acquisitions ~€ 1,100 ~€ 500

Total acquisitions since 2002 ~ € 6,530 ~ € 2,750

1. Company Profile

1) At time of transaction

Major Divestments ~ € 7,400 ~€ 2,750

December 14, 2016

MAJOR DIVESTMENTS SINCE 2008


Major Divestments Output volume

in m€ 1)

Enterprise value

in m€

Year of

disposal Segment

Razel ~500 ~105 2008 Construction

Valemus ~3,000 ~340 2011 Construction

Nigerian business

(JBI+JBN) ~350 ~85 2012 Building and Facility

Concessions n/a ~500 2012 to

2014 Concessions

Construction division ~600 ~100 2015 Construction

Water ~300 ~220 2016 Building and Facility

Building and Facility ~2,500 ~1,400 2016 Building and Facility

Offshore Systems ~150 Asset deal 2016 Construction

2. Key Figures

December 14, 2016

OVERVIEW


Industrial Power

in € million Q3/16 Q3/15 Δ% Q3/16 Q3/15 Δ%

Orders received 763 738 3 155 222 -30

Order backlog 1,993 2,186 -9 564 941 -40

Output volume 761 926 -18 243 321 -24

Investments in P,P&E 13 12 8 2 2 0

Depreciation in P,P&E 12 16 -25 4 5 -20

Amortization -2 -3 - 0 0 -

EBITA 39 46 -15 -1 -4 75

EBITA adjusted 39 46 -15 -1 -4 75

EBITA margin adjusted 5.1 4.9 - -0.4 -1.2 -

Consolidation / other Group

in € million Q3/16 Q3/15 Δ% Q3/16 Q3/15 Δ%

Orders received 29 33 -12 947 993 -5

Order backlog 46 72 -36 2,603 3,198 -19

Output volume 16 30 -47 1,020 1,277 -20

Investments in P,P&E 1 0 100 16 14 14

Depreciation in P,P&E 2 2 0 18 23 -22

Amortization 0 0 - -2 -3 -

EBITA -91 -121 25 -53 -80 34

EBITA adjusted -17 -27 37 21 15 40

EBITA margin adjusted - - - 2.1 1.1 -


2. Key Figures

PROFIT AND LOSS STATEMENT

RECONCILIATION TO ADJUSTED EARNINGS

In € million Q3/16 Q3/15

Output volume 1,020 1,277

Revenue 1,026 1,277

Gross profit 114 112

Selling and administrative expense -107 -143

Other operating income and expense -60 -55

Income from investments accounted for

using the equity method -2 3

EBIT -55 -83

Interest result -6 -8

EBT -61 -91

Income tax expense -12 -17

Earnings after taxes from continuing

operations -73 -108

Earnings after taxes from discontinued

operations 534 30

Minority interest -4 2

Net profit 457 -76

in € million Q1/16 Q2/16 Q3/16

EBITA -54 -64 -53

Portfolio adjustments/ write-downs,

sales-related expenses 24 4 35

SG&A efficiency program 4 4 20

Compliance 2 6 11

Other restructuring 9 52 8

EBITA adjusted -15 2 21


2. Key Figures

December 14, 2016

CASH FLOW STATEMENT

01.07.-30.09. 01.01.-30.09.

