Jenoptik Ag · XETR:JEN
Jenoptik — H1 2014 Earnings Presentation
23 slides from Jenoptik's earnings presentation, Aug 12, 2014
Slide 1: Results of the 1st half-year and outlook
JENOPTIK AG Results of the 1st half-year and outlook August 12, 2014 Dr. Michael Mertin, CEO Rüdiger Andreas Günther, CFO © Copyright Jenoptik, All rights reserved.
Slide 2: Jenoptik – 1st half of 2014
Jenoptik – 1st half of 2014 Segment reporting Outlook Appendix Jenoptik 1st half of 2014 2014-08-12 2 Jenoptik - a global optoelectronics player
Slide 3: Challenging environment: framework conditions become more difficult
Challenging environment: framework conditions become more difficult Impacts on future business Further strategic steps development successfully implemented Increasing export regulation on Internationalization / customers national and European level Revenue growth in Asia; Challenging economi
Slide 4: 64.7 percent of revenue generated abroad
64.7 percent of revenue generated abroad Strongest growth in the Asia/Pacific region Revenue by region (as at 30.06.2014 / prior year figures in brackets) Middle East/Africa: development depends on individual projects Asia/Pacific: strong 5.7% increase by approx. 70% (7.7%) 14.4% (8.4%) 35.3% (35.2%
Slide 5: Operationally on track: profitability slightly improved
Operationally on track: profitability slightly improved Development of revenue and earnings as in prior year Revenue in million euros 400 - 0.2% 283.6 283.2 Revenue in 2nd quarter exceeds 300 1st quarter figure 200 Rise in revenue of the Lasers & Optical Systems segment compensated for the 100 r
Slide 6: Income statement H1/2014: EBIT margin rose to 8.5 percent
Income statement H1/2014: EBIT margin rose to 8.5 percent In million euros H1/2014 H1/2013 Gross margin rose to 35.2% due to changed Revenue 283.2 283.6 revenue mix and improved operational excellence (JEP program) Gross margin 35.2% 34.3% Functional costs almost stable Functional costs 78.0 76.
Slide 7: Substantial rise in order intake
Substantial rise in order intake Order intake in million euros 400 314.5 First six months with good order intake 300 282.7 + 11.2% Increase in the Lasers & Optical Systems as 200 well as Defense & Civil Systems segments 100 Order intake exceeds revenue, Book-to-bill ratio: 1.11 (prior year 1.0
Slide 8: Cash flow statement: Increase in working capital and higher investments affect free cash flow
Cash flow statement: Increase in working capital and higher investments affect free cash flow In million euros H1/14 H1/13 Working capital rose to 230.5 million Operating profit before working 33.3 34.0 euros (31.12.2013: 195.6 million capital changes euros) Changes in working capital - 44.4 - 22.
