BERTRANDT AG Welcome to the Investor Conference
Markus Ruf, Björn Voss | May 2024
Highlights
- Generally pleasing environment for R&D investments (innovation pressure, competitive products and regulatory requirements)
- Short-termuncertainty because of political decisions and changing end-customer behaviour
- Strong start into the fiscal year in Q1
- Consequently, delayed decisions on new R&D projects throughout Q2 2023/2024
- Demand for R&D services unexpectedly dropped in Q2, resulting in temporarily unfavorable capacity utilization
- Short-termmeasures installed to improve earnings performance
15.05.2024 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss
2
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
- Fewer working days in H1 (-2 yoy), one-off effects (EUR -3.3m) and start-up charges with adverse impact on results
- Very dynamic growth outside of Germany (+39% yoy)
- Record number of employees, but reduced new hires in Q2 qoq
- Strong FCF generation (EUR 43m, +322% yoy) and further strengthening of balance sheet
- Bolt-onacquisition in Spain signed
15.05.2024 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss
3
H1 2023/2024 at a glance
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 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss
4
Q2 2023/2024 at a glance
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 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss
5
High single-digit % topline growth
700.000
600.000
- Total sales up by EUR +53.8m (+9.4% yoy, org. +8.2%) in H1
500.000
- Adverse working day effect (-2 yoy) in H1
400.000 | ||
▪ | Significant growth abroad (+39% yoy) in H1 | EUR m |
300.000 | ||
▪ Share of international business at 22% in H1 | 200.000 |
(prior year: 17%)
100.000
- Q2 organic growth of +5.6% yoy
0
626.890
573.135
318.491
292.665
280.469308.398
H1 2022/2023 | H1 2023/2024 |
Q1 Q2
15.05.2024 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss
6
EBIT impacted by volatile capacity call-offs and one-off items
Q2:
- Reduced capacity demand led to temporary lower than expected utilization
- One-offitems (EUR -3.288m) linked to
- deterioration in a customer's solvency
- utilization of an obligation previously classified as contingent liability
- Higher D&A after commissioning of test centers & continued start-up losses
- Weak seasonality (working days)
Working days* | Q1 | Q2 | Q3 | Q4 | Total |
*rounded |
EUR m
30.000
25.000
20.000
15.000
10.000
25.257 | |
23.999 | 4.0% |
4.2% | 21.959 |
3.5% |
12.5028.503
4.3%2.7%
13.456
Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss
2023/2024 | 61 | 63 | 61 | 65 | 250 |
2022/2023 | 62 | 64 | 60 | 64 | 250 |
Delta | -1 | -1 | +1 | +1 | +/-0 |
5.000
0
11.496
4.1%
4.4%
15.05.2024
H1 2022/2023 | H1 2023/2024 |
Q1 Q2
7
Positive development in all segments
Digital Engineering:
Margin H1 23/24 (H1 22/23)
Impacted by one-off items, M&A effects, utilization
Physical Engineering:
Including start-up losses (c. EUR -6.5m)
Electric/Electronic:
Megatrends digitalization, software and electrification drive demand
3.9% (5.5%)
286.316
268.736
+6.5%
-5.0%(-5.2%)
128.237
114.888
8.1% (8.0%)
212.337
189.511
+12.0%
Investor Conference | Markus Ruf, Björn Voss
+11.6%
Digital Engineering | Physical Engineering | Electric/Electronic | |||
H1 2022/2023 | H1 2023/2024 | EUR m | |||
15.05.2024 Bertrandt AG I
8
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 |
Technical readiness at ~90%; remaining repair works | Ongoing January/February 2024 |
Technical readiness at 100% | Expected from March/April 2024 |
Sales initiatives | Normalization/Optimization expected within the next quarters; Q2/Q3 still loss- |
making, Q4 break-even reasonable | |
15.05.2024 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss
9
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 |
Personnel expenses | -446.290 | 71.2% | -411.461 | 71.8% | Headcount/wage increase |
D&A | -29.364 | 4.7% | -27.223 | 4.7% | Commissioning of test centers |
Other operating expenses | -51.572 | 8.2% | -46.550 | 8.1% | Top line growth, one-off items, rising sales initiatives, insurances, FX |
Income tax rate | 26.3% | - | 28.4% | - | Use of revaluation of foreign tax loss carryforwards |
15.05.2024 Bertrandt AG I Investor Conference | Markus Ruf, Björn Voss
10
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Bertrandt AG published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 11:03:34 UTC.
