Slide 1: JENOPTIK AG – 1st quarter 2020
JENOPTIK AG – 1st quarter 2020 Dr. Stefan Traeger I Hans-Dieter Schumacher I May 13, 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 13.5.2020 1st quarter 2020 3
Slide 4: 1st quarter 2020 – an overview
1st quarter 2020 – an overview Revenue − 164.4 million euros (prior year adjusted 178.3m euros) EBITDA − Adjusted 17.3m euros (prior year 23.8m euros) Order intake − 211.7 million euros (prior year adjusted 204.4m euros) Free cash flow − Adjusted 15.1 million euros (prior year − 5.1m euros) Business
Slide 5: Order intake clearly up on prior year; book-to-bill ratio increased significantly
Order intake clearly up on prior year; book-to-bill ratio increased significantly Order intake in million euros Order backlog in million euros 250 +3.6% 600 +12.4% 200 211.7 522.5 204.4 464.7 400 150 100 200 50 0 0 Q1/2019* Q1/2020 Dec 31, 2019* Mar 31, 2020 − In the current situation (corona), orde
Slide 6: Development affected by difficult environment, first effects of the corona pandemic noticeable
Development affected by difficult environment, first effects of the corona pandemic noticeable Revenue in million euros − 7.8% 200 178.3* 164.4 − Good business with the semiconductor equipment 150 industry and public-sector customers − In Q1/2019 included revenue contribution of 100 HILLOS GmbH of 5
Slide 7: Foreign revenue again at ~74 percent; Asia/Pacific with strongest decline due to pandemic
Foreign revenue again at ~74 percent; Asia/Pacific with strongest decline due to pandemic Q1/2020 9.4 Q1/2019 Middle East/Africa 9.1 16.4 Asia/Pacific 23.0 45.8 Americas 46.5* 50.4 Europe 51.5* 42.4 Germany 48.2 0 10 20 30 40 50 60 *adjusted (without Hillos) 13.5.2020 1st quarter 2020 7
Slide 8: Development of earnings impacted by revenue decline, underutilization and non-recurring effects
Development of earnings impacted by revenue decline, underutilization and non-recurring effects EBITDA in million euros EBIT in million euros 30 − 27.4% 15 − 51.8% 25 12 12.8 23.8 20 9 15 17.3 6 10 6.2 3 5 0 0 Q1/2019 Q1/2020* Q1/2019 Q1/2020* − Adjusted EBITDA impacted by lower revenue and higher −
Slide 9: Lower revenue, higher share of fixed costs and non-recurring effects impacted on earnings figures
Lower revenue, higher share of fixed costs and non-recurring effects impacted on earnings figures In million euros Q1/2020 Q1/2019 Change in % Revenue 164.4 178.3* −7.8 − Gross margin declined due to higher Gross margin 32.8% 35.7% −2.9pp share of fixed costs Functional costs 49.4 52.0 −5.0 − Functi
Slide 10: Working capital optimized; free cash flow clearly improved; good liquidity situation
Working capital optimized; free cash flow clearly improved; good liquidity situation − Working Capital at 221.5 million euros In million euros Q1/2020 Q1/2019 almost unchanged compared to the year end 2019, decline compared with the same Operating profit before period in the prior year (31/12/19: 21
Slide 11: Agenda
Agenda Development of the Jenoptik Group Development of the divisions Outlook Appendix 13.5.2020 1st quarter 2020 11
Slide 12: Light & Optics division: stable demand from semiconductor equipment industry ensures high margin level
Light & Optics division: stable demand from semiconductor equipment industry ensures high margin level − Robust business with semiconductor equipment industry; decline in the areas of biophotonics and industrial solutions; in Q1/2019 HILLOS GmbH contributed 5.7 million euros to revenue − Earnings re
Slide 13: Light & Production division: slowdown in capital expenditure and corona had a significant impact
Light & Production division: slowdown in capital expenditure and corona had a significant impact on the business − Growth in the automation business; marked decrease in metrology and laser processing; revenue of INTEROB 1.8 million euros − Underutilization in two business units caused strong decline
Slide 14: Light & Safety division: robust business development; profitability improved
Light & Safety division: robust business development; profitability improved − Stable capital spending by public-sector customers; increase of revenue, in particular in the Americas − Operating results grew due to higher revenue − Project business leads to fluctuations in order intake − Additional o
Slide 15: VINCORION: high demand led to increase in order intake and revenue
VINCORION: high demand led to increase in order intake and revenue − Increased revenue led to higher profitability − More orders received than in prior-year quarter, book-to-bill ratio grew to 1.90 (prior year 1.70) − Order backlog substantially higher than in all quarters of the prior year In milli
Slide 16: Agenda
Agenda Development of the Jenoptik Group Development of the divisions Outlook Appendix 13.5.2020 1st quarter 2020 16
Slide 17: Sound business model – positive outlook for 2020
Sound business model – positive outlook for 2020 Fiscal year 2020 Strategy 2022 The Executive Board anticipates that Jenoptik will be able to meet the current average market expectations of analysts – revenue of around 800 million euros and an EBITDA margin of around 14.3 percent. − Second quarter:
Slide 18: Agenda
Agenda Development of the Jenoptik Group Development of the divisions Outlook Appendix 13.5.2020 1st quarter 2020 18
Slide 19: Dates and contact
Dates and contact May 13, 2020 Quarterly statement 1st quarter 2020 (conference call) May 14, 2020 UBS conference, London (virtual) June 25, 2020 Warburg Conference, Hamburg (under review) August 6, 2020 Report on the first six months 2020 (conference call) Contact: www.jenoptik.com www.twitter.com/