Slide 9: Target remains to further reduce net debt in the mid to long term
Target remains to further reduce net debt in the mid to long term in million euros Claims of silent real estate investors Net debt 260 Higher net debt as a result - 62.7% 60 of reduction in liquid funds Payment of dividend + 4.3% Use of resources for working capital 106 Payment of variab
Slide 10: Continuous improvement in equity base
Continuous improvement in equity base Balance sheet total Equity ratio in million euros in percent 700 60 692 681 Equity ratio has continuously 671 55 670 risen as a result of the 54.8 positive earnings 53.0 development 50 650 643 50.5 Very stable equity ratio 49.3 underlines the development 629
Slide 11: Jenoptik – 1st half of 2014
Jenoptik – 1st half of 2014 Segment reporting Outlook Appendix Jenoptik 1st half of 2014 2014-08-12 11 Jenoptik - a global optoelectronics player
Slide 12: Lasers & Optical Systems with highest contributions to revenue and earnings
Lasers & Optical Systems with highest contributions to revenue and earnings also in the 2nd quarter Revenue: 283.2m euros EBIT: 24.0m euros Jenoptik Group Lasers & Defense & Optical Systems Metrology Civil Systems 41.7% of revenue 29.9% of revenue 28.3% of revenue Lasers & Optical Industrial Traffic
Slide 13: Strategic Group development prioritizes growth markets of the future
Strategic Group development prioritizes growth markets of the future 2008 H1/2014 Lasers & Optical 28.3 37.8 Systems 41.7 38.0 Metrology 23.0 Defense & Civil 29.9 Systems Revenue share of Lasers & Optical Systems as well as Metrology has constantly grown Strategic focus of growth on future marke
Slide 14: Segments showed revenue growth during the year
Segments showed revenue growth during the year Revenue (in million euros) Lasers & Optical Systems Metrology Defense & Civil Systems 120 120 120 + 13.1% 118.1 - 6.5% - 9.3% 104.4 80 80 90.5 80 88.4 84.6 80.1 40 40 40 0 0 0 Q1/13 Q2/13 H1/13 Q1/14 Q2/14 H1/14 Q1/13 Q2/13 H1/13 Q1/14 Q2/14 H1/14 Q1/13
Slide 15: Lasers & Optical Systems showed substantial earnings growth
Lasers & Optical Systems showed substantial earnings growth EBIT (in million euros) Lasers & Optical Systems Metrology Defense & Civil Systems 20 20 20 +58.7% 15 15 -15.1% 15 15.4 10 10 10 10.8 9.7 9.2 -90.3% 5 5 5 4.9 0.5 0 0 0 Q1/13 Q2/13 H1/13 Q1/14 Q2/14 H1/14 Q1/13 Q2/13 H1/13 Q1/14 Q2/14 H1/14
Slide 16: Good order position forms basis for future development
Good order position forms basis for future development Order intake (in million euros) Lasers & Optical Systems Metrology Defense & Civil Systems 150 150 150 + 9.7% 120 120 120 125.3 + 23.4% - 2.1% 90 114.2 90 90 103.1 86.7 84.9 83.5 60 60 60 30 30 30 0 0 0 H1/2013 H1/2014 H1/2013 H1/2014 H1/2013 H1
Slide 17: Jenoptik – 1st half of 2014
Jenoptik – 1st half of 2014 Segment reporting Outlook Appendix Jenoptik 1st half of 2014 2014-08-12 17 Jenoptik - a global optoelectronics player
Slide 18: 2014: Forecast firmed up at lower end of range
2014: Forecast firmed up at lower end of range 2013 2014e Revenue growth of Group revenue 600.3 million euros approx. 5 percent Approx. 55 million Group EBIT 52.7 million euros euros Growth targets for 2014 are ambitious, due to Increasing export restrictions on national and European level Cha
Slide 19: 2014: Positive development in all segments expected
2014: Positive development in all segments expected Lasers & Optical Systems Metrology Defense & Civil Systems Demand from semiconductor Globally growing demand for Long-term major orders equipment industry remains more efficient drives and the ensure stable business stable necessary measuring
Slide 20: Our target: to continue profitable growth
Our target: to continue profitable growth Our tasks Our mid-term targets Continuation of growth, from 2015 at approx. 10 percent per year over the cycle Revenue of 800 million euros by 2017 (without larger acquisitions), of which more than 40 percent in Asia and America EBIT margin of 9 -10 pe
Slide 21: Jenoptik – 1st half of 2014
Jenoptik – 1st half of 2014 Segment reporting Outlook Appendix Jenoptik 1st half of 2014 2014-08-12 21 Jenoptik - a global optoelectronics player
Slide 22: Dates and contact
Dates and contact August 12, 2014 Half-year results 2014, conference call August 13, 2014 Analysts’ Meeting and roadshow Frankfurt/Main August 27/28, 2014 Roadshow London / Edinburgh September 8, 2014 UBS Best of Germany Conference, New York September 10, 2014 Commerzbank Sector Conference
Slide 23: 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