Bertrandt Ag · XETR:BDT
Bertrandt — FY2023/2024 Earnings Presentation
43 slides from Bertrandt's earnings presentation, Dec 12, 2024
Slide 1: Welcome to the annual report conferences
Welcome to the annual report conferences Please mute your microphone and leave your camera off during the event. Thank you! This conference will be recorded.
Slide 2: Agenda
Agenda 1. Market and customer review 2. Fiscal year 2023/2024 Annual Report Conferences | Bertrandt AG I December 12, 2024 3. Market outlook 4. Group forecast 5. Q&A 12.12.2024 2
Slide 3: Market and customer review
Michael Lücke review customer Market and 3 12.12.2024 Annual Report Conferences | Bertrandt AG I December 12, 2024
Slide 4: Overall view
Overall view − Solid first quarter: still increasing capacity utilization and successful project acquisition Annual Report Conferences | Bertrandt AG I December 12, 2024 − From second quarter: reduced capacity call-offs led to underutilization − Overall slow global economic growth with Germany still
Slide 5: Review of the automotive industry: entire industry in a transformation phase
Review of the automotive industry: entire industry in a transformation phase − German automotive industry particularly affected by ongoing transformation and changing Annual Report Conferences | Bertrandt AG I December 12, 2024 end-customer behavior − In addition to e-mobility, technological diversi
Slide 6: Review: all sectors affected by declining sales
Review: all sectors affected by declining sales Annual Report Conferences | Bertrandt AG I December 12, 2024 Aerospace Electrical industry Medical technology Mechanical & plant engineering − Focus on securing − Muted demand caused − Weaker industry − Muted demand caused production and supply by over
Slide 7: Impact on Bertrandt
Impact on Bertrandt − Structural changes in the automotive industry are increasing and have become more dynamic Annual Report Conferences | Bertrandt AG I December 12, 2024 − Internationalization of engineering work − Increasing proportion of global delivery requirements − Consolidation in the engin
Slide 8: Fiscal year 2023/2024
Markus Ruf, Björn Voss Fiscal year 2023/2024 8 12.12.2024 Annual Report Conferences | Bertrandt AG I December 12, 2024
Slide 9: Market environment FY 2023/2024
Market environment FY 2023/2024 − One of the most challenging and eventful reporting periods in 50 years of Bertrandt − Start into the year was decent, … Annual Report Conferences | Bertrandt AG I December 12, 2024 − favorable market environment for R&D − successful re-organization, internationaliza
Slide 10: Key points FY 2023/2024
Key points FY 2023/2024 − Total sales +2.5% yoy to EUR 1.187bn, but capacity utilization in Germany dropped in the course of FY 2023/2024 Annual Report Conferences | Bertrandt AG I December 12, 2024 − Strong growth abroad: sales +40% yoy to EUR 281m − Sales share outside of Germany at 24% (2022/2023
Slide 11: FY 2023/2024 at a glance
FY 2023/2024 at a glance Annual Report Conferences | Bertrandt AG I December 12, 2024 Total Sales Employees EBIT Free cashflow Equity EUR 1.187bn 14,028 EUR -98m EUR 55m EUR 364m 12.12.2024 +3% yoy -2% yoy (Non-IFRS: EUR +18m) +667% yoy Ratio: 41.4% 11
Slide 12: Strong international growth
Strong international growth EUR 1,187m EUR 1,157m 2022/2023 2023/2024 − Total sales up by EUR +29m (+2.5% yoy) − Organic growth: +1% yoy − Germany: -5.3% yoy Annual Report Conferences | Bertrandt AG I December 12, 2024 − Abroad: +39.8% yoy Q4 265.329 299.184 − Reduced capacity demand caused top-line
Slide 13: Heterogenous segment performance
Heterogenous segment performance Digital Engineering: +0.9% yoy Minor topline growth driven by foreign 610.603 605.080 subsidiaries and M&A effects; reduced 600.000 Annual Report Conferences | Bertrandt AG I December 12, 2024 call-offs in Germany +11.5% yoy 500.000 433.652 Physical Engineering: 400.
