Bilfinger : Quarterly Statement Q3

Bilfinger SE

3rd Quarter 2020 Results

November 12, 2020

Q3 2020

Recovery gains pace: strong EBITA and cash flow development Full-year guidance affirmed

Markets

-26% org.

Orders received

-18% org.

Revenue

€23 million

EBITA adjusted

€43 million

Free cash flow reported

Outlook affirmed

• Recovering in second half of 2020 as expected
• Orders received at lower level due to fewer projects and mark to market in oil and gas, but order backlog solid; positive expectations for Q4
• Most European entities with sequentially increasing revenues
• Oil- and gas-related regions UK and Nordics with approx. -30%year-on-year
• Positive contributions from all European regions including Technologies
• E&M International still under pressure in difficult environment
• Continuing robust cash flow thanks to active working capital management
• Sound financial position, no additional financing expectations
• Year-on-yearrevenue decrease of ~20%
• EBITA adjusted and free cash flow reported positive

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

page 2

Markets: E&M Europe

		Industries	%*		Overall
			trend
				• Market starts to recover; some clients have announced large investments
				going forward
		Chemicals &	40%	• German market keeping up comparably well
		Petrochem
				• Major chemical companies reported 3Q 2020 results slightly ahead of
				expectations
				• ESG climate change drivers still hold, e.g. CO2 limits, emissions,
		Energy &		decentralized power generation
		10%
		Utilities	• Green energy investments expected to pick up (e.g. renewables, hydrogen)
				• Nuclear remains in focus in France, UK, and Finland
				• After recent deep decline expecting gradual recovery short and midterm
		Oil & Gas	30%	• Majority of projects and turnarounds postponed
				• Midstream (e.g. pipelines, storage, transportation) less impacted
* % of segment revenues FY 2019
Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020					page 3

Markets: E&M International

	Industries	%*		Overall
		trend
	Chemicals &		• Expansion programs and need for modernization projects
	30%	in Middle East (ME)
	Petrochem
		• Projects delayed but attractive project pipeline in North America (NA)
			• In NA, energy investment trends focused on energy storage, wind, solar and
	Energy &	5%	CO2 reduction. Continued but delayed growth
	Utilities	• Continued growth in ME population and industry drives further development
			of alternative and nuclear energy concepts as well as water solutions
			• Large oil & gas and LNG investment plans in several ME countries (e.g.
	Oil & Gas	45%	UAE, Qatar, Kuwait) for the upcoming years
			• CAPEX and OPEX spend expected to increase from 2021 onwards in NA

* % of segment revenues FY 2019

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

page 4

Markets: Technologies

	Industries	%*		Overall
		trend
			• Energy transition focus in all our regions, esp. Europe and USA
	Energy &		• Nuclear demand for new builds and maintenance increasing, esp. in France,
	45%	UK and ME
	Utilities
			• Nuclear decommissioning capability (waste treatment, services) offers
			opportunities in Germany and France
	Pharma &	35%	• Mega trends remain unchanged despite Covid-19
	• Clients start reviewing their global supply chain routes which will add
	Biopharma
		opportunities in Europe

* % of segment revenues FY 2019

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

page 5

European business has shown high resilience and will emerge even stronger from this crisis

In Numbers

Reduction of ~4,000 employees year-to-date, majority in North America, Northern Europe, and the U.K.

