Bilfinger Se · XETR:GBF
Bilfinger — Non-Deal Roadshow (August 2013)
37 slides from Bilfinger's roadshow presentation, Aug 12, 2013
Slide 1: Successful evolution into a leading international Engineering and Services Group
August 12, 2013 Successful evolution into a leading international Engineering and Services Group
Slide 2: Agenda
Agenda 1. Bilfinger – Overview 2. Facts and figures 6m 2013 3. Mid-term strategic outlook 4. Financial backup August 12, 2013 | Bilfinger SE Interim Report 6m 2013 Page 2
Slide 3: Bilfinger at a glance
Bilfinger at a glance Output volume by region ▪ Successful evolution into a leading international Engineering and Services Group ▪ Output volume of € 8.6 billion, adjusted EBITA margin at 4.4% in 2012 ▪ Multinational player with leading positions in attractive markets ▪ Highly diversified customer b
Slide 4: Successful evolution into an Engineering and Services Group
Successful evolution into an Engineering and Services Group ▪ Limitation of volume in construction with clear regional focus and stringent risk profile ▪ Portfolio adjustment: Sale of Australian construction business (Valemus, 2011), exit of North American construction market (2011), reduction of in
Slide 5: Very strong market positions with substantial scale and business diversity
Very strong market positions with substantial scale of operations and significant business diversity International footprint Market positioning by segments Industrial European market leader in Industrial Services for the process industry Power Strong player in Power Services European market le
Slide 6: Robust and predictable business model supported by favorable long-term industry trends
Robust and predictable business model supported by favorable long-term industry trends Outsourcing Major structural business drivers: Service bundling Internationalization Attractive business profile: Structural growth potential 60% of output volume are recurring maintenance-driven services combined
Slide 7: Further growth in output volume and earnings anticipated for FY 2013
Further growth in output volume and earnings anticipated for FY 2013 Output volume EBITA adjusted Net profit adjusted 8,397 8,586 7,983 379 378 346 235 231 205 2010 2011 2012 2010 2011 2012 2010 2011 2012 in € million in € million in € million All figures refer to continuing operations. EBITA: adjus
Slide 8: Significant scale positions across a diversified services portfolio
Significant scale positions across a diversified services portfolio Industrial Power Building and Facility Construction Process Industry Utilities Real Estate Mobility and energy Output volume 2013e 13% 46% €4.0bn €1.3bn 26% €2.3bn €1.1bn 15% EBITA margin 2012 5.6% 9.3% 4.7% 1.8% EBITA target margin
Slide 9: Positive outlook for 2013 confirmed
Positive outlook for 2013 confirmed Our earnings forecast relates to adjusted EBITA and adjusted net profit from continuing operations. This serves to enable comparability over time The effect of the deconsolidation of the Nigerian business and further reduction in Construction will be more than
Slide 10: Agenda
Agenda 1. Bilfinger – Overview 2. Facts and figures 6m 2013 3. Mid-term strategic outlook 4. Financial backup August 12, 2013 | Bilfinger SE Interim Report 6m 2013 Page 10
Slide 11: 6m 2013: Bilfinger anticipates significantly stronger second half of the year
6m 2013: Bilfinger anticipates significantly stronger second half of the year • Following a moderate start to the year, sequential growth of output volume, orders received and earnings in second quarter • Adjusted earnings still below previous year’s figures • Plan to divest Concessions business lea
Slide 12: Q2 output volume and orders higher than in the first quarter
Q2 output volume and orders higher than in the first quarter Output volume Orders received Order backlog -2% -3% -1% 4,156 4,023 4,097 4,029 7,525 7,430 6m 2012 6m 2013 6m 2012 6m 2013 June 2012 June 2013 in € million in € million in € million August 12, 2013 | Bilfinger SE Interim Report 6m 2013 Pa
Slide 13: Prevailing difficult market environment
