News › JENOPTIK • Good start into 2021

Jen­op­tik with good start to 2021 – signi­fi­cant pick-up in order intake – full-year tar­gets confirmed

  • Reve­nue up by appro­xi­mately 7 per­cent in Q1 2021, to 176.0 mil­lion euros
  • EBITDA grew signi­fi­cantly by appro­xi­mately 47 per­cent to 20.0 mil­lion euros
  • Gro­wing demand in pho­to­nics divi­si­ons – Group order intake up by around 27 per­cent to 268.3 mil­lion euros – order back­log at 561.3 mil­lion euros
  • Out­look for full year 2021 con­fir­med: reve­nue growth in low dou­ble-digit per­cen­tage range and EBITDA mar­gin of 16.0 –17.0 per­cent expected

“The Jen­op­tik Group had a good start to 2021. We see clear signs of incre­a­sing demand par­ti­cu­larly in our pho­to­nics divi­si­ons. In view of our well-fil­led order books, impro­ved cost effi­ci­ency, and the con­tri­bu­ti­ons from the com­pa­nies we acqui­red in fis­cal year 2020, we are well on track to achieve our annual tar­gets for 2021,” says Ste­fan Tra­e­ger, Pre­si­dent & CEO of JENOPTIK AG.

Jen­op­tik pos­ted a 26.8 per­cent incre­ase in its order intake, to 268.3 mil­lion euros (prior year: 211.7 mil­lion euros). All three pho­to­nics divi­si­ons – Light & Optics, Light & Pro­duc­tion, and Light & Safety – pos­ted signi­fi­cantly more orders, while the order intake of VINCORION decli­ned. The Group’s book-to-bill ratio incre­a­sed sub­stan­ti­ally, from 1.29 to 1.52. The order back­log was up 22.0 per­cent to 561.3 mil­lion euros (31/12/2020: 460.1 mil­lion euros).

In terms of quar­terly reve­nue, orga­nic growth and the con­tri­bu­tion made by TRIOPTICS allo­wed the Light & Optics divi­sion to more than off­set the still appre­cia­ble impacts of the coro­na­vi­rus pan­de­mic in the Light & Pro­duc­tion and VINCORION divi­si­ons, as well as lower reve­nue in the Light & Safety divi­sion due to its pro­ject-dri­ven busi­ness and delays in deli­very of elec­tro­nic com­pon­ents. In what is tra­di­tio­nally the sea­so­nally wea­kest quar­ter, Jen­op­tik gene­ra­ted reve­nue of 176.0 mil­lion euros, 7.0 per­cent up on the prior-year figure of 164.4 mil­lion euros.

On a regio­nal level, Asia/Pacific was the pri­mary bene­fi­ciary of the TRIOPTICS acqui­si­tion. Hig­her reve­nues were also achie­ved in Europe, while they decli­ned in the Ame­ri­cas and the Middle East/Africa. The share of reve­nue gene­ra­ted abroad was broadly unch­an­ged at 74.0 per­cent (prior year: 74.2 percent).

Pro­fi­ta­bi­lity impro­ved signi­fi­cantly over the repor­ting period. EBITDA rose by 47.1 per­cent, from 13.6 mil­lion euros to 20.0 mil­lion euros. Posi­tive impacts from the struc­tu­ral and port­fo­lio mea­su­res put in place in 2020 also con­tri­bu­ted to this rise. In the prior year, EBITDA inclu­ded costs for struc­tu­ral and port­fo­lio mea­su­res amoun­ting to 3.7 mil­lion euros. The EBITDA mar­gin incre­a­sed signi­fi­cantly, from 8.3 per­cent in the prior-year quar­ter to a pre­sent 11.4 per­cent. Income from ope­ra­ti­ons (EBIT) of 6.1 mil­lion euros in the first three mon­ths of 2021 was also sub­stan­ti­ally hig­her than the prior-year figure of 2.5 mil­lion euros. The EBIT mar­gin was 3.4 per­cent (prior year: 1.5 per­cent). The EBIT inclu­ded PPA of minus 5.5 mil­lion euros as a result of acqui­si­ti­ons in prior years (prior year: minus 1.7 mil­lion euros). Group ear­nings after tax grew from minus 0.4 mil­lion euros to 3.8 mil­lion euros.

