BEST – Bilfinger

Bilfinger Berger SE Company Presentation | September 25, 2012 Page 24Significantly higher earnings due to capital gainsin € million 6m 2011 6m 2012 FY 2011 CommentsOutput volume 4,028 4,125 8,476EBITA 170 245 397EBITA margin 4.2% 5.9% 4.7%Amortization -17 -20 -36EBIT 153 225 361• Influenced by special items• Depreciation of €57 million• Effects from first-time consolidation: €14 million• No material FX effects• Further increase due to first-time consolidation(FY 2012: up to €50 million)Net interest result -17 -12 -30 • Improvement mainly due to lower interest expenseEBT 136 213 331Income taxes -45 -52 -109Earnings after taxes from continuing operations 91 161 222Earnings after taxes from discontinued operations 174 0 174Minority interest -1 0 -2Net profit 264 161 394• Positively influenced by tax-free capital gains, partlyoffset by non-tax-deductible Ararat write-off• Underlying tax rate @32%• Prior year including capital gain from Valemus• of €161 million