Bilfinger : Annual Report 2022

ANNUAL REPORT BILFINGER SE

2022

Contents

To our shareholders

A.1 Letter to shareholders

A.2 Executive Board of Bilfinger SE

A.3 Report of the Supervisory Board

A.4 Corporate governance

A.5 Bilfinger in the capital market

A		Combined management report
B.1	The Bilfinger Group
B	B.2	Economic report
B.3	Opportunity and risk and report
B.4	Outlook
B.5	Non-financial Group declaration
B.6	Takeover-relevant information pursuant
	to Sections 289a and Section 315a
	of the German Commercial Code (HGB)

C		Consolidated financial statements
C.1	Consolidated income statement
C.2	Consolidated statement
	of comprehensive income
C.3	Consolidated balance sheet
C.4	Consolidated statement of changes in equity
C.5	Consolidated statement of cash flows
C.6	Notes to the consolidated financial statements

D		Explanations and additional information
D.1	Responsibility statement
D.2	Independent Auditor's report
D.3	Practitioner's Report on Non-financial Reporting
D.4	Return-on-capital-employed controlling
D.5	Boards of the company
	Ten-year overview
	Financial calendar

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Bilfinger SE

Bilfinger is an international industrial services provider. The aim of the Group's activities is to increase the efficiency and sustainability of customers in the process industry and to establish itself as the number one partner in the market for this purpose. Bilfinger's comprehensive portfolio covers the entire value chain from consulting, engineering, manufacturing, assembly, maintenance and plant expansion to turnarounds and digital applications.

The company delivers its services in two service lines: Engineering & Maintenance and Tech- nologies. Bilfinger is primarily active in Europe, North America and the Middle East. Process industry customers come from sectors that include energy, chemicals & petrochemicals, pharma & biopharma and oil & gas. With its more than 30,000 employees, Bilfinger upholds the highest standards of safety and quality and generated revenue of €4.3 billion in financial year 2022. To achieve its goals, Bilfinger has identified two strategic thrusts: repositioning itself as a leader in increasing efficiency and sustainability, and driving operational excellence to improve organizational performance.

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• A To our shareholders
  B Combined management report
  C Consolidated financial statements
  D Explanations and additional information

A To our shareholders

A.1 Letter to shareholders

A.2 Executive Board of Bilfinger SE

A.3 Report of the Supervisory Board

A.4 Corporate Governance

A.4.1 Declaration of corporate governance and corporate governance report

A.5 Bilfinger in the capital market

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• 1. To our shareholders
• A.1 Letter to shareholders
  A.2 Executive Board of Bilfinger SE
  A.3 Report of the Supervisory Board
  A.4 Corporate governance
  A.5 Bilfinger in the capital market
• 1. Combined management report
  2. Consolidated financial statements
  3. Explanations and additional information

A.1 Letter to shareholders

Dear Shareholders,

Ladies and Gentlemen,

Bilfinger SE has continued its profitable growth trajectory. This is by no means a given, which is why we put this message front and center. At the start of 2022, there were great expectations for the global economy. Notably, the anticipated waning of the COVID-19 pandemic raised hopes for supply chain normalization and improved consumer sentiment. Yet these hopes were quickly dashed by Russia's invasion of Ukraine.

In addition to the human suffering wrought by the war, it has also created major challenges for businesses across the globe. One of the furthest-reaching effects was inflation, which in 2022 reached levels many countries had not experienced for decades. This was primarily due to rising energy and raw materials prices, putting considerable pressure not only on consumers but also on the manufacturing industry.

In order to position ourselves for the future in these challenging times, Bilfinger has already set an important course in 2022. We have formed a Group Executive Management with the Executive Board, segment heads and central functions in order to increase the efficiency of collaboration and be closer to the operating business. In addition, an efficiency program was launched to standardize work processes, simplify structures in administration and reduce costs. Further important milestones in the past year were also achieved through successful new project wins and strategic contract extensions with customers. For example, Bilfinger won a multimillion order for the maintenance of Shell's offshore facilities in the Gulf of Mexico. This includes routine maintenance services on nine offshore oil and gas platforms and is evidence of the expansion of our global cooperation with Shell in North America.

Overall, we achieved double-digit growth in revenue and orders received in financial year 2022 and met our forecast annual targets. Orders received rose organically by 14 percent to more than €4.6 billion, while revenue likewise increased organically by 14 percent to over €4.3 billion. EBITA

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