Jenoptik Ag · XETR:JEN
Jenoptik — Investor Presentation (May 2019)
27 slides from Jenoptik's investor presentation, May 2019
Slide 1: The power of light. Investor Relations Presentation
The power of light. Better futures by harnessing the potential of light. Investor Relations Presentation May 2019 © Copyright Jenoptik. All rights reserved.
Slide 2: Agenda
Agenda 01 Overview and strategy 02 Financials Q1 2019 and outlook 03 Appendix Jenoptik Investor Relations Presentation 2
Slide 3: Jenoptik – a leading player in attractive photonic sectors
Jenoptik – a leading player in attractive photonic sectors Photonics is moving markets and changing the world around us. Jenoptik has the skills, experience and proven track record to 1991 lead the way. Foundation Attractive markets Attractive photonic applications >4,000 Photonics market: ~600bn eu
Slide 4: Our new structure since January 2019: Focused divisions and technology synergies
Our new structure since January 2019: Focused divisions and technology synergies …………….………….….……………. Photonic ……….………….………….……. …..…... Mechatronic.……. LIGHT & OPTICS LIGHT & PRODUCTION LIGHT & SAFETY OEM-Business B2B-Business B2G-Business Development & production Engineering business with Pro
Slide 5: Transforming Jenoptik into a focused technology group
Transforming Jenoptik into a focused technology group More Focus More Innovation More International Photonics Innovation International Leverage core Step-up R+D work Build a truly global competencies enterprise Jenoptik Investor Relations Presentation 5
Slide 6: Attractive photonic applications at the core of Jenoptik
Attractive photonic applications at the core of Jenoptik World market in Photonics: Jenoptik will focus on: 22 bn € 54 bn € 36 bn ~ € 600 bn Information processing (i.e. semiconductor equipment € 31 bn manufacturing and communication) Photonic components € 27 bn Biophotonics Σ 120-140 bn€ 31 bn€
Slide 7: Agenda
Agenda 01 Overview and strategy 02 Financials Q1 2019 and outlook 03 Appendix Jenoptik Investor Relations Presentation 7
Slide 8: Major events in the 1st quarter 2019; business performance in line with expectation
Major events in the 1st quarter 2019; business performance in line with expectation New corporate structure has been in place since January 1, 2019; structures within divisions and corporate center simplified 1 Priorities for 2019 defined: ▪ Growth in Asia ▪ Operational excellence in production
Slide 9: Good demand from major markets; order backlog at record level
Good demand from major markets; order backlog at record level Order intake in million euros Order backlog in million euros 300 600 + 5.3% + 5.6% 250 548.9 521.5 200 400 210.4 199.2 150 100 200 50 0 0 Q1/2018 Q1/2019 Dec. 31, 2018 March 31, 2019 Three divisions contributed to growth; Very good ba
Slide 10: Revenue, as expected, only slightly down on high level of prior year
Revenue, as expected, only slightly down on high level of prior year Revenue in million euros 1000 3.1% 800 834.6 600 400 200 241.2 189.9 194.8 208.7 184.0 0 Q1/18 Q2/18 Q3/18 Q4/18 2018 Q1/19 Higher demand in particular from semiconductor equipment and automotive industries Export restriction
Slide 11: In the 1st quarter 2019 revenue grew exclusively in non-European countries
In the 1st quarter 2019 revenue grew exclusively in non-European countries Foreign revenue ~74 percent EUROPE GERMANY - 13.2% - 23.4% 120.3 63.0 104.4 48.2 AMERICAS + 23.4% 47.5 38.5 ASIA / PACIFIC +1.3% AFRICA / MIDDLE EAST 22.7 23.0 + 7.7% 8.4 9.1 Jenoptik Investor Relations Presentation 11
Slide 12: Current earnings development is no indication for expected full-year performance
Current earnings development is no indication for expected full-year performance EBITDA in million euros 150 14.2% EBITDA impacted by 120 Revenue decline 127.5 90 Higher functional costs Positive effects from first-time 60 application of IFRS 16 30 32.8 38.5 Contributions by acquisitions
Slide 13: Gross margin improved; investments in further growth led to higher functional costs
Gross margin improved; investments in further growth led to higher functional costs Revenue 184.0 189.9 Gross margin grew, as cost of sales fell at a slightly stronger rate than Gross margin 35.7% 34.7% revenue due to the changed product mix Functional costs 52.0 44.8 Rise in R+D, selling and ad
Slide 14: Free cash flow impacted in particular by increase in working capital
Free cash flow impacted in particular by increase in working capital as at the reporting date and higher investments In million euros Q1/2019 Q1/2018 Working Capital grew to 243.7 million euros (31/12/18: 216.8m euros / 31/3/18: Operating profit before 227.4m euros), attributable in particular to
