Aims and Outlook

Outlook 2012
Bilfinger Berger anticipates positive development in all business segments in the current financial year. Potential acquisitions have not been taken into account in the following forecasts.

Beginning in financial year 2012, Bilfinger Berger will use EBITA (earnings before interest, taxes and amortization on intangible assets from acquisitions) as a key performance indicator for operating profit. In addition, a change in the allocation of headquarters administrative costs will lead to an increase in the earnings margins of the business segments of approximately 0.3 percentage points and to a corresponding burden for headquarters. This change has no impact on the earnings of the Group. The following statements have been made on a comparable basis.

• Industrial Services:
  Following strong growth in the reporting year, a moderate increase in output volume is expected for 2012 in light of the cautious outlook for the process industry. Growth in the EBITA margin is nonetheless anticipated.
• Power Services:
  Driven by strong international demand, output volume is expected to grow at a higher rate than in the reporting year along with a further increase in the EBITA margin.
• Building and Facility Services:
  The planned sale of a majority stake in the engineering and services activities of Bilfinger Berger Nigeria GmbH means that output volume in the business segment will decline overall in 2012. Adjusted for this effect, a slight increase in output volume is anticipated. Despite this change and an increasingly competitive environment, earnings above those in the reporting year and a further increase in the EBITA margin are expected.
• Construction:
  Austerity measures initiated by the public sector will lead to weaker demand for civil engineering. Regardless of this development, output volume in the business segment will decline following the completion of a major project and reach the magnitude that has been planned for some time. The improved risk structure and the increasing focus on higher margin activities will allow for a further increase in the EBITA margin.
• Concessions:
  The sale of 18 PPP projects to the infrastructure fund will lead to a capital gain of about €50 million, but also to a decline in operating profit generated from the operation of the projects.
  Overall, EBITA will double.
• Earnings not allocated to the business segments:
  Earnings not allocated to the business segments will be burdened by the change in the allocation of headquarters administrative costs. In addition, costs for measures related to the strategic initiative BEST (Bilfinger Escalates Strength) will have a temporary impact. Counter to this, expected capital gains from the reduction of the investment in the Nigeria business will have a positive effect on earnings.

Output volume for the Bilfinger Berger Group – without taking potential acquisitions into account – will decrease as a result of a further focusing in the Construction business segment and the deconsolidation of the Nigeria business. Net profit for the Group in 2012 will be significantly higher than the figure from financial year 2011 of €220 million, adjusted for earnings from discontinued
operations. Increasing margins and the previously mentioned capital gains will lead to a substantial rise in EBITA.

Attractive dividend yield
The Executive Board will propose to the Annual General Meeting – subject to a resolution by the Supervisory Board – that a dividend of €2.50 per share plus a bonus from the capital gain from
Valemus Australia in the amount of €0.90 be paid out. The dividend is thus expected to increase to €3.40 per share (2010: €2.50), and the total dividend distribution will increase to €150 million (2010:
€110 million). In relation to the share price at the end of 2011, this represents an attractive dividend yield of 5.2 percent.

All figures for financial year 2011 are preliminary. The final figures for the past financial year and the annual financial statements will be available in the Annual Report, which will be published in
time for the annual press conference on March 21, 2012. The Annual General Meeting of Bilfinger Berger SE will be held in Mannheim on May 10, 2012.

Ambitious goals for the future
Bilfinger Berger has established ambitious goals for the future. The mid-term strategic outlook calls for an increase in output volume of up to 50 percent by 2016. At the same time, net profit should be
doubled. To achieve these goals, Bilfinger Berger will rely on both organic and acquisitional growth. By the year 2016, substantially more than €1 billion will be invested in the acquisition of
companies, particularly for the expansion of services business.