Bilfinger Se · XETR:GBF
Bilfinger — Bilfinger Berger — Non-Deal Roadshow (June 2011)
41 slides from Bilfinger's roadshow presentation, Jun 30, 2011
Slide 1: Bilfinger Berger: The Services Group is taking shape
Bilfinger Berger: The Services Group is taking shape Roadshow Vienna, Vienna June 30, 30 2011 Andreas Müller, Head of Corporate Accounting and Investor Relations Bettina Schneider, Senior Manager Investor Relations
Slide 2: Agenda
Agenda ge da 1. Bilfinger Berger – Overview 2. Business Segments 3. Outlook and Strategy 4. Financials 5. Appendix June 30, 2011 Bilfinger Berger SE Company Presentation Page 1
Slide 3: Bilfinger Berger at a glance
Bilfinger ge Berger e ge at a glance g a ce Engineering-driven services group with € 8 billion output volume European market leader in Industrial Services for the process industry Strong St player l in i PPower S Services, i E European market k t lleader d ffor hi high-pressure h piping i i
Slide 4: The Services Group is taking shape
The e Se Services ces G Group oup is s ta taking g sshape ape 80% of group output volume in services business reduces dependency on economic cycles and on individual major projects Limitation of volume in construction with clear regional focus and stringent risk profile Sale of Valemus Austral
Slide 5: International business with core area Europe
International te at o a bus business ess with t co core eaarea ea Europe u ope Asia 4% Africa 7% America Germany 7% 43% 2011e Rest of Europe 39% Continuing Operations June 30, 2011 Bilfinger Berger SE Company Presentation Page 4
Slide 6: Portfolio of comprehensive engineering-driven services
Portfolio oto oo of co comprehensive pe e s ee engineering-driven g ee g d e se services ces Building and Industrial Power F ili Facility C Construction C Concessions Services Services Services PPP Process Industry Utilities Real Estate Transport Social and infrastructure transport infrast
Slide 7: 3m 2011: Increased output volume, especially in Industrial Services
3m 2011: Increased output p volume,, especially p y in Industrial Services Positive order development in Industrial and Power Services Output Volume Orders Received Order Backlog 3m y-o-y: +4% 3m y-o-y: -3% March y-o-y: -3% 9,000 8,815 8,585 9,000 9,000 8,497 8,308 8,059 7,954 7,620 7,668 6,000 6,00
Slide 8: 3m 2011: Increased operating earnings
3m 2011: Increased operating p g earnings g Capital gain from sale of Valemus boosts net profit EBIT EBT Net Profit 3m y-o-y: +26% 3m y-o-y: +32% 3m y-o-y: +331% 400 400 400 341 300 300 300 284 301 Discontinued 78 Operations 207 200 200 200 180 140 142 Continuing 174 56 100 100 100 206 Operations 48
Slide 9: Agenda
Agenda ge da 1. Bilfinger Berger – Overview 2. Business Segments 3. Outlook and Strategy 4. Financials 5. Appendix June 30, 2011 Bilfinger Berger SE Company Presentation Page 8
Slide 10: Industrial Services: Majority of business with stable revenue and earnings stream
Industrial dust a SeServices: ces Majority of business with stable revenue and earnings stream Business activities Customer structure diversified Maintenance, inspection, repairs, improvements, modifications, turnarounds Oil and Gas 35% Piping, industrial insulation, scaffolding, corrosion protectio
Slide 11: Industrial Services: Sustainable pick-up in volume
Industrial dust a Services: Se ces Susta Sustainable ab e p pick-up c up in volume ou e Markets and highlights Q1 2011 Other regions Increased output volume and EBIT 1% America Germany 10% 28% Reallocation of small unit to Construction 3 organic 3m i d development: l t 2011e +13% in output volum
Slide 12: Power Services: Supported by mega-trend Demand for energy
Power o e Se Services: ces Supported by mega-trend “Demand for energy” Business activities Customer structure concentrated Life-cycle services for fossil fuel and nuclear power plants 85% Utilities Maintenance, inspection, repair, rehabilitation 15% Industry Boilers: Engineering, Engineering constru
Slide 13: Power Services: Further increase in EBIT margin
Power o e Se Services: ces Further u t e increase c ease in EBIT margin ag Markets and highlights Q1 2011 Other regions Good international demand Asia 8% 1% Germany Change in energy policy in Germany should Africa 52% 15%% lead to more business opportunities 2011e Organic development: -4% in o
Slide 14: Building and Facility Services: One-stop shopping for real-estate customers
