Jenoptik Ag · XETR:JEN
Jenoptik — Investor Presentation (May 2023)
45 slides from Jenoptik's investor presentation, May 2023
Slide 1: Our Vision – Brighter Futures with the Power of Light
Our Vision – Brighter Futures with the Power of Light. Investor Relations Presentation I May 2023 © 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 Company overview Strategy & markets Divisional set-up FY 2022 results and outlook Appendix Jenoptik Investor Relations Presentation 3
Slide 4: Jenoptik at a glance – a leading globally operating photonics group
Jenoptik at a glance – a leading globally operating photonics group 1991 Year of foundation Our Mission >80 Represented in countries The Leading Light In the Application of >4,400 Employees worldwide Photonics 1.7bn1 Market capitalization in euros Fiscal year 2022 Focus on three core markets 980.7 m
Slide 5: Delivering high-quality photonics-based products and solutions
Delivering high-quality photonics-based products and solutions… Semiconductor & Life Science & Non-core Smart Mobility Electronics Medical Technology businesses Optics, Micro-optics Diode lasers Equipment for traffic surveillance Automation systems and Precision components Microscope cameras Softwar
Slide 6: Strategy & markets
Strategy & markets
Slide 7: Agenda 2025 creating "More Value" for stakeholders
With our agenda 2025 we aim at creating “More Value” for our stakeholders by… Agenda 2025 „More Value“ Our goals for 2025 Transforming Jenoptik into a globally Financial targets 1 leading pure photonics player − Grow revenue to ~1.2 bn euros Focusing on three highly attractive (incl. further divestm
Slide 8: Strategic focus on attractive photonics markets
1 Strategic focus on attractive photonics markets 2025 – Jenoptik core markets Strategic rationale − Core markets market growth > GDP growth 75% − Differentiation through our core technological B2B, hardware competences in optics and photonics supply business 25% − Resilience to end-market fluctuati
Slide 9: Megatrends will drive growing demand for photonics solutions
2 Megatrends will drive growing demand for photonics solutions of the future Societal needs Jenoptik‘s contribution Growing demand for chips for various existing Jenoptik supplies high-performance optics, Digitization as well as new applications; increasing usage micro-optics for semiconductor equip
Slide 10: Innovation remains our main growth engine
3 Innovation remains our main growth engine through our leading competencies in… − Harnessing light − Design and industrialization of complex optics and photonics components − Decoding photonic signals in data imaging solutions ©NASA/JPL-Caltech − Sensor fusion, i.e. integrating video, radar, laser
Slide 11: Organic growth will be driven by…
3 Organic growth will be driven by… Increasing our share of wallet with existing customers Significant investments into production capacities − Develop new applications with robust production − Doubling production with new micro-optics cleanroom processes for repeatable highly-precise results fab (L
Slide 12: M&A is part of our strategy
3 M&A is part of our strategy Non-organic growth initiatives (M&A) Key acquisition criteria Divestments Hillos VINCORION − Portfolio: Complementary technologies & Non-optical process metrology regional expansion Crystal growth business − Market position: strong technological basis, 2019 2020 2021 20
Slide 13: Robust track record of profitable growth in spite of COVID pandemic
3 Robust track record of profitable growth in spite of COVID pandemic 2014-2022 Main driver to margin expansion Revenue CAGR ~7% − Product mix effects ~1.2 EBITDA margin increased ~6 percentage points − Operating leverage billion euros 1200 1150 980.7 ~20% 21,0% 1100 1050 million 1000 euros 950 19,0
Slide 14: Robust key financial figures; net debt reflects recent acquisitions
4 Robust key financial figures; net debt reflects recent acquisitions 1 Key financial ratios Net debt and net debt to EBITDA Acquisition Acquisition 4,0 Jenoptik Group FY/2022 FY/2021 700 Trioptics BG Medical/SwissOptic 3,5 600 3,0 2.3x Equity ratio in % 50.4 44.4 500 2,5 400 2,0 Net debt in million
Slide 15: Clear commitment to more sustainability
5 Clear committment to more sustainability − As an „Enabler“ we make the world a better place by contributing to better infrastructure, communication, mobility and healthcare − Our non-financial targets are included in the Executive Board remuneration and group financing Diversity rate: 33% by 2025
Slide 16: Jenoptik is well on track to meet its 2025 goals
