Bertrandt Ag · XETR:BDT
Bertrandt — Investor Presentation (January 2024)
53 slides from Bertrandt's investor presentation, Jan 3, 2024
Slide 1: Investor Presentation Bertrandt AG
Investor Presentation Bertrandt AG Markus Ruf, Björn Voss January/February 2024
Slide 2: At A Glance
At A Glance Bertrandt AG 1 Investor Presentation | Bertrandt AG I January/February 2024
Slide 3: Bertrandt Group: Driving Engineering and Digitization
Bertrandt Group: Driving Engineering and Digitization Founded by Total Revenues >14,000 More than 50 locations globally Investor Presentation | Bertrandt AG I January/February 2024 Harry Bertrandt FY 2022/23: EUR 1.16bn employees RoW Non-Automotive 17% ~10% Automotive Porsche AG ~90% Free Float 28.9
Slide 4: Expert Organization
Expert Organization Product Investor Presentation | Bertrandt AG I January/February 2024 Electronics Physical Industries Aerospace AM Engineering Smart Production Commercial Software Experts Design Solutions Testing Solutions Solutions Aviation Autonomous Simulation eMobility Customer DS Mobility So
Slide 5: Sustainability part of Group strategy
Sustainability part of Group strategy − Holistic sustainability approach with the overarching goal of CO2 neutrality by 2039 Investor Presentation | Bertrandt AG I January/February 2024 − Concrete individual measures defined and implemented − Clear targets for environmental, social and governance is
Slide 6: HR: Successful national/international recruiting and retention
HR: Succesfull national/international recruiting and retention Historical employee development 14,276 13,664 >170,000 13,179 CVs 2022/23 Investor Presentation | Bertrandt AG I January/February 2024 12,335 12,030 >1,000 14,276 25% nearshore Workforce employees 2018/2019 2019/2020 2020/2021 2021/2022
Slide 7: Key figures and outlook
Key figures and outlook 1,227-1,267 5-7%88.7 margin Total revenues EBIT 1,157 (EUR million) (EUR million) 1,060 994 1,021 1,009 72.1 917 849 62.9 60.3 50.1 41.7 Investor Presentation | Bertrandt AG I January/February 2024 20.0 15.2 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/202
Slide 8: Corporate Strategy
Corporate Strategy 7 Investor Presentation | Bertrandt AG I January/February 2024
Slide 9: Markets And Customer Environment
Customer Markets And Environment 9 Investor Presentation | Bertrandt AG I January/February 2024
Slide 10: Automotive
Automotive Investor Presentation | Bertrandt AG I January/February 2024 ▪ Strong unit sales in 2023, but ▪ Model variety of e-cars ▪ Global delivery required outlook muted according to ifo increasing survey (December 2023) ▪ Broad skill-set and know- ▪ Focus on Electronics/Software how mandatory ▪ T
Slide 11: Aerospace
Aerospace − Climate-neutral flying as top priority and linked to new aircraft development Investor Presentation | Bertrandt AG I January/February 2024 − Customers enjoy sound orders − Rising demand in the non-civil sector − Transnational set-up mandatory 11
Slide 12: Industries
Industries Investor Presentation | Bertrandt AG I January/February 2024 Electrical industry: Medical technology: Mechanical & Plant Engineering: Forecast 2024: Forecast 2024: Forecast 2024: Europe +3.0% Cautiously optimistc Germany -2% Germany +1.0% 12
Slide 13: Investment Highlights & Opportunities
Investment Highlights & Opportunities 13 Investor Presentation | Bertrandt AG I January/February 2024
Slide 14: Global and industry specific mega trends drive R&D
Global and industry specific mega trends drive R&D Global Trends Industry Specific Trends ▪ eMobility ▪ Cyber Security Investor Presentation | Bertrandt AG I January/February 2024 ▪ aMobility ▪ Shared mobility ▪ Connected systems ▪ Regulation ▪ Over-the-air updates ▪ Lightweight, new materials Digit
Slide 15: The automotive R&D market
The automotive R&D market 250 25 ▪ Global automotive R&D market 215 € bn 200 20 ▪ EUR 215bn in 2030f (CAGR 2020-2030f: +3.2%) 183 € bn 20.5 164 € bn 152 € bn 159 € bn 157 € bn 150 15 16.0 ▪ E/E & SW R&D as major growth driver 100 11.1 12.8 12.5 10 ▪ 2020: EUR 53bn, 2030f: EUR 104bn (CAGR: +7.0%) 10.
