Bertrandt Ag · XETR:BDT
Bertrandt — H1 2022/2023 Earnings Presentation
30 slides from Bertrandt's earnings presentation, May 11, 2023
Slide 1: Investor Call H1 2022/2023
Investor Call H1 2022/2023 Markus Ruf, Björn Voss May 2023 0
Slide 2: Market & Customer
mie hay Market & Customer t
Slide 3: Automotive Industry
Automotive Industry Bertrandt AG | Investor Call H1 2022/2023 | May 2023 2
Slide 4: The automotive R&D market: expectations becoming reality
The automotive R&D market: expectations becoming reality 250 25 215 € bn 200 183 € bn 20 159 € bn 164 € bn 157 € bn 20.5 ▪ Global automotive R&D market 152 € bn 150 16.0 15 ▪ EUR 215bn in 2030f (CAGR 2020-2030f: +3.2%) 12.8 12.5 100 11.1 10 10.9 ▪ E/E & SW R&D as major growth driver 50 5 ▪ 2020: EUR
Slide 5: Outlook ESP: size matters
Outlook ESP: size matters Larger and more holistic R&D projects; emergence of an ESP tier-1 landscape Bertrandt AG | Investor Call H1 2022/2023 | May 2023 4
Slide 6: Outlook ESP: know-how matters
Outlook ESP: know-how matters Large ESPs with comprehensive expertise in breadth and depth along the megatrends in demand Bertrandt AG | Investor Call H1 2022/2023 | May 2023 5
Slide 7: Outlook ESP: international set-up matters
Outlook ESP: international set-up matters Customer proximity through international presence Competitive R&D capacity Bertrandt AG | Investor Call H1 2022/2023 | May 2023 6
Slide 8: Aviation market environment
Aviation market environment Global aviation demand is picking up strongly as the world adjusts to the post-Covid phase Emissions reduction and climate neutrality are megatrends in the aviation industry. Goal: climate-neutral flying by 2050 Geopolitical conditions drive R&D in Defence and Space Subst
Slide 9: Positive market environment Trucks and Buses
Positive market environment Trucks and Buses zero emission trucking autonomous trucking connected | digitized trucking − Dual strategy: BEV and FCEV − AD L4 Hub-to-Hub no later − Optimized fleet and freight − TCO parity expected for 2025 than 2027 management [BEV] | 2027 [FCEV]. − Drivers: TCO share
Slide 10: Outlook Market Environment Industries (Germany)
Outlook Market Environment Industries (Germany) Machinery & Manufacturing industry Electrical industry Medical technology Plant engineering: Forecast 2023: Forecast 2023: Forecast 2023: Forecast 2023: Slight growth Strong start to the year Slight sales growth Production: -2 % 1-2% full-year producti
Slide 11: TAKE AWAY - Market and Customer
TAKE AWAY - Market and Customer Positive medium-term outlook in key sectors and markets Megatrends and legal regulation drive investment in research and development Trend toward larger awards and greater depth of responsibility Expansion of the international development network: proximity to custome
Slide 12: Financials H1 2022/2023
Financials H1 2022/2023 iy
Slide 13: Highlights and general conditions
Highlights and general conditions ▪ Double-digit growth in total revenues and EBIT ▪ Equity and equity ratio further strengthened ▪ Strategic inititives progressing, e.g.: ▪ Internationalization ▪ "New OEMs" ▪ Forecast raised: more dynamic growth in total output expected Bertrandt AG | Investor Call
Slide 14: Highlights and general conditions
Highlights and general conditions ▪ R&D spending in our customer industries at a high level ▪ German automotive industry: around EUR 50 bn p.a. for R&D in the years 2023-2027 with a focus on electromobility, autonomous driving and digitization (VDA) ▪ (Green) transformation progressing ▪ Stress fact
Slide 15: Highlights - Personnel
Highlights - Personnel ▪ Record number of employees: 13,715 in the Group ▪ Almost 1,000 net new hires compared with previous year ▪ Inflation compensation for employees ▪ Internationalization of the Group: ▪ Third site opened in Romania ▪ Operational unit established in Morocco ▪ New brand identity:
Slide 16: H1 2022/2023 at a glance
