Contents / Pages 1. COMPANY PROFILE 4. BILFINGER SHARE. Master Data, Share Price Development... The Engineering and Services Group...

Transcription

1 Factbook

2 Contents / Pages 1. COMPANY PROFILE 4. BILFINGER SHARE The Engineering and Services Group... 3 Master Data, Share Price Development Overview Business Segments year-overview Key Figures.. 22 Executive Board... 5 Shareholder Structure, Treasury stock. 23 Supervisory Board... Corporate History Development of Dividend and Market Capitalization Major Acquisitions... 8 Analysts Coverage Major Divestments 2. KEY FIGURES 9 Analysts Recommendation Development Overview... Profit and Loss Statement & Reconciliation to adjusted Earnings.. Cash Flow Statement. Valuation Net Debt year-overview Balance Sheet year-overview Business Development DATA SHEET PER SEGMENT Industrial... Power BILFINGER BOND Master Data, Rating FINANCIAL CALENDAR IR Events IR CONTACT Contact Details Page 2

3 1. Company Profile THE ENGINEERING AND SERVICES GROUP BILFINGER KEY DATA Bilfinger is a leading international industrial services provider. The company delivers customized engineering and services to customers in the process industry. Bilfinger enhances the efficiency of assets, increases their availability and reduces maintenance costs. The portfolio covers the entire value chain: from consulting, engineering, fabrication and installation through to comprehensive maintenance concepts and their implementation including turnarounds. Bilfinger stands for the highest standards of quality and thus meets the strict requirements of customers active in the petrochemical, chemical, pharmaceutical, energy and oil & gas sectors. The company generates an annual output volume of more than 4 billion with about 40,000 employees. in million 2015* Output Volume 5,002 Orders received 4,301 Order backlog 2,902 EBITA adjusted -23 Employess 42,365 Adjusted net profit form continuing operations -30 Adjusted earnings per share (in ) Adjustments see page 11 Reconciliation to adjusted earnings EBITA adjusted / EBITA margin adjusted by segment 2015 Industrial 128m 3.5% Output volume by segment 2015 Industrial 3,650m Power - 69m -5.4% Power 1,284m Page 3

4 1. Company Profile OVERVIEW BUSINESS SEGMENTS Segments Output volume EBITA adjusted Service Focus Divisions Industrial page : 3.7 bn 2016e: Significant decrease to about 3.1 billion 2015: 128 m 2016e: At prior-year level Services for Process Industry Power page : 1.3 bn 2016e: Significant decrease to about 1.0 billion 2015: -69 m 2016e: significant improvement, but still negative Services for Energy Sector Industrial Maintenance Power Engineering Solutions Industrial Fabrication and Painting Oil and Gas page 17 page 20 CUSTOMER SPLIT Pharma 4% Others 16% Oil& Gas incl. Refineries 31% Chemicals 20% Energy 29% Page 4

5 1. Company Profile EXECUTIVE BOARD Tom Blades, CEO Born 1956 in Hamburg. He obtained a degree in Electrical Engineering in Salford and Lyon and started his career at Schlumberger. After varoius management positions e.g. at Halliburton and Siemens he was member of the exectuive board at Linde. He joined Bilfinger as chairman of the executive board in July Dr. Klaus Patzak, CFO Born 1965 in Munich. He earned an MBA and a PhD in Economics from Ludwig-Maximilians-University in Munich. Dr. Patzak worked in various management positions at Siemens AG including Corporate Vice President and Chief Accounting Officer & Controller and as CFO at Osram AG. He joined the Executive Board of the Bilfinger Group as CFO in October Michael Bernhardt Born 1967 in Lank-Latum. He obtained a degree in law from the Albert- Ludwigs University in Freiburg and the McGeorge School of Law, University of Pacific, USA. He held various positions within Human Resources at Hydro Aluminium Deutschland GmbH in Cologne and Oslo. At Bayer Material Science AG he was member of the Executive Board and Labor Director. He joined Bilfinger in November 2015 as member of the Executive Board. Page 5

