Folie 1 - Bilfinger · Operational Excellence HSEQ ... Executive of Bilfinger Industrial Services UK and of managing director. Then, he led the Oil & Gas division. Since 2015, Duncan

08/2020

August 2020 Bilfinger SE Investor Relations Factbook Page 2

Contents / Pages

1. COMPANY PROFILE 5. RECONCILIATION GROUP

The Industrial Services Provider

for the Process Industry..….............….…………..

Strategy „2-4-6”......…………………..……............

Organization……………………............................

Bilfinger Core Capabilities………………………...

Revenue Split……………………………………….

Executive Board……………………………………

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

Corporate History ……………………………........

4

5

5

6

7

8

9

10

Key Figures……….……….……..…………….….. 26

2. KEY FIGURES 6. BILFINGER SHARE

Overview Group …………….…..............…….…..

Profit and Loss Statement…...…………….……...

Reconciliation to EBITA adjusted………..............

Cash Flow Statement……………………………...

Balance Sheet Items Relevant for Valuation...….

ROCE………………………………………………..

10-Year-Overview Balance Sheet…...……..........

10-Year-Overview Business Development……...

11

12

12

13

14

15

16

17

Master Data ………………………………………..

Relative Performance of our Shares....…….........

10-Year-Overview Key Figures.…………………..

Current Shareholder Structure …….…….……….

Development of Dividend………………………….

Development of Market Capitalization…………...

Analysts‘ Coverage………………………………...

Analysts‘ Recommendation Development………

27

27

28

29

30

30

31

32

3. MARKETS 7. BILFINGER RATING AND BOND

Global Trends…….………………………………...

Market Drivers……..…………………....................

E&M Key European Markets……………………...

18

19

19

Bilfinger Bond 06/2024…….........………………...

Bilfinger Rating…………………….……………….

33

33

4. SEGMENTS 8. IR EVENTS AND CONTACT

Engineering & Maintenance Europe……………..

Engineering & Maintenance International….……

Technologies………………………………………..

20

22

24

IR Events………....................................................

Contact Details……………………………………..

34

34


in € million FY 2019

Orders received 4,159

Order backlog 2,567

Revenue 4,327

EBITDA adjusted* 212

EBITA adjusted* 104

Free Cash flow adjusted* 128

Net profit adjusted* 49

Earnings per share adjusted* (in €) 1.23

Employees 34,120

1. Company Profile

Bilfinger is a leading international industrial services provider. The Group enhances

the efficiency of assets, ensures a high level of availability and reduces maintenance

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

manufacturing, assembly, maintenance and plant expansion to turnarounds and also

includes environmental technologies and digital applications.

The company delivers its services in two service lines: Engineering & Maintenance

and Technologies. Bilfinger is primarily active in in Europe, North America and the

Middle East. Process industry customers come from sectors that include chemicals

and petrochemicals, energy, oil and gas, pharmaceuticals and biopharma, metallurgy

and cement. With its 34,000 employees, Bilfinger upholds the highest standards of

safety and quality and generated revenue of €4.327 billion in financial year 2019.

THE INDUSTRIAL SERVICES PROVIDER FOR THE PROCESS INDUSTRY

BILFINGER KEY DATA

*Categories of Adjustments see page 12 “Reconciliation to EBITA adjusted”

REVENUE BY REGION 2019

22%

53%

18%

Germany

3%

Rest of Europe

America3%

AfricaAsia

2019:

€4.3bn


1. Company Profile

ORGANIZATION


Operating units Reporting segments

Executive Board – COO/CFO

E&M Europe E&M Int.

• Compact organization, direct reporting to COO/CFO

• Faster decision marking, more accountability

• Less internal bureaucracy, more external focus

• Streamlined reporting / approval requirements

• Regions focus on operational performance

UK

GE

R

AU

T/C

H

Be

Ne

PO

L

No

rdic

s

TE

CH

T

ME

NA

Global Development

OperationalExcellence

HSEQ

STRATEGY „2-4-6”

BILFINGER CORE CAPABILITIES

146

110

132


• Europe’s #1 Maintenance Services Company

• Leading Employer Branding

• Bilfinger Academy

• Trade craft accreditation

• ~34,000 full time equivalents

• Thousands of temporary employees

• Engineering / Process knowledge

• Focus on key industries

• Customer intimacy / collaboration

• Long term contracts

• High customer stick rates (>90%)

• Cross-boarder unified operating models

• Bilfinger Digital Next

• Convergence of BMC & BCAP to digital BMC

• Electronic Workflow to drive internal productivity

• A.I. (PIDGraph, algorithm training ….)

