Jenoptik Ag · XETR:JEN
Jenoptik — Investor Presentation (November 2019)
28 slides from Jenoptik's investor presentation, November 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 November 2019 © Copyright Jenoptik. All rights reserved.
Slide 2: Agenda
Agenda 01 Overview and strategy 02 Financials 9M 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 9M 2019 and outlook 03 Appendix Jenoptik Investor Relations Presentation 7
Slide 8: Major events in the first nine months of 2019
Major events in the first nine months of 2019 Permission received to export energy systems for the "Patriot" air missile defense system at beginning of October M Sales process for VINCORION division started CEO confirmed in office for another five-year term Substantial investments in expansi
Slide 9: Order intake figures slightly down on prior year
Order intake figures slightly down on prior year Order intake in million euros Order backlog in million euros 800 800 2.3% 5.8% 600 600 588.4 574.9 521.5 491.2 400 400 200 200 0 0 9M/2018 9M/2019 Dec 31, 2018 Sep 30, 2019 Light & Production with growth; Solid basis for coming months Light &
Slide 10: Momentum further increased in 3rd quarter, revenue slightly exceeded prior-year level
Momentum further increased in 3rd quarter, revenue slightly exceeded prior-year level Revenue in million euros 800 + 0.4% 600 593.4 595.7 400 +1.9% 200 241.2 194.8 208.7 199.1 212.7 189.9 184.0 0 Q1/18 Q2/18 Q3/18 9M/18 Q4/18 Q1/19 Q2/19 Q3/19 9M/19 Revenue grew both in the first nine months and o
Slide 11: Significant revenue growth in the first nine months of 2019 in the Americas
Significant revenue growth in the first nine months of 2019 in the Americas Foreign revenue ~73 percent (prior year 70%) EUROPE GERMANY -4.7% -10.5% 350.3 334.0 180.1 161.2 AMERICAS +14.5% 171.4 149.7 ASIA / PACIFIC AFRICA / +0.9% MIDDLE Rise in the Americas EAST 68.8 68.2 primarily attributable t
Slide 12: EBITDA improved compared with prior quarter and prior-year quarter
EBITDA improved compared with prior quarter and prior-year quarter EBITDA in million euros 150 EBITDA impacted by 120 Higher functional costs () +2.7% 90 Positive effects from first- (+) 89.0 91.4 time application of IFRS 16 60 Contributions by acquisitions (+) 30 32.8 38.5 37.4 EBITDA ma
Slide 13: Higher spending for future growth caused rise in functional costs
Higher spending for future growth caused rise in functional costs Revenue 595.7 593.4 Gross margin stable Rise in functional costs by 6.1% Gross margin 35.2% 35.3% R+D: at prior-year level Functional costs 147.1 138.7 Selling: increase due to expansion of international distribution; EBITDA 9
Slide 14: Free cash flow impacted by lower operating cash flows and higher investments
Free cash flow impacted by lower operating cash flows and higher investments In million euros 9M/2019 9M/2018 Operating profit before Working Capital grew to 257.3 million 90.4 88.5 adjusting working capital euros (31/12/18: 216.8m euros / 30/9/18: 239.9m euros), attributable in particular to Chan
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 300 +1.7% 80 10.5% 300 11.9% 250 250 250.8 264.5 246.6 60 200 200 233.0 55.2 150 49.5 40 150 100 100 20 50 50 0 0 0 9M/2018 9M/2019 9M/2018 9M/2019 9M/201
Slide 16: Light & Production division: Strong growth attributable to automation business and acquired businesses
Light & Production division: Strong growth attributable to automation business and acquired businesses Revenue in million euros EBITDA in million euros Order intake in million euros 200 25 200 + 22.0% + 33.7% + 14.6% 160 170.9 20 160 19.2 158.7 120 140.1 15 120 138.4 14.3 80 10 80 40 5 40 0 0 0 9M/2
Slide 17: Light & Safety division: Profitability improved; shortfall in revenue due to toll monitoring project
Light & Safety division: Profitability improved; shortfall in revenue due to toll monitoring project in 2018 further reduced Revenue in million euros EBITDA in million euros Order intake in million euros 100 9.8% 15 +7.9% 100 2.1% 80 12 80 83.3 11.9 75.1 11.0 73.8 72.2 60 9 60 40 6 40 20 3 20 0
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 150 20.4% 20 26.4% 150 1.7% 120 16 120 121.6 14.4 109.8 108.0 90 96.8 12 90 10.6 60 8 60 30 4 30 0 0 0 9M/2018 9M/2019 9
Slide 19: Growth expected for 2019; forecast for revenue and earnings confirmed
Growth expected for 2019; forecast for revenue and earnings confirmed We anticipate revenue, without major portfolio changes, in a range between 850 and 860 million euros. More focus Moreinnovation More focus EBITDA margin is expected Moreinternational More innovation to come to around 15.5 percent.
Slide 20: Agenda
Agenda 01 Overview and strategy 02 Financials 9M 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 Results 2017 / new H1/2018, increase in share prices, esp. 2018 Q1 2019 H1 2019 strategy earnings guidance semi comp. 40,00 35,
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 (31.10.2019) 5 Divi
Slide 27: Dates and contact
Dates and contact November 12, 2019 Conference call on the results of the first nine months 2019 November 21, 2019 Capital Market Day, Jena November 28, 2019 Roadshow Düsseldorf November 29, 2019 Roadshow Zurich December 3, 2019 Roadshow Paris December 5, 2019 Berenberg European Conference, Pennyhil
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