News › JENOPTIK • Record figu­res achie­ved in 2nd quar­ter; strong per­for­mance expec­ted to con­ti­nue in 2nd half of 2021

  • Reve­nue up 29.6 per­cent in 2nd quar­ter com­pared with prior year – half-year reve­nue increased by 18.3 per­cent to 389.3 mil­lion euros
  • EBITDA mar­gin of 25.2 per­cent in 2nd quar­ter, and 18.9 per­cent in 1st half of 2021
  • High demand in pho­to­nics divi­si­ons – half-year group order intake up 52.2 per­cent to 508.4 mil­lion euros
  • Out­look for full year 2021 signi­fi­cantly rai­sed in July: reve­nue of 880 to 900 mil­lion euros expec­ted, with EBITDA mar­gin of bet­ween 19.0 and 19.5 percent

“Jen­op­tik had a record 2nd quar­ter in a chal­len­ging envi­ron­ment still influen­ced by the pan­de­mic. With group reve­nue up nearly 30 per­cent and an EBITDA mar­gin of more than 25 per­cent we rea­ched new all-time highs. Also, we are very plea­sed with the per­for­mance of TRIOPTICS, mar­king an important step for­ward in our growth stra­tegy, which com­bi­nes orga­nic growth and acqui­si­ti­ons. Based on these strong results and the posi­tive pro­s­pects for the rema­in­der of the year, we are well on track to achieve our recently increased tar­gets for 2021,” says Ste­fan Trae­ger, Pre­si­dent & CEO of JENOPTIK AG.

Thanks to a sus­tained reco­very in demand in the three pho­to­nics divi­si­ons – Light & Optics, Light & Pro­duc­tion, and Light & Safety – Jen­op­tik pos­ted a strong increase in order intake in the first six months of 52.2 per­cent, to 508.4 mil­lion euros (prior year: 333.9 mil­lion euros). Despite a pick-up in demand in the 2nd quar­ter, the order intake at VINCORION was still down on the prior year after six months. In the 2nd quar­ter, the Group’s order intake almost dou­bled, with a plus of 96.4 per­cent, com­pared with the prior-year quar­ter. The Group’s book-to-bill ratio increased sub­stan­ti­ally in the first six months, from 1.02 to 1.31. The order back­log grew by 27.4 per­cent to 586.0 mil­lion euros (31/12/2020: 460.1 mil­lion euros).

In 1st first half of 2021, Jen­op­tik gene­ra­ted reve­nue of 389.3 mil­lion euros, 18.3 per­cent more than in the prior year (329.0 mil­lion euros), in the 2nd quar­ter reve­nue grew by 29.6 per­cent over the prior year. Strong orga­nic growth and the con­tri­bu­tion from TRIOPTICS led to an app­re­cia­ble increase in reve­nue in the Light & Optics divi­sion in the first six months of 2021. While the Light & Pro­duc­tion divi­sion bene­fi­ted from an upturn in demand from the auto­mo­tive indus­try and busi­ness at VINCORION also picked up slightly, reve­nue in Light & Safety was down on the prior year. TRIOPTICS was the main con­tri­bu­tor to the signi­fi­cant increase in reve­nue in the Asia/Pacific region. The share of reve­nue gene­ra­ted abroad remained unch­an­ged at 74.2 percent.

Pro­fi­ta­bi­lity impro­ved signi­fi­cantly in the first six months of 2021. In addi­tion to the strong ope­ra­ting per­for­mance, this also reflec­ted the incre­asingly posi­tive impacts ari­sing from the res­truc­tu­ring mea­su­res imple­men­ted in 2020. The EBITDA item also includes a one-off effect of around 16 mil­lion euros in con­nec­tion with the acqui­si­tion of TRIOPTICS. EBITDA grew to 73.7 mil­lion euros (incl. PPA impacts of minus 1.8 mil­lion euros), and was thus 94.6 per­cent up on the prior-year figure of 37.9 mil­lion euros. Exclu­ding the above-men­tio­ned one-off effect, ear­nings would have increased by around 52 per­cent. The EBITDA mar­gin rose to 18.9 per­cent (prior year: 11.5 per­cent). At the end of June, income from ope­ra­ti­ons (EBIT) of 46.2 mil­lion euros was also well above the prior-year figure of 15.6 mil­lion euros. The EBIT includes PPA impacts worth minus 8.9 mil­lion euros as a result of acqui­si­ti­ons in prior years (prior year: minus 3.6 mil­lion euros). Group ear­nings after tax grew from 10.6 mil­lion euros to 37.7 mil­lion euros.