• Partnership models

Skilled labor

Domain Expertise

Digitalization

1. Company Profile

1. Company Profile

SIX INDUSTRIES (BY REVENUE) – FY 2019

CONTRACT TYPE (BY REVENUE) – FY 2019

THREE SEGMENTS

30%

15%30%

10%

10%Chemical &Petrochem

Oil & Gas

Energy &Utilities

5%Pharma & Biopharma

Metallurgy

Cement / Other

E&MEurope€2,578m

E&MInternational

€912mTechnologies

€538m

EBITA adjusted / EBITA adjusted margin

by segment FY 2019

Technologies-€28m-5.2%

E&MEurope€106m4.1%

E&MInternational

€42m4.6%

Revenue by segment FY 2019

50%50%Projects(incl. Products)

Frameworkand Service


1. Company Profile

EXECUTIVE BOARD

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 various

management positions e.g. at Halliburton and Siemens he was member of

the executive board at Linde. He joined Bilfinger as chairman of the

executive board in July 2016.

Christina Johansson, CFO

Born 1966 in Ljungby, Sweden. She studied at the University of

Växjö/Lund, Sweden and graduated with a Master of Science in Business

Administration and Economics. Christina Johansson held leadership

positions in the packaging industry, among other sectors, and in internal

auditing. From 2007 until 2014, she worked in a range of senior finance

positions with Pöyry and then held the position of CFO and Deputy CEO at

SR Technics. After that, Christina Johansson served as Chief Financial

Officer of Bucher Industries Group. She joined Bilfinger in December 2018

as member of the Executive Board and Chief Financial Officer.

Duncan Hall, COO

Born 1967 in Leigh, UK. He obtained a degree in Electrical Engineering in

Leicester and is alumnus of the London Business School. Before joining

Bilfinger in 2006, he held various positions in chemical and engineering

companies in the UK. At Bilfinger, he worked in the functions of Chief

Executive of Bilfinger Industrial Services UK and of managing director.

Then, he led the Oil & Gas division. Since 2015, Duncan Hall served as an

Executive President at the MMO Northwest Europe division. He has

become member of the Executive Board and COO by January 1, 2019.


1. Company Profile

Dr. Eckhard Cordes (Chairman)

Partner at Cevian Capital, Pfäffikon, Switzerland

Partner and Managing Director with EMERAM Capital

Partners GmbH, Munich

Stephan Brückner, Deputy Chairman*

Employee of Bilfinger Maintenance GmbH, Heinsberg

Agnieszka Al-Selwi*

Employee of Multiserwis Sp. Z o.o., Krapkowice,

Poland

Dorothée Deuring

Independent Corporate Finance Advisor

Dr. Ralph Heck

Entrepreneur and advisor, member in various

supervisory and advisory boards

Susanne Hupe*

Employee of Bilfinger Engineering & Technologies

GmbH, Osterode

Rainer Knerler*

Executive Employee of IG Bauen-Agrar-Umwelt

(Construction, Agriculture and Environment Trade

Union), Berlin

Dr. Janna Köke*

Trade Union Secretary at IG Metall, Mannheim

Frank Lutz

Chairman of the Executive Board at CRX Markets AG,

Munich

Robert Schuchna

Partner at Cevian Capital, Pfäffikon, Switzerland

Jörg Sommer*

Employee of Bilfinger arnholdt GmbH, Gelsenkirchen

Dr. Bettina Volkens

Supervisory Board member and freelance consultant,

Königstein

Presiding Committee:

Dr. Eckhard Cordes

Stephan Brückner

Dr. Ralph Heck

Rainer Knerler

Audit Committee:

Frank Lutz

Dorothée Deuring

Susanne Hupe

Jörg Sommer

Nomination Committee:

Dr. Eckhard Cordes

Frank Lutz

Robert Schuchna

Strategy Committee:

Dr. Eckhard Cordes

Stephan Brückner

Dr. Ralph Heck

Susanne Hupe

Rainer Knerler

Robert Schuchna

SUPERVISORY BOARD

*Staff representatives


CORPORATE HISTORY –

FROM CONSTRUCTION COMPANY TO INDUSTRIAL SERVICES PROVIDER

1. Company Profile

1880 Beginnings of Grün & Bilfinger AG, the oldest forerunner company

1890 Beginnings of Julius Berger Tiefbau AG and Berlinischen

Boden-Gesellschaft (later Bauboag)

1969 Merger of Julius Berger and Bauboag

1975 Merger of Julius Berger - Bauboag and Grün & Bilfinger to

form Bilfinger + Berger Bauaktiengesellschaft

2001 Renamed Bilfinger Berger AG

From

2002 Development of services divisions

Industrial services (from 2002)

Real estate services (from 2002)

Power plant services (from 2005)

2010 Transformation to Bilfinger Berger SE

From

2011 Disposal of construction business

Sale of Valemus Australia (2011)

Sale of Construction division (Civil) (2014)

