Jenoptik Ag · XETR:JEN
Jenoptik — Investor Presentation (March 2020)
30 slides from Jenoptik's investor presentation, March 2020
Slide 1: Investor Presentation
The leading light in Photonics. Investor Presentation March 2020
Slide 2: Disclaimer
Disclaimer At present, it is not possible to reliably assess to what extent the spread of SARS-CoV-2 will affect Jenoptik’s business in the current fiscal year. The forecast made by the Executive Board in the Annual Report was based on the knowledge at the time of preparing the report resp. at the d
Slide 3: Agenda
Agenda 01 Overview and strategy 02 Financials 2019 and outlook 03 Appendix Jenoptik Investor Relations Presentation 3
Slide 4: 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 5: Focused divisions and technology synergies
Focused divisions and technology synergies …………….………….….……………. Photonic ……….………….………….……. …..…... Mechatronic.……. LIGHT & OPTICS LIGHT & PRODUCTION LIGHT & SAFETY OEM-Business B2B-Business B2G-Business Development & production Engineering business with Providing imaging based Mechatronic sol
Slide 6: Transforming Jenoptik into a focused technology group
Transforming Jenoptik into a focused technology group More Focus More Innovation More International Leverage core Step-up R+D work Build a truly global competencies enterprise Jenoptik Investor Relations Presentation 6
Slide 7: 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 € 31 bn (i.e. semiconductor equipment manufacturing and communication) Photonic € 27 bn components Biophotonics Σ 120-140bn € 31 bn€
Slide 8: Agenda
Agenda 01 Overview and strategy 02 Financials 2019 and outlook 03 Appendix Jenoptik Investor Relations Presentation 8
Slide 9: Major events in 2019
Major events in 2019 Strategic priorities 2019 CEO confirmed in office for another five-year term Speed up of innovation Substantial investments in expansion and modernization of our locations Several orders received from the automotive industry in the field of automation & Growth in Asia inte
Slide 10: Momentum increased in the course of the year; group revenue in 2019 higher than in prior year
Momentum increased in the course of the year; group revenue in 2019 higher than in prior year Revenue in million euros 1000 +2.5% 834.6 855.2 750 500 +7.6% 250 241.2 259.5 189.9 194.8 208.7 199.1 212.7 184.0 0 Q1/18 Q2/18 Q3/18 Q4/18 2018 Q1/19 Q2/19 Q3/19 Q4/19 2019 Revenue grew in the course of
Slide 11: Significant revenue growth in the Americas in 2019
Significant revenue growth in the Americas in 2019; foreign revenue ~73 percent (prior year 71%) 2018 EUROPE 2019 -1.1% GERMANY -2.7% 485.2 480.0 240.5 234.0 AMERICAS +15.4% 239.7 ASIA / 207.7 PACIFIC AFRICA / -3.6% MIDDLE Rise in the Americas primarily attributable EAST 100.8 97.2 to Prodomax and
Slide 12: Increase in revenue in major photonic core markets
Increase in revenue in major photonic core markets Revenue by market (prior year figures in brackets) Other Medical technology Automotive/ 4% Mechanical 6% engineering (5%) (5%) Aviation / Traffic Automotive/Mechanical engineering: 17% 35% good demand in the automation & (19%) (34%) integration ar
Slide 13: Continuous rise in EBITDA and EBIT over the year
Continuous rise in EBITDA and EBIT over the year EBITDA in million euros 150 EBITDA impacted by +5.0% 120 127.5 134.0 Contributions by acquired 90 companies for the full year Positive effects from first-time 60 application of IFRS 16 30 28.5 32.8 38.5 30.2 37.4 42.6 Higher functional costs 2
Slide 14: Decline in EPS due to significantly higher tax rate
Decline in EPS due to significantly higher tax rate Cost of sales grew at a stronger rate than revenue due to higher material and personnel costs Revenue 855.2 834.6 Rise in functional costs by 1.7% Gross margin 34.1% 35.1% R+D: lower than in prior year (R+D output at prior-year level) Functio
Slide 15: Order intake increased momentum in 2nd half, full year shows decline
Order intake increased momentum in 2nd half, full year shows decline Order intake in million euros Order backlog in million euros 1000 7.0% 750 873.7 10.6% 750 812.6 500 521.5 466.1 500 250 250 0 0 2018 2019 Dec. 31, 2018 Dec. 31, 2019 VINCORION reported increase; Light & Optics Solid basis
Slide 16: At year end 2019, Jenoptik was again net debt free