Jenoptik is well on track to meet its 2025 goals 1 Transformation into a globally leading pure phonics player well underway 2 Addressing attractive markets, where Jenoptik can make a difference 3 Unique technological expertise and trusted develpment partner for our customers 4 Proven track record of
Slide 17: Divisional set-up
Divisional set-up
Slide 18: Organizational structure of Jenoptik Group
Organizational structure of Jenoptik Group Advanced Photonic Solutions Smart Mobility Non-Photonic Division Solutions Division Portfolio Companies Semiconductor & Life Science & Others Smart Mobility Electronics Medical Technology Optics, Micro-optics Diode lasers Equipment for traffic surveillance
Slide 19: Advanced Photonic Solutions division: markets & applications (1/2)
Advanced Photonic Solutions division: markets & applications (1/2) Markets Semiconductor Electronics Equipment − Increasing demand for chips for various existing and new applications (smartphones, 5G, gaming, servers, self-driving cars, Internet of Things, etc.) Drivers Market − Homeshoring of produ
Slide 20: Advanced Photonic Solutions division: markets & applications (2/2)
Advanced Photonic Solutions division: markets & applications (2/2) Markets Life Science Medical Technology − Growing and aging population Drivers Market − Wealth, better access to healthcare in developing countries, and digitalization − New therapeutic approaches (e.g. personalized medicine) and dia
Slide 21: Advanced Photonic Solutions: partner for performance-critical photonic solutions
Advanced Photonic Solutions: partner for performance-critical photonic solutions Revenue 2022: 729.6 million euros Business profile Main production Jena, Berlin, Heerbrugg, − Division bundles all B2B photonics activities sites: Jupiter, Wuhan − Global OEM and machine supplier of components and modul
Slide 22: Smart Mobility Solutions Division: markets & applications
Smart Mobility Solutions Division: markets & applications Traffic Law Enforcement Civil Security Road User Charging Markets - New applications such as distracted driving Drivers Market - Growing demand for integrated services - Political initiatives such as Vision Zero in additional countries - Over
Slide 23: Smart Mobility Solutions: provider of road traffic solutions
Smart Mobility Solutions: provider of road traffic solutions for safety and security Revenue 2022: 114.3 million euros Business profile Main production Monheim, Camberley − Division bundles all B2G activities − Provider of roadside equipment and software, including integration, Employees 2022: 485 i
Slide 24: Non-Photonic Portfolio Companies – driving production efficiency
Non-Photonic Portfolio Companies – driving production efficiency Our product portfolio includes − Automation: individual systems through to automated plant concepts and complete process solutions for efficient production environments − Modern production measurement technology for efficient quality c
Slide 25: First quarter 2023
First quarter 2023
Slide 26: Highlights of the 1st quarter 2023
Highlights of the 1st quarter 2023 − Good start into fiscal year 2023 ▪ Double-digit revenue and EBITDA growth ▪ Order backlog remained at high level ▪ Order intake below high prior-year basis, as expected; book-to-bill ratio clearly above one − Focus on output optimization and capacity expansion −
Slide 27: Order intake remained at good level, continued high order backlog
Order intake remained at good level, continued high order backlog Order intake in mEUR Order backlog in mEUR 400 −8.8% 5.8% 900 300 776.1 310.3 733.7 283.0 600 200 300 100 0 Q1/2022 Q1/2023 0 Dec 31, 2022 Mar 31, 2023 − Advanced Photonic Solutions, as expected, below very high prior-year − Order bac
Slide 28: Double-digit revenue and earnings growth
Double-digit revenue and earnings growth Revenue in mEUR EBITDA in mEUR 300 50 12.2% 74.2% 250 40 234.1 200 36.6 208.5 30 150 20 100 21.0 10 50 0 0 Q1/2022 Q1/2023 Q1/2022 Q1/2023 − Continued strong development of Advanced Photonic Solutions − Strong contribution of Advanced Photonic Solutions divis
Slide 29: Income statement
Income statement In million euros Q1/2023 Q1/2022 Change in % Revenue 234.1 208.5 12.2 − Gross margin improved substantially due to higher contribution of Advanced Photonic Solutions and Gross margin 33.2% 28.7% Non-Photonic Portfolio Companies Functional costs 56.4 54.9 2.9 − Functional cost ratio
Slide 30: Strong cash flow; continued sound financial base and balance sheet
Strong cash flow; continued sound financial base and balance sheet In million euros Q1/2023 Q1/2022 Change in % − Cash flows from operating activities: higher earnings and Cash flows from operating positive effects from changes in working capital 49.6 21.0 135.9 activities before income taxes − Work