6 1. Company Profile SUPERVISORY BOARD Dr. Eckhard Cordes (Chairman) Partner with Cevian Capital Stephan Brückner, Deputy Chairman* Employee of Bilfinger Maintenance GmbH, Heinsberg Agnieszka Al-Selwi* Employee of MULTSERWIS Sp. Z o.o. Jörg Sommer* Employee of Bilfinger arnholdt GmbH, Gelsenkirchen Jens Tischendorf Managing Director of Cevian Capital AG, Pfäffikon, Switzerland *Staff representatives Dorothée Anna Deuring Independent Corporate Finance Advisor Lone Fønss Schrøder Non-executive member in administrative bodies at German and non-german companies Dr. Ralph Heck Senior Director at McKinsey & Company, Inc. Dr. Marion Helmes Independent Corporate Advisor, former Speaker of the Executive Board at Celesio AG Susanne Hupe* Employee of Bilfinger Piping Technologies GmbH Rainer Knerler* Regional Manager Berlin-Brandenburg, Industriegewerkschaft Bauen-Agrar-Umwelt (Construction, Agriculture and Environment Trade Union), Berlin Dr. Janna Köke* Trade Union Secretary at IG Metall, Mannheim COMMITTEES OF THE SUPERVISORY BOARD Presiding Committee Dr. Eckhard Cordes Stephan Brückner Dr. Ralph Heck Rainer Knerler Nomination Committee Dr. Eckhard Cordes Dr. Marion Helmes Jens Tischendorf Audit Committee Dr. Marion Helmes Dorothée Anna Deuring Dr. Janna Köke Jörg Sommer Page 6

7 1. Company Profile CORPORATE HISTORY THREE HISTORICAL ROOTS 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 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 1948 Corporate headquarters moves to Wiesbaden Page 7

8 1. Company Profile MAJOR SERVICE ACQUISITIONS SINCE 2002 (Output volume >50m EUR, continuing operations) Acquisitions Output volume in m 1) Enterprise value in m Year of acquisition Segment Reinhold & Mahla ~800 ~ Industrial HSG ~200 ~ Building and Facility Wolfferts ~120 ~ Building and Facility Arnhold Services ~60 ~ Industrial Centennial ~150 ~ Building and Facility InfraServ ~130 ~ Industrial Babcock Borsig Service ~400 ~ Power Salamis ~180 ~ Industrial ROB ~60 ~ Industrial Ahr ~60 ~ Building and Facility EHR ~180 ~ Power O Hare ~60 ~ Industrial Duro Dakovic ~50 ~ Power HPP ~250 ~ Industrial Tepsco ~180 ~ Industrial M+W Zander ~510 ~ Building and Facility MCE ~900 ~ Industrial Rohrbaugruppe ~50 ~ Industrial Neostructo ~60 ~ Industrial Tebodin ~230 ~ Industrial Westcon ~160 ~ Industrial S.I.E.L.V. ~50 ~ Building and Facility Mauell ~60 ~ Power Johnson Screens ~160 ~ Building and Facility Europa Support Services ~180 ~ Building and Facility GVA ~190 ~ Building and Facility Subtotal major acquisitions ~ 5,430 ~ 2,250 Subtotal other acquisitions ~ 1,100 ~ 500 Total acquisitions since 2002 ~ 6,530 ~ 2,750 1) At time of transaction Page 8

9 1. Company Profile MAJOR DIVESTMENTS SINCE 2008 Major Divestments Output volume in m 1) Enterprise value in m Major Divestments ~ 7,400 ~ 2,750 Year of disposal Segment Razel ~500 ~ Construction Valemus ~3,000 ~ Construction Nigerian business (JBI+JBN) ~350 ~ Building and Facility Concessions n/a ~ to 2014 Concessions Construction division ~600 ~ Construction Water ~300 ~ Building and Facility Building and Facility ~2,500 ~1, Building and Facility Offshore Systems ~150 Asset deal 2016 Construction 1) At time of transaction Page 9

