Jenoptik Ag · XETR:JEN
Jenoptik — FY2014 Earnings Presentation
22 slides from Jenoptik's earnings presentation, Mar 26, 2015
Slide 1: Conference Call – Results of fiscal year 2014
Conference Call – Results of fiscal year 2014 Experts in PHOTONICS March 26, 2015 Dr. Michael Mertin, CEO Rüdiger Andreas Günther, CFO © Copyright Jenoptik, All rights reserved.
Slide 2: Jenoptik – Results 2014
Jenoptik – Results 2014 Segment reporting Outlook Appendix JA-2014-en 2015-03-26 2 Jenoptik - a global optoelectronics player
Slide 3: 2014: Challenging environment; strategic projects were successfully continued
2014: Challenging environment; strategic projects were successfully continued Impacts on the business Further strategic steps development successfully implemented More stringent export restrictions on national Internationalization/customers and European level Strong revenue growth in Asia Po
Slide 4: Fiscal year 2014: Group revenue only slightly below level of prior year
Fiscal year 2014: Group revenue only slightly below level of prior year Revenue in million euros 700 600.3 590.2 600 −1.7 % 500 400 300 200 152 149 168 170 132 137 146 137 100 0 Q1/13 Q2/13 Q3/13 Q4/13 2013 Q1/14 Q2/14 Q3/14 Q4/14 2014 Revenue came to 590.2 million euros and is thus at the upper e
Slide 5: Share of revenue generated abroad rose to 64%; Strongest growth in Asia/Pacific
Share of revenue generated abroad rose to 64%; Strongest growth in the Asia/Pacific region Revenue by region Revenue by target market (prior year figures in brackets) (prior year figures in brackets) Middle East/Africa Medical technology Automotive/ 5% 8% Maschine Asia/Pacific Other (7%) Germany (6%
Slide 6: Increase in number of employees abroad
Increase in number of employees abroad Employees as at 31.12. (incl. trainees) 4000 Number of employees rose in fiscal year 2014 +3.5% 3,553 Metrology segment with strongest growth 3,433 resulting from the acquisition of the British 3000 traffic safety specialist Vysionics In view of the conti
Slide 7: Fiscal year 2014: good earnings quality of prior year maintained
Fiscal year 2014: good earnings quality of prior year maintained in spite of substantial investment EBIT in million euros 70 60 52.7 −2.2 % 51.6 50 40 30 20 14.0 15.2 12.9 13.4 13.8 13.8 10.6 10.5 10 0 Q1/13 Q2/13 Q3/13 Q4/13 2013 Q1/14 Q2/14 Q3/14 Q4/14 2014 Group EBIT positively affected by chan
Slide 8: Income Statement 2014: Gross margin improved compared to prior year
Income Statement 2014: Gross margin improved compared to prior year In million euros 2014 2013 Revenue 590.2 600.3 Improvements in efficiency and a changed Gross margin 34.8% 34.3% revenue mix are reflected in the gross profit – gross margin slightly higher than in Functional costs 158.0 152.8 pri
Slide 9: Order intake higher than in prior year; increased order backlog
Order intake higher than in prior year; increased order backlog creates good conditions for growth in 2015 Order intake in million euros 700 Order intake higher than in prior year and at level 600 +2.4% 589.2 of revenue 500 575.3 400 Book-to-bill-ratio rises to 1.00 (prior year 0.96) 300 Postp
Slide 10: Increase in working capital and higher capital expenditure affect free cash flow
Increase in working capital and higher capital expenditure affect free cash flow In million euros 2014 2013 Cash flows from operating activities Operating profit before in Q4 amounted to 36.5 million 72.7 75.7 euros; therefore Q4 was the working capital changes strongest single quarter Changes in
Slide 11: Financing of growth in 2015 results in higher net debt
Financing of growth in 2015 and continuing implementation of the strategy of internationalization results in higher net debt in million euros Net debt higher than in prior year ~260 due to financing of the acquisition of 60 Vysionics as well as −55% increased working capital (postponements of
Slide 12: Segment reporting
Jenoptik – Results 2014 Segment reporting Outlook Appendix JA-2014-en 2015-03-26 12 Jenoptik - a global optoelectronics player
Slide 13: 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 2014 Lasers & Optical 38.0 37.8 Systems 28.9 39.2 Metrology 23.0 Defense & Civil 31.3 Systems Revenue shares of Lasers & Optical Systems as well as Metrology segments have co
Slide 14: Lasers & Optical Systems segment increased revenue; Metrology with good 4th quarter
Lasers & Optical Systems segment increased revenue; Metrology with good 4th quarter Lasers & Optical Systems Metrology Defense & Civil Systems Revenue in million euros Revenue in million euros Revenue in million euros 300 300 300 +3.0% 250 231.3 250 250 224.7 − 1.3% −7.7% 200 200 187.4 185.0 200 185
Slide 15: Lasers & Optical Systems as well as Metrology segments increase EBIT margin
Lasers & Optical Systems as well as Metrology segments increase EBIT margin Lasers & Optical Systems Metrology Defense & Civil Systems EBIT in million euros EBIT in million euros EBIT in million euros 35 35 35 30 +9.6% 30 27.0 −0.3 % 30 24.6 25 25 22.6 22.5 25 20 20 20 −81.5% 15 15 15 11.6 10 7.8 −1
Slide 16: Outlook
Jenoptik – Results 2014 Segment reporting Outlook Appendix JA-2014-en 2015-03-26 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 Revenue between 650 and three segments 690 million euros Postponed international project for EBIT margin between defense
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 Demand from semiconductor Globally growing demand for Long-term major orders equipment industry is expected more efficient drives and the ensure stable business to increase agai
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 – Results 2014 Segment reporting Outlook Appendix JA-2014-en 2015-03-26 20 Jenoptik - a global optoelectronics player
Slide 21: Events and contact
Events and contact March 26, 2015 Publication of the Financial Statements 2014 March 27, 2015 Analysts‘ Conference, Frankfurt/Main May 12, 2015 Publication of the Results of 1st quarter 2015 May 20/21, 2015 Commerzbank German Mid Cap Conference, Boston/New York June 3, 2015 Annual General
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