in € million 2016 2015 2016 2015

Cash earnings from continuing operations -22 -71 -103 -120

Change in working capital 63 100 -155 49

Gains / losses on disposals of non-current

assets -2 0 12 -39

Cash flow from operating activities of

continuing operations 39 29 -246 -110

Cash flow from investing activities of

continuing operations 797 9 956 125

Capital expenditure on P, P & E and intangible

assets -16 -14 -45 -47

Proceeds from the disposal of property, plant

and equipment 8 7 20 21

Proceeds from the disposal of financial assets 805 18 983 154

Investments in financial assets 0 -2 -2 -3

Cash flow from financing activities of

continuing operations -3 -65 -7 -68

Dividends -1 -1 -3 -91

Borrowing / repayment of financial debt -2 -64 -4 23

Change in cash and cash equivalents of

continuing operations 833 -27 703 -53

Change in cash and cash equivalents of

discontinued operations -14 -5 -124 -98

Change in value of cash and cash

equivalents due to changes in foreign

exchange rates

1 -1 0 3

Change in cash and cash equivalents 820 -33 579 -148

Cash and cash equivalents at July 1 / January 1 196 237 475 403

Change in cash and cash equivalents of assets

classified as held for sale 35 52 -3 1

Cash and cash equivalents at September 30 1,051 256 1,051 256


2. Key Figures

VALUATION NET DEBT

December 14, 2016

in € million Sep 30. 2016 Jun 30., 2016

Cash and cash equivalents 1,051 196

Financial debt -521 -523

Net cash (+) / net debt (-) 530 -327

Pension provisions -340 -296

Expected cash-in disposals - Approx. 900

Inter-company loan Building and

Facility divisions sold to EQT - -77

Financial assets 319 335

Future cash-out restructuring and risk

provisions (announced) Approx. -250 Approx. -180

Future cash-out Compliance -35 -40

Further intra-year working capital need

(seasonal shift) - -

Valuation cash 200 to 250 Approx. 300

2. Key Figures

in € million FY

2006

FY

2007

FY

2008

FY

2009

FY

2010

FY

2011

FY

2012

FY

2013 1)

FY

2014 2)

FY

2015 3)

FY

2015 4)

Assets

Non-current assets 2,451 3,139 3,964 4,914 4,460 3,090 3,519 3,012 2,491 2,340 1,525

Intangible assets 738 787 1,235 1,539 1,457 1,561 1,890 2,015 1,639 1,650 895

Property, plant and equipment 607 581 599 796 663 647 690 629 477 447 471

Receivables from concession

projects 893 1,500 1,642 2,134 1,789 377 508 - - - -

Other non-current assets 84 167 300 216 358 341 254 196 136 80 40

Deferred tax assets 128 104 188 230 193 164 177 172 239 163 119

Current assets 2,678 2,989 2,809 3,026 3,477 4,630 3,331 3,520 3,514 2,868 3,660

Inventories, receivables, other 1,896 2,193 2,089 2,228 1,890 2,022 2,244 2,213 1,753 1,689 1,380

Cash and cash equivalents 783 796 720 798 537 847 1,087 647 359 429 427

Assets held for sale 1,050 1,761 - 660 1,402 750 1,853

Equity and liabilities

Shareholders’ equity 1,206 1,332 1,141 1,561 1,812 1,793 2,037 2,165 1,917 1,440 1,418

Share capital 112 112 112 138 138 138 138 138 138 138 138

Reserves 1,031 1,132 1,034 1,408 1,650 1,503 1,795 1,972 1,805 1,123 837

Treasury shares - - -100 -100 -100 -100 -100 -99 -97 -97 -97

Unappropriated retained earn. 47 67 74 92 115 247 196 138 92 313 579

Minority interest 17 21 21 23 9 5 8 16 -21 -37 -39

Non-current liabilities 1,320 1,817 2,602 2,873 2,511 1,159 1,748 1,146 1,061 1,044 901

Pension provisions 160 135 219 287 313 325 394 417 400 396 295

Other provisions 100 89 69 84 71 60 56 55 45 50 31

Financial debt, recourse 91 70 306 320 184 181 519 517 514 513 513

Financial debt, non recourse 808 1,314 1,489 1,880 1,624 339 461 13 13 13 0

Other liabilities 67 79 393 187 212 128 169 49 22 17 2

Deferred tax liabilities 94 130 127 116 107 126 149 95 68 55 60

Current liabilities 2,604 2,979 3,030 3,506 3,614 4,768 3,065 3,221 3,027 2,724 2,866

