Bilfinger Se · XETR:GBF
Bilfinger — Q3 2024 Earnings Presentation
31 slides from Bilfinger's earnings presentation, Nov 14, 2024
Slide 1: Quarterly Statement Q3 2024
Bilfinger SE - No. 1 in Efficiency and Sustainability - QUARTERLY STATEMENT Q3 2024 November 14, 2024 Dr. Thomas Schulz, Group CEO Matti Jäkel, Group CFO
Slide 2: Highlights Q3 2024
Highlights | Q3 2024 ORDERS RECEIVED REVENUE EBITA MARGIN FREE CASH FLOW €1,344 million €1,284 million 6.0% €55 million abs. +31% abs. +15% from 5.1% from €61 million org. +18% org. +2% OUTLOOK 2024 MARKETS EARNINGS PER SHARE M&A Revenue Integration of €4.8 – 5.2 bn Stable to positive €1.45 EBITA in
Slide 3: ESG key figures Q3 2024
ESG key figures | Q3 2024 Occupational safety has high priority TRIF: Total Recordable Incident Frequency [based on 1 million working hours] 1.55 1.24 1.01 ist machbar 0.88 0.76 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 LTIF: Lost Time Injury Frequency [based on 1 million working hours] „Zero“ 0.42 0.30 0.29 is
Slide 4: Industries I: Europe, Middle East and North America
Industries I Europe, Middle East and North America Energy ~20% Production index, base year 2019 ▪ Market outlook: Stable to positive ▪ Increasing energy demand, Nuclear industry revival ▪ Good / stable outsourcing potential ▪ Europe still below pre-covid, but increasing 95 96 97 100 ▪ New US adminis
Slide 5: Industries II: Europe, Middle East and North America
Industries II Europe, Middle East and North America Pharma & Biopharma ~10% Production index, base year 2019 ▪ Market outlook: Positive 136 139 ▪ Global investment outlook remains strong 133 ▪ Good / increasing outsourcing potential ▪ Higher demand for pharma & biopharma products 100 ▪ Growth based
Slide 6: Bilfinger demand
Bilfinger demand Opportunity pipeline [indexed on July 2022] Q3 Developments 110 102 102 100 95 97 94 99 104 Pipeline ▪ Stable to positive demand Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Orders received [€ million] Orders -8%/-5% +31
Slide 7: Selected Orders
Selected Orders Oil & Gas Energy Energy Zeeland Refinery MAN Energy Solutions RWE Netherlands Denmark Germany E&M Europe E&M Europe Technologies 6-year contract for all-in-one maintenance of Engineering and mechanical integration of Integration of a 100 MW electrolysis plant to refinery from a singl
Slide 8: Innovation: Bilfinger Corrosion Detection (BCD 1.0)
Innovation: Bilfinger Corrosion Detection (BCD 1.0) for pipe inspection in real time Cost-effective and safe detection of Corrosion Under Insulation Customer Order Bilfinger Solution Bilfinger Contribution Efficiency Effects ▪ Pipe inspection according ▪ Mobile, safe radiography Significantly faster
Slide 9: Revenue and EBITA
Revenue and EBITA Revenue / Book-to-bill [€ million / ratio] Q3 Developments +15%/+2% +4%/+7% ▪ Revenue with 2% organic growth 1,284 1,075 1,117 ▪ Improvement in gross profit and margin to €158 million / 12.3% (PY €123 million / 11.0%) due to product mix, Operational Excellence 1.31 and Efficiency P
Slide 10: Net profit and Earnings per share
Net profit and Earnings per share Q3/24 [€ million] 76 71 -5 55 -15 56 +49% vs. PY 0 -2 Earnings per share: €1.45 (+48% vs. PY) EBIT Financial EBT Taxes EAT cont. EAT discont. Minorities Net profit result Q3/23 [€ million] 57 -8 49 -11 38 37 0 -1 Earnings per share: €0.98 EBIT Financial EBT Taxes EA