H1 2022/2023 at a glance Total revenues EUR 573m (2021/22: EUR 487m, +17.6%) P&L | EBIT EUR 24m (2021/22: EUR 21m, +15.2%) | Margin: 4.2% (2021/22: 4.3%) Cash flow | Free cash flow EUR 10.2m (2021/22: EUR 21.2m) Investments| EUR 13.0m (2021/22: EUR 32.7m incl. payout for Philotech Group) Share | EUR
Slide 17: Q2 2022/2023 at a glance
Q2 2022/2023 at a glance P&L | Record quarter for total revenues: EUR 292.7m (Q2 21/22: 254.1m, +15.2%) EBIT | EUR 12.5m (Q2 21/22: 10.9m) | Margin: 4.3% (Q2 21/22: 4.3%) Investments| EUR 5.4m (Q2 21/22: EUR 27.5m incl. payout for Philotech Group) Employees | Growth +8% yoy (abroad: +16% yoy), forei
Slide 18: Factors influencing total output and EBIT
Factors influencing total output and EBIT € Inflation M&A, third-party management services Successful project Employee acquisition growth Start-up test Salary development centers inflation compensation premium Sick leave, IT, Training working day Bertrandt AG | Investor Call H1 2022/2023 | May 2023
Slide 19: P&L H1 2022/2023
P&L H1 2022/2023 ▪ Around 18% growth in total output thanks to solid market demand and successful project H1 H1 awards 01/10/2022-31/03/2023 in EUR m 2022/2023 2021/2022 % yoy Total revenues 573.135 487.251 17.6% ▪ Cost of materials: project-related increase in Other operating income 2.913 6.813 ext
Slide 20: Heterogeneous development in the segments
Heterogeneous development in the segments ▪ Digital Engineering: Rising market demand in Germany and abroad, billing effects ▪ Physical Engineering: Further recovery, start-up costs ▪ Electrics/Electronics: Megatrends drive dynamic growth and pleasing earnings Bertrandt AG | Investor Call H1 2022/20
Slide 21: KPIs Balance Sheet
KPIs Balance Sheet Item (EUR m) H1 2022/2023 2021/2022 Comment End of investment cycle, D&A, increased net deferred Non-current assets EUR 419.8m EUR 444.1m taxes Working capital EUR 296.7m EUR 293.9m Stable despite increase in business activity Cash and cash equivalents EUR 138.9m EUR 161.6m Divide
Slide 22: Forecast fiscal year 2022/2023
Forecast fiscal year 2022/2023 ▪ Macroeconomic conditions in Europe and Germany in particular less weak than feared ▪ German automotive industry shaping transformation with high investment in R&D ▪ Successful recruiting and internationalization ▪ Inflation and geopolitical tensions as risk factors B
Slide 23: Forecast 2022/2023 (update)
Forecast 2022/2023 (update) (previously: EUR 60-100 million) EUR 4,1-7% Positive EUR 100-150 million EBIT margin Cash flow from 25-40 million (previous year: 4.1%) operating activities growth in total output CapEx Bertrandt AG | Investor Call H1 2022/2023 | May 2023 22
Slide 24: TAKE AWAY - development H1 2022/2023
TAKE AWAY - development H1 2022/2023 Megatrends and legal regulation drive investment in R&D Double-digit growth in total output and EBIT Strategic alignment of the Group further strengthened Active management of external factors Short- and medium-term drivers intact: Forecast raised Bertrandt AG |
Slide 25: Q&A H1 2022/2023
Q&A H1 2022/2023 Bertrandt AG 24
Slide 26: Thank you very much
Thank you very much Categories: ▪ Best overall investor relations (small cap) ▪ Best investor relations officer (small cap) 25
Slide 27: Backup
Backup Financial Calender 26
Slide 28: Times & Dates
Times & Dates 07 August 2023 Q3 2022/2023 December 14, 2023 FY 2022/2023, Analyst and Press Conference FY 2021/2022 Annual & ESG report Bertrandt AG | Investor Call H1 2022/2023 | May 2023 27
Slide 29: Contact details
Contact details Markus Ruf Member of the Board, Finance Björn Voss Head of Group Investor Relations Categories: Vice President Commercial (Bertrandt Ingenieurbüro GmbH) ▪ Best overall investor relations (small cap) ▪ Best investor relations officer (small cap) Bertrandt AG, Birkensee 1, 71139 Ehning
Slide 30: Legal notice
Legal notice This presentation contains inter alia certain foresighted statements about future developments, which are based on current estimates of management. Such statements are subject to certain risks and uncertainties. If one of these factors of uncertainty or other imponderables should occur