Very good finan­cial and balance sheet posi­tion for future growth

At 23.2 mil­lion euros, cash flows from ope­ra­ting acti­vi­ties were slightly down on the prior-year figure of 26.4 mil­lion euros due to lower posi­tive impacts from chan­ges in working capi­tal and other assets and lia­bi­li­ties. Nevertheless, lower over­all expen­dit­ure for and pro­ceeds from inves­ting acti­vi­ties led to an incre­ase in the free cash flow from 14.4 mil­lion euros to 15.7 mil­lion euros.

“Jen­op­tik is very well pre­pa­red for future inter­nal and exter­nal growth, and not just thanks to its abi­lity to gene­rate robust free cash flows. In March 2021, we pla­ced on the mar­ket deben­ture bonds with sus­taina­bi­lity com­pon­ents worth 400 mil­lion euros at attrac­tive terms, of which 130 mil­lion euros were dis­bur­sed in March, to be fol­lo­wed by 270 mil­lion euros in the second half of the year. This will help to fur­ther improve our finan­cial power,” says Hans-Die­ter Schu­ma­cher, Chief Finan­cial Offi­cer of JENOPTIK AG.

The pay­ment resul­ted in cash and cash equi­va­lents incre­a­sing in value from 63.4 mil­lion euros at year-end 2020 to 203.9 mil­lion euros on March 31, 2021. Net debt fell to 189.4 mil­lion euros, com­pa­red with 201.0 mil­lion euros at the end of 2020. As of March 31, 2021, the equity ratio of 47.3 per­cent was down on the figure of 51.5 per­cent as of Decem­ber 31, 2020, due to a sharp rise in total assets.

Demand picking up in Jenoptik’s pho­to­nics divisions

Light & Optics bene­fi­ted from dyna­mic demand in the semi­con­duc­tor equip­ment busi­ness – order intake increased

Over the first three mon­ths, the Light & Optics divi­sion bene­fi­ted from dyna­mic growth in the semi­con­duc­tor equip­ment busi­ness, and from rising reve­nues in Bio­pho­to­nics and Indus­trial Solu­ti­ons. TRIOPTICS also gene­ra­ted a sub­stan­tial reve­nue con­tri­bu­tion. Reve­nue grew by 35.8 per­cent, from 69.3 mil­lion euros to 94.2 mil­lion euros. In terms of EBITDA, too, the divi­sion saw a strong incre­ase of 32.8 per­cent, to 19.3 mil­lion euros (prior year: 14.5 mil­lion euros), inclu­ding PPA of minus 1.8 mil­lion euros. At 20.4 per­cent, the EBITDA mar­gin was just down on the prior year’s 20.8 per­cent. In the first three mon­ths of 2021, demand picked up con­si­der­ably in all areas, resul­ting in the order intake, worth 132.7 mil­lion euros, being 78.5 per­cent up on the prior-year figure of 74.3 mil­lion euros, while the order back­log grew to a strong 219.0 mil­lion euros by the end of the quar­ter (31/12/2020: 179.1 mil­lion euros).

