Jenoptik Ag · XETR:JEN
Jenoptik — Investor Presentation (August 2023)
45 slides from Jenoptik's investor presentation, August 2023
Slide 1: Our Vision – Brighter Futures with the Power of Light
Our Vision – Brighter Futures with the Power of Light. Investor Relations Presentation I August 2023 © Copyright Jenoptik. All rights reserved.
Slide 2: 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
Slide 3: Agenda
Agenda Company overview Strategy & markets Divisional set-up H1 2023 results and outlook Appendix Jenoptik Investor Relations Presentation 3
Slide 4: Jenoptik at a glance – a leading globally operating photonics group
Jenoptik at a glance – a leading globally operating photonics group 1991 Year of foundation Our Mission >80 Represented in countries The Leading Light In the Application of >4,400 Employees worldwide Photonics 1.7bn1 Market capitalization in euros Fiscal year 2022 Focus on three core markets 980.7 m
Slide 5: Delivering high-quality photonics-based products and solutions
Delivering high-quality photonics-based products and solutions… Semiconductor & Life Science & Non-core Smart Mobility Electronics Medical Technology businesses Optics, Micro-optics Diode lasers Equipment for traffic surveillance Automation systems and Precision components Microscope cameras Softwar
Slide 6: Strategy & markets
Strategy & markets
Slide 7: Agenda 2025 "More Value" for our stakeholders
With our agenda 2025 we aim at creating “More Value” for our stakeholders by… Agenda 2025 „More Value“ Our goals for 2025 Transforming Jenoptik into a globally Financial targets 1 leading pure photonics player − Grow revenue to ~1.2 bn euros Focusing on three highly attractive (incl. further divestm
Slide 8: Strategic focus on attractive photonics markets
1 Strategic focus on attractive photonics markets 2025 – Jenoptik core markets Strategic rationale − Core markets market growth > GDP growth 75% − Differentiation through our core technological B2B, hardware competences in optics and photonics supply business ~25% − Resilience to end-market fluctuat
Slide 9: Megatrends will drive growing demand for photonics solutions
2 Megatrends will drive growing demand for photonics solutions of the future Societal needs Jenoptik‘s contribution Growing demand for chips for various existing Jenoptik supplies high-performance optics, Digitization as well as new applications; increasing usage micro-optics for semiconductor equip
Slide 10: Innovation remains our main growth engine
3 Innovation remains our main growth engine through our leading competencies in… − Harnessing light − Design and industrialization of complex optics and photonics components − Decoding photonic signals in data imaging solutions ©NASA/JPL-Caltech − Sensor fusion, i.e. integrating video, radar, laser
Slide 11: Organic growth will be driven by…
3 Organic growth will be driven by… Increasing our share of wallet with existing customers Significant investments into production capacities − Develop new applications with robust production − Doubling production with new micro-optics cleanroom processes for repeatable highly-precise results fab (L
Slide 12: M&A is part of our strategy
3 M&A is part of our strategy Non-organic growth initiatives (M&A) Key acquisition criteria Divestments Hillos VINCORION − Portfolio: Complementary technologies & Non-optical process metrology regional expansion Crystal growth business − Market position: strong technological basis, 2019 2020 2021 20
Slide 13: Robust track record of profitable growth in spite of COVID pandemic
3 Robust track record of profitable growth in spite of COVID pandemic 2014 – 2022 Main driver to margin expansion Revenue CAGR ~7% − Product mix effects ~1.2 EBITDA margin increased ~6 percentage points − Operating leverage billion euros 1200 1150 980.7 ~20% 21,0% 1100 1050 million 1000 euros 950 19
Slide 14: Robust key financial figures; net debt reflects recent acquisitions
4 Robust key financial figures; net debt reflects recent acquisitions 1 Key financial ratios Net debt and net debt to EBITDA Acquisition Acquisition Trioptics BG Medical/SwissOptic 4,0 Jenoptik Group FY/2022 FY/2021 700 3,5 600 3,0 2.4x Equity ratio in % 50.4 44.4 500 2,5 400 2,0 Net debt in million
Slide 15: Clear commitment to more sustainability
5 Clear committment to more sustainability − As an „Enabler“ we make the world a better place by contributing to better infrastructure, communication, mobility and healthcare − Our non-financial targets are included in the Executive Board remuneration and group financing Diversity rate: 33% by 2025
Slide 16: Jenoptik is well on track to meet its 2025 goals
