Bertrandt Ag · XETR:BDT
Bertrandt — FY2022/2023 Earnings Presentation
46 slides from Bertrandt's earnings presentation, Dec 14, 2023
Slide 1: Welcome to the Investor Conference
Welcome to the Investor Conference Please mute your microphone and switch off the camera during the presentation Thank you very much
Slide 2: Agenda
Agenda 1. Review Markets and Customers 2. Outlook and Strategy 3. Fiscal year 2022/2023 Investor Conference | Bertrandt AG I December 14, 2023 4. Forecast 5. Q&A 14.12.2023 2
Slide 3: Review Markets and Customers
Michael Lücke Review Customers Markets and 3 14.12.2023 Investor Conference | Bertrandt AG I December 14, 2023
Slide 4: Review of the automotive industry: largest market and customer environment
Review of the automotive industry: Our largest market and customer environment − Internationally heterogeneous overall − Increase in new registrations picture worldwide − Challenges along the value chain − Car market in Europe has recovered Investor Conference | Bertrandt AG I December 14, 2023 − Gl
Slide 5: Review automotive: largest market and customer environment
Review automotive: Our largest market and customer environment − Sales and earnings performance of key customers largely pleasing − Rising R&D budgets Investor Conference | Bertrandt AG I December 14, 2023 − Global R&D delivery required − Increased project awards with a larger scope − Improved capac
Slide 6: Review: Market Environment Aviation And Industries
Review: Market Environment Aviation And Industries Investor Conference | Bertrandt AG I December 14, 2023 Aviation Electrical industry Medical Technology Mechanical & plant (Germany) engineering: Aviation on a clear recovery Industry turnover up 14% course from January to June 2023 Sales increase of
Slide 7: Outlook and Strategy
Michael Lücke Strategy Outlook and 7 14.12.2023 Investor Conference | Bertrandt AG I December 14, 2023
Slide 8: GDP forecasts for 2024 and the consequences
GDP forecasts for 2024 and the consequences Global economy in a downturn 2.9 % growth expected* − Strained real estate sector in China − Strongly fluctuating commodity prices 1.5 % growth expected* Investor Conference | Bertrandt AG I December 14, 2023 − Falling, but still high inflation rates 4.2 %
Slide 9: Development of car sales
Development of car sales* Global market recovers slowly Global passenger car market 2024 seen at pre-pandemic level million 90 Investor Conference | Bertrandt AG I December 14, 2023 +2% +8 % 60 − Low point of the semiconductor shortage reached 30 14.12.2023 0 2012 2013 2014 2015 2016 2017 2018 2019
Slide 10: International car sales
International car sales* Increasing sales are forecast worldwide. Investor Conference | Bertrandt AG I December 14, 2023 1-10 2023 1-10 2023 1-10 2022 +8 % +13 % -8 % 24,6 14.12.2023 +6 % +1 % +12 % +2 % +11 % +4 % *Source: VDA 10
Slide 11: Outlook: Automotive
Outlook: Automotive Investor Conference | Bertrandt AG I December 14, 2023 − Electromobility, − Focus on the variety of − R&D budgets at a high − Trend towards awarding digitalization, autonomous electric vehicle models level of larger projects driving and sustainability continues continue to determ
Slide 12: Outlook: Aerospace
Outlook: Aerospace − Solutions for climate-neutral flying are being driven forward − Very good order situation with customers Investor Conference | Bertrandt AG I December 14, 2023 − Rising demand in non-civil − Demand in Germany, France and Spain 14.12.2023 * BDLI **Source: Global Services Forecast
Slide 13: Outlook: Industries
Outlook: Industries Investor Conference | Bertrandt AG I December 14, 2023 Electrical industry: Medical technology: Mechanical & plant engineering: Forecast 2024: Forecast 2024: Forecast 2024: Production expected to Growth in Europe of 3.0%, Dampened expectations due to rising gas, decline by 2%, ea
Slide 14: Development areas of the Group
Development areas of the Group Information Systems Diversification Internationalization AI Investor Conference | Bertrandt AG I December 14, 2023 14.12.2023 14
