News › Jen­op­tik con­ti­nues to grow

  • Signi­fi­cant dou­ble-digit increase in order intake and revenue
  • EBITDA mar­gin fur­ther improved
  • Pro­po­sed divi­dend of 0.30 euros per share (+20 percent)
  • Fore­cast for 2023: signi­fi­cant reve­nue growth and mar­gin impro­ve­ment expected


“Jen­op­tik per­for­med out­stan­din­gly in fis­cal year 2022, with growth dri­ven by its pho­to­nics busi­ness, espe­ci­ally in the semi­con­duc­tor equip­ment sec­tor. We have con­tin­ued to focus on our core mar­kets of semi­con­duc­tor & elec­tro­nics, life sci­ence & medi­cal tech­no­logy, and smart mobi­lity. And given ongo­ing strong demand we are inves­t­ing hea­vily in our pro­duc­tion capa­ci­ties. Accor­din­gly, we again expect app­re­cia­ble increa­ses in reve­nue and ear­nings in fis­cal year 2023,” says Dr. Ste­fan Trae­ger, Pre­si­dent & CEO of JENOPTIK AG.

Dou­ble-digit growth in all regi­ons – pro­fi­ta­bi­lity again stron­gly improved

The pho­to­nics group Jen­op­tik con­tin­ued on its growth path in past fis­cal year. Reve­nue in the con­ti­nuing ope­ra­ti­ons grew by 30.6 per­cent to 980.7 mil­lion euros (prior year: 750.7 mil­lion euros). Orga­nic growth was 10.9 per­cent, pri­ma­rily due to sus­tained strong demand in the Advan­ced Pho­to­nic Solu­ti­ons divi­sion. Jen­op­tik pos­ted its stron­gest reve­nue growth in Ger­many, mainly due to acqui­si­ti­ons, with a rise of 64.3 per­cent, fol­lo­wed by Europe (exclu­ding Ger­many) with 32.3 per­cent. The Ame­ri­cas and Asia/Pacific grew by 18.7 and 13.5 per­cent respec­tively. Over­all, 76.7 per­cent of reve­nue was gene­ra­ted abroad (prior year: 81.4 percent).

Due to an impro­ved pro­duct mix and eco­no­mies of scale, EBITDA again grew fas­ter than reve­nue, and at 184.1 mil­lion euros was 47.0 per­cent up on the prior-year figure of 125.2 mil­lion euros, exclu­ding the one-off effect. The cor­re­spon­ding mar­gin came to 18.8 per­cent (prior year: 16.7 percent).

In fis­cal year 2022, the EBIT was impac­ted by a one-off expense of 13.9 mil­lion euros, mainly attri­bu­ta­ble to the reas­sess­ment of INTEROB’s busi­ness pro­s­pects (Non-Pho­to­nic Port­fo­lio Com­pa­nies). As a result, at 101.9 mil­lion euros, EBIT was slightly down on the prior-year figure of 108.1 mil­lion euros, which its­elf was boos­ted by a posi­tive one-off effect of 30.5 mil­lion euros.

Ear­nings attri­bu­ta­ble to share­hol­ders were also impac­ted by hig­her tax expen­ses and amoun­ted to 55.1 mil­lion euros (prior year: 82.0 mil­lion euros; cor­re­spon­ding ear­nings per share were 0.96 euros (prior year: 0.90 euros/1.43 euros excluding/including one-off effect). VINCORION (dis­con­tin­ued ope­ra­tion), which was sold as of June 30, 2022, gene­ra­ted ear­nings after tax of minus 6.8 mil­lion euros, com­pared with minus 8.5 mil­lion euros in the prior year. In addi­tion to VINCORION’s result up to the clo­sing date, this item also includes the result from the sale of the dis­con­tin­ued operation.

Dyna­mic order intake growth – signi­fi­cant increase in capi­tal expenditure

Both orga­ni­cally and due to acqui­si­ti­ons, the order intake in the past fis­cal year grew 26.6 per­cent to 1,185.4 mil­lion euros (prior year: 936.7 mil­lion euros). As a result of strong demand, reflec­ted in the high order back­log (733.7 mil­lion euros com­pared with 543.5 mil­lion euros in the prior year), the Jen­op­tik Group con­tin­ued to signi­fi­cantly increase its capi­tal expen­dit­ures to 106.0 mil­lion euros (prior year: 49.9 mil­lion euros). Invest­ments were mainly rela­ted to the con­s­truc­tion of a new high-tech fab for the semi­con­duc­tor equip­ment indus­try in Dres­den, the new site for the for­mer BG Medi­cal in Ber­lin, the employee restau­rant in Jena, and machi­nery and equip­ment. In addi­tion, clean room pro­duc­tion was expan­ded at the Jupi­ter site in Florida.

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

Despite signi­fi­cantly hig­her invest­ments, free cash flow before inte­rest and taxes of the con­ti­nuing ope­ra­ti­ons increased from 43.2 mil­lion euros to 82.7 mil­lion euros. The cor­re­spon­ding cash con­ver­sion rate grew to 44.9 per­cent (prior year: 27.7 per­cent). With an equity ratio of 50.4 per­cent as of Decem­ber 31, 2022 (prior year: 44.4 per­cent), net debt of 479.0 mil­lion euros (prior year: 541.4 mil­lion euros), and a leverage (net debt in rela­tion to EBITDA) of 2.6, Jen­op­tik con­ti­nues to have very solid finan­cial and balance sheet ratios.

