Bilfinger Se · XETR:GBF
Bilfinger — Bilfinger Berger — Non-Deal Roadshow (June 2012)
35 slides from Bilfinger's roadshow presentation, Jun 7, 2012
Slide 1: Bilfinger Berger: Entering new growth phase
Bilfinger Berger: Entering new growth phase Roadshow New York City, June 07, 2012 Roland Koch, CEO Bettina Schneider, Senior Manager Investor Relations
Slide 2: Agenda
Agenda 1. Bilfinger Berger – Overview 2. Mid-term strategic outlook 3. Facts and figures Q1 2012 4. Financial backup Bilfinger Berger SE Company Presentation | June 07, 2012 Page 1
Slide 3: Bilfinger Berger at a glance
Bilfinger Berger at a glance Engineering and Services Group Output volume by region | in % Output volume of € 8.5 billion, EBITA margin at 4.7% in 2011 Asia Africa 5% Multinational player with leading positions 5% Germany America 40% in attractive markets 8% Main customers: process industry,
Slide 4: Portfolio of comprehensive engineering-driven services
Portfolio of comprehensive engineering-driven services Industrial Power Building and Construction Concessions Services Services Facility Services PPP Social and transport Process Industry Utilities Real Estate Mobility and energy infrastructure Output volume 2011 Committed equity 03/2012 Australia G
Slide 5: 3m 2012: Highlights
3m 2012: Highlights Growth in output volume and orders received Substantial rise in earnings due to capital gains from sale of concession projects and stake in Julius Berger Nigeria Positive outlook for 2012 confirmed Takeover of Tebodin, an internationally-active engineering specialist Joint ventur
Slide 6: Outlook FY 2012 confirmed
Outlook FY 2012 confirmed Output volume – excluding the effects of further acquisitions – will decrease as a result of focusing in Construction and deconsolidation of Nigerian business FY 2011: €8,476 million Increasing margins and capital gains from sale of concession projects and Nigerian acti
Slide 7: Agenda
Agenda 1. Bilfinger Berger – Overview 2. Mid-term strategic outlook 3. Facts and figures Q1 2012 4. Financial backup Bilfinger Berger SE Company Presentation | June 07, 2012 Page 6
Slide 8: BEST – Bilfinger Berger escalates strength
Strategic program “BEST – Bilfinger Berger 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 a
Slide 9: Growth strategy: External growth
Growth strategy: External growth Industrial Services: Power Services: Regional expansion: Europe, Asia (esp. India), Regional expansion: Middle East, Russia and India Turkey, Middle East and USA Strengthening of engineering know-how Oil and Gas sector; E, I & C Market entry in renewable se
Slide 10: Recent achievements
Recent achievements Takeover of Tebodin, an internationally-active engineering specialist, closed in April 2012: One of the leading European providers of consulting and engineering services Output volume 2012: €225 million, EBITA margin: a good 7%, 3,200 employees Enterprise value: €145 millio
Slide 11: 5-year Group targets
5-year Group targets Output volume Net profit (i.e. approx. €9 EPS) 11 to 12 ~400 8.5 220 2011 2016 2011 2016 in € billion in € million Bilfinger Berger SE Company Presentation | June 07, 2012 Page 10
Slide 12: Financial mid-term targets
Financial mid-term targets Current situation Target Organic growth Major portfolio adjustments accomplished 5-year CAGR for output volume*: 3 to 5% Investments of more than € 2bn Enterprise Value Additional growth via acquisitions: Acquisitions since 2002 Financial capacity of more than € 1bn Output
Slide 13: Agenda
Agenda 1. Bilfinger Berger – Overview 2. Mid-term strategic outlook 3. Facts and figures Q1 2012 4. Financial backup Bilfinger Berger SE Company Presentation | June 07, 2012 Page 12
Slide 14: Growth in output volume and orders received
Growth in output volume and orders received Reduction of order backlog in Construction as planned Output volume Orders received Order backlog +6% +9% -6% 8,585 2,173 8,092 1,947 1,986 1,829 3m 2011 3m 2012 3m 2011 3m 2012 March 2011 March 2012 in € million in € million in € million Bilfinger Berger
Slide 15: Significant increase in earnings due to capital gains
Significant increase in earnings due to capital gains from sale of concession projects and stake in Julius Berger Nigeria EBITA EBIT Net profit +96% +110% -52% 207 133 124 Discontinued Operations 174 100 68 59 Continuing Operations 33 3m 2011 3m 2012 3m 2011 3m 2012 3m 2011 3m 2012 in € million in €
Slide 16: Industrial Services
Industrial Services Pick up in demand in project business anticipated in second half of 2012 Markets and highlights Q1 Output volume by region | in % Growth in output volume and EBITA 4 Germany 13 22 Organic development: +6% in output volume, +0% in EBITA Rest of Europe 2012e Book-to-bill abov
Slide 17: Power Services
Power Services Increase in output volume and orders received Markets and highlights Q1 Output volume by region | in % Volumes and EBITA increased 13 Germany Organic development: +6% in output volume, +0% in EBITA Rest of Europe 17 45 2012e New orders for the modernization of power plants in Af
Slide 18: Building and Facility Services
Building and Facility Services Rising demand for service packages Markets and highlights Q1 Output volume by region | in % Output volume and EBITA increased, book-to-bill above 1 Germany 8 2 Organic development: 9 Rest of Europe +9% in output volume, +13% in EBITA 2012e America 17 Energy effic