Currently ~650 employees are still in furlough schemes (in U.K., Nordics, Germany, Austria), down from almost 3,000 at the peak

"Investment" of ~70m EUR restructuring expenses, full payback within ~2 years

Strict cost management involving both temporary and sustainable measures reduced the SG&A expenses

well below budget, full-yearexpectation ~€310m, target 2021: <€300m

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

page 6

Improved cost agility: the positive outcome from a difficult year

Levers

Balanced workforce utilization planning

• Adjusting in-house capacities to Q1/low point in quarterly intra-year revenues
• Switch from internal to external resources, also using agility of flexible resources from Poland (Bilfinger entity with skilled labor lease, working in various European countries)

Fast alignment with mid-term market outlook

• Sustainable reduction of personnel in areas with longer-termsubdued outlooks, e.g. oil and gas U.K., North America, targeting operations and SG&A
• Consequent wind-downunprofitable business and/or pursuing strategic alternatives, e.g. loss-making areas in Technologies

Reduce seasonal underutilization to drive gross margin

Starting FY 2021 with a clean cost base

Split between own resources and external sourcing

Regions with major headcount reductions

Region / Division

Headcount

Headcount

Change

Dec. 31, 2019

Sept. 30, 2020

UK

3,737

3,058

-679

Nordics

3,979

3,449

-530

North America

3,123

1,986

-1,137

Technologies

2,415

2,352

-63

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Group 1)

33,327

29,375

-3,952

Target in-house FTE capacity

External resources

Internal resources

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

1) Excluding JVs

page 7

Quarterly Statement Q3 2020

Orders received on lower level due to limited number of projects and lowered expectations in oil and gas, but solid order backlog; positive expectations for Q4

Development of orders received

					2019						2020
			Q3		Q4				Q1	Q2		Q3
Orders received						-29%/-26% org.
		1,057	1,060
997
(€ million)		931
						674				719		710
			667
								657
		< €5 million	(67%)		(64%)				(68%)			512
							(71%)
		> €5 million
													(72%)
						384
			330					341
								274
									198
Book-to-bill	0.9	1.0	1.2		1.2	0.8
ratio
Order backlog	2,620	2,567	2,562		2,667	2,458
(€ million)

Orders received

• Decrease by -29% (org.: -26%)
• Lack of project orders especially in E&M International / North America
• Backlog reduction in upstream oil and gas business
• Larger parts of Hinkley Point expected to be mainly booked in Q4 and 2021

Order backlog

• -6%below prior-year level (org.: -3%)

Book-to-bill

• Mirrors low orders received in Q3, but year-to-date at 1.05

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

page 9

Sequential recovery against Q2, solid EBITA adjusted

Development of revenue and profitability

		2019		2020
	Q3	Q4	Q1	Q2	Q3
Revenue			-21%/-18% org.
(€ million)
1,101	1,071
		5.3%	915	793	870
	3.1%
				2.7%
EBITA adj.			-1.2%
margin (%)
				-4.4%

EBITA adj.	34	57	-11	-35	23
(€ million)
EBITA	25	7	-20	-51	0
(€ million)
Adjustments	9	49	9	16	24
(€ million)

Revenue

• -21%(org.: -18%) below prior-year quarter, recovery after difficult Q2

EBITA adjusted

• Positive at €23 million, rebound due to recovery in European markets
• Technology with positive contribution

Special items

• -€24million (thereof -€18 million restructuring costs, -€3 million IT investments and -€3 million loss on OOP divestment)
• In Total ~€70 million expected in FY 2020

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

page 10

Gross margin at prior year level despite significantly lower revenues SG&A expenses further reduced with partially sustainable improvements

Gross profit (€ million)

112

(10.2%)

89

(10.2%)

34

(4.3%)

Q3/19 Q2/20 Q3/20

Adjusted selling and administrative expenses (€ million)

	5							6
				2
-89	-75	-75
(-9.5%)	(-8.6%)
(-8.1%)
-84	-73	-69
(-9.2%)	(-7.9%)
(-7.6%)
Q3/19		Q2/20	Q3/20

Adjustments Reported

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

page 11

Segment E&M Europe: strong recovery in both revenue and adjusted EBITA, highly resilient and agile maintenance business

