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Bertrandt AG — Interim / Quarterly Report 2017
May 31, 2017
59_10-q_2017-05-31_216c6902-a999-4cd9-8d5c-5f8d29ad51b7.pdf
Interim / Quarterly Report
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FISCAL 2016/2017
REPORT ON THE 1ST HALF 1 OCTOBER 2016 TO 31 MARCH 2017
Bertrandt AG Birkensee 1, 71139 Ehningen Germany Telephone +49 7034 656-0 Telefax +49 7034 656-4100 www.bertrandt.com [email protected]
CI-1231-05.17-A
| Income statement Revenues (EUR million) Operating profit (EUR million) |
01/10/16– 31/03/17 |
Changes in % |
01/10/15– 31/03/16 |
|---|---|---|---|
| 497.226 | 2.6 | 484.792 | |
| 35.615 | -15.6 | 42.206 | |
| Profit from ordinary activity (EUR million) | 34.797 | -16.2 | 41.529 |
| Earnings after income tax (EUR million) | 24.979 | -13.4 | 28.859 |
| Cash flow statement | |||
| Cash flow from operating activities (EUR million) | 39.672 | -36.5 | 62.456 |
| Cash flow from investing activities (EUR million) | -18.107 | -56.6 | -41.681 |
| Free cash flow (EUR million) | 21.565 | 3.8 | 20.775 |
| Capital spending (EUR million) | 19.573 | -55.9 | 44.302 |
| Balance sheet | |||
| Equity (EUR million) | 357.544 | 10.3 | 324.099 |
| Equity ratio (%) | 46.7 | 2.4 | 45.6 |
| Total assets (EUR million) | 765.582 | 7.8 | 710.437 |
| Share | |||
| Earnings per share (EUR) | 2.48 | -13.3 | 2.86 |
| Share price on 31 March (EUR)1 | 91.13 | -9.6 | 100.85 |
| Share price, high (EUR)2 | 98.00 | -12.4 | 111.85 |
| Share price, low (EUR)2 | 84.24 | -8.9 | 92.50 |
| Shares outstanding on 31 March (number) | 10,143,240 | – | 10,143,240 |
| Market capitalisation on 31 March (EUR million) | 924.4 | -9.6 | 1,022.9 |
| Employees | |||
| Number of employees at Bertrandt Group on 31 March |
13,098 | 3.4 | 12,663 |
1Closing price in Xetra trading. 2In Xetra trading.
THE FIRST HALF YEAR AT A GLANCE
Income statement, Cash flow statement, Balance sheet, Share, Employees
_____ TABLE 01
OVERVIEW
With key technology trends continuing undiminished, the main drivers of Bertrandt's business performance are unchanged. An increasing variety of models and variants, environmentally friendly individual mobility and connected and automated driving continue to offer business opportunities in the future. Industry 4.0 opens up additional opportunities in key industries, such as the energy and electrical engineering industry, medical technology as well as the machinery and plant engineering sectors. The present delay in the awarding of external development contracts casts no doubt on Management's assessment that the medium-term economic conditions are positive for the Company's business model.
Faced with a challenging environment, the Bertrandt Group developed as follows in the first half of fiscal 2016/2017:
- Total revenues in the first six months of fiscal 2016/2017 rose by 2.6 percent year on year to EUR 497.628 million (previous year EUR 485.047 million).
- Operating profit in the first half amounted to EUR 35.615 million (previous year EUR 42.206 million), equal to a margin of 7.2 percent (previous year 8.7 percent).
- Post-tax earnings generated in the period under review were EUR 24.979 million (previous year EUR 28.859 million).
- Earnings per share were EUR 2.48 in the first six months of fiscal 2016/2017 (previous year EUR 2.86).
- The workforce increased by 186 over the end of fiscal 2015/2016 to 13,098 employees (12,912 employees on 30 September 2016).
- Capital expenditure amounted to EUR 19.544 million (previous year EUR 44.302 million and EUR 83.404 million as at 30 September 2016).
- The Company had free cash flow of EUR 21.565 million (previous year EUR 20.775 million).
- With an equity ratio of 46.7 percent (46.9 percent as at 30 September 2016), Bertrandt remains one of the solid companies in the automotive sector.
- Total assets increased compared to the end of fiscal 2015/2016 to EUR 765.582 million (EUR 763.314 million as at 30 September 2016).
Bertrandt's comprehensive range of services provides each customer with customised and all-in solutions along the entire product engineering process. As one of Europe's leading engineering specialists, Bertrandt is a reliable partner when it comes to meeting current and future challenges across all engineering project stages. All the expertise of the entire Bertrandt Group is available to customers through their local Bertrandt subsidiary, because Bertrandt's Competence Centre structure is replicated throughout the Group.
- 06
- 15
- 20 Condensed Consolidated Notes
- 26 Quarterly Survey
- 27 Financial Calendar
- 27
27
QUARTERLY REPORT
MILLION EUROS FOR TECHNOLOGIES, INFRASTRUCTURE AND SPECIALIST KNOW-HOW
WE EXPANDED AND DEEPENED OUR EXPERTISE in automotive trends in the last fiscal year by investing in new technologies and infrastructure.
19.573
THE GROUP – GENERAL INFORMATION ____
Business model and strategy
As one of Europe's leading engineering partners, Bertrandt has been devising specific and tailored solutions with customers at 54 locations in Europe, Asia and the United States for over 40 years now. Our services for the automotive and aerospace industries include all process steps in the project phases of conceptual design, CAD, development, design modelling, tool production, vehicle construction and production planning right through to start of production and production support. Furthermore, the individual development steps are validated by simulation, prototype building and testing. At our technology centres in the immediate vicinity of our customers, we maintain dedicated design studios, electronics labs as well as testing facilities where projects of different sizes are managed in cooperation with our customers. Our customer base comprises nearly all European manufacturers as well as important system suppliers. We also provide technological services outside the mobility industry in such forward-looking sectors as energy, medical technology, electrical engineering as well as machinery and plant engineering throughout Germany. Consistency, reliability and capital expenditure on infrastructure and technical equipment enable our customer relationships to thrive and are key success factors for Bertrandt.
We consider ourselves an active contributor to the development of the future of mobility, and are therefore constantly adapting our range of services to customer needs as well as to changing market conditions. Bertrandt's particular strength lies in the linking up and further development of know-how, and this makes us one of the leading European partners on the market for engineering services. The engineering expertise Bertrandt has The market trends that drive Bertrandt's performance, i.e. environmentally friendly individual mobility, safety, connected and automated driving as well as an ever greater variety of models and variants, continue undiminished. In addition, numerous automotive manufacturers confirmed in the past weeks that they intend to increase spending on research and development, which is important for Bertrandt.