Light & Pro­duc­tion: pro­fi­ta­bi­lity mar­kedly impro­ved and strong order intake

The impacts of the coro­na­vi­rus pan­de­mic from the prior year, in par­ti­cu­lar a lower order back­log at the begin­ning of the year, could still be felt in the Light & Pro­duc­tion divi­sion. Reve­nue in the first three mon­ths came to 36.7 mil­lion euros, 5.8 per­cent down on the prior year (prior year: 38.9 mil­lion euros). While the Laser Pro­ces­sing area pos­ted minor growth, both Indus­trial Metro­logy and Auto­ma­tion & Inte­gra­tion repor­ted slightly lower reve­nue due to pro­ject post­po­ne­ments. The rest­ruc­tu­ring and cost-cut­ting mea­su­res the divi­sion put in place in the 2020 fis­cal year were already star­ting to con­tri­bute to posi­tive ear­nings per­for­mance in the first quar­ter. EBITDA came to minus 0.2 mil­lion euros (prior year: minus 4.1 mil­lion euros), with the EBITDA mar­gin rising from minus 10.6 per­cent to minus 0.5 per­cent. The divi­sion was encou­ra­ged by a pick-up of its order intake, dri­ven by the auto­mo­tive indus­try, from 60.2 mil­lion euros to 64.4 mil­lion euros. It should be noted here that the prior-year figure inclu­ded a lar­ger order, which was can­ce­led in the second quar­ter due to the pan­de­mic. By the end of March, the order back­log had grown from 74.7 mil­lion euros as of Decem­ber 31, 2020, to 99.7 mil­lion euros.

Light & Safety: strong glo­bal demand for traf­fic safety solu­ti­ons – sharp rise in order intake

Busi­ness in the Light & Safety divi­sion is pre­do­mi­nantly pro­ject-based and the­re­fore sub­ject to vola­ti­lity. This, tog­e­ther with pan­de­mic-rela­ted delays in the sup­ply of elec­tro­nic com­pon­ents, led to a sub­stan­tial decline in reve­nue, from 26.5 mil­lion euros in the prior year to 19.2 mil­lion euros in the first quar­ter of 2021. In addi­tion, lar­ger pro­jects in the Ame­ri­cas and the Middle East/Africa had con­tri­bu­ted to reve­nue in the prior-year period. This deve­lo­p­ment was also reflec­ted in the pro­fi­ta­bi­lity figu­res, with EBITDA fal­ling from 4.9 mil­lion euros to 0.2 mil­lion euros and the EBITDA mar­gin from 18.6 per­cent to 0.9 per­cent. In gene­ral, glo­bal demand for traf­fic safety solu­ti­ons remains strong, which was reflec­ted in the sharp rise in the order intake, from 22.3 mil­lion euros to 41.2 mil­lion euros. This figure was hig­her than in any quar­ter of the prior year. In the first quar­ter of 2021, the divi­sion recei­ved orders for traf­fic safety sys­tems in the US and Canada worth around 20 mil­lion euros. The division’s order back­log incre­a­sed by more than half com­pa­red to year-end 2020, from 46.0 mil­lion euros to 69.4 mil­lion euros.

VINCORION: pro­fi­ta­bi­lity impro­ved des­pite pro­ject post­po­ne­ments and ongo­ing dif­fi­cult situa­tion in the avia­tion indus­try due to the pandemic

In the first three mon­ths of the year, VINCORION gene­ra­ted reve­nue of 25.4 mil­lion euros (prior year: 28.1 mil­lion euros). While demand in the Energy & Drive busi­ness grew, reve­nue decli­ned in Power Sys­tems and the busi­ness with the avia­tion indus­try. Fol­lowing the cost-cut­ting mea­su­res put in place by VINCORION, EBITDA over the repor­ting period impro­ved from 1.0 mil­lion euros to 3.1 mil­lion euros, the EBITDA mar­gin from 3.4 per­cent to 12.0 per­cent. Pro­ject post­po­ne­ments, par­ti­cu­larly in the Power Sys­tems busi­ness, and wea­ker busi­ness in the Avia­tion area due to the pan­de­mic, led to an appre­cia­ble decline in the order intake through the end of March, to 28.8 mil­lion euros (prior year: 53.4 mil­lion euros). VINCORION’s order back­log, worth 172.4 mil­lion euros, was still at a high level (31/12/2020: 160.3 mil­lion euros).

