Jenoptik Ag · XETR:JEN
Jenoptik — Investor Presentation (August 2019)
28 slides from Jenoptik's investor presentation, August 2019
Slide 1: The power of light. Investor Relations Presentation
The power of light. Better futures by harnessing the potential of light. Investor Relations Presentation August 2019 © Copyright Jenoptik. All rights reserved.
Slide 2: Agenda
Agenda 01 Overview and strategy 02 Financials H1 2019 and outlook 03 Appendix Jenoptik Investor Relations Presentation 2
Slide 3: 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 4: Our new structure since January 2019: Focused divisions and technology synergies
Our new structure since January 2019: Focused divisions and technology synergies …………….………….….……………. Photonic ……….………….………….……. …..…... Mechatronic.……. LIGHT & OPTICS LIGHT & PRODUCTION LIGHT & SAFETY OEM-Business B2B-Business B2G-Business Development & production Engineering business with Pro
Slide 5: Transforming Jenoptik into a focused technology group
Transforming Jenoptik into a focused technology group More Focus More Innovation More International Photonics Innovation International Leverage core Step-up R+D work Build a truly global competencies enterprise Jenoptik Investor Relations Presentation 5
Slide 6: 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 (i.e. semiconductor equipment € 31 bn manufacturing and communication) Photonic € 27 bn components Biophotonics Σ 120-140bn € 31 bn€
Slide 7: Agenda
Agenda 01 Overview and strategy 02 Financials H1 2019 and outlook 03 Appendix Jenoptik Investor Relations Presentation 7
Slide 8: Major events in the 1st half-year 2019
Major events in the 1st half-year 2019 Dr. Traeger confirmed in office for another five-year term Sales process for VINCORION division started 1 Substantial investments in expansion and modernization of our locations Several orders received by Prodomax in the 2019 automation area New corpo
Slide 9: Order intake only slightly down on prior year; order backlog remained at high level
Order intake only slightly down on prior year; order backlog remained at high level Order intake in million euros Order backlog in million euros 500 600 + 0.2% 1.2% 500 400 521.5 522.5 397.2 392.5 400 300 300 200 200 100 100 0 0 H1/2018 H1/2019 Dec 31, 2018 Jun 30, 2019 Light & Production as wel
Slide 10: Momentum increased in 2nd quarter as expected, revenue in 1st half-year almost at prior-year level
Momentum increased in 2nd quarter as expected, revenue in 1st half-year almost at prior-year level Revenue in million euros 500 0.4% 400 384.7 383.1 300 +2.2% 200 241.2 194.8 208.7 199.1 189.9 184.0 100 0 Q1/18 Q2/18 H1/18 Q3/18 Q4/18 Q1/19 Q2/19 H1/19 Revenue grew on a quarterly basis, when com
Slide 11: In the 1st half of 2019 revenue grew exclusively in non-European countries
In the 1st half of 2019 revenue grew exclusively in non-European countries Foreign revenue ~73 percent EUROPE GERMANY - 11.6% - 16.6% 241.2 125.5 213.3 104.7 AMERICAS + 27.0% 104.8 82.5 ASIA / PACIFIC AFRICA / +10.9% MIDDLE EAST 44.0 48.8 - 4.9% 17.0 16.2 Jenoptik Investor Relations Presentation 11
Slide 12: Positive earnings development compared with prior quarter
Positive earnings development compared with prior quarter EBITDA in million euros 100 EBITDA impacted by 80 Higher functional costs 4.1% 60 Positive effects from first-time 56.3 application of IFRS 16 54.0 40 38.5 Contributions by acquisitions 32.8 30.2 20 27.7 28.5 23.8 EBITDA margin at
Slide 13: Gross margin improved; higher investments in future growth caused rise in functional costs
Gross margin improved; higher investments in future growth caused rise in functional costs Revenue 383.1 384.7 Gross margin improved, as cost of sales decreased at a slightly stronger Gross margin 36.0% 35.2% rate than revenue Rise in functional costs by 11.1% Functional costs 103.0 92.7 R+D:
Slide 14: Free cash flow impacted in particular by lower operating cash flows and higher investments
Free cash flow impacted in particular by lower operating cash flows and higher investments In million euros H1/2019 H1/2018 Operating profit before Working Capital grew to 256.4 million 53.5 55.1 adjusting working capital euros (31/12/18: 216.8m euros / 30/6/18: 227.1m euros), attributable in part