Prevailing difficult market environment Earnings in second half will be supported by efficiency enhancement measures Adjusted EBITA Adjusted net profit continuing operations Adjusted EPS continuing operations -11% -21% -21% 164 2.33 146 103 1.84 81 6m 2012 6m 2013 6m 2012 6m 2013 6m 2012 6m 2013 in
Slide 14: Industrial
Industrial Significant growth in output volume and orders received due to acquisitions Markets and highlights Output volume by region ▪ Price pressure and slow demand for projects due to lack of 14% 4% Germany economic momentum in Europe Rest of Europe ▪ Organic development: 2013e: 21% America -2% i
Slide 15: Power
Power Further increase in earnings Markets and highlights Output volume by region ▪ Growth in output volume as a result of acquisitions 15% Germany 17% ▪ Orders received and order backlog influenced by typical volatility in Rest of Europe the awarding of major projects, for full-year 2013 a satisfac
Slide 16: Building and Facility
Building and Facility Positive business development Markets and highlights Output volume by region 1% 2% ▪ Key figures affected by deconsolidation of Nigerian activities, 11% Germany positive underlying development 22% Rest of Europe ▪ Organic development: America 2013e +3% in output volume, +8% in
Slide 17: Construction
Construction Further reduction in volumes Markets and highlights Output volume by region ▪ Output volume and earnings negatively influenced by long winter Germany 46% and still-difficult situation in the Infrastructure unit Rest of Europe ▪ Positive earnings in other Construction units 2013e ▪ Good
Slide 18: Discontinued operations: Concessions
Discontinued operations: Concessions ▪ Plan to sell activities of Concessions business segment due to their Committed equity by region decreasing strategic role Germany ▪ Sales process well under way, concrete talks with interested parties 33% UK ▪ Currently retained projects: M6 Duna and M6 Tolna M
Slide 19: Agenda
Agenda 1. Bilfinger – Overview 2. Facts and figures 6m 2013 3. Mid-term strategic outlook 4. Financial backup August 12, 2013 | Bilfinger SE Interim Report 6m 2013 Page 19
Slide 20: Strategic program BEST – Bilfinger escalates strength
Strategic program “BEST – Bilfinger escalates strength“ Operational excellence Growth of higher-margin activities, both organically and via acquisitions “BEST“ Effective risk management Geographic expansion including emerging markets Deeper integration to boost cross-selling and bundling of activiti
Slide 21: BEST growth strategy
BEST growth strategy Expansion of higher-margin activities Organic growth Expansion of full-service offering in all our markets strategy Regional expansion and “follow our friends” strategy Leveraging of customer relationships from other segments Deeper integration Stronger market presence
Slide 22: External growth by segment
External growth by segment Industrial: Power: ▪ Regional expansion: Europe, USA, Middle East, Asia ▪ Regional expansion: Europe, USA, Middle East, Asia ▪ Oil and Gas sector ▪ Expansion of technological scope Building and Facility: Construction: ▪ German targets only with potential for sustainable, h
Slide 23: Group targets 2014 and 2016
Group targets 2014 and 2016 Output volume EBITA EBITA Margin Net Profit € 11 - 12 bn ~ € 400 m ~ € 700 m ~ 6% i.e. ~ € 9 EPS € 8.5 bn 4.7% € 397 m € 220 m 2011 2016 2011 2016 2011 2016 2011 2016 Organic Growth EBITA Margin 2014 Financial Ratios** Dividend Policy Group > 5.5% Output volume CAGR* Ad
Slide 24: Agenda
Agenda 1. Bilfinger – Overview 2. Facts and figures 6m 2013 3. Mid-term strategic outlook 4. Financial backup August 12, 2013 | Bilfinger SE Interim Report 6m 2013 Page 24
Slide 25: FY 2012: Volume and contract overview
FY 2012: Volume and contract overview Output volume Orders received Order backlog in € million 2011 2012 Change 2011 2012 Change 2011 2012 Change Industrial 3,294 3,705 12% 3,224 3,737 16% 2,476 2,733 10% Power 1,157 1,319 14% 1,221 1,178 -4% 1,437 1,311 -9% Building and Facility 2,256 2,249 0% 2,36
Slide 26: 6m 2013: Volume and contract overview