Development of revenue and profitability			Orders received
		2019		2020		• -14% (org.: -13%) mainly due to backlog
	Q3	Q4	Q1	Q2	Q3	reduction in upstream oil and gas
	business
			-12%/-11% org.			• Book-to-bill YTD at 1.07
Revenue
647	672				Revenue
(€ million)
	573		571
				• Decrease by -12% (org.: -11%), with
		5.5%		491
	4.8%			4.7%	-30% North Sea upstream business
EBITA adj.						EBITA adjusted
margin (%)			0.7%	0.4%		• Clearly positive, benefitting from agile
						cost management, leading to strong
Book-to-bill	0.9	0.9	1.1	1.3	0.9	margin improvement up to prior-year level
despite lower revenue
ratio
EBITA adj.						Outlook 2020
31	37	4	2	27	Revenue: significant decrease
(€ million)
						EBITA adjusted: positive

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

page 12

Segment E&M International: top-line and earnings still under pressure in challenging environment, leading to negative results also in full-year

Development of revenue and profitability			Orders received
		2019		2020		• -60% (org.: -57%), in North America lack
	Q3	Q4	Q1	Q2	Q3	of contract awards due to challenging
	environment (COVID-19 and elections)
Revenue			-55%/-52% org.			Revenue
238
(€ million)					• Decrease of -55% (org.: -52%), partly
	193
					expected, but amplified by difficult
		8.6%	165
	5.7%		131		environment
			108
EBITA adj.			-0.8%		EBITA adjusted
margin (%)
				-9.5%	-8.6%	• Clearly negative, primarily affected by
				underutilization in North America,
Book-to-bill	0.9	1.3	0.9	1.0	0.8	capacity adjustments ongoing
ratio
						Outlook 2020
EBITA adj.	14	17	-1	-12	-9	Revenue: significant decrease
(€ million)
					EBITA adjusted: negative

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

page 13

Segment Technologies: Sound quarter with positive EBITA adjusted

Development of revenue and profitability

Orders received

		2019		2020		• Slight increase by 2% (org.: 2%)
	Q3	Q4	Q1	Q2	Q3	• Hinkley Point orders to be called off in Q4
	and 2021
			-5%/-5% org.			Revenue
Revenue
145	139			138
(€ million)			• -5% (org.: -5%) below prior-year, also due to
		113
			108		wind-down of loss-making activities, but
		1.0%	-4.3%		4.2%	sequential recovery visible in growth areas
	-4.5%
EBITA adj.					EBITA adjusted
margin (%)				-18.7%
					• Good margin development, strategic
						measures for underperforming entities well
Book-to-bill	0.6	1.0	2.5	1.1	0.7	under way
ratio
						Outlook 2020
EBITA adj.	-7	1	-5	-20	6	Revenue: slight decrease
(€ million)
					EBITA adjusted: significant

improvement, but still negative

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

page 14

Net profit burdened by significant amount of restructuring costs, on adjusted base positive

Free cash flow improved significantly against prior year

Net profit 1) (€ million)

17

11

6

	-19
Q3 2019	Q3 2020

Reported Net Profit

Adjusted Net Profit

Free cash flow 1) (€ million)

43 44

20

5

Q3 2019

Q3 2020

Reported FCF

Adjusted FCF

1. Adjustments correspond to EBITA adjustments, Net Profit: in addition special items in financial result and in taxes

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

page 15

Sound financial position; further increase in liquidity due to active working capital management, despite start of payments of tax and social security deferrals

Development of net liquidity

Net liquidity 1) (€ million)

-1	-6					0	-62
	2	-3	-1	5
-108
50

01. Jul 2020	OCF	Adjustments Net Capex Acquisitions/	Cash flow	Cash flow	Change in	Other	30. Sep
	adjusted	disposals	financing	discontinued	valuation of		2020
			activities	operations	payables