2012 Renamed Bilfinger SE

2016 Sale of real-estate services and building construction activities

From

2017 Clear strategic focus on industrial services


OVERVIEW GROUP

2. Key Figures

in € million H1 20 H1 19 Change Q2 20 Q2 19 Change FY 19

Orders received 1,991 2,104 -5% 931 1,133 -18% 4,159

Order backlog 2,667 2,712 -2% 2,667 2,712 -2% 2,567

Revenue 1,709 2,156 -21% 793 1,147 -31% 4,327

EBITDA adjusted 8 65 -88% -8 44 - 212

Depreciation -53 -52 -3% -27 -26 -1% -108

EBITA adjusted -45 13 - -35 17 - 104

EBITA margin adjusted -2.7% 0.6% -4.4% 1.5% 2.4%

EBITA -71 0 - -51 3 - 32

Amortization -8 -2 -335% -8 -1 -677% -4

Investments in P, P&E 15 29 -46% 6 14 -55% 64

Increase in right-of-use

assets23 18 27% 13 14 -3% 40

Free Cash flow adjusted 58 -103 - 139 -19 - 128

Free Cash flow reported 36 -138 - 129 -36 - 57


2. Key Figures

PROFIT AND LOSS STATEMENT

in € million H1 20 H1 19 Q2 20 Q2 19 FY 19

Revenue 1,709 2,156 793 1,147 4,327

Gross profit 102 179 34 97 412

Selling and administrative expense -162 -195 -75 -102 -380

Impairment losses and reversal of impairment

losses according to IFRS 9-2 0 -1 1 1

Other operating income and expense -25 8 -18 2 -25

Income from investments accounted for

using the equity method8 7 2 3 20

EBIT -79 -2 -59 2 28

Interest result -14 -1 -7 -5 -22

EBT -93 -2 -66 -3 6

Income taxes 9 -9 5 -6 -4

Earnings after taxes

from continuing operations-84 -11 -61 -9 2

Earnings after taxes

from discontinued operations0 14 1 3 24

Minority interest 0 0 0 0 -2

Net profit -84 3 -60 -6 24

Adjusted net profit continuing operations -43 1 -30 7 49

Average number of shares (in thousands) 40,293 40,278 40,294 40,284 40,284

Earnings per share (in €) -2.09 0.07 -1.49 -0.16 0.60

thereof from continuing operations -2.09 -0.28 -1.51 -0.22 0.01

thereof from discontinued operations 0.00 0.35 0.02 0.07 0.59

RECONCILIATION TO EBITA ADJUSTED

in € million Q2 19 Q3 19 Q4 19 FY 19 Q1 20 Q2 20

EBITA 3 25 7 32 -20 -51

Disposal losses, write-downs,

selling-related expenses1 1 3 -3 0 2

Compliance 0 -1 0 -1 0 -17

Restructuring,

extraordinary depreciations2 1 35 40 6 28

IT investments 11 8 11 36 3 3

Total Adjustments 15 9 49 72 9 16

EBITA adjusted 17 34 57 104 -11 -35


2. Key Figures

CASH FLOW STATEMENT

in € million H1 20 H1 19 Q2 20 Q2 19 FY 19

Cash flow from operating activities of

continuing operations49 -114 133 -25 110

- Thereof special items -22 -35 -10 -17 -71

- Adjusted cash flow from operating activities

of continuing operations71 -79 143 -8 181

Net cash outflow for P, P & E

and intangible assets-13 -24 -4 -11 -53

Free cash flow from continuing operations 36 -138 129 -36 57

- Thereof special items -22 -35 -10 -17 -71

- Adjusted free cash flow from continuing

operations58 -103 139 -19 128

Payments made / proceeds from the

disposal of financial assets3 143 1 109 141

Investments in financial assets 0 0 0 0 0

Changes in marketable securities 0 -210 0 -210 120

Cash flow from financing activities

of continuing operations-49 301 -34 314 -244

- Share buyback 0 0 0 0 0

- Dividends -7 -42 -7 -42 -43

- Repayment of financial debt / borrowing -27 350 -13 362 -174

- Interest paid -16 -7 -14 -5 -27

Change in cash and cash equivalents

of continuing operations-10 97 95 177 74


of discontinued operations-5 -47 -3 -35 -32

Change in value of cash and

cash equivalents due to changes

in foreign exchange rates

-2 0 -1 0 1

Change in cash and cash equivalents -17 50 91 142 43

Cash and cash equivalents

at January 1 / April 1500 454 392 365 454


of assets classified as held for sale0 3 0 0 3

Cash and cash equivalents

at June 30 / December 31483 507 483 507 500


2. Key Figures

BALANCE SHEET ITEMS RELEVANT FOR VALUATION 1)

in € million Mar. 31, 2020 Jun. 30, 2020

Cash, cash equivalents and

marketable securities392 483

Financial debt -376 -3752)

Net cash (+) / net debt (-) 2) 16 108

Pension provisions -326 -350

Financial assets (Apleona PPN) 240 240

Future cash-out special items -70 -80


1) Replaces previous statement “valuation net debt” 2) Without leasing liabilities (IFRS 16) of -€216 million

