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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

Jenoptik key figures at a glance (PDF)

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.


Leslie Iltgen

Leslie Iltgen

Head of Investor Relations & Corporate Communications

+49 3641 65-4455

+49 3641 65-2804

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