Jenoptik Ag · XETR:JEN
Jenoptik — H1 2009 Earnings Presentation
21 slides from Jenoptik's earnings presentation, Aug 13, 2009
Slide 1: Conference Call: Results of 1st half 2009 and outlook
JENOPTIK AG Conference Call Results of 1st half 2009 and outlook August 13, 2009
Slide 2: Group results 1st half of 2009, Segment reporting, Outlook
Group results 1st half of 2009 Segment reporting Outlook Results H1 2009.ppt 2009-08-13 2 Jenoptik - a global optoelectronics player
Slide 3: General economic conditions remain difficult
Jenoptik – general economic condictions remain difficult Sales at 231.3 million euros about 13 percent below the previous year Group EBIT before one-off effects at 3.3 million euros Withdrawal from the loss-making business with mid-format cameras burdens result with 7.9 million euros Cash fl
Slide 4: Statement of income 1st half of 2009: Sales and earnings decline
Statement of income 1st half of 2009: Sales and earnings decline due to economic crisis In million euros H1 09 H1 08 Change Sales 231.3 264.5 -12.6% As expected below the level in the previous year due to economic crisis Gross margin 26.9% 28.9% Decline in earnings clearly stronger than sales EB
Slide 5: Statement of income 1st half of 2009: Financial result further improved
Statement of income 1st half of 2009: Financial result further improved In million euros H1 09 H1 08 EBIT -4.6 16.1 Investment result -1.6 -1.7 Investment result improved Interest result -5.1 -6.2 Interest result further improved Lower interest level of short-term liabilities Financial result
Slide 6: Statement of income 1st half of 2009: Earnings before and after tax lower
Statement of income 1st half of 2009: Earnings before and after tax lower than last year In million euros H1 09 H1 08 Earnings before tax -11.3 8.3 Income taxes 0.1 1.0 Less income taxes due to lower operating result Deferred taxes -0.3 0.9 Earnings after tax -11.1 6.3 Net profit -12.6 4.8 Earning
Slide 7: Key figures: Crisis in semiconductor and automotive industry impacts order intake
Key figures: Crisis in semiconductor and automotive industry impacts on order intake In million euros H1 09 H1 08 Change Order intake 218.1 267.6 -18.5% Order intake below level in the previous year due to economic crisis, but at the same level as in Q4/2008 and Q1/2009 Book-to-Bill 0.94 In mill
Slide 8: Statement of cash flows: Positive operating cash flow
Statement of cash flows: Positive operating cash flow in spite of economic crisis In million euros H1 09 H1 08 Operating profit before working 15.4 31.3 capital changes Changes in working capital -2.5 -14.1 Working capital lower due to less and other items trade accounts receivable Cash flow from
Slide 9: Net debt at 188.4 million euros and equity ratio at 42.2%
Net debt at 188.4 million euros and shareholders‘ equity ratio at 42.2 % almost unchanged In million euros June 30, Dec. 31, 2009 2008 Cash and cash equivalents 13.8 12.5 Securities 1.5 2.0 Convertible bond 47.9 48.3 Including separate loans 106.0 88.2 secured by real estate Long-term bank loans
Slide 10: Group result of 1st half-year 2009, Segment reporting, Outlook
Group result of 1st half-year 2009 Segment reporting Outlook Results H1 2009.ppt 2009-08-13 10 Jenoptik - a global optoelectronics player
Slide 11: Differing business development in the segments
Differing business development in the segments Corporate Center Lasers & Metrology Defense & Optical Systems Civil Systems Sales H1 09: EUR 74.1m Sales H1 09: EUR 48.0m Sales H1 09: EUR 105.2m Sales H1 08: EUR 107.6m Sales H1 08: EUR 53.9m Sales H1 08: EUR 100.7m Lasers & Optical Industrial Traffic
Slide 12: Lasers & Optical Systems: Semiconductor crisis weakens results
Lasers & Optical Systems: Semiconductor crisis weakens results Lasers & Material Processing: Industry and automotive business impacted; medical technology and photovoltaics business stable New customers in the Asian growth market of photovoltaics Expansion of global presence with joint venture
Slide 13: Lasers & Optical Systems: Signs of bottoming out
Lasers & Optical Systems: Signs of bottoming out EBIT in million euros 10 7.2 5 4.9 Strong earnings decline as a result of semiconductor crisis 2.9 First signs of a bottoming out in the 2nd quarter 2009 0 -0.1 -1.3 -0.5 -5 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Results H1 2009.ppt 2009-08-13 13
Slide 14: Metrology: Improvement in Traffic Solutions
Metrology: Improvement in Traffic Solutions, but cannot completely compensate for the automotive crises Industrial Metrology: Continuing crisis in the automotive industry Strong sales decrease in particular in Q2 impacts on result Traffic Solutions: Positive sales and earnings development Es
Slide 15: Defense & Civil Systems: Successful development in stable market environment
Defense & Civil Systems : Successful development in stable market environment Defense & Civil Systems: Successful development in all business units in 1st half of 2009 EBIT increase based on economies of scale in the Sensor Systems area, but delivery of major security technology order completed
Slide 16: Results on segment level: Broad basis of business reduces risk
Results on segment level: Broad basis of business reduces risk of depending on individual industries Lasers & Defense & Metrology Other* Group Optical Systems Civil Systems Sales 74.1 Sales 48.0 Sales 105.2 Sales 4.0 Sales 231.3 EBITDA*** 1.9 EBITDA -1.2 EBITDA 11.4 EBITDA 2.9 EBITDA*** 15.0 EBIT**
Slide 17: Group result in 1st half of 2009, Segment reporting, Outlook
Group result in 1st half of 2009 Segment reporting Outlook Results H1 2009.ppt 2009-08-13 17 Appendix - Key Figures: first 9 months 2008
Slide 18: Current measures
Current measures Cost savings of more than 10 million euros in 2009 will contribute to reduce fixed costs and partially compensate for sales and margin decline. Measures Short-time working for 687 employees as at June 30, 2009 and use of fluctuations to reduce staff numbers Reduction of capex
Slide 19: Jenoptik – Future development in the segments
Jenoptik – Future development in the segments Lasers & Material Processing: Slight decrease in business volume Lasers & Positive development in medical technology business Optical Systems Optical Systems: Slight easing of the semiconductor crisis expected starting from 2nd half of the year; th
Slide 20: Jenoptik – Future development of business
Jenoptik – Future development of business Sales and earnings below level of 2008 as a result of tough sales conditions Forecast sales range of 460 to 500 million euros Positive Group EBIT before one-off effects due to stable contribution of the Defense & Civil Systems segment as well as presen
Slide 21: Disclaimer
Disclaimer This announcement 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