Slide 11: Cash flow and Working Capital
Cash flow and Working Capital Operating cash flow [€ million] Q3 Developments 81 70 66 ▪ Fifth consecutive positive quarter, intra-year seasonality of cash flow further reduced Free cash flow [€ million] 69 ▪ Free cash flow of €105 million 61 55 (PY: -€12 million) year-to-date Q3/22 Q4/22 Q1/23 Q2/2
Slide 12: Net liquidity
Net liquidity Acquired business1): Acquired business1): Liquidity effect +€21 million Liquidity effect -€29 million Acquired business1): Leasing liabilities -€43 million Liquidity effect -€6 million [€ million] Leasing liabilities -€1 million 538 429 446 394 419 190 120 190 94 5 7 37 -185 -184 -184
Slide 13: Gearing ratios
Gearing ratios Financing targets Limit FFO / Net debt 1) Actual FFO / Net debt 1) September 30, 2024: > 50% 108% Limit Net debt / EBITDA 1) Actual Net debt / EBITDA 1) September 30, 2024: <2 0.73 1) S&P definition 13 Bilfinger SE | Quarterly Statement Q3 2024 | November 14, 2024
Slide 14: Segment E&M Europe
Segment E&M Europe Orders received / Book-to-bill [€ million / ratio] Revenue split [YTD 2024, %]2) Q3 Developments +27%/+8% 6761) 859 Projects ▪ Acquisition4): 25% Orders received: €126 million Revenue: €140 million 1.11 Frame and EBITA: €8 million (EBITA margin 5.8%) 1.10 1.00 0.96 75% service con
Slide 15: Segment E&M International
Segment E&M International Orders received / Book-to-bill [€ million / ratio] Revenue split [YTD 2024, %] Q3 Developments +40%/+39% 177 Projects ▪ Orders received normalized vs. prior- 127 30% year quarter, continuing positive overall development Frame and 1.21 0.96 1.06 1.03 70% service contracts 0.
Slide 16: Segment Technologies
Segment Technologies Orders received / Book-to-bill [€ million / ratio] Revenue split [YTD 2024, %] Q3 Developments +51%/+48% Frame and 268 service contracts 1771) ▪ Orders received with significant 5% increase, particularly in Pharma and Projects Biopharma as well as Energy 1.47 1.40 1.05 0.95 0.94
Slide 17: Segment Outlook FY 2024
Segment Outlook FY 2024 Previous Updated [€ million, %] Outlook YTD 2024 Outlook FY 2024 FY 2024 Revenue 3,200 to 3,600 2,554 3.200 to 3.600 E&M Europe EBITA margin 5.7% to 6.1% 5.8% 5.7% to 6.1% Revenue 650 to 750 519 650 to 750 E&M International EBITA margin 2.5% to 4.0% -0.4% 0.0% to 1.0% Revenue
Slide 18: Group Outlook FY 2024
Group Outlook FY 2024 Outlook [€ million, %] FY 2023 YTD 2023 YTD 2024 FY 2024 Revenue 4,486 4,800 to 5,200 3,290 3,676 5.2% EBITA margin 4.3% 4.8% to 5.2% 3.7% 5.0% 2) 125 to 165 1) Free cash flow 122 before: 100 to 140 -12 105 1) Including approx. €30 million in cash-out for special items (~€25 mi
Slide 19: Highlights Q3 2024
Highlights | Q3 2024 ORDERS RECEIVED REVENUE EBITA MARGIN FREE CASH FLOW €1,344 million €1,284 million 6.0% €55 million abs. +31% abs. +15% from 5.1% from €61 million org. +18% org. +2% OUTLOOK 2024 MARKETS EARNINGS PER SHARE M&A Revenue Integration of €4.8 – 5.2 bn Stable to positive €1.45 EBITA in
Slide 20: Quarterly Statement Q3 2024 - Financial Backup
Quarterly Statement Q3 2024 FINANCIAL BACKUP
Slide 21: Segment development Q3 2024
Segment development Q3 2024 Reconciliation Group E&M Europe1) E&M International Technologies2) Group HQ / Consolidation / Other3) Other Operations [€ million] Q3/24 Q3/23 Δ in % Q3/24 Q3/23 Δ in % Q3/24 Q3/23 Δ in % Q3/24 Q3/23 Δ in % Q3/24 Q3/23 Δ in % Q3/24 Q3/23 Δ in % Orders received 859 676 +27