The civil aviation business, like in previous years, is mainly driven by global economic growth, environmental regulation at the national level and the decline in fuel prices. The two big aerospace groups, Boeing and Airbus, report an unbroken global growth trend in civil aviation. A recent longterm forecast by Boeing group anticipates worldwide demand for new aircraft for civil aviation rising to 39,620 units between 2016 and 2035. This is equal to a present market value of almost EUR 5.3 trillion. Airbus expects a slightly lower volume of new aircraft demand in its forecast for the same period and predicts 33,070 new units by 2035. According to Airbus, the market value corresponds to some EUR 4.6 trillion.
In the four key industries in which Bertrandt operates apart from the automotive and aerospace sectors, German companies have become more optimistic about their current business situation. The business climate index produced by the ifo Institute (Leibniz Institute for Economic Research) at the University of Munich – a key index for the energy, medical technology, electrical engineering as well as machinery and plant engineering sectors, rose to 112.4 points in March. This is higher than at any time since June 2011. Companies also increasingly expect the positive business situation to continue.
GROUP MANAGEMENT REPORT
built up over many years of activity in the mobility industries provides a firm foundation upon which the Company can realise and take forward customised development solutions in new sectors.
Foreign operations
With its 13 non-domestic branches in Europe, the United States and Asia, Bertrandt pursues a strategy of ensuring the sharpest possible focus on the customer by diversifying its locations on a project-specific basis. The close organisational link-up with its branches in Germany enables Bertrandt to offer its customers the complete range of its services. The Company will continue to invest in building up and expanding its presence abroad so as to be able to devise engineering solutions rapidly and efficiently.
REPORT ON ECONOMIC POSITION __________
Economic development
According to the expert members of the Joint Economic Forecast Project Group the global economy is expanding strongly in spring 2017. The US economy has gained momentum since the summer of 2016 and the eurozone has also been experiencing a moderate upturn for some time now. The pace of growth in the Chinese economy has picked up over the last year, mainly due to government economic stimulus programmes. The project group's experts consequently anticipate global economic growth of three percent this year, compared to 2.6 percent in the previous year. In their new Spring Economic Forecast, the institutes have slightly raised the estimates regarding the development of economic activity, which they produced in their last autumn report. For 2017, the experts anticipate potential economic growth of 1.5 percent over the previous year's figure of 1.9 percent. However, the lower growth rate this year is explained by the fact that 2017 has three fewer working days than the previous year.
Sector trends
New car sales remained high in the first three months of 2017, according to the German Association of the Automotive Industry (VDA). Decreasing by 1.4 percent from January to March, the light vehicle market in the US was almost at the previous year's level. The volume of new registrations in Europe rose by almost 8.4 percent during the same period. In China, the number of newly registered cars increased 5.7 percent year on year.
Business performance
The Bertrandt Group's business performance in the first three months of fiscal 2016/2017 was less dynamic than expected by Management. This was mainly due to temporary fluctuations in the demand for capacity and the continuing price pressure, which has slowed down the pace of business
development.
Total revenues
In the period under review, Bertrandt generated revenues of EUR 497.226 million (previous year EUR 484.792 million), equivalent to a margin of 2.6 percent. All of the Group's divisions – Digital Engineering, Physical Engineering and Electrical Systems/Electronics – achieved growth over the previous year. Total revenues increased by EUR 12.581 million on the previous year to EUR 497.628 million. _____ CHART 02
54
locations worldwide belong to the Bertrandt Group.
_____ CHART 02 Bertrandt generated
a year-on-year increase in its revenues in the period under review.
2.6
percent above the previous year: the amount by which Bertrandt increased its revenues in the first half of fiscal 2016/2017.
_____ CHART 05
Free cash flow has remained at the level of the previous year as a result of lower total investment and despite a lower cash flow from operating activities.
_____ CHART 04
The equity ratio remains at a high level.
_____ CHART 06
Capital expenditure was adjusted to account for the current business situation.
Capital spending (1st half) EUR million 60.000 50.000 40.000 30.000 20.000 10.000 0 21.593 14.677
Key expenditure figures
Owing to the greater volume of business, expenses in the first half of fiscal 2016/2017 increased, breaking down as follows: The cost of materials increased to EUR 51.605 million (previous year EUR 48.532 million). Total personnel expenses in the period under review were EUR 350.635 million (previous year EUR 341.435 million). The staff cost ratio was 70.5 percent (previous year 70.4 percent). Growth caused other operating expenses to rise to EUR 47.800 million (previous year EUR 45.253 million).
Operating profit
In the first six months of the current fiscal year Bertrandt's operating profit was EUR 35.615 million (previous year EUR 42.206 million), equal to a margin of 7.2 percent (previous year 8.7 percent). Net finance income was EUR -0.818 million (previous year EUR -0.677 million). Profit from ordinary activities in the period under review was EUR 34.797 million (previous year EUR 41.529 million). Based on a tax rate of 25.8 percent, the Company generated post-tax earnings of EUR 24.979 million (previous year EUR 28.859 million).
_____ CHART 03
Financial position
Bertrandt's balance sheet as at 31 March 2017 was as follows: Total assets increased by EUR 2.268 million to EUR 765.582 million (EUR 763.314 million as at 30 September 2016). Non-current assets were EUR 296.403 million as at the balance sheet date (EUR 271.790 million as at 30 September 2016). Current assets amounted to EUR 469.179 million (EUR 491.524 million as at 30 September 2016).
Equity remained nearly unchanged in the first half of fiscal 2016/2017, despite a dividend payment of EUR 25.228 million in total (previous year EUR 24.704 million), and was EUR 357.544 million as at the balance sheet date (EUR 357.936 million as at 30 September 2016). Current liabilities amounted to EUR 157.108 million (EUR 167.594 million as at 30 September 2016). With an equity ratio of 46.7 percent (46.9 percent as at 30 September 2016), Bertrandt is one of the financially strong companies in the automotive sector.
_____ CHART 04
In the first six months of the current fiscal year Bertrandt's cash flow from operating activities was EUR 39.672 million (previous year EUR 62.456 million). Cash flow declined because a non-recurring item ceased to apply in the past year, with a normalising effect on current assets. The decrease in capital expenditure compared to the first half of fiscal 2015/2016 meant that also net cash outflow from investing activities decreased year on year, amounting to EUR -41.681 million (previous year EUR -18.107 million). Free cash flow at the end of the first half of fiscal 2016/2017 was EUR 21.565 million (previous year EUR 20.775 million). _____ CHART 05
In the first six months of the current fiscal year the Company made the necessary investment in buildings and technical equipment, investing EUR 19.544 million (previous year EUR 44.302 million). Bertrandt thus intends to continue to focus its investment activities in building up and expanding its infrastructure with the aim of continually optimising its range of services.
