Jenoptik Ag · XETR:JEN
Jenoptik — FY2010 Earnings Presentation
25 slides from Jenoptik's earnings presentation, Mar 24, 2011
Slide 1: Conference Call: Results of fiscal year 2010 and outlook
JENOPTIK AG Conference Call Results of fiscal year 2010 and outlook March 24, 2011
Slide 2: Agenda: Group results 2010
Jenoptik – Group results 2010 Segment reporting Outlook Appendix Financial statements 2010 2011-03-24 2 Jenoptik - a global optoelectronics player
Slide 3: 2010: Economic situation of the Group showed sustainable improvement
2010: Economic situation of the Group showed sustainable improvement Improved economic climate and Strategic realignment as well as high demand from semiconductor efficiency and costs reduction and automotive industries measures Sales increase of 7.8 percent with double-digit percentage growth in
Slide 4: Jenoptik sales by markets
Jenoptik sales by markets Our markets Sales 2010 Sales 2009 in million euros in % in million euros in % Aviation and aerospace / traffic 134.9 26.4 116.0 24.5 Security and defense technology 122.5 24.0 134.5 28.4 Automotive / machine construction 107.5 21.1 96.8 20.4 Semiconductor / photovoltaics 65
Slide 5: Income statement 2010: EBIT significantly improved with moderate rise in sales
Income statement 2010: EBIT significantly improved with a moderate rise in sales In million euros 2010 2009 Change Sales 510.6 473.6 +7.8% Recovery of semiconductor and automotive industry Major traffic safety order Gross margin 30.8% 27.2% + operative EBITDA 61.8 43.1 +43.4 % Earnings increas
Slide 6: Income statement 2010: Financial result slightly improved
Income statement 2010: Financial result slightly improved In million euros 2010 2009 EBIT 56.4 -19.6 Investment result -2.0 -4.3 Investment result improved As expected, interest result slightly down Interest result -12.0 -10.4 2009 higher proportion of current liabilities with lower interests
Slide 7: Income statement 2010: Earnings before and after tax higher
Income statement 2010: Earnings before and after tax higher than in previous year In million euros 2010 2009 Earnings before tax 42.5 -34.3 Income taxes 1.3 0.2 Use of tax losses carried forward Effective tax rate of the Group 2010: 14.2% Deferred taxes 4.7 -0.7 Non-cash effective tax adjustme
Slide 8: Substantial rise in order intake
Positive economic development and majors orders result in substantial rise in order intake In million euros 2010 2009 Change Group Group Order intake 582,5 432.8 34.6% Higher demand from semiconductor and automotive 534,6* industry and major orders * without Jena-Optronik Double-digit percentage
Slide 9: Cash flow statement: operating cash flow covers capital expenditure
Cash flow statement: Cash flow from operating activities covers capital expenditure In million euros 1.1.-31.12. 1.1.-31.12. 2010 2009 Operating profit before working 60.3 24.2 capital changes Changes in working capital -15.4 29.7 Working capital increase lower and other items incl. payments for t
Slide 10: Balance sheet total increased; equity ratio of 44.9 percent
Balance sheet total increased as a result of higher cash und shareholders‘ equity; shareholders‘ equity ratio of 44.9 percent In million euros 31.12.2010 31.12.2009 Non-current assets 311 337 Current assets 318 270 Increase in cash and cash equivalents resulting from capital increase and sale of T
Slide 11: In 2010 net debt halved in comparison to previous year
In 2010 net debt halved in comparison to previous year In million euros 31.12.2010 31.12.2009 Cash and cash equivalents 65.3 11.2 Reduction of net debt: Securities 0.8 1.1 Positive free cash flow In addition, cash inflow Long-term bank loans 123.2 154.4 from sale of Jena-Optronik and caverion as
Slide 12: Net debt halved, continuous reduction in working capital ratio
