Slide 1: JENOPTIK AG – 1st quarter 2019
JENOPTIK AG – 1st quarter 2019 Dr. Stefan Traeger | Hans-Dieter Schumacher I May 9, 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 9.5.2019 Results 1st quarter 2019 2
Slide 3: 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 4: 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 5: 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 6: 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 9.5.2019 Results 1st quarter 2019 6
Slide 7: 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 8: 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 9: Free cash flow impacted in particular by increase in working capital and higher investments
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 10: Agenda
Agenda 01 Development of the Jenoptik Group 02 Performance of the divisions 03 Outlook 04 Appendix 9.5.2019 Results 1st quarter 2019 10
Slide 11: 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 12: Light & Production division: Strong increase due to good business performance and contributions of acquisitions
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 13: Light & Safety division: Higher order intake; shortfall in revenue due to toll monitoring project
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 14: 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 15: Agenda
Agenda 01 Development of the Jenoptik Group 02 Performance of the divisions 03 Outlook 04 Appendix 9.5.2019 Results 1st quarter 2019 15
Slide 16: 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 17: Agenda
Agenda 01 Development of the Jenoptik Group 02 Performance of the divisions 03 Outlook 04 Appendix 9.5.2019 Results 1st quarter 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 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 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