Bilfinger Investor Relations Factbook

Factbook

Contents / Pages

1. COMPANY PROFILE

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

Overview Business Segments…………….……...

Executive Board ……………………………..........

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

Corporate History ……………………………........

Major Acquisitions since 2002……………….......

3

4

5

7

8

9

2. KEY FIGURES

Business Development (graphs) …….................

Output volume, orders received and order

backlog .................................................................

Profit and Loss……………………………………

Cash Flow Statement & ROCE per Segment....

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

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

10

11

12

13

14

15

3. DATA SHEET PER SEGMENT

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

Power (up for sale)..…………………...................

Building and Facility …………………...................

16

19

21

4. BILFINGER SHARE

Master Data, Share Price Development .....

10-year-overview Key Figures ……………..

Shareholder Structure,

Share Buyback, Rights Issue ………………

Development of Dividend and

Market Capitalization ……………….…...…

Analysts‘ Coverage …………………….…..

Analysts‘ Recommendation

Development…..………………………….….

24

25

26

27

28

29

6. BILFINGER BOND

Master Data, Rating, Financial Policy 30

7. FINANCIAL CALENDAR

IR Events …………………………….…….… 31

8. IR CONTACT

Contact Details …………………………...... 31

July 08, 2015 Page 2 Bilfinger SE Investor Relations Factbook

Current structure – from Q2 2015

Power segment will be presented

under discontinued operations

1. Company Profile

Bilfinger SE is a leading international engineering and services group. With the

comprehensive technological expertise and experience of its approximately 70,000

employees, the company offers customized services for industrial facilities, power plants

and real estate. Bilfinger generates an annual output volume of approximately €7.5 billion

in its Industrial, Power and Building and Facility business segments.

THE ENGINEERING AND SERVICES GROUP (OLD STRUCTURE)

BILFINGER KEY DATA

in € million 2014

Output Volume 7,690

Orders received 6,600

Order backlog 5,461

EBITA adjusted 1) 270

EBITA margin adjusted 1) 3.5%

Adjusted net profit from

continuing operations 1) 2)

175

Adjusted earnings per

Share (in €) 1) 2)

3.96

1) adjusted for capital gains as well as for one-time restructuring

expenses

2) also adjusted for the amortization of intangible assets from

acquisitions and goodwill impairment

In addition, adjustment for the reduction of deferred tax assets on

tax-loss carryforwards in accordance with the German Corporate

Tax Act

Germany

34%

Rest of

Europe

47%

America

12%

Asia

4%

Africa

3%

Industrial

47%

Building

and Facility

34%

Power

19%

July 08, 2015 Page 3

Output volume by region 2015e

Output volume by segment 2014

EBITA adjusted / EBITA margin adjusted

by segment 2014

Building

and Facility

€ 136m

5.1%

Industrial

€ 190m

5.1%

Power

€ 8m

0.6%

Bilfinger SE Investor Relations Factbook

Outlook 2015

Real Estate Utilities Process Industry

1. Company Profile

Industrial Maintenance

Industrial Fabrication

and Installation

Insulation, Scaffolding

and Painting

Oil and Gas

Engineering, Automation

and Control

Support Services

Power Systems

Piping Systems

Building

Facility Services

Real Estate

Water Technologies

Client Focus

Divisions

€ 3.7 bn (47%) € 1.5 bn (19%)

€ 2.7 bn (34%)

→ page 17

→ page 19

→ page 20

→ page 21

→ page 22

Output volume 2014


OVERVIEW BUSINESS SEGMENTS


Segments

Power Industrial Building and Facility

→ page 16

0.6%

5.1%

EBITA margin 2014

Significant decrease Significant decrease

Significant increase

Output volume 2015e

5.1%

Up for sale




1. Company Profile

Per H. Utnegaard, Chairman

Born 1959 in Oslo, Norway. He studied Business Administration and

Marketing at the Northern Michigan University, USA and started his

career as consultant with AT Kearney. He held various management

positions with TNT Group, Danzas Holding (Deutsche Post AG), SBB

Cargo AG as well as Alliance Boots Plc and served from 2007 to 2015 as

CEO of Swissport International. He joined Bilfinger as Chairman of the

Executive Board on June 01, 2015. He is responsible for: + Strategy

+ Legal

+ Compliance

+ Project Controlling

+ Communication & Marketing

Joachim Enenkel

Born 1962 in Sindelfingen. After a degree in civil engineering from

the University of Technology in Stuttgart and positions with various

engineering offices and construction companies, Joachim Enenkel

joined the Bilfinger Group in 1996. He assumed management functions in

Germany and abroad and has been a Member of the Executive Board

since 2010 and is responsible for:

+ Technology and Development

Divisions:

+ Piping Systems (Up for sale)

+ Power Systems (Up for sale)

+ Offshore Systems and Grids (Discontinued Operations)

+ Infrastructure (Discontinued Operations)

Dr. Jochen Keysberg

Born 1966 in Dortmund. In 1997, after completing his studies in

engineering at the Technical University of Aachen and his doctorate at

the Technical University of Hamburg-Harburg, Dr. Jochen Keysberg

joined the Bilfinger Group. He held a number of management positions in

the Group both in Germany and abroad and has been a Member of the

Executive Board since 2012.

He is responsible for :

+ Human Rescources

Divisions:

+ Building

+ Facility Services

+ Real Estate

+ Water Technologies


EXECUTIVE BOARD


1. Company Profile

Axel Salzmann, CFO

Born 1958 in Oldenburg/ Holstein. After studying Industrial Engineering

at the University of Hamburg, Axel Salzmann worked in various

management positions at PhilipsGroup, as CFO and Deputy CEO at O2

Germany and as CFO at ProSiebenSat.1 Media AG. He joined the

Executive Board of the Bilfinger Group as CFO in April 2015 and is

responsible for:

+ Accounting

+ Finance

+ Controlling

+ M&A

+ Internal Audit

+ Taxes

+ Investor Relations

+ Procurement

+ IT

Pieter Koolen

Born 1955 in Breda, Netherlands. Pieter Koolen holds a registered

accountant degree and has held a number of management positions

with auditing and construction companies. In 2005, he became

Member of the Executive Board at Tebodin B.V., which has been

part of the Bilfinger Group since 2012. He joined the Executive Board

of Bilfinger SE in September 2013 and is responsible for:

+ HSEQ

Divisions:

+ Engineering, Automation and Control

+ Industrial Fabrication and Installation

+ Industrial Maintenance

+ Insulation, Scaffholding and Painting

+ Oil and Gas

+ Support Services


EXECUTIVE BOARD


1. Company Profile

Dr. Eckhard Cordes (Chairman)

Partner with Cevian Capital

Stephan Brückner, Deputy Chairman*

Employee of Bilfinger Maintenance GmbH,

Heinsberg

Wolfgang Bunge*

Employee at Bilfinger Marine & Offshore Systems

GmbH, Hamburg

Dr. John Feldmann

Formerly member of the Executive Board

of BASF SE, Ludwigshafen

Lone Fønss Schrøder

Non-executive member in administrative bodies at

German and non-German companies

Thomas Kern*

Employee of Bilfinger HSG FM Rhein-Main GmbH,

Neu-Isenburg

Ingo Klötzer*

Employee in the Executive Board of IG Metall,

Frankfurt/Main

Rainer Knerler*

Regional Manager Berlin-Brandenburg,

Industriegewerkschaft Bauen-Agrar-Umwelt

(Construction, Agriculture and Environment

Trade Union), Berlin

Hans Peter Ring

Senior Advisor, former Member of the Executive

Committee of EADS NV

(now Airbus Group NV), Munich

Udo Stark

Formerly Chairman of the Executive Board

of MTU Aero Engines Holding AG, Munich

Jens Tischendorf

Managing Director of Cevian Capital AG,

Pfäffikon, Switzerland

Marek Wróbel*

Employee at BIS Multiserwis Sp.z.o.o,

Krapkowice, Poland

*Staff representatives

Audit Committee

Udo Stark

Wolfgang Bunge

Dr. John Feldmann

Thomas Kern

Presiding Committee

Dr. Eckhard Cordes

Stephan Brückner

Dr. John Feldmann

Rainer Knerler

Nomination Committee

Dr. Eckhard Cordes

Dr. John Feldmann

Udo Stark

COMMITTEES OF THE SUPERVISORY BOARD


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

Major Divestments ~ € 4,450 ~€ 1,130


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

Major Divestments Output volume

in m€ 1) Net proceeds

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

115

180

242

277 275

346

379 387 415

270

FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014

2. Key Figures

BUSINESS DEVELOPMENT (GRAPHS)

