Slide 1: JENOPTIK AG – 1st half-year 2019
JENOPTIK AG – 1st half-year 2019 Dr. Stefan Traeger | Hans-Dieter Schumacher I August 8, 2019 © Copyright Jenoptik. All rights reserved.
Slide 2: Agenda
Agenda 01 Development of the Jenoptik Group 02 Performance of the divisions 03 Outlook 04 Appendix 8.8.2019 Results 1st half-year 2019 2
Slide 3: Major events in the 1st half-year 2019
Major events in the 1st half-year 2019 Dr. Traeger confirmed in office for another five-year term Sales process for VINCORION division started 1 Substantial investments in expansion and modernization of our locations Several orders received by Prodomax in the automation area 2019 New corpo
Slide 4: Order intake only slightly down on prior year; order backlog remained at high level
Order intake only slightly down on prior year; order backlog remained at high level Order intake in million euros Order backlog in million euros 500 600 + 0.2% 1.2% 500 400 521.5 522.5 397.2 392.5 400 300 300 200 200 100 100 0 0 H1/2018 H1/2019 Dec 31, 2018 Jun 30, 2019 Light & Production as wel
Slide 5: Momentum increased in 2nd quarter as expected, revenue in 1st half-year almost at prior-year level
Momentum increased in 2nd quarter as expected, revenue in 1st half-year almost at prior-year level Revenue in million euros 500 0.4% 400 384.7 383.1 300 +2.2% 200 241.2 194.8 208.7 199.1 189.9 184.0 100 0 Q1/18 Q2/18 H1/18 Q3/18 Q4/18 Q1/19 Q2/19 H1/19 Revenue grew on a quarterly basis, when com
Slide 6: In the 1st half of 2019 revenue grew exclusively in non-European countries
In the 1st half of 2019 revenue grew exclusively in non-European countries Foreign revenue ~73 percent EUROPE GERMANY - 11.6% - 16.6% 241.2 125.5 213.3 104.7 AMERICAS + 27.0% 104.8 82.5 ASIA / PACIFIC AFRICA / +10.9% MIDDLE EAST 44.0 48.8 - 4.9% 17.0 16.2 8.8.2019 Results 1st half-year 2019 6
Slide 7: Positive earnings development compared with prior quarter
Positive earnings development compared with prior quarter EBITDA in million euros 100 EBITDA impacted by 80 Higher functional costs 4.1% 60 Positive effects from first-time 56.3 application of IFRS 16 54.0 40 38.5 Contributions by acquisitions 32.8 20 27.7 28.5 23.8 30.2 EBITDA margin at
Slide 8: Gross margin improved; higher investments in future growth caused rise in functional costs
Gross margin improved; higher investments in future growth caused rise in functional costs Revenue 383.1 384.7 Gross margin improved, as cost of sales decreased at a slightly stronger Gross margin 36.0% 35.2% rate than revenue Rise in functional costs by 11.1% Functional costs 103.0 92.7 R+D:
Slide 9: Free cash flow impacted in particular by lower operating cash flows and higher investments
Free cash flow impacted in particular by lower operating cash flows and higher investments In million euros H1/2019 H1/2018 Operating profit before Working Capital grew to 256.4 million 53.5 55.1 adjusting working capital euros (31/12/18: 216.8m euros / 30/6/18: 227.1m euros), attributable in part
Slide 10: Agenda
Agenda 01 Development of the Jenoptik Group 02 Performance of the divisions 03 Outlook 04 Appendix 8.8.2019 Results 1st half-year 2019 10
Slide 11: Light & Optics division: Development in line with expectations
Light & Optics division: Development in line with expectations Revenue in million euros EBITDA in million euros Order intake in million euros 200 0.4% 50 9.4% 200 14.7% 160 40 160 179.3 163.3 162.7 153.0 120 30 35.4 120 32.0 80 20 80 40 10 40 0 0 0 H1/2018 H1/2019 H1/2018 H1/2019 H1/2018 H1/20
Slide 12: Light & Production division: Growth mainly attributable to contributions of acquired businesses
Light & Production division: Growth mainly attributable to contributions of acquired businesses Revenue in million euros EBITDA in million euros Order intake in million euros 150 + 45.3% 15 + 77.7% 150 + 22.8% 120 12 120 11.9 111.3 113.0 90 9 90 92.0 76.6 6 60 60 6.7 30 3 30 0 0 0 H1/2018 H1/2019 H1
Slide 13: Light & Safety division: Increase in order intake; shortfall in revenue due to toll monitoring project
Light & Safety division: Increase in 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 80 21.7% 12 30.4% 80 + 5.1% 60 9 60 61.8 9.4 48.4 48.1 50.6 40 6 6.6 40 20 3 20 0 0 0 H1/2018 H1/
Slide 14: VINCORION: Good order backlog, export restrictions with negative effect on revenue and earnings
VINCORION: Good order backlog, export restrictions with negative effect on revenue and earnings Revenue in million euros EBITDA in million euros Order intake in million euros 100 27.6% 12 48.3% 100 3.4% 80 80 81.6 9 8.7 76.4 73.8 60 60 59.1 6 40 40 4.5 3 20 20 0 0 0 H1/2018 H1/2019 H1/2018 H1/
Slide 15: Agenda
Agenda 01 Development of the Jenoptik Group 02 Performance of the divisions 03 Outlook 04 Appendix 8.8.2019 Results 1st half-year 2019 15
Slide 16: Growth expected for 2019; forecast slightly adjusted due to reluctance to invest
Growth expected for 2019; forecast slightly adjusted due to reluctance to invest particularly in the automotive industry We now anticipate revenue, without major portfolio changes, in a range between 850 and 860 million euros (before: growth in the mid single-digit percentage range). More focus More
Slide 17: Agenda
Agenda 01 Development of the Jenoptik Group 02 Performance of the divisions 03 Outlook 04 Appendix 8.8.2019 Results 1st half-year 2019 17
Slide 18: 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 21.8% 11.7% 13.6% 12.1% 15.3% margin EBIT 65.9 16.8 10.9 16.5 94.9 EBIT margin 19.4% 8.0% 9.3% 9.
Slide 19: Dates and contact
Dates and contact August 8, 2019 Conference call on results of 1st half-year 2019 August 9, 2019 Analysts‘ meeting / roadshow, Frankfurt am Main August 29, 2019 Commerzbank Sector Conference, Frankfurt am Main September 3/4, 2019 Roadshow London / Edinburgh September 18/19, 2019 Roadshow Madrid / Ba
Slide 20: 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