Annual Report 2017 Klimaneutral Contents Phone +49 3641 65-2255 Natureoffice.Com | DE-591-249544 Telefax +49 3641 65-2484 Gedruckt
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Investor Relations Phone +49 3641 65-2291 Telefax +49 3641 65-2804 E-mail [email protected] Annual Report 2017 Communications and Marketing Annual Report 2017 klimaneutral Contents Phone +49 3641 65-2255 natureOffice.com | DE-591-249544 Telefax +49 3641 65-2484 gedruckt E-mail [email protected] | Jenoptik Group 1 Strategy 2022 2 Management Jenoptik at a glance Summary by Quarter 2017 16 Foreword by the Executive Board Jan. – Dec. Jan. – Dec. Change 1st quarter 2nd quarter 3rd quarter 4th quarter 20 Report of the Supervisory Board in million euros 2017 2016 in % 1 / 1 – 31 / 3 1 / 4 – 30 / 6 1 / 7 – 30 / 9 1 / 10 – 31 / 12 28 Highlights 2017 Revenue 747.9 684.8 9.2 Revenue million euros 163.7 184.7 178.4 221.1 30 The Jenoptik Share Domestic 222.6 226.5 − 1.7 Optics & Life Science million euros 59.0 66.0 66.4 68.1 Foreign 525.3 458.3 14.6 Mobility million euros 54.8 63.0 62.8 89.5 EBITDA 106.7 94.7 12.8 Defense & Civil Systems million euros 50.2 55.2 49.7 64.2 EBITDA margin (EBITDA in % of revenue) 14.3 13.8 Other 1) million euros − 0.3 0.6 − 0.5 − 0.7 3 Corporate Governance EBIT 77.8 66.2 17.6 EBIT margin (EBIT in % of revenue) 10.4 9.7 EBIT million euros 11.0 18.2 22.9 25.8 36 Corporate Governance Report Earnings before tax 79.9 61.0 30.9 Optics & Life Science million euros 9.7 12.7 14.6 13.6 41 Information and Notes Relating to Takeover Law Earnings after tax 72.5 53.9 34.4 Mobility million euros 0.9 1.5 6.2 9.9 45 Remuneration Report EPS (in euros) 1.27 0.94 35.1 Defense & Civil Systems million euros 3.2 5.8 3.3 6.9 Dividend (in euros) 0.30 0.25 20.0 Other 1) million euros − 2.8 − 1.8 − 1.2 − 4.5 Free cash flow (before income taxes) 72.2 80.4 − 10.1 4 Combined Net debt − 69.0 − 17.9 − 285.5 EBIT margin % 6.7 9.8 12.8 11.7 Equity ratio (equity in % of total equity and liabilities) 59.6 58.6 1.7 Optics & Life Science % 16.5 19.2 21.9 19.9 Non-financial Report Order intake 802.9 733.8 9.4 Mobility % 1.7 2.3 9.9 11.1 Defense & Civil Systems % 6.3 10.6 6.7 10.7 5 Combined Management Report Order intake million euros 220.6 184.7 170.9 226.7 Change 31 / 12 / 2017 31 / 12 /2016 in % Optics & Life Science million euros 77.1 72.0 73.7 72.7 66 General Group Information Order backlog (in million euros) 453.5 405.2 11.9 Mobility million euros 73.7 70.6 56.4 102.9 83 Economic Report Frame contracts (in million euros) 87.6 160.9 − 45.6 Defense & Civil Systems million euros 69.8 42.0 42.6 51.8 98 Segment Report 1) Employees 3,680 3,539 4.0 Other million euros − 0.1 0.1 − 1.7 − 0.7 104 Management Report of JENOPTIK AG 107 Report on Post-Balance Sheet Events 1) 108 Risk and Opportunity Report If not otherwise stated, figures of the continuing operations were used for calculating earnings. including consolidation 119 Forecast Report Consolidated Financial Statements Dates Imprint 6 March 22, 2018 Editor 126 Consolidated Statements of Comprehensive Income Publication of Financial Statements 2017 JENOPTIK AG, Communications and Marketing 128 Consolidated Statements of Financial Position May 9, 2018 Layout 129 Consolidated Statements of Cash Flows Publication of Interim Report January – March 2017 Hilger & Boie 130 Statements of Changes in Equity June 5, 2018 Print 132 Notes Annual General Meeting of JENOPTIK AG 2017 Druckhaus Gera GmbH August 9, 2018 Images Publication