Cash flow development year-to-date (€ million) excl. IFRS 16

	9m 2020	IFRS 16	9m 2020	9m 2019
	excl. IFRS 16	impacts	incl. IFRS 16	excl. IFRS 16
EBITA adj.	-22		-22			46
Depreciation	42	43	85			41
Change in NWC (Reported)	80		80			-194
Others	-22		-22			23
Adjustments	-24		-24			-50
Operating CF Reported	54		97			-134
Net CAPEX	-19		-19			-37
Free CF Reported	35		78			-171
Proceeds/Investments financial assets	5		5			143
Changes in marketable securities	0		0			-210
Dividends	-7		-7			-43
Change in financial debt	0	-40	-40			373
Interest paid	-15	-3	-18			-6
FX / other / disco	-8		-8			-45
Change in Cash	10		10			41

658
			489		461
						84					88					78
											66				67			66
30.09.19	30.06.20		30.09.20	30.09.19		30.06.20	30.09.20
				Net trade assets (€ million)								DSO (days)			DPO (days)
1) Including IFRS 16 leases							DSO: Trade receivables + WIP - advance payments received, DPO: Trade payables
Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020																			page 16

Outlook 2020

Positive earnings and free cash flow

		Actual FY 2019		Outlook FY 2020
Revenue			€4,327 million	Decrease of ~20%
EBITA adjusted	€104 million	Positive
Free cash flow reported			€57 million	Positive

Assumption: the current lockdown measures will not have a material negative influence on business development.

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

page 17

Quarterly Statement Q3 2020 Financial backup

Segment development Q3 2020

												Reconciliation Group
	E&M Europe		E&M International	Technologies	HQ / Consolidation /						Group
													OOP
												Other
€ million	Q3	Q3		in %	Q3	Q3	in %	Q3	Q3	in %	Q3	Q3	in %	Q3		Q3	in %	Q3	Q3	in %
2020	2019		2020	2019	2020	2019	2020	2019	2020		2019	2020	2019
Orders received	501	580		-14%	82	207	-60%	90	88	+2%	-9	-5	-79%	45		128	-65%	710	997	-29%
Order backlog	1,577	1,623		-3%	387	412	-6%	493	408	+21%	-79	-23	-246%	81		199	-60%	2,458	2,620	-6%
Revenue	571	647		-12%	108	238	-55%	138	145	-5%	-16	-11	-53%	69		81	-14%	870	1,101	-21%
Investments in	3	11		-74%	0	2	-82%	1	1	-8%	0	0	n/a	2		0	n/a	6	15	-57%
P,P&E
Increase in right-of-	4	5		-5%	0	2	-97%	0	1	-92%	1	1	+15%	0		0	n/a	6	9	-34%
use assets
Depreciation w/o	-15	-16		+7%	-2	-3	+20%	-2	-2	-2%	-5	-5	-20%	-1		-2	+41%	-26	-28	+6%
special items
Amortization	0	0		n/a	0	-1	+104%	0	0	n/a	0	0	n/a	0		0	n/a	0	-1	+98%
EBITDA adjusted	43	47		-9%	-7	17	-	8	-5	-	0	-1	+100%	5		4	+33%	49	62	-20%
EBITA	22	28		-21%	-11	14	-	-6	-7	+20%	-7	-11	+33%	2		2	-9%	0	25	-101%
EBITA adjusted	27	31		-12%	-9	14	-	6	-7	-	-4	-6	+36%	3		2	+78%	23	34	-32%
EBITA-margin	4.7%	4.8%			-8.6%	5.7%		4.2%	-4.5%		22.5%	54.1%		4.7%		2.3%		2.7%	3.1%
adjusted
Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020															page 19