Strong finan­cial and balance sheet posi­tion for future growth

As of June 30, 2021, Jen­op­tik had a very healthy and robust balance sheet and finan­cing struc­ture to secure its plan­ned growth. Cash flows from ope­ra­ting acti­vi­ties came to 26.0 mil­lion euros, prac­ti­cally unch­an­ged on the prior-year figure of 26.7 mil­lion euros, while the free cash flow of 11.6 mil­lion euros was solid as expec­ted but down on the prior-year’s 16.0 mil­lion euros. This was attri­bu­ta­ble to the increase in working capi­tal in pre­pa­ra­tion for reve­nue reco­gni­tion in the 2nd half of the year.

“We have a healthy balance sheet and very good finan­cial resour­ces to manage our plan­ned future growth. We will push on with our stra­tegy of orga­nic growth, and we have suf­fi­ci­ent fire­power to take advan­tage of fur­ther oppor­tu­ni­ties for exter­nal expan­sion,” says Hans-Die­ter Schu­ma­cher, Chief Finan­cial Offi­cer of JENOPTIK AG.

As of June 30, 2021, cash and cash equi­va­lents were down in value, from 63.4 mil­lion euros at year-end 2020 to 49.8 mil­lion euros. Net debt increased slightly to 214.5 mil­lion euros, fol­lo­wing 201.0 mil­lion euros as of Decem­ber 31, 2020. The equity ratio rose from 51.5 per­cent on Decem­ber 31, 2020, to now 53.5 percent.

Focus on pho­to­nics dri­ves growth

Light & Optics repor­ted record figures

In the Light & Optics divi­sion, strong momen­tum in the semi­con­duc­tor equip­ment busi­ness and sub­stan­ti­ally incre­asing demand in the Bio­pho­to­nics and Indus­trial Solu­ti­ons areas from the 1st quar­ter con­tin­ued. TRIOPTICS also showed a plea­sing per­for­mance, con­tri­bu­ting 41.0 mil­lion euros to reve­nue. Accor­din­gly, the reve­nue of the divi­sion impro­ved by 48.6 per­cent, from 139.5 mil­lion euros to 207.3 mil­lion euros in the first six months of 2021. EBITDA fol­lo­wed this trend and more than dou­bled to 65.5 mil­lion euros (prior year: 30.0 mil­lion euros). In addi­tion to the very good ope­ra­ting per­for­mance and the con­tri­bu­tion from TRIOPTICS, howe­ver, this figure also includes a one-off effect of around 16 mil­lion euros in con­nec­tion with the acqui­si­tion of TRIOPTICS. The division’s EBITDA mar­gin came to 31.5 per­cent, signi­fi­cantly up on the prior-year figure of 21.4 per­cent. Strong demand also pro­mi­ses a good per­for­mance in the sub­se­quent quar­ters. The order intake, worth 269.6 mil­lion euros, was 90.9 per­cent up on the prior year (141.2 mil­lion euros), while the order back­log rea­ched a record level of 239.3 mil­lion euros (31/12/2020: 179.1 mil­lion euros).

Light & Pro­duc­tion with rise in order intake and signi­fi­cant ear­nings growth

In the Light & Pro­duc­tion divi­sion, signs of reco­very in the auto­mo­tive indus­try became appa­rent, par­ti­cu­larly in the 2nd quar­ter. Despite this, the impacts of the COVID-19 pan­de­mic – the lower order back­log at the begin­ning of 2021 – have not yet been fully over­come. In total, reve­nue came to 78.0 mil­lion euros at the end of June, 7.5 per­cent up on the prior year (72.6 mil­lion euros). While the Laser Pro­ces­sing and Indus­trial Metro­logy areas pos­ted growth, Auto­ma­tion & Inte­gra­tion was still at around the prior-year level due to pro­ject post­po­ne­ments. EBITDA grew to 3.7 mil­lion euros (prior year: minus 4.4 mil­lion euros), among other things, due to impacts in con­nec­tion with the res­truc­tu­ring and cost-cut­ting mea­su­res imple­men­ted in the prior year making a posi­tive con­tri­bu­tion. The EBITDA mar­gin impro­ved from minus 6.1 per­cent to plus 4.7 per­cent. Impro­ved sen­ti­ment in the auto­mo­tive indus­try was reflec­ted in the sharp rise in order intake, which increased by 73.0 per­cent to 109.6 mil­lion euros (prior year: 63.3 mil­lion euros). At the end of June, the order back­log amoun­ted to 106.1 mil­lion euros, and was also well up on the 74.7 mil­lion euros as of Decem­ber 31, 2020.

