Bilfinger Se · XETR:GBF
Bilfinger — Merger or Acquisition (September 2023)
14 slides from Bilfinger's merger presentation, Sep 7, 2023
Slide 1: Executive Summary: Acquisition of Fluor's Stork industrial services business
Executive Summary Acquisition of Fluor’s Stork industrial services business • Signing of agreement to acquire Fluor’s Stork industrial services business mainly in the Netherlands and Belgium as well as a few entities in Germany and one in the US • Expected closing: First half of 2024 • Revenue 2022:
Slide 2: Acquisition of Fluor's Stork industrial services business in the Netherlands and Belgium
BILFINGER SE - LEADING IN INDUSTRIAL SERVICES - Acquisition of Fluor’s Stork industrial services business in the Netherlands and Belgium Dr. Thomas Schulz | Group-CEO Matti Jäkel | Group-CFO September 7, 2023
Slide 3: Transaction highlights
Transaction highlights Value-enhancing for all stakeholder groups EPS accretive Perfect 2,720 additional from strategic fit skilled employees closing on Creates Supports Strengthens strong value for our the Group’s our customers profitable growth mid-term targets Bilfinger SE | September 7, 2023 | C
Slide 4: Progressing the implementation of our strategy to become No. 1 in efficiency and sustainability
Acquisition of Fluor’s Stork industrial services business in the Netherlands and Belgium Progressing the implementation of our strategy to become No. 1 in efficiency and sustainability Efficiency year No. 1 for customers in enhancing Bilfinger & Sustain- 2027 efficiency and sustainability Future abi
Slide 5: Bilfinger E&M Europe
Bilfinger E&M Europe Belgium / Netherlands is an important and high-performing region Digitalization New builds & Consultancy Engineering Maintenance & Turnarounds Modifications Revenue 2022 Verticals 2022 Headcount 2022 Eastern Europe Belgium / Netherlands Other Belgium / Netherlands Eastern Europe
Slide 6: Profile of transaction scope
Profile of transaction scope Perfect fit in terms of service portfolio, geography and verticals Digitalization New builds & Consultancy Engineering Maintenance & Turnarounds Modifications Revenue 2022 Verticals 2022 Headcount 2022 Germany US Others Germany US 4% Oil & Gas 5% 4% 8% 11% Belgium 15% 12
Slide 7: E&M Europe combined businesses
E&M Europe combined businesses Positions Bilfinger as solution partner in Belgium and Netherlands Belgium/Netherlands Belgium/Netherlands Products offered: Verticals covered: Acquired business Bilfinger Acquired business Bilfinger Engineering (✓) ✓ Energy ✓ ✓ Maintenance – Mechanical ✓ (✓) Chemical
Slide 8: In line with Bilfinger strategy
In line with Bilfinger strategy Our strategic levers enable us to integrate the business and to achieve our mid-term targets Functional Integration into Bilfinger functional organization, increasing efficiency and Profitability Organization realizing cost synergies in overhead Competence Doublin
Slide 9: Financial deal rationale
Financial deal rationale Attractive valuation, purchase price fully financed with existing cash EPS accretive from closing on Equity value / Purchase price € 26 million Net debt and debt-like items € 50 million Enterprise value € 76 million Enterprise value excl. IFRS 16 operating € 39 million lease
Slide 10: Timeline
Timeline Transaction scope will be fully integrated by mid 2025 Expected Signing Full integration closing By mid 2025 First half of 2024 September 6, 2023 Bilfinger SE | September 7, 2023 | Capital Markets Conference Call page 10
Slide 11: Financial targets
Financial targets Transaction supports achievement of mid-term targets Outlook 2023 confirmed 2024 2025-2027 Organic Growth 4-5% CAGR Increasing EBITA ≥5% 6-7% margin Improving Cash >70% >80% Conversion1 1 Cash Conversion: FCF / EBITA Bilfinger SE | September 7, 2023 | Capital Markets Conference Cal
Slide 12: Capital Allocation to drive Total Shareholder Return
Capital Allocation to drive Total Shareholder Return Value-accretive acquisitions being an important tool to drive Total Shareholder Return Revenue Growth EBITA Improvements Cash Conversion Dividend: 40-60% of adjusted net profit and continuous growth Organic growth M&A Share buyback Adhere to finan
Slide 13: Transaction highlights
Transaction highlights Value-enhancing for all stakeholder groups EPS accretive Perfect 2,720 additional from strategic fit skilled employees closing on Creates Supports Strengthens strong value for our the Group’s our customers profitable growth mid-term targets Bilfinger SE | September 7, 2023 | C
Slide 14: Q&A
BILFINGER SE - LEADING IN INDUSTRIAL SERVICES - Q&A Dr. Thomas Schulz | Group-CEO Matti Jäkel | Group-CFO September 7, 2023