News › Jen­op­tik posts dyna­mic growth in the first half-year 2023

  • Dou­ble-digit growth in reve­nue and EBITDA
  • Order intake remains at good level
  • Gui­dance for 2023 con­firmed: signi­fi­cant reve­nue increase and mar­gin impro­ve­ment expected

“Jen­op­tik con­tin­ued to per­form very well in the first half-year, with dou­ble-digit reve­nue and ear­nings growth. Our Advan­ced Pho­to­nic Solu­ti­ons and Smart Mobi­lity Solu­ti­ons divi­si­ons pos­ted signi­fi­cant reve­nue growth. Despite the wea­k­e­ning eco­no­mic envi­ron­ment, we are very opti­mi­stic about achie­ving our tar­gets for 2023, also in view of our high order back­log. We con­ti­nue to focus on the opti­mal uti­liza­tion of our exis­ting capa­ci­ties and their fur­ther expan­sion,” says Ste­fan Trae­ger, Pre­si­dent & CEO of JENOPTIK AG.

Reve­nue growth of approx. 13 per­cent – pro­fi­ta­bi­lity signi­fi­cantly improved

The pho­to­nics group Jen­op­tik con­tin­ued on its course of growth in the first half of 2023, with reve­nue up by 12.9 per­cent to 504.9 mil­lion euros (prior year: 447.2 mil­lion euros), dri­ven by the Advan­ced Pho­to­nic Solu­ti­ons and Smart Mobi­lity Solu­ti­ons divi­si­ons. Jen­op­tik pos­ted its stron­gest reve­nue increase in Asia/Pacific, with a rise of 23.7 per­cent, fol­lo­wed by Europe (inclu­ding Ger­many) with 15.8 per­cent. In the Ame­ri­cas, reve­nue was slightly above the very high level of the prior year. Over­all, 75.2 per­cent of reve­nue was gene­ra­ted abroad (prior year: 75.9 percent).

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 91.6 mil­lion euros was 31.6 per­cent up on the prior-year figure of 69.6 mil­lion euros. The cor­re­spon­ding mar­gin impro­ved to 18.1 per­cent (prior year: 15.6 per­cent). Group EBIT came to 53.9 mil­lion euros, com­pared with 36.9 mil­lion euros in the prior-year period. Despite hig­her inte­rest and tax expen­ses, group ear­nings after tax of 32.7 mil­lion euros also signi­fi­cantly excee­ded the prior year’s figure of 23.3 mil­lion euros. Ear­nings per share came to 0.56 euros (prior year: 0.41 euros).

Order intake remains at good level

As expec­ted, the Group’s order intake of 546.9 mil­lion euros in the first half-year 2023 was down on the very high prior-year figure of 608.6 mil­lion euros. As a result of a book-to-bill ratio above one, the order back­log grew to 766.6 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 for the semi­con­duc­tor equip­ment indus­try in Dres­den and a new site for the medi­cal tech­no­logy busi­ness in Ber­lin, which ope­ned in June. At 53.2 mil­lion euros, capi­tal expen­dit­ure in the first half-year was accor­din­gly hig­her than the prior year’s figure of 42.1 mil­lion euros.

Balance sheet and finan­cial posi­tion remain strong

The free cash flow before inte­rest and taxes increased from 12.6 mil­lion euros in the prior year to 26.1 mil­lion euros, mainly dri­ven by hig­her ear­nings. The cash con­ver­sion rate grew to 28.5 per­cent (prior year: 18.2 per­cent). The equity ratio on the report­ing date was 50.9 per­cent (31/12/2022: 50.4 per­cent) and net debt was 500.6 mil­lion euros (31/12/2022: 479.0 mil­lion euros). Leverage, net debt in rela­tion to EBITDA, came to 2.4 (31/12/2022: 2.6). Jen­op­tik thus con­ti­nues to have very solid finan­cial and balance sheet ratios.

Busi­ness deve­lo­p­ment by the divisions

The Advan­ced Pho­to­nic Solu­ti­ons divi­sion con­tin­ued to per­form very well, with reve­nue incre­asing by 13.3 per­cent from 344.3 mil­lion euros to 390.0 mil­lion euros. In par­ti­cu­lar the busi­ness with the semi­con­duc­tor equip­ment indus­try, but also in the indus­trial solu­ti­ons area, saw strong reve­nue increa­ses in the first half-year. The division’s EBITDA mar­gin came to 21.8 per­cent, slightly down on the prior-year figure of 22.4 per­cent. The reason for the decline was an excep­tio­nally high mar­gin in the second quar­ter of the prior year which was dri­ven by mix effects. As expec­ted, the order intake of 422.1 mil­lion euros was down on the very high prior-year figure of 466.5 mil­lion euros.

The Smart Mobi­lity Solu­ti­ons divi­sion repor­ted signi­fi­cant reve­nue growth of 22.4 per­cent to 54.7 mil­lion euros in the first six months (prior year: 44.7 mil­lion euros). Reve­nue growth was par­ti­cu­larly strong in Asia/Pacific and Europe. The EBITDA mar­gin increased from 3.0 per­cent to 8.1 per­cent, mainly as a result of hig­her reve­nue. Due to the typi­cal fluc­tua­tions in the pro­ject busi­ness, the division’s order intake of 62.5 mil­lion euros in the first half-year was down on the prior-year figure of 75.4 mil­lion euros.

At 58.2 mil­lion euros, reve­nue of the Non-Pho­to­nic Port­fo­lio Com­pa­nies was slightly above the prior-year figure of 57.1 mil­lion euros. EBITDA amoun­ted to 7.0 mil­lion euros (prior year: minus 0.1 mil­lion euros), dri­ven by hig­her ear­nings from Pro­do­max and HOMMEL ETAMIC as well as the eli­mi­na­tion of nega­tive impacts from pro­jects in the auto­ma­tion busi­ness. At 59.7 mil­lion euros, order intake was down on the prior-year figure of 65.3 mil­lion euros fol­lo­wing a strong year-end 2022.

Gui­dance for fis­cal year 2023 confirmed

In view of good busi­ness per­for­mance in the first half-year, the Exe­cu­tive Board of JENOPTIK AG con­firms its gui­dance for the full year 2023. The Group con­ti­nues to expect reve­nue of bet­ween 1,050 and 1,100 mil­lion euros and an EBITDA mar­gin of 19.0 to 19.5 per­cent. This fore­cast is based on the assump­tion 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 con­side­red in this forecast.

Con­fe­rence call for jour­na­lists, ana­lysts, and investors:

Jen­op­tik will hold a con­fe­rence call with ana­lysts, inves­tors, and jour­na­lists (in Eng­lish) on August 9, 2023, at 11:00 am (CEST).

The pre­sen­ta­tion on the first half-year 2023 and the Inte­rim Report for Janu­ary to June 2023 are available on the Jen­op­tik web­site on the Inves­tors / Reports and Pre­sen­ta­ti­ons page.

Jena, August 9, 2023

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 (fis­cal year 2022) 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.