Segment development YTD 2020

												Reconciliation Group
	E&M Europe		E&M International	Technologies	HQ / Consolidation /					Group
												OOP
												Other
€ million	YTD	YTD		in %	YTD	YTD	in %	YTD	YTD	in %	YTD	YTD	in %	YTD	YTD	in %	YTD	YTD	in %
9/2020	9/2019		9/2020	9/2019	9/2020	9/2019	9/2020	9/2019	9/2020	9/2019	9/2020	9/2019
Orders received	1,751	1,897		-8%	371	609	-39%	491	313	+57%	-98	-25	-288%	185	307	-40%	2,700	3,101	-13%
Order backlog	1,577	1,623		-3%	387	412	-6%	493	408	+21%	-79	-23	-246%	81	199	-60%	2,458	2,620	-6%
Revenue	1,635	1,907		-14%	403	718	-44%	358	400	-10%	-27	-28	+2%	209	260	-19%	2,579	3,256	-21%
Investments in	14	31		-56%	2	6	-59%	1	2	-27%	1	2	-28%	3	3	+0%	22	43	-50%
P,P&E
Increase in right-of-	20	15		+37%	4	3	+28%	1	2	-43%	3	7	-56%	0	1	-16%	29	27	+7%
use assets
Depreciation w/o	-48	-47		-1%	-9	-9	-4%	-6	-6	-2%	-11	-12	+3%	-6	-6	+6%	-80	-79	0%
special items
Amortization	0	0		n/a	-1	-2	+33%	0	0	n/a	0	0	n/a	-7	0	n/a	-8	-3	-189%
EBITDA adjusted	80	116		-31%	-14	34	-	-13	-24	+43%	-5	-10	+47%	10	10	+3%	57	127	-55%
EBITA	1	64		-98%	-29	24	-	-32	-30	-6%	-13	-36	+63%	3	3	-25%	-71	25	-
EBITA adjusted	33	69		-53%	-23	26	-	-19	-29	+34%	-17	-22	+24%	4	3	+21%	-22	47	-
EBITA-margin	2.0%	3.6%			-5.7%	3.6%		-5.4%	-7.3%		62.3%	79,8%		2.0%	1.3%		-0.9%	1.5%
adjusted
Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020														page 20

P&L (1/2)

		YTD			Q3
						in %
in € million	2020	2019	in %	2020	2019
Revenue	2,579	3,256	-21%	870	1,101	-21%
Gross profit	191	291	-34%	89	112	-21%
Selling and administrative expense	-237	-284	16%	-75	-89	15%
Impairment losses and reversal of	-2	-3	-	0	-3	-
impairment losses according to IFRS 9
Other operating income and expense	-41	7	-	-16	-1	-
Income from investments accounted for	9	10	-12%	2	4	-56%
using the equity method
EBIT	-80	22	-	0	24	-
Amortization of intangible assets from	8	3	335%	0	1	-
acquisitions and impairment of goodwill
EBITA (for information only)	-71	25	-	0	25	-
Special items in EBITA	49	22	96%	24	10	146%
EBITA adjusted (for information only)	-22	47	-	23	34	-32%

Decrease by -21%, organically -18%

Significant effects: Portfolio adjustments -3 (prior year -1), restructuring expenses -14 (prior year: -3)

Depreciation of property, plant and equipment and amortization of intangible assets of -13 (prior year: -15), amortization on right-of-use assets (IFRS 16) of -13 (prior year: -13)

Currency effects: 1

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

page 21

P&L (2/2)

		YTD			Q3
in € million	2020	2019	in %	2020	2019	in %
EBIT	-80	22	-	0	24	-
Financial result	-21	-11	-	-8	-10	-
EBT	-101	11	-	-8	14	-
Income taxes	0	-16	-	-9	-7	-
Earnings after taxes	-101	-5	-	-17	6	-
from continuing operations
Earnings after taxes	-2	15	-	-2	1	-
from discontinued operations
Minority interest	1	1	-	0	1	-
Net profit	-103	9	-	-19	6	-
Adjusted net profit1)	-32	17	-	11	17	-36%
Average number of shares (in thousands)	40,295	40,282		40,301	40,291
Earnings per share (in €)	-2.56	0.23		-0.47	0.16
thereof from continuing operations	-2.52	-0.13		-0.43	0.15
thereof from discontinued operations	-0.04	0.36		-0.04	0.01