Slide 16: R&D investments steadily growing and resilient
R&D investments steadily growing and resilient ▪ OEM R&D budgets driven by megatrends: R&D expenditures ▪ Digitization 45 ▪ Sustainable & Autonomous mobility 40 ▪ Connectivity Investor Presentation | Bertrandt AG I January/February 2024 ▪ Innovations 35 30 ▪ Total R&D investments by German automotiv
Slide 17: Outlook ESP: size matters
Outlook ESP: size matters Investor Presentation | Bertrandt AG I January/February 2024 Larger and more holistic R&D projects; emergence of an ESP tier-1 landscape 17
Slide 18: Outlook ESP: know-how matters
Outlook ESP: know-how matters Investor Presentation | Bertrandt AG I January/February 2024 Large ESPs with comprehensive expertise in breadth and depth along the megatrends in demand 18
Slide 19: Outlook ESP: international set-up matters
Outlook ESP: international set-up matters Investor Presentation | Bertrandt AG I January/February 2024 Customer proximity through international presence Competitive R&D capacity 19
Slide 20: Our test centers enable clients to become more sustainable
Our test centers enable clients to become more sustainable Investor Presentation | Bertrandt AG I January/February 2024 High-voltage battery test center Powertrain Solution Center* ▪ 24 HV channels ▪ 8 all-wheel-drive climatic and 2 height chambers ▪ 9,600 kW HV ▪ Altitude simulation up to 5,000 m ▪
Slide 21: Bertrandt Medical
Bertrandt Medical ▪ Expansion of resources and service portfolio to meet special medical technology requirements ▪ Classic product development Investor Presentation | Bertrandt AG I January/February 2024 ▪ Increased demand for quality management, regulatory affairs, risk management, equipment qualif
Slide 22: M&A strategy
M&A strategy M&A is part of Group strategy: Strategic fit Investor Presentation | Bertrandt AG I January/February 2024 ▪ to broaden technical and engineering skills ▪ to deepen and to enlarge customer footprint ▪ to expand global delivery ▪ to improve cooperation network Reasonable M&A Selective pri
Slide 23: Acquisition of Concept AG (July 2023)
Acquisition of Concept AG (July 2023) Concept AG is a consulting company specialized in Concept AG the fields of performance optimization, digital Investor Presentation | Bertrandt AG I January/February 2024 productivity tools and turnaround advice. The focus HQ Stuttgart ~ 29 Founded 1997 is to imp
Slide 24: Acquisition of evopro AG (October 2023)
Acquisition of evopro AG (October 2023) Evopro offers cross-technology solutions in evopro AG automation technology and mechanical engineering, Investor Presentation | Bertrandt AG I January/February 2024 for example in the field of image processing and HQ Regensburg ~ 90 MBO 2019 robotics. Evopro a
Slide 25: Diversification: production-related consulting and services
Diversification: production-related consulting and services Investor Presentation | Bertrandt AG I January/February 2024 Profit and liquidity optimization, increased Sustainability, automation, digitalization, Optimization of value creation, quality productivity, transparency resilience improvement,
Slide 26: Dividend policy: reliable payout for shareholders
Dividend policy: reliable payout for shareholders*** 3.00 58% 60% 2.45 2.50 2.50 2.50 2.40 50% 2.20 43% 41% 41% 41% 40% 39% 39% 40% 40% 2.00 40% 2.00 40% Payout ratio Investor Presentation | Bertrandt AG I January/February 2024 1.60 1.50 30% 1.20 1.00 0.85 20% 0.50 0.27 10% 2.4% 2.4% 2.6% 2.6% 2.9%
Slide 27: Fiscal year 2022/2023
Fiscal year 2022/2023 27 Investor Presentation | Bertrandt AG I January/February 2024
Slide 28: Highlights FY 2022/2023