Slide 19: Reduction of investments in Nigerian business
Reduction of investments in Nigerian business Letter of intent with Julius Berger Nigeria PLC (JBN) according to which JBN will acquire the engineering and services activities of Bilfinger Berger Nigeria GmbH with a current output volume of €350 million: Initial reduction of investment to 40% is
Slide 20: Construction
Construction Strategic focus on energy and mobility Markets and highlights Q1 Output volume by region | in % Output volume and high order backlog reduced as planned 7 Two major transport infrastructure orders in Berlin Germany Joint venture established for the production of steel foundations 2
Slide 21: Concessions
Concessions Preferred bidder for police stations in England Markets and highlights Q1 Committed equity by region | in % Significant increase in EBITA due to capital gains Germany 17 16 projects sold to infrastructure fund: 26 Rest of Europe Net cash inflow of € 200 million 03/2012 UK 19 Capital
Slide 22: Agenda
Agenda 1. Bilfinger Berger – Overview 2. Mid-term strategic outlook 3. Facts and figures Q1 2012 4. Financial backup Bilfinger Berger SE Company Presentation | June 07, 2012 Page 21
Slide 23: Volume and contract overview 2011
Volume and contract overview 2011 Output volume Orders received Order backlog In € million 2010 2011 Change 2010 2011 Change 2010 2011 Change Industrial Services 2,932 3,294 12% 3,253 3,224 -1% 2,601 2,476 -5% Power Services 1,106 1,157 5% 1,281 1,221 -5% 1,371 1,437 5% Building and Facility Service
Slide 24: Volume and contract overview Q1 2012
Volume and contract overview Q1 2012 Output volume Orders received Order backlog In € million Q1 Q1 Q1 Q1 Q1 Q1 2011 2012 Change 2011 2012 Change 2011 2012 Change Industrial Services 732 796 +9% 884 841 -5% 2,658 2,566 -3% Power Services 252 275 +9% 333 385 +16% 1,445 1,551 +7% Building and Facility
Slide 25: Q1 2012 Income statement
Q1 2012 Income statement in € million Q1 2011 Q1 2012 FY 2011 Output volume 1,829 1,947 8,476 EBITA 68 133 397 EBITA margin 3.7% 6.8% 4.7% Amortization -9 -9 -36 EBIT 59 124 361 Net interest result -9 -5 -30 EBT 50 119 331 Income taxes -17 -18 -109 Earnings after taxes from continuing operations 33
Slide 26: March 31, 2012 Balance sheet
March 31, 2012 Balance sheet Assets Equity and liabilities 6,116 -1,604 -1,604 6,116 Assets held for sale (Concessions) 56 -1,705 -1,773 22 Liabilities held for sale (Concessions) Cash and marketable securities Other current liabilities 806 -41 Receivables and other current assets -192 2,452 2,098 +
Slide 27: Capital structure continues to offer considerable financial capacity for acquisitions
Capital structure continues to offer considerable financial capacity for acquisitions in € million Dec. 31, 2011 March 31, 2012 Comments Q1 2012 Balance sheet total 7,720 6,116 Decrease due to sale of concession projects Increase due to net profit and especially due to Net equity 1,793 2,158 reducti
Slide 28: March 31, 2012 Valuation net cash
March 31, 2012 Valuation net cash in € million Dec. 31, 2011 March 31, 2012 Cash and marketable securities 847 806 Financial debt (excluding non-recourse) -186 -200 Net cash position 661 606 Pension provisions -325 -326 Concessions equity bridge loans and secured 159 93 cash accounts Further working
Slide 29: Q1 2012 Cash flow statement
Q1 2012 Cash flow statement in € million Q1 2011 Q1 2012 FY 2011 Cash earnings from continuing operations 71 139 386 Change in working capital -160 -281 -91 Gains on disposals of non-current assets -9 -67 -14 Cash flow from operating activities of continuing operations -98 -209 281 Net capital expen
Slide 30: FY 2011 ROCE / Value added
FY 2011 ROCE / Value added Capital Return ROCE WACC Value added employed in € million in € million in % in % in € million 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 Industrial Services 1,005 1,094 161 169 16.0 15.4 9.5 9.5 65 65 Power Services 270 317 91 99 33.7 31.2 9.5 9.5 65 69 Building an
Slide 31: Five-year overview
Five-year overview in € million 2007 2008 2009 20091) 2010 2011 Output volume 9,222 10,742 10,403 7,620 8,059 8,476 Orders received 11,275 10,314 11,129 7,668 7,954 7,776 Order backlog 10,759 10,649 11,704 8,308 8,497 7,833 EBIT 229 298 250 180 341 361 EBT 228 283 214 142 301 331 Net profit 134 200
Slide 32: Shareholder structure
Shareholder structure Treasury Stock in € million Dec. 31, 2011 Duration of program: February 19 to April 29, 2008 Treasury Stock 4% Retail Investors 12% Volume: €100 million Institutional Investors: 1,884,000 shares Germany 30% Average price: € 53.07 U.K. 18% No cancellation planned Switzerla
Slide 33: Financial calendar and share facts
Financial calendar and share facts Aug. 9, 2012 Interim Report Q2 2012 52 week high / low: € 77.40 / € 50.47 (as at May 31, 2012) Closing price May 31, 2012 € 62.33 Nov. 14, 2012 Interim Report Q3 2012 Market cap: 1) € 2.9 bn (as at May 31, 2012) Shares outstanding: 1) 46,024,127 ISIN / Ticker abbre
Slide 34: Other investor information
Other investor information For further information please contact: Andreas Müller Bettina Schneider in € per share / after rights 2007 2008 2009 2010 2011 Corporate Accounting Investor Relations issue adjustments Investor Relations Earnings per share 3.32 5.18 3.79 6.43 8.93 thereof continuing opera
Slide 35: 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 expectations