Divi­dend increase to 0.30 euros per share proposed

The Exe­cu­tive Board and Super­vi­sory Board of JENOPTIK AG will con­ti­nue to ensure that the share­hol­ders par­ti­ci­pate appro­pria­tely in the company’s very good ope­ra­ting busi­ness per­for­mance while at the same time enab­ling fur­ther invest­ments in growth. The manage­ment will the­r­e­fore pro­pose to the Annual Gene­ral Mee­ting a divi­dend pay­ment of 0.30 euros per share (prior year: 0.25 euros per share). This would increase the total divi­dend pay­out by 20.0 per­cent to 17.2 mil­lion euros.

Busi­ness per­for­mance in the divisions

The Advan­ced Pho­to­nic Solu­ti­ons divi­sion saw highly dyna­mic growth, with reve­nue incre­asing by 47.2 per­cent from 495.6 mil­lion euros to 729.6 mil­lion euros. In addi­tion to ongo­ing strong demand from the semi­con­duc­tor equip­ment indus­try, BG Medical/SwissOptic, acqui­red at the end of 2021, con­tri­bu­ted 160.4 mil­lion euros to this reve­nue. Orga­nic growth came to 17.4 per­cent. The division’s EBITDA mar­gin impro­ved to 23.3 per­cent, com­pared with 22.8 per­cent, exclu­ding one-off effect, in the prior year. The order intake grew by almost a third, from 674.9 mil­lion euros to 891.8 mil­lion euros. Due to the high order intake, the order back­log increased by 35.1 mil­lion euros to 581.4 mil­lion euros at the end of 2022 (31/12/2021: 430.2 mil­lion euros).

Due to tem­po­rary sup­ply bot­t­len­ecks at the begin­ning of the fis­cal year 2022, the Smart Mobi­lity Solu­ti­ons divi­sion pos­ted mode­rate reve­nue growth of 3.8 per­cent, to 114.3 mil­lion euros (prior year: 110.1 mil­lion euros). Pro­fi­ta­bi­lity impro­ved signi­fi­cantly over the course of the year, but with an EBITDA mar­gin of 16.9 per­cent did not quite match the prior-year figure of 17.4 per­cent. Unaf­fec­ted by the deli­very situa­tion, the order intake grew by 7.9 per­cent to 125.8 mil­lion euros (prior year: 116.5 mil­lion euros). The order back­log tota­led 65.7 mil­lion euros, com­pared with 54.3 mil­lion euros in the prior year.

The Non-Pho­to­nic Port­fo­lio Com­pa­nies repor­ted a 6.4‑percent decline in reve­nue to 132.3 mil­lion euros, in par­ti­cu­lar due to wea­ker demand from the auto­mo­tive indus­try at the begin­ning of the year (prior year: 141.3 mil­lion euros). A signi­fi­cant reco­very in demand over the course of the year led to a 15.4‑percent increase in order intake, to 163.4 mil­lion euros (prior year: 141.6 mil­lion euros). EBITDA came to 2.7 mil­lion euros, affec­ted by nega­tive impacts from pro­jects in the auto­ma­tion sec­tor. By con­trast, the prior-year figure of 5.4 mil­lion euros included income from the sale of the non-opti­cal pro­cess metro­logy business.

Out­look for 2023: signi­fi­cant reve­nue increase and mar­gin impro­ve­ment expected

Based on the good order intake, the high order back­log, and good ongo­ing deve­lo­p­ments in the core pho­to­nics busi­nesses, espe­ci­ally in the semi­con­duc­tor equip­ment sec­tor, the Exe­cu­tive Board of JENOPTIK AG is con­fi­dent of fur­ther pro­fi­ta­ble growth in the fis­cal year 2023. Jen­op­tik is the­r­e­fore anti­ci­pa­ting reve­nue of 1,050 mil­lion euros to 1,100 mil­lion euros and an EBITDA mar­gin of 19.0 to 19.5 per­cent for 2023. Jen­op­tik will con­ti­nue to invest in the expan­sion of its pro­duc­tion capa­ci­ties, and the­r­e­fore expects invest­ments in fis­cal year 2023 to be signi­fi­cantly up on the prior-year figure of 106.0 mil­lion euros. 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. Poten­tial port­fo­lio chan­ges are not included 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 March 29, 2023 at 11:00 am (CEST).

The pre­sen­ta­tion on the 2022 Annual Finan­cial State­ments and the 2022 Annual Report are available on the Jen­op­tik web­site in the Inves­tors / Reports and Pre­sen­ta­ti­ons sec­tion. Images are available for down­load in the Jen­op­tik image data­base at

Jen­op­tik key figu­res at a glance (PDF)

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.


Andreas Thei­sen
Head of Inves­tor Relations
Phone: +49 3641 65–2291
E‑mail: moc.kitponej@nesieht.saerdna

Sabine Bar­ne­kow
Inves­tor Relations
Phone: +49 3641 65–2156
E‑mail: moc.kitponej@wokenrab.enibas