Output volume | in € million

EBITA adjusted | in € million 1)

EBITA margin adjusted 1)

Continuing operations (excl. Valemus, Concessions)

1) Adjusted for capital gains as well as for one-time restructuring expenses


Continuing operations (excl. Valemus, Concessions,

Construction and Offshore Systems)

7,061

7,936

9,222

10,742 10,403

7,983 8,397 8,586

7,552 7,690


1.6%

2.3% 2.6% 2.6% 2.6%

4.3% 4.5% 4.5%

5.5%

3.5%


2. Key Figures

July 08, 2015 Page 11

OUTPUT VOLUME, ORDERS RECEIVED AND ORDER BACKLOG


FY 2014

3m 2015





2. Key Figures

EBITA adjusted: adjusted for one-time expenses in connection with Bilfinger Excellence. In FY 2014 adjusted for

capital gains as well as for one-time restructuring expenses

Net profit adjusted: also adjusted for the amortization of intangible assets from acquisitions . In FY 2014 additionally

adjusted for goodwill impairment and for the reduction of deferred tax assets on tax-loss carryforwards in accordance

with the German Corporate Tax Act in 2014

PROFIT AND LOSS STATEMENT

in € million 3m 2014 3m 2015 FY 2014

Output volume 1,715 1,763 7,690

EBITA 18 -9 198

EBITA adjusted 47 -8 270

EBITA margin adjusted 2.7% -0.5% 3.5%

Amortization -11 -9 -191

EBIT 7 -18 7

Net interest result -10 -9 -36

EBT -3 -27 -29

Income taxes 1 5 -46

Earnings after taxes from continuing operations -2 -22 -75

Earnings after taxes from discontinued

operations 10 5 -27

Minority interest 0 0 31

Net profit 8 -17 -71

Net profit adjusted (continuing operations) 26 -15 175





2. Key Figures

Capital employed Return ROCE WACC Value added

in € million in € million in % in % in € million

FY

2013

FY

2014

FY

2013

FY

2014

FY

2013

FY

2014

FY

2013

FY

2014

FY

2013

FY

2014

Industrial 1,367 1,295 214 189 15.7 14.7 8.75 10.50 95 54

Power 658 653 148 8 22.4 1.2 8.75 12.25 90 -72

Building and Facility

666

767

122

140 18.4 18.2 8.75 9.25 64 69

Consolidation / Other

347

231 -61 -57 - - - - -92 -87

Continuing Operations 3,038 2,946 423 280 13.9 9.5 8.75 10.75 157 -36

ROCE PER SEGMENT

CASH FLOW STATEMENT

in € million 3m 2014 3m 2015 FY 2014

Cash earnings from continuing operations 17 -5 163

Change in working capital -212 -86 -78

Gains on disposals of non-current assets -1 -3 -20

Cash flow from operating activities of continuing

operations -196 -94 65

Net capital expenditure on property, plant and equipment /

intangibles -26 -20 -122

Proceeds from the disposal of financial assets 64 76 172

Free cash flow (continuing operations) -158 -38 115

Investments in financial assets of continuing operations -3 -1 -140

Cash flow from financing activities of continuing

operations -6 -6 -165

Change in cash and cash equivalents of continuing


Change in cash and cash equivalents of discontinued


F/X effects 1 7 8

Cash and cash equivalents at Jan. 1 669 403 669

Change in cash and cash equivalents classified as assets

held for sale (Concessions, Construction, Offshore Systems) 1 -3 -23

