News › Jen­op­tik · Good start to fis­cal year 2022

  • Reve­nue up by 38.5 per­cent in the first quarter
  • EBITDA up 27.3 per­cent to 21.0 mil­lion euros; EBITDA mar­gin of 10.1 percent
  • High demand, par­ti­cu­larly from the semi­con­duc­tor equip­ment indus­try; order intake grew sub­stan­ti­ally by 29.5 percent
  • 2022 gui­d­ance con­fir­med: Reve­nue to grow at least 20 per­cent, with EBITDA mar­gin of around 18 percent

 

“Jen­op­tik made a suc­cess­ful start to 2022. We saw strong growth in reve­nue, both orga­ni­cally and non-orga­ni­cally, but also in ear­nings, and order intake. In par­ti­cu­lar, busi­ness in the Advan­ced Pho­to­nic Solu­ti­ons divi­sion is gro­wing dyna­mi­cally, not least because the inte­gra­tion of BG Medi­cal (now Jen­op­tik Medi­cal) and the Swiss­Op­tic Group, which we acqui­red in 2021, is going very smoothly as anti­ci­pa­ted. For the full year, we the­re­fore con­ti­nue to expect reve­nue to grow by at least 20 per­cent, with an EBITDA mar­gin of around 18 per­cent,” says Ste­fan Tra­e­ger, Pre­si­dent & CEO of JENOPTIK AG.

Note: Since the first quar­ter of 2022, Jen­op­tik has con­so­li­da­ted its core pho­to­nics busi­ness in two divi­si­ons, Advan­ced Pho­to­nic Solu­ti­ons and Smart Mobi­lity Solu­ti­ons. The for­mer Light & Optics and Light & Pro­duc­tion divi­si­ons have been mer­ged into the new Advan­ced Pho­to­nic Solu­ti­ons divi­sion, while non-pho­to­nic acti­vi­ties, par­ti­cu­larly for the auto­mo­tive mar­ket, have been sepa­ra­ted as Non-Pho­to­nic Port­fo­lio Com­pa­nies. The for­mer Light & Safety divi­sion has become the Smart Mobi­lity Solu­ti­ons divi­sion. Fol­lowing signing of a con­tract to sell VINCORION, this divi­sion is now shown as a dis­con­ti­nued ope­ra­tion in accordance with IFRS 5.

Reve­nue of the con­ti­nuing ope­ra­ti­ons up 38.5 per­cent; orga­nic growth of 16.6 percent

In the first quar­ter of 2022, Jen­op­tik was able to con­ti­nue its good per­for­mance in the fis­cal year 2021, and incre­ase reve­nue by 38.5 per­cent to 208.5 mil­lion euros (prior year: 150.6 mil­lion euros). Jen­op­tik Medi­cal and the Swiss­Op­tic Group, the com­pa­nies acqui­red in 2021, tog­e­ther con­tri­bu­ted 33.0 mil­lion euros to reve­nue; Jen­op­tik the­re­fore achie­ved orga­nic growth of 16.6 per­cent. Reve­nue incre­a­sed in all regi­ons. In Europe (inclu­ding Ger­many), where the acqui­si­ti­ons had the grea­test impact, it grew by 45.5 per­cent, while reve­nue in the key stra­te­gic regi­ons of Asia/Pacific and the Ame­ri­cas grew by almost 30 per­cent. Over­all, 76.4 per­cent of reve­nue was gene­ra­ted abroad, com­pa­red with 79.8 per­cent in the prior year.

Over the repor­ting quar­ter, pro­fi­ta­bi­lity also grew appre­cia­bly in spite of hig­her costs, with EBITDA incre­a­sing 27.3 per­cent, from 16.5 mil­lion euros to 21.0 mil­lion euros (incl. PPA of minus 0.8 mil­lion euros (prior year: minus 1.8 mil­lion euros). The EBITDA of the prior-year period inclu­ded a posi­tive one-off effect of 2.4 mil­lion euros in con­nec­tion with the acqui­si­tion of INTEROB. The EBITDA mar­gin came to 10.1 per­cent (prior year: 9.4 per­cent exclu­ding the one-off effect men­tio­ned above; 11.0 per­cent incl. one-off effect). Taking into account an impro­ved finan­cial result, con­si­der­ably hig­her tax pay­ments, and lower ear­nings of the dis­con­ti­nued ope­ra­tion, Jen­op­tik achie­ved group ear­nings after tax of 2.8 mil­lion euros (prior year: 3.8 mil­lion euros). Group ear­nings per share came to 0.05 euros (prior year: 0.07 euros).

