Bertrandt Ag · XETR:BDT
Bertrandt — H1 2023/2024 Earnings Presentation
21 slides from Bertrandt's earnings presentation, May 15, 2024
Slide 1: Welcome to the Investor Conference
Welcome to the Investor Conference Markus Ruf, Björn Voss | May 2024
Slide 2: Highlights
Highlights − Generally pleasing environment for R&D investments (innovation pressure, competitive products and regulatory requirements) Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss − Short-term uncertainty because of political decisions and changing end-customer behaviour − Strong sta
Slide 3: Highlights
Highlights − Total sales up by +9.4% to EUR 627m in H1 23/24 − EBIT of EUR 22m (-9% yoy) in H1 affected by uneven capacity utilization in Q2 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss − Fewer working days in H1 (-2 yoy), one-off effects (EUR -3.3m) and start-up charges with adverse
Slide 4: H1 2023/2024 at a glance
H1 2023/2024 at a glance Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss Total sales Employees EBIT Equity Ratio FCF EUR 627m 14,526 EUR 22m 48.7% EUR 43m +9% yoy +6% yoy -8% yoy (H1 22/23: 47.5%) +322% yoy +8% yoy organically +1% qoq 15.05.2024 4
Slide 5: Q2 2023/2024 at a glance
Q2 2023/2024 at a glance Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss Total sales EBIT EPS CapEx FCF EUR 318m EUR 8.5m EUR 0.43 EUR 5.6m EUR 14m +9% yoy -32% yoy -44% yoy +/-0% yoy (Q2 22/23: EUR -36m) +6% yoy organically 15.05.2024 5
Slide 6: High single-digit % topline growth
High single-digit % topline growth 700,000 626.890 600,000 573.135 ▪ Total sales up by EUR +53.8m (+9.4% yoy, org. +7.7%) in H1 500,000 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss 318,491 ▪ Adverse working day effect (-2 yoy) in H1 292,665 400,000 EUR m ▪ Significant growth abroad (+
Slide 7: EBIT impacted by volatile capacity call-offs and one-off items
EBIT impacted by volatile capacity call-offs and one-off items Q2: ▪ Reduced capacity demand led to temporary lower than expected utilization 30,000 ▪ One-off items (EUR -3.288m) linked to 25.257 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss a) deterioration in a customer‘s solvency 23
Slide 8: Positive development in all segments
Positive development in all segments Margin H1 23/24 (H1 22/23) Digital Engineering: Impacted by one-off items, M&A effects, utilization 3.9% (5.5%) -5.0% (-5.2%) 8.1% (8.0%) 286,316 268,736 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss Physical Engineering: Including start-up losses (
Slide 9: Status test center
Status test center Confirmed (unchanged to Feb 2024 update) Topic Comment Request/Concept for Improvement (Ertüchtigungsverlangen) Three weeks of maintenance and downtime in November/December 2023 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss Technical readiness at ~90%; remaining repa
Slide 10: Group P&L KPIs
Group P&L KPIs Item (EUR m) H1 ratio (%) H1 ratio (%) Comment 2023/2024 2022/2023 Total sales 626.890 - 573.135 - +9.4% yoy; very dynamic international growth Material expenses -80.164 12.8% -66.816 11.7% Project-related increase Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss Personnel
Slide 11: Balance sheet KPIs
Balance sheet KPIs Item (EUR m) H1 2023/2024 2022/2023 Comment Balance sheet total 931.899 956.120 Regular D&A vs Capex, WC improvement Working Capital 314.793 349.167 Release of working capital (trade receivables) Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss Cash and cash equivalents
Slide 12: Forecast for FY 2023/2024
Forecast for FY 2023/2024 − Challenging and regionally heterogeneous economic conditions − External factors (e.g. inflation, effects of geopolitical Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss tensions) are outside the management's sphere of influence − Regulatory requirements, innov
Slide 13: Forecast FY 2023/2024 - Confirmed
Forecast FY 2023/2024 - Confirmed Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss 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 15.05.2024 13
Slide 14: M&A Update: bolt-on acquisition in Spain
M&A Update: bolt-on acquisition in Spain 2005 ~140 2 ~10m ~7-9% Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss founded employees sites in Spain € revenue EBIT ▪ Vertical integration of a key partner of Bertrandt Technology in Spain ▪ Signing January 15th, 2024 ▪ Closing conditions fulfi
Slide 15: Take aways H1 2023/2024
Take aways H1 2023/2024 − Generally pleasing market environment − Temporary uneven capacity call-offs in Q2 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss − Negative one-off items and weaker seasonality − Significant international growth − Counter-measures in place to improve earnings p
Slide 16: Q&A
Q&A Markus Ruf, Björn Voss 16 15.05.2024 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss
Slide 17: Bertrandt: reasons to invest
Bertrandt: reasons to invest Market leading positioning ▪ Experienced expert organization #1-3 ▪ Long-lasting & established customer relations ▪ Deep engineering know-how Growing and resilient R&D market Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss +6.5% ▪ Mega trends CAGR 2020-2030 ▪
Slide 18: Financial calendar
Financial calendar 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 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss FY 2022/2023 Annual Report incl. Sustainability Report (ESG) 15.05.2
Slide 19: Thank you very much
Thank you very much 19 15.05.2024 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss
Slide 20: Contact details
Contact details Markus Ruf Member of the Board, Finance Björn Voss Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss Head of Group Investor Relations and M&A Bertrandt AG, Birkensee 1, 71139 Ehningen, Germany +49 7034 656 13076 bjoern.voss@bertrandt.com 15.05.2024 www.bertrandt.com 20
Slide 21: 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