Jenoptik is well on track to meet its 2025 goals 1 Transformation into a globally leading pure phonics player well underway 2 Addressing attractive markets, where Jenoptik can make a difference 3 Unique technological expertise and trusted develpment partner for our customers 4 Proven track record of
Slide 17: Divisional set-up
Divisional set-up
Slide 18: Organizational structure of Jenoptik Group
Organizational structure of Jenoptik Group Advanced Photonic Solutions Smart Mobility Non-Photonic Division Solutions Division Portfolio Companies Semiconductor & Life Science & Others Smart Mobility Electronics Medical Technology Optics, Micro-optics Diode lasers Equipment for traffic surveillance
Slide 19: Advanced Photonic Solutions: markets & applications (1/2)
Advanced Photonic Solutions division: markets & applications (1/2) Markets Semiconductor Electronics Equipment − Increasing demand for chips for various existing and new applications (smartphones, 5G, gaming, servers, self-driving cars, Internet of Things, etc.) Drivers Market − Homeshoring of produ
Slide 20: Advanced Photonic Solutions: markets & applications (2/2)
Advanced Photonic Solutions division: markets & applications (2/2) Markets Life Science Medical Technology − Growing and aging population Drivers Market − Wealth, better access to healthcare in developing countries, and digitalization − New therapeutic approaches (e.g. personalized medicine) and dia
Slide 21: Advanced Photonic Solutions: partner for performance-critical photonic solutions
Advanced Photonic Solutions: partner for performance-critical photonic solutions Revenue 2022: 729.6 million euros Business profile Main production Jena, Berlin, Heerbrugg, − Division bundles all B2B photonics activities sites: Jupiter, Wuhan − Global OEM and machine supplier of components and modul
Slide 22: Smart Mobility Solutions Division: markets & applications
Smart Mobility Solutions Division: markets & applications Traffic Law Enforcement Civil Security Road User Charging Markets - New applications such as distracted driving Drivers Market - Growing demand for integrated services - Political initiatives such as Vision Zero in additional countries - Over
Slide 23: Smart Mobility Solutions: provider of road traffic solutions
Smart Mobility Solutions: provider of road traffic solutions for safety and security Revenue 2022: 114.3 million euros Business profile Main production Monheim, Camberley − Division bundles all B2G activities − Provider of roadside equipment and software, including integration, Employees 2022: 485 i
Slide 24: Non-Photonic Portfolio Companies – driving production efficiency
Non-Photonic Portfolio Companies – driving production efficiency Our product portfolio includes − Automation: individual systems through to automated plant concepts and complete process solutions for efficient production environments − Modern production measurement technology for efficient quality c
Slide 25: First half-year 2023
First half-year 2023
Slide 26: Highlights of the 1st half-year 2023
Highlights of the 1st half-year 2023 − Strong business development in 1st half-year 2023 ▪ Double-digit revenue and EBITDA growth ▪ Order backlog remained at high level ▪ Order intake below high prior-year basis, as expected; book-to-bill ratio again above one − Focus on output optimization and capa
Slide 27: Order intake remained at good level, continued high order backlog
Order intake remained at good level, continued high level of order backlog Order intake in MEUR Order backlog in MEUR 800 900 −10.1% 4.5% 600 766.6 733.7 608.6 600 546.9 400 300 200 0 0 H1/2022 H1/2023 Dec 31, 2022 Jun 30, 2023 − Advanced Photonic Solutions, as expected, below very high − Order back
Slide 28: Double-digit revenue and earnings growth
Double-digit revenue and earnings growth Revenue in MEUR EBITDA in MEUR 600 100 12.9% 31.6% 500 91.6 504.9 80 400 447.2 60 69.6 300 40 200 20 100 0 0 H1/2022 H1/2023 H1/2022 H1/2023 − Continued strong business of Advanced Photonic Solutions − Strong contribution of Advanced Photonic Solutions divisi
Slide 29: Income statement
Income statement In million euros H1/2023 H1/2022 Change in % − Gross margin improved substantially due to higher Revenue 504.9 447.2 12.9 contribution of Advanced Photonic Solutions and Non-Photonic Portfolio Companies Gross margin 34.7% 32.7% − Functional cost ratio decreased noticeably Functional
Slide 30: Strong cash flow; continued sound financial base and balance sheet
Strong cash flow; continued sound financial base and balance sheet In million euros H1/2023 H1/2022 Change in % Cash flows from operating − Cash flows from operating activities mainly driven by 67.4 49.3 36.7 activities before income taxes higher earnings Cash flows from operative − Working capital