10 2. Key Figures OVERVIEW Industrial Power in million Q3/16 Q3/15 Δ% Q3/16 Q3/15 Δ% Orders received Order backlog 1,993 2, Output volume Investments in P,P&E Depreciation in P,P&E Amortization EBITA EBITA adjusted EBITA margin adjusted Consolidation / other Group in million Q3/16 Q3/15 Δ% Q3/16 Q3/15 Δ% Orders received Order backlog ,603 3, Output volume ,020 1, Investments in P,P&E Depreciation in P,P&E Amortization EBITA EBITA adjusted EBITA margin adjusted Page 10

11 2. Key Figures PROFIT AND LOSS STATEMENT In million Q3/16 Q3/15 Output volume 1,020 1,277 Revenue 1,026 1,277 Gross profit Selling and administrative expense Other operating income and expense Income from investments accounted for using the equity method -2 3 EBIT Interest result -6-8 EBT Income tax expense Earnings after taxes from continuing operations Earnings after taxes from discontinued operations Minority interest -4 2 Net profit RECONCILIATION TO ADJUSTED EARNINGS in million Q1/16 Q2/16 Q3/16 EBITA Portfolio adjustments/ write-downs, sales-related expenses SG&A efficiency program Compliance Other restructuring EBITA adjusted Page 11

12 2. Key Figures CASH FLOW STATEMENT in million Cash earnings from continuing operations Change in working capital Gains / losses on disposals of non-current assets Cash flow from operating activities of continuing operations Cash flow from investing activities of continuing operations Capital expenditure on P, P & E and intangible assets Proceeds from the disposal of property, plant and equipment Proceeds from the disposal of financial assets Investments in financial assets Cash flow from financing activities of continuing operations Dividends Borrowing / repayment of financial debt Change in cash and cash equivalents of continuing operations Change in cash and cash equivalents of discontinued operations Change in value of cash and cash equivalents due to changes in foreign exchange rates Change in cash and cash equivalents Cash and cash equivalents at July 1 / January Change in cash and cash equivalents of assets classified as held for sale Cash and cash equivalents at September 30 1, , December 14, 2016 Bilfinger SE Investor Relations Factbook Page 12

13 2. Key Figures VALUATION NET DEBT in million Sep Jun 30., 2016 Cash and cash equivalents 1, Financial debt Net cash (+) / net debt (-) Pension provisions Expected cash-in disposals - Approx. 900 Inter-company loan Building and Facility divisions sold to EQT Financial assets Future cash-out restructuring and risk provisions (announced) Approx Approx Future cash-out Compliance Further intra-year working capital need (seasonal shift) - - Valuation cash 200 to 250 Approx. 300 December 14, 2016 Bilfinger SE Investor Relations Factbook Page 13

14 2. Key Figures 10-YEAR-OVERVIEW BALANCE SHEET in million ) ) ) ) Assets Non-current assets 2,451 3,139 3,964 4,914 4,460 3,090 3,519 3,012 2,491 2,340 1,525 Intangible assets ,235 1,539 1,457 1,561 1,890 2,015 1,639 1, Property, plant and equipment Receivables from concession projects 893 1,500 1,642 2,134 1, Other non-current assets Deferred tax assets Current assets 2,678 2,989 2,809 3,026 3,477 4,630 3,331 3,520 3,514 2,868 3,660 Inventories, receivables, other 1,896 2,193 2,089 2,228 1,890 2,022 2,244 2,213 1,753 1,689 1,380 Cash and cash equivalents , Assets held for sale 1,050 1, , ,853 Equity and liabilities Shareholders equity 1,206 1,332 1,141 1,561 1,812 1,793 2,037 2,165 1,917 1,440 1,418 Share capital Reserves 1,031 1,132 1,034 1,408 1,650 1,503 1,795 1,972 1,805 1, Treasury shares Unappropriated retained earn Minority interest Non-current liabilities 1,320 1,817 2,602 2,873 2,511 1,159 1,748 1,146 1,061 1, Pension provisions Other provisions Financial debt, recourse Financial debt, non recourse 808 1,314 1,489 1,880 1, Other liabilities Deferred tax liabilities Current liabilities 2,604 2,979 3,030 3,506 3,614 4,768 3,065 3,221 3,027 2,724 2,866 Tax provisions Other provisions Financial debt, recourse Financial debt, non-recourse Other liabilities 2,041 2,375 2,411 2,704 2,052 2,116 2,205 1,907 1,484 1,086 1,156 Liabilities held for sale 703 1, ,065 1,179 1,146 Balance-sheet total 5,129 6,128 6,773 7,941 7,937 7,720 6,850 6,532 6,005 5,208 5,185 1) 2013 Pro-forma: adjusted for discontinued operations Constructon and Offshore Systems 2) 2014 Pro-forma: adjusted for discontiuned operations Power 3) As reported 4) 2015 Pro-forma: adjusted for discontinued operations Water division as well as Building, Real Estate and Facility Services Page 14