Highlights FY 2022/2023 − High research and development investments for innovations, competitive products and regulatory requirements Investor Presentation | Bertrandt AG I January/February 2024 − Total sales up 15% to a new record of EUR ~1.16bn, upper end of the increased forecast − Record number
Slide 29: Highlights Internationalization
Highlights Internationalization − Successful site opening in Morocco: presence on four continents − Internationalization rate of employees at 25% Investor Presentation | Bertrandt AG I January/February 2024 − Romania with ~1,000 employees − Around 30% growth in total sales abroad − EBIT of foreign s
Slide 30: FY 2022/2023 at a glance
FY 2022/2023 at a glance Investor Presentation | Bertrandt AG I January/February 2024 Total sales Employees EBIT EPS Equity EUR 1.157bn 14,276 EUR 50m EUR 3.01 EUR 455m +15% +8% +20% +44% Ratio: 47.5% 30
Slide 31: Q4 2022/2023 at a glance
Q4 2022/2023 at a glance Investor Presentation | Bertrandt AG I January/February 2024 Total sales Employees EBIT EPS Dividend* EUR 299.2m 14,276 EUR 17.4m EUR 1.16 EUR 1.20 +11% +8% +10% +29% +41% *Proposal to AGM 31
Slide 32: Total sales above pre-pandemic level
Total sales above pre-pandemic level − Increased demand and project awards as well as successful project acquisition − Active inflation management Investor Presentation | Bertrandt AG I January/February 2024 1,157.411 − Temporary and project-related increased use of 1,059.870 external services 1,009
Slide 33: Positive development in all segments
Positive development in all segments Digital Engineering: Noticeable growth thanks to increased project awards Segment margin 5.3% -2.6% 7.1% and recovery in France +15.6% yoy Investor Presentation | Bertrandt AG I January/February 2024 600.000 563.167 Physical Engineering: 500.000 487.354 +19.6% yo
Slide 34: Further increase in EBIT
Further increase in EBIT − EBIT benefits from increased capacity utilization and cost discipline 6% − General inflation as a burden; Investor Presentation | Bertrandt AG I January/February 2024 70.000 5.7% countermeasures, such as price increases, 5% only take full effect with a time lag 60.322 60.0
Slide 35: Key expense ratios
Key expense ratios Personnel expenses (in EUR m) D&A (in EUR m) Other operating expenses (in EUR m) 2021/2022 2022/2023 2021/2022 2022/2023 2021/2022 2022/2023 Investor Presentation | Bertrandt AG I January/February 2024 -740.314 -81.108 -839.677 -91.351 -56.976 -56.247 − Employee growth − D&A sligh
Slide 36: Factors influencing total operating performance and EBIT
Factors influencing total operating performance and EBIT Sickness rate (H1 2022/2023) Inflation: Investor Presentation | Bertrandt AG I January/February 2024 M&A − Inflation adjustment premium activities − Cost effects − Countermeasures (e.g. price increases) 19.806 € 12.138 Ramp-up test centers Emp
Slide 37: Earnings performance
Earnings performance EPS (in EUR) EBT Profit after taxes 3.01 Investor Presentation | Bertrandt AG I January/February 2024 (in EUR m) (in EUR m) 30.444 40.099 +44% 2.09 32.797 21.134 2021/2022 2022/2023 2021/2022 2022/2023 2021/2022 2022/2023 37
Slide 38: Overview P&L
Overview P&L 2022/2023 2021/2022 comparison EUR million % of total EUR million % of total EUR million % Total revenues 1,157.411 100 % 1,009.159 100 % 148.252 15 % Other operating income 12.138 1% 19.806 2% -7.668 -39 % Investor Presentation | Bertrandt AG I January/February 2024 Raw materials and c
Slide 39: Financial position and net assets
Financial position and net assets − Investment focus: environmentally friendly individual mobility, autonomous and connected systems 65.219 − CapEx further reduced and at the lower end of the Investor Presentation | Bertrandt AG I January/February 2024 forecast range 51.638 − Additional cash outflow
Slide 40: Financial position and assets
