Jenoptik Accomplishes Predicted Revenue Figures with Outstanding Profitability In 2020

Posted Feb 17, 2021

Jenoptik achieved its forecast revenue figures and significantly exceeded its profitability target. According to the preliminary figures, group revenue in the past fiscal year reached around 767 million euros, approximately 28 million euros of which were contributed by TRIOPTICS. Despite a challenging market environment, this solid performance was mainly driven by sustained strong demand from the semiconductor equipment industry and the acquisition of TRIOPTICS. In addition, largely stable capital spending by public sector customers ensured good business performance in the Light & Safety division.

Adjusted EBITDA came to approximately 135 million euros, with a respective EBITDA margin of around 17.6 percent, compared to 16.5 percent in the prior year. In the 2020 fiscal year, adjustments totaling around 19 million euros, based on preliminary figures, were made for structural and portfolio measures. EBITDA of around 112 million euros was approximately 16 percent down on the prior year, equating to an EBITDA margin of around 14.6 percent.

President & CEO Dr Stefan Traeger said that in a challenging macroeconomic environment, they not only met their targets but also significantly exceeded them, in particular with regard to profitability. Especially their photonics divisions Light & Optics and Light & Safety, as well as TRIOPTICS, which they acquired in 2020, contributed to this success. Their strategy of focusing more strongly on the photonics markets, their initiatives for more innovation, and their increasing international reach are all paying off and prove that they are on track for sustainable and profitable growth.

Good Order Intake Development in the Fourth Quarter

In the fourth quarter, the company saw a significant increase in order intake compared to the prior quarters of 2020, to approximately 228 million euros, which was primarily attributable to the positive contribution by TRIOPTICS but also to the good demand in the semiconductor equipment market. In total, the Group received orders worth almost 740 million euros in the past fiscal year. In 2020, Jenoptik succeeded in establishing a broader system offering and winning both international projects and new customers. However, demand varied considerably by market and division as a result of the COVID-19 pandemic. While the Light & Optics division increased its order intake, the other three divisions received fewer new orders than in the prior year, due both to the pandemic and project-related business. The order backlog is expected to have reached around 460 million euros and was almost at the same good level as in the prior year.

Strong Free Cash Flow

Based on preliminary figures, the free cash flow came to around 62 million euros. Adjusted for the cash impacts of structural and portfolio measures, the adjusted free cash flow, at around 67 million euros, was lower than in the prior year. CFO Hans-Dieter Schumacher exclaimed that despite the challenging market environment, they not only succeeded in further improving their profitability; they also secured Jenoptik’s liquidity, thus creating a good basis for further investment in the company’s future growth.

Jenoptik Expecting Further Growth in 2021

On the basis of encouraging order intake development in the fourth quarter of 2020 and the order backlog on hand, a well-filled project pipeline, and continued promising development of the semiconductor equipment business, the JENOPTIK AG Executive Board takes a positive view and expects further growth in the current fiscal year. In addition to organic growth in the divisions, TRIOPTICS, which will be consolidated for the full year for the first time, will also make a significant contribution to growth.

The final figures and the 2020 Annual Report will be published on March 25, 2021.