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Annual Report 2007 Key Figures

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Annual Report 2007 Key Figures Annual Report 2007 Key figures € million 2005 2006 2007 Output volume 7,061 7,936 9,222 Orders received 7,545 10,000 11,275 Order backlog 7,001 8,747 10,759 Capital expenditure 330 370 268 Property, plant and equipment 102 136 204 Financial assets 228 234 64 Employees (at year-end) 55,346 49,141 52,723 Balance sheet Balance-sheet total 4,357 5,129 6,110 Equity capital 1,189 1,206 1,311 Equity ratio in % 27 24 21 Working capital - 645 - 641 - 691 Cash and cash equivalents 832 783 796 Liabilities to banks, recourse 128 139 111 Liabilities to banks, non-recourse 495 827 1,362 Capital employed 1,391 1,384 1,548 Earnings EBITA 115 180 242 Net profit 66 92 134 Cash flow from operating activities 188 207 325 Cash flow per share in € 5.09 5.57 8.74 Earnings per share in € 1.80 2.48 3.60 Dividend per share in € 1.00 1.25 1.80 Profitability Return on output (EBITA/output volume) in % 1.6 2.3 2.6 Return on equity (ROE) in % 5.9 8.1 10.9 Return on capital employed (ROCE) in % 10.9 16.3 18.7 Value added -2 80 126 Business segments Civil € million 2007 2006 Δ in % Output volume in % Output volume 3,647 2,973 +23 Abroad 80 Orders received 4,528 4,580 -1 Germany 20 Order backlog 5,507 4,706 +17 Capital expenditure 112 73 +53 EBITA +58 +43 +35 Employees 16,440 14,628 +12 Building and Industrial € million 2007 2006 Δ in % Output volume in % Output volume 1,965 2,069 -5 Abroad 58 Orders received 2,596 2,053 +26 Germany 42 Order backlog 2,385 1,754 +36 Capital expenditure 8 4 +100 EBITA +24 +22 +9 Employees 3,520 3,745 -6 Services € million 2007 2006 Δ in % Output volume in % Output volume 3,606 2,881 +25 Abroad 58 Orders received 4,125 3,345 +23 Germany 42 Order backlog 2,844 2,285 +24 Capital expenditure 82 52 +58 EBITA +180 + 123 +46 Employees 32,196 30,218 +7 Concessions Number/€ million 2007 2006 Δ in % Equity investments in % Projects in portfolio 18 15 +20 Abroad 94 thereof, under constr. 9 8 +13 Germany 6 Committed equity 161 137 +18 thereof, paid-in 71 56 +27 EBITA -2 -4 Employees 114 105 +9 Bilfinger Berger is an internationally active con- and abroad. We concentrate on regions in which struction and services Group. As a leading Multi we have good knowledge of the market, particu- Service Group in the fields of real estate, industri- larly in the building construction business. The al plant and infrastructure, we are able to offer Group’s operations comprise the business seg- our customers holistic solutions. Our long-term ments Civil, Building and Industrial, Services and corporate strategy aims to consistently extend Concessions. our leading position in our markets in Germany The focus of the Civil business segment’s activi- the ability to successfully implement large-scale ties is outside Germany. Its core markets are Aus- infrastructure projects are well known to public- tralia, European and African countries, Canada sector clients and form an important foundation and the Gulf region. Our technical expertise and of our success. The Building and Industrial business segment ach, including advice, design, turnkey construc- comprises our Building division in Germany and tion, development, financing, maintenance and the building and industrial activities of our sub- operation. With this business model, we offer our sidiaries in Australia and Nigeria. In this seg- core customers clear added value and set oursel- ment, to a large extent we adopt a holistic appro- ves apart from the competition. The Services business segment is divided into the struction. Facility Services provides services con- Industrial Services, Power Services and Facility nected with office buildings, sport centers, event Services divisions. Industrial Services provides centers, hospitals and prisons – from individual comprehensive services to its customers in the solutions to integrated services. We undertake processing industry for the maintenance, repair challenging tasks in the health sector as well as and modernization of their production plants. the maintenance and operation of complex buil- Power Services’ activities range from repair and ding equipment or the portfolio and asset maintenance to efficiency enhancements and management of whole groups of real-estate pro- lifetime extensions for power plants, as well as perties. the supply of components for power plant con- The Concessions business segment encompasses struction. Its key markets are Australia, the Uni- Bilfinger Berger’s private-sector concessions busi- ted Kingdom, other countries of the European ness. The segment concentrates on transport Union, Germany and Canada. infrastructure and public-sector building con- Contents 5 Foreword 7 Bilfinger Berger AG Executive Board 8 Taming traffic in a tropical paradise 12 In the heart of the city 16 The secret of the long serpent 22 The race to reduce CO2 28 Building a bridge to the west 32 The Bilfinger Berger shares 36 Corporate