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Bertrandt AG Analyst conference FY 2014/2015 0
Analyst conference FY 2014/2015Bertrandt AG
Frankfurt on Main, December 2015, Dietmar Bichler and Markus Ruf
Bertrandt AG Analyst conference FY 2014/2015 1
Content
1. Framework – FY 2014/2015
2. Key figures – FY 2014/2015
3. Outlook – FY 2015/2016
Bertrandt AG Analyst conference FY 2014/2015 2
Content
1. Framework – FY 2014/2015
2. Key figures – FY 2014/2015
3. Outlook – FY 2015/2016
Bertrandt AG Analyst conference FY 2014/2015 3
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
Bertrandt AG Analyst conference FY 2014/2015 4
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
Bertrandt AG Analyst conference FY 2014/2015 5
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
Bertrandt AG Analyst conference FY 2014/2015 6
Content
1. Framework – FY 2014/2015
2. Key figures – FY 2014/2015
3. Outlook – FY 2015/2016
Bertrandt AG Analyst conference FY 2014/2015 7
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
Bertrandt AG Analyst conference FY 2014/2015 8
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
Bertrandt AG Analyst conference FY 2014/2015 9
Operating profit
*Financial indicators refer to the Group
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
Bertrandt AG Analyst conference FY 2014/2015 10
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%
*Financial indicators refer to the Group
Digital Engineering*(Revenues EUR million)
Physical Engineering*(Revenues EUR million)
Electric/Electronics*(Revenues EUR million)
11.5%
FY FY FY FY FY FY
Bertrandt AG Analyst conference FY 2014/2015 11
Expenses
*Financial indicators refer to the Group
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
Bertrandt AG Analyst conference FY 2014/2015 12
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)
*Financial indicators refer to the Group
FY FY FY FY FY
Bertrandt AG Analyst conference FY 2014/2015 13
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)
*Financial indicators refer to the Group
Equity ratio*56.3% 56.3% 58.5% 56.9%59.4%
FY FY FY FY FY
Bertrandt AG Analyst conference FY 2014/2015 14
Net finance income
*Financial indicators refer to the Group
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
Bertrandt AG Analyst conference FY 2014/2015 15
Cash flow from operating activities
*Financial indicators refer to the Group
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
Bertrandt AG Analyst conference FY 2014/2015 16
Capital spending
*Financial indicators refer to the Group
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
Bertrandt AG Analyst conference FY 2014/2015 17
Free cash flow
*Financial indicators refer to the Group
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
Bertrandt AG Analyst conference FY 2014/2015 18
Employees
*Financial indicators refer to the Group
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
Bertrandt AG Analyst conference FY 2014/2015 19
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
Bertrandt AG Analyst conference FY 2014/2015 20
Content
1. Framework – FY 2014/2015
2. Key figures – FY 2014/2015
3. Outlook – FY 2015/2016
Bertrandt AG Analyst conference FY 2014/2015 21
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
Bertrandt AG Analyst conference FY 2014/2015 22
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
Bertrandt AG Analyst conference FY 2014/2015 23
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
Bertrandt AG Analyst conference FY 2014/2015 24
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
Bertrandt AG Analyst conference FY 2014/2015 25
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
Source: VDA & Berylls
Automotive
Bertrandt AG Analyst conference FY 2014/2015 26
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%
Source: VDA & Berylls
Automotive
Bertrandt AG Analyst conference FY 2014/2015 27
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%
Source: VDA & Berylls
Automotive
Bertrandt AG Analyst conference FY 2014/2015 28
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
Bertrandt AG Analyst conference FY 2014/2015 29
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
Bertrandt AG Analyst conference FY 2014/2015 30
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
Bertrandt AG Analyst conference FY 2014/2015 31
Thank you.We look forward to your questions!
Bertrandt AG Analyst conference FY 2014/2015 32
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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