News › JENOPTIK AG · Good start to fis­cal year 2023

  • Dou­ble-digit growth in reve­nue and EBITDA
  • Order intake remained at high level
  • Gui­dance for 2023 con­firmed: signi­fi­cant reve­nue increase and mar­gin impro­ve­ment expected

“With dou­ble-digit growth in reve­nue and ear­nings, Jen­op­tik deli­vered a solid start to the fis­cal year 2023. Our Advan­ced Pho­to­nic Solu­ti­ons divi­sion, in par­ti­cu­lar, con­ti­nues to show strong momen­tum, as expec­ted. Mainly in view of a healthy order back­log, we are opti­mi­stic for the rema­in­der of the fis­cal year, pur­suing the objec­ti­ves of opti­mally using our exis­ting capa­ci­ties while simul­ta­neously expan­ding them,” says Ste­fan Trae­ger, Pre­si­dent & CEO of JENOPTK AG.

Reve­nue growth of 12.2 per­cent – pro­fi­ta­bi­lity signi­fi­cantly improved

The pho­to­nics group Jen­op­tik con­tin­ued on its course of growth in the first quar­ter of 2023, with reve­nue up by 12.2 per­cent to 234.1 mil­lion euros (prior year: 208.5 mil­lion euros), pri­ma­rily due to sus­tained strong demand in the Advan­ced Pho­to­nic Solu­ti­ons divi­sion. Jen­op­tik pos­ted its stron­gest reve­nue growth in Asia/Pacific, with a rise of 31.4 per­cent, fol­lo­wed by Europe (inclu­ding Ger­many) with 12.9 per­cent. The Ame­ri­cas region almost rea­ched the very strong level of the prior year. Over­all, 74.0 per­cent of reve­nue was gene­ra­ted abroad (prior year: 76.4 percent).

EBITDA again grew at a fas­ter rate than reve­nue, mainly due to strong per­for­mance in the Advan­ced Pho­to­nic Solu­ti­ons divi­sion and the impro­ve­ment in ear­nings of the Non-Pho­to­nic Port­fo­lio Com­pa­nies. At 36.6 mil­lion euros it was 74.2 per­cent up on the prior-year figure of 21.0 mil­lion euros. The EBITDA mar­gin was 15.6 per­cent (prior year: 10.1 per­cent). With depre­cia­tion and amor­tiza­tion vir­tually unch­an­ged, group EBIT came to 19.9 mil­lion euros, com­pared with 4.7 mil­lion euros in the same period in the prior year. At 11.8 mil­lion euros, group ear­nings after tax were also signi­fi­cantly hig­her than the prior year’s figure of 2.8 mil­lion euros, despite hig­her inte­rest and tax expen­ses. Ear­nings per share amoun­ted to 0.21 euros (prior year: 0.05 euros).

Order intake remained at high level – capa­ci­ties to be increased

As expec­ted, the Group’s order intake of 283.0 mil­lion euros in the past quar­ter was down on the very high prior-year figure of 310.3 mil­lion euros. Due to the still high book-to-bill ratio of 1.21, the order back­log fur­ther increased to 776.1 mil­lion euros (31/12/2022: 733.7 mil­lion euros). Jen­op­tik is con­ti­nuing to expand its pro­duc­tion capa­ci­ties in response to strong demand, pri­ma­rily through the con­s­truc­tion of a new fab in Dres­den, Ger­many, for the semi­con­duc­tor equip­ment indus­try, a new site for the medi­cal tech­no­logy busi­ness in Ber­lin, as well as machi­nery and equip­ment. Accor­din­gly, at 22.5 mil­lion euros, capi­tal expen­dit­ure in this quar­ter was hig­her than the prior year’s figure of 20.5 mil­lion euros.

Strong free cash flow; very good finan­cial and balance sheet position

The free cash flow before inte­rest and taxes increased mainly dri­ven by hig­her ear­nings from minus 3.1 mil­lion euros in the prior-year quar­ter to 28.5 mil­lion euros. The cor­re­spon­ding cash con­ver­sion rate was 78.0 per­cent, com­pared with the nega­tive figure for the prior year. With an equity ratio of 50.6 per­cent (31/12/2022: 50.4 per­cent), net debt of 465.5 mil­lion euros (31/12/2022: 479.0 mil­lion euros), and leverage (net debt in rela­tion to EBITDA) of 2.3 (31/12/2022: 2.6), Jen­op­tik con­ti­nues to have very solid finan­cial and balance sheet ratios.