of Interim Report January – June 2017 Jeibmann Photographik, Leipzig (cover, pages 16 – 19, 28 – 29) 7 Further Information silvae / fotolia (pages 4 – 5) November 13, 2018 Jenoptik, Jürgen Scheere, fotolia (pages 28 – 29) Publication of Interim Report January – September 2017 194 Assurance by the Legal Representatives Elliot Knowles / EyeEm / Getty Images (pages 2 – 3) pictafolio / Getty Images (pages 10 – 11) 195 Audit Opinion iStock.com / Henrik5000 (pages 12 – 13) 202 Assurance Report on Non-financial Report 204 Glossary | Index The contents of this publication adress all genders equally. 206 Historical Summary of Financial Data For better readability, the masculine forms are used normally. 208 Key Figures of Jenoptik by Segment This is a translation of the original German-language Annual Report 209 Summary by Quarter 2017 of the Jenoptik Group. JENOPTIK AG shall not assume any liability for the correctness of this translation. In case of differences of opinion 209 Dates / Imprint the German text shall prevail. JENOPTIK Annual Report 2017 Further Information | Key Figures of Jenoptik by Segment Key Figures of Jenoptik by Segment More Light in million euros 2017 2016 Change in % This is the motto of our new Strategy 2022. In the future, Revenue million euros 747.9 684.8 9.2 we want to concentrate more strongly on our core com- Optics & Life Science million euros 259.4 221.5 17.1 petencies and develop Jenoptik into a focused photonics Mobility million euros 270.1 247.7 9.0 company, which inspires customers, employees, share- Defense & Civil Systems million euros 219.3 218.3 0.5 Other 1) million euros − 0.8 − 2.7 69.3 holders and all partners alike. EBITDA million euros 106.7 94.7 12.8 “More Light” is also the headline for all our our initiatives Optics & Life Science million euros 58.7 41.7 40.7 Mobility million euros 27.9 32.3 − 13.7 for a successful, fast-growing and profitable Jenoptik. Based Defense & Civil Systems million euros 23.8 23.8 0.4 on the three pillars “More Focus”, “More Innovation” and Other 1) million euros − 3.7 − 3.1 − 17.6 “More International” we will move Jenoptik to the next level. EBIT million euros 77.8 66.2 17.6 Optics & Life Science million euros 50.5 33.4 51.1 Over the next few pages, we have compiled some prime Mobility million euros 18.5 24.4 − 24.2 examples showing the events and projects which contribute Defense & Civil Systems million euros 19.2 19.1 0.3 to this strategic further development. Other 1) million euros − 10.3 − 10.8 3.8 EBIT margin % 10.4 9.7 Optics & Life Science % 19.5 15.1 Mobility % 6.9 9.9 Defense & Civil Systems % 8.7 8.8 R + D output million euros 66.6 57.4 16.1 Optics & Life Science million euros 21.1 21.9 −3.7 Mobility million euros 30.0 24.5 22.3 Defense & Civil Systems million euros 14.9 10.6 40.2 Other 1) million euros 0.7 0.3 97.7 Order intake million euros 802.9 733.8 9.4 Optics & Life Science million euros 295.5 236.6 24.9 Mobility million euros 303.7 267.4 13.6 Defense & Civil Systems million euros 206.2 231.6 − 11.0 Other 1) million euros − 2.4 − 1.8 − 33.2 31/12/2017 31/12/2016 Change in % Order backlog million euros 453.5 405.2 11.9 Optics & Life Science million euros 109.1 80.7 35.2 Mobility million euros 144.7 108.3 33.7 Defense & Civil Systems million euros 202.6 217.8 − 7.0 Other 1) million euros − 2.9 − 1.6 − 84.1 Employees 3,680 3,539 4.0 Optics & Life Science 1,149 1,123 2.3 Mobility 1,326 1,229 7.9 Defense & Civil Systems 897 881 1.8 Other 1) 308 306 0.7 The