governance report 39 Compensation report 44 Report of the Supervisory Board 50 Group management report 50 Overview of 2007 54 The Bilfinger Berger Group 56 Economic environment 60 Business developments 66 Development of the business segments 90 Research and development 94 Procurement 96 Communications and marketing 98 Human resources 102 Sustainability 106 Risk report 111 Additional disclosure details pursuant to Section 315 of the German Commercial Code (HGB) 112 Events after the balance-sheet date 112 Outlook 114 Responsibility statement 115 Auditor’s report 116 Consolidated financial statements 2007 120 Notes to the consolidated financial statements 168 Return-on capital-employed controlling 171 Principal consolidated subsidiaries 172 Boards of the Company 176 Glossary 180 Ten-year overview 182 Financial calendar 4 5 Foreword Dear Shareholders and Business Associates, Ladies and Gentlemen, Bilfinger Berger improved its performance once again in financial year 2007, achieving record levels in several key areas. Especially noteworthy was the fact that EBITA again grew at a rate greater than output volume. The positioning as a Multi Service Group for real estate, industrial plants and infra- structure is being well-received by the market. Innovation and an international orientation are the motors of our success. Through the consistent expansion of our services and concessions businesses, we have achieved a fundamental improvement in our economic foundation and limited our dependence on economic cycles. With strong increases in all of its key figures, the Services business segment again exceeded expectations in an impressive fashion. In addition to robust organic growth, several acquisitions also contributed to this development. In the civil engineering business, too, margins were improved and important projects were won, leading to a high backlog of quality orders. Capacities in the business segment were fully utilized in 2007. Whether in the expansion of subways in Cologne or Düsseldorf, in the installation of founda- tions for an offshore wind park in the North Sea or in the construction of a complete residential district in Doha on the Arabian Gulf – our competence in complex major projects is in demand in all of our markets. We also made progress in our Building and Industrial business segment despite a difficult situa- tion on the German market. We improved earnings in the segment due, in particular, to pleasing developments in Australia, where strong demand put us in the position of being able to choose new projects very selectively according to earnings and risk considerations. In the Concessions business segment, we invested in new projects and further increased the value of our portfolio in 2007. Successful project acquisitions include schools in the United Kingdom and a highway in Canada. We will continue to vigorously pursue the opportunities that arise in our markets in the future. Not only will Europe have an important role to play, but also Australia, the Arabian Gulf and Canada. We are well-positioned in these markets and anticipate further growth. Opportunities also exist in our home market, for example in the area of PPP: the Federal Minister of Finance has demanded that 15% of all public sector investments be carried out on the basis of privately-financed models. And although that remains a distant goal, at least there are a growing number of projects being imple- mented by public sector clients using this procurement model. 6 7 Foreword As in the past, the Services business segment, in which we are very well-positioned with our Indus- trial Services, Power Services and Facility Services divisions, will continue to hold the greatest poten- tial for growth. In accordance with our strategy, we are growing not only organically, but continue to look for suitable acquisition opportunities. With the takeover of the industrial services activities of Norsk Hydro at the beginning of the year, we managed to significantly expand our business in Scandinavia and assume a leading position in this market. Environmental protection presents our company with challenges, but more importantly, it brings with it opportunities for growth. Our engineering expertise is needed on many fronts, in sustainable construction, for example, or in securing the supply of drinking water in Australia. In all areas of our business we are developing resource-friendly and environmentally suitable products and services and are offering our clients solutions that optimize expenditure and consumption over the entire lifecycle of structures and plants. In real estate, increasing sustainability requirements are closely linked to the lifecycle approach. Our services in this area range from development and design through to the construction of projects as well as long-term operation and revitalization. To not only discover opportunities on the market, but to consistently translate them into business success requires outstanding employees.
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