Jenoptik Ag · XETR:JEN
Jenoptik — Q1 2015 Earnings Presentation
22 slides from Jenoptik's earnings presentation, May 12, 2015
Slide 1: Results of the first quarter 2015 and outlook
JENOPTIK AG Results of the first quarter 2015 and outlook Dr. Michael Mertin, CEO May 12, 2015 Hans-Dieter Schumacher, CFO © Copyright Jenoptik, All rights reserved.
Slide 2: Jenoptik – First quarter 2015
Jenoptik – First quarter 2015 Segment reporting Outlook Appendix Jenoptik - 1st quarter 2015 2015-05-12 2 Jenoptik - a global optoelectronics player
Slide 3: 1st quarter 2015: environment remains challenging
1st quarter 2015: environment remains challenging External impacts on the business Major events in the development Jenoptik Group Challenging economic environment Long-term Group financing was Subdued demand from the restructured at more favorable semiconductor equipment industry conditions
Slide 4: About 64 percent of revenue generated abroad
About 64 percent of revenue generated abroad; Growth in Europe is attributable to acquisitions Revenue by region (as at 31.03.2015 / prior year figures in brackets) Middle East/Africa 4.7% (6.0%) Asia/Pacific: 12.5% (12.6%) 35.7% (35.5%) Germany 17.4% Americas (19.8%) 29.8% (26.2%) Europe Revenue
Slide 5: Revenue increased in comparison with prior year
Revenue increased in comparison with prior year Revenue in million euros 700 +6.4% 590 600 500 400 300 200 170 137 146 137 146 100 0 Q1/14 Q2/14 Q3/14 Q4/14 2014 Q1/15 Revenue rose by 6.4% Metrology as well as Defense & Civil Systems segments reported growth 146 million euros is the highest re
Slide 6: EBITDA was 7.2% higher than in prior year
EBITDA was 7.2% higher than in prior year EBITDA in million euros EBIT in million euros 100 70 80 +7.2% 76.1 60 −17.2% 51.6 50 60 40 40 30 19.5 19.8 .22,0 20 13.4 13.8 13.8 20 14.8 15.8 10.5 8.7 10 0 0 Q1/14 Q2/14 Q3/14 Q4/14 2014 Q1/15 Q1/14 Q2/14 Q3/14 Q4/14 2014 Q1/15 EBITDA margin of 10.9% (prio
Slide 7: Income Statement Q1/2015
Income Statement Q1/2015: Earnings before and after tax higher than in prior year In million euros Q1/2015 Q1/2014 Revenue 145.8 136.9 Gross margin 34.4% 35.0% Gross margin reduced in part due to changed revenue mix Functional costs 43.8 37.4 Functional costs rose due to continuing expansion of
Slide 8: Order intake exceeded prior year figure
Order intake exceeded prior year figure Order intake in million euros 200 Order intake in 1st quarter 2015 higher than in 150 166.8 prior year 160.3 + 4.1% 100 Rise in particular in Metrology segment Major order to equip Patriot missile defense 50 system Order intake higher than revenue in t
Slide 9: Cash flow statement: Free cash flow improved compared to prior year
Cash flow statement: Free cash flow improved compared to prior year In million euros Q1/2015 Q1/2014 Free cash flow and cash flows from Operating profit before adjusting 14.1 14.8 operating activities exceeded prior- working capital year figures Changes in working capital and −11.6 −20.5 Mainly
Slide 10: 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 ~260 −57.3% Rise in net debt was expected 60 due to: Payment to the last remaining real estate investor; +6.7% there are no further silent investments or claims 106 104 203 29 86 12 Use of resources for working
Slide 11: Segment reporting
Jenoptik – First quarter 2015 Segment reporting Outlook Appendix Jenoptik - 1st quarter 2015 2015-05-12 11 Jenoptik - a global optoelectronics player
Slide 12: Strategic group development prioritizes growth markets of the future
Strategic group development prioritizes growth markets of the future Share of the segments in Group revenue in percent 2008 Q1/2015 Laser Lasers&&Optische Optical 38.0 37.8 Systeme Systems 29.3 38.6 Messtechnik Metrology 23.0 Verteidigung Defense & Civil & 31.9 Systems Zivile Systeme Revenue
Slide 13: Strong growth in Metrology and Defense & Civil Systems segments
Strong growth in the Metrology as well as Defense & Civil Systems segments Revenue (in million euros) Lasers & Optical Systems Metrology Defense & Civil Systems 100 100 100 −3.9% +14.0% +13.9% 80 80 80 58.6 56.3 60 60 60 46.5 40.8 42.7 40 37.5 40 40 20 20 20 0 0 0 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q1/14
Slide 14: Defense & Civil Systems segment with good start to 2015
Defense & Civil Systems segment with good start to 2015 EBIT (in million euros) Lasers & Optical Systems Metrology Defense & Civil Systems 10 10 10 8.5 −43.2% −24.0 % +183.9% 8 8 8 6 6 6 4.8 4 4 4 3.4 2 0.8 2.5 0 2 2 -2 -0.9 0 0 -4 Q1/14 Q2/14 Q3/14 Q47/14 Q1/15 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q1/14 Q
Slide 15: Positive order situation establishes good conditions for further development
Positive order situation establishes good conditions for further development Order intake (in million euros) Lasers & Optical Systems Metrology Defense & Civil Systems 100 100 100 75 −5.2% 75 75 65.3 +24.1% +1.9% 50 61.9 50 50 55.5 49.8 50.7 44.7 25 25 25 0 0 0 Q1/2014 Q1/2015 Q1/2014 Q1/2015 Q1/201
Slide 16: Outlook
Jenoptik – First quarter 2015 Segment reporting Outlook Appendix Jenoptik - 1st quarter 2015 2015-05-12 16 Jenoptik - a global optoelectronics player
Slide 17: Substantial growth in revenue and earnings forecast for 2015
Substantial growth in revenue and earnings forecast for 2015 Jenoptik will see return Forecast 2015* to successful growth based on: Good order and project pipeline in all three Revenue between 650 and segments 690 million euros Postponed international project for defense EBIT margin between
Slide 18: 2015: Positive development in all three segments expected
2015: Positive development in all three segments expected Lasers & Optical Systems Metrology Defense & Civil Systems Slightly rising demand from Globally growing demand for Long-term major orders semiconductor equipment more efficient drives and the ensure stable business industry is expected
Slide 19: Our target: to continue profitable growth
Our target: to continue profitable growth Our tasks Our mid-term targets Revenue of 800 million euros by 2018 (including smaller acquisitions), of which more than 40 percent in Asia and America … to 2018 EBIT margin of 9−10 percent over the cycle „From Good to Great“ External factors may affect
Slide 20: Appendix
Jenoptik – First quarter 2015 Segment reporting Outlook Appendix Jenoptik - 1st quarter 2015 2015-05-12 20 Jenoptik - a global optoelectronics player
Slide 21: Dates and contact
Dates and contact May 12, 2015 Publication of the results of the first quarter 2015 May 20/21, 2015 Commerzbank German Mid Cap Conference, Boston/New York June 3, 2015 Annual General Meeting, Weimar June 18, 2015 dbAccess German, Swiss & Austrian Conference, Berlin June 24/25, 2015 Roadsho
Slide 22: 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