Jenoptik Report Good Start to 2021
“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. 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 in export markets 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.
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.
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