Slide 31: Advanced Photonic Solutions: continued double-digit revenue and earnings growth
Advanced Photonic Solutions: continued double-digit revenue and earnings growth Order intake in MEUR Revenue in MEUR EBITDA in MEUR 600 500 100 −9.5% 13.3% 11.3% 500 400 80 85.9 400 466.5 390.0 77.2 300 60 422.4 344.3 300 200 40 200 100 20 100 0 0 0 H1/2022 H1/2023 H1/2022 H1/2023 H1/2022 H1/2023 −
Slide 32: Smart Mobility Solutions: revenue and earnings markedly increased
Smart Mobility Solutions: revenue and earnings markedly increased Order intake in MEUR Revenue in MEUR EBITDA in MEUR 100 80 5 − 17.1% 22.4% 80 4 60 4.4 222.5% 60 75.4 3 40 54.7 62.5 40 44,7 2 20 20 1 1.4 0 0 0 H1/2022 H1/2023 H1/2022 H1/2023 H1/2022 H1/2023 − Order intake: subject to project busine
Slide 33: Non-Photonic Portfolio Companies: earnings strongly improved
Non-Photonic Portfolio Companies: earnings strongly improved Order intake in MEUR Revenue in MEUR EBITDA in MEUR 80 80 −8.5% 7 2.0% 60 60 7.0 65.3 5 59.7 57.1 58.2 40 40 3 20 20 1 -0.1 0 0 -1 H1/2022 H1/2023 H1/2022 H1/2023 H1/2022 H1/2023 − Decrease in order intake following strong Q4/2022; book-to
Slide 34: Outlook
Outlook
Slide 35: Fiscal year 2023: Further profitable growth expected
Outlook for 2023 confirmed Expected development of key performance indicators in 2023 − Revenue growth to EUR 1,050 – 1,100m (2022: EUR 980.7m) − Substantial growth in EBITDA; EBITDA margin of 19.0 to 19.5 percent Fiscal year 2023: (2022: 18.8%) − Capital expenditure markedly higher than in prior ye
Slide 36: Appendix
Appendix
Slide 37: A long tradition of innovation in optoelectronics
A long tradition of innovation in optoelectronics 18 19 20 21 22 1846 1946 1989-91 1992-98 1998-2006 2007-16 since 2017 Founded State German New Flexibility Consolidation Sustainable in Jena by property Reunification Businesses profitable growth Carl Zeiß The Zeiss plant Acquisition of IPO 1998 “Wor
Slide 38: Double-digit revenue increase in all regions
Double-digit revenue increase in all regions Revenue by region 2022 Revenue by region in million euros 2021 4% Middle East / 35.7 +46.5% 23% Africa 24.3 20% 196.2 Asia/ Pacific +13.5% 172.9 244.1 +18.7% Americas 205.7 25% 28% Europe 275.7 (without +32.3% Germany) 208.4 229.0 Middle East / Africa Asi
Slide 39: Key financials 2022 of the segments
Key financials 2022 of the segments Advanced Smart Mobility Non-Photonic in million euros Photonic Solutions Solutions Portfolio Companies Continuing operations Revenue (external) 729.6 114.3 132.3 980.7 EBITDA 170.0 19.3 2.7 184.1 EBITDA margin* 23.3% 16.9% 2.0% 18.8% EBIT 123.0 13.9 -20.4 101.9 EB
Slide 40: Strong R+D commitment enables fundamentally new products
Strong R+D commitment enables fundamentally new products; continuing expansion of sales structures abroad R+D output Selling expenses Administrative expenses in million euros in percent in million euros in percent in million euros in percent 100 12 120 12.5 11.9 100 8.8 10 8.9 11.0 12 9.2 10.4 10.4
Slide 41: Key figures – five-year overview
Key figures – five-year overview In million euros 2022* 2021* 2020* 2019 2018 Revenue 980.7 750.7 615.5 855.2 834.6 155.7 (incl. one-offs) EBITDA 127.5 184.1 125.2 (excl. one-offs) 92.8 134.0 20.7% (incl. one-offs) EBITDA margin (in %) 18.8% 15.3 16.7% (excl. one-offs) 15.1 15.7 EBIT 101.9 108.1 (in
Slide 42: Shareholders and dividend information
Shareholders and dividend information Shareholder structure Thüringer Dividend Industriebeteiligungs 11.0% GmbH & Co. KG EPS Dividend payment 2,0 1.27 1.43 1,6 1.18 1,2 0.96 89.0% 0.73 0,8 0.30 0.25 0.25 0.30 Freefloat 0,4 0.13 0,0 2018 2019 2020 2021 2022 Major institutional shareholders (31.07.202
Slide 43: Continued focus on sustainability: non-financial targets 2022 reached
Continued focus on sustainability: non-financial targets 2022 reached Gender Equality Decent Work and Industry, Innovation Partnership Jenoptik‘s Climate Action Economic Growth and Infrastructure for the goals sustainability ratings Diversity is reflected in Decent working Increasing R+D supports Co
Slide 44: ESG: Jenoptik's photonic contribution to the SDGs
ESG: Jenoptik‘s photonic contribution to the SDG‘s Responsible Good health Industry innovation Sustainable cities consumption and and well-being and infrastructure and communities production Biophotonics: Optical systems for Traffic Safety: Metrology systems − Lasers for ophthalmology − Semiconducto
Slide 45: Dates and contact
Dates and contact 05.09.2023 Coba and ODDO BHF Conference, Frankfurt/Main 05.09.2023 dbAccess European TMT Conference, London 18.09.2023 Berenberg German Corporate Conference, Munich 19.09.2023 Baader Investment Conference, Munich 09.11.2023 Publication of Quarterly Statement January – September 202