2. Key Figures

ROCE

Capital Employed in € million

Return in € million

ROCE in %

WACC in %

Value addedin € million

FY 2019 FY 2018 FY 2019 FY 2018 FY 2019 FY 2018 FY 2019 FY 2018 FY 2019 FY 2018

Engineering & Maintenance Europe

937 836 72 80 7.7 9.6 7.2 7.4 4 18

Engineering & Maintenance International

377 297 29 26 7.8 8.7 7.5 7.5 1 4

Technologies 271 255 -32 -39 -11.7 -15.3 10.1 8.5 -59 -61

Reconciliation Group 809 687 -26 -64 - - - - -87 -116

Group 2,393 2,074 43 3 1.8 0.1 7.7 7.6 -141 -154


Note: FY 2019 not restated for reasons of comparability

2. Key Figures

in € millionFY

2010

FY

2011

FY

2012

FY

2013 1)

FY

2014 2)

FY

2015 3)

FY

2016

FY

2017

FY

2018

FY

2019

Assets

Non-current assets 4,460 3,090 3,519 3,012 2,491 1,525 1,690 1,643 1,614 1,676

Intangible assets 1,457 1,561 1,890 2,015 1,639 895 849 804 804 803

Property, plant and equipment 663 647 690 629 477 471 383 367 324 312

Receivables from concession

projects1,789 377 508 - - - - - - -

Right-of-use assets from leases - - - - - - - - - 227

Other non-current assets 358 341 254 196 136 40 337 386 412 274

Deferred tax assets 193 164 177 172 239 119 121 86 75 61

Current assets 3,477 4,630 3,331 3,520 3,514 3,660 2,329 1,977 1,862 1,678

Inventories, receivables, other 1,890 2,022 2,244 2,213 1,753 1,380 1,216 1,198 1,237 1,179

Cash and cash equivalents 4) 537 847 1,087 647 359 427 1,032 767 574 500

Assets classified as held for sale 1,050 1,761 - 660 1,402 1,853 81 12 50 -

Equity and liabilities

Equity 1,812 1,793 2,037 2,165 1,917 1,418 1,621 1,383 1,205 1,153

Share capital 138 138 138 138 138 138 138 133 133 133

Reserves 1,650 1,503 1,795 1,972 1,805 1,124 1,562 1,270 1,191 1,138

Treasury shares -100 -100 -100 -99 -97 -97 -97 -39 -150 -150

Unappropriated retained earn. 115 247 196 138 92 292 46 44 44 44

Minority interest 9 5 8 16 -21 -39 -28 -25 -13 -12

Non-current liabilities 2,511 1,159 1,748 1,146 1,061 901 898 874 363 917

Pensions for provisions and similar

obligations313 325 394 417 400 295 304 293 288 338

Other provisions 71 60 56 55 45 31 29 27 25 24

Financial liabilities, recourse 184 181 519 517 514 513 510 509 11 551

Financial debt, non-recourse 1,624 339 461 13 13 0 - - - -

Other liabilities 212 128 169 49 22 2 - - - -

Deferred taxes 107 126 149 95 68 60 55 45 39 4

Current liabilities 3,614 4,768 3,065 3,221 3,027 2,866 1,500 1,363 1,908 1,285

Deferred tax liabilities 118 88 102 115 84 39 39 34 34 25

Other provisions 633 755 557 482 360 512 489 442 384 302

Financial liabilities, recourse 89 5 192 28 7 13 12 2 502 50

Financial debt, non-recourse 19 9 9 28 27 0 - - - -

Other liabilities 2,052 2,116 2,205 1,907 1,484 1,156 892 859 963 908

Liabilities classified as held for sale 703 1,795 0 661 1,065 1,146 68 26 26 -

Balance-sheet total 7,937 7,720 6,850 6,532 6,005 5,185 4,019 3,620 3,476 3,355

10-YEAR-OVERVIEW BALANCE SHEET

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

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

3) 2015 Pro-forma: adjusted for discontinued operations: Divisions Water Technologies as well as Building, Facility Services and Real Estate

4) In FY 2017: incl. securities and other investments of €150m; in FY 2018: incl. securities and other investments of €120m


2. Key Figures

in € millionFY

2010

FY

2011

FY

2012

FY

2013

FY

2014

FY

2015

FY

2016

FY

2017

FY

2018

FY

2019

Orders received 7,854 7,690 8,304 7,513 5,510 4,301 4,056 4,055 4,459 4,159

Order backlog 8,429 7,557 7,388 6,476 4,401 2,902 2,618 2,531 2,818 2,567

Revenue/ output volume 5) 7,983 8,397 8,586 7,552 6,246 5,003 4,219 4,044 4,153 4,327

Investments 273 310 521 391 258 66 72 76 67 65

Property, plant and

equipment141 127 143 140 117 62 70 71 66 64

Financial assets 132 183 378 251 141 4 2 5 1 2

Employees (at year-end) 58,047 59,069 66,683 71,127 57,571 42,365 36,946 35,644 35,905 34,120