15 2. Key Figures 10-YEAR-OVERVIEW BUSINESS DEVELOPMENT in million reported 2015 restated Output volume 7,936 9,222 10,742 10,403 7,983 8,397 8,586 7,552 6,246 6,482 5,002 Orders received 10,000 11,275 10,314 11,129 7,854 7,690 8,304 7,513 5,510 6,825 4,301 Order backlog 8,747 10,759 10,649 11,704 8,429 7,557 7,388 6,476 4,401 4,824 2,902 Investments Property, plant and equipment Financial assets Employees (at year-end) 49,141 52,723 60,923 67,199 58,047 59,069 66,683 71,127 57,571 56,367 42,150 Group earnings EBITA EBITA adjusted 1) EBIT Net Profit 4) Net profit adjusted continuing operations 1) 2) Cash flow from operating activities Cash flow per share Earnings per share 4) ,54 EPS adjusted continuing operations 1) 2) Gross margin in % EBITA margin adjusted in % Return on equity in % Return on capital employed in % Value added Dividend distribution Dividend per share Dividend bonus 0.90 Share price at year-end Number of shares year-end 3) 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 46,024,127 46,024,127 All figures refer to continuing operations, unless otherwise stated continuing operations excl. Valemus and Concessions 2013 continuing operations additionally excl. Concessions, Construction and Offshore Systems 2014 continuing operations additionally excl. Power 1) Adjustements see Reconcilation to adjusted earnings on page 11 2) Additionally with a normalized tax rate at 31% 3) Including shares held as treasury stock to 2012: 1,884, : 1,866, : 1,835, : 1,824,383 4) Includes continuing and discontinued operations 2015 restated refers to continuing operations incl. Power, excl. Divisions Building, Real Estate, Faciltiy Services and Water Page 15

16 3. Data sheet per segment INDUSTRIAL Segment Profile 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, biotech pharma, 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 and USA Key Figures in million Q Q Change 2015 Output volume % 3,650 Orders received % 3,302 Order backlog 1,993 2,186-9% 2,101 Capital expenditure % 47 Depreciation of P, P & E % 70 EBITA adjusted % 128 EBITA margin adjusted 5.1% 4.9% 3.5% Employees 29,339 33,087-11% Output volume by region in % Business activities 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 Customer Groups 40% Oil and Gas (incl. Refineries) 26% Chemicals 10% Energy 6% Pharma 18% Others Business drivers Production level in process industry Outsourcing Demand for service bundling / full service Multi-national contracts Contract structure 70% Services 30% Projects Major customers Bayer, BP, Cargill, Dow Chemical, GSK, OMV, P&G, Shell, Statoil, Total Competitors Amec Foster Wheeler Beerenberg Cape Fluor (Stork) Hertel Jacobs Kaefer Mistras Spie Voith Industrial Services Wood Group Page 16