Tax provisions 72 81 120 133 118 88 102 115 84 51 39

Other provisions 425 435 448 613 633 755 557 482 360 400 512

Financial debt, recourse 48 41 22 34 89 5 192 28 7 7 13

Financial debt, non-recourse 19 48 30 22 19 9 9 28 27 1 0

Other liabilities 2,041 2,375 2,411 2,704 2,052 2,116 2,205 1,907 1,484 1,086 1,156

Liabilities held for sale 703 1,795 0 661 1,065 1,179 1,146

Balance-sheet total 5,129 6,128 6,773 7,941 7,937 7,720 6,850 6,532 6,005 5,208 5,185


10-YEAR-OVERVIEW BALANCE SHEET

1) 2013 Pro-forma: adjusted for discontinued operations Constructon and Offshore Systems

2) 2014 Pro-forma: adjusted for discontiuned operations Power

3) As reported

4) 2015 Pro-forma: adjusted for discontinued operations Water division as well as Building, Real Estate and Facility Services

2. Key Figures

in € million

FY

2006

FY

2007

FY

2008

FY

2009

FY

2010 FY

2011

FY

2012 FY

2013

FY

2014

FY

2015 reported

FY

2015 restated

Output volume 7,936 9,222 10,742 10,403 7,983 8,397 8,586 7,552 6,246 6,482 5,002

Orders received 10,000 11,275 10,314 11,129 7,854 7,690 8,304 7,513 5,510 6,825 4,301

Order backlog 8,747 10,759 10,649 11,704 8,429 7,557 7,388 6,476 4,401 4,824 2,902

Investments 370 268 697 530 273 310 521 391 258 85 66

Property, plant and

equipment 136 204 237 162 141 127 143 140 117 81 62

Financial assets 234 64 460 368 132 183 378 251 141 4 4

Employees (at year-end) 49,141 52,723 60,923 67,199 58,047 59,069 66,683 71,127 57,571 56,367 42,150

Group earnings

EBITA 180 242 322 275 346 379 432 349 207 161 -157

EBITA adjusted 1) 180 242 277 275 346 379 387 415 262 186 -23

EBIT 170 229 298 250 305 344 381 298 170 134 -501

Net Profit 4) 92 134 200 140 284 394 276 173 -71 -489 -510

Net profit adjusted

continuing operations 1) 2) 205 235 241 251 160 106 -30

Cash flow from operating

activities 207 325 357 368 244 281 232 210 34 124 39

Cash flow per share 5.14 8.07 9.22 9.94 5.53 6.37 5.26 4.76 0.77 2.81 0.88

Earnings per share 4) 2.29 3.32 5.18 3.79 6.43 8.93 6.26 3.91 -1.62 -11.06 -11,54

EPS adjusted continuing

operations 1) 2) 4.64 5.32 5.46 5.69 3.62 2.41 -0.68

Gross margin in % 10.8 11.0 10.0 10.3 12.7 12.5 13.1 13.9 12.7 12.0 8.6

EBITA margin adjusted

in % 2.3 2.6 2.6 2.6 4.3 4.5 4.5 5.5 4.2 2.9 0.0

Return on equity in % 8.1 10.7 16.6 11.3 12.7 12.8 12.0 12.3 7.8 6.5 -

Return on capital

employed in % 16.3 18.7 20.4 15.6 18.4 17.3 15.7 13.9 11.9 8.4 -

Value added 80 126 157 98 175 186 165 157 43 -32 -

Dividend distribution 46.5 63.6 70.6 88.3 110.4 150.1 132.4 132.5 88.4 - -

Dividend per share 1.15 1.66 1.85 2.00 2.50 2.50 3.00 3.00 2.00 0.00 0.00

Dividend bonus 0.90

Share price at year-end 51.25 48.72 34.45 53.92 63.20 65.88 73.00 81.53 46.35 43.47 43.47

Number of shares

year-end 3) 37,196,102 37,196,102 37,196,102 46,024,127 46,024,127 46,024,127 46,024,127 46,024,127 46,024,127 46,024,127 46,024,127

1) Adjustements see “Reconcilation to adjusted earnings” on page 11

2) Additionally with a normalized tax rate at 31%

3) Including shares held as treasury stock.

