Bilfinger : Annual Financial Statements 2021

Annual financial statements of

Bilfinger SE

December 31, 2021

Contents

Responsibility statement …………………………………………………………………………………………………………………………..	3
Reproduction of the Auditor´s report………………………………………………………….………………………..………………….	4
Income statement …………………………………………………………………………………….……………………………………………..	12
Balance sheet ……………………………………………………………………………………………………………………………………………	13
Development of non-current assets ……………………………………………………………..……………………………………………	14
Notes ……………………………………………………..…………………………………………………………………………………………………	15
General information ………………………………………………………………………………………………………………….	15
Notes to the income statement ………..……………………………………………………………………………………….	17
Notes to the balance sheet…………………………………………………………………………………………………………	20
Other disclosures …………………….…………………………………………………………………………………………………	26
Events of particular significance after the balance sheet date ……………………………………………….	28
Proposal on the appopriation of earnings ……..…………………………………………………………………………..	29
Attachments to the notes ……………………………………………….…………………………………………………………	30
Boards of the company……………………………………………………………………………………………………………….	30
List of subsidiaries of Bilfinger SE………………………………………………………………………………………………..	37

The management report of Bilfinger SE is combined with the management report of the Group and presented in our Annual Report 2021. The annual financial statements and the combined management report of Bilfinger SE and the Group for financial year 2021 will be published in the electronic Federal Gazette (Bundesanzeiger).

Bilfinger SE

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Annual financial statements 2021

Responsibility statement

To the best of our knowledge, and in accordance with the applicable accounting principles for financial re- porting, the annual financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the company, and the management report, which is combined with the management report of the Group, includes a fair review of the development and performance of the business and position of the company, together with a description of the principal opportunities and risks associated with the expected development of the company.

Mannheim, March 8, 2022

The Executive Board

Dr.Thomas Schulz

Duncan Hall

Christina Johansson

Bilfinger SE

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Annual financial statements 2021

Reproduction of the auditor's report

• INDEPENDENT AUDITOR'S REPORT

To Bilfinger SE, Mannheim

REPORT ON THE AUDIT OF THE ANNUAL FINANCIAL STATEMENTS AND OF THE MANAGEMENT REPORT

Audit Opinions

We have audited the annual financial statements of Bilfinger SE, Mannheim, which comprise the balance sheet as at 31 December 2021, and the statement of profit and loss for the financial year from 1 January to 31 December 2021 and notes to the financial statements, including the presentation of the recognition and measurement policies. In addition, we have audited the management report of Bilfinger SE, which is combined with the group management report, for the financial year from 1 January to 31 December 2021. In accordance with the German legal requirements, we have not audited the content of the non-financial group statement pursuant to § [Article] 315b Abs. [paragraph] 1 HGB [Handelsgesetzbuch: German Commercial Code].

In our opinion, on the basis of the knowledge obtained in the audit,

• the accompanying annual financial statements comply, in all material respects, with the requirements of German commercial law and give a true and fair view of the assets, lia- bilities and financial position of the Company as at 31 December 2021 and of its finan- cial performance for the financial year from 1 January to 31 December 2021 in compli- ance with German Legally Required Accounting Principles, and
• the accompanying management report as a whole provides an appropriate view of the
  Company's position. In all material respects, this management report is consistent with the annual financial statements, complies with German legal requirements and appropri- ately presents the opportunities and risks of future development. Our audit opinion on the management report does not cover the content of the non-financial group statement referred to above.

Pursuant to § 322 Abs. 3 Satz [sentence] 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the annual financial statements and of the management report.

Basis for the Audit Opinions

We conducted our audit of the annual financial statements and of the management report in accordance with § 317 HGB and the EU Audit Regulation (No. 537/2014, referred to subse-

Bilfinger SE

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Annual financial statements 2021

quently as "EU Audit Regulation") in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Insti- tute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements

and principles are further described in the "Auditor's Responsibilities for the Audit of the

Annual Financial Statements and of the Management Report" section of our auditor's report. We are independent of the Company in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2) point (f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions on the annual financial statements and on the management report.

Key Audit Matters in the Audit of the Annual Financial Statements

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual financial statements for the financial year from 1 January to 31 December 2021. These matters were addressed in the context of our audit of the annual financial statements as a whole, and in forming our audit opinion thereon; we do not provide a separate audit opinion on these matters.

In our view, the matter of most significance in our audit was as follows:

• Measurement of shares in affiliated companies

Our presentation of this key audit matter has been structured as follows:

• Matter and issue

• Audit approach and findings

• Reference to further information Hereinafter we present the key audit matter:

• Measurement of shares in affiliated companies

• In the annual financial statements of the Company shares in affiliated companies amounting to € 1.44 billion (51.2 % of total assets) are reported under the "Financial assets" balance sheet item. Shares in affiliated companies are measured in accordance with German commercial law at the lower of cost and fair value. The fair values are calculated using discounted cash flow models as the present values of the expected future cash flows according to the planning projections prepared by the executive directors. Expectations relating to future market developments and assumptions about the development of macroeconomic factors are also taken into account. The discount rate used is the individually determined cost of capital for the relevant financial investment. On the basis of the values determined and supplementary documentation, write-downs amounting in total to € 25.9 Mio were required for the financial year.