Jenoptik
Dynamic growth in the first half-year 2023
The Jenoptik technology group is having a successful year. According to the half-year results, both sales and profits are showing double-digit growth, and the executive board's forecasts are correspondingly optimistic.
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.
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.