17 3. Data sheet per segment INDUSTRIAL DIVISIONAL STRUCTURE Industrial Maintenance Leuna Products and Services Maintenance execution of industrial facilities Turnaround projects Consulting and improvement for maintenance services and management Plant conversion, extension and modification Focus Industries Refinery Energy Chemicals Metals Pharma Pulp & Paper Approx. output 1,150m Employees ~10,200 Regions Focus regions Central and Northern Europe Engineering Solutions Approx. output 1,250m Products and Services Design and development of medium-sized projects Project / construction management Automation technology/ engineering Manufacture and installation of selected plant components Technical Consulting Regions Focus Industries Oil and gas Energy Chemicals Food/ Beverages Pharma Employees ~9,900 North America, Central Europe Northern Europe, Middle East Insulation, Scaffolding and Painting Products and Services Focus Industries Miro Mineralölraffinerie Oberrhein GmbH & Co KG, Karlsruhe Insulation of industrial plants (heat, cold, noise, fire protection) Industrial and speciality scaffolding Painting and coating (surfaces/ - corrosion protection) Oil and gas Refinery Energy Chemicals Pharma Approx. output 650m Employees ~ 6,500 Regions Strong focus on Central Europe, mainly Germany and Benelux Page 17

18 3. Data sheet per segment INDUSTRIAL DIVISIONAL STRUCTURE Oil and Gas Products and Services Focus Industries Bilfinger profitiert vom Schiefergasboom in den USA. In Scio, Ohio baut der Konzern eine Anlage zur Herstellung von Flüssiggasen. Approx. output 650m Employees ~ 4,500 Onshore and offshore maintenance Modification and operations services Offshore: Fabric maintenance, inspection, rope access Onshore: Fabric maintenance, mechanical, electrical, instrumentation and enigneering support plus plastics and operations Regions Oil and gas Refinery Energy Chemicals Core markets are UK & Norway strong regional focus on the North Sea Page 18

19 3. Data sheet per segment POWER Segment Profile 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. Business activities 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 Customer Groups Key Figures in million Q Q Change 2015 Output volume % 1,284 Orders received % 986 Order backlog % 762 Capital expenditure 2 2 0% 9 Depreciation of P, P & E % 37 EBITA adjusted % -69 EBITA margin adjusted -0.4% -1.2% -5.4% Employees 8,135 10,186-20% Output volume by region in % 82% Energy 7% Oil and Gas (incl. Refineries) 4% Chemicals 7% Others Business drivers Long-term demand for energy Age of existing power plants Efficiency / environmental requirements Energy mix Availability of financing Contract structure 80% Projects 20% Services Competitors Major customers Alpiq (Kraftanlagen München) Alstom Power Balcke-Dürr Doosan Babcock E.ON Anlagenservice Mitsubishi Hitachi Power Systems Shaw BASF, BP, EDF, EnBW, Eon, Eskom, GDF Suez, Linde, OMV, RWE, Vattenfall Page 19

20 3. Data sheet per segment POWER Products and Services 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 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 Focus Industries Utilities, municipal and independent energy providers Industrial companies Petrochemicals Plant constructors Regions Markets include Europe, Middle East and South Africa Germany and Luxemburg (Grids) Page 20

21 5. Bilfinger Share MASTER DATA (as November 09) 52 week high / low: / Closing price Market cap: 1) 1.6 n Shares outstanding: 1) 46,024,127 ISIN / Ticker abbreviation: Main stock markets: Segments Deutsche Boerse / Indices: DE / GBF XETRA / Frankfurt Prime Standard MDAX, DAXsubsector Industrial Products & Services Index, STOXX Europe 600, EURO STOXX, Euro STOXX Low Carbon, STOXX EUROPE TMI Support Services 1) Including 1,815,085 shares currently held as treasury stock SHARE PRICE DEVELOPMENT LAST THREE YEARS Page 21