Cash and cash equivalents at March 31 / Dec. 31 451 308 403

2. Key Figures

in € million FY

2005

FY

2006

FY

2007

FY

2008

FY

2009

FY

2010

FY

2011

FY

2012

FY

2013

FY

2014

Assets

Non-current assets 1,952 2,451 3,139 3,964 4,914 4,460 3,090 3,519 3,012 3,027

Intangible assets 592 738 787 1,235 1,539 1,457 1,561 1,890 2,015 2,015

Property, plant and equipment 512 607 581 599 796 663 647 690 629 650

Receivables from concession

projects 525 893 1,500 1,642 2,134 1,789 377 508 - -

Other non-current assets 187 84 167 300 216 358 341 254 196 139

Deferred tax assets 135 128 104 188 230 193 164 177 172 223

Current assets 2,405 2,678 2,989 2,809 3,026 3,477 4,630 3,331 3,520 2,935

Inventories, receivables, other 1,573 1,896 2,193 2,089 2,228 1,890 2,022 2,244 2,213 2,216

Cash and cash equivalents 832 783 796 720 798 537 847 1,087 647 403

Assets held for sale 1,050 1,761 - 660 316

Equity and liabilities

Shareholders’ equity 1,189 1,206 1,332 1,141 1,561 1,812 1,793 2,037 2,165 1,917

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

Reserves 1,012 1,031 1,132 1,034 1,408 1,650 1,503 1,795 1,972 1,805

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

Unappropriated retained earn. 37 47 67 74 92 115 247 196 138 92

Minority interest 28 17 21 21 23 9 5 8 16 -21

Non-current liabilities 899 1,320 1,817 2,602 2,873 2,511 1,159 1,748 1,146 1,221

Pension provisions 130 160 135 219 287 313 325 394 417 524

Other provisions 105 100 89 69 84 71 60 56 55 55

Financial debt, recourse 87 91 70 306 320 184 181 519 517 516

Financial debt, non recourse 485 808 1,314 1,489 1,880 1,624 339 461 13 13

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

Deferred tax liabilities 74 94 130 127 116 107 126 149 95 91

Current liabilities 2,269 2,604 2,979 3,030 3,506 3,614 4,768 3,065 3,221 2,824

Tax provisions 50 72 81 120 133 118 88 102 115 89

Other provisions 420 425 435 448 613 633 755 557 482 461

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

Financial debt, non-recourse 10 19 48 30 22 19 9 9 28 27

Other liabilities 1,748 2,041 2,375 2,411 2,704 2,052 2,116 2,205 1,907 1,847

Liabilities held for sale 703 1,795 0 661 372

Balance-sheet total 4,357 5,129 6,128 6,773 7,941 7,937 7,720 6,850 6,532 5,962


10-YEAR-OVERVIEW BALANCE SHEET

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

2. Key Figures

in € million FY

2005

FY

2006

FY

2007

FY

2008

FY

2009

FY

2010 FY

2011

FY

2012 FY

2013

FY

2014

Output volume 7,061 7,936 9,222 10,742 10,403 7,983 8,397 8,586 7,552 7,690

Orders received 7,545 10,000 11,275 10,314 11,129 7,854 7,690 8,304 7,513 6,600

Order backlog 7,001 8,747 10,759 10,649 11,704 8,429 7,557 7,388 6,476 5,461

Investments 330 370 268 697 530 273 310 521 391 279

Property, plant and

equipment 102 136 204 237 162 141 127 143 140 139

Financial assets 228 234 64 460 368 132 183 378 251 140

Employees (at year-end) 55,346 49,141 52,723 60,923 67,199 58,047 59,069 66,683 71,127 69,132

