Bilfinger Se · XETR:GBF
Bilfinger — FY2013 Earnings Presentation
31 slides from Bilfinger's earnings presentation, Feb 11, 2014
Slide 1: Preliminary Report Financial Year 2013
Preliminary Report Financial Year 2013 Investors’ and Analysts’ Conference Call on February 11, 2014 Roland Koch, CEO
Slide 2: FY 2013: Highlights
FY 2013: Highlights ▪ Continuation of successful development in a challenging year ▪ Output volume at prior-year level ▪ Increase in EBITA adjusted, margin increased from 4.5% to 4.8% ▪ Unchanged dividend of €3.00 per share proposed ▪ Positive outlook for 2014 February 11, 2014 | Bilfinger SE Prelim
Slide 3: FY 2013: Strategic achievements
FY 2013: Strategic achievements ▪ Market position expanded through acquisitions ▪ Mauell and GreyLogix: automation of power plants and industrial facilities ▪ Johnson Screens: further internationalization of water technology business ▪ Europa Support Services: one of the leading integrated facility
Slide 4: Output volume, orders received and order backlog at prior-year levels
Output volume, orders received and order backlog at prior-year levels despite significant decrease in Construction Output volume Orders received Order backlog -1% 0% 0% 8,586 8,509 8,304 8,296 7,388 7,411 2012 2013 2012 2013 Dec. 2012 Dec. 2013 in € million in € million in € million February 11, 201
Slide 5: Positive earnings trend during the course of the year
Positive earnings trend during the course of the year Operating cash flow negatively impacted by change in working capital Adjusted EBITA Adjusted net profit continuing operations Operating cash flow +6% +3% -30% 409 387 232 241 249 162 2012 2013 2012 2013 2012 2013 in € million in € million in € mi
Slide 6: Again attractive dividend of €3 per share
Again attractive dividend of €3 per share 10-year development proves sustainable dividend policy 2004 – 2008 after rights issue adjustment Bonus dividend February 11, 2014 | Bilfinger SE Preliminary Report 2013 Seite 6
Slide 7: Industrial: Strong organic development in second half of FY 2013
Industrial Strong organic development in second half of FY 2013 Markets and highlights Output volume by region 3% ▪ Growth in output volume, orders received and order backlog, also 17% Germany organically Rest of Europe ▪ EBITA significantly above prior year due to positive underlying 2013: 21% Amer
Slide 8: Power: EBITA margin at extraordinary high level
Power EBITA margin at extraordinary high level Markets and highlights Output volume by region ▪ Decrease in output volume also due to scheduled lower volume in 18% 13% Germany the long-term project Belchatow, Poland, which will increase again Rest of Europe next year 3% America 2013 ▪ Orders receive
Slide 9: Building and Facility: Successful in a demanding and competitive environment
Building and Facility Successful in a demanding and competitive environment Markets and highlights Output volume by region 1% 3% ▪ Output volume and order backlog increased 9% Germany 19% ▪ Orders received was below prior-year figure which had included a Rest of Europe major service agreement with a
Slide 10: Construction: Development did not meet expectations
Construction Development did not meet expectations Markets and highlights Output volume by region ▪ Output volume, orders received and order backlog declined 7% Germany significantly 41% Rest of Europe ▪ EBITA below expectation – it was not possible in Q4 to reach an 2013 agreement on outstanding cl
Slide 11: Discontinued operations: Concessions
Discontinued operations: Concessions ▪ Of twelve projects sold, seven had been transferred by end of 2013: Proceeds of €171 million Capital gain of €46 million Related expenses of €10 million ▪ Remaining portfolio is expected to follow in first half 2014: Proceeds of approx. €100 million Capital gai
Slide 12: Outlook for FY 2014
Outlook for FY 2014 Output volume for the Group will increase to at least €9 billion in 2014 (FY 2013: €8.5 billion) With the exception of Construction, organic growth is expected in all business segments with acquisitions already made also contributing to the increase Adjusted EBITA (FY 2013:
Slide 13: Preliminary Report Financial Year 2013 (CFO)
Preliminary Report Financial Year 2013 Investors’ and Analysts’ Conference Call on February 11, 2014 Joachim Müller, CFO
Slide 14: Adjusted EBITA margin increased to 4.8%
Adjusted EBITA margin increased to 4.8% in € million 2012 2013 Comments 2013 Output volume 8,586 8,509 • Effects from first-time consolidation / deconsolidation: EBITA 432 338 €38 • F/X effects of -€10m EBITA adjusted 387 409 • Depreciation of €139m EBITA margin adjusted 4.5% 4.8% Amortization -51 -
Slide 15: Organic decline due to development in Construction
Organic decline due to development in Construction Negative F/X effects mainly due to exposure in ZAR, GBP, USD Organic development of output volume Organic development of adjusted EBITA +4% -1% +10% -3% -4% -1% +6% +366 -137 +38 -10 -6 -306 -1% 8,586 8,509 409 387 2012 Net F/X Organic 2013 2012 Net
Slide 16: Overview of earnings adjustments
