View
173
Download
3
Category
Tags:
Preview:
Citation preview
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
July 08, 2015 Page 4
OVERVIEW BUSINESS SEGMENTS
Bilfinger SE Investor Relations Factbook
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
Current structure – from Q2 2015
Power segment will be presented
under discontinued operations
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
July 08, 2015 Page 5
EXECUTIVE BOARD
Bilfinger SE Investor Relations Factbook
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
July 08, 2015 Page 6
EXECUTIVE BOARD
Bilfinger SE Investor Relations Factbook
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
July 08, 2015 Page 7
SUPERVISORY BOARD
Bilfinger SE Investor Relations Factbook
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
July 08, 2015 Page 8 Bilfinger SE Investor Relations Factbook
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
July 08, 2015 Page 9
MAJOR SERVICE ACQUISITIONS SINCE 2002 (Output volume >50m EUR, continuing operations)
Bilfinger SE Investor Relations Factbook
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
July 08, 2015 Page 10 Bilfinger SE Investor Relations Factbook
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
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
1.6%
2.3% 2.6% 2.6% 2.6%
4.3% 4.5% 4.5%
5.5%
3.5%
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
2. Key Figures
July 08, 2015 Page 11
OUTPUT VOLUME, ORDERS RECEIVED AND ORDER BACKLOG
Bilfinger SE Investor Relations Factbook
FY 2014
3m 2015
Current structure – from Q2 2015
Power segment will be presented
under discontinued operations
July 08, 2015 Page 12 Bilfinger SE Investor Relations Factbook
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
Current structure – from Q2 2015
Power segment will be presented
under discontinued operations
July 08, 2015 Page 13 Bilfinger SE Investor Relations Factbook
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
operations -167 -45 -190
Change in cash and cash equivalents of discontinued
operations -53 -54 -61
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
July 08, 2015 Page 14 Bilfinger SE Investor Relations Factbook
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
July 08, 2015 Page 16 Bilfinger SE Investor Relations Factbook
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.
3. Data sheet per segment
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
Pharmaceutical industry
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
July 08, 2015 Page 17 Bilfinger SE Investor Relations Factbook
Approx. output € 500m
Employees ~ 4,000
Approx. output € 550m
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
3. Data sheet per segment
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
Approx. output € 900m
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
Pharmaceutical 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
July 08, 2015 Page 18 Bilfinger SE Investor Relations Factbook
Approx. output € 400m
Employees ~ 6,000
Approx. output € 250m
Employees ~ 5,000
INDUSTRIAL – DIVISIONAL STRUCTURE
Engineering, Automation and Control Products and Services Focus Industries
Regions
Support Services Products and Services Focus Industries
Regions
3. Data sheet per segment
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
Output volume by region | in %
Major customers
Areva, Eskom, Hitachi, PGE, RWE, Sasol, Vattenfall,
Voestalpine
in € million 3m 2014 3m 2015 Change FY2014
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
Depreciation of P, P & E 6 7 17% 27
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
3. Data sheet per segment
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
Approx. output € 800m
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
July 08, 2015 Page 20 Bilfinger SE Investor Relations Factbook
Approx. output € 550m
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
3. Data sheet per segment
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
July 08, 2015 Page 21 Bilfinger SE Investor Relations Factbook
Business activities Segment Profile
Key Figures
Output volume by region | in %
Major customers
ABB, Airbus, BASF, Deutsche Bank, Deutsche Post, DZ Bank,
IBM, ThyssenKrupp
in € million 3m 2014 3m 2015 Change FY2014
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
Depreciation of P, P & E 5 6 20% 20
EBITA adjusted 12 18 50% 136
EBITA margin adjusted 2.1% 2.7% 5.1%
Employees 21,992 23,685 23,712
3. Data sheet per segment
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
July 08, 2015 Page 22 Bilfinger SE Investor Relations Factbook
Approx. output € 700m
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
3. Data sheet per segment
Insurance, funds, banks,
REITs, private equity
investors, developers,
users
Significant uses: Office,
retail, residential, industrial
& logistics, hotels
Approx. output € 400m
Employees ~3,000
Regions
Major share of volume in Germany and the UK
In addition, activities in Netherlands, Poland, Switzerland
and Turkey
July 08, 2015 Page 23 Bilfinger SE Investor Relations Factbook
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
Approx. output € 300m
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
July 08, 2015 Page 24 Bilfinger SE Investor Relations Factbook
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
July 08, 2015 Page 25 Bilfinger SE Investor Relations Factbook
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
July 08, 2015 Page 26 Bilfinger SE Investor Relations Factbook
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
July 08, 2015 Page 27 Bilfinger SE Investor Relations Factbook
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
July 08, 2015 Page 28 Bilfinger SE Investor Relations Factbook
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
July 08, 2015 Page 29 Bilfinger SE Investor Relations Factbook
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
July 08, 2015 Page 30 Bilfinger SE Investor Relations Factbook
BILFINGER BOND
Andreas Müller
Head of Corporate Accounting &
Tax/ IR
Phone: +49 (0) 621 / 459-2312
Facsimile: +49 (0) 621 / 459-2968
E-Mail: andreas.mueller@bilfinger.com
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: bettina.schneider@bilfinger.com
Bilfinger SE
Corporate Headquarters
Carl-Reiß-Platz 1- 5
D- 68165 Mannheim
Germany
www.bilfinger.com
July 08, 2015 Page 31 Bilfinger SE Investor Relations Factbook
2015
August 12, 2015 Interim Report Q2 2015
November 12, 2015 Interim Report Q3 2015
IR EVENTS
Recommended