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© Copyright Jenoptik, All rights reserved.
Experts in
PHOTONICS
USA Investor Seminar / LEG ThuringenRochester, NY
November 2015
Jenoptik Investor Relations 22
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 development or the performance of the company to be materially different from the announced forward-looking statements. Such factors can be, among others, changes in currency exchange rates and interest rates, the introduction of competing products or the change of the business strategy. The company does not assume any obligation to update such forward-looking statements in the light of future developments.
Jenoptik Investor Relations 3Jenoptik - a global optoelectronics player
Jenoptik – a global optoelectronics player Results of 1st half-year 2015 Growth strategy and outlook Appendix
Jenoptik Investor Relations 4
Photonics – the key enabling technology of the 21st century
Photonics = Key enabling technology of the 21st century for many industries and service areas (e.g. machine industry, plant construction, automotive industry, medical or environmental engineering).
Enables more efficient and sustainable production technologies, faster and better production processes as well as new applications (e.g. for lasers, LEDs, photovoltaics, data processing, diagnosis and therapy).
Is the generation, emission, transmission, modulation, signal processing, switching, amplification, and detection/sensing of light.
Is contributing to prosperity and creating new jobs.Almost 150,000 people are working in the photonics industry.
Photonics market is expected to grow to approx. 615 billion euros by 2020 (2013: approx. 400 billion euros)
Source: Photonik Branchenreport 2013
Jenoptik Investor Relations 55
A long tradition of innovation in optoelectronics
1998 - 20061992 - 1998 2007 - 2009 since 2010…
“Workshop for precision mechanics and optics”
1846 1946
The Zeiss plant in Jena, converted into state property
1989 - 1991
IPO 1998
Acquisition of companies to open up new sales channels
Flexible GmbH structures to enable joint ventures, cooperations and sale of companies
Sale of Clean Systems Technologies business
Implementationof new divisional organization
Unified worldwide brand
Portfolio restructuring
Sales growth
Founded in Jena by Carl Zeiß
State property
German Reunification
New Businesses
Flexibility Consolidation/restructuring
Sustainable profitable
growth
CAGR: ca. 5%
1312111009 14
Zeiss Jena has 69.000 employees
Formation of Jenoptik GmbH
Internationalization
From component to system supplier
Jenoptik Investor Relations 6
Defense &Civil Systems
TrafficSolutions
IndustrialMetrology
Optical Systems
Laser & Optical Systems Highest contribution to group revenue in 2014
Lasers & Material Processing
Group
Lasers & Optical Systems
Metrology Defense &Civil Systems
Technology competence in optoelectronics,joint use of distribution networks and shared services
Revenue 2014: 590.2m €EBIT 2014: 51.6m €
As at 31.12.2014
31.3% of revenue 28.9% of revenue39.2 % of revenue
Jenoptik Investor Relations 7
Share of revenue generated abroad rose to 64% in 2014;Strongest growth in the Asia/Pacific region
Revenue by region (prior year figures in brackets)
Middle East/Africa
(38%)
(20%)
(10%)
(7%)
(25%)
Germany
Americas
Asia/Pacific
Europe
Automotive/Maschine constructionOther
Medical technology
Semiconductor equipment industry
Aviation/TrafficDefense & Security technology
(28%)
(22%)(22%)
(12%)
(10%)
(6%)
Revenue by target market(prior year figures in brackets)
Strong growth in Asia by 40.9%, decline in Americas due to transfer of projects to Asia and weaker demand from the automotive industry
Share of revenue generated in major target regions Asia and Americas rose to 31.9% (prior year: 29.4%)
Substantial increase in medical technology Automotive/machine construction remains
most important market
Jenoptik Investor Relations 8
Expanding business activities in the Americas and Asia/Pacific are necessary to propel Jenoptik’s growth and to become a global player
Double-digit growth rates in Americas and Asia/Pacific
63 70 76110 117 104
124
CAGR+12%
141312111009
36 47 56 69 6084 82
CAGR+ 15%
CAGR+1%
Europe incl. Germany
Asia / PacificAmericas
LTM
361 360 388 359 379 370 386
141312111009 LTM