Slide 15: Information Systems
Information Systems − Alongside electromobility and autonomous driving, in- vehicle information systems are the most important innovation drivers of the future − The focus is on networking with consumer devices and Investor Conference | Bertrandt AG I December 14, 2023 clouds, autonomous driving fun
Slide 16: Diversification
Diversification − Expanding range of services in line with customer requirements − New budgets for existing customers plus new customers Investor Conference | Bertrandt AG I December 14, 2023 14.12.2023 16
Slide 17: Diversification: production-related consulting and services
Diversification: production-related consulting and services To expand the range of services, acquisition of companies (M&A) Investor Conference | Bertrandt AG I December 14, 2023 Profit and liquidity optimization, increased Sustainability, automation, digitalization, Optimization of value creation,
Slide 18: Diversification: production-related consulting and services
Diversification: production-related consulting and services Factory optimization Investor Conference | Bertrandt AG I December 14, 2023 Smart production systems Factory of the future Productive factory Sustainable production Smart, digital factory 14.12.2023 Check-up/potential Optimization of Optimi
Slide 19: Diversification: New markets
Diversification: New markets Investor Conference | Bertrandt AG I December 14, 2023 14.12.2023 − Drivers: autonomous systems, electromobility, digitalization, sustainability and shared mobility − Customer segments: After Sales, Sales, Marketing, Retail − Services: Diagnostics, Technical Support, Con
Slide 20: Internationalization
Internationalization Internationalization China USA Investor Conference | Bertrandt AG I December 14, 2023 Spain | France | Italy 14.12.2023 20
Slide 21: Internationalization: Romania and Morocco
Internationalization Romania Morocco Investor Conference | Bertrandt AG I December 14, 2023 14.12.2023 − Romania >1,000 employees − Rabat opened in 2023 − 3 locations (Sibiu, Bucharest, Cluj) − Steep growth 21
Slide 22: Artificial Intelligence (AI)
Artificial Intelligence (AI) − Uses of AI will increase in R&D in the future − Increasing and optimizing productivity through the use of AI in all areas of Investor Conference | Bertrandt AG I December 14, 2023 the company − Currently still high limits to AI, e.g. in terms of certification, data sec
Slide 23: Summary: Outlook and Strategy
Summary Outlook and Strategy − High R&D budgets at customers − Megatrends of electromobility, digitalization, connectivity, autonomous driving and Investor Conference | Bertrandt AG I December 14, 2023 sustainability are here to stay − Customers relocate R&D activities abroad − Internationalization
Slide 24: Fiscal year 2022/2023
Markus Ruf Fiscal year 2022/2023 24 14.12.2023 Investor Conference | Bertrandt AG I December 14, 2023
Slide 25: Highlights FY 2022/2023
Highlights FY 2022/2023 − High research and development investments for innovations, competitive products and regulatory requirements − Total sales up 15% to a new record of EUR ~1.16bn, upper Investor Conference | Bertrandt AG I December 14, 2023 end of the increased forecast − Record number of emp
Slide 26: Highlights Internationalization
Highlights Internationalization − Successful site opening in Morocco: presence on four continents − Internationalization rate of employees at 25% Investor Conference | Bertrandt AG I December 14, 2023 − Romania with ~1,000 employees − Around 30% growth in total sales abroad − EBIT of foreign subsidi
Slide 27: Sustainability as part of the corporate strategy
Sustainability as part of the corporate strategy − Holistic sustainability approach with the overarching goal of CO2 neutrality by 2039 Investor Conference | Bertrandt AG I December 14, 2023 − Concrete individual measures defined and implemented − Clear targets for environmental, social and governan
Slide 28: At a glance - growth in major KPIs
At a glance - growth in major KPIs Investor Conference | Bertrandt AG I December 14, 2023 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% 14.12.2023 28