Slide 14: EBIT impacted by special items
EBIT impacted by special items − Special items of EUR -115.7m: − F3 restructuring charges (EUR -50.1m) 8% 60.322 − Impairments (EUR -51.1m: Physical Eng.) 60.000 50.080 Annual Report Conferences | Bertrandt AG I December 12, 2024 5.7% 6% − Other (-14.5m) 41.664 40.000 4.1% 4.3% 4% 20.040 20.000 15.1
Slide 15: Key expense ratios
Key expense ratios Personnel expenses (in EUR m) D&A (in EUR m) Other operating expenses (in EUR m) 2022/2023 2023/2024 2022/2023 2023/2024 2022/2023 2023/2024 Annual Report Conferences | Bertrandt AG I December 12, 2024 -56.247 -60.877 -51.149 -91.351 Impairment -100.541 -875.058 -50.062 -839.677 R
Slide 16: Earnings performance
Earnings performance EBT Profit after taxes EPS (in EUR m) (in EUR m) (in EUR) 40.099 30.444 Annual Report Conferences | Bertrandt AG I December 12, 2024 3.01 2022/2023 2023/2024 2022/2023 2023/2024 2022/2023 2023/2024 -7.64 12.12.2024 -109.821 -77.172 16
Slide 17: Summary: Group P&L KPIs
Summary: Group P&L KPIs Item (EUR m) 2023/2024 (% sales) 2022/2023 (% sales) Comment Annual Report Conferences | Bertrandt AG I December 12, 2024 +2.5% yoy; very dynamic international growth, slow-down in Total sales 1,187 - 1,157 - Germany Material expenses -154.201 13.0% -132.194 11.4% Project-rel
Slide 18: Transformation into asset-light business model
Transformation into asset-light business model − Investment focus: IT, maintenance − CapEx further reduced to lower end of Annual Report Conferences | Bertrandt AG I December 12, 2024 forecast and significantly below regular 65.219 D&A 51.638 − Additional cash outflow for M&A activities 38.299 31.02
Slide 19: Strong cashflow generation
Strong cashflow generation Cashflow from operating activities Free cashflow Equity, equity ratio (in EUR m) (in EUR m) (in EUR m, %) 54.524 47.5 % Annual Report Conferences | Bertrandt AG I December 12, 2024 454.627 76.884 41.4% 38.459 363.738 7.107 2022/2023 2023/2024 2022/2023 2023/2024 2022/2023
Slide 20: Balance sheet KPIs
Balance sheet KPIs 2023/2024 2022/2023 Item (EUR m) Comment (end of period) (end of period) Annual Report Conferences | Bertrandt AG I December 12, 2024 Balance sheet total 879.538 956.120 Impairment, D&A vs CapEx, WC improvement Working Capital (WC) 310.250 349.167 Release of working capital (contr
Slide 21: 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% Annual Report Conferences | Bertrandt AG I December 12, 2024 2.20 43% 41% 41% 41% 40% 39% 39% 40% 40% 2.00 40% 2.00 40% Payout ratio 1.60 1.50 30% 1.20 1.00 0.85 20% 0.25 0.50 0.27 10% 2.4% 2.4% 2.6% 2.6%
Slide 22: Employees 2023/2024
Employees 2023/2024 Quarterly development Historic employee development 14.276 14.028 13.664 13.179 12.335 12.030 3.526 3.980 111 Annual Report Conferences | Bertrandt AG I December 12, 2024 2.474 2.926 Nationalities 14.526 2.453 14.401 14.415 2.152 14.276 13.949 14.028 13.715 13.416 11.190 10.750 1
Slide 23: Market outlook
Michael Lücke Market outlook 23 12.12.2024 Annual Report Conferences | Bertrandt AG I December 12, 2024
Slide 24: Global car market expected to grow in 2025
Global car market expected to grow in 2025 Global market reaches pre-corona level in 2025. Annual Report Conferences | Bertrandt AG I December 12, 2024 +2 | 78,9 +1 | 77,3 12.12.2024 Source: VDA 24
Slide 25: Market growth across all main markets
Market growth across all main markets Major car markets expect higher unit sales. Annual Report Conferences | Bertrandt AG I December 12, 2024 1-9 2024 1-9 2024 1-9 2024 +2 % +1% +1 % 12.12.2024 +6 % +1 % +12 % +2 % +11 % Source: VDA 25
Slide 26: Outlook: Automotive
Outlook: Automotive − Car sales are slightly up worldwide in 2025 − Automotive continues to offer potential driven by Annual Report Conferences | Bertrandt AG I December 12, 2024 technological and competitive pressure as well as regulation − With R&D, German OEMs ensure their competitive edge − R&D
Slide 27: Outlook Aerospace: civil aviation & defence
Outlook Aerospace: civil aviation & defence Annual Report Conferences | Bertrandt AG I December 12, 2024 − Ongoing focus on securing production and supply chain − Increasing demand in the defence sector due to geopolitical conditions − R&D budget: reducing emissions, digitalization, safety 12.12.202