Slide 15: Light & Optics division: Development in line with expectations
Light & Optics division: Development in line with expectations Revenue in million euros EBITDA in million euros Order intake in million euros 200 0.4% 50 9.4% 200 14.7% 160 40 160 179.3 163.3 162.7 153.0 120 30 35.4 120 32.0 80 20 80 40 10 40 0 0 0 H1/2018 H1/2019 H1/2018 H1/2019 H1/2018 H1/20
Slide 16: Light & Production division: Growth mainly attributable to contributions of acquired businesses
Light & Production division: Growth mainly attributable to contributions of acquired businesses Revenue in million euros EBITDA in million euros Order intake in million euros 150 + 45.3% 15 + 77.7% 150 + 22.8% 120 12 120 11.9 111.3 113.0 90 9 90 92.0 76.6 6 60 60 6.7 30 3 30 0 0 0 H1/2018 H1/2019 H1
Slide 17: Light & Safety division: Increase in order intake; shortfall in revenue due to toll
Light & Safety division: Increase in order intake; shortfall in revenue due to toll monitoring project in the last year Revenue in million euros EBITDA in million euros Order intake in million euros 80 21.7% 12 30.4% 80 + 5.1% 60 9 60 61.8 9.4 48.4 48.1 50.6 40 6 6.6 40 20 3 20 0 0 0 H1/2018 H1/
Slide 18: VINCORION: Good order backlog, export restrictions with negative effect on revenue and earnings
VINCORION: Good order backlog, export restrictions with negative effect on revenue and earnings Revenue in million euros EBITDA in million euros Order intake in million euros 100 27.6% 12 48.3% 100 3.4% 80 80 81.6 9 8.7 76.4 73.8 60 60 59.1 6 40 40 4.5 3 20 20 0 0 0 H1/2018 H1/2019 H1/2018 H1/
Slide 19: Growth expected for 2019; forecast slightly adjusted
Growth expected for 2019; forecast slightly adjusted due to reluctance to invest particularly in the automotive industry We now anticipate revenue, without major portfolio changes, in a range between 850 and 860 million euros (before: growth in the mid single-digit percentage range). More focus More
Slide 20: Agenda
Agenda 01 Overview and strategy 02 Financials H1 2019 and outlook 03 Appendix Jenoptik Investor Relations Presentation 20
Slide 21: 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 22: Key financials 2018 of the new divisions
Key financials 2018 of the new divisions Light & in million euros Light & Optics Production* Light & Safety VINCORION Group* Revenue 339.6 210.9 116.9 166.4 834.6 EBITDA 74.1 24.6 15.9 20.1 127.5 EBITDA margin 21.8% 11.7% 13.6% 12.1% 15.3% EBIT 65.9 16.8 10.9 16.5 94.9 EBIT margin 19.4% 8.0% 9.3% 9.
Slide 23: Automotive and semiconductor equipment with higher revenue share
Automotive and semiconductor equipment with higher revenue share Revenue by markets (prior year figures in brackets) Other Medical Automotive/ technology Mechanical 5% engineering 5% (5%) (6%) Automotive/Mechanical engineering: Semiconductor contribution of acquired companies and equipment 18% 34%
Slide 24: Segments: Corporate structure until December 31, 2018
Corporate structure until December 31, 2018 Segments Optics & Life Science Mobility Defense & Civil Systems Optical Healthcare Automotive Traffic Defense & Civil Systems Systems & Industry Solutions Divisions Jenoptik Investor Relations Presentation 24
Slide 25: Development of Jenoptik share price compared with Dax and TecDax
Development of Jenoptik share price compared with Dax and TecDax (indexed) since early 2018 to date in euros 45,00 Prel. Results Results Sharp drop in Prel. Results Results Q1 2017 / new H1/2018, increase in share prices, esp. 2018 2019 strategy earnings guidance semi comp. 40,00 35,00 JEN 5 % 30,0
Slide 26: 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 1,2 1.00 0.87 0.73 0,8 89.0% Freefloat 0.30 0.35 0,4 0.20 0.22 0.25 0,0 2014 2015 2016 2017 2018 Major institutional shareholders (31.07.2019) 5 Divi
Slide 27: Dates and contact
Dates and contact August 8, 2019 Conference call on results of 1st half-year 2019 August 9, 2019 Analysts‘ meeting / roadshow, Frankfurt am Main August 29, 2019 Commerzbank Sector Conference, Frankfurt am Main September 3/4, 2019 Roadshow London / Edinburgh September 18/19, 2019 Roadshow Madrid / Ba
Slide 28: 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