Slide 29: 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 1,157.411 Investor Conference | Bertrandt AG I December 14, 2023 − Temporary and project-related increased use of 1,059.870 external services 1,009.159 −
Slide 30: 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 600,000 563,167 Investor Conference | Bertrandt AG I December 14, 2023 Physical Engineering: 500,000 487,354 +19.6% yoy Late
Slide 31: Further increase in EBIT
Further increase in EBIT − EBIT benefits from increased capacity utilization and cost discipline 6% − General inflation as a burden; 5.7% 70,000 Investor Conference | Bertrandt AG I December 14, 2023 countermeasures, such as price increases, 5% only take full effect with a time lag 60,322 60,000 4.3
Slide 32: 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 Conference | Bertrandt AG I December 14, 2023 -740,314 -81,108 -839,677 -91,351 -56,976 -56,247 − Employee growth − D&A slightly do
Slide 33: Factors influencing total operating performance and EBIT
Factors influencing total operating performance and EBIT Sickness rate (H1 2022/2023) Inflation: M&A − Inflation adjustment premium Investor Conference | Bertrandt AG I December 14, 2023 activities − Cost effects − Countermeasures (e.g. price increases) 19,806 € 12,138 Ramp-up test centers Employee
Slide 34: Earnings performance
Earnings performance EPS (in EUR) EBT Profit after taxes 3.01 (in EUR m) (in EUR m) 30,444 40,099 Investor Conference | Bertrandt AG I December 14, 2023 +44% 2.09 32,797 21,134 14.12.2023 2021/2022 2022/2023 2021/2022 2022/2023 2021/2022 2022/2023 34
Slide 35: 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 % Raw materials and consumables used -132.194 -11 % -108.904 -11 % -23.290 21 % In
Slide 36: 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 Conference | Bertrandt AG I December 14, 2023 forecast range 51,638 − Additional cash outflow for M
Slide 37: 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 45.2% 454,627 56,900 Investor Conference | Bertrandt AG I December 14, 2023 431,846 7,107 38,459 2021/2022 2022/2023 2021/2022 2022/2023 2021/2022 20
Slide 38: 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 1.60 Investor Conference | Bertrandt AG I December 14, 2023 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% 2.5% 3
Slide 39: Employees 2022/2023
Employees 2022/2023 Employees as of September 30th Historical employee development 14,276 14,276 >100 Nationalities in the 13,179 13,664 Investor Conference | Bertrandt AG I December 14, 2023 Group 13,179 +1,097 12,335 12,030 36.8 Years Average age 2021/2022 2022/2023 2018/2019 2019/2020 2020/2021 2
Slide 40: Forecast
Markus Ruf Forecast 40 14.12.2023 Investor Conference | Bertrandt AG I December 14, 2023
Slide 41: Forecast for FY 2023/2024
Forecast for FY 2023/2024 − Challenging and regionally heterogeneous economic conditions − External factors (e.g. inflation, effects of geopolitical tensions) are outside the management's sphere of Investor Conference | Bertrandt AG I December 14, 2023 influence − Regulatory requirements, competitiv
Slide 42: Forecast 2023/2024
Forecast 2023/2024 Investor Conference | Bertrandt AG I December 14, 2023 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 14.12.2023 42
Slide 43: Summary and outlook
Summary and outlook − Total operating performance and headcount at record level − Increase in earnings thanks to better Investor Conference | Bertrandt AG I December 14, 2023 capacity utilization and active inflation management − Expansion of internationalization − Further strengthening of the balan
Slide 44: Q&A
Q&A Markus Ruf, Michael Lücke, Björn Voss 44 14.12.2023 Investor Conference | Bertrandt AG I December 14, 2023
Slide 45: Thank you very much for your participation
Investor Conference | Bertrandt AG I December 14, 2023 Thank you very much for your participation 14.12.2023 Do you have any questions: Bjoern.Voss@bertrandt.com 45
Slide 46: 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