141312111009 LTM
Jenoptik Investor Relations 99
Leading market positions – on a global scale
High-powerdiode lasers
Global top 3supplier
Lasers for retina treatment in
ophthalmologyGlobal #1
Laser perforation for airbag solutions
Global #1
High-end micro-optics for the
semiconductor industry
Global #1
High-precision 2D optical metrology
systems in the automotive
industry
Global #1
Traffic safety equipment
(speed and redlight enforcement)
Global #1
Jenoptik Investor Relations 1010
Lasers & Material Processing DivisionAmong the world’s top 10 in laser business
Key competencies and highlights
Laser Systems Leading manufacturer of thin-disk lasers, e.g. for medical use Global No.1 in retina treatment in ophthalmology
Fiber lasers (very energy-efficient) and diode direct systems
Control of technological chain time to market, flexibility
Diode Lasers Diode lasers are the most efficient artificial light source Jenoptik is one of the top 3 global suppliers of high-power diode lasers Application: e.g. pumping of lasers, esthetics (e.g. hair removal)
Laser Processing Systems Global No.1 for laser airbag perforation, 200 systems sold Laser machines for 3D-metal and plastics processing
Base material
Diode Lasers
Laser systems
Laser proc. systems
Jenoptik Investor Relations 1111
Optical Systems DivisionLeading global provider of integrated optical systems
Key competencies and highlights Complete product range of optics, micro-optics and optoelectronic
systems = enabler for system partners Development, prototyping, ramp-up also for large volume production
within short time Leading in optics design, highest quality
Optics One of the world’s top suppliers of high-quality optical systems and
precision components, used e.g. in semiconductor equipment and security industry
Microoptics No.1 for design, development and production of high-end microoptics,
used in the semiconductor equipment industry
Optoelectronic Systems Combination of plastic optics with electronic components for a wide
range of applications, e.g. in medical technology or automotive industry, digital imaging (microscopy)
Jenoptik Investor Relations 12
Global Footprint of Optical Systems Division
Internationalization StrategyOptical Systems Division Infrastructure Development
West Coast
• Sales & Marketing: Worldwide• R&D, Manufacturing: German and US High Tech Locations• Sourcing: Fully developed Asian supply chain
JupiterHuntsville
Israel
India
China
South Korea
Japan
Singapore
2015
Jenoptik Investor Relations 13
■ 140 employees
■ 7 PhD’s Optics, Mechanical
■ 8 MS Optics, Mechanical, EE
■ 16 Bachelors Level Engineers
■ ITAR Registered
■ ISO 9001:2008 certified
■ ISO 13485 for Medical Device Design and Manufacturing (in-process)
■ Productso Camera systemso Projection systemso Electro-optical modules
13
Jupiter, FL – 70,000 square feet
JENOPTIK Optical Systems DivisionUS Operations – 12.75% CAGR for past 10 years
Huntsville, AL – 30,000 square feet
Jenoptik Investor Relations 14
Optics for Consumer Electronics & ICT – Internet of Things Application Examples & Product Offerings
Augmented / Virtual Reality &Human Interface Devices (HID) (e.g., Microsoft XBoxKinect, HoloLens, Gesture control)
Fiberoptics (micro lenses/micromirrors) &customized LEDs
polymer optics Optoelectronic
modules (micro sensors, cameras, micro actuators..)
Back illuminationmodules
gratings
VIS & NIR DOE’s Laser modules &
and Optoelectronic modules
Microsensors, cameras, microactuators
MOEMS
Diffusers (DOE, MLA)
Projection optics Lightsource MOEMS
Head-Up Displays (HUD) (e.g., gaming, infotainment, automotive, avionics)
• Specialized Sports-, fitness-, training devices for cycling, hiking, golfing, boating..
• Biosensors• Smart textiles
PICO PROJECTOR 3D-IMAGING
3D-Imaging Devices(e.g., Plenoptic / Light-field cameras)
Microlens-Array (MLA)
Projection Opticsmodules
Microlens array (MLA)
Imaging optics, objectives
Micro scanneringand imagingmodules
High-End Laser ProjectorsLaser Pico-ProjectorsProjected laser keyboard
HUDHUMAN-MACHINE INTERACTION: WEARABLES / ARVR SENSORS
MOEMS DOE’s and
Microlens-Array (MLA)
Micro scanning andimaging modules
Optical microbenches
Light coupling andlight guidemodules
Ambient & Environmental sensors (e.g., monitors for air quality, ambient light, presence, position..)