_____ CHART 06
Operating profit decreased compared to the previous year, due to underutilization of capacity in certain areas and continuing price pressure.
Operating profit (1st half)
EUR million 50.000 40.000 30.000 20.000 10.000 0
12/13 13/14 14/15
43.796 41.059
37.165 35.615
42.206
15/16 16/17
_____ CHART 07
The number of employees rose by 435 over the same period last year.
Employees (on 31 March) number 15,000 12,500 10,000 7,500 5,000 2,500 0 12/13 13/14 14/15 11,859 11,195 10,260 13,098 12,663 15/16 16/17
Human resources
The Bertrandt group continued building up staff in the first half of fiscal year 2016/2017. As of 31 March 2017 the number of employees had risen by 186 compared to 30 September 2016. At the end of the first half of fiscal 2016/2017 the Group had 13,098 employees (13,061 employees as at 31 December 2016 and 12,912 employees as at 30 September 2016). This is equal to an increase of 435 on the same period last year (12,663 employees as at 31 March 2016). The latest information on human resources management can be found in the "Careers" section of Bertrandt's website at www. bertrandt.com.
_____ CHART 07
Risk report
As an engineering service provider operating on an international scale, the Bertrandt Group is exposed to a wide variety of risks. The pertinent facts were comprehensively reported in the fiscal 2015/2016 annual report. The developments already anticipated there for fiscal 2016/2017 reflect the numerous changes in the automotive sector, the development of which cannot be wholly predicted at the present juncture.
OEMs and system suppliers alike are redoubling
their efforts to develop electromobility applications, in line with the strategic change currently taking place in the field of drive technologies. These technological developments are decisive for our customers' future market position and have a long-term impact on their business processes and the allocation of their engineering budgets. Making these important decisions requires considerable time, which leads to delays in project awards. The ongoing consolidation process among OEMs and the resulting restructuring of responsibilities in the different corporate units also affect current and announced projects. The price pressure, which has been increasing since the first quarter of the past fiscal year, is still continuing.
13,098
employees worked for Bertrandt on the reporting date.
It is also difficult to predict ongoing geopolitical developments, for example the progress of the Brexit negotiations and the economic repercussions of policies of the new government in the United States. Both countries are important production and sales markets for our customers, and trade barriers, if they are erected, could adversely affect their business performance.
Bertrandt is closely observing these developments. The risks identified in the fiscal 2015/2016 annual report have partly materialised for Bertrandt in the first six months of fiscal 2016/2017, with an impact on revenue and earnings performance. Management anticipates that these factors will also have a bearing on the remaining quarters of the current fiscal year. Accordingly, the short-term outlook for the current financial year has been adjusted to account for the currently prevailing economic environment. However, the medium-term prospects of Bertrandt's core industries and the technology trends on which they are based are still intact. A broad strategic alignment and a solid financial base will continue to provide a stable foundation for the business growth of the Bertrandt Group in the future.
Potentials
The three major influencing factors, i.e. the increasing variety of models and variants, environmentally friendly individual mobility and connected and automated driving, are still relevant. Bertrandt is therefore confident that there is further potential for the Company to secure and enhance its market position as an engineering service provider and technology group in the years to come. This is also reflected in actual and planned capital expenditure on expertise, infrastructure and technical equipment.
Forecast and outlook
In their spring reports, leading German economic research institutes forecast continued global economic growth. The pace of growth is expected to maintain the dynamism observed of late. On an annual average, an increase in global economic growth from 2.6 in the past year to 3.0 percent in 2017 and 2.9 percent in the following year is pos-
sible.
According to the VDA, the number of different electric vehicle models offered by German OEMs will more than triple by 2020 from currently 30 to almost 100 models. As early as 2019, electric drives will be built into more or less all series, either as plug-in hybrids or battery-powered electric drives. Up to 2020, German OEMs will invest more than EUR 40 billion in the development of alternative drive technologies. Besides working on e-mobility, carmakers are optimising conventional engines. The VDA expects these optimised drives to reduce fuel consumption by 10 to 15 percent. For the passenger car market growth to 91 million new cars by 2020 is anticipated.
A survey of 46 German trade associations conducted by the Cologne Institute for Economic Research (IW) showed that 28 associations expect their sector to produce more in 2017 than in the previous year. Most of these were associations in the key industries in which Bertrandt operates. However, uncertainty remains, bearing in mind German industry's strong focus on exports, the uncertain outcome of the Brexit negotiations and the new US administration in particular.
percent: the growth rate for global economic output in 2017 expected by the Spring Economic Forecast.
Assuming that underlying economic conditions do not deteriorate, that OEMs make sustained investments in research and development for new technologies and models, engineering work continues to be contracted out and qualified human resources are available, Bertrandt expects its business to develop positively in fiscal 2016/2017. However, considering Bertrandt's course of business in the first six months of the fiscal year and the development in the automotive industry, the Management Board of Bertrandt AG decided to adjust its assessment of the development of fiscal 2016/2017 as a whole to reflect the currently challenging economic environment. Thus, the Management Board expects an increase in revenues of up to EUR 30 million over the previous year. According to today's assessment, operating profit relative to revenues will be between six and eight percent.
The market continues to offer business opportunities in 2017. As a result, Bertrandt will continue to focus its investment activities in building up and expanding its expertise, infrastructure and technical equipment with the aim of continually optimising its range of services across the different geographical regions. However, the Company expects a lower volume of capital spending in fiscal 2016/2017 than in the previous year. For the next year overall, Bertrandt therefore anticipates positive cash flow from operating activities, which will however fall by a corresponding amount compared to fiscal 2015/2016 given that no significant positive or negative special effects of the kind that occurred in fiscal 2014/2015 and 2015/2016 are expected.
The three major influencing factors, i.e. the increasing variety of models and variants, environmentally friendly individual mobility and connected and automated driving, are intact and continue to offer business opportunities. Against this backdrop, the Management Board considers a medium-term annual revenue growth of EUR 20 to 50 million and an operating profit relative to revenues of between seven and nine percent as realistic.
Since the Management Board believes that the effects on business performance are of a temporary nature, it intends to maintain the absolute amount of the dividend of EUR 2.50 for the current fiscal year 2016/2017 and to deviate from its 40 percent dividend policy in this fiscal year to the benefit of the shareholders.