At year end 2019, Jenoptik was again net debt free In million euros 2019 2018 Operating profit before 132.2 127.2 Working Capital almost constant at 217.8 adjusting working capital million euros (31/12/18: 216.8m euros) Working capital ratio came to 25.5% Changes in working capital, (31/12/18: 2
Slide 17: Light & Optics division: Development in line with expectations
Light & Optics division: Development in line with expectations; good business with semiconductor equipment industry Revenue in million euros EBITDA in million euros Order intake in million euros 500 100 500 +3.9% 5.8% 18.0% 400 80 400 396.1 74.1 300 337.0 350.0 60 69.8 300 324.7 200 40 200 100 2
Slide 18: Light & Production division: Growth attributable to automation business
Light & Production division: Growth attributable to automation business Revenue in million euros EBITDA in million euros Order intake in million euros 300 + 8.6% 30 + 4.7% 300 0.7% 250 25 250 25.8 24.6 200 228.9 20 200 210.7 200.7 199.3 150 15 150 100 10 100 50 5 50 0 0 0 2018 2019 2018 2019 2018
Slide 19: Light & Safety division: Profitability clearly improved
Light & Safety division: Profitability clearly improved; shortfall in revenue due to toll project in 2018 almost compensated Revenue in million euros EBITDA in million euros Order intake in million euros 150 7.1% 25 +18.2% 150 8.9% 120 20 120 116.9 118.4 108.7 18.8 107.9 90 15 90 15.9 60 10 60 3
Slide 20: VINCORION: Profitability and order intake significantly improved
VINCORION: Profitability and order intake significantly improved Revenue in million euros EBITDA in million euros Order intake in million euros 200 1.0% 30 +20.0% 200 +14.8% 160 25 177.9 160 166.4 164.8 24.2 20 154.9 120 20.1 120 15 80 80 10 40 40 5 0 0 0 2018 2019 2018 2019 2018 2019 Revenue st
Slide 21: Covid-19 makes outlook more difficult, forecast is subject to review
Covid-19 makes outlook more difficult, forecast is subject to review Original targets: Strategy 2022 Revenue growth in the low single-digit percentage range (without major portfolio changes, incl. INTEROB, excl. Hillos). More focus The EBITDA margin is anticipated to be around 16 percent. More innov
Slide 22: Agenda
Agenda 01 Overview and strategy 02 Financials 2019 and outlook 03 Appendix Jenoptik Investor Relations Presentation 22
Slide 23: 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 24: Key financials 2019 of the photonic divisions and VINCORION
Key financials 2019 of the photonic divisions and VINCORION Light & Light & Light & in million euros Optics Production* Safety VINCORION Group* Revenue 350.0 228.9 108.7 164.8 855.2 (external) EBITDA 69.8 25.8 18.8 24.2 134.0 EBITDA margin 19.8%* 11.3%* 17.3%* 14.7%* 15.7% EBIT 57.9 14.5 11.7 17.4 8
Slide 25: Revenue split by division 2019
Revenue split by division 2019 VINCORION 19.3% 40.9% Light & Optics Light & Safety 12.7% 26.8% Light & Production Jenoptik Investor Relations Presentation 25
Slide 26: Key figures – five year overview
Key figures – five year overview In million euros 2019 2018 2017 2016 2015 Revenue 855.2 834.6 747.9 684.8 668.6 EBITDA 134.0 127.5 106.7 94.7 88.8 EBITDA margin (in %) 15.7 15.3 14.3 13.8 13.3 EBIT 88.9 94.9 77.8 66.2 61.2 EBIT margin (in %) 10.4 11.4% 10.4% 9.7% 9.2% EPS (in euros) 1.18 1.53 1.27
Slide 27: 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 12 100 12 100 12 87.0 89.3 80.3 80 80 72.6 73.6 80 66.
Slide 28: Development of Jenoptik share price compared with Dax and TecDax
Development of Jenoptik share price compared with Dax and TecDax (indexed) since early 2019 to date in euros 40,00 Prel. Results Results Results Prel: Results Covid-19 2018 Q1 2019 H1 2019 2019 35,00 30,00 TecDax +1% 25,00 Dax -8% JEN -38% 20,00 15,00 Results 2018, Ex dividend Results Stopp guidance
Slide 29: 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 1.18 1,2 1.00 0.87 0,8 89.0% Freefloat 0.30 0.35 0.35* 0,4 0.22 0.25 0,0 2015 2016 2017 2018 2019 * Under review Major institutional shareholders (24
Slide 30: Dates and contact
Dates and contact March 25, 2020 Publication of the Consolidated Financial Statements 2019 (Conference call) March 26, 2020 Bankhaus Lampe Conference (postponed to August) April 28, 2020 Roadshow Paris (under review) May 13, 2020 Quarterly Statement 1st quarter 2020 (conference call) May 14, 2020 UB