Aims and Outlook

Bilfinger Berger has created the right basis for its ongoing positive corporate development. In line with our strategic goals, we are reducing the volume of our construction activities and pushing ahead with the expansion of our services business. The Group’s sound finances give us the necessary scope to pursue this strategy.

As previously reported, we have disposed of our subsidiary Valemus Australia, formerly Bilfinger Berger Australia. Thus we will report on the business in Australia as discontinued operations, separately from our continuing operations.

Increased output volume and earnings planned for full year

• In full-year 2011, we anticipate slight growth in output volume generated by continuing operations without taking potential acquisitions into account – to a magnitude of €8.2 billion and an increase in EBIT to an amount of about €350 million. This corresponds to an increase of approximately 9 percent as compared to the adjusted figure from the prior year which included a special effect from the sale of shares in concession projects in the amount of €21 million. Due to the gain realized on the sale of Valemus Australia, we expect net profit to increase to approximately €380 million in 2011. It will therefore be substantially higher than the net profit of €284 million posted in 2010.
• For full-year 2011,we expect the Industrial Services business segment to increase its output volume to €3.1 billion and to achieve further growth in earnings.
• We anticipate an output volume of a good €1.1 billion and another increase in earnings for the full year in the Power Services segment.
• In the Building and Facility Services business segment we expect for the full year unchanged output volume of €2.3 billion in combination with increased earnings.
• For full-year 2011, we expect the Construction business segment to achieve output volume of €1.7 billion and thus in the magnitude of the prior-year figure. Due to the improved risk structure, we anticipate a further increase in the EBIT margin.
• We expect the Concessions business segment to achieve an EBIT in the magnitude of the prior year figure, adjusted for the capital gain from the sale of equity interests, of €19 million.

We anticipate growth in both output volume and EBIT in 2012.

In total, we aim for an EBIT margin of at least four percent at Group level.

We want our shareholders to participate in the Group’s success in the form of an attractive dividend. In the coming years, we will apply the proceeds from the sale of our activities in Australia to support the further expansion of our services business. The volume of additions to our financial assets in 2011 cannot yet be reliably estimated. Also in the future, we intend to make corporate acquisitions only after thorough reviews and for reasonable prices. Capital expenditure on property, plant and equipment in 2011 and 2012 is likely to be somewhat higher than last year.