Slide 22: Segment development YTD 2024
Segment development YTD 2024 Reconciliation Group E&M Europe1) E&M International Technologies2) Group HQ / Consolidation / Other3) Other Operations [€ million] YTD/24 YTD/23 Δ in % YTD/24 YTD/23 Δ in % YTD/24 YTD/23 Δ in % YTD/24 YTD/23 Δ in % YTD/24 YTD/23 Δ in % YTD/24 YTD/23 Δ in % Orders receive
Slide 23: Profit and loss statement
Profit and loss statement [€ million] Q3/24 Q3/23 ∆ in % YTD/24 YTD/23 ∆ in % Revenue 1,283.8 1,117.4 +15% 3,675.6 3,290.3 +12% 1 Includes restructuring and integration costs of -3 Gross profit 157.8 122.8 +29% 409.1 339.5 +20% Selling and administrative expenses -78.5 -70.0 +12% -237.4 -220.4 +8% 2
Slide 24: Gross profit and SG&A expenses
Gross profit and SG&A expenses Gross profit [€ million, %] 158 114 123 12.3% 10.6% 11.0% SG&A expenses [€ million, %] -7.3% -6.3% -6.1% -70 -78 -78 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 24 Bilfinger SE | Quarterly Statement Q3 2024 | November 14, 2024
Slide 25: Consolidated Balance Sheet: Assets
Consolidated Balance Sheet: Assets Increase mainly due to the first-time inclusion of the [€ million] 9/30/24 6/30/24 ∆ in % 9/30/24 12/31/23 ∆ in % 1 acquisition (former Stork entities) Non-current assets 1,370.3 1,381.1 -1% 1,370.3 1,306.2 +5% Intangible assets 785.5 794.1 -1% 785.5 788.0 0% Prope
Slide 26: Consolidated Balance Sheet: Equity & liabilities
Consolidated Balance Sheet: Equity & liabilities With a corresponding increase in total assets, [€ million] 9/30/24 6/30/24 ∆ in % 9/30/24 12/31/23 ∆ in % 1 equity ratio up slightly to 37% (June 30: 36%) Equity 1,255.4 1,207.0 +4% 1,255.4 1,181.5 +6% Equity attributable to shareholders of Bilfinger
Slide 27: Net liquidity: Cash flow development excluding IFRS 16 effects
Net liquidity Cash flow development excluding IFRS 16 effects Net liquidity 1) [€ million] Cash flow development year-to-date excl. IFRS 16 [€ million] 1) Including IFRS 16 leases -11 -6 -6 -1 66 -13 37 1 37 7 7 7/1/2024 OCF Net Capex Acquisitions/ Cash flow Cash flow Change in Other 9/30/24 disposa
Slide 28: Consolidated Statement of Cash Flows [1/2]
Consolidated Statement of Cash Flows [1/2] 1 Thereof efficiency program: -3 [€ million] Q3/24 Q3/23 ∆ in % YTD/24 YTD/23 ∆ in % EBITDA 106.1 77.1 +38% 273.2 190.5 +43% Change in advance payments received 27.9 -7.8 - 40.9 -9.7 - Change in trade receivables 40.0 -19.2 - -18.7 -117.6 - Change in trade
Slide 29: Consolidated Statement of Cash Flows [2/2]
Consolidated Statement of Cash Flows [2/2] In Q3/24: 3rd purchase price instalment M&A (-10) [€ million] Q3/24 Q3/23 ∆ in % YTD/24 YTD/23 ∆ in % 1 plus acquired cash and cash equivalents (+4) Free Cash Flow (FCF) [carry over] 54.7 60.7 -10% 104.8 -11.9 - Proceeds from / payments made for the disposa
Slide 30: Disclaimer
Disclaimer This presentation has been produced for support of oral information purposes only and contains forward- looking statements which involve risks and uncertainties. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectation
Slide 31: Financial calendar
Financial calendar December 12, 2024 Virtual Year-End Lunch Meeting 2024 March 4, 2025 Publication of Annual financial statements 2024 May 14, 2025 Annual General Meeting Quarterly statement Q1 2025 August 14, 2025 Quarterly statement Q2 2025 November 13, 2025 Quarterly statement Q3 2025 Bilfinger S