Slide 15: Light & Optics division: Solid start to the year in line with expectations
Light & Optics division: Solid start to the year in line with expectations Revenue in million euros EBITDA in million euros Order intake in million euros 100 + 2.6% 20 3.7% 120 21.5% 80 16 100 83.2 17.3 16.6 81.1 97.4 80 60 12 76.5 60 40 8 40 20 4 20 0 0 0 Q1/2018 Q1/2019 Q1/2018 Q1/2019 Q1/2018
Slide 16: Light & Production division: Strong increase due to good business performance
Light & Production division: Strong increase due to good business performance and contributions of acquisitions Revenue in million euros EBITDA in million euros Order intake in million euros 60 + 28.9% 8 + 120.6% 80 + 43.3% 50 50.4 6 60 63.1 40 5.6 39.1 30 4 40 44.0 20 2 2.5 20 10 0 0 0 Q1/2018 Q1/2
Slide 17: Light & Safety division: Higher order intake; shortfall in revenue due to toll monitoring
Light & Safety division: Higher order intake; shortfall in revenue due to toll monitoring project in the last year Revenue in million euros EBITDA in million euros Order intake in million euros 50 26.1% 10 35.9% 50 + 9.6% 40 8 40 30 33.2 6 30 5.8 27.0 20 24.5 4 20 24.6 3.7 10 2 10 0 0 0 Q1/2018
Slide 18: VINCORION: Rise in order intake, impact of export restrictions on performance
VINCORION: Rise in order intake, impact of export restrictions on performance Revenue in million euros EBITDA in million euros Order intake in million euros 50 29.7% 5 111.7% 50 +32.4% 40 4 40 43.0 30 35.9 3 3.5 30 32.5 20 25.3 2 20 10 1 10 -0.4 0 0 0 Q1/2018 Q1/2019 Q1/2018 Q1/2019 Q1/2018 Q1/2
Slide 19: Forecast confirmed; further growth expected for 2019
Forecast confirmed; further growth expected for 2019 We anticipate revenue growth in the mid single-digit percentage range (without major portfolio changes). More focus More innovation EBITDA margin is expected More international to come in at between 15.5 and 16.0 percent. This presupposes that pol
Slide 20: Agenda
Agenda 01 Overview and strategy 02 Financials Q1 2019 and outlook 03 Appendix Jenoptik Investor Relations Presentation 20
Slide 21: A long tradition of innovation in optoelectronics
A long tradition of innovation in optoelectronics Revenue 13 14 15 16 17 18 1846 1946 1989 - 1991 1992 - 1998 1998 - 2006 2007 - 2016 since 2017… Founded State German New Flexibility Consolidation Sustainable in Jena by property Reunification Businesses profitable Carl Zeiß growth “Workshop The Zeis
Slide 22: Key financials 2018 of the new divisions
Key financials 2018 of the new divisions Light & in million euros Light & Optics Production* Light & Safety VINCORION Group* Revenue 339.6 210.9 116.9 166.4 834.6 EBITDA 74.1 24.6 15.9 20.1 127.5 EBITDA margin 21.8% 11.7% 13.6% 12.1% 15.3% EBIT 65.9 16.8 10.9 16.5 94.9 EBIT margin 19.4% 8.0% 9.3% 9.
Slide 23: Corporate structure until December 31, 2018
Corporate structure until December 31, 2018 Segments Optics & Life Science Mobility Defense & Civil Systems Optical Healthcare Automotive Traffic Defense & Civil Systems Systems & Industry Solutions Divisions Jenoptik Investor Relations Presentation 23
Slide 24: Development of Jenoptik share price compared with Dax and TecDax
Development of Jenoptik share price compared with Dax and TecDax (indexed) since early 2018 to date in euros 45,00 Prel. Results Results Sharp drop in Prel. Results Results Q1 2017 / new H1/2018, increase share prices, esp. 2018 2019 strategy in earnings semi comp. 40,00 guidance 35,00 JEN + 14% 30,
Slide 25: Shareholders and dividend information
Shareholders and dividend information Shareholder structure Thüringer EPS Dividend payment Industriebeteiligungs 2,0 GmbH & Co. KG 11.0% 1.53 1,6 1.27 1,2 1.00 0.87 0.73 0,8 89.0% Freefloat 0.30 0.35* 0,4 0.20 0.22 0.25 0,0 2014 2015 2016 2017 2018 *Proposal to AGM Major institutional shareholders (
Slide 26: Dates and contact
Dates and contact May 9, 2019 Conference call on results of 1st quarter 2019 May 15/16, 2019 Roadshow Milano / Lugano May 28, 2019 Roadshow Luxembourg June 6, 2019 dc access conference, Berlin June 12, 2019 Annual General Meeting June 27, 2019 Hauck & Aufhäuser TMT Conference, Zurich June 27, 2019 W
Slide 27: Disclaimer
Disclaimer This presentation can contain forward-looking statements that are based on current expectations and certain assumptions of the management of the Jenoptik Group. A variety of known and unknown risks, uncertainties and other factors can cause the actual results, the financial situation, the