News › Jen­op­tik expects fur­ther pro­fi­ta­ble growth in 2022

  • 2021: Con­ti­nuing operations:
  • Reve­nue grew by 22.0 per­cent to 750.7 mil­lion euros
  • EBITDA mar­gin incl. one-off effects at 20.7 per­cent, excl. one-off effects at 16.7 per­cent (prior year: 15.1 percent)
  • Order back­log up to 543.5 mil­lion euros (31/12/2020: 299.8 mil­lion euros)
  • Sta­ble divi­dend of 0.25 euros per share pro­po­sed for 2021
  • 2022 tar­get: Reve­nue growth of at least 20 per­cent and EBITDA mar­gin of around 18 percent

“2021 was a very suc­cess­ful year for Jen­op­tik, and one in which we made key stra­te­gic decisi­ons for our fur­ther growth. The acqui­si­tion of BG Medi­cal and the Swiss­Op­tic Group was a great step for­ward on our path to beco­m­ing a pure, glo­bally lea­ding pho­to­nics group. On the back of a good order situa­tion, a well-fil­led pro­ject pipe­line, and ongo­ing pro­mi­sing deve­lo­p­ments in the core pho­to­nics busi­nes­ses, we are con­fi­dent of achie­ving reve­nue growth of at least 20 per­cent and fur­ther impro­ving pro­fi­ta­bi­lity in our con­ti­nuing ope­ra­ti­ons in 2022. With that, we are fully on track to achieve our tar­gets by the 2025 fis­cal year – group reve­nue of around 1.2 bil­lion euros and an EBITDA mar­gin of around 20 per­cent,” says Ste­fan Tra­e­ger, Pre­si­dent & CEO of JENOPTIK AG.

Con­ti­nuing operations

2021: Reve­nue growth in almost all regi­ons and strong impro­ve­ment in profitability

In 2021, Jen­op­tik gene­ra­ted reve­nue of 750.7 mil­lion euros in its con­ti­nuing ope­ra­ti­ons, an incre­ase of 22.0 per­cent (prior year: 615.5 mil­lion euros). Reve­nue grew in par­ti­cu­lar in the Asia/Pacific region by 64.8 per­cent. Europe (exclu­ding Ger­many) pos­ted a reve­nue incre­ase of 11.1 per­cent, while the Ame­ri­cas grew by 28.0 per­cent. Over­all, 81.4 per­cent of reve­nue was gene­ra­ted abroad, com­pa­red with 76.9 per­cent in the fis­cal year 2020.

The pro­fi­ta­bi­lity of the con­ti­nuing ope­ra­ti­ons incre­a­sed signi­fi­cantly, thanks not only to boos­ted reve­nue but also posi­tive one-off effects of 30.5 mil­lion euros in con­nec­tion with the acqui­si­ti­ons of TRIOPTICS and INTEROB, and posi­tive effects resul­ting from the rest­ruc­tu­ring mea­su­res imple­men­ted in 2020. EBITDA incre­a­sed by 67.9 per­cent, from 92.8 mil­lion euros to 155.7 mil­lion euros (incl. PPA of minus 2.1 mil­lion euros (prior year: minus 4.6 mil­lion euros)). The prior-year ear­nings were impac­ted by costs of 19.1 mil­lion euros for struc­tu­ral and port­fo­lio mea­su­res. Exclu­ding one-off effects, EBITDA amoun­ted to 125.2 mil­lion euros in 2021. The EBITDA mar­gin incre­a­sed to 20.7 per­cent (prior year: 15.1 per­cent), or 16.7 per­cent exclu­ding one-off effects.

EBIT of 108.1 mil­lion euros were also a strong 128.2 per­cent up on the prior-year figure of 47.4 mil­lion euros. The EBIT mar­gin accord­in­gly impro­ved to 14.4 per­cent (prior year: 7.7 per­cent). In addi­tion to the above-men­tio­ned one-off effects, the EBIT figu­res also inclu­des impacts ari­sing from the purchase price allo­ca­ti­ons of minus 16.4 mil­lion euros as a result of acqui­si­ti­ons in 2021 and prior years (prior year: minus 14.9 mil­lion euros); the prior year also inclu­ded impacts from struc­tu­ral and port­fo­lio measures.

Strong demand in all con­ti­nuing core pho­to­nics operations

The order intake in the con­ti­nuing ope­ra­ti­ons saw dyna­mic growth of 57.6 per­cent to 936.7 mil­lion euros (prior year: 594.2 mil­lion euros). Of this figure, 120.9 mil­lion euros came from TRIOPTICS, and 9.9 mil­lion euros from BG Medi­cal and the Swiss­Op­tic Group. The order back­log incre­a­sed to 543.5 mil­lion euros (31/12/2020: 299.8 mil­lion euros).

