Bertrandt AG · XETR:BDT
Bertrandt — Q3 2018/2019 Earnings Presentation
21 slides from Bertrandt's earnings presentation, Aug 22, 2019
Slide 1: Analyst call – Key data for the first three quarters of fiscal 2018/2019
Analyst call – Key data for the first three quarters of fiscal 2018/2019 Bertrandt AG Ehningen, 22/08/2019, Markus Ruf All ratios are not subject to auditor’s review and refer to the Group 0
Slide 2: At a glance
At a glance Inc. st. Total revenues EUR 784.879 million | Growth: + 4.3 % Inc. st. EBIT: EUR 46.129 million | EBIT margin: 5.9% A L Total assets: EUR 804.124 million | Equity: EUR 409.205 million | Equity ratio: 50.9% Employees: 13,468 Capital spending: EUR 46.558 million Market value at balance she
Slide 3: Consolidated Income Statement
Consolidated Income Statement Q1-Q3 18/19 Q1-Q3 17/18 comparison EUR million EUR million EUR million % Total revenues 784.879 752.632 32.247 4,3% Other operating income 6.394 6.142 252 4,1% Raw materials and consumables used -68.868 -71.960 3.092 -4,3% Personnel expenses -570.112 -538.561 -31.551 5,
Slide 4: Total revenues
Total revenues Total revenues Growth Q1-Q3 17/18 Q1-Q3 18/19 | + 4.3 % (EUR million) 784.879 Domestic + 1 % 752.632 Foreign + 26 % + 32.247 Segment growth Digital Engineering + 3.8 % Physical Engineering + 4.0 % Electrical Systems/Electronics + 6.1 % Growth in comparison Q1-Q3 17
Slide 5: Key expenditure figures
Key expenditure figures Personnel expenses Depreciation/amortisation expense Other operating expenses (EUR million) (EUR million) (EUR million) 570.112 538.561 81.234 72,6 % 24.801 24.930 74.102 10,3 % 71,6 % 3,3 % 3,2 % 9,8 % + 31.551 + 129 + 7.132 Q1Q1-Q3 - Q3 Q1 - Q3 Q1-Q3 Q1 - Q3 Q1-Q3 Q1 - Q3 Q
Slide 6: EBIT
EBIT EBIT EBIT (EUR million) Key influencing factors EBIT margin 6,6 % 5,9 % One working day less in Q3 than in previous year Customer-specific fluctuations in capacity utilisation 49.350 and short-term delays in award of projects 46.129 Start-up costs for new technical facilities Recrui
Slide 7: EBT, post-tax earnings and earnings per share
EBIT EBT (EUR million) Post-tax earnings Earnings per share 44.825 (in EUR million) (EUR) 41.541 3,2 3,0 32.093 30.311 Q1 - Q3 Q1-Q3 Q1 - Q3 Q1-Q3 Q1 - Q3 Q1-Q3 Q1Q1-Q3 - Q3 Q1 - Q3 Q1-Q3 Q1 - Q3 Q1-Q3 GJFY2017/2018 2017/2018 GJ 2018/2019 FY 2018/2019 GJFY2017/2018 2017/2018 GJFY2018/2019 2018/2019
Slide 8: Consolidated Balance Sheet
Consolidated Balance Sheet Assets 30/06/2019 30/09/2018 comparison EUR million EUR million EUR million % Property, plant and equipment 299.554 282.104 17.450 6,2% Non-current assets 334.910 318.914 15.996 5,0% Current assets 469.214 469.481 -267 -0,1% Total assets 804.124 788.395 15.729 2,0% Equity
Slide 9: Financial and assets position: capital expenditure
Financial and assets position Capital expenditure Non-current assets (EUR million) High-voltage battery test centre Vehicle emissions test centres North and South Roller dynamometer centre for determining the range of electrically powered vehicles 46.558 Portable Emissions Measurement Syst
Slide 10: Financial and assets position: equity and cash flow
Financial and assets position Equity Cash flow from operating activities Free cash flow (EUR million) 409.205 (EUR million) (EUR million) 383.188 50,9 % 49,9 % 30.286 -6.530 2.621 -43.175 Q1 - Q3 Q1-Q3 Q1 - Q3 Q1-Q3 Q1-Q3 Q1-Q3 Q1 - Q3 Q1-Q3 Q1 - Q3 Q1-Q3 Q1 - Q3 Q1 - Q3 FY2017/2018 GJ 2017/2018 FY
Slide 11: Share price
Share price Share price * (in EUR) Share price in Q1-Q3 18/19 79,55 High for the period at EUR 73.00 Low for the period at EUR 60.60 62,5 Schlusskurs End of Schlusskurs Q1-Q3 Q3 GJ 2017/2018 FY 2017/2018 GJ FY 2018/2019 2018/2019 *In Xetra trading Analyst call Q3 | 22 August 2019 | Markus Ruf
Slide 12: Human resources
Human resources Employees Growth + 239 employees since 01/10/2018 13.028 13.468 Staff increase in France, Wolfsburg, Romania Competence Centre Electronics + 338 employees since 01/10/2018 Near-shore: 259 employees in Romania as at 30/06/2019 Current vacancies as at 30/06/2019: around 1,200
Slide 13: Outlook
OUTLOOK 12
Slide 14: Adjustment of full-year forecast - Gathering economic clouds and industry-specific challenges
Adjustment of full-year forecast - Gathering economic clouds and industry-specific challenges Anticipated recovery in economic and industry development did not materialise in the second half of 2019 Slowdown in global economy set to continue in 2019 and 2020 Business sentiment and order backlo
Slide 15: Adjustment of full-year forecast - earnings optimisation programme
Adjustment of full-year forecast - Gathering economic clouds and industry-specific challenges Based on economic and industry developments, the Management Board sees higher risk for the fourth quarter and consequent need to adjust earnings forecast Bertrandt earnings optimisation programme establ
Slide 16: Adjustment of full-year forecast - reassessment of earnings & capital spending
Adjustment of full-year forecast - reassessment of earnings & capital spending – other elements unchanged 20-50 5-7,5% 50-70 Positive EUR million EBIT margin EUR million Cash flow from growth in in relation to capital spending operating activities total revenues total revenues corresponds with incre
Slide 17: Positive business development in the medium term
Positive business development in the medium term – Management Board sees good opportunities for growth and earnings According to forecasts OEMs’ research and development budgets remain at high level and Work continues to be outsourced to engineering service providers Market trends are intact a
Slide 18: Megatrends and new technologies as a basis for long-term positive development
Megatrends and new technologies as a basis for long-term positive development of Bertrandt Electrification Digitalisation … Bertrandt level 2 Complexity Autonomous Driving Comfort Industry 4.0 Connectivity Cloud Computing Safety Bertrandt level 1 Model diversity Past Today Analyst call Q3 | 22 Augus
Slide 19: Summary
Summary 4.3% year on year growth – despite challenging business environment Forecast adjusted in response to gathering economic clouds and challenges for the automotive industry Bertrandt earnings optimisation programme to sustainably secure and improve quality of results Forward-looking investments
Slide 20: Thank you for your attention!
Thank you for your attention! 19
Slide 21: 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 subjected to certain risks and uncertainties. If one of these factors of uncertainty or other imponderables should occu