Building u d ga and d Facility ac ty SeServices: ces One-stop shopping for real-estate customers Business activities Customer structure diversified Customized services for real-estate properties along the entire lifecycle 30% Public clients Integrated facility management with focus on technical faci
Slide 15: Building and Facility Services: Improved earnings
Building u d ga and d Facility ac ty SeServices: ces Improved p o ed ea earnings gs Markets and highlights Q1 2011 Africa, Africa 15% Stable output volume Operating earnings further enhanced America, 9% EBIT margin at 1.9% 1 9% (3m 2010: 11.2%) 2%) 2011 2011e Germany, Germany 63% Facility Serv
Slide 16: Construction: Major transport infrastructure player with focus on Europe
Co st uct o Construction: Major transport infrastructure player with focus on Europe Business activities Customer structure diversified Design and construction of transport infrastructure and other civil engineering projects 80% Public clients Foundations for turbines at offshore windparks 20% Priva
Slide 17: Construction: Improving risk profile
Construction: Co st uct o Improving p o g risk s pprofile o e Markets and highlights Q1 2011 Asia, Asia 15% Mild winter allowed for higher volume Germany, Reallocation of small unit from Industrial 38% S i Services 2011e Rest of Organic development: Europe, -2% in output volume, + € 4 million in
Slide 18: Concessions: Only active in stable legal, political and economical environment
Co cess o s Concessions: Only active in stable legal, political and economical environment Business activities Customer structure diversified Delivery and operation of transport and social infrastructure projects 100% Public clients as a private partner to the public sector Contract structure Busine
Slide 19: Concessions: Good perspectives in Australia and Canada
Concessions: Co cess o s Good pe perspectives spect es in Australia ust a a aand d Ca Canada ada Markets and highlights Q1 2011 Australia Germany 19% 17% After the economic crisis, overall still cautious demand 03/2011: New schools project in Northern Ireland Canada €362m UK 28% 22% € 60 million
Slide 20: Agenda
Agenda ge da 1. Bilfinger Berger – Overview 2. Business Segments 3. Outlook and Strategy 4. Financials 5. Appendix June 30, 2011 Bilfinger Berger SE Company Presentation Page 19
Slide 21: Outlook FY 2011
Outlook Out oo FY 2011 0 Output volume and EBIT at least on prior-year level (FY 2010: € 8.1 billion and € 341 million) Substantial increase in net profit due to capital gain from sale of Valemus Australia (FY 2010: € 284 million) June 30, 2011 Bilfinger Berger SE Company Presentation Page 20
Slide 22: Acquisition strategy
Acquisition cqu s t o st strategy ategy Financial scope of at least € 1 billion Continuous market screening for potential acquisitions in services All three services segments are target areas, with priority on Industrial and Power Services Industrial Services: regional expansion including em
Slide 23: Key strategic objectives
Key ey strategic st ateg c object objectives es Expansion in services Limitation of volume in Further development of construction Concessions Full service provider in Industrial, Limitation of volume Investments in selected projects Power as well as in Building and Facility Services Focus on
Slide 24: Agenda
Agenda ge da 1. Bilfinger Berger – Overview 2. Business Segments 3. Outlook and Strategy 4. Financials 5. Appendix June 30, 2011 Bilfinger Berger SE Company Presentation Page 23
Slide 25: Volume and contract overview 3m 2011
Volume ou ea and d co contract t act o overview e e 3 3m 2011 0 Continuing Operations by business segment Output volume Orders received Order backlog in € million 3m 2010 3m 2011 Change 3m 2010 3m 2011 Change 3m 2010 3m 2011 Change Industrial Services 660 732 11% 785 884 13% 2,332 2,658 14% Power Se
Slide 26: Volume and contract overview 2010
Volume ou ea and d co contract t act o overview e e 2010 0 0 Continuing Operations by business segment Output volume Orders received Order backlog in € million 2009 2010 Change 2009 2010 Change 2009 2010 Change Industrial Services 2,249 2,932 30% 2,402 3,253 35% 2,040 2,601 28% Power Services 1,017
Slide 27: 3m 2011: Group EBIT margin increased from 2.7% to 3.2%
3m 2011: Group EBIT margin increased from 2.7% to 3.2% in € million 3m 2010 3m 2011 FY 2010 Output volume 1 757 1,757 1 829 1,829 8 059 8,059 EBIT 47 59 341 EBIT margin 2.7% 3.2% 4.2% Net interest result -9 -9 -40 EBT 38 50 301 Income taxes -13 -17 -93 Earnings after taxes from continuing operations
Slide 28: 3m 2011: Interest result at prior-year level