Sus­tai­ned dyna­mic demand in Advan­ced Pho­to­nic Solutions

Dri­ven by a high level of dyna­mic demand, espe­cially in the semi­con­duc­tor equip­ment sec­tor, and the con­tri­bu­tion made by the com­pa­nies acqui­red in 2021, the order intake of the con­ti­nuing ope­ra­ti­ons in the first quar­ter of 2022 grew 29.5 per­cent to 310.3 mil­lion euros (prior year: 239.6 mil­lion euros). Of this figure, 42.5 mil­lion euros came from Jen­op­tik Medi­cal and the Swiss­Op­tic Group. The order back­log incre­a­sed by 18.1 per­cent on the figure at year-end 2021, to 641.9 mil­lion euros (31/12/2021: 543.5 mil­lion euros).

Balance sheet qua­lity remains solid

With an equity ratio of 44.3 per­cent (31/12/2021: 44.4 per­cent), Jen­op­tik con­ti­nues to enjoy a healthy finan­cing and balance sheet struc­ture fol­lowing the end of the first quar­ter of 2022. This gives the com­pany the finan­cial lati­tude to finance future orga­nic growth and poten­tial acqui­si­ti­ons, in the pro­cess imple­men­ting the objec­ti­ves of its “Agenda 2025”. The group free cash flow fell, in part due to hig­her capi­tal expen­dit­ure, mea­su­res to secure the sup­ply chain and pay­ment of the tran­sac­tion costs for the acqui­si­tion in late 2021, to 3.4 mil­lion euros (prior year: 15.7 mil­lion euros). The free cash flow of the con­ti­nuing ope­ra­ti­ons was minus 3.1 mil­lion euros (prior year: 9.2 mil­lion euros).

“We incre­a­sed our invest­ments in pro­jects for future growth in the first quar­ter of 2022 and plan to con­ti­nue doing so in the com­ing mon­ths and quar­ters. With a con­sist­ently good balance sheet qua­lity and the abi­lity to las­tin­gly gene­rate free cash flows, we can do this on a sound finan­cial foo­ting,” says Chief Finan­cial Offi­cer Hans-Die­ter Schumacher.

Deve­lo­p­ment of the divisions

Advan­ced Pho­to­nic Solu­ti­ons with strong growth
In the first quar­ter of 2022, the Advan­ced Pho­to­nic Solu­ti­ons divi­sion gene­ra­ted reve­nue of 157.1 mil­lion euros, 56.2 per­cent above the prior-year figure of 100.6 mil­lion euros. Busi­ness with the semi­con­duc­tor equip­ment indus­try con­ti­nued to grow stron­gly in the first three mon­ths of 2022. The Bio­pho­to­nics and Indus­trial Solu­ti­ons areas also gene­ra­ted hig­her reve­nue than in the com­pa­ra­ble period in the prior year. Orga­ni­cally – exclu­ding Jen­op­tik Medi­cal and Swiss­Op­tic Group – the divi­sion grew 23.4 per­cent. EBITDA incre­a­sed by 28.3 per­cent, from 22.0 mil­lion euros to 28.3 mil­lion euros. The prior year inclu­ded a one-off effect of around 2.4 mil­lion euros in con­nec­tion with the con­di­tio­nal purchase price com­pon­ents ari­sing from the acqui­si­tion of INTEROB. At 18.0 per­cent, the EBITDA mar­gin was down on the prior year’s figure (prior year: 19.5 per­cent excl. one-off effect; 21.9 per­cent incl. one-off effect). The order intake grew by 63.0 per­cent to 232.6 mil­lion euros (prior year: 142.7 mil­lion euros), while the order back­log incre­a­sed from 430.2 mil­lion euros at year-end 2021 to 503.2 mil­lion euros.

Smart Mobi­lity Solu­ti­ons with impro­ved reve­nue and earnings
In the first three mon­ths of 2022, the Smart Mobi­lity Solu­ti­ons divi­sion pos­ted reve­nue of 21.2 mil­lion euros, an incre­ase of 10.2 per­cent on the prior-year period (prior year: 19.2 mil­lion euros). The rise in reve­nue was also reflec­ted in the division’s pro­fi­ta­bi­lity, with EBITDA incre­a­sing to 0.7 mil­lion euros in the repor­ting period (prior year: 0.2 mil­lion euros), and the EBITDA mar­gin gro­wing noti­ce­ably from 0.9 per­cent to 3.2 per­cent. The division’s order intake is sub­ject to typi­cal fluc­tua­tions in pro­ject busi­ness, and in the first quar­ter of 2022 was 38.9 mil­lion euros, slightly down on the high prior-year figure of 41.2 mil­lion euros. The Smart Mobi­lity Solu­ti­ons divi­sion was awar­ded two lar­ger orders from North Ame­rica and the Middle East/Africa in the first three mon­ths of 2022; in early 2021, it recei­ved several orders for traf­fic safety tech­no­logy in North Ame­rica worth a total of around 20 mil­lion euros. By con­trast, the division’s order back­log incre­a­sed by a signi­fi­cant 33.7 per­cent to 72.6 mil­lion euros (31/12/2021: 54.3 mil­lion euros).

