Analyst conference FY 2014/2015 Bertrandt AG · Analyst conference FY 2014/2015 Bertrandt AG...

Bertrandt AG Analyst conference FY 2014/2015 0

Analyst conference FY 2014/2015Bertrandt AG

Frankfurt on Main, December 2015, Dietmar Bichler and Markus Ruf


Content

1. Framework – FY 2014/2015

2. Key figures – FY 2014/2015

3. Outlook – FY 2015/2016


Content



3. Outlook – FY 2015/2016


Framework FY 2014/2015 – Automotive industry

Global earnings in the automotive

industry in 2014 at all-time high

R&D-budgets remain high

Worldwide: 100.0 EUR billion

Germany: 34.0 EUR billion

Persistent technical trends

Variety of models & variants

Environmentally friendly mobility

Connectivity

0

5

10

15

20

25

30

35

40

2013 2014

R&D-volume German automotive industry(EUR billion)

29.6

34.0

Source: McKinsey | VDA


Outsourcing in the automotive industry on a high level

OEM EDL SL

Global automotive R&D-value creation in car development in 2014:

Value-flow OEM - Supplier – Engineering service provider(EUR billion)

Gesamt R&D-value creation

Own R&D-value creation

Outsourcing to

Engineering service providers

Outsourcing OEM to Supplier

61.5

93.7

8.8

8.4

Source: VDA & Berylls

SupplierEngineering

service provider


Framework FY 2014/2015 –Civil aviation and technological key sectors

Civil aviation

Focus on production optimization measures

R&D-volume in Germany at 4.3 EUR billion

Technological key sectors

Mechanical engineering with moderate increase

Electrical engineering remains on recovery path

Medical technology market growing continuously

Energy technology benefits from growing demand

for environmentally friendly energy source

Acquisition of new long-term

framework agreements


Content



3. Outlook – FY 2015/2016


Successful FY 2014/2015

Increased revenues

High quality of profitability

despite special aspects

High illness rate due to influenza in Q2

Move to newly constructed office spaces

Start-up phase at new testing sites

Continued workforce expansion

Record level of capital expenditure

Equity base further strengthened


Revenues

576.2

709.3

782.4

870.6

934.8

0

200

400

600

800

1000

1200

GJ 10/11 GJ 11/12 GJ 12/13 GJ 13/14 GJ 14/15

Revenues*(EUR million)

*Financial indicators refer to the Group

FY FY FY FY FY


Operating profit


60.4

75.1

81.3

89.191.6

0

20

40

60

80

100

120

GJ 10/11 GJ 11/12 GJ 12/13 GJ 13/14 GJ 14/15

Operating profit*(EUR million)

EBIT-

Margin*10.5% 10.6% 10.4% 10.2% 9.8%

FY FY FY FY FY


Segments

511.7

556.3

GJ 13/14 GJ 14/15

183.2192.2

GJ 13/14 GJ 14/15

175.7186.3

GJ 13/14 GJ 14/15

EBIT-

Margin*9.2% 8.6% 12.0% 11.8% 11.3%


Digital Engineering*(Revenues EUR million)

Physical Engineering*(Revenues EUR million)

Electric/Electronics*(Revenues EUR million)

11.5%

FY FY FY FY FY FY


Expenses


71.4

88.1

GJ 13/14 GJ 14/15

Material expenses*(EUR million)

624.1

660.4

GJ 13/14 GJ 14/15

Personnel expenses*EUR million)

22.2

25.2

GJ 13/14 GJ 14/15

Depreciation*(EUR million)

Expenditure

ratio* 9.4%8.2% 70.6%71.7% 2.7%2.5%

FY FY FY FY FY FY


Earnings after income tax

42.0

51.7

57.3

62.3 62.6

0

10

20

30

40

50

60

70

GJ 10/11 GJ 11/12 GJ 12/13 GJ 13/14 GJ 14/15

Earnings after income tax*(EUR million)


FY FY FY FY FY


Equity

166.0

201.2

239.0

280.3

320.3

0

50

100

150

200

250

300

350

GJ 10/11 GJ 11/12 GJ 12/13 GJ 13/14 GJ 14/15

Equity*(EUR million)


Equity ratio*56.3% 56.3% 58.5% 56.9%59.4%

FY FY FY FY FY


Net finance income


0.61

0.07

0.38

0.43

0.03

0,0

0,5

1,0

GJ 10/11 GJ 11/12 GJ 12/13 GJ 13/14 GJ 14/15

Net finance income*(EUR million)

FY FY FY FY FY

1.0

0.5

0


Cash flow from operating activities


23.7

38.3

77.779.7

36.9

0

10

20

30

40

50

60

70

80

90

GJ 10/11 GJ 11/12 GJ 12/13 GJ 13/14 GJ 14/15

Cash flow from operating activities*(EUR million)

FY FY FY FY FY


Capital spending


31.8

39.5

34.7

66.8

84.9

0

10

20

30

40

50

60

70

80

90

100

GJ 10/11 GJ 11/12 GJ 12/13 GJ 13/14 GJ 14/15

Capital spending*(EUR million)

FY FY FY FY FY


Free cash flow


0.2 1.4

45.3

15.5

-45.3-50

-40

-30

-20

-10

0

10

20

30

40

50

GJ 10/11 GJ 11/12 GJ 12/13 GJ 13/14 GJ 14/15

Free cash flow*(EUR million)