3m 2011: 3 0 Interest te est result esu t at p prior-year o yea level e e in € million 3m 2010 3m 2011 FY 2010 Interest income 3 4 12 Interest expense -7 7 -7 7 -25 25 Current interest result -4 -3 -13 Net interest from pensions -4 -4 -16 Interest expense for minority interest -1 -2 -11 Net interest
Slide 29: March 31, 2011: Changes to balance sheet as of Dec. 31, 2010
March ac 3 31,, 2011: 0 C Changes a ges to o ba balance a ce ssheet ee as o of Dec. ec 331,, 2010 0 0 Assets March 31, 2010 March 31, 2010 Equity and liabilities In € million In € million 7,375 -562 -562 7,375 Assets available Liabilities available for sale (Valemus) 0 -1,050 -703 0 for sale (Valemu
Slide 30: March 31, 2011: Valuation net cash of approximately €350 million
March ac 3 31,, 2011: 0 Valuation a uat o net et cash cas of o approximately app o ate y €350 million o in € million Dec. 31, 2010 March 31, 2011 Cash and cash equivalents 537 1,033 Financial debt (excluding non-recourse) -273 -272 Inter-company loan BB Australia -131 0 Retirement benefit obligation
Slide 31: 3m 2011: Operating cash flow seasonally negative, but improved
3m 2011: Operating p g cash flow seasonally y negative, g , but improved p in € million 3m 2010 3m 2011 FY 2010 Cash earnings from continuing operations 60 71 366 Change in working capital -181 -160 -82 Gains on disposals of non-current assets -1 -9 -41 Cash flow from operating activities of continu
Slide 32: Value added increased significantly
Value a ue added increased c eased significantly s g ca t y Capital employed Return ROCE WACC Value added in € million in € million in % in % in € million 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Industrial Services 705 1 005 1,005 132 161 18 7 18.7 16 0 16.0 90 9.0 95 9.5 68 65 Power Servi
Slide 33: Five-year overview
Five-year e yea ooverview e e in € million 2006 2007 2008 2009 20091) 20101) O Output volume l 7 936 7,936 9 222 9,222 10 742 10,742 10 403 10,403 7 620 7,620 8 059 8,059 Orders received 10,000 11,275 10,314 11,129 7,668 7,954 Order backlog 8,747 10,759 10,649 11,704 8,308 8,497 EBIT 170 229 298 250
Slide 34: Agenda
Agenda ge da 1. Bilfinger Berger – Overview 2. Business Segments 3. Outlook and Strategy 4. Financials 5. Appendix June 30, 2011 Bilfinger Berger SE Company Presentation Page 33
Slide 35: Concessions portfolio as of March 31, 2011
Co cess o s po Concessions portfolio t o o as o of March ac 3 31,, 2011 0 Transport infrastructure Investm ent Percentage Equity Method of con- con Status Concession period volum e held com m itted solidation 1) € million % € million Transport Infrastructure - Herrentunnel Lübeck,, Germanyy 176 50 -
Slide 36: Concessions portfolio as of March 31, 2011
Co cess o s po Concessions portfolio t o o as o of March ac 3 31,, 2011 0 Social infrastructure Investm ent Percentage Equity Method of con- Status Concession period volum e held com m itted solidation 1) € million illi % € million illi Social Infrastructure - Liverpool & Sefton Clinics, Great Brita
Slide 37: Maturity of project portfolio as of March 31, 2011
Maturity atu ty oof p project oject po portfolio t o o as o of March ac 3 31,, 2011 0 Preferred bidder Construction Ramp-up p p Yield Maturityy Present value Accumulated cash flows (nominal) 11 projects 2 projects 17 projects Time 0 project BAB A1, GER M6 Highway, Phase III, Admin Center Unna, GER P
Slide 38: Shareholder structure
Shareholder structure Treasury Stock Shareholder structure as of 12/31/2010 Duration of program: 100% free float February 19 to April 29, 2008 High proportion of institutional investors Volume: V l €100 million illi International shareholder base 1,884,000 shares Average price: € 53.07 Bil
Slide 39: Financial calendar and share facts
Financial calendar and share facts August 11, 2011 Interim Report Q2 2011 52 week high / low: € 68.56 / € 41.69 (as at June 24, 2011) Nov. 14, 2011 Interim Report Q3 2011 Closing price June 24, 2011 € 65.10 1) Market cap: € 3.0 bn (as at June 24, 2011) Nov. N 30 30, 2011 C it l M Capital Marke
Slide 40: Other investor information
Other Ot e investor esto information o at o in € per share / after rights issue adjustment 2006 2007 2008 2009 2010 For further information please contact: Earnings per share 2.29 3.32 5.18 3.79 6.43 Andreas Müller Bettina Schneider Dividend 1.15 1.66 1.85 2.00 2.50 Corporate C t Accounting A ti I I
Slide 41: Disclaimer
Disclaimer sc a e 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 expec