Group earnings

EBITA 115 180 242 322 275 346 379 432 349 198

EBITA adjusted 1) 115 180 242 277 275 346 379 387 415 270

EBIT 110 170 229 298 250 305 344 381 298 7

Net Profit 4) 66 92 134 200 140 284 394 276 173 -71

Net profit adjusted

continuing operations 1) 2) 205 235 241 251 175

Cash flow from operating

activities 188 207 325 357 368 244 281 232 210 65

Cash flow per share 4.70 5.14 8.07 9.22 9.94 5.53 6.37 5.26 4.76 1.47

Earnings per share 1.66 2.29 3.32 5.18 3.79 6.43 8.93 6.26 3.91 -1.62

EPS adjusted continuing

operations 1) 2) 4.64 5.32 5.46 5.69 3.96

Gross margin in % n.a. 10.8 11.0 10.0 10.3 12.7 12.5 13.1 13.9 12.0

EBITA margin adjusted

in % 1.6 2.3 2.6 2.6 2.6 4.3 4.5 4.5 5.5 3.5

Return on equity in % 5.9 8.1 10.7 16.6 11.3 12.7 12.8 12.0 12.3 8.6

Return on capital

employed in % 10.9 16.3 18.7 20.4 15.6 18.4 17.3 15.7 13.9 9.5

Value added -2 80 126 157 98 175 186 165 157 -36

Dividend distribution 37.2 46.5 63.6 70.6 88.3 110.4 150.1 132.4 132.5 88.4

Dividend per share 0.92 1.15 1.66 1.85 2.00 2.50 2.50 3.00 3.00 2.00

Dividend bonus 0.90

Share price at year-end 37.20 51.25 48.72 34.45 53.92 63.20 65.88 73.00 81.53 46.35

Number of shares

year-end 4) 37,196,102 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

1) Adjusted for capital gains as well as for one-time restructuring expenses

2) Also adjusted for the amortization of intangible assets from acquisitions and

goodwill impairment. In addition, adjustment for the reduction of deferred tax assets

on tax-loss carryforwards in accordance with the German Corporate Tax Act in 2014

3) Including shares held as treasury stock.

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

4) Includes continuing and discontinued operations July 08, 2015 Page 15 Bilfinger SE Investor Relations Factbook

10-YEAR-OVERVIEW BUSINESS DEVELOPMENT

All figures refer to continuing operations, unless otherwise stated

2010 - 2012 continuing operations excl. Valemus and Concessions

2013 - 2014 continuing operations excl. Valemus, Concessions, Construction and Offshore Systems

in € million 3m 2014 3m 2015 Change FY2014

Output volume 833 835 0% 3,705

Orders received 834 840 1% 3,276

Order backlog 2,816 2,500 -11% 2,404

Capital expenditure 17 16 -6% 67

Depreciation of P, P & E 15 16 7% 64

EBITA adjusted 31 9 -71% 190

EBITA margin adjusted 3.7% 1.1% 5.1%

Employees 35,067 33,227 33,016

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,

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, USA and Asia.

Key Figures

Output volume by region | in %

Oil and Gas 40%

Chemical, Petrochemical,

Pharma 30%

Energy 10%

Others 20%

Cape

Fabricom

Fluor Industrial Services

Hertel

Jacobs

Kaefer

Redhall

Remondis

Stork

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

60% Services

40% Projects

Segment Profile


Major customers

Alstom, BASF, Bayer, Borealis, BP, Enterprise Products Partners,

Linde, P&G, Sanofi, Shell, Statoil, Total, Vattenfall, Yara

Leuna

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


maintenance and repair service

for industrial plants

Plant conversion, expansion

& modernization

Refineries & chemicals

Energy supply

Pharmaceutical industry

Food processing

industry

Approx. output € 1,000m

Employees ~9,000

(Offshore) maintenance,

repair services

Specialist services: insulation,

scaffolding and corrosion

protection

Training (e.g. industrial climbers)

Oil and gas

Insulation solutions (thermal,

cold insulation, soundproofing,

fire protection)

Scaffolding (industrial/

specialty)

Painting and coating (surfaces/

corrosion protection)