Earnings figures

Gross profit 1,015 1,051 1,121 1,052 794 431 395 336 391 412

EBITA 346 379 432 349 207 -157 -221 -118 -7 32

EBITA adjusted 1) 346 379 387 415 262 -23 15 3 65 104

EBIT 305 344 381 298 170 -501 -231 -126 -12 28

Net Profit 4) 284 394 276 173 -71 -510 271 -89 -24 24

Adjusted net profit from

continuing operations 1) 2) 205 235 241 251 160 -30 -8 -9 36 49

Operating Cash flow 244 281 232 210 34 39 -204 -119 50 110

Free cash flow 156 774 439 294 105 2 -264 -181 -4 57

Adjusted free cash flow 1) - - - - - 136 -111 -69 56 128

Cash flow per share in € 5.53 6.37 5.26 4.76 0.77 0.88 -5.77 -2.71 1.21 2.49

Earnings per share in € 4) 6.43 8.93 6.26 3.91 -1.62 -11.54 6.13 -2.01 -0.59 0.60

Adjusted EPS from

continuing operations in € 1) 2) 4.64 5.32 5.46 5.69 3.62 -0.68 -0.17 -0.19 0.87 1.23

Gross margin in % 12.7 12.5 13.1 13.9 12.7 8.6 9.4 8.3 9.4 9.5

EBITA adjusted margin in % 4.3 4.5 4.5 5.5 4.2 -0.5 0.4 0.1 1.6 2.4

Return on equity (adjusted

net profit) in %12.7 12.8 12.0 12.3 7.8 -1.8 -0.6 -0.6 3.0 4.2

Return on capital employed

(ROCE) in %18.4 17.3 15.7 13.9 11.9 -30.0 -13.8 -4.3 0.1 1.8

Value added 175 186 165 157 43 -704 -380 -304 -154 -141

Dividend distribution 110.4 150.1 132.4 132.5 88.4 - 44.2 42.0 40.3 4.8

Dividend per share in € 2.50 2.50 3.00 3.00 2.00 - 1.00 1.00 1.00 0.12

Dividend bonus in € - 0.90 - - - - - - - -

Share price at year-end in € 63.20 65.88 73.00 81.53 46.35 43.47 36.57 39.57 25.48 34.58

Number of shares at

year-end 3) 46,024,127 46,024,127 46,024,127 46,024,127 46,024,127 46,024,127 46,024,127 44,209,042 44,209,042 44,209,042

1) Adjustments see “Reconciliation to EBITA adjusted” on page 12

2) Based on adjusted tax rate of 31%, as of 2019 adjusted tax rate of 27%

3) Including shares held as treasury stock. 2010 to 2012: 1,884,000 |

2013: 1,866,365 | 2014: 1,835,318 | 2015: 1,824,383 | 2016: 1,815,085

2017: 1,084,302 | 2018: 3,938,393 | 2019: 3,917,752

4) Includes continuing and discontinued operations

5) As of January 1, 2018, Bilfinger changes its reporting from output volume

to revenue. Output volume 2009-2016 | Revenue 2017 ff

10-YEAR-OVERVIEW BUSINESS DEVELOPMENT

All values relate to continuing operations, unless stated otherwise

2010 - 2012 continuing operations not included Valemus and Concessions

2013 continuing operations not included Concessions, Construction and Offshore Systems

2014 continuing operations and not included Power

2015 continuing operations incl. Power, not including Water Technologies

division as well as Building, Facility Services and Real Estate divisions


GLOBAL TRENDS


Aging Assets & Asset Integrity

Europe & US: Aging assets

• Increasing maintenance costs

• Asset life time extensions

• Efficiency & Emissions

Middle East: Maturing assets

• World class CAPEX

• Sub benchmark performance

ESG / Climate Change

• CO2 limits

• Emissions & Air pollution

• Clean energy

• Distributed power generation

• Power to liquids

• Circular Economy

• Sustainable finance

EU: Green Deal

Skilled Labor Shortage

Europe

• Demographics

• Vacant apprenticeships

US

• Shrinking unemployment

• Craft labour shortage

Middle East

• Quality not quantity

Data & Artificial Intelligence

• Machine learning

• Predictive / prescriptive maintenance

• Virtual reality & Augmented reality

• OEE (overall equipment efficiency)

• Risk reduction

• New business models

3. Markets

MARKET DRIVERS


POSITIONS IN E&M KEY EUROPEAN MARKETS

CO2

5.5%

CAPEX/

OPEX

24%

> 60%

45k

20 GtCO2

Customers

Asset

base

Climate

Change

Sources: GlobalData, Deutsche Bank, PWC – 23rd Annual Global CEO Survey, iea, A. T. Kearney / Bilfinger estimate

1) Exploration & Production Companies

Market Size3)