CE&ICT : INTERNET OF THINGS
Jenoptik Investor Relations 15
Telecom
High Speed Transceiver Used throughout all
networks:- Long haul- Metro- Data Center
9 JO-Micro-Lenses per transceiver
Jenoptik Investor Relations 1616
Key competencies and highlights
Industrial Metrology DivisionLeading manufacturer of high-precision metrology systems
We profit from various trends in the automotive area to reduce fuel consumption and CO2 emission and make engines more efficient, e.g. Down sizing Hybrid drives (complex gear boxes) More efficient and complex power trains
Complete technology portfolio and knowledge of all production stages -can offer our customers the best solution for any measurement task
Broad global presence
Optical metrology One of the world market leader for optical metrology for rotation-
symmetrical parts, e.g. crankshafts, camshafts Fast and flexible measurement Cross-divisional know-how in optoelectronics = competitive advantage
Jenoptik Investor Relations 1818
Key competencies and highlights More than 25,000 installed systems in more than 80 countries Supplier for the whole process chain of traffic law enforcement;
able to realize large and most complex projects around the globe Only supplier of all sensor technologies used in modern traffic monitoring
Traffic Solutions DivisionGlobal market leader for traffic safety equipment
Service Provision Operation of complete traffic law enforcement programs (traffic
analyses, financing, installation, operation, maintenance, violation processing, ticket issuing and customer service)
Equipment Global No 1 for mobile and stationary traffic safety equipment More installed systems than next three competitors together;
no competitor is represented in so many markets 2014: Kuwait, Netherlands, Singapore Acquisitions in Australia and Netherlands to expand business Acquisition of Vysionics in November 2014
Jenoptik Investor Relations 1919
Key competencies and highlights
Defense & Civil Systems DivisionLong-term stable, profitable and cash-generating business
Growing need for security and higher energy demand in all military vehicles Development of international business, e.g. Jenoptik Defense Inc. in USA Growing share of products for civil markets (e.g. energy systems) and
internationalization help to compensate for budget cuts in defense area
Energy & stabilization systems Energy systems with leading power density - save weight and volume Order to equip military vehicles (stabilization and energy systems) Order e.g. from Hyundai Rotem to deliver gensets for passenger trains Major order to deliver energy systems for Patriot missiles defense system
Aviation Systems Eurofighter radomes Airbus A380: supply of trolley lift systems
Sensor systems Premium supplier of optical information systems and sensors NYXUS BIRD thermal imager (lightweight, day/night vision) and laser
rangefinders „Innovation Award“ from Draeger as key supplier for “worldwide best
Thermal Imaging Cameras for fire fighting”
Jenoptik Investor Relations 20
Defense productsElectro-optical assembliesCompact Handheld Laser Rangefinders
1.55 micron Diode-Laser Rangefinder DLEM SRUltra-compact rangefinder module
Jenoptik Investor Relations 21
Synergies between divisions as well as megatrendsdrive Jenoptik’s business in different markets
Medical Technology
Defense & Security
Automotive & Machine
Construction
Semi-conductor
Mega TrendsMarkets
Industrial Metrology
Defense & Civil Systems
Traffic Solutions
Jenoptik
Health
Mobility & Efficiency
Infrastructure
Digital World
Security
Traffic /Aviation
Know how & products
Lasers & Material
Processing
Optical Systems
Jenoptik Investor Relations 22Jenoptik - a global optoelectronics player
Jenoptik – a global optoelectronics player Results of 1st half-year 2015 Growth strategy and outlook Appendix
Jenoptik Investor Relations 23
Continued challenging economic environment Subdued demand from the
semiconductor equipment industry, slight improvement at end of Q2
Export restrictions on national and European level continue to apply
Higher degree of skepticism regarding economic development in Europe due to crisis in Greece
Political developments in the Ukraine and Russia as well as in the Middle East remain uncertain
External impacts on the business development
Major events in the Jenoptik Group Successful integration of the companies
acquired in 2014 Major order to supply energy systems
for the Patriot missile defense system partially invoiced
Long-term group financing was restructured at more favorable conditions
Divisional structure will be realigned more closely to markets
New Chief Financial Officer and new Chairman of the Supervisory Board
Good development of business in the first half-year 2015
Jenoptik Investor Relations 24
About 68 percent of revenue generated abroad;Substantial revenue growth in Americas
Revenue by region(as at 30.6.2015 / prior year figures in brackets)
Middle East/Africa
31.5%
30.1%
21.2%
12.1%5.1%
(35.3%)
(16.5%)
(14.4%)
(5.7%)
(28.0%)
Germany
Americas
Asia/Pacific
Europe
Revenue in Americas grew by more than 43% to 67.1 million euros as a result of higher demand in the automotive area, project-related settlements in the Lasers & Optical Systems and Defense & Civil Systems segments as well as currency effects