Chemical &

petrochemical

Energy supply


Other industrial sectors

Regions

Focus regions Central and Northern Europe: core markets

Germany, Norway as well as Central and Eastern Europe

Core markets are UK & Scandinavia – strong regional focus

on the North Sea

Strong focus on Central Europe, mainly Germany and The

Netherlands

Miro Mineralölraffinerie Oberrhein GmbH & Co KG, Karlsruhe


Approx. output € 500m

Employees ~ 4,000


Employees ~ 5,500

Insulation, Scaffolding and Painting Products and Services Focus Industries

Regions

Oil and Gas Products and Services Focus Industries

Regions

INDUSTRIAL – DIVISIONAL STRUCTURE

Products and Services Focus Industries Industrial Maintenance

Lippendorf / Leuna


Industrial Fabrication and Installation

Assembly and installation of

plant components (e.g. apparatus

engineering)

Construction of industrial

facilities

Manufacturing and installation

of piping systems and

components

Chemical &

petrochemical

Energy supply

Oil and gas

Public sector


Employees ~4,500

Placement of own personnel

Provision, repair and logistics for machines and equipment

Bilfinger units

Industrial

companies

Energy supply

Transport and

energy

infrastructure

Design and engineering of industrial plants, incl. power plants

Project & construction management

Design, manufacture and installation of industrial automation solutions (electrical instrumentation and control technology)

Chemical &

petrochemical

Oil and gas

Energy supply

Food processing industry


Other industrial sectors

(automotive, building

materials)

Products and Services Focus Industries

Regions

Current activities with strong focus on USA and Germany

Focus on Europe

Focus on Europe, Middle East and Asia

Lippendorf / Leuna



Employees ~ 6,000


Employees ~ 5,000

INDUSTRIAL – DIVISIONAL STRUCTURE

Engineering, Automation and Control Products and Services Focus Industries

Regions

Support Services 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.

65% Utilities

10% Oil and Gas

25% 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

40% Services

60% Projects

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

July 08, 2015

Page 19 Bilfinger SE Investor Relations Factbook

Business activities Segment Profile

Key Figures


Major customers

Areva, Eskom, Hitachi, PGE, RWE, Sasol, Vattenfall,

Voestalpine


Output volume 320 287 -10% 1,445

Orders received 422 325 -23% 1,090

Order backlog 1,505 1,116 -26% 1,060

Capital expenditure 7 2 -71% 22


EBITA adjusted 16 -18 8

EBITA margin adjusted 5.0% -6.3% 0.6%

Employees 12,856 11,017 11,561

Due to the planned sale,

Power will be presented

under discontinued

operations from Q2 2015


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

Utilities

Industrial companies

Plant constructors

Municipal and

independent energy

providers


Employees ~6,500

Utilities, municipal

and independent energy

providers

Industrial, petrochemicals

Regions

Core markets include Europe and South Africa

Germany and Luxemburg (Grids)

Strong focus on Europe and Middle East



Employees ~ 5,500

Piping Systems Products and Services Focus Industries

Regions

POWER – DIVISIONAL STRUCTURE

Products and Services Focus Industries Power Systems

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


BUILDING AND FACILITY

Bilfinger is one of Europe’s leading providers of integrated real-estate

services for the entire lifecycle of a property. Our specialists for

design, construction and operation implement energy-saving and

value-optimizing real-estate projects. We manage facilities of all kinds

and provide consultancy and real-estate services for fund, asset,

property and facility management. In Germany, Bilfinger offers

development, design and management services as well as services

for construction and construction logistics. Global services in water

and wastewater technology fill out our portfolio.

20% Finance & Insurance

15% Real Estate

15% Public clients

5% Construction

5% Commerce

40% Others (wide-spread)

Andritz (Water)

CBRE

ISS

Johnson Controls

Jones Lang Lasalle

Metso (Water)

Porr

Sodexo

SPIE

Strabag Property and FS

Wisag

Züblin

Design, consulting, construction,

rehabilitation and portfolio

optimization; Asset and property

management; Integrated Facility

Management; Building technology;