~ 25 €bn

United

Kingdom

Germany Belgium/

Netherlands

Nordics Poland2) Austria/

Switzerland

Bilfinger

market

position

#1#1 #2 #1#2 #1

# of

employees4,0005,000 2,500 4,5003,700 1,800

Expected

market

development

Status 02/2020

Rest of Europe = 2000 FTE

2) Labour hire

3) Source: A.T. Kearney / Bilfinger analysis based on core industries and core activities, contracted-out only

CAGR petrochemical global capacity increase (2020-2024)

E&Ps1) generating substantially more cash today despite far

lower oil prices

share of global CEOs who are „extremely concerned“ about

climate change and environmental damage

of active refineries and petrochemical plants in our focus

regions are older than 20 years

Accumulated asset base continues to grow. Plants are driven

for cash and efficiency

CO2 emissions to be decreased by ~20 Gt from 2020 by 2040

to achieve the objectives of the Paris Agreement on climate

change

3. Markets

4. Segments

KEY FIGURES

ENGINEERING & MAINTENANCE EUROPE

MAJOR COMPETITORS

DESCRIPTION

Regional go-to-market (United Kingdom, Nordics, Belgium/Netherlands, Germany,

Austria/Switzerland, Poland)

Servicing all 6 focus industries

Strong process knowledge

Improve asset and plant performance

Engineering- and operations-driven

Altrad (incl. Cape) Stork (Fluor) Brand (incl. Venko)

Beerenberg Wood Group



Orders received 1,249 1,317 -5% 619 715 -13% 2,530

Order backlog 1,646 1,692 -3% 1,646 1,692 -3% 1,601

Revenue 1,064 1,260 -16% 491 664 -26% 2,578

EBITDA adjusted 37 70 -47% 17 43 -59% 170

Depreciation -32 -31 -2% -16 -16 1% -63

EBITA adjusted 6 39 -86% 2 27 -93% 106

EBITA margin adjusted 0.5% 3.1% 0.4% 4.1% 4.1%

EBITA -21 36 - -21 25 - 86

Amortization 0 0 - 0 0 - -1



assets16 10 56% 9 8 6% 19

Employees (number) 20,905 22,268 -6% 20,905 22,268 -6% 21,871

4. Segments

CONTRACT STRUCTURE, SIZE AND DURATION 2019

Projects Service & framework

contracts

Mean contract volume €5m €8m

Typical range of contract volume (10-90%) €1 - €11m €2 - €17m

Typical range of duration in months (10-90%) 7 - 49 23 - 155

Retention rate

(for framework contracts only)>95%

ENGINEERING & MAINTENANCE EUROPE

40%

10%

30%

10%

Chemical &Petrochem

Energy &Utilities

Cement/Other

Oil & Gas

5% 5%Pharma & Biopharma

Metallurgy

20%

80%

Projects(incl. Products)


INDUSTRIAL SPLIT – FY 2019

CONTRACT TYPE SPLIT – FY 2019


4. Segments

KEY FIGURES

ENGINEERING & MAINTENANCE INTERNATIONAL

MAJOR COMPETITORS

DESCRIPTION

Regional go-to-market (North America, Middle East)

Servicing all 6 focus industries

Strong process knowledge

Improve asset and plant performance

Engineering- and operations-driven

Worley Parson Descon Wood Group Penspen

KBR Fluor Quanta Services Primoris



Orders received 289 403 -28% 135 246 -45% 857

Order backlog 430 426 1% 430 426 1% 455

Revenue 296 480 -38% 131 267 -51% 912

EBITDA adjusted -8 18 - -9 10 - 54

Depreciation -6 -6 -11% -3 -3 -8% -12

EBITA adjusted -14 12 - -12 8 - 42

EBITA margin adjusted -4.7% 2.5% -9.5% 2.8% 4.6%

EBITA -19 11 - -14 7 - 37

Amortization -1 -1 -3% -1 -1 -2% -3



assets4 1 239% 3 1 141% 6


4. Segments


Projects Service & framework

contracts

Mean contract volume €11m €7m

Typical range of contract volume (10-90%) €0.5 - €30m €3 - €17m

Typical range of duration in months (10-90%) 2 - 45 20 - 163

Retention rate

(for framework contracts only)~90%

ENGINEERING & MAINTENANCE INTERNATIONAL

30%

45%

20%

Chemical &Petrochem

5%Energy &Utilities

Oil & Gas

Other

75%

25%

Projects(incl. Products)





