News › Jen­op­tik • remains on growth track

  • Reve­nue and EBITDA increase significantly
  • Order intake remains at good level
  • Mar­gin gui­dance for 2023 raised

“In an incre­asingly chal­len­ging eco­no­mic cli­mate, Jen­op­tik has con­tin­ued to deve­lop very well, with dou­ble-digit growth in both reve­nue and ear­nings. The robust increase in reve­nue over the first nine months was dri­ven by all seg­ments. Given our sub­stan­tial order back­log, inte­r­alia, we are con­fi­dent for the rema­in­der of the year. We rei­te­rate our reve­nue tar­get for the cur­rent year, and raise the gui­dance for the EBITDA mar­gin to around 19.5 per­cent,” says Ste­fan Trae­ger, Pre­si­dent & CEO of JENOPTIK AG.

Dou­ble-digit growth in reve­nue and earnings 

The Jen­op­tik pho­to­nics group con­tin­ued on its course of growth in the first nine months of 2023, with reve­nue gro­wing by 10.1 per­cent to 768.7 mil­lion euros (prior year: 698.0 mil­lion euros). All seg­ments con­tri­bu­ted to this growth, in par­ti­cu­lar the Advan­ced Pho­to­nic Solu­ti­ons divi­sion. Jen­op­tik pos­ted its stron­gest reve­nue growth in Europe (incl. Ger­many), with a rise of 15.1 per­cent, fol­lo­wed by Asia/Pacific with 12.3 percent.

The Group’s EBITDA again grew at a fas­ter rate than reve­nue, mainly due to good per­for­mance of the Advan­ced Pho­to­nic Solu­ti­ons divi­sion and the impro­ve­ment in ear­nings of the Non-Pho­to­nic Port­fo­lio Com­pa­nies, and at 143.0 mil­lion euros was 21.4 per­cent up on the prior-year figure of 117.8 mil­lion euros. The cor­re­spon­ding mar­gin impro­ved to 18.6 per­cent (prior year: 16.9 per­cent). EBIT came to 88.1 mil­lion euros, com­pared with 68.4 mil­lion euros in the prior-year period. Despite hig­her inte­rest and tax expen­ses, group ear­nings after tax grew by 30.8 per­cent to 54.2 mil­lion euros. Ear­nings per share impro­ved to 0.94 euros (prior year: 0.71 euros).

Order intake remains at good level 

The Group’s order intake for the first three quar­ters amoun­ted to 835.3 mil­lion euros, slightly below the prior year’s high level of 884.5 mil­lion euros. As a result of the con­ti­nuing high book-to-bill ratio of 1.09, the order back­log increased con­sider­a­bly to 794.9 mil­lion euros com­pared with the end of 2022 (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 for the semi­con­duc­tor equip­ment indus­try and a new site for the medi­cal tech­no­logy busi­ness in Ber­lin, which ope­ned in June. At 77.9 mil­lion euros, capi­tal expen­dit­ure in the first nine months was accor­din­gly hig­her than the prior year’s figure of 65.9 mil­lion euros.

Finan­cial and balance sheet posi­tion remains strong 

The free cash flow before inte­rest and taxes increased from 28.4 mil­lion euros in the prior year to 56.9 mil­lion euros, mainly as a result of hig­her ear­nings. The cash con­ver­sion rate grew to 39.8 per­cent (prior year: 24.1 per­cent). On the report­ing date, the equity ratio was 52.3 per­cent (31/12/2022: 50.4 per­cent), and the net debt was 489.3 mil­lion euros (31/12/2022: 479.0 mil­lion euros). Leverage, i.e. net debt in rela­tion to EBITDA, came to 2.3 (31/12/2022: 2.6). Jen­op­tik thus con­ti­nues to have very solid finan­cial and balance sheet ratios.

Busi­ness deve­lo­p­ment of the divisions 

 The Advan­ced Pho­to­nic Solu­ti­ons divi­sion con­tin­ued to per­form very well, with reve­nue incre­asing by 11.1 per­cent from 534.8 mil­lion euros to 594.3 mil­lion euros. Busi­ness with the semi­con­duc­tor equip­ment indus­try, in par­ti­cu­lar, but also in the Indus­trial Solu­ti­ons area, saw signi­fi­cant reve­nue increa­ses. The division’s EBITDA mar­gin came to 22.1 per­cent, slightly down on the prior-year figure of 22.7 per­cent. The order intake of 622.1 mil­lion euros did not reach the very high prior-year figure of 683.2 mil­lion euros.

In the first nine months, the Smart Mobi­lity Solu­ti­ons divi­sion pos­ted signi­fi­cant reve­nue growth of 9.1 per­cent, to 82.7 mil­lion euros (prior year: 75.8 mil­lion euros). The reve­nue increase was par­ti­cu­larly strong in Asia/Pacific and Europe. Howe­ver, due to mix effects and invest­ments in stra­te­gic mar­kets, the EBITDA mar­gin came to 8.1 per­cent (prior year: 11.1 per­cent). Due to typi­cal fluc­tua­tions in the pro­ject busi­ness, the division’s order intake of 87.7 mil­lion euros in the first three quar­ters was down on the prior-year figure of 102.6 mil­lion euros.

At 89.3 mil­lion euros, reve­nue of the Non-Pho­to­nic Port­fo­lio Com­pa­nies was 4.5 per­cent up on the prior-year figure of 85.4 mil­lion euros. EBITDA was 12.2 mil­lion euros (prior year: minus 1.1 mil­lion euros), dri­ven by impro­ved ear­nings of all areas as well as the eli­mi­na­tion of nega­tive impacts from pro­jects in the auto­ma­tion busi­ness. The order intake signi­fi­cantly increased to 122.5 mil­lion euros (prior year: 96.6 mil­lion euros), mainly due to a major order.

Mar­gin gui­dance for fis­cal year 2023 raised

 Given the strong busi­ness per­for­mance in the first nine months, the Exe­cu­tive Board of JENOPTIK AG con­firms the reve­nue fore­cast of 1,050 mil­lion euros to 1,100 mil­lion euros for the full year 2023, and rai­ses the BITDA mar­gin gui­dance to around 19.5 per­cent, com­pared to the pre­vious gui­dance of 19.0 to 19.5 per­cent. This fore­cast pre­sup­po­ses 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 as well as the con­flict in the Middle East. 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 Novem­ber 9, 2023 at 11:00 am (CET).

The pre­sen­ta­tion on the first nine months of 2023, the Quar­terly State­ment for Janu­ary through Sep­tem­ber 2023, and the press release are available on the Jen­op­tik web­site.