2008 to 2012: 1,884,000 | 2013: 1,866,365 | 2014: 1,835,318 | 2015: 1,824,383

4) Includes continuing and discontinued operations


10-YEAR-OVERVIEW BUSINESS DEVELOPMENT

All figures refer to continuing operations, unless otherwise stated

2010 - 2012 continuing operations excl. Valemus and Concessions

2013 continuing operations additionally excl. Concessions, Construction and Offshore Systems

2014 continuing operations additionally excl. Power

2015 restated refers to continuing operations incl. Power, excl. Divisions Building, Real Estate, Faciltiy Services and Water

3. Data sheet per segment

INDUSTRIAL

Bilfinger provides services for the design, construction, maintenance

and modernization of plants, primarily in the sectors oil and gas,

refineries, petrochemicals, chemicals and agro chemicals, biotech

pharma, pharmaceuticals, food and beverages, power generation,

steel and aluminum. The range of services covers consulting,

engineering, project management, piping and component engineering,

plant

assembly, mechanical engineering, electrical, instrumentation and

control technology, process engineering, insulation, scaffolding and

corrosion protection.

Important regions include Europe and USA

Key Figures

Output volume by region | in %

40% Oil and Gas (incl. Refineries)

26% Chemicals

10% Energy

6% Pharma

18% Others

Amec Foster Wheeler

Beerenberg

Cape

Fluor (Stork)

Hertel

Jacobs

Kaefer

Mistras

Spie

Voith Industrial Services

Wood Group

Consulting; engineering; project

management; piping and

component installation; plant

assembly; mechanical engineering;

electrical, instrumentation and

control technology (E/IC); process

engineering; insulation; scaffolding;

corrosion protection

Production level in process

industry

Outsourcing

Demand for service bundling /

full service

Multi-national contracts

Competitors

Customer Groups

Business activities

Contract structure

Business drivers

70% Services

30% Projects

Segment Profile


Major customers

Bayer, BP, Cargill, Dow Chemical, GSK, OMV, P&G, Shell, Statoil,

Total

in € million Q3 2016 Q3 2015 Change FY 2015

Output volume 761 926 -18% 3,650

Orders received 763 738 3% 3,302

Order backlog 1,993 2,186 -9% 2,101

Capital expenditure 13 12 8% 47

Depreciation of P, P & E 12 16 -25% 70

EBITA adjusted 39 46 -15% 128

EBITA margin adjusted 5.1% 4.9% 3.5%

Employees 29,339 33,087 -11%

Leuna


• Maintenance execution of

industrial facilities

• Turnaround projects

• Consulting and improvement for

maintenance services and

management

• Plant conversion, extension and

modification

Refinery

Energy

Chemicals

Metals

Pharma

Pulp & Paper

Approx. output € 1,150m

Employees ~10,200

Regions

Focus regions Central and Northern Europe


INDUSTRIAL – DIVISIONAL STRUCTURE

Products and Services Focus Industries Industrial Maintenance

Engineering Solutions

• Design and development of

medium-sized projects

• Project / construction

management

• Automation technology/

engineering

• Manufacture and installation of

selected plant components

• Technical Consulting

Oil and gas

Energy

Chemicals

Food/ Beverages

Pharma

Approx. output € 1,250m

Products and Services Focus Industries

Regions

• North America, Central Europe Northern Europe, Middle East

• Insulation of industrial plants

(heat, cold, noise, fire protection)

• Industrial and speciality

scaffolding

• Painting and coating (surfaces/ -

corrosion protection)

Oil and gas

Refinery

Energy

Chemicals

Pharma

Strong focus on Central Europe, mainly Germany and Benelux

Miro Mineralölraffinerie Oberrhein GmbH & Co KG, Karlsruhe

Approx. output € 650m

Employees ~ 6,500

Insulation, Scaffolding and Painting Products and Services Focus Industries

Regions

Employees ~9,900



INDUSTRIAL – DIVISIONAL STRUCTURE

Bilfinger profitiert vom Schiefergasboom in den USA. In Scio, Ohio baut der Konzern eine Anlage zur Herstellung von Flüssiggasen.