4. Segments

TECHNOLOGIES


Orders received 401 225 78% 114 113 1% 456

Order backlog 546 468 17% 546 468 17% 374

Revenue 221 254 -13% 108 136 -21% 538

EBITDA adjusted -21 -19 -11% -18 -10 -74% -20

Depreciation -4 -4 -2% -2 -2 -7% -8

EBITA adjusted -25 -23 -10% -20 -12 -64% -28

EBITA margin adjusted -11.3% -9.0% -18.7% -9.0% -5.2%

EBITA -27 -23 -14% -21 -13 -67% -35

Amortization 0 0 - 0 0 - -1



assets1 1 9% 0 0 - 2


MAJOR COMPETITORS

DESCRIPTION

Global go-to-market

Servicing mainly Energy & Utilities (focus nuclear) and Pharma & Biopharma

Strong manufacturing knowledge

Benefit from global megatrends

Technology-driven

Boccard Alfa Laval Siemens ABB

Ansaldo Westinghouse Areva


KEY FIGURES

4. Segments


Projects

Mean contract volume €4m

Typical range of contract volume (10-90%) €0.1 - €6m

Typical range of duration in months (10-90%) 5 - 35

TECHNOLOGIES

45%

10%

35%

Cement/Other

5%

Chemical &Petrochem

Oil & Gas

Energy &Utilities

Pharma & Biopharma

5%

100% Projects(incl. Products)

0%





5. Reconciliation Group

KEY FIGURES



Orders received 51 159 -68% 64 59 7% 316

Thereof Other

Operations (OOP)140 179 -22% 75 66 14% 356

Thereof headquarters/

consolidation/other-89 -20 -338% -11 -6 -80% -39

Revenue 129 162 -20% 64 80 -20% 299

Thereof Other

Operations (OOP)140 179 -22% 72 89 -19% 338


consolidation/other-11 -17 37% -9 -9 2% -40

EBITA adjusted -12 -15 16% -4 -5 19% -17

Thereof Other

Operations (OOP)1 2 -44% 2 2 -17% -1


consolidation/other-13 -16 19% -6 -7 18% -16

6. Bilfinger Share

MASTER DATA (as of August 6, 2020)

52 week high / low: €34.58 / €13.06

Closing price €15.82

Market cap:1) €638 million

Shares outstanding: 44,209,0422)

ISIN / Ticker abbreviation: DE0005909006 / GBF

Main stock markets: XETRA / Frankfurt

Segments Deutsche Boerse / Indices: Prime Standard

SDAX, DAXsubsector Industrial Products & Services Index,

EURO STOXX

1) Product of closing price * shares outstanding (excluding treasury shares)2) Amount of treasury shares as of July 31, 2020: 3,908,453

RELATIVE PERFORMANCE OF OUR SHARES

3) Market cap weighted index as of December 31, 2019 of peer companies (Aegion, Fluor, KBR, Matrix Services, Mistras, Petrofac,

Spie, Team, Wood Group, Worley Parsons)

3)


0

250,000

500,000

750,000

1,000,000

1,250,000

1,500,000

30

40

50

60

70

80

90

100

110

30-Dec-19 30-Jan-20 29-Feb-20 31-Mar-20 30-Apr-20 31-May-20 30-Jun-20 31-Jul-20

Volume Bilfinger TSR DAX MDAX SDAX Weighted Peer Group

6. Bilfinger Share

10-YEAR-OVERVIEW KEY FIGURES

1) Adjustments see “Reconciliation to adjusted earnings” . Income tax normalized to 31%.

2) Including bonus dividend

3) Relating to year-end share price

4) Relating to EPS adjusted continuing operations

5) Shareholders’ equity incl. minorities

6) Including shares held as treasury stock. 2009 to 2012: 1,884,000 I 2013: 1,866,365 | 2014: 1,835,318 | 2015: 1,824,383 | 2016: 1,815,085

2017: 1,084,302 | 2018: 3,938,393 | 2019: 3,917,752

in €FY

2010

FY

2011

FY

2012

FY

2013

FY

2014

FY

2015

FY

2016

FY

2017

FY

2018

FY

2019

Earnings per share 6.43 8.93 6.26 3.91 -1.62 -11.54 6.13 -2.01 -0.59 0.60

EPS adjusted

continuing

operations1)

4.64 5.32 5.46 5.69 3.62 -0.68 -0,17 -0.19 0.87 1.23

Dividend 2.50 2.50 3.00 3.00 2.00 0.00 1.00 1.00 1.00 0.12

Bonus 0.90

Dividend yield 2) 3) 4.0% 5.2% 4.1% 3.7% 4.3% - 2.7% 2.5% 3.9% 0.3%

Payout ratio 2) 4) 54% 64% 55% 53% 55% - - - 115% 10%

Share price highest 64.35 70.35 77.90 84.35 93.05 59.67 44.15 40.72 46.58 34.58

Share price lowest 40.75 50.47 58.82 68.67 41.54 32.63 25.05 32.89 25.08 21.00

Share price

year end63.20 65.88 73.00 81.53 46.35 43.47 36.57 39.57 25.48 34.58

Book value

per share 5) 40.84 40.51 45.96 48.67 43.85 32,96 37.30 32.65 30.24 28.61

Market value / book

value 3) 5) 1.55 1.63 1.59 1.68 1.06 1.32 0.98 1.21 0.84 1.21

Market

capitalization in €

million 3) 6)

2,909 3,032 3,360 3,752 2,133 2,001 1,683 1,749 1,126 1,529

Number of shares 6) 46,024,127 46,024,127 46,024,127 46,024,127 46,024,127 46,024,127 46,024,127 44,209,042 44,209,042 44,209,042