Healthcare services; Water

technologies; Financing and

operation

75% Services

25% Projects

GDP / Public spending

Outsourcing

Service bundling /

One-stop-shopping

Multi-national contracts

Competitors

Customer Groups

Contract structure

Business drivers


Business activities Segment Profile

Key Figures


Major customers

ABB, Airbus, BASF, Deutsche Bank, Deutsche Post, DZ Bank,

IBM, ThyssenKrupp


Output volume 584 658 13% 2,659

Orders received 636 917 44% 2,298

Order backlog 2,348 2,317 -1% 2,004

Capital expenditure 8 8 0% 32


EBITA adjusted 12 18 50% 136

EBITA margin adjusted 2.1% 2.7% 5.1%

Employees 21,992 23,685 23,712


Industrial companies,

banks and insurance

companies

Healthcare sector

Public sector

Approx. output € 1,400m

Employees ~17,000

Industrial and commercial

customers

Portfolio owners and

investors

Real estate developers

Public sector

Regions

Strong focus on Germany, UK, Switzerland, Italy and Austria

Focus on Germany



Employees ~ 2,000

Building Products and Services Focus Industries

Regions

BUILDING AND FACILITY – DIVISIONAL STRUCTURE

Products and Services Focus Industries Facility Services

Development, design,

consulting and management

of construction services

Turnkey construction,

rehabilitation, portfolio

optimization, expansion,

facade engineering, cold

storage construction

Design, installation and

maintenance of building

technology

Construction-related

services (e.g., construction

site logistics, disposal)

Commercial, technical and

infrastructural facility

management

Center management

Energy management,

energy efficiency and

contracting

Healthcare services

Events and catering


Insurance, funds, banks,

REITs, private equity

investors, developers,

users

Significant uses: Office,

retail, residential, industrial

& logistics, hotels


Employees ~3,000

Regions

Major share of volume in Germany and the UK

In addition, activities in Netherlands, Poland, Switzerland

and Turkey


BUILDING AND FACILITY – DIVISIONAL STRUCTURE

Products and Services Focus Industries Real Estate

Real estate consulting services

Investment/transaction

consulting (purchase, rental and

sale of real-estate properties)

Real-estate management

(funds, asset and property

management)

Industrial/municipal water

treatment systems

Components for water treatment

systems (e.g., filters)

Vacuum sewer and sanitation

systems

Sludge treatment / drying

Public sector clients

Power plant industry

Petrochemical industry

Resource exploitation

Plant constructors

Real estate developers


Employees ~ 1,600

Water Technologies Products and Services Focus Industries

Regions

Production locations in 11 countries around the world, global

sales network

Greatest share of output volume in Germany and USA

SHARE PRICE DEVELOPMENT LAST THREE YEARS

5. Bilfinger Share

MASTER DATA

52 week high / low: € 84.20 / € 31.31 (as of June 29, 2015)

Closing price June 29, 2015 € 33.98

Market cap: 1) € 1.5 bn (as of June 29, 2015)

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,

DivMSDAX, STOXX Europe 600, EURO STOXX,

STOXX EUROPE TMI Support Services

1) Including 1,824,383 shares currently held as treasury stock


5. Bilfinger Share

10-YEAR-OVERVIEW KEY FIGURES

1) Adjusted for capital gains as well as for one-time restructuring expenses. Also adjusted for amortization on intangibles from acquisitions and

goodwill impairment, In addition, adjustment for the reduction of deferred tax assets on tax-loss carryforwards in accordance with the German

Corporate Tax Act in 2014.

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

in € FY

2005

FY

2006

FY

2007

FY

2008

FY

2009

FY

2010

FY

2011

FY

2012

FY

2013

FY

2014

Earnings per

share 1.66 2.29 3.32 5.18 3.79 6.43 8.93 6.26 3.91 -1.62

EPS adjusted

continuing

operations1)