The Bertrandt share
The DAX started the second quarter of fiscal 2016/2017 on 2 January 2017 opening at 11,426 points and climbing to 12,313 points as of the last day of trading. The SDAX started the period at 9,520 points and climbed to 10,093 points as of the end of the period. The Prime Automobile Performance Index oscillated between 1,499 and 1,547 points.
The Bertrandt share started the second quarter of the fiscal year 2016/2017 by opening in Xetra trading at EUR 96.30. On 22 March 2017 the share hit a low for the period under review of EUR 84.24. It reached its high for the period of EUR 98.00 on 4 January 2017 and closed at EUR 91.13 in Xetra trading on the last day of trading. The average daily trading volume in the second quarter of fiscal 2016/2017 was 26,464 shares.
Analysts' ratings of the Bertrandt share and information on our Company can be found at www.bertrandt.com under Investor Relations.
91.13
euro was the price at which the Bertrandt share closed in Xetra trading on 31 March 2017.
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
| Consolidated income statement and statement of comprehensive income |
|---|
| EUR million |
| 01/10 to 31/03 |
| I. Income statement |
| Revenues |
| Other internally generated assets |
| Total revenues |
| Other operating income |
| Raw materials and consumables used |
| Personnel expenses |
| Depreciation |
| Other operating expenses |
| Operating profit |
| Income from investments accounted for using the equity method |
| Interest income/expense |
| Attributable to minority interests |
| Other financial result |
| Net finance income |
| Profit from ordinary activities |
| Other taxes |
| Earnings after income tax |
| Income taxes |
| Earnings after income tax |
| – attributable to minority interest |
| – attributable to shareholders of Bertrandt AG |
| Number of shares (million) – diluted/basic, average weighting |
| Earnings per share (EUR) – diluted/basic |
| II. Statement of comprehensive income |
| Earnings after income tax |
| Exchange differences1 |
| Revaluation of pension obligations |
| Tax effects of revaluation of pension obligations |
| Other earnings after taxes |
| Total comprehensive income |
| – attributable to minority interest |
| – attributable to shareholders of Bertrandt AG |
1Components of Other earnings after taxes which will be recycled in the Income statements of the future quarterly and annual reports.
| Q2 | Q2 | Q1 + Q2 | Q1 + Q2 |
|---|---|---|---|
| 2016/2017 | 2015/2016 | 2016/2017 | 2015/2016 |
| 251.389 | 241.623 | 497.226 | 484.792 |
| 0.229 | 0.149 | 0.402 | 0.255 |
| 251.618 | 241.772 | 497.628 | 485.047 |
| 2.339 | 4.091 | 4.828 | 6.725 |
| -25.465 | -23.217 | -51.605 | -48.532 |
| -179.714 | -175.609 | -350.635 | -341.435 |
| -8.435 | -7.408 | -16.801 | -14.346 |
| -22.351 | -21.544 | -47.800 | -45.253 |
| 17.992 | 18.085 | 35.615 | 42.206 |
| 0.156 | 0.028 | 0.253 | 0.019 |
| -1.229 | -0.622 | -1.964 | -0.953 |
| -0.050 | 0 | -0.069 | 0 |
| 0.874 | 0.164 | 0.962 | 0.257 |
| -0.249 | -0.430 | -0.818 | -0.677 |
| 17.743 | 17.655 | 34.797 | 41.529 |
| -0.638 | -0.344 | -1.118 | -0.769 |
| 17.105 | 17.311 | 33.679 | 40.760 |
| -3.726 | -4.986 | -8.700 | -11.901 |
| 13.379 | 12.325 | 24.979 | 28.859 |
| 0 | 0.013 | 0 | 0.042 |
| 13.379 | 12.312 | 24.979 | 28.817 |
| 10.091 | 10.083 | 10.091 | 10.083 |
| 1.33 | 1.22 | 2.48 | 2.86 |
| 13.379 | 12.325 | 24.979 | 28.859 |
| -0.144 | -0.209 | 0.270 | -0.348 |
| -0.295 | -0.010 | -0.589 | -0.020 |
| 0.089 | 0.003 | 0.177 | 0.006 |
| -0.350 | -0.216 | -0.142 | -0.362 |
| 13.029 | 12.109 | 24.837 | 28.497 |
| 0 | 0.013 | 0 | 0.042 |
| 13.029 | 12.096 | 24.837 | 28.455 |
_____ TABLE 09
BERTRANDT LOCATIONS WORLDWIDE.
ALWAYS IN CLOSE PROXIMITY TO OUR CUSTOMERS,always in dialogue – these two principles are reflected in Bertrandt›s decentralised organisation. We are present internationally with extensive design and testing areas to support our customers on site.
54
CONSOLIDATED BALANCE SHEET
| Consolidated balance sheet | ||
|---|---|---|
| EUR million | ||
| 31/03/2017 | 30/09/2016 | |
| Assets | ||
| Intangible assets | 16.377 | 17.480 |
| Property, plant and equipment | 261.197 | 235.800 |
| Investment properties | 1.507 | 1.540 |
| Investments accounted for using the equity method | 5.330 | 5.077 |
| Other financial assets | 2.033 | 2.729 |
| Receivables and other assets | 7.084 | 6.691 |
| Deferred taxes | 2.875 | 2.473 |
| Non-current assets | 296.403 | 271.790 |
| Inventories | 1.061 | 0.889 |
| Future receivables from construction contracts | 134.806 | 114.130 |
| Receivables and other assets | 174.459 | 241.851 |
| Income tax assets | 2.968 | 1.833 |
| Cash and cash equivalents | 155.885 | 159.821 |
| Current assets | 469.179 | 491.524 |
| Total assets | 765.582 | 763.314 |
| Equity and liabilities | ||
| Issued capital | 10.143 | 10.143 |
| Capital reserve | 29.374 | 29.374 |
| Retained earnings and other comprehensive income | 278.883 | 279.025 |
| Consolidated distributable profit | 39.144 | 39.394 |
| Equity | 357.544 | 357.936 |
| Provisions | 13.000 | 16.927 |
| Borrowings | 217.009 | 199.701 |
| Other liabilities | 0.231 | 0.246 |
| Deferred taxes | 20.690 | 20.910 |
| Non-current liabilities | 250.930 | 237.784 |
| Tax provisions | 7.424 | 7.548 |
| Other provisions | 26.620 | 46.586 |
| Borrowings | 3.559 | 2.367 |
| Trade payables | 15.203 | 15.066 |
| Other liabilities | 104.302 | 96.027 |
| Current liabilities | 157.108 | 167.594 |
| Total equity and liabilities | 765.582 | 763.314 |
_____ TABLE 10
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
1Components of Other earnings after taxes which will be recycled in the Income statements of the future quarterly and annual reports.