Light & Safety: strong demand for traf­fic safety solu­ti­ons led to signi­fi­cant increase in order intake

Busi­ness in the Light & Safety divi­sion is pre­do­mi­nantly pro­ject-based. Due to delays in the sup­ply of elec­tro­nic com­pon­ents, fewer deli­veries were made than plan­ned, and new orders came in later than ori­gi­nally expec­ted. This resul­ted in a 23.2‑percent fall in reve­nue, to 42.8 mil­lion euros, in the 1st half of 2021 (prior year: 55.7 mil­lion euros). This deve­lo­p­ment was also reflec­ted in the pro­fi­ta­bi­lity figu­res, with EBITDA decre­asing to 3.3 mil­lion euros (prior year: 10.6 mil­lion euros) at the end of the first six months, despite a clear impro­ve­ment from 0.2 mil­lion euros in the first quar­ter to 3.2 mil­lion euros in the second. The EBITDA mar­gin decli­ned from 19.0 per­cent to 7.8 per­cent. The division’s order intake, which increased signi­fi­cantly to 64.6 mil­lion euros in the 1st half of 2021 (prior year: 41.9 mil­lion euros), shows that demand for traf­fic safety solu­ti­ons remains strong world­wide. The order back­log increased accor­din­gly, by almost half, to 68.8 mil­lion euros (31/12/2020: 46.0 mil­lion euros).

VINCORION: strong increase in ear­nings and high order backlog

In the 1st half of 2021, VINCORION gene­ra­ted reve­nue of 60.0 mil­lion euros, slightly above the prior-year figure of 58.8 mil­lion euros. While demand in the Energy & Drive area grew, reve­nue decli­nes were pos­ted in Power Sys­tems and the busi­ness with the avia­tion indus­try. Com­pared with the 1st quar­ter, reve­nue increased signi­fi­cantly in the 2nd quar­ter. As a result of the cost-cut­ting mea­su­res also suc­cessfully imple­men­ted at VINCORION, EBITDA impro­ved from 4.1 mil­lion euros to 6.3 mil­lion euros in the report­ing period. The EBITDA mar­gin increased from 7.0 per­cent to 10.6 per­cent. Pro­ject post­po­ne­ments, par­ti­cu­larly in the Power Sys­tems area, and wea­ker busi­ness in the Avia­tion area as a result of the pan­de­mic, led to a decline in order intake to 63.5 mil­lion euros (prior year: 84.3 mil­lion euros). The order back­log, worth 171.7 mil­lion euros, was still at a good level (31/12/2020: 160.3 mil­lion euros).

Jen­op­tik well on track to meet recently increased full-year 2021 targets

On the basis of the very good ope­ra­ting per­for­mance in the 2nd quar­ter of 2021, and the expec­ted strong deve­lo­p­ment in the 2nd half of the year, Jen­op­tik has signi­fi­cantly rai­sed its full-year gui­dance in July. In addi­tion, a one-off effect in EBITDA of around 16 mil­lion euros expec­ted in con­nec­tion with the con­di­tio­nal purchase price com­pon­ents ari­sing from the acqui­si­tion of TRIOPTICS will also con­tri­bute to the mar­gin increase. Reve­nue is expec­ted to come in at bet­ween 880 mil­lion and 900 mil­lion euros in the 2021 fis­cal year (pre­viously: reve­nue growth in the low dou­ble-digit per­cen­tage range / prior year: 767.2 mil­lion euros). In addi­tion, an EBITDA mar­gin of bet­ween 19.0 and 19.5 per­cent (pre­viously: EBITDA mar­gin of 16.0 to 17.0 per­cent / prior year: 14.6 per­cent) is expected.

The full Half-Year Report is available in the “Investors/Reports and Pre­sen­ta­ti­ons” sec­tion. Images for down­load can be found in the Jen­op­tik image data­base at media.jenoptik.com.

About Jen­op­tik

Opti­cal tech­no­lo­gies are the very basis of our busi­ness: Jen­op­tik is a glo­bally active tech­no­logy group and is active in the three pho­to­nics-based divi­si­ons: Light & Optics, Light & Pro­duc­tion and Light & Safety. Under the TRIOPTICS brand, Jen­op­tik also offers opti­cal test and manu­fac­tu­ring sys­tems for the qua­lity con­trol of len­ses, objec­ti­ves and camera modu­les. VINCORION is the brand for our mecha­tro­nic busi­ness. Our key tar­get mar­kets pri­ma­rily include the semi­con­duc­tor indus­try, medi­cal tech­no­logy, auto­mo­tive and mecha­ni­cal engi­nee­ring, traf­fic, avia­tion as well as secu­rity and defense tech­no­logy indus­tries. Appro­xi­m­ately 4,400 employees work for Jen­op­tik world­wide. The Group’s head­quar­ters are in Jena (Ger­many). JENOPTIK AG is lis­ted on the Ger­man Stock Exch­ange in Frank­furt and is included in the SDax and TecDax. In the 2020 fis­cal year, Jen­op­tik gene­ra­ted reve­nue of approx. 767 mil­lion euros.

Cont­act

Les­lie Iltgen
JENOPTIK AG
Com­mu­ni­ca­ti­ons & Inves­tor Relations
+49 3641 65–2291
moc.kitponej@negtli.eilsel