4.64 5.32 5.46 5.69 3.96

Dividend 0.92 1.15 1.66 1.85 2.00 2.50 2.50 3.00 3.00 2.00

Bonus 0.90

Dividend yield 2) 3) 2.5% 2.3% 3.4% 5.4% 3.7% 4.0% 5.2% 4.1% 3.7% 4.3%

Payout ratio 2) 4) 56% 50% 50% 36% 53% 54% 64% 55% 53% 50%

Share price

highest 42.87 51.47 68.99 59.68 54.56 64.35 70.35 77.90 84.35 93.05

Share price lowest 27.86 34.81 43.71 22.06 21.57 40.75 50.47 58.82 68.67 41.54

Share price

year end 37.20 51.25 48.72 34.45 53.92 63.20 65.88 73.00 81.53 46.35

Book value

per share 5) 28.80 29.54 32.50 29.26 34.85 40.84 40.51 45.96 48.67 43.85

Market-to-book

value 3) 5) 1.29 1.74 1.50 1.20 1.50 1.55 1.63 1.59 1.68 1.06

Market

capitalization 3) 6) 1,499 2,065 1,963 1,388 2,482 2,909 3,032 3,360 3,752 2,133

Number of shares

year-end 6) 37,196.102 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


Dec 31, 2014

Treasury Stock 4%

Undisclosed/ Retail Investors 34%

Institutional Investors: 62%

Cevian Capital 26%

Germany 14%

USA 6%

U.K. 5%

Switzerland 5%

Scandinavia 3%

Benelux 1%

France 1%

Other 1%

5. Bilfinger Share


SHAREHOLDER STRUCTURE

TREASURY STOCK

1,824,383 shares (4%)

No cancellation planned

Freefloat according to Deutsche Boerse: 70.39%

1,499

2,065 1,963

1,388

2,482

2,909 3,032

3,360

3,752

2,133

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

€0.92 €1.15

€1.66 €1.85

€2.00

€2.50 €2.50

€3.00 €3.00

€2.00

€0.90

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Based on year-end share price | in m€

5. Bilfinger Share

DEVELOPMENT OF MARKET CAPITALIZATION

2004 – 2008: After rights issue adjustment

€3.40


DEVELOPMENT OF DIVIDEND

Bonus Dividend

5. Bilfinger Share

Bank Analyst Recommendation Target Price Date

Bankhaus Lampe Marc Gabriel Sell 30.00 19-Jun-15

Bankhaus Metzler Stephan Bauer Buy 62.00 6-Aug-14

Bank of America ML Marcin Wojtal Sell 27.00 18-Jun-15

Commerzbank Norbert Kretlow Buy 60.00 23-Apr-15

DB Mario Becherer Neutral 50.00 13-Feb-15

DZ Bank Jasko Terzic Buy 39.00 23-Jun-15

Equinet Ingbert Faust Neutral 45.00 20-May-15

Equita SIM Gianmarco Bonacina Neutral 34.00 18-Jun-15

Exane BNP Paribas Gerhard Orgonas Sell 42.00 24-Apr-15

HSBC Tobias Loskamp Neutral 32.00 19-Jun-15

Independent Research Sven Diermeier Neutral 35.00 22-Jun-15

Kepler Cheuvreux Craig Abbott Sell 28.00 22-Jun-15

LBBW Hans-Peter Kuhlmann Neutral 40.00 18-Jun-15

MainFirst Christian Korth Neutral 34.00 19-Jun-15

S&P Capital IQ William King Sell 30.00 23-Jun-15

Steubing Jens Jung Neutral 31.00 23-Jun-15

UBS Gregor Kuglitsch Neutral 32.00 22-Jun-15

Warburg Research Frank Laser Neutral 35.00 22-Jun-15


ANALYSTS’ COVERAGE

Disclaimer: The estimates 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 estimates 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 (July 08, 2015) 97.25

BILFINGER RATING

6. Bilfinger Rating and Bond

Rating Agency Standard & Poors

Current Corporate Credit Rating BB+ / Negative Outlook / B


BILFINGER BOND

Andreas Müller

Head of Corporate Accounting &

Tax/ IR

Phone: +49 (0) 621 / 459-2312

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

E-Mail: [email protected]

7. IR contact

CONTACT DETAILS

Bettina Schneider

Deputy Head

Investor Relations

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

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

E-Mail: [email protected]

Bilfinger SE

Corporate Headquarters

Carl-Reiß-Platz 1- 5

D- 68165 Mannheim

Germany

www.bilfinger.com


2015

August 12, 2015 Interim Report Q2 2015

November 12, 2015 Interim Report Q3 2015

IR EVENTS