_____ TABLE 11
| EUR million | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Issued capital |
Capital reserve |
Retained earnings and other comprehensive income |
Consoli dated distri butable profit |
Equity attribut able to share holders of Bertrandt AG |
Minority interests |
Total | ||||
| Non-dis tributed earnings |
Currency trans lation reserve |
Revalu ation of pension obliga tions |
Total | |||||||
| Value on 01/10/2016 | 10.143 | 29.374 | 282.737 | -1.096 | -2.616 | 279.025 | 39.394 | 357.936 | 0 | 357.936 |
| Earnings after income tax | 24.979 | 24.979 | 0 | 24.979 | ||||||
| Other earnings | 0.2701 | -0.412 | -0.142 | -0.142 | -0.142 | |||||
| Total comprehensive income | 0.270 | -0.412 | -0.142 | 24.979 | 24.837 | 0 | 24.837 | |||
| Dividend payment | -25.229 | -25.229 | -25.229 | |||||||
| Value on 31/03/2017 | 10.143 | 29.374 | 282.737 | -0.826 | -3.028 | 278.883 | 39.144 | 357.544 | 0 | 357.544 |
| Previous year | ||||||||||
| Value on 01/10/2015 | 10.143 | 28.595 | 249.144 | -0.554 | -1.791 | 246.799 | 34.083 | 319.620 | 686 | 320.306 |
| Earnings after income tax | 28.817 | 28.817 | 0.042 | 28.859 | ||||||
| Other earnings | -0.3481 | -0.014 | -0.362 | -0.362 | -0.362 | |||||
| Total comprehensive income | -0.348 | -0.014 | -0.362 | 28.817 | 28.455 | 0.042 | 28.497 | |||
| Dividend payment | -24.704 | -24.704 | -24.704 | |||||||
| Value on 31/03/2016 | 10.143 | 28.595 | 249.144 | -0.902 | -1.805 | 246.437 | 38.196 | 323.371 | 0.728 | 324.099 |
CONSOLIDATED CASH FLOW STATEMENT
Net profit for the period (including minority interests) before exceptionals Income taxes Interest income/expense Other net financial result Income from investments accounted for using the equity method Depreciation of non-current assets Increase/decrease in provisions Other non-cash income/expense Profit/loss from disposal of non-current assets Increase/decrease in inventories, future receivables from construction contracts, receivables and other assets as well as other assets not assigned to investing or financing activities Increase/decrease in trade payables and other liabilities not assigned to investing or financing activities Income tax received/paid Interest paid Interest received Cash flows from operating activities (1.–14.) Payments received from disposal of property, plant and equipment Payments received from the disposal of financial assets Payments made for capital expenditure on property, plant and equipment Payments made for investments in intangible assets Payments made for investments in financial assets Payments made to acquire consolidated companies and other businesses Cash flows from investing activities (16.–21.) Payment received from the sale of treasury shares Payments made to shareholders and minority shareholders Payments received from issue of debt instruments and raising of loans Payments made for discharging debt instruments and repaying loans Cash flows from financing activities (22.–26.) Changes in cash and cash equivalents (15.+22.+27.) Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period (27.–30.) 01/10 bis 31/03 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. EUR million Q1 + Q2 2015/2016 28.859 11.901 0.953 -0.257 -0.019 14.346 -21.411 -0.028 -0.093 40.374 -1.916 -10.394 -0.071 0.212 62.456 1.337 1.284 -39.419 -3.634 -1.249 0 -41.681 0 -24.704 199.600 -39.642 135.254 156.029 -0.145 13.068 168.952 Consolidated cash flow statement Q1 + Q2 2016/2017 24.979 8.700 2.033 -0.962 -0.253 16.801 -25.447 -0.651 -0.147 18.561 8.444 -10.447 -3.316 1.377 39.672 0.528 0.938 -17.220 -2.073 -0.251 -0.029 -18.107 0 -25.229 0 -483 -25.712 -4.147 0.211 159.821 155.885
_____ TABLE 12
_____ TABLE 13
| Consolidated segment report | ||||||||
|---|---|---|---|---|---|---|---|---|
| EUR million | ||||||||
| Digital Engineering | Physical Engineering | Electrical Systems/ Electronics |
Total of all divisions | |||||
| 01/10 to 31/03 | 2016/2017 | 2015/2016 | 2016/2017 | 2015/2016 | 2016/2017 | 2015/2016 | 2016/2017 | 2015/2016 |
| Revenues | 301.555 | 286.916 | 109.973 | 107.434 | 108.331 | 99.878 | 519.859 | 494.228 |
| Transfer between segments | 11.065 | 3.041 | 6.352 | 4.445 | 5.216 | 1.950 | 22.633 | 9.436 |
| Consolidated revenues | 290.490 | 283.875 | 103.621 | 102.989 | 103.115 | 97.928 | 497.226 | 484.792 |
| Operating profit | 16.552 | 23.655 | 8.785 | 8.718 | 10.278 | 9.833 | 35.615 | 42.206 |
| 01/01 bis 31/03 | 2016/2017 | 2015/2016 | 2016/2017 | 2015/2016 | 2016/2017 | 2015/2016 | 2016/2017 | 2015/2016 |
| Revenues | 151.337 | 143.640 | 54.385 | 55.210 | 55.254 | 48.601 | 260.976 | 247.451 |
| Transfer between segments | 3.783 | 1.706 | 3.276 | 3.154 | 2.528 | 0.968 | 9.587 | 5.828 |
| Consolidated revenues | 147.554 | 141.934 | 51.109 | 52.056 | 52.726 | 47.633 | 251.389 | 241.623 |
| Operating profit | 8.146 | 10.672 | 4.375 | 3.327 | 5.471 | 4.086 | 17.992 | 18.085 |
| number | ||
|---|---|---|
| Shares | Shares | |
| Balance at 31/03/2017 | Balance at 30/09/2016 | |
| Management Board | ||
| Dietmar Bichler | 400,000 | 400,000 |
| Hans-Gerd Claus | 0 | 0 |
| Michael Lücke | 0 | 0 |
| Markus Ruf | 0 | 0 |
| Supervisory Board | ||
| Dr Klaus Bleyer | 0 | 0 |
| Maximilian Wölfle | 0 | 0 |
| Horst Binnig | 0 | 0 |
| Prof. Dr-Ing. Wilfried Sihn | 0 | 0 |
| Stefanie Blumenauer | 0 | 0 |
| Astrid Fleischer | 98 | 98 |
| Total | 400,098 | 400,098 |
_____ TABLE 14
Options are not disclosed here as there is currently no option programme.