• Onshore and offshore

maintenance

• Modification and operations

services

• Offshore: Fabric maintenance,

inspection, rope access

• Onshore: Fabric maintenance,

mechanical, electrical,

instrumentation and enigneering

support plus plastics and

operations

Oil and gas

Refinery

Energy

Chemicals

Core markets are UK & Norway – strong regional focus on

the North Sea

Approx. output € 650m

Employees ~ 4,500

Oil and Gas Products and Services Focus Industries

Regions


POWER

Bilfinger is active in maintenance, repair, efficiency enhancements,

service life extensions and demolition of existing plants as well as in

the design, manufacture and assembly of components for power

plant construction with a focus on boiler and high-pressure piping

systems. The company also erects overhead power lines for the

expansion of the German grid network. Services include

engineering, delivery, assembly and commissioning of power plant

facilities throughout their entire lifecycles (construction, operation,

demolition).

Important regions include Europe, South Africa and the Middle East.

82% Energy

7% Oil and Gas (incl. Refineries)

4% Chemicals

7% Others

Alpiq (Kraftanlagen München)

Alstom Power

Balcke-Dürr

Doosan Babcock

E.ON Anlagenservice

Mitsubishi Hitachi Power Systems

Shaw

Maintenance, repair, efficiency

enhancements and service-life

extensions and demolition of existing

plants as well as the design,

manufacture and assembly of

components for power plant

construction with a focus on boilers

and high-pressure piping systems,

construction of overhead power lines

80% Projects

20% Services

Long-term demand for energy

Age of existing power plants

Efficiency / environmental

requirements

Energy mix

Availability of financing

Competitors

Customer Groups

Contract structure

Business drivers

December 14, 2016


Business activities Segment Profile

Key Figures

Output volume by region | in %

Major customers

BASF, BP, EDF, EnBW, Eon, Eskom, GDF Suez, Linde, OMV,

RWE, Vattenfall

in € million Q3 2016 Q3 2015 Change FY 2015

Output volume 243 321 -24% 1,284

Orders received 155 222 -30% 986

Order backlog 564 941 -40% 762

Capital expenditure 2 2 0% 9

Depreciation of P, P & E 4 5 -20% 37

EBITA adjusted -1 -4 75% -69

EBITA margin adjusted -0.4% -1.2% -5.4%

Employees 8,135 10,186 -20%


Full life-cycle services for power

plants (assembly, maintenance

and deconstruction)

Efficiency enhancements,

protection against wear and tear

and service-life extensions at

existing power plants

Design, manufacture and

assembly of components for

power plant construction

Environmental protection

EI&C as well as control centers

Overhead power lines

Development, design, production

as well as assembly and

commissioning of piping-related

system parts and components

for power plants and industry

Pipelines, district heating and

storage technology

Maintenance, repair and

rehabilitation of these systems

Retrofit in hydroelectric power

plants

Utilities, municipal

and independent energy

providers

Industrial companies

Petrochemicals

Plant constructors

Regions

Markets include Europe, Middle East and South Africa

Germany and Luxemburg (Grids)


POWER

Products and Services Focus Industries

SHARE PRICE DEVELOPMENT LAST THREE YEARS

5. Bilfinger Share

MASTER DATA (as November 09)

52 week high / low: € 44.15 / € 25.05

Closing price € 35.30

Market cap: 1) € 1.6 n

Shares outstanding: 1) 46,024,127

ISIN / Ticker abbreviation: DE0005909006 / GBF

Main stock markets: XETRA / Frankfurt

Segments Deutsche Boerse / Indices:

Prime Standard

MDAX, DAXsubsector Industrial Products & Services Index,

STOXX Europe 600, EURO STOXX, Euro STOXX Low

Carbon, STOXX EUROPE TMI Support Services

1) Including 1,815,085 shares currently held as treasury stock


5. Bilfinger Share

10-YEAR-OVERVIEW KEY FIGURES

1) Adjusted for one-time expenses in connection with the processing of past compliance cases, Bilfinger Excellence efficiency-enhancing program,

restructuring expenses and for capital gains. Income tax normalized to 31%.