22 5. Bilfinger Share 10-YEAR-OVERVIEW KEY FIGURES in Earnings per share reported 2015 restated EPS adjusted continuing operations 1) Dividend Bonus 0.90 Dividend yield 2) 3) 2.3% 3.4% 5.4% 3.7% 4.0% 5.2% 4.1% 3.7% 4.3% - - Payout ratio 2) 4) 50% 50% 36% 53% 54% 64% 55% 53% 55% - - Share price highest Share price lowest Share price year end Book value per share 5) Market-to-book value 3) 5) Market capitalization 3) 6) 2,065 1,963 1,388 2,482 2,909 3,032 3,360 3,752 2,133 2,001 2,001 Number of shares year-end 6) 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 46,024,127 46,024,127 1) Adjusted for one-time expenses in connection with the processing of past compliance cases, Bilfinger Excellence efficiency-enhancing program, restructuring expenses and for capital gains. Income tax normalized to 31%. 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 to 2012: 1,884,000 I 2013: 1,866, : 1,835, : 1,824,383 All figures refer to continuing operations, unless otherwise stated 2013 continuing operations (excl. Concessions, Construction and Offshore Systems) 2014 continuing operations (also excluding Power) 2015 restated: continuing operations (excl. Building, Real Estate, Facility Services and Water, incl. Power) Page 22

23 5. Bilfinger Share SHAREHOLDER STRUCTURE Jun. 30, 2016 Treasury Stock 4% Undisclosed/ Retail Investors 35% Institutional Investors: 61% Cevian Capital 26% Germany 9% Switzerland 8% United Kingdom 6% USA 6% Scandinavia 4% France 1% Other 1% Freefloat according to Deutsche Boerse: 70.39% TREASURY STOCK 1,815,085 shares (4%) Currently no cancellation planned Page 23

24 5. Bilfinger Share DEVELOPMENT OF DIVIDEND : After rights issue adjustment Bonus Dividend DEVELOPMENT OF MARKET CAPITALIZATION 3,752 3,360 2,909 3,032 2,482 2,065 1,963 2,133 2,001 1, Page 24

25 5. Bilfinger Share ANALYSTS COVERAGE Bank Analyst Recommendation Target Price Date Bankhaus Lampe Marc Gabriel Neutral Nov-16 Bankhaus Metzler Jasko Terzic Neutral Dec-16 Bank of America ML Marcin Wojtal Sell Oct-15 Commerzbank Norbert Kretlow Buy Oct-16 DB Katja Filzek restricted restricted DZ Bank Thorsten Reigber Buy Nov-16 HSBC Tobias Loskamp Buy Nov-16 Independent Research Sven Diermeier Neutral Dec-16 Kepler Cheuvreux Craig Abbott Neutral Sep-16 LBBW Jens Münstermann Neutral Nov-16 MainFirst Patrick Horch und Christian Korth Buy Nov-16 S&P Capital IQ Firdaus Ibrahim Neutral Dec-16 UBS Gregor Kuglitsch Sell Dec-16 Disclaimer: The recommendations 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. Page 25

26 5. Bilfinger Share ANALYSTS RECOMMENDATION DEVELOPMENT Disclaimer: The recommendations 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. Page 26

27 6. Bilfinger Rating and Bond BILFINGER BOND ISIN / Stock exchange abbreviation WKN Listing Emission volume DE000A1R0TU2 A1R0TU Luxembourg (official trading) 500 million Interest coupon 2.375% Maturity December 07, 2019 Closing (December 13, 2016) % BILFINGER RATING Rating Agency Current Corporate Credit Rating Standard & Poors BB+ / Outlook Stable / B Page 27

28 7. IR contact IR EVENTS 2017 February 14 Preliminary Report 2016 and Capital Markets Day: Presentation of strategy and implementation plan March 15 Press conference on financial statements May 15 Interim Report Q May 24 Annual General Meeting August 14 Interim Report Q November 14 Interim Report Q CONTACT DETAILS Bettina Schneider Head of Investor Relations Phone: +49 (0) 621 / Facsimile: +49 (0) 621 / bettina.schneider@bilfinger.com Karl Kompe Manager Investor Relations Phone: +49 (0) 621 / Facsimile: +49 (0) 621 / karl.kompe@bilfinger.com Stefan Heinz Manager Investor Relations Phone: +49 (0) 621 / Facsimile: +49 (0) 621 / stefan.heinz@bilfinger.com Bilfinger SE Corporate Headquarters Carl-Reiß-Platz 1-5 D Mannheim Germany Page 28