All figures refer to continuing operations, unless stated otherwise

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

2014 continuing operations (also excluding Power)

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


6. Bilfinger Share

CURRENT SHAREHOLDER STRUCTURE AS OF JUNE 30, 2020

Undisclosed* 17.5%

Treasury Shares 8.8%

Institutional Investors 73.6%

Cevian Capital 26.8%

UK 17.6%

Germany 9.6%

USA 7.6%

Switzerland 4.7%

Scandinavia 3.4%

Spain 2.6%

Other 1.4%

Status: as of June 30, 2020

* Includes retail investors

Current amount of outstanding shares: 44,209,042

Amount of treasury shares as of June 30, 2020: 3,908,453


DEVELOPMENT OF DIVIDEND1)

6. Bilfinger Share

DEVELOPMENT OF MARKET CAPITALIZATION (in € million)

2010 2011

€2.50

2015

€0.90

201420132012 2016 2017 2018 2019

€1.00

€2.50

€3.40

€3.00 €3.00

€2.00

€0.12€0.00

€1.00 €1.00

2,001

3,032

2010 2013

1,683

2011 2012 201620152014 2017 2018 2019

2,909

3,360

1,529

3,752

2,1331,749

1,126

1) For Fiscal Year


BonusDividend

6. Bilfinger Share

Bank Analyst Recommendation Target Price Date

Alpha Value Sejal Varshney Buy €25.60 May 29, 2020

Bankhaus Lampe Marc Gabriel Buy €26.00 July 24, 2020

Bankhaus Metzler Stephan Bonhage Hold €15.00 May 19, 2020

Bank of America ML Marcin Wojtal Underperform €18.00 June 10, 2020

Commerzbank Norbert Kretlow Buy €36.00 July 28, 2020

DZ Bank Thorsten Reigber Buy €20.00 July 16, 2020

HSBC Christian Korth Buy €38.00 October 28, 2019

Independent Research Markus Armer Hold €18.00 May 26, 2020

Kepler Cheuvreux Craig Abbott Hold €14.60 May 18, 2020

LBBW Jens Münstermann Hold €14.00 May 18, 2020

MainFirst Bank Patrick Horch Outperform €39.00 October 30, 2019

UBS Gregor Kuglitsch Neutral €16.50 July 24, 2020

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.

Please find the current consensus estimates here:

https://www.bilfinger.com/en/investor-relations/shares-bond-and-rating/analysts-

coverage-and-consensus/

8%

50%

42%

Negative

Positive

Neutral


6. 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.

Please find the current consensus estimates here:

https://www.bilfinger.com/en/investor-relations/shares-bond-and-rating/analysts-

coverage-and-consensus/

6 6 65

46 6

6

7

65

1 1 1 12

11

0

5

10

15

20

25

30

35

40

45

50

0

2

4

6

8

10

12

14

Dec

2019

Feb

2020

Sep

2019

6

Nov

2019

Jul

2020

67

Apr

2020

Jun

2020

Monthly Average Close Price (Xetra) in €

Positive Target Price (Mean) in €

Negative

Neutral


ISIN / Stock exchange abbreviation DE000A2YNQW7

WKN A2YNQW

Listing Luxembourg (official trading)

Emission volume €250 million

Interest coupon 5.750% (4.500% + step-up of 125 bps after rating change)

Maturity June 14, 2024

Closing (August 6, 2020) 101.92%

7. Bilfinger Rating and Bond

BILFINGER BOND 06/2024


Rating Agency Standard & Poor’s

Current Corporate Credit Rating BB- / Outlook Stable

BILFINGER RATING

8. IR Events and Contact

CONTACT DETAILS

Bettina Schneider

Head of Corporate Treasury &

Investor Relations

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

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

[email protected]

Bilfinger SE

Corporate Headquarters

Oskar-Meixner-Straße 1

D- 68163 Mannheim

Germany

www.bilfinger.com

November 12, 2020 Quarterly statement Q3 2020

Februar 11, 2021 Quarterly statement Q4 2020 and

Preliminary report on the 2020 financial year

March 4, 2021 Publication of Annual Report 2020

April 15, 2021 Annual General Meeting

May 11, 2021 Quarterly statement Q1 2021

August 12, 2021 Quarterly statement Q2 2021 and

Half-year financial report 2021

November 11, 2021 Quarterly statement Q3 2021

IR EVENTS

Sascha Bamberger

Head of Financial Reporting and

Shareholder Relations

Phone: +49 (0) 621 / 459-2455

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

[email protected]

Dr. Stefanie Ahrens

Senior Manager Investor Relations

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

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

[email protected]


Documents

Folie 1 - Bilfinger · Operational Excellence HSEQ ... Executive of Bilfinger Industrial Services UK and of managing director. Then, he led the Oil & Gas division. Since 2015, Duncan