1. from continuing operations

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

Financial result above prior year, in 2019 burdened by negative carry regarding refinancing of Bond 12/2019

No capitalization of losses in German tax group of the SE

In addition to the special items in EBITA, the financial result (in prior year) and taxes are also adjusted

page 22

Special items

Expectations for FY 2020: on prior-year level, also due to significant restructuring in Technologies

in € million	Q3 2019	Q4 2019	FY 2019	Q1 2020	Q2 2020	Q3 2020
EBITA	25	7	32	-20	-51	0
Disposal losses/gains,	1	3	-3	0	2	3
write-downs,selling-related expenses
Compliance	-1	0	-1	0	-17	0
Restructuring,	1	35	40	6	28	18
extraordinary depreciations
IT investments	8	11	36	3	3	3
Total adjustments	9	49	72	9	16	24
EBITA adjusted	34	57	104	-11	-35	23

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

page 23

Balance Sheet - Overview of Assets and Liabilities

in € million

3,453

3,151

780

772

				847			804
1,344	1,066
			0	483		0	510
			0		0
		June 30, 2020	September 30, 2020
		Intangible assets				-1%
		Non-current assets
					-5%
		Current assets				As compared to
					-21%
					June 30, 2020
		Marketable assets
					n/a
		Cash and cash equivalents
			6%
		Assets classified as held for sale
			n/a

Goodwill decreases to 768 (06/20: 777).

Non-currentassets include PPN Apleona 240, property, plant and equipment 277, according to IFRS 16 right-of-use assets from leases 194, deferred tax assets 61, thereof from tax-losses carried forward 37.

Current assets: decrease mainly due to reduction of receivables and other financial

assets to 942 (06/20: 1,057), significant decrease in other current financial assets

(current) to 53 (6/20: 257, including 200 for Stadtarchiv Köln)

3,453

								3,151
1,031		995
350		344
591
		572
			27
							27
1,455
	1,213
					0
		June 30, 2020	September 30, 2020
		Equity		-3%
		Pension provisions		-2%
		Financial debt		-3%	As compared to
		Other non-current liabilities	1%	June 30, 2020
		Current liabilities		-17%

Liabilities classified as held for sale	n/a

In Q3 2020, decrease in equity due to negative earnings after taxes -38.Pension provisions: Negligible decrease with stable Euro interest rate of 0.8% Financial debt relates to Bond 06/2024 with 250, SSD with 123 and leases with 197.

Current liabilities relate for the most part to payables of 888 (06/20: 1,127), thereof trade payables 312 and payments received 129.

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

page 24

Consolidated Balance Sheet: Assets

€ million	September	December 31,	September
30, 2020	2019	30, 2019
Non-current assets
Intangible assets	771.8	802.5	808.7
Property, plant and equipment	277.0	311.9	307.3
Right-of-use assets from leases	193.5	227.4	229.5
Investments accounted for using the equity method	17.6	18.5	19.7
Other financial assets	254.7	255.5	257.5
Deferred taxes	60.7	60.6	81.2
	1,575.3	1,676.4	1,703.9
Current assets
Inventories	61.9	57.1	57.3
Receivables and other financial assets	941.5	1,057.3	1,242.2
Current tax assets	19.0	20.4	29.8
Other assets	43.7	43.8	60.6
Marketable securities	0.0	0.0	330.1
Cash and cash equivalents	509.8	499.8	495.7
Assets classified as held for sale	0,0	0.0	0.0
	1,575.9	1,678.4	2,215.7
Total	3,151.2	3,354.8	3,919.6