Slide 31: Advanced Photonic Solutions: revenue and earnings strongly improved
Advanced Photonic Solutions: revenue and earnings strongly improved Order intake in mEUR Revenue in mEUR EBITDA in mEUR 300 300 50 −10.9% 15.1% 35.0% 40 200 238.1 200 212.1 30 36.7 181.8 158.0 20 27.2 100 100 10 0 0 0 Q1/2022 Q1/2023 Q1/2022 Q1/2023 Q1/2022 Q1/2023 − Order intake: remained at good l
Slide 32: Smart Mobility Solutions: revenue increased, order backlog high
Smart Mobility Solutions: revenue increased, order backlog remained at high levels Order intake in mEUR Revenue in mEUR EBITDA in mEUR 50 50 2 0.0% 40 1,5 40 8.4% 1 30 38.9 38.9 30 0,5 20 20 0.7 -0.1 22.9 0 21.2 Q1/2022 Q1/2023 10 10 -0,5 0 0 -1 Q1/2022 Q1/2023 Q1/2022 Q1/2023 − Order intake: subjec
Slide 33: Non-Photonic Portfolio Companies: strong earnings turnaround
Non-Photonic Portfolio Companies: strong earnings turnaround Order intake in mEUR Revenue in mEUR EBITDA in mEUR 50 50 5 −5.9% 4 40 40 −1.9% 3 30 30 2 3.2 32.5 30.6 1 Q1/2022 20 20 28.8 28.3 0 Q1/2022 Q1/2023 -1 10 10 -2.2 -2 0 0 -3 Q1/2022 Q1/2023 Q1/2022 Q1/2023 − Slight decrease in order intake f
Slide 34: Outlook
Outlook
Slide 35: Fiscal year 2023: Further profitable growth expected
Outlook for 2023 confirmed Expected development of key performance indicators in 2023 − Revenue growth to EUR 1,050 – 1,100m (2022: EUR 980.7m) − Substantial growth in EBITDA; EBITDA margin of 19.0 to 19.5 percent Fiscal year 2023: (2022: 18.8%) − Capital expenditure markedly higher than in prior ye
Slide 36: Appendix
Appendix
Slide 37: A long tradition of innovation in optoelectronics
A long tradition of innovation in optoelectronics 18 19 20 21 22 1846 1946 1989-91 1992-98 1998-2006 2007-16 since 2017 Founded State German New Flexibility Consolidation Sustainable in Jena by property Reunification Businesses profitable growth Carl Zeiß The Zeiss plant −Acquisition of IPO 1998 “Wo
Slide 38: Double-digit revenue increase in all regions
Double-digit revenue increase in all regions Revenue by region 2022 Revenue by region in million euros 2021 4% Middle East / 35.7 +46.5% 23% Africa 24.3 20% 196.2 Asia/ Pacific +13.5% 172.9 244.1 +18.7% Americas 205.7 25% 28% Europe 275.7 (without +32.3% Germany) 208.4 229.0 Middle East / Africa Asi
Slide 39: Key financials 2022 of the segments
Key financials 2022 of the segments Advanced Smart Mobility Non-Photonic in million euros Photonic Solutions Solutions Portfolio Companies Continuing operations Revenue (external) 729.6 114.3 132.3 980.7 EBITDA 170.0 19.3 2.7 184.1 EBITDA margin* 23.3% 16.9% 2.0% 18.8% EBIT 123.0 13.9 -20.4 101.9 EB
Slide 40: Strong R+D commitment enables fundamentally new products
Strong R+D commitment enables fundamentally new products; continuing expansion of sales structures abroad R+D output Selling expenses Administrative expenses in million euros in percent in million euros in percent in million euros in percent 100 12 120 12.5 11.9 100 8.8 10 8.9 11.0 12 9.2 10.4 10.4
Slide 41: Key figures – five-year overview
Key figures – five-year overview In million euros 2022* 2021* 2020* 2019 2018 Revenue 980.7 750.7 615.5 855.2 834.6 155.7 (incl. one-offs) EBITDA 127.5 184.1 125.2 (excl. one-offs) 92.8 134.0 20.7% (incl. one-offs) EBITDA margin (in %) 18.8% 15.3 16.7% (excl. one-offs) 15.1 15.7 EBIT 101.9 108.1 (in
Slide 42: Shareholders and dividend information
Shareholders and dividend information Shareholder structure Thüringer Dividend Industriebeteiligungs 11.0% GmbH & Co. KG EPS Dividend payment 2,0 1.27 1.43 1,6 1.18 1,2 0.96 89.0% 0.73 0,8 0.30 0.25 0.25 0.30e Freefloat 0,4 0.13 0,0 2018 2019 2020 2021 2022 Major institutional shareholders (30.04.20
Slide 43: Continued focus on sustainability: non-financial targets 2022 reached
Continued focus on sustainability: non-financial targets 2022 reached Gender Equality Decent Work and Industry, Innovation Partnership Jenoptik‘s Climate Action Economic Growth and Infrastructure for the goals sustainability ratings Diversity is reflected in Decent working Increasing R+D supports Co
Slide 44: ESG: Jenoptik's photonic contribution to the SDGs
ESG: Jenoptik‘s photonic contribution to the SDG‘s Responsible Good health Industry innovation Sustainable cities consumption and and well-being and infrastructure and communities production Biophotonics: Optical systems for Traffic Safety: Metrology systems − Lasers for ophthalmology − Semiconducto
Slide 45: Dates and contact
Dates and contact 12.05.2023 Stifel German Corporate Conference, Frankfurt/Main 24.05.2023 Berenberg Conference, New York 25.05.2023 Roadshow Chicago 07.06.2023 Annual General Meeting 16.06.2023 Warburg Conference, Hamburg 09.08.2023 Publication of Interim Report January – June 2023 Andreas Theisen