2) Including bonus dividend

3) Relating to year-end share price

4) Relating to EPS reported, from 2010: relating to EPS adjusted continuing operations

5) Shareholders’ equity w/o minorities

6) Including shares held as treasury stock. 2008 to 2012: 1,884,000 I 2013: 1,866,365 | 2014: 1,835,318 | 2015: 1,824,383

in € FY

2006

FY

2007

FY

2008

FY

2009

FY

2010

FY

2011

FY

2012

FY

2013

FY

2014

FY

2015 reported

FY

2015 restated

Earnings per

share 2.29 3.32 5.18 3.79 6.43 8.93 6.26 3.91 -1.62 -11.06 -11.54

EPS adjusted

continuing

operations1)

4.64 5.32 5.46 5.69 3.62 2.41 -0.68

Dividend 1.15 1.66 1.85 2.00 2.50 2.50 3.00 3.00 2.00 0.00 0.00

Bonus 0.90

Dividend yield 2) 3) 2.3% 3.4% 5.4% 3.7% 4.0% 5.2% 4.1% 3.7% 4.3% - -

Payout ratio 2) 4) 50% 50% 36% 53% 54% 64% 55% 53% 55% - -

Share price

highest 51.47 68.99 59.68 54.56 64.35 70.35 77.90 84.35 93.05 59.67 59.67

Share price

lowest 34.81 43.71 22.06 21.57 40.75 50.47 58.82 68.67 41.54 32.63 32.63

Share price

year end 51.25 48.72 34.45 53.92 63.20 65.88 73.00 81.53 46.35 43.47 43.47

Book value

per share 5) 29.54 32.50 29.26 34.85 40.84 40.51 45.96 48.67 43.85 33.39 33.00

Market-to-book

value 3) 5) 1.74 1.50 1.20 1.50 1.55 1.63 1.59 1.68 1.06 1.30 1.32

Market

capitalization 3) 6) 2,065 1,963 1,388 2,482 2,909 3,032 3,360 3,752 2,133 2,001 2,001

Number of shares

year-end 6) 37,196,102 37,196,102 37,196,102 46,024,127 46,024,127 46,024,127 46,024,127 46,024,127 46,024,127 46,024,127 46,024,127


All figures refer to continuing operations, unless otherwise stated

2013 continuing operations (excl. Concessions, Construction and Offshore Systems)

2014 continuing operations (also excluding Power)

2015 restated: continuing operations (excl. Building, Real Estate, Facility Services and Water, incl. Power)

5. Bilfinger Share


SHAREHOLDER STRUCTURE

TREASURY STOCK

1,815,085 shares (4%)