Group (incl. VINCORION)

Order intake excee­ded one-bil­lion euros

Group reve­nue, incl. VINCORION, grew by 16.8 per­cent to 895.7 mil­lion euros (prior year: 767.2 mil­lion euros). Inclu­ding one-off effects, EBITDA incre­a­sed to 177.2 mil­lion euros (prior year: 111.6 mil­lion euros), the EBITDA mar­gin to 19.8 per­cent (prior year: 14.6 per­cent), or 16.4 per­cent exclu­ding one-off effects. The group order intake amoun­ted to 1,073.6 mil­lion euros, excee­ding the one-bil­lion-euro mark (prior year: 739.4 mil­lion euros).

Taking into account a slightly lower finan­cial result, hig­her income taxes and the result of the dis­con­ti­nued ope­ra­tion, Jen­op­tik achie­ved group ear­nings after tax of 84.3 mil­lion euros (prior year: 42.7 mil­lion euros). Ear­nings per share of 1.43 euros were also up on the prior-year figure of 0.73 euros per share.

Sus­tai­ned good balance sheet quality

Des­pite large-scale invest­ments in orga­nic and exter­nal growth, Jen­op­tik con­ti­nued to have a healthy finan­cing and balance sheet struc­ture at the end of 2021, with an equity ratio of 44.4 per­cent. This gives the com­pany the finan­cial lati­tude to finance future orga­nic growth and poten­tial acqui­si­ti­ons, thus imple­men­ting the objec­ti­ves of its Agenda 2025 “More Value”. In the con­ti­nuing ope­ra­ti­ons, the free cash flow amoun­ted to 43.2 mil­lion euros (prior year: 52.5 mil­lion euros). The group free cash flow was 62.8 mil­lion euros, mar­gi­nally up on the prior year (prior year 62.3 mil­lion euros).

Sta­ble divi­dend of 0.25 euros per share proposed

On the basis of very good ear­nings in the fis­cal year 2021, but also in ack­now­ledgment of incre­a­sing uncer­tainty, in part cau­sed by the Ukraine/Russia con­flict, tog­e­ther with a poten­ti­ally lon­ger period of rising infla­tion and asso­cia­ted cost incre­a­ses for inte­rest and future invest­ment in fur­ther growth, the Exe­cu­tive and Super­vi­sory Boards will pro­pose to the 2022 Annual Gene­ral Mee­ting, as in the prior year, a divi­dend pay­ment of 0.25 euros per share for the fis­cal year 2021. The manage­ment is thus pur­suing the goal of offe­ring share­hol­ders an appro­priate share in the company’s suc­cess while at the same time enab­ling fur­ther invest­ment in growth in a highly vola­tile mar­ket environment.

“In the last two years, we suc­cess­fully mana­ged two major acqui­si­ti­ons that are important for our future. Des­pite this, we still have suf­fi­ci­ent lati­tude to finance our sche­du­led pro­fi­ta­ble growth through 2025. With our stra­te­gic and solid finan­cing approach we are well posi­tio­ned to also tackle the chal­len­ges in the cur­rent poli­ti­cal and eco­no­mic envi­ron­ment,” says Chief Finan­cial Offi­cer Hans-Die­ter Schumacher.

Deve­lo­p­ment of the divisions

Light & Optics con­ti­nues to bene­fit from semi­con­duc­tor boom

Reve­nue in Light & Optics divi­sion incre­a­sed from 321.4 mil­lion euros to 460.7 mil­lion euros in 2021. Demand from the semi­con­duc­tor equip­ment indus­try was again par­ti­cu­larly strong. Bio­pho­to­nics and Indus­trial Solu­ti­ons also con­tri­bu­ted to the division’s suc­cess­ful busi­ness per­for­mance. TRIOPTICS was for the first time inclu­ded for the ent­ire 2021 repor­ting period and gene­ra­ted reve­nue of 99.5 mil­lion euros (prior year on pro rate basis since end of Sep­tem­ber 2020: 27.8 mil­lion euros). Com­bi­ned reve­nue from BG Medi­cal and the Swiss­Op­tic Group, which were only con­so­li­da­ted for one month, came to 9.6 mil­lion euros.

The division’s EBITDA dou­bled to 136.6 mil­lion euros (prior year: 68.3 mil­lion euros), inclu­ding nega­tive PPA of 2.1 mil­lion euros (prior year: minus 4.6 mil­lion euros). In addi­tion to the very good ope­ra­ting per­for­mance, this was also due to a one-off effect of around 25.6 mil­lion euros ari­sing from the acqui­si­tion of TRIOPTICS. The EBITDA mar­gin of 29.6 per­cent excee­ded the prior-year figure of 21.2 per­cent. The order intake grew by 83.8 per­cent to 631.1 mil­lion euros (prior year: 343.4 mil­lion euros), while the order back­log incre­a­sed from 179.1 mil­lion euros to 408.5 mil­lion euros.