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

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Consolidated Balance Sheet: Equity & liabilities

in € million	September 30,	December 31,	September 30,
2020	2019	2019
Equity
Equity attributable to shareholders of Bilfinger SE	1,005.1	1,165.3	1,146.5
Attributable to minority interest	-10.0	-12.4	-12.5
	995.1	1,152.9	1,134.0
Non-current liabilities
Provisions for pensions and similar obligations	344.2	338.0	341.0
Other provisions	23.0	23.6	24.2
Financial debt	525.6	551.3	551.7
Other liabilities	0.1	0.0	0.2
Deferred taxes	4.2	4.3	40.7
	897.1	917.2	957.8
Current liabilities
Current tax liabilities	21.8	25.4	45.6
Other provisions	303.1	301.9	298.1
Financial debt	46.2	49.7	548.8
Trade and other payables	605.2	679.7	722.0
Other liabilities	282.7	228.0	213.3
Liabilities classified as held for sale	0.0	0.0	0.0
	1,259.0	1,284.7	1,827.8
Total	3,151.2	3,354.8	3,919.6

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

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Consolidated Statement of Cash Flows

		YTD			Q3
	in € million	2020		2019	2020		2019
	Cash flow from operating activities of continuing operations	97.2		-95.8	48.6	18.2
	- Thereof special items	-23.9		-49.7	-1.4		-14.5
	- Adjusted cash flow from operating activities of continuing operations	121.1		-46.1	50.0		32.7
	Net cash outflow for P,P&E and intangible assets	-18.7		-36.9	-6.0		-13.1
	Free cash flow from continuing operations	78.5		-132.7	42.6	5.1
	- Thereof special items	-23.9		-49.7	-1.4		-14.5
	- Adjusted free cash flow from continuing operations	102.4		-83.0	44.0	19.6
	Payments made / proceeds from the disposal of financial assets	5.2		143.2	1.8		-0.1
	Investments in financial assets	0.0		0.0	0.0	0.0
	Changes in marketable securities	0.0		-209.7	0.0		0.0
	Cash flow from financing activities of continuing operations	-65.2		285.8	-15.7		-15.1
	- Share buyback	0.0		0.0	0.0		0.0
	- Dividends	-7.3		-42.9	-0.8	-0.7
	- Repayment of financial debt / borrowing	-39.7		339.0	-12.8		-11.3
	- Interest paid	-18.2		-10.3	-2.1	-3.1
	Change in cash and cash equivalents of continuing operations	18.5		86.6	28.7		-10.1
	Change in cash and cash equivalents of discontinued operations	-5.8		-48.5	-0.7	-1.2
	Change in value of cash and cash equivalents due to changes in foreign exchange rates	-2.7		0.5	-0.9		0.1
	Change in cash and cash equivalents	10.0		38.6	27.1		-11.2
	Cash and cash equivalents at January 1 / July 1	499.8		453.8	482.7		506.9
	Change in cash and cash equivalents of assets classified as held for sale	0.0		3.3	0.0		0.0
	Cash and cash equivalents at September 30	509.8		495.7	509.8		495.7
Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020							page 27

Balance Sheet items relevant for valuation

in € million	Jun. 30, 2020	Sep. 30, 2020
Cash, cash equivalents and	483	510
marketable securities
Financial debt	-373	-373
Net cash (+) / net debt (-)1)	110	137
Pension provisions	-350	-344
Financial assets (Apleona PPN / book value)	240	240
Future cash-out special items	approx. -80	approx. -80

1. Without leasing liabilities of -199 (Sep. 30), -218 (Jun. 30)

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

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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. Such statements made within this document are based on plans, estimates and projections as they are currently available to Bilfinger SE. Forward-looking statements are therefore valid only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Apart from this, a number of important factors could therefore cause actual results to differ materially from those contained in any forward- looking statement. Such factors include the conditions in worldwide financial markets as well as the factors that derive from any change in worldwide economic development.

This document does not constitute any form of offer or invitation to subscribe for or purchase any securities. In addition, the shares of Bilfinger SE have not been registered under United States Securities Law and may not be offered, sold or delivered within the United States or to US persons absent registration under or an applicable exemption from the registration requirements of the United States Securities Law.

Bilfinger SE | Quarterly Statement Q3 2020 | November 12, 2020

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