JENOPTIK AG JENOPTIK AG - Fiscal year 2023
Dr. Stefan Traeger I Dr. Prisca Havranek-Kosicek | March 27, 2024
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Disclaimer
This presentation 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, geopolitical conflicts, pandemic diseases, changes in currency exchange rates and interest rates, energy supply, 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 this document in the light of future developments.
Highlights 2023
Highlights 2023
− Megatrends relevant for Jenoptik remain intact
− Overall macro-economic environment has deteriorated
− Continued robust demand in the semiconductor equipment and some biophotonic areas
− Focus on output optimization and capacity expansion
− New medical technology site opened in Berlin in June
− Construction of new fab in Dresden is progressing according to schedule
− Positive business development in fiscal year 2023
▪ Substantial increase in revenue and EBITDA
▪ Order backlog remained at high level
▪ Book-to-bill >1
▪ Leverage substantially improved
Fiscal year 2023 Group
Order intake remained at a robust level, continued high level of order backlog
Order intake in MEUR
Order backlog in MEUR
1200
900
600
300
0
2022
800
2023
600
400
200
0
Dec 31, 2022
Dec 31, 2023
− Overall robust order intake dynamics, yet very high prior-year level not reached
− All segments reported lower order intake than in prior year
− Book-to-bill ratio 1.02 (prior year 1.21)
− Modest order backlog growth despite strong revenue increase
− Substantial increase at Non-Photonic Portfolio Companies, Advanced Photonic Solutions at high prior-year level, backlog of Smart Mobility Solutions down year-on-year
− ~87% to be converted to revenue in 2024 (prior year ~83%)
EBITDA with stronger increase than revenue
Revenue in MEUR
EBITDA in MEUR
1200
900
600
300
0
2022
2023
250
200
150
100
50
0
2022
2023
− | Revenue growth mainly driven by Advanced Photonic Solutions | − EBITDA margin up substantially to 19.7% (prior year 18.8%) |
− | Smart Mobility Solutions und Non-Photonic Portfolio Companies | |
− Good operational performance of Advanced Photonic Solutions | ||
also contributed to growth | ||
division and Non-Photonic Portfolio Companies |
Revenue growth in particular in Germany and Europe
Revenue by region
in MEUR
Europe (without Germany)
GermanyAmericasAsia / PacificMiddle East /
Africa
Europe (without Germany)
− Foreign revenue of 74.5% (prior year 76.7%)
2023 2022
+15.0%
Middle East / AfricaAmericasGermany
− Strongest growth in Germany - due to Advanced Photonic Solutions and Non-Photonic Portfolio Companies
− Top 7 customers accounted for ~43% of revenue
Revenue by region
Asia / Pacific
Earnings per share increased by around 32%
2022
980.7
35.3%
227.6
−16.1
184.1
101.9
−6.0
96.0
57.0 −6.8
0.96
− Gross margin mainly affected by higher material and personnel costs
− Functional cost ratio of 21.6% (prior year 23.2%)
− Other operating result includes impairments of 12.7 million euros relating to Non-Photonic Portfolio Companies
(prior year 13.9 million euros (mainly Interob))
− EBIT margin grew to 11.9% (prior year 10.4%)
− Financial result impacted by higher interest rates
− Tax rate 33.7% (prior year 33.5%), affected by non-tax-effective impairments
▪ Cash-effective tax rate of 19.5% (prior year 20.8%)
− ROCE improved to 9.6% (prior year 7.9%)
Strong cash flow; key financial and balance sheet ratios substantially improved
2022 Change in %
157.5
−77.9
82.7
60.8% 44.9%
54.2% 50.4%
− Cash flows from operating activities mainly driven by higher earnings
23.0
14.8
53.9
n.a.
n.a.
− Free cash flow benefited from sale of real estate assets within Non-Photonic Portfolio Companies
− Working capital ratio improved to 28.6% due to higher revenue (31.12.22: 29.3%)
− Capital expenditure increased to 110.4 million euros (prior year 106.0 million euros)
main investments: construction of the fab in Dresden, new location of medical business in Berlin, technical equipment
− Net debt at 423.1 million euros (31.12.22: 479.0 million euros)
− Leverage (net debt to EBITDA): 2.0 (31.12.22: 2.6)
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Jenoptik AG published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 March 2024 06:40:22 UTC.
