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Jenoptik Announce Strong Financial Results

Jenoptik continues to perform very well in an overall challenging environment. In the second quarter, the company posted not only appreciable improvements in revenue and profitability, but also a very strong order intake and backlog.  “This gives us confidence for the second half of the year, and we’ve therefore raised our full-year targets for 2022 to a revenue range of between 930 and 960 million euros and an EBITDA margin of 18.0 to 18.5 percent,” says Stefan Traeger, President & CEO of JENOPTIK AG.

Since the first quarter of 2022, Jenoptik has consolidated its core photonics business in two divisions, Advanced Photonic Solutions and Smart Mobility Solutions. The former Light & Optics and parts of the Light & Production divisions were combined in the new Advanced Photonic Solutions division. Non-photonic activities, particularly for the automotive market, are now operated as independent brands within the Non-Photonic Portfolio Companies. The former Light & Safety division became the Smart Mobility Solutions division. The sale of VINCORION was successfully completed with closing on June 30, 2022. In accordance with IFRS 5, VINCORION is shown as a discontinued operation.

Half-Year Revenue Grows 35.8%

Jenoptik showed a very positive operating performance in the second quarter of 2022. Revenue grew by more than a third to 238.7 million euros (prior year: 178.7 million euros). In the first six months, this resulted in a revenue increase of 35.8 percent, to 447.2 million euros (prior year: 329.3 million euros). Jenoptik Medical and the SwissOptic Group, companies acquired in 2021, together contributed 73.3 million euros to revenue. Jenoptik therefore achieved organic growth of 13.7 percent over the first six months. Revenue increased in all regions. The strong growth of 41.7 percent in Europe was attributable also to the companies acquired in 2021. Jenoptik also achieved noticeable growth in the strategic focus regions of Asia/Pacific and the Americas. Overall, 75.9 percent of revenue was generated in export markets, less than in the prior year (prior year: 80.3 percent).

Order Backlog Remains At Very High Level

Jenoptik continued to see strong customer demand in the first half-year. Over the reporting period, the order intake grew, both organically and with the contribution of the companies acquired in 2021, by 36.8 percent to 608.6 million euros (prior year: 444.9 million euros). Demand in the Advanced Photonic Solutions division remained particularly strong, but the Smart Mobility Solutions divisions also improved its order intake compared to the prior-year period. The order backlog increased by 30.7 percent to 710.5 million euros (31/12/2021: 543.5 million euros).

Development Jenoptik Divisions

Advanced Photonic Solutions: In the first half-year 2022, the Advanced Photonic Solutions divisions generated revenue of 342.1 million euros, 53.9 percent above the prior-year figure of 222.2 million euros. Business with the semiconductor equipment industry continued to grow strongly, and Biophotonics and Industrial Solutions also generated significantly higher revenues. The companies acquired in 2021 contributed 73.3 million euros to the increase, therefore, the division’s organic revenue growth was 21.1 percent. Over the first six months, EBITDA grew to 78.9 million euros (prior year: 69.7 million euros, incl. one-off effect of 18.4 million euros). At 23.0 percent, the EBITDA margin was down on the prior year’s 31.3 percent (excl. one-off effect: 23.1 percent). In the second quarter, the EBITDA margin came to 27.3 percent, a sharp increase on the 18.0 percent in the first quarter. The continuing high level of demand was reflected in the 55.7-percent increase in the order intake to 457.9 million euros (prior year: 294.2 million euros). The order backlog increased from 430.2 million euros at year-end 2021 to 550.4 million euros.

Smart Mobility Solutions: In the first six months of 2022, the Smart Mobility Solutions division generated revenue of 44.7 million euros, 4.4 percent more than in the prior-year period (prior year: 42.8 million euros). Despite the slight rise in revenue, EBITDA of 1.4 million euros was down on the prior-year figure of 3.3 million euros, in part due to higher expenses for research and development. The EBITDA margin was 3.0 percent, compared with 7.8 percent in the first six months of the prior year. The division’s order intake is subject to typical fluctuations in project business; at 75.4 million euros in the first half-year 2022 it was up on the high prior-year figure of 64.6 million euros, and included larger orders from North America, Europe, and the Middle East/Africa region. The order backlog grew a significant 59.3 percent to 86.5 million euros (31/12/2021: 54.3 million euros).

Non-Photonic Portfolio Companies: The Non-Photonic Portfolio Companies, which are dominated by automotive business, generated revenue of 59.3 million euros in the first half of the year (prior year: 63.1 million euros, incl. the revenue contribution from the non-optical process metrology business sold in mid-2021). EBITDA was still negative at minus 1.8 million euros (prior year: minus 0.5 million euros), while the EBITDA margin fell to minus 3.0 percent (prior year: minus 0.8 percent). In the second quarter of 2022, the Non-Photonic Portfolio Companies achieved an improvement in EBITDA to 1.5 million euros compared to minus 3.3 million euros in the first quarter. The order intake declined from the high prior-year figure of 85.0 million euros to 74.0 million euros. The prior year had included several automation-related orders in North America worth 40 million US dollars. The division, however, still has a strong order backlog of 73.4 million euros (31/12/2021: 58.9 million euros).

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