Revenue share in the strategic focus areas of Americas and Asia/Pacific rose organically to 33.3% (prior year 30.3%)
Revenue in Europe rose primarily due to the acquisitions in the traffic safety area
Jenoptik Investor Relations 25
Jenoptik continued positive revenue development also in second quarter and created sound basis for annual targets
Revenue in million euros
Highest revenue in a quarter and half year over the last years In particular Metrology and Defense & Civil Systems segments reported growth
Revenue increase in Q2/2015 compared to same quarter in prior year: +16.5%
136.9 146.3
283.2
136.9170.1
145.8170.4
316.1
0
100
200
300
400
500
Q1/14 Q2/14 H1/14 Q3/14 Q4/14 Q1/15 Q2/15 H1/15
+11.6%
Jenoptik Investor Relations 26
EBITDA increased at a higher rate than revenue in the first half-year 2015
EBIT in million euros
Strongest quarter and half-year in terms of earnings in the last years
EBIT affected by: Rise in revenue, changed revenue mix
and settlement of a major project in the Defense & Civil Systems segment
EBIT margin in Q2 at 10.5% (prior year 9.2%)
10.5 13.4
24.0
13.8 13.88.7
17.8
26.6
0
10
20
30
40
50
Q1/14 Q2/14 H1/14 Q3/14 Q4/14 Q1/15 Q2/15 H1/15
+10.8%
EBITDA in million euros
14.819.5
34.2
19.8 22.015.8
22.9
38.7
0
20
40
60
Q1/14 Q2/14 H1/14 Q3/14 Q4/14 Q1/15 Q2/15 H1/15
+13.1%
At 22.9 million euros EBITDA in Q2 markedly higher than in previous year (prior year 19.5 million euros) and prior quarter (Q1/2015: 15.8 million euros)
EBITDA margin 12.2% (prior year 12.1%) EBIT margin 8.4% (prior year 8.5%)
Jenoptik Investor Relations 27
Income Statement: Earnings before and after tax higher than in prior year
Gross margin reduced in part due to changed revenue mix
Functional costs rose, among other things due to continuing expansion of international activities and key group functions as well as first-time consolidations
Exchange rate gains bolstered financial result; combined with the higher EBIT this also resulted in higher earnings before tax
Cash-effective tax rate of 16.0% (prior year 11.9%)
In million euros H1/2015 H1/2014
Revenue 316.1 283.2
Gross margin 34.6% 35.2%
Functional costs 87.4 78.0
EBITDA 38.7 34.2
EBIT 26.6 24.0
Financial result 1.9 3.2
Earnings before tax 24.7 20.7
Earnings after tax 20.1 17.9
Earnings per share (euro) 0.35 0.31
Jenoptik Investor Relations 28
Continuing high order backlog provides good conditions for achieving targets
Order intake in million euros
Order backlog in million euros
Order intake in 1st half-year 2015 higher than in prior year
Significant rise in Metrology segment
Major order to equip Patriot missile defense system
Order intake higher than half-year revenue;in spite of strong increase in revenue the book-to-bill ratio was at 1.06 (prior year 1.11)
Order backlog increased by about 10 million euros over the figure at year end 2014
Approx. 54% of the order backlog will be recognized as revenue in the present fiscal year
Orders received as well as well-filled project pipeline create good conditions for growth in the coming quarters
314.5 333.7
0
100
200
300
400
H1/2014 H1/2015
422.5 432.2
0
100
200
300
400
500
Dec 31, 2014 June 30, 2015
+ 6.1%
+ 2.3%
Jenoptik Investor Relations 29Jenoptik - a global optoelectronics player
Jenoptik – a global optoelectronics player Results of 1st half-year 2015 Growth strategy and outlook Appendix
Jenoptik Investor Relations 30
Targets for 2015 reaffirmed
Target: Jenoptik will see return to successful growth
Good order and project pipeline in all three segments Postponed project for defense technology
received Acquisitions in the traffic safety sector
with positive effects Growth momentum in our markets,
now also in automotive sector Opportunities resulting from above-average
growth in Americas and Asia/Pacific
Forecast 2015*
Revenue between 650 and 690 million euros
EBIT margin between 8.5 and 9.5 percent
Group development projects will positively impact on quality of earnings
Above-average growth in EBITDA
*This is based on the prerequisite that the political and economic framework conditions will not deteriorate; this includes in particular export restrictions, regulations at European level; the conflict between Russia and Ukraine as well as other disruptions in the euro zone.
Jenoptik Investor Relations 31
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
EBIT margin of 910 percent over the cycle
„From Good to Great“
External factors may affect development:
Economic trend Export restrictions in Germany Uncertainty regarding the developments in
Ukraine/Russia and Middle East continues
However, positive development in Asia and US expected; Europe (incl. Germany) remains under pressure due to economic development, possible turbulences in the euro zone as well as the political situation in Eastern Europe
… to 2018
Jenoptik Investor Relations 3232
One of the leading global players in the optoelectronics marketwith stable growth and excellent growth opportunities
1. One of the leading globally operating companies in the Photonics market
2. Innovative solutions that make our customers more efficient and enable new cutting edge products
3. Benefiting from sustainable mega trends in diversified target markets
4. Exciting growth opportunities through further internationalization
5. Strong financial track record and stable organic growth
Investment highlights