Net debt halved in 2010 compared with previous year, continuous reduction in working capital ratio Development of net debt (in million euros) and working capital ratio -6% 0% -17% 203 192 192 -50% Net debt 159 Working capital ratio 79 40.9% 36.4% 36.8% 35.1% 34.4%* * without sales contribution of Je
Slide 13: Agenda: Segment reporting
Jenoptik – Group results 2010 Segment reporting Outlook Appendix Financial statements 2010 2011-03-24 13 Jenoptik - a global optoelectronics player
Slide 14: Positive development in all segments
Positive development in all segments Corporate Center Lasers & Defense & Optical Systems Metrology Civil Systems Sales 2010: € 188.9m Sales 2010: € 113.8m Sales 2010: € 205.8m Sales 2009: € 166.7m Sales 2009: € 96.0m Sales 2009: € 205.3m Lasers & Optical Industrial Traffic Defense & Material Process
Slide 15: Lasers & Optical Systems: Significant EBIT improvement
Lasers & Optical Systems: Significant EBIT improvement and strong demand from semiconductor industry Lasers & Material Processing: Good development in Lasers BU: largest individual order in history of 12 million euros for medical lasers from USA Higher demand for laser processing systems for aut
Slide 16: Metrology: Successful turnaround of Industrial Metrology
Metrology: Successful turnaround of Industrial Metrology; Traffic Solutions with major order Industrial Metrology: Positive development of order intake and sales due to recovery of demand from automotive industry Successful turnaround and positive contribution to earnings through adjustment of c
Slide 17: Defense & Civil Systems: Stable, long-term and profitable business
Defense & Civil Systems: Stable, long-term and profitable business Defense & Civil Systems : Sales virtually at the same level as in previous year, changed product mix slightly reduces earnings Order intake strongly improved thanks to several major orders (Patriot 23m USD, Eurofighter radome 20m
Slide 18: Agenda: Outlook
Jenoptik – Group results 2010 Segment reporting Outlook Appendix Financial statements 2010 2011-03-24 18 Appendix - Key Figures: first 9 months 2008
Slide 19: Jenoptik – future development in the segments
Jenoptik – future development in the segments Lasers & Material Processing: Double-digit percentage growth of sales Lasers & Continuing high demand for lasers Optical Systems Optical Systems: Further increase in sales after jump in sales in 2010 Semiconductor industry: continuing high demand
Slide 20: 2011: Growth in sales and earnings
2011: Growth in sales and earnings EBIT is to rise at a faster rate than sales Figures in million euros 31.12.2010 Targets 2011 Targets 2012 Sales (consolidated) 479 1) at least 510 slightly rising Lasers & Optical Systems 189 > 195 rising Metrology 114 > 120 slightly rising Defense & Civil Systems
Slide 21: Appendix
Jenoptik – Group results 2010 Segment reporting Outlook Appendix Financial statements 2010 2011-03-24 21 Appendix - Key Figures: first 9 months 2008
Slide 22: Results of the segments
Results of the segments Lasers & Defense & Metrology Other** Group Optical Systems Civil Systems Sales 188.9 Sales 113.8 Sales 205.8 Sales 2.1 Sales 510.6 EBITDA 24.0 EBITDA 12.1 EBITDA 19.0 EBITDA 33.6* EBITDA 88.7* EBIT 13.3 EBIT 8.6 EBIT 11.5 EBIT 23.0* EBIT 56.4* * incl. one-off effects ** holdi
Slide 23: JENOPTIK AG – Shareholder structure
JENOPTIK AG – Shareholder structure 25.02 % ECE Industrie- beteiligungen GmbH (Voting rights announcement Feb. 2008) ZOOM Immobilien GmbH (Voting rights announcement March 2011; legal successor of VARIS Vermögensverwaltungs GmbH) 4.84 % Free Float 70.14 % 1. Sale of shares of Free State of Thuringia
Slide 24: Dates and contact
Dates and contact March 24, 2011 Conference Call Financial Statements 2010 March 25, 2011 Analysts’ Conference / Roadshow Frankfurt March 29, 2011 Roadshow London April 5-8, 2011 Roadshow USA May 13, 2011 Conference Call Results 1st quarter 2011 May 19, 2011 Deutsche Bank Conference, Fra
Slide 25: Disclaimer
Disclaimer This announcement 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