BASIC INFORMATION __________________________________________________________________________
The consolidated financial statements of Bertrandt Aktiengesellschaft, registered at Birkensee 1, 71139 Ehningen, Germany (register number HRB 245259, commercial register of the local court of Stuttgart), for the year ending 30 September 2016 were prepared using the International Financial Reporting Standards (IFRS) effective at the reporting date and as endorsed by the European Union (EU).
The presented unaudited half-year consolidated financial statements as at 31 March 2017 were prepared based on International Accounting Standard (IAS) 34 Interim Financial Reporting, in principle applying the same reporting methods as in the consolidated financial statements for fiscal 2015/2016. The provisions of Section 315a (1) German Commercial Code (HGB) as well as all the standards and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), which are subject to mandatory application in fiscal 2016/2017, have been considered.
A detailed description of these methods is published in the Notes to the Consolidated Financial Statements of the Annual Report for fiscal 2015/2016. The Annual Report is also accessible on the internet at www.bertrandt.com.
These interim consolidated financial statements were compiled in euros. Unless stated otherwise, all amounts are shown in millions of euros (EUR million).
International Financial Reporting Standards and Interpretations that are subject to mandatory application as of fiscal 2016/2017
The following table sets out the International Financial Reporting Standards and Interpretations that are subject to mandatory application as of fiscal 2016/2017.
CONDENSED CONSOLIDATED NOTES
| Standard/ Interpretation |
Compulsory application1 |
Expected effects | |
|---|---|---|---|
| IFRS 22 | Classification and Measurement of Share-based Payment Transactions | 01/01/2018 | None |
| IFRS 42 | Amendments to IFRS 4: Insurance Contracts – Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts |
01/01/2018 | Currently under examination |
| IFRS 9 | Financial Instruments | 01/01/2018 | No substantial effects, more detailed disclosures in the Notes |
| IFRS 10 and IAS 283 | Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture |
not specified | None |
| IFRS 154 | Revenue from Contracts with Customers | 01/01/2018 | No substantial effects, more detailed disclosures in the Notes |
| IFRS 152,4 | Amendments to IFRS 15 | 01/01/2018 | No substantial effects, more detailed disclosures in the Notes |
| IFRS 162 | Leasing | 01/01/2019 | Lessee is required to recognise a right-of-use asset and a lease liability in the balance sheet for all leases. More detailed disclosures in the Notes |
| IAS 72 | Amendments to IAS 7: Statement of Cash Flows – Disclosure Initiative | 01/01/2017 | None |
| IAS 122 | Amendments to IAS 12: Income Taxes – Recognition of Deferred Tax Assets for Unrealised Losses |
01/01/2017 | None |
| IAS 402 | Amendments to IAS 40: Transfers of Investment Property | 01/01/2018 | Currently under examination |
| Improvements of IFRS | Adoption of Annual Improvements to IFRS Cycle 2014 – 2016 | 01/01/2017/ 01/01/2018 |
Single-case audit |
| IFRIC 22 | IFRIC Interpretation 22: Foreign Currency Transactions and Advance Considerations | 01/01/2018 | Currently under examination |
| Standard/ Interpretation |
Compulsory application1 |
Expected effects | |
|---|---|---|---|
| IFRS 22 | Classification and Measurement of Share-based Payment Transactions | 01/01/2018 | None |
| IFRS 42 | Amendments to IFRS 4: Insurance Contracts – Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts |
01/01/2018 | Currently under examination |
| IFRS 9 | Financial Instruments | 01/01/2018 | No substantial effects, more detailed disclosures in the Notes |
| IFRS 10 and IAS 283 | Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture |
not specified | None |
| IFRS 154 | Revenue from Contracts with Customers | 01/01/2018 | No substantial effects, more detailed disclosures in the Notes |
| IFRS 152,4 | Amendments to IFRS 15 | 01/01/2018 | No substantial effects, more detailed disclosures in the Notes |
| IFRS 162 | Leasing | 01/01/2019 | Lessee is required to recognise a right-of-use asset and a lease liability in the balance sheet for all leases. More detailed disclosures in the Notes |
| IAS 72 | Amendments to IAS 7: Statement of Cash Flows – Disclosure Initiative | 01/01/2017 | None |
| IAS 122 | Amendments to IAS 12: Income Taxes – Recognition of Deferred Tax Assets for Unrealised Losses |
01/01/2017 | None |
| IAS 402 | Amendments to IAS 40: Transfers of Investment Property | 01/01/2018 | Currently under examination |
| Improvements of IFRS | Adoption of Annual Improvements to IFRS Cycle 2014 – 2016 | 01/01/2017/ 01/01/2018 |
Single-case audit |
| IFRIC 22 | IFRIC Interpretation 22: Foreign Currency Transactions and Advance Considerations | 01/01/2018 | Currently under examination |
1Fiscal years beginning on or after the specified date.
2Not yet endorsed by the EU.
3Postponed to a date to be determined by the IASB. 4A group-wide, centrally managed project was set up in early 2016; a final evaluation is planned for the upcoming financial year. _____ TABLE 16
International Financial Reporting Standards and Interpretations that have been published but are not
yet mandatory
The following standards and interpretations have already been adopted by the International Accounting Standards Board (IASB) and to some degree approved by the EU but they were not yet mandatory in fiscal 2016/2017. Bertrandt will apply them for the accounting period for which they become mandatory.
| Standard/ Interpretation |
Compulsory application1 |
Expected effects |
|
|---|---|---|---|
| IFRS 11 | Amendments to IFRS 11: Joint Arrangements – Accounting for Acquisitions of Interests in Joint Operations |
01/01/2016 | None |
| IFRS 10, IFRS 12 and IAS 28 |
Amendments to IFRS 10, IFRS 12 and IAS 28 – Investment Entities: Applying the Consolidation Exception |
01/01/2016 | None |
| IAS 1 | Amendments to IAS 1: Presentation of Financial Statements – Disclosure Initiative | 01/01/2016 | None |
| IAS 16 and IAS 38 | Amendments to IAS 16 and IAS 38 – Clarification of Acceptable Methods of Depreciation and Amortisation |
01/01/2016 | None |
| IAS 16 and IAS 41 | Amendments to IAS 16 and IAS 41 – Agriculture: Bearer Plants | 01/01/2016 | None |
| IAS 27 | Amendments to IAS 27: Separate Financial Statements – Equity Method in Separate Financial Statements |
01/01/2016 | None |
| Improvements of IFRS | Adoption of Annual Improvements to IFRS Cycle 2012-2014 | 01/01/2016 | Single-case audit |
1Financial years beginning on or after the specified date.