Slide 28: Outlook: Industries
Outlook: Industries − Electrical industry in stagnation phase (growth of 2% forecast for 2025) Annual Report Conferences | Bertrandt AG I December 12, 2024 − Mechanical and plant engineering: R&D activities in Germany and abroad expected to recover − The most important trend in the R&D area of medic
Slide 29: Outlook: Trucks & Buses and Rail
Outlook: Trucks & Buses And Rail Annual Report Conferences | Bertrandt AG I December 12, 2024 Trucks & Buses Rail − R&D budgets remain on high volume to shape future − Positioning as a development partner for manufacturers transportation and system suppliers in the rail industry − Gaining contributi
Slide 30: Strategy 2027
industries Automotive Extended Mobility Other Industries Strategy 2027 Our Consistent implementation of our Strategy 2027 with time-adjusted prioritization. markets Leading − Expansion of market position as leading international engineering service provider Europe USA China − Strengthening profitabi
Slide 31: Strategy 2027: deep-dive targets
Strategy 2027: deep-dive targets Business diversification Internationalization & global delivery Digitalization & AI Annual Report Conferences | Bertrandt AG I December 12, 2024 12.12.2024 31
Slide 32: Business Diversification
Business Diversification − Bertrandt is expanding its range of services outside of the automotive industry Annual Report Conferences | Bertrandt AG I December 12, 2024 − Recent acquisitions improved footprint in non-automotive o Industries: Concept and evopro o Aerospace: Philotech and Centum − Cont
Slide 33: Internationalization & Global Delivery
Internationalization & Global Delivery − Expansion of the globalization strategy − Scaling the platform in Europe, USA, China with existing and new customers Annual Report Conferences | Bertrandt AG I December 12, 2024 − Expansion of the footprint in Europe (especially Spain, but also on the local m
Slide 34: Digitalization & AI
Digitalization & AI − Use for: Increase in productivity, process efficiency, innovation − Internally: One data pool is used to Annual Report Conferences | Bertrandt AG I December 12, 2024 optimize and accelerate decision- making processes − Externally: o Automation o AI for use in software developme
Slide 35: Group Forecast
Markus Ruf Group Forecast 35 12.12.2024 Annual Report Conferences | Bertrandt AG I December 12, 2024
Slide 36: Forecast for fiscal year 2024/2025
Forecast for fiscal year 2024/2025 Annual Report Conferences | Bertrandt AG I December 12, 2024 Economic and Ongoing and Normalization in External factors (e.g. Regulatory political accelerated transfer capacity call-offs geopolitical tensions, requirements, environment of R&D into expected from H2
Slide 37: Fit For Future: earnings optimization program
Fit For Future: earnings optimization program implemented to compensate for market impact Portfolio measures Annual Report Conferences | Bertrandt AG I December 12, 2024 − Target utilization for Benefit machinery/equipment Restructuring Restructuring costs − Evaluation of BUs based Double-digit mill
Slide 38: Forecast FY 2024/2025 and ambition for FY 2025/2026
Forecast FY 2024/2025 and ambition for FY 2025/2026 Annual Report Conferences | Bertrandt AG I December 12, 2024 Total EBIT Operating EBIT Revenues FY 24/25 Cashflow FY 25/26 Moderately down yoy Significantly up yoy to Significantly down yoy, Margin: 6-9% based on (FY 2023/2024: positive value but p
Slide 39: Summary and outlook
Summary and outlook − Changing market dynamics resulted in weaker call-offs and underutilization in Germany Annual Report Conferences | Bertrandt AG I December 12, 2024 − Strong growth internationally − EBIT impacted by underutilization and special items − F3 earnings improvement program implemented
Slide 40: Q&A
Q&A Markus Ruf, Michael Lücke, Björn Voss 40 12.12.2024 Annual Report Conferences | Bertrandt AG I December 12, 2024
Slide 41: Thank you very much for your participation!
Annual Report Conferences | Bertrandt AG I December 12, 2024 Thank you very much for your participation! 12.12.2024 Do you have any questions? Please contact: bjoern.voss@bertrandt.com 41
Slide 42: 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
Slide 43: bertranct
bertranct