6m 2013: Volume and contract overview Output volume Orders received Order backlog in € million 6m 2012 6m 2013 Change 6m 2012 6m 2013 Change 6m 2012 6m 2013 Change Industrial 1,736 1,905 10% 1,835 2,100 14% 2,736 2,885 5% Power 574 602 5% 600 511 -15% 1,466 1,233 -16% Building and Facility 1,129 1,0
Slide 27: Adjusted earnings still below previous year's figures
Adjusted earnings still below previous year’s figures in € million 6m 2012 6m 2013 FY 2012 Comments 6m 2013 Output volume 4,097 4,029 8,586 EBITA 209 146 423 • Previous year influenced by special items of €45 million • Depreciation of €64million • Effects from first-time consolidation / deconsolidat
Slide 28: Organic decrease in output volume and adjusted EBITA
Organic decrease in output volume and adjusted EBITA Organic development of Output Volume Organic development of adjusted EBITA +4% -1% +12% -1% -22% -5% -32 -2 +148 -184 -2% +20 -10 -36 -11% 4,097 4,029 164 146 6m 2012 Net F/X Organic 6m 2013 6m 2012 Net F/X Organic 6m 2013 acqusitions adj. acqusit
Slide 29: Overview earnings adjustments
Overview earnings adjustments in € million 6m 2012 6m 2013 FY 2012 Comments EBITA 209 146 423 Special items (pre-tax) -45 0 -45 Capital gains: Reduction of Nigerian business EBITA adjusted 164 146 378 Earnings after taxes from continuing operations 126 67 236 Minority interest 0 -3 -3 Special items
Slide 30: Sound capital structure continues to offer financial scope for acquisitions
Sound capital structure continues to offer financial scope for acquisitions in € million Dec. 31, 2012* June 30, 2013 Comments June 30, 2013 Cash and cash equivalents 1,061 493 • See cash flow statement for details of change • Including promissory note loan of €166 million (redeemed in Financial deb
Slide 31: Operating cash flow influenced by typical seasonal intra-year swing
Operating cash flow influenced by typical seasonal intra-year swing in € million 6m 2012 6m 2013 FY 2012 Comments 6m 2013 Cash earnings from continuing operations 205 122 419 Change in working capital -430 -350 -134 • Seasonal intra-year swing • 6m 2012: Including capital gains from reduction of Nig
Slide 32: June 30, 2013 | Balance sheet
June 30, 2013 | Balance sheet Assets Equity and liabilities 6,656 -194 -194 6,656 Assets held for sale (Concessions) +56 -7 571 Liabilities held for sale (Concessions) 688 Cash and cash equivalents 493 -568 -153 2,345 Other current liabilities Receivables and other current assets 2,430 +204 +3 318 P
Slide 33: FY 2012: ROCE by segment
FY 2012: ROCE by segment (not adjusted for discontinued operations concessions) Capital employed Return ROCE WACC Value added in € million in € million in % in % in € million 2012 2012 2012 2012 2012 Industrial 1,351 206 15.2 9.25 81 Power 384 125 32.5 9.25 89 Building and Facility 525 107 20.5 9.25
Slide 34: Financial overview
Financial overview in € million 2010 2011 2012 Output volume 7,983 8,397 8,586 Orders received 7,854 7,690 8,304 Order backlog 8,429 7,757 7,388 EBITA adjusted1) 346 379 378 EBIT 305 344 371 EBT 269 316 337 Net profit adjusted1) 2) 205 235 231 Net profit3) 284 394 276 Cash flow from operating activi
Slide 35: Shareholder structure
Shareholder structure Shareholder structure as of 12/31/2012 in € million Dec 31, 2012 ▪ Free float of 77% according to Deutsche Boerse Treasury Stock 4% ▪ High proportion of institutional investors Retail Investors 12% ▪ International shareholder base Institutional Investors: Germany 25% Treasury S
Slide 36: Financial calendar and share facts
Financial calendar and share facts 2013 52 week high / low: € 82.98 / € 64.56 (as of August 16, 2013) Nov. 12, 2013 Interim Report Q3 2013 Closing price August 16, 2013 € 73.37 Nov. 29, 2013 Capital Markets Day Market cap: 1) € 3.4 bn (as of August 16, 2013) 2014 Shares outstanding: 1) 46,024,127 Fe
Slide 37: Other investor information
Other investor information in € per share / after rights issue For further information please contact: adjustments 2010 2011 2012 Andreas Mueller Earnings per share 6.43 8.93 6.25 Head of Corporate Accounting and thereof continuing operations 4.03 4.78 5.28 Investor Relations thereof discontinued op