Auto­mo­tive demand in Light & Pro­duc­tion increased

In the Light & Pro­duc­tion divi­sion, there was a noti­ce­able reco­very in the auto­mo­tive indus­try. Nevertheless, this was not suf­fi­ci­ent to fully over­come the impacts of the coro­na­vi­rus pan­de­mic. As a result, the division’s reve­nue incre­a­sed only mar­gi­nally, from 175.5 mil­lion euros to 176.2 mil­lion euros. Auto­ma­tion & Inte­gra­tion saw growth, while Metro­logy and Laser Pro­ces­sing were mar­gi­nally down. EBITDA impro­ved from 8.2 mil­lion euros to 13.2 mil­lion euros, mainly due to impacts ari­sing from the rever­sal of pro­vi­si­ons, par­ti­cu­larly in con­nec­tion with the rest­ruc­tu­ring and cost-cut­ting mea­su­res imple­men­ted in 2020, and one-off effects in con­nec­tion with the acqui­si­tion of INTEROB. The prior year’s EBITDA item inclu­ded rest­ruc­tu­ring costs of 7.9 mil­lion euros. The EBITDA mar­gin rose from 4.7 per­cent to 7.5 per­cent. The impro­ve­ment in sen­ti­ment in the auto­mo­tive indus­try was reflec­ted in an incre­ase in the order intake, which grew from 154.0 mil­lion euros to 185.3 mil­lion euros. The order back­log was 80.7 mil­lion euros (31/12/2020: 74.7 mil­lion euros).

Light & Safety: Sharp incre­ase in order intake

Pro­ject post­po­ne­ments and Covid-rela­ted delays in com­po­nent sup­plies pushed reve­nue in the Light & Safety divi­sion down from 114.0 mil­lion euros in the prior year to 110.1 mil­lion euros in 2021. This was also reflec­ted in the division’s pro­fi­ta­bi­lity. EBITDA fell from 22.3 mil­lion euros to 19.2 mil­lion euros, and in 2021 the EBITDA mar­gin came to 17.4 per­cent, com­pa­red with 19.6 per­cent in the prior year. The order intake picked up signi­fi­cantly, gro­wing from 92.3 mil­lion euros to 116.5 mil­lion euros, and inclu­ded several major orders for traf­fic safety tech­no­logy from North Ame­rica. The order back­log accord­in­gly incre­a­sed from 46.0 mil­lion euros to 54.3 mil­lion euros.

VINCORION (dis­con­ti­nued operation)

Reve­nue in VINCORION fell from 151.7 mil­lion euros to 145.0 mil­lion euros in 2021. As a result of effi­ci­ency impro­ve­ments, EBITDA incre­a­sed to 21.4 mil­lion euros (prior year: 16.6 mil­lion euros).

Jen­op­tik will report first quar­ter 2022 results in new group structure

Jen­op­tik is com­bi­ning its core pho­to­nics busi­ness in two new divi­si­ons: Advan­ced Pho­to­nic Solu­ti­ons and Smart Mobi­lity Solu­ti­ons. The for­mer Light & Optics and Light & Pro­duc­tion divi­si­ons are mer­ged into the new Advan­ced Pho­to­nic Solu­ti­ons divi­sion, while non-pho­to­nic acti­vi­ties, par­ti­cu­larly for the auto­mo­tive mar­ket, are sepa­ra­ted as Non-Pho­to­nic Port­fo­lio Com­pa­nies and mana­ged as inde­pen­dent brands. The for­mer Light & Safety divi­sion beco­mes the Smart Mobi­lity Solu­ti­ons divi­sion. The two new divi­si­ons focus on the three core mar­kets of semi­con­duc­tor & elec­tro­nics, life sci­ence & medi­cal tech­no­logy, and smart mobility.

Out­look for 2022: Reve­nue growth of at least 20 per­cent and 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 sec­tor, the Exe­cu­tive Board anti­ci­pa­tes fur­ther pro­fi­ta­ble growth in 2022. In addi­tion to the orga­nic growth in the divi­si­ons, Jen­op­tik Medi­cal and the Swiss­Op­tic Group, con­so­li­da­ted for the first time for the full year, will also make a con­tri­bu­tion to the posi­tive deve­lo­p­ment. For 2022, Jen­op­tik is expec­ting reve­nue in its con­ti­nuing ope­ra­ti­ons to grow by at least 20 per­cent (2021: 750.7 mil­lion euros). EBITDA is also expec­ted to see signi­fi­cant growth com­pa­red to prior year exclu­ding one-off effects (2021: 125.2 mil­lion euros). The EBITDA mar­gin is anti­ci­pa­ted to be around 18 per­cent (2021: 16.7 per­cent (exclu­ding one-off effects)). Our sche­du­led growth, howe­ver, pre­sup­po­ses that the Ukraine con­flict – with the sanc­tions that have been imple­men­ted and poten­tial impacts on price deve­lo­p­ments and sup­ply chains – 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 to be able to manage them.

The pre­sen­ta­tion on the 2021 Annual Finan­cial State­ments and the 2021 Annual Report are avail­able on the Jen­op­tik web­site in the Investors/Reports and Pre­sen­ta­ti­onssec­tion.