Overview of earnings adjustments in € million 2012 2013 Comments 2013 EBITA 432 338 -€85m Excellence, -€5m capital loss Bilfinger Adjustments special items (pre-tax) -45 71 Infrastructure GmbH and €19m capital gain Nigeria (2012: €45m capital gains Nigeria) EBITA adjusted 387 409 Earnings after taxe
Slide 17: Higher working capital due to lower orders received in Power and Construction
Higher working capital due to lower orders received in Power and Construction in € million Dec. 31, 2012* Dec. 31, 2013 Comments December 31, 2013 Balance sheet total 6,850 6,532 • Decrease mainly due to deconsolidation of sold Concessions projects Goodwill including intangibles from • Increase due
Slide 18: Considerable financial scope for acquisitions of currently approx. €800 million
Considerable financial scope for acquisitions of currently approx. € 800 million in € million Dec. 31, 2012* Dec. 31, 2013 Comments December 31, 2013 Cash and cash equivalents 1,061 669 • See cash flow statement for details of change Financial debt (excluding non-recourse) -711 -545 • Including €500
Slide 19: Again, strong free cash flow in fourth quarter
Again, strong free cash flow in fourth quarter in € million 2012 2013 Comments 2013 Cash earnings from continuing operations 419 289 • Decrease due to lower net profit from continuing operations • Negative impact esp. from lower orders received in Power and Change in working capital -134 -99 Constru
Slide 20: Positive value added development in Industrial and Building and Facility
Positive value added development in Industrial and Building and Facility, Power remains on high level Continuing Operations in € million 2012 2013 Comments 2013 Capital employed 2,559 3,083 • Increase in capital employed with a significant increase of average interest-bearing liabilities Return 401
Slide 21: Preliminary Report Financial Year 2013
Preliminary Report Financial Year 2013 Investors’ and Analysts’ Conference Call on February 11, 2014
Slide 22: December 31, 2013 | Balance sheet
December 31, 2013 | Balance sheet BACKUP Assets Equity and liabilities 6,532 -318 -318 6,532 Assets held for sale (Concessions) 356 -276 -263 315 Liabilities held for sale (Concessions) Cash and cash equivalents 669 -392 -45 2,453 Other current liabilities Receivables and other current assets 2,373
Slide 23: ROCE per segment
ROCE per segment BACKUP Capital employed Return ROCE WACC Value added in € million in € million in % in % in € million 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 Industrial 1,351 1,536 206 232 15.2 15.1 9.25 8.75 81 98 Power 384 475 125 123 32.5 25.9 9.25 8.75 89 81 Building and Facility 525
Slide 24: FY 2013 Organic development Industrial
FY 2013 Organic development Industrial BACKUP Organic development of Output Volume Organic development of adjusted EBITA +6% -2% +3% +7% -70 +105 +11% -3% +5% +13% +223 +22 -5 +9 3,963 206 232 3,705 2012 Net F/X Organic 2013 2012 Net F/X Organic 2013 acqusitions acqusitions in € million in € million
Slide 25: FY 2013 Organic development Power
FY 2013 Organic development Power BACKUP Organic development of Output Volume Organic development of adjusted EBITA +7% -4% -51 -8% +5% -3% +87 -2% +7 0% -99 -5% -3 -4 1,319 1,256 123 123 2012 Net F/X Organic 2013 2012 Net F/X Organic 2013 acqusitions acqusitions in € million in € million February 1
Slide 26: FY 2013 Organic development Building and Facility
FY 2013 Organic development Building and Facility BACKUP Organic development of Output Volume Organic development of adjusted EBITA +3% +4% +2% -1% +63 +15% +9% +45 -5% -10 -11 -1% +16 -5 -1 2,249 2,346 106 116 2012 Net F/X Organic 2013 2012 Net F/X Organic 2013 acqusitions acqusitions in € million
Slide 27: Q4 2013 Organic development Bilfinger Group
Q4 2013 Organic development Bilfinger Group BACKUP Organic development of Output Volume Organic development of adjusted EBITA +5% -2% +26% +32% -53 -4% +126 +9% -3% +30 -96 -1% +12 -4 2,297 2,274 118 156 Q4 2012 Net F/X Organic Q4 2013 Q4 2012 Net F/X Organic Q4 2013 acqusitions acqusitions in € mil
Slide 28: Q4 2013 Organic development Industrial
Q4 2013 Organic development Industrial BACKUP Organic development of Output Volume Organic development of adjusted EBITA +32% +28% +6% +4% +1% -3% +2% -6% +18 +59 -30 +12 +1 -3 987 1,028 58 74 Q4 2012 Net F/X Organic Q4 2013 Q4 2012 Net F/X Organic Q4 2013 acqusitions acqusitions in € million in € m
Slide 29: Q4 2013 Organic development Power
Q4 2013 Organic development Power BACKUP Organic development of Output Volume Organic development of adjusted EBITA +7% -4% -16 -14% +27 +11% -3% -3% +5% -53 +4 -1 -1 -11% 382 340 38 40 Q4 2012 Net F/X Organic Q4 2013 Q4 2012 Net F/X Organic Q4 2013 acqusitions acqusitions in € million in € million
Slide 30: Q4 2013 Organic development Building and Facility
Q4 2013 Organic development Building and Facility BACKUP Organic development of Output Volume Organic development of adjusted EBITA +1% +14% +14% -1% +7 +30% +38% +82 -5 +8% 0% +11 +3 0 598 682 37 51 Q4 2012 Net F/X Organic Q4 2013 Q4 2012 Net F/X Organic Q4 2013 acqusitions acqusitions in € million
Slide 31: 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