Financial position and assets Equity and equity ratio Cash flow from operating activities Free cash flow (in EUR m) (in EUR m) (in EUR m) 47.5 % 8.961 454.627 Investor Presentation | Bertrandt AG I January/February 2024 45.2% 56.900 431.846 7.107 38.459 2021/2022 2022/2023 2021/2022 2022/2023 2021/2
Slide 41: KPIs Balance Sheet
KPIs Balance Sheet Item (EUR m) 2022/2023 2021/2022 Comment Non-current assets EUR 423m EUR 444m End of investment cycle, D&A, net deferred taxes Working capital EUR 345m EUR 294m Increase of contract assets Investor Presentation | Bertrandt AG I January/February 2024 Cash and cash equivalents EUR 1
Slide 42: Dividend policy: reliable payout for shareholders
Dividend policy: reliable payout for shareholders*** 3.00 58% 60% 2.45 2.50 2.50 2.50 2.40 50% 2.20 43% 41% 41% 41% 40% 39% 39% 40% 40% 2.00 40% 2.00 40% Payout ratio Investor Presentation | Bertrandt AG I January/February 2024 1.60 1.50 30% 1.20 1.00 0.85 20% 0.50 0.27 10% 2.4% 2.4% 2.6% 2.6% 2.9%
Slide 43: Employees 2022/2023
Employees 2022/2023 Employees as of September 30th Historical employee development 14,276 14,276 >100 Investor Presentation | Bertrandt AG I January/February 2024 Nationalities in the 13,179 13,664 Group 13,179 +1,097 12,335 12,030 36.8 Years Average age 2021/2022 2022/2023 2018/2019 2019/2020 2020/
Slide 44: Summary and outlook
Summary and outlook − Total sales and headcount at record level − Increase in earnings thanks to better Investor Presentation | Bertrandt AG I January/February 2024 capacity utilization and active inflation management − Expansion of internationalization − Balance sheet strengthened − Megatrends and
Slide 45: Forecast
Forecast 45 Investor Presentation | Bertrandt AG I January/February 2024
Slide 46: Forecast FY 2023/2024
Forecast FY 2023/2024 − Challenging and regionally heterogeneous economic conditions − External factors (e.g. inflation, effects of geopolitical Investor Presentation | Bertrandt AG I January/February 2024 tensions) are outside the management's sphere of influence − Regulatory requirements, competit
Slide 47: Forecast 2023/2024
Forecast 2023/2024 Investor Presentation | Bertrandt AG I January/February 2024 70-110 5-7% Positive 25-40 million Euro growth EBIT margin Cash flow million Euro in total revenues (previous year: 4.3%) from operating activities CapEx 47
Slide 48: Summary: Reasons to invest
Summary: Reasons to invest Market leading positioning •Experienced expert organization •Long-lasting & established customer relations •Deep engineering know-how Growing and resilient R&D market Investor Presentation | Bertrandt AG I January/February 2024 •Mega trends •Innovation pressure •Regulation
Slide 49: Back-up
Back-up 49 Investor Presentation | Bertrandt AG I January/February 2024
Slide 50: Financial calendar
Financial calendar 14 February 2024 Q1 2022/2023 21. February 2024 AGM (Sindelfingen) Investor Presentation | Bertrandt AG I January/February 2024 15 May 2024 Q2 2022/2023, Capital Market Day (Ehningen) 05 August 2024 Q3 2022/2023 12 December 2024 FY 2022/2023, Investor, Analyst & Press conferences
Slide 51: Thank you very much
Thank you very much 51 Investor Presentation | Bertrandt AG I January/February 2024
Slide 52: Contact details
Contact details Markus Ruf Member of the Board, Finance Björn Voss Investor Presentation | Bertrandt AG I January/February 2024 Head of Group Investor Relations and M&A Bertrandt AG, Birkensee 1, 71139 Ehningen, Germany +49 7034 656 13076 bjoern.voss@bertrandt.com www.bertrandt.com 52
Slide 53: Disclaimer
Disclaimer This presentation contains, among other things, certain forward-looking statements about future developments that are based on management's current estimates. Such statements are subject to certain risks and uncertainties. If any of these or other uncertainties materialize, or if the assu