| _____ TABLE 15 | |||
|---|---|---|---|
GROUP OF CONSOLIDATED COMPANIES ______________________________________________________
The group of consolidated companies includes all operating subsidiaries under the legal and constructive control of Bertrandt AG. This specifically entails the following German companies: Bertrandt Ingenieurbüro GmbHs in Gaimersheim, Ginsheim-Gustavsburg, Hamburg, Cologne, Munich, Neckarsulm and Tappenbeck as well as Bertrandt Fahrerprobung Süd GmbH in Nufringen, Bertrandt Projektgesellschaft mbH, Bertrandt Services GmbH, Bertrandt Technikum GmbH in Ehningen and Bertrandt Technologie GmbHs in Immendingen, Mönsheim and Sassenburg, Bertrandt Ehningen GmbH in Ehningen, Bertrandt GmbH in Hamburg, Bertrandt Verwaltungs GmbH in Mönsheim, Bertrandt Automotive GmbH & Co. KG, Bertrandt Immobilien GmbH & Co. KG and Bertrandt Grundbesitz GmbH & Co. KG, each located in Pullach i. Isartal, as well as Bertrandt Energie GmbH in Mönsheim, Bertrandt Munich GmbH in Munich and Bertrandt Tappenbeck GmbH in Tappenbeck. In addition, Appalusa Grundstücksverwaltungsgesellschaft mbH in Mainz and the entities newly incorporated in the year under review, Bertrandt Beteiligungen GmbH and Bertrandt Solutions GmbH, each located in Ehningen, as well as Bertrandt Grundstücks GmbH in Nufringen, and b.professional GmbH in Mannheim were included for the first time in the consolidated financial statements.
The consolidated companies additionally include the foreign entities Bertrandt Engineering Shanghai Co., Ltd. in Shanghai, Bertrandt Engineering Technologies Romania SRL in Sibiu, Bertrandt France S.A., Bertrandt S.A.S. each located in Paris/Vélizy-Villacoublay, Bertrandt Otomotiv Mühendislik Hizmetleri Ticaret Limited Sirketi in Istanbul, Bertrandt Technologie GmbH in Steyr, Bertrandt UK Limited in Dunton, and Bertrandt US Inc. in Detroit.
Associates, i.e. entities which are not controlled by Bertrandt but over which the Company has significant influence are accounted for in the interim financial statements using the equity method. The following companies are associates: aucip. automotive cluster investment platform GmbH & Co. KG, Bertrandt Entwicklungen AG & Co. OHG, each located in Pullach i. Isartal, as well as indirect investments in aucip. automotive cluster investment platform Beteiligungs GmbH, MOLLIS automotive GmbH, NAMENU tool GmbH, and, for the first time MCIP tool GmbH, all of them located in Pullach i. Isartal. In addition, Bertrandt Campus GmbH, Ehningen, a joint venture of which Bertrandt has joint control, is also accounted for in the consolidated financial statements under the equity method.
With effect from 1 January 2017 Bertrandt Grundstücks GmbH, Nufringen acquired 94.8 percent of the shares in Appalusa Grundstücksverwaltungsgesellschaft mbH, Mainz for EUR 0.029 million. As at the date of purchase the company had EUR 20.725 million in property, plant and equipment, EUR 0.085 million in other assets, EUR 0.490 million in deferred tax assets, EUR 20.644 million in financial liabilities, EUR 0.06 million in provisions and EUR 0.566 million in deferred tax liabilities. Minority interests as at the date of purchase amounted to EUR 0.001 million and were measured according to the corresponding share in the equity of the purchased company. In the present half-year consolidated financial statements, Appalusa Grundstücksverwaltungsgesellschaft mbH accounts only for intragroup income in the amount of EUR 0.679 million and post-tax earnings of EUR 0.437 million.
FOREIGN CURRENCY TRANSLATION __________________________________________________________
The interim consolidated financial statements of subsidiaries using a functional currency other than the euro are translated according to IAS 21. The subsidiaries carry out their business independently for financial, commercial and organisational purposes. The functional currency is therefore identical to the currency of the country in which they are based.
Accordingly, for the interim financial statements these companies' assets and liabilities were translated at the mean closing rate at the date of the statement of financial position, and income and expenses were translated at the average exchange rate for the period. All resulting exchange differences including differences resulting from the translation of amounts brought forward from the previous year are recognised directly in equity.
Foreign currency transactions are recorded by translating the foreign currency amount into the functional currency amount at the exchange rate prevailing on the date of the transaction. Gains and losses arising from the settlement of such transactions as well as from the translation at the reporting date of monetary assets and liabilities held in foreign currencies are recognised in profit or loss.
The parities of the key currencies relative to one euro were as follows:
RELATED PARTY DISCLOSURES _______________________________________________________________
On 2 July 2014 Dr. Ing. h.c. F. Porsche AG, Stuttgart, increased its shareholding in Bertrandt AG by nearly four percentage points. After the share purchase, Volkswagen now indirectly holds around 29 percent of voting shares in Bertrandt. As in the past it is not the intention of Volkswagen to exercise influence on the Supervisory Board or the Management Board. From the date of the purchase of the shares, Bertrandt AG will be accounted for as an associate in the consolidated financial statements of the Volkswagen group under the equity method. Accordingly, the Volkswagen group has to be classified as a related party pursuant to IAS 24. All supplier relationships between Bertrandt AG and the Volkswagen group were based on arm's length prices. The revenues arising from transactions with all Volkswagen group companies amounted to EUR 164.840 million in the period under review (previous year EUR 198.039 million). As of the balance sheet date, receivables amounted to EUR 47.428 million (previous year EUR 52.944 million).
| _____ TABLE 17 | |||
|---|---|---|---|
| relative to one euro | |||||
|---|---|---|---|---|---|
| Average rate on balance sheet date |
Average rate first half | ||||
| 31/03/2017 | 31/03/2016 | 2016/2017 | 2015/2016 | ||
| China | CNY | 7.3693 | 7.3514 | 7.3474 | 7.0993 |
| United Kingdom | GBP | 0.8576 | 0.7898 | 0.8631 | 0.7459 |
| Romania | RON | 4.5515 | 4.4740 | 4.5116 | 4.4750 |
| Turkey | TRY | 3.8893 | 3.2137 | 3.7375 | 3.2155 |
| Hungary | HUF | 308.1500 | 314.0000 | 309.2890 | 312.2000 |
| United States | USD | 1.0681 | 1.1378 | 1.0723 | 1.0993 |
FAIR VALUE DISCLOSURES ____________________________________________________________________
The principles and methods used for fair value measurement have remained unchanged compared to fiscal 2015/2016.
