Bertrandt Ag · XETR:BDT
Bertrandt — Q3 2023/2024 Earnings Presentation
21 slides from Bertrandt's earnings presentation, Aug 5, 2024
Slide 1: Welcome to the Analyst Conference
Welcome to the Analyst Conference Markus Ruf, Björn Voss | August 2024
Slide 2: Business environment
Business environment − Persistent short-term uncertainty because of political decisions and changing end-customer behaviour − No general market weakness, yet customer-specific Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss postponements of R&D projects linked to strategic and technical c
Slide 3: Automotive market: challenging environment
Automotive market: challenging environment 3 05.08.2024 Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss
Slide 4: 9m 2023/2024 at a glance
9m 2023/2024 at a glance Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss Total sales Employees EBIT FCF EUR 922m 14,273* EUR 15m EUR +25.5m +7.4% yoy +2% yoy, -2% qoq -54% yoy (9m 22/23: *w/o Centum EUR -13.968m) 05.08.2024 4
Slide 5: Q3 2023/2024 at a glance
Q3 2023/2024 at a glance Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss Total sales EBIT Personnel Equity ratio CapEx expenses ratio 48.3% EUR 4.4m EUR 294.7m EUR -7m 76% (Prior year: 47.8%) (Q3 22/23: +3% yoy -15m yoy (Q3 22/23: 73.8%) EUR 5.9m) 05.08.2024 5
Slide 6: Highlights 9m 2023/2024
Highlights 9m 2023/2024 − Total sales up by +7% yoy (+63m yoy) to EUR 921.6m − EBIT of EUR 15.0m (-54% yoy) in 9m 2023/2024 Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss − Uneven capacity utilization, fewer working days (-1.3 yoy), one-off effects and start-up charges with adverse impac
Slide 7: Continued topline growth
Continued topline growth EUR 922m EUR 858m − Total sales up by EUR +63m (+7% yoy) in 9m 2023/2024 9m 2022/2023 9m 2023/2024 1.000.000 − Strong growth abroad, but weaker demand at certain German locations Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss 800.000 294.665 285.092 − Adverse wor
Slide 8: EBIT impacted by volatile capacity call-offs and one-off items
EBIT impacted by volatile capacity call-offs and one-off items 9m 2022/2023 9m 2023/2024 − Reduced capacity demand led to uneven and unfavorable 35.000 capacity utilization since Q2 2023/2024 EUR 33m EUR 15m 30.000 8.690 − Personnel expenses declined in Q3 because of reduction in Bertrandt AG I Anal
Slide 9: Positive development in all segments
Positive development in all segments Margin 9M 23/24 (9M 22/23) Digital Engineering: M&A effects (Concept, evopro), under-utilization, 2.5% (5.2%) -10.1% (-4.8%) 7.4% (7.2%) recovery France 437.188 402.208 Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss 400.000 Physical Engineering: +8.7%
Slide 10: Status test center
Status test center Updated Topic Comment Request/Concept for Improvement (Ertüchtigungsverlangen) Three weeks of maintenance and downtime in November/December 2023 Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss Technical readiness at ~90%; remaining repair works Ongoing January/February
Slide 11: Group P&L KPIs
Group P&L KPIs 9M 9M Item (EUR m) ratio (%) ratio (%) Comment 2023/2024 2022/2023 Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss +7.4% yoy; very dynamic international growth, slow-down in Total sales 921.555 - 858.227 - Germany Material expenses -120.184 13.0% -102.129 11.9% Project-rela
Slide 12: Balance sheet KPIs
Balance sheet KPIs Item (EUR m) 9M 2023/2024 2022/2023 Comment Balance sheet total 925.846 956.120 Regular D&A vs Capex, WC improvement Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss Working Capital 337.534 349.167 Release of working capital (trade receivables) Cash and cash equivalents
Slide 13: Offered RFQ volume
Offered RFQ volume: EUR 3.1bn RFQ volume* EUR 9.9bn − RFQs at record level − Delayed decisions for some new RFQ volume projects, but no generell stand-still offered Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss EUR 3.1bn − Offered RFQ volume exceeds EUR 3bn *LTM − Long-term R&D budgets
Slide 14: Adjusted forecast
Adjusted forecast − Temporary weaker capacity demand more persistent than assumed so far − In a generally challenging market environment some customers are rethinking their strategic positioning or facing technical challenges which resulted in project/product postponements Bertrandt AG I Analyst Con
Slide 15: Fit For Future: comprehensive optimization programme implemented
Fit For Future: comprehensive optimization programm implemented Portfolio measures Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss ▪ Target utilization for Restructuring costs machinery/equipment Benefit ▪ Evaluation of BUs based Low to mid double-digit million Euro Double-digit million E
Slide 16: Forecast FY 2023/2024 and mid-term target
Forecast FY 2023/2024 and mid-term target Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss Total EBIT Positive 25-40 Revenues Significantly down yoy (FY 22/23: EUR 50.1m) Moderately up yoy Cash flow million Euro FY 22/23: EUR 1.157m 6-9% from operating activities CapEx Mid-term target 05.0
Slide 17: Q&A
Markus Ruf, Björn Voss Q&A 17 05.08.2024 Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss
Slide 18: Thank you very much
Thank you very much 18 05.08.2024 Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss
Slide 19: Financial calendar
Financial calendar 05 August 2024 Q3 2022/2023 12 December 2024 FY 2022/2023, Investor, Analyst & Press conferences Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss FY 2022/2023 Annual Report incl. Sustainability Report (ESG) 05.08.2024 19
Slide 20: Contact details
Contact details Bertrandt AG, Birkensee 1, 71139 Ehningen, Germany Bertrandt AG I Analyst Conference | Markus Ruf, Björn Voss Markus Ruf Member of the Board, Finance +49 7034 656 13076 Björn Voss Head of Group Investor Relations and M&A bjoern.voss@bertrandt.com www.bertrandt.com 05.08.2024 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