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
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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
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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
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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
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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
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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
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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
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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
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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
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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.