FY FY FY FY FY


Employees


8,603

9,952

10,829

11,561

12,367

0

2500

5000

7500

10000

12500

15000

GJ 10/11 GJ 11/12 GJ 12/13 GJ 13/14 GJ 14/15

Employees*

FY FY FY FY FY


Dividend

*Dividend proposed by the Management and the Supervisory Board

1.70

2.00

2.20

2.40 2.45*

0

1

2

3

GJ 10/11 GJ 11/12 GJ 12/13 GJ 13/14 GJ 14/15

Dividend(in EUR)

FY FY FY FY FY


Content



3. Outlook – FY 2015/2016


Outlook FY 2015/2016

Automotive industry –

Important market trends intact

Variety of models & variants

Environmentally friendly mobility

Connectivity

Outsourcing

Civil aviation – Increasing deliveries ahead

Adapting existing models to meet new requirements

Technological key sectors –

Worldwide demand for German technology

Industry 4.0

Low exchange rate of the Euro strengthens export


Model diversity increases

304

318327

335342

2015 2016 2017 2018 2019

38 new models without predecessor

Source: : Internal calculation | Series including derivatives (Station Wagon, Coupe etc.), no facelifts, no special variants (AMG GmbH/M-GmbH/quattro GmbH)

Automotive


Environmentally friendly mobility driven by regulations

14

7,9

16

3,3

13

6,9

13

1,6

13

6,3 14

2,5

14

0,9 14

7,8

12

9,1

12

1,2

12

1,3

13

3,5

13

4,4

13

6,6

12

1,8

11

5,7

11

4,9

12

8,9

12

8,6

12

9,2

11

5,3

11

1,1

10

9,5

12

3,1

0

20

40

60

80

100

120

140

160

180

BMW Daimler Ford PSA Renault VW-Gruppe

2010 2012 2013 Prognose 2015

EURO-7

CO2 target

until 2020

(95g/km)

Average emission of CO2(in g/km)

Source: PA-Consulting Group

Automotive


Connectivity becoming a standard feature fornewly-registered passenger vehicles in Europe until 2020

34%

47%

61%

74%

87%

100%

1920

2122

2324

0

5

10

15

20

25

2015 2016 2017 2018 2019 2020

New registrated passenger cars

in Europe (million units)Total number of new

registrated passenger

cars in Europe

Cars with

telematics as standard(in percentage of new registrations)

Cars without

telematics as standard(in percentage of new registrations)

66%

26%

39%

53%

13%

Source: Bain-Analysis in „Automobilwoche“ (Edition 10-2014)

Automotive


Connectivity affects all car components

42%

23%

14%

14%

7%

Share of value added per component

in the medium segment(in percent)

20202015

35% 50%

Powertrain

Exterior

Chassis

Interior

Others

Total share of

digital components


Automotive


Outsourcing increases in all diciplines

4.1

4

1.8

1,3

0.70.4

0

2

4

6

8

10

12

14

2014 2020

Global market volume for

engineering services per

technical discipline(EUR billion)

CAGR

1,5%

4,9%

2,6%

8,8%

5,3%

6,7%

8.8

12.3

Powertrain

Complete vehicle

Electrics/Electronics

Exterior

Interior

Chassis

5,8%


Automotive


Development mainly done in Germany also in future

4.5

3

2.7

1.3

0.8

0

2

4

6

8

10

12

14

2014 2020

CAGR

4,8%

3,6%

4,1%

12,4%

4,4%

8.8

12.3

Global market volume for

engineering services per region(EUR billion)

NAFTA

Europe excl. Germany

Rest of world

China

Germany

5,8%


Automotive


19,000

5,900

13,100

19,500

2015 2034

Civil aviation increasing production

Civil planes in duty

Replaced

Stay in service

and converted

Growth

Demand for

32,600 new aircraft

Source: Airbus „Global Market Forecast 2015 to 2034“ | Passagierflugzeuge über 100 Sitzplätze und Frachtflugzeuge über 10t Kapazität

38,500

Civil aviation


Technological key sectors with positive outlook

Cross-industry trend Industry 4.0

Combining production with communication

and information technology

Establishing optimized value creation chains

Mechanical engineering

Consistent high level expected in 2016

Electrical engineering

Expected market growth of 5% in 2016

Medical technology

Average growth 3,8% p.a. until 2018

Energy technology

Global market growth above 5% in 2016 forecasted

Industry

Source: VDMA, ZVEI, SPECTARIS


Summary – Outlook FY 2015/2016

Attractive prospects in 2016

Continuing expansion of infrastructure, capex at a sustained high level

Assuming that underlying economic conditions do not deteriorate, that OEMs invest

on a sustained basis in R&D for new technologies and models, that engineering work

continues to be contracted out and that qualified staff is available, Bertrandt

essentially expects its revenues and operating profit to keep rising in fiscal

2015/2016 similar to the two preceding years

The management assumes that the market continues to offer real business

opportunities and sees therefore potential for short and medium-term growth of

revenues of seven to ten percent and an operating profit of between eight and 10.5

percent as a percentage of revenue per year


Thank you.We look forward to your questions!


Legal notice

This presentation contains inter alia certain foresighted statements about future

developments, which are based on current estimates of management. Such statements

are subjected to certain risks and uncertainties. If one of these factors of uncertainty or

other imponderables should occur or the underlying accepted statements proved to be

incorrect, the actual results could deviate substantially from or implicitly from the

expressed results specified in these statements We have neither the intention nor do we

accept the obligation of updating foresighted statements constantly since these proceed

exclusively from the circumstances on the day of their publication.

As far as this presentation refers to statements of third parties, in particular analyst

estimations, the organization neither adopts these, nor are these rated or commented

thereby in other ways, nor is the claim laid to completeness in this respect.

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