Jenoptik: Second quarter of 2021 also shines with high growth

Jenoptik achieved sales of 389.3 million euros in the 1st half of 2021, 18.3 percent higher than in the previous year. In the 2nd quarter, the key figure increased by 29.6 percent compared with the previous year.

High organic growth and the contribution of Trioptics led to a significant increase in sales in the Light & Optics division in the 1st half of 2021. While the Light & Production division benefited from an upturn in demand from the automotive industry and business at Vincorion also picked up slightly, sales at Light & Safety were below the previous year. Trioptics in particular contributed to the significant increase in sales in the Asia/Pacific region. The share of foreign sales remained unchanged at 74.2 percent.

Profitability improved significantly in the first six months of 2021. In addition to the strong operating performance, this also reflected increasingly positive effects from the restructuring measures taken in 2020. EBITDA also includes a one-time effect of around EUR 16 million in connection with the acquisition of Trioptics. EBITDA climbed to 73.7 million euros (including PPA effects of minus 1.8 million euros), up 94.6 percent on the previous year's figure of 37.9 million euros. Without the aforementioned one-off effect, earnings would have risen by around 52 percent.

Semiconductor sector boosts sales and profit

In the Light & Optics division, the dynamic development in the semiconductor equipment business and the significant increase in demand in Biophotonics and Industrial Solutions from the first quarter continued. Trioptics also contributed 41 million euros to sales. Accordingly, divisional sales after six months of 2021 increased by 48.6 percent to 207 million euros. EBITDA more than doubled to 65.5 million euros (previous year: 30 million euros).

The high level of demand also promises a positive development for the subsequent quarters. Order intake, at 269.6 million euros, was up 90.9 percent on the previous year, and orders on hand, at 239.3 million euros, were at a record level (Dec. 31, 2020: 179.1 million euros).

"Recovery in the automotive industry felt"

In the Light & Production division, a recovery was felt in the automotive industry, particularly in the 2nd quarter. However, the effects of the Covid 19 pandemic have not yet been fully overcome due to the lower order backlog at the beginning of the year. Overall, sales at the end of June were 7.5 percent higher than a year earlier at 78 million euros. While Laser Processing and Industrial Metrology grew, Automation & Integration was roughly at the previous year's level due to project postponements.

EBITDA increased to 3.7 million euros (previous year: -4.4 million euros). Among other things, effects in connection with the restructuring and cost-cutting measures taken in the previous year contributed to this. The improved mood in the automotive industry was reflected in the sharp rise in incoming orders. This increased by 73 percent to 109.6 million euros (previous year: 63.3 million euros). At 106.1 million euros, the order backlog at the end of June was also substantially higher than the 74.7 million euros as of December 31, 2020.

Outlook for full year 2021 significantly increased

Based on the very good operating development in the 2nd quarter 2021 and the expected strong development in the 2nd half of the year, the company significantly increased its full-year forecast in July: Jenoptik therefore expects sales of between 880 and 900 million euros for the 2021 fiscal year. Previously, the company assumed a sales increase in the low double-digit percentage range, starting from 767.2 million euros in sales in 2020. The EBITDA margin is expected to be between 19.0 and 19.5 percent instead of the previously expected 16 to 17 percent. In the previous year, this key figure was 14.6 percent.