Jenoptik Ag · XETR:JEN
Jenoptik — H1 2020 Earnings Presentation
20 slides from Jenoptik's earnings presentation, Aug 6, 2020
Slide 1: JENOPTIK AG – 1st half-year 2020
JENOPTIK AG – 1st half-year 2020 Dr. Stefan Traeger I Hans-Dieter Schumacher I August 6, 2020 © 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 Development of the Jenoptik Group Development of the divisions Outlook Appendix 6.8.2020 1st half-year 2020 3
Slide 4: 1st half-year 2020: Jenoptik with good business in major areas
1st half-year 2020: Jenoptik with good business in major areas Revenue 329.0 million euros (prior year adjusted* 373.4m euros) EBITDA Adjusted 42.2 million euros (prior year 54.3m euros) Order intake 333.9 million euros (prior year adjusted* 381.6m euros) Free cash flow Adjusted 17.8 million
Slide 5: Acquisition of TRIOPTICS – decisive step in Jenoptik's strategic process of focusing on photonics
Acquisition of TRIOPTICS – decisive step in Jenoptik’s strategic process of focusing on photonics TRIOPTICS is a leading international supplier of test equipment and manufacturing systems for optical components and sensors in the digital world (2019: revenue ~80m euros, EBITDA margin ~27%) Combinati
Slide 6: Demand lower than in prior year due to corona pandemic; book-to-bill ratio stable
As expected, demand lower than in prior year due to the corona pandemic; book-to-bill ratio stable Order intake in million euros Order backlog in million euros 600 600 12.5% +2.9% 464.7* 478.0 400 400 381.6* 333.9 200 200 0 0 H1/2019 H1/2020 Dec 31, 2019 Jun 30, 2020 Project postponements and ord
Slide 7: Revenue decline attributable to COVID-19 pandemic and development in the automotive sector
Revenue decline attributable to COVID-19 pandemic and development in the automotive sector Revenue in million euros 500,0 11.9% 400,0 373.4* 300,0 329.0 15.7% 259.5 200,0 212.7 195.1* 178.3* 164.4 164.6 100,0 0,0 Q1/19 Q2/19 H1/19 Q3/19 Q4/19 Q1/20 Q2/20 H1/20 *adjusted = without Hillos Good b
Slide 8: Foreign revenue again at ~74 percent; Asia/Pacific with strongest decline
Foreign revenue again at ~74 percent; Asia/Pacific with strongest decline (in %) due to pandemic H1/2020 Middle 17.0 H1/2019 4:9% East/Africa 16.2 37.2 Asia/Pacific 23.6% 48.7* 89.2 Americas 14.2% 104.0* 100.5 Europe 0:6% 99.9* 85.0 Germany 18,7% 104.6* *adjusted = without Hillos 6.8.2020 1st hal
Slide 9: Profitability improved in the course of the year 2020
Profitability improved in the course of the year 2020 EBITDA in million euros Adjusted EBITDA affected by lower 60 revenue 50 54.3* 22.3% Effects from structural and portfolio 40 projects of minus 4.4 million euros 42.6 42.2* 30 37.4 Adjusted EBITDA margin of 12.8% 30.5* (prior year 14.5%) 2
Slide 10: Lower revenue and structural and portfolio measures burdened earnings figures
Lower revenue as well as effects arising from structural and portfolio measures burdened earnings figures In million euros H1/2020 H1/2019 Revenue 329.0 373.4* Gross margin declined due to higher Gross margin 33.3% 36.0% fixed costs components Functional costs 93.5 103.0 Functional costs decreas
Slide 11: Free cash flow noticeably improved; good liquidity situation
Free cash flow noticeably improved; good liquidity situation; active working capital management Working capital ratio at 26.9% slightly lower In million euros H1/2020 H1/2019 than at the year end 2019, decline compared with the same period in the prior year Operating profit before (31/12/19: 25.5%
Slide 12: Agenda
Agenda Development of the Jenoptik Group Development of the divisions Outlook Appendix 6.8.2020 1st half-year 2020 12
Slide 13: Light & Optics division: robust business with semiconductor equipment industry
Light & Optics division: robust business with semiconductor equipment industry ensures high margin level Business with semiconductor equipment industry remains good; decline in the areas of biophotonics and industrial solutions; prior-year revenue adjusted by contribution of Hillos of 9.7 million
Slide 14: Light & Production division: slowdown in automotive capital expenditure and COVID-19
Light & Production division: slowdown in capital expenditure in automotive industry and COVID-19 impacted business Automation business stable in particular due to contribution by INTEROB (5.3 million euros), marked decrease in metrology and laser processing Underutilization in two business units
Slide 15: Light & Safety division: positive business development; profitability improved
Light & Safety division: positive business development; profitability noticeably improved Stable capital spending by public-sector customers; increase of revenue, in particular in the Americas and Asia/Pacific Operating results grew due to higher revenue Project business leads to fluctuations
Slide 16: VINCORION: stable revenue; plus in order intake
VINCORION: stable revenue; plus in order intake Revenue almost reached prior-year level, in particular due to good demand in the area of Power Systems Mix effects in revenue resulted in decline in the operating result More orders won than in the same period in the prior year, book-to-bill rati
Slide 17: Agenda
Agenda Development of the Jenoptik Group Development of the divisions Outlook Appendix 6.8.2020 1st half-year 2020 17
Slide 18: Revenue and margin targets specified
Revenue and margin targets specified Fiscal year 2020 Strategy 2022 Executive Board anticipates Revenue of between 770 to 790 million euros (excluding effects from the expected acquisition of TRIOPTICS GmbH) Adjusted EBITDA margin of between 14.5 and 15.0 percent (adjusted for effects from struc
Slide 19: Agenda
Agenda Development of the Jenoptik Group Development of the divisions Outlook Appendix 6.8.2020 1st half-year 2020 19
Slide 20: Dates and contact
Dates and contact August 6, 2020 Half-year report 2020 (conference call) August 7, 2020 Annual General Meeting (virtual) August 19, 2020 Bankhaus Lampe conference (virtual) August 27, 2020 Roadshow Zurich (virtual) September 4, 2020 dbaccess TMT conference (virtual) September 23, 2020 Berenberg conf