Now we're focusing on integrating our new colleagues in Holland, Belgium, and Germany. We've already initiated this process. Approximately 2,700 employees will be joining us, and we extend a warm welcome to them. In the market, the new business will operate under the unified brand of Bilfinger. Over the next twelve to fifteen months, the Stork operations will be largely transitioned into Bilfinger operations. We're aiming for full integration. Unlike in the past, when acquisitions were made and sometimes left to run independently, we're now integrating acquisitions fully. This includes aspects such as organization, IT, and brand alignment.

We've structured the acquisition in a way that any surplus workforce will remain with the seller, Fluor. However, there will be some restructuring within the acquired businesses. This will incur a cost in the low single-digit million range. The administration will be affected, but there won't be any layoffs among the skilled workers in operational roles. These employees are the asset, and it's primarily because of them that we're making the acquisition. Additionally, we'll be investing in IT, infrastructure, and automation.

Until recently, Stork and Bilfinger were competitors, so we didn't have all the information regarding business details. Based on our assessment, there are several contracts that can be executed much more efficiently. In particular, a joint approach to customers should lead to better margins. Bilfinger has recently established a new lean and efficient functional organization, into which Stork will be fully integrated. We're confident that we'll bring the Stork margin in line with the group level in a manageable timeframe. We'll achieve a lot in this regard even within the current year.

We'll communicate this at the Capital Markets Day on June 12. By then, we'll have sufficient data for a reliable forecast. Currently, this isn't the case, as we were in competition until now.

No. We conducted extensive due diligence and particularly scrutinized the risk projects. The risk assessments are documented in the purchase agreement. If they're not sufficient, it's at the expense of the seller. Until the closing, we had limited insight into the current business performance. However, Stork, like us, operates with long-term framework contracts. There hasn't been much change since the contract was signed in September 2023. We're now examining each individual operation and consolidating this into the new forecast.

The strategy is to expand the core business in existing regions. It involves expanding the core portfolio around engineering, manufacturing, assembly, maintenance, insulation, and scaffolding. The focus is primarily on the growth markets of the Middle East and the US. We're also interested in certain areas in Europe. Currently, we're working on a project in Scandinavia. In Germany, we're so broadly positioned that there's no need for M&A.

Due to its size and growth rates, the US market is highly interesting. If we were only active in Europe, Bilfinger would be very susceptible to economic risks. Analysts and the rating agency S&P value geographical diversification. In recent years, Bilfinger overextended itself in large assembly projects in the US several times. We withdrew from these projects. For the past two years, we've been making stronger inroads into the huge maintenance market. But acquiring framework contracts takes time.

The firepower is in the range of several hundred million euros. In discussions with the rating agencies and at the Bank Day in March, there was a lot of positive feedback on the business development. The banks are ready to support us in acquisitions.

That depends on the purchase prices. Roughly speaking, starting from the current annual revenue of around 5 billion euros, we could finance about 20 to 25% additional external growth over the next few years.

Bilfinger was once a construction conglomerate, then evolved into a multi-service company, and now it's purely an industrial services provider. I've been with Bilfinger for 35 years and have witnessed all these transformations. Currently, our focus is on truly integrating the operational units and establishing a clearly structured organization. The loss-makers have all been sold off. There's nothing left.

The bond market was challenging last year when refinancing was due. Promissory notes were more attractive in terms of pricing. We raised 175 million euros, two-thirds over three years and one-third over five years. The average coupon rate is 5.5%. Refinancing is due again in 2025. Therefore, maintaining an investment-grade rating is important. Our core banks already rate us internally as such. S&P could follow suit in the next step.

Bonds remain an option. We want to have that tool available. The bond market has completely turned around. It's become very receptive.

That's a good question. It's difficult to specify a limit. We have contracts that yield less than 5%, while others yield much more. There are also contracts with a 20% revenue margin. In the US, margins are generally higher than in Europe, ranging from 9 to 10%. For our business, which is primarily focused on Europe, aiming for 6 to 7% is ambitious. Compared to competitors, this goal places us in the upper third. We'll achieve this goal with the implementation of the newly formulated strategy.

The return to the MDax and our strong stock performance are evidence of the successful implementation of our strategy and the attractiveness of our investment case. Additionally, the sale of Cevian shares increased the free float. As a result of the index promotion, investor interest has already increased significantly. Index-oriented funds had to buy.

I consider that unlikely. In the Deutsche Börse ranking, Bilfinger was ranked 84th at the time of admission. This places us above rank 90, which is required to remain in the MDax. Therefore, we expect to stay in the Mid-Cap index.

We have a constructive dialogue with Cevian and receive a lot of support, especially in capital market activities. We don't know the timeline Cevian is pursuing. Cevian has an excellent reputation, and like all our investors, they have an interest in Bilfinger's successful development.

I don't know. We'll take it as it comes.

These discussions have become much quieter. From a strategic point of view, there's currently no apparent interest. Furthermore, due to the strong stock performance, an acquisition by financial investors has become much more difficult.

The minimum dividend was set years ago during difficult times to keep the stock attractive. We've kept it in place, but we don't orient ourselves by it. The key is the statement to distribute 40 to 60% of the adjusted net income.

Matti Jäkel is one of Bilfinger's veterans. He has been working for the company for 35 years and has witnessed the long restructuring process of the former construction giant into a multi-service company and then an industrial services provider. Since July 2022, he has been the Group CFO of Bilfinger. Born in 1961, Jäkel, who enjoys long-distance running and golf, studied business administration and civil engineering. He has played a central role in shaping the development of the current core business since 2010.