Currently no cancellation planned

Freefloat according to Deutsche Boerse: 70.39%

Jun. 30, 2016

Treasury Stock 4%

Undisclosed/ Retail Investors 35%

Institutional Investors: 61%

Cevian Capital 26%

Germany 9%

Switzerland 8%

United Kingdom 6%

USA 6%

Scandinavia 4%

France 1%

Other 1%

€1.15

€1.66 €1.85

€2.00

€2.50 €2.50

€3.00 €3.00

€2.00

€0.00

€0.90

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

5. Bilfinger Share

DEVELOPMENT OF MARKET CAPITALIZATION

2006 – 2008: After rights issue adjustment

€3.40


DEVELOPMENT OF DIVIDEND

Bonus Dividend

2,065 1,963

1,388

2,482

2,909 3,032

3,360

3,752

2,133 2,001

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

€0.00

5. Bilfinger Share

Bank Analyst Recommendation Target Price Date

Bankhaus Lampe Marc Gabriel Neutral 38.00 24-Nov-16

Bankhaus Metzler Jasko Terzic Neutral 37.00 09-Dec-16

Bank of America ML Marcin Wojtal Sell 27.00 16-Oct-15

Commerzbank Norbert Kretlow Buy 50.00 25-Oct-16

DB Katja Filzek restricted restricted

DZ Bank Thorsten Reigber Buy 38.00 10-Nov-16

HSBC Tobias Loskamp Buy 37.00 11-Nov-16

Independent Research Sven Diermeier Neutral 38.00 14-Dec-16

Kepler Cheuvreux Craig Abbott Neutral 33.00 23-Sep-16

LBBW Jens Münstermann Neutral 34.00 30-Nov-16

MainFirst Patrick Horch und

Christian Korth Buy 40.00 11-Nov-16

S&P Capital IQ Firdaus Ibrahim Neutral 38.00 06-Dec-16

UBS Gregor Kuglitsch Sell 32.00 12-Dec-16


ANALYSTS’ COVERAGE

Disclaimer: The recommendations shown above are not based on analyses by Bilfinger SE but on analyses, reports, recommendations or ratings

of third parties. References to such recommendations and ratings are only provided as a convenience and for non-binding informational purposes.

These references do not imply that Bilfinger SE adopts, endorses or confirms in any way the recommendations, options, conclusions or estimates

or seeks to encourage users to make particular investments. Bilfinger SE has no influence on the origin, creation, correctness, completeness and

timeliness of the estimates and therefore does not guarantee the correctness, completeness and actuality of the selections, currency,

completeness, correctness or timeliness of the estimates. None of the information is intended as an offer or encouragement to buy Bilfinger SE

shares or other securities.

5. Bilfinger Share


ANALYSTS’ RECOMMENDATION DEVELOPMENT

Disclaimer: The recommendations shown above are not based on analyses by Bilfinger SE but on analyses, reports, recommendations or ratings

of third parties. References to such recommendations and ratings are only provided as a convenience and for non-binding informational purposes.

These references do not imply that Bilfinger SE adopts, endorses or confirms in any way the recommendations, options, conclusions or estimates

or seeks to encourage users to make particular investments. Bilfinger SE has no influence on the origin, creation, correctness, completeness and

timeliness of the estimates and therefore does not guarantee the correctness, completeness and actuality of the selections, currency,

completeness, correctness or timeliness of the estimates. None of the information is intended as an offer or encouragement to buy Bilfinger SE

shares or other securities.

ISIN / Stock exchange abbreviation DE000A1R0TU2

WKN A1R0TU

Listing Luxembourg (official trading)

Emission volume € 500 million

Interest coupon 2.375%

Maturity December 07, 2019

Closing (December 13, 2016) 103.48%

BILFINGER RATING

6. Bilfinger Rating and Bond

Rating Agency Standard & Poors

Current Corporate Credit Rating BB+ / Outlook Stable / B


BILFINGER BOND

7. IR contact

CONTACT DETAILS

Bettina Schneider

Head of Investor Relations

Phone: +49 (0) 621 / 459-2377

Facsimile: +49 (0) 621 / 459-2968

[email protected]

Bilfinger SE

Corporate Headquarters

Carl-Reiß-Platz 1- 5

D- 68165 Mannheim

Germany

www.bilfinger.com


2017

February 14 Preliminary Report FY 2016 and

Capital Markets Day: Presentation of strategy and implementation plan

March 15 Press conference on financial statements

May 15 Interim Report Q1 2017

May 24 Annual General Meeting

August 14 Interim Report Q2 2017

November 14 Interim Report Q3 2017

IR EVENTS

Karl Kompe

Manager Investor Relations

Phone: +49 (0) 621 / 459-2362

Facsimile: +49 (0) 621 / 459-2968

[email protected]

Stefan Heinz

Manager Investor Relations

Phone: +49 (0) 621 / 459-2357

Facsimile: +49 (0) 621 / 459-2968

[email protected]

factbook - bilfinger se · 2014 concessions construction ... in € million q3/16 q3/15 Δ% q3/16...

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