Non-Pho­to­nic Port­fo­lio Com­pa­nies with strong order back­log from the auto­mo­tive industry
The pre­do­mi­nantly auto­mo­tive-centric Non-Pho­to­nic Port­fo­lio Com­pa­nies – HOMMEL ETAMIC, Pro­do­max, and INTEROB – gene­ra­ted 29.7 mil­lion euros of reve­nue from Janu­ary through March 2022 (prior year: 30.3 mil­lion euros). The Auto­ma­tion unit in North Ame­rica saw strong growth. Over the repor­ting period, EBITDA came to minus 3.3 mil­lion euros (prior year: minus 3.0 mil­lion euros), while the EBITDA mar­gin fell to minus 11.0 per­cent (prior year: minus 9.8 per­cent). Set against the strong prior-year figure – which inclu­ded several orders for auto­ma­tion busi­ness in North Ame­rica of over 40 mil­lion US dol­lars – the order intake fell to 37.9 mil­lion euros (prior year: 54.3 mil­lion euros). The order back­log incre­a­sed from 58.9 mil­lion euros at year-end 2021 to 65.9 mil­lion euros.

Dis­con­ti­nued ope­ra­tion: VINCORION
In the 2022 repor­ting quar­ter, VINCORION reve­nue was 23.2 mil­lion euros (prior year: 25.4 mil­lion euros), with EBITDA of 0.2 mil­lion euros (prior year: 3.1 mil­lion euros).

Gui­d­ance for fis­cal year 2022 con­fir­med: Exe­cu­tive Board con­ti­nues to expect reve­nue growth of at least 20 per­cent and an EBITDA mar­gin of around 18 percent

On the basis of the good order situa­tion, a well-fil­led pro­ject pipe­line, and ongo­ing pro­mi­sing deve­lo­p­ments in the core pho­to­nics busi­nes­ses, in par­ti­cu­lar the semi­con­duc­tor equip­ment sec­tor, Jen­op­tik is con­fir­ming its fore­cast of fur­ther pro­fi­ta­ble growth in 2022. In addi­tion to the orga­nic growth in the divi­si­ons, Jen­op­tik Medi­cal and the Swiss­Op­tic Group, con­so­li­da­ted for a full fis­cal year for the first time, will con­tri­bute to the posi­tive development.

For 2022, the Exe­cu­tive Board is expec­ting reve­nue in the con­ti­nuing ope­ra­ti­ons to grow by at least 20 per­cent (2021: 750.7 mil­lion euros). EBITDA is also expec­ted to see signi­fi­cant growth on the prior year, exclu­ding one-off effects (2021: 125.2 mil­lion euros). The EBITDA mar­gin is due to be around 18 per­cent (2021: 16.7 per­cent (exclu­ding one-off effects)). This sche­du­led growth pre­sup­po­ses that the Ukraine con­flict – with the sanc­tions that have been put in place and poten­tial impacts on price deve­lo­p­ments and sup­plies – does not esca­late fur­ther. Uncer­tain­ties also exist with regard to the deve­lo­p­ment of the Covid-19 pan­de­mic and con­ti­nuing sup­ply bot­t­len­ecks, alt­hough Jen­op­tik is con­fi­dent of its abi­lity to manage them.

Con­fe­rence call for jour­na­lists, ana­lysts, and investors

The JENOPTIK AG Exe­cu­tive Board will hold a con­fe­rence call with jour­na­lists (in Ger­man) at 9:30 am (CEST) on May 11, 2022, and with ana­lysts and inves­tors (in Eng­lish) at 11:30 am (CEST).
The pre­sen­ta­tion on the first quar­ter of 2022 and the Quar­terly State­ment for Janu­ary through March 2022 are avail­able on the Jen­op­tik web­site in the Investors/Reports and Pre­sen­ta­ti­ons sec­tion. Images are avail­able for down­load in the Jen­op­tik image data­base.

About Jen­op­tik

Opti­cal tech­no­lo­gies are the core our busi­ness: Jen­op­tik is a glo­bally ope­ra­ting tech­no­logy group and is active in the two pho­to­nics-based divi­si­ons: Advan­ced Pho­to­nic Solu­ti­ons and Smart Mobi­lity Solu­ti­ons. The non-pho­to­nic acti­vi­ties, par­ti­cu­larly for the auto­mo­tive mar­ket, will be sepa­ra­ted as Non-Pho­to­nic Port­fo­lio Com­pa­nies and mana­ged as inde­pen­dent brands. Our key tar­get mar­kets pri­ma­rily include the semi­con­duc­tor equip­ment indus­try, medi­cal tech­no­logy, auto­mo­tive and mecha­ni­cal engi­nee­ring as well as traf­fic. Appro­xi­mately 4,900 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 fis­cal year 2021, the Group gene­ra­ted reve­nue of 895.7 mil­lion euros, the con­ti­nuing ope­ra­ti­ons con­tri­bu­ted reve­nue of 750.7 mil­lion euros.

The key figu­res for the first three mon­ths of 2022/2021 can be found here.