Out­look for full year 2021 con­fir­med: reve­nue growth in low dou­ble-digit per­cen­tage range and EBITDA mar­gin of 16.0–17.0 per­cent expected

Based on good order intake growth in late 2020 and the first quar­ter of 2021, a well-fil­led pro­ject pipe­line, a pro­mi­sing deve­lo­p­ment in the semi­con­duc­tor equip­ment busi­ness, and a pick-up of busi­ness in the Auto­mo­tive and Bio­pho­to­nics areas, the Exe­cu­tive Board expects fur­ther growth in the cur­rent fis­cal year. In addi­tion to the orga­nic growth in the divi­si­ons, TRIOPTICS, which is con­so­li­da­ted for the full year for the first time, will also con­tri­bute posi­tively. For 2021, Jen­op­tik, inclu­ding TRIOPTICS, is expec­ting reve­nue growth in the low dou­ble-digit per­cen­tage range (prior year: 767.2 mil­lion euros). In terms of EBITDA, the Group is cur­r­ently expec­ting signi­fi­cant growth in the cur­rent fis­cal year (prior year: 111.6 mil­lion euros). The EBITDA mar­gin is due to come in at bet­ween 16.0 and 17.0 per­cent (prior year: 14.6 percent).

In view of the con­ti­nuing uncer­tainty cau­sed by the COVID-19 pan­de­mic, a more pre­cise fore­cast is cur­r­ently not pos­si­ble. Howe­ver, it is plan­ned to spe­cify the out­look for full year 2021 during the course of the year.

The quar­terly state­ment is avail­able on the Jen­op­tik web­site in the Inves­tors / Reports and Pre­sen­ta­ti­ons sec­tion. Images are avail­able for down­load from our media cen­ter at media.jenoptik.com.

This announ­ce­ment can con­tain for­ward-loo­king state­ments that are based on cur­rent expec­ta­ti­ons and cer­tain assump­ti­ons of the manage­ment of the Jen­op­tik Group. A variety of known and unknown risks, uncer­tain­ties and other fac­tors can cause the actual results, the finan­cial situa­tion, the deve­lo­p­ment or the per­for­mance of the com­pany to be mate­ri­ally dif­fe­rent from the announ­ced for­ward-loo­king state­ments. Such fac­tors can be, among others, pan­de­mic dise­a­ses, chan­ges in cur­rency exchange rates and inte­rest rates, the intro­duc­tion of com­pe­ting pro­ducts or the change of the busi­ness stra­tegy. The com­pany does not assume any obli­ga­tion to update such for­ward-loo­king state­ments in the light of future developments.

About Jen­op­tik

Opti­cal tech­no­lo­gies are the very basis of our busi­ness: Jen­op­tik is a glo­bally active tech­no­logy group and is active in the three pho­to­nics-based divi­si­ons: Light & Optics, Light & Pro­duc­tion and Light & Safety. Under the TRIOPTICS brand, Jen­op­tik also offers opti­cal test and manu­fac­tu­ring sys­tems for the qua­lity con­trol of len­ses, objec­ti­ves and camera modu­les. VINCORION is the brand for our mecha­tro­nic busi­ness. Our key tar­get mar­kets pri­ma­rily include the semi­con­duc­tor indus­try, medi­cal tech­no­logy, auto­mo­tive and mecha­ni­cal engi­nee­ring, traf­fic, avia­tion as well as secu­rity and defense tech­no­logy indus­tries. Appro­xi­mately 4,500 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 2020 fis­cal year, Jen­op­tik gene­ra­ted reve­nue of approx. 767 mil­lion euros.

Con­tact

Les­lie Iltgen
JENOPTIK AG
Com­mu­ni­ca­ti­ons & Inves­tor Relations
+49 3641 65–2255
moc.kitponej@negtli.eilsel