Busi­ness per­for­mance in the divisions

The Advan­ced Pho­to­nic Solu­ti­ons divi­sion saw con­tin­ued dyna­mic growth, with reve­nue incre­asing by 15.1 per­cent from 158.0 mil­lion euros to 181.8 mil­lion euros. Busi­ness with the semi­con­duc­tor equip­ment indus­try, in par­ti­cu­lar, but also in the areas of Indus­trial Solu­ti­ons and Bio­pho­to­nics, saw reve­nue increa­ses in the first three months of 2023. The division’s EBITDA mar­gin impro­ved to 20.0 per­cent, com­pared with 17.2 per­cent in the prior year. As expec­ted, the order intake of 212.1 mil­lion euros was down on the very high prior-year figure of 238.1 mil­lion euros.

The Smart Mobi­lity Solu­ti­ons divi­sion pos­ted reve­nue growth of 8.4 per­cent in the first quar­ter of 2023, to 22.9 mil­lion euros (prior year: 21.2 mil­lion euros). Due to pro­duct mix effects, the EBITDA mar­gin came to minus 0.4 per­cent, com­pared with 3.2 per­cent in the prior year. In the first three months of 2023, the divi­sion pos­ted an order intake worth 38.9 mil­lion euros, on a par with the prior-year figure.

At 28.3 mil­lion euros, reve­nue of the Non-Pho­to­nic Port­fo­lio Com­pa­nies was close to the prior year’s level of 28.8 mil­lion euros. Dri­ven by hig­her ear­nings of Pro­do­max and the eli­mi­na­tion of nega­tive impacts from Interob, EBITDA amoun­ted to 3.2 mil­lion euros, com­pared with minus 2.2 mil­lion euros in the same period of the prior year.

Gui­dance for fis­cal year 2023 confirmed

In view of good busi­ness per­for­mance in the first quar­ter, the Exe­cu­tive Board of JENOPTIK AG con­firms its gui­dance for the full year 2023. The Group the­r­e­fore con­ti­nues to expect reve­nue of bet­ween 1,050 and 1,100 mil­lion euros and an EBITDA mar­gin of 19.0 to 19.5 per­cent. This fore­cast assu­mes that geo­po­li­ti­cal risks do not wor­sen. These include, for exam­ple, the Ukraine con­flict – with the sanc­tions that have been put in place and poten­tial impacts on price deve­lo­p­ments, energy sup­plies, and sup­ply chains. Poten­tial port­fo­lio chan­ges are not con­side­red in this forecast.

Con­fe­rence call for jour­na­lists, ana­lysts, and investors

The Exe­cu­tive Board of JENOPTIK AG will hold a con­fe­rence call with ana­lysts, inves­tors, and jour­na­lists (in Eng­lish) on May 11, 2023 at 11:30 am (CEST).

The Quar­terly State­ment for Janu­ary through March 2023 and the pre­sen­ta­tion on the first quar­ter of 2023 are available on the Jen­op­tik web­site in the Investors/Reports and pre­sen­ta­ti­ons sec­tion. Images are available for down­load from the Jen­op­tik image data­base through

About Jen­op­tik

Opti­cal tech­no­lo­gies form the basis of our busi­ness. Jen­op­tik is a glo­bal pho­to­nics group and com­pri­ses the two divi­si­ons Advan­ced Pho­to­nic Solu­ti­ons and Smart Mobi­lity Solu­ti­ons. Non-pho­to­nic acti­vi­ties, par­ti­cu­larly for the auto­mo­tive mar­ket, are ope­ra­ted as inde­pen­dent brands within the Non-Pho­to­nic Port­fo­lio Com­pa­nies. Our key mar­kets pri­ma­rily include semi­con­duc­tor & elec­tro­nics, life sci­ence & medi­cal tech­no­logy as well as smart mobi­lity. More than 4,400 peo­ple world­wide work for the Jen­op­tik Group, which is head­quar­te­red in Jena (Ger­many). JENOPTIK AG is lis­ted on the Ger­man Stock Exch­ange in Frank­furt and traded on the MDax and TecDax. In fis­cal year 2022, Jen­op­tik gene­ra­ted reve­nue of 980.7 mil­lion euros.