Because of the short maturities of the Company's financial assets and financial liabilities, it is assumed that their fair value is equal to their carrying amount. The fair values of the non-current financial liabilities amount to EUR 230.713 million (previous year EUR 199.673 million) on account of the movement in interest rates in the reporting period up to 31 March 2017.
The financial assets and financial liabilities at fair value through profit or loss generally comprise derivatives to hedge foreign exchange and interest risks.
The derivatives' fair values are determined with generally accepted methods of financial mathematics, using mid-market pricing. All derivatives with a positive fair value are disclosed as derivative assets, while all derivatives with a negative fair value are disclosed as derivative liabilities.
As at 31 March 2017 the fair value of all balance sheet items valued at their fair value was EUR 0 million (EUR 0 million as at 30 September 2016). In the period under review, no foreign exchange forward contract or interest rate hedging contract was outstanding.
The fair value hierarchy established by IFRS 13 defines three levels of inputs to valuation techniques which depend on the availability of observable market prices in an active market. Level one input is input available for financial instruments that are measured at quoted prices in active markets for identical assets or liabilities. Financial instruments that are measured using Level two inputs are measured on the basis of inputs other than quoted prices included within Level one, which are observable either directly or indirectly. Level three input refers to market data for the measurement of financial instruments that are unobservable. Interest rate derivatives and foreign exchange forward contracts are categorised as Level two, other derivatives as Level three. Non-current financial liabilities are categorised as Level two. As in the previous year, there were no transfers between the three levels of the fair value hierarchy. A sensitivity analysis is performed every year, analysing and evaluating internal and external information and conditions for their probability of occurrence and the resulting financial burdens. As in the previous year, the sensitivity analysis carried out in the first quarter of fiscal 2015/2016 for derivatives measured according to Level three of the fair value hierarchy did not lead to any change in the carrying amount.
MATERIAL EVENTS AFTER THE REPORTING PERIOD _________________________________________
There were no material events after the reporting period of 1 October 2016 to 31 March 2017.
GERMAN CORPORATE GOVERNANCE CODE __________________________________________________
The declarations of compliance with the German Corporate Governance Code pursuant to Section 161 of the German Stock Corporation Act (AktG) by the Management and Supervisory Boards of Bertrandt AG are accessible on the internet at www.bertrandt.com.
RESPONSIBILITY STATEMENT IN LINE WITH ARTICLE 37Y AND ARTICLE 37W SECTION 2 NUMBER 3 GERMAN SECURITIES TRADING ACT __________________________________________
To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the condensed consolidated interim financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.
Ehningen, 18 May 2017
The Management Board
Dietmar Bichler Hans-Gerd Claus
Chairman of the Management Board Member of the Management Board Engineering
Michael Lücke Markus Ruf
Member of the Management Board Sales Member of the Management Board Finance
12th Capital Market Day 31 May 2017
Report on the 3rd quarter 2016/2017 30 August 2017
Annual report 2016/2017 Annual press and analysts' conference 14 December 2017
Annual General Meeting 21 February 2018 10:30 City Hall Sindelfingen
FINANCIAL CALENDAR
Published and edited by
Bertrandt AG Birkensee 1, 71139 Ehningen Germany Telephone +49 7034 656-0 Telefax +49 7034 656-4100 www.bertrandt.com [email protected]
HRB 245259 Amtsgericht Stuttgart
Contact
Dr Markus Götzl Investor Relations Telephone +49 7034 656-4201 Telefax +49 7034 656-4488 [email protected]
Konzeption,
Gestaltung und Produktion SAHARA Werbeagentur, Stuttgart www.sahara.de
Design, layout and production SAHARA Werbeagentur, Stuttgart www.sahara.de
Photos Andreas Körner, Stuttgart
EUR million
Revenues
Other internally generated assets
Total revenues Other operating income
Raw materials and consumables used
Personnel expenses Depreciation
Other operating expenses
Operating profit
Net finance income
Q2 15/16
241.623 0.149
241.772 4.091 -23.217 -175.609 -7.408 -21.544
18.085
Q3 15/16
243.119 0.159
CREDITS ROADSHOWS AND CONFERENCES
243.278 3.416 -23.970 -172.624 -7.702 -22.358
20.040
| Profit from ordinary activities | 17.743 | 17.054 | 30.503 | 19.455 | 17.655 |
|---|---|---|---|---|---|
| Other taxes | -0.638 | -0.480 | -0.401 | -0.504 | -0.344 |
| Earnings before tax | 17.105 | 16.574 | 30.102 | 18.951 | 17.311 |
| Income taxes | -3.726 | -4.974 | -8.336 | -5.968 | -4.986 |
| Earnings after income tax | 13.379 | 11.600 | 21.766 | 12.983 | 12.325 |
| – attributable to minority interest | 0 | 0 | 0 | 0.012 | 0.013 |
| – attributable to shareholders of Bertrandt AG | 13.379 | 11.600 | 21.766 | 12.971 | 12.312 |
| Number of shares (million) – diluted/basic, average weighting |
10.091 | 10.091 | 10.091 | 10.091 | 10.083 |
| Earnings per share (EUR) – diluted/basic | 1.33 | 1.15 | 2.16 | 1.28 | 1.22 |
Q4 15/16
-0.430 17.655 -0.344 17.311 -0.585 19.455 -0.504 18.951 -0.116 30.503 -0.401 30.102 -0.569
264.110 0.258
264.368 1.330 -25.595 -181.622 -7.677 -20.185
30.619
Q1 16/17
245.837 0.173
246.010 2.489 -26.140 -170.921 -8.366 -25.449
17.623
QUARTERLY SURVEY
Consolidated income statement
_____ TABLE 18
Q2 16/17
251.389 0.229
251.618 2.339 -25.465 -179.714 -8.435 -22.351
17.992
-0.249
Legal Notice
This report 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 incorrent, the actual results could deviate substantially from or implicitly from the expressed results specified in these statements. We have neither the intetion 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 report refers to statements of third parties, in particular analyst estimations, the organisation neither adopts these, nor are these rated or commented thereby in other ways, nor is the claim laid to completeness in this respect.