online report is available at www.jenoptik.com/annual-report 1) Including consolidation 208 15 Management 35 Corporate Governance 53 Non-financial 65 Combined 125 Consolidated 193 Further Reporting Management Report Financial Statements Information 194 Assurance by the Legal Representatives 195 Audit Opinion 202 Assurance Report on Non-financial Report 204 Glossary | Index 206 Historical Summary of Financial Data 208 Key Figures of Jenoptik by Segment 209 Summary by Quarter 2017 more focus 2011 2012 2) 2013 2014 2015 2016 2017 Statement of Financial Position Non-current assets million euros 312.4 333.8 329.8 389.5 382.8 371.9 376.2 Intangible assets and property, plant and equipment million euros 207.1 213.9 216.0 274.0 278.4 269.2 285.7 Investment property million euros 20.6 19.6 19.1 16.4 4.5 4.4 4.4 Financial investments million euros 22.8 27.2 20.1 21.1 21.7 19.0 4.4 Other non-current assets million euros 4.9 4.8 4.4 1.8 4.5 5.0 2.9 Deferred tax assets million euros 57.0 68.4 70.3 76.3 73.6 74.2 78.9 Current assets million euros 331.1 335.8 362.6 382.2 386.3 441.2 512.9 Inventories million euros 169.1 169.3 165.1 179.0 167.1 159.3 168.6 Trade and other receivables million euros 111.9 120.7 125.3 133.4 135.0 139.3 147.4 Current financial assets and cash million euros 50.1 45.9 72.2 69.8 84.2 142.5 196.9 Equity million euros 298.4 330.3 367.1 386.6 435.1 476.4 529.9 Share capital million euros 148.8 148.8 148.8 148.8 148.8 148.8 148.8 Non-current liabilities million euros 173.7 177.6 173.1 216.6 169.5 175.4 162.1 Pension provisions million euros 18.4 31.2 28.2 41.0 36.1 37.6 37.1 Other non-current provisions million euros 12.4 12.1 11.0 10.0 10.3 12.3 15.9 Non-current financial liabilities million euros 123.1 115.8 115.2 156.8 113.2 120.5 108.6 Other non-current liabilities million euros 15.8 15.4 16.9 7.0 7.9 4.8 0.4 Deferred tax liabilities million euros 4.0 3.1 1.8 1.7 2.0 0.1 0.1 Current liabilities million euros 171.3 161.7 152.3 168.5 164.5 161.3 197.1 Tax provisions million euros 6.8 6.1 4.8 5.7 3.3 3.4 8.9 Other current provisions million euros 49.7 52.1 37.4 37.7 42.7 46.2 51.2 Current financial liabilities million euros 4.1 4.7 1.2 5.1 14.9 4.1 19.3 Trade payables and other liabilities million euros 110.7 98.9 109.0 120.0 103.6 107.7 117.6 Total equity and liabilities million euros 643.4 669.6 692.4 771.7 769.2 813.1 889.1 Balance sheet ratios Equity ratio % 46.4 49.3 53.0 50.1 56.6 58.6 59.6 Asset coverage 216.0 230.7 261.0 256.5 279.5 301.7 321.7 Gross debt million euros 127.2 120.5 116.4 161.9 128.1 124.6 127.9 Net debt million euros 77.1 74.5 44.1 92.1 43.9 – 17.9 – 69.0 Working capital million euros 190.4 202.8 195.6 217.5 215.5 209.9 214.8 Working capital ratio % 35.0 34.7 32.6 36.9 32.2 30.7 28.7 Debt to equity ratio 1.2 1.0 0.9 1.0 0.8 0.7 0.7 Total return on investment based on EBT % 5.6 6.9 6.8 6.0 7.5 8.0 3) 9.0 3) Return on equity based on EBT % 12.1 14.0 12.9 11.9 13.2 13.6 15.1 3) ROCE 15.6 15.6 14.0 13.0 13.5 15.6 1) 18.2 1) Dividend key figures 193 Dividend per share EUR 0.15 0.18 0.20 0.20 0.22 0.25 0.30 4) Pay out ratio on earnings attributable to shareholders % 24.3 20.5 24.3 27.5 25.4 24.9 23.7 4) Information Further Dividend yield based on year-end stock exchange price % 3.3 2.4 1.6 1.9 1.5 1.5 1.1 4) 1) Continuing operations 2) Adjusted to initial application of IAS 19R 3) Including discontinued operations 4) Subject to the approval by the annual general meeting 209 2 207 Jenoptik is focussing ..