Quarterly Statement (January 1 - September 30, 2021) (PDF | 0,60 MB)

Quarterly Statement of the Jenoptik Group

January to September 2021

Jenoptik Group

At a glance - Jenoptik Group

		Jan. - Sept. 2021		Jan. - Sept. 2020	Change in %	July - Sept. 2021		July - Sept. 2020	Change in %
Order intake (in million euros)	761.0		510.9	49.0	252.7	177.0	42.8
Light & Optics	436.1		217.3	100.7	166.5	76.1		118.8
Light & Production	143.6		119.0	20.7	34.0	55.7		- 38.9
Light & Safety	86.7		66.1	31.1	22.1	24.3		- 9.0
VINCORION	91.5		105.2	- 13.1	28.0	20.9		33.8
Other¹	3.2		3.3			2.1	0.0
Revenue (in million euros)	609.2			20.6	220.0	176.1	24.9
	505.0
Light & Optics	324.3		212.5	52.6	117.0	73.1		60.2
Light & Production	121.3		116.3	4.3	43.2	43.6		- 1.0
Light & Safety	72.3		82.1	- 11.9	29.5	26.3		12.2
VINCORION	89.8		91.0	- 1.4	29.7	32.3		- 7.8
Other¹	1.5					0.4	0.8
	3.1
EBITDA (in million euros)	121.2		66.6	81.9	47.5	28.8	65.1
Light & Optics	97.9		46.2	111.8	32.3	16.2		99.5
Light & Production	12.6		4.6	174.2	9.0	9.0		- 0.8
Light & Safety	8.6			- 36.1	5.3	2.9		81.9
	13.5
VINCORION	10.5		6.9	52.4	4.1	2.7		50.9
Other¹		- 8.4		- 4.5			- 3.2		- 2.1
EBITDA margin	19.9%		13.2%			21.6%	16.4%
Light & Optics²	30.1%		21.6%			27.5%	22.1%
Light & Production²	10.4%		4.0%			20.7%	20.7%
Light & Safety²	11.9%		16.5%			17.9%	11.0%
VINCORION²	11.6%		7.5%			13.8%	8.5%
EBIT (in million euros)	80.5		32.7	146.4	34.2	17.1	100.3
EBIT margin	13.2%		6.5%			15.6%	9.7%
Earnings after tax (in million euros)	66.2		24.4	171.1	28.5	13.9	105.4
Earnings per share (in euros)	1.12		0.43	163.8	0.47	0.24	95.7
Free cash flow (in million euros)	17.7		13.4	31.9	6.2		- 2.6	n/a
Cash conversion rate	14.6%		20.1%			13.0%	< 0

		Sept. 30, 2021		Dec. 31, 2020	Sept. 30, 2020
Order backlog (in million euros)		616.8	460.1	496.7
Light & Optics		288.0	179.1	163.0
Light & Production		96.0		74.7	99.7
Light & Safety		61.4		46.0	51.6
VINCORION		169.7	160.3	182.2
Other¹		1.6		0.0	0.1
Frame contracts (in million euros)		65.6		42.3	49.9
Employees (head count and incl. trainees)		4,316	4,472	4,433
Light & Optics		1,942		1,845	1,796
Light & Production				1,040	1,050
	869
Light & Safety		496		489	486
VINCORION		723		775	788
Other¹		286	323	313

• Other includes Corporate Center (holding, shared services, real estate) and consolidation. ² Based on total revenue

Please note that there may be rounding differences in this statement compared to the mathematically exact amounts (currency units, percentages)

OTTO Vision Technology GmbH (OTTO) has been part of the Light & Optics division since January 1, 2021. In the prior year the company was part of the Light & Production division. For this reason, the figures reported here for the comparative periods differ from the figures in the respective prior-year reports.

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Quarterly Statement January to September 2021

Summary of Business Performance, January to September 2021

• Jenoptik posted another record EBITDA in the first nine months of 2021, together with a strong order
  intake­ and revenue.
• Strong order intake: From January through September 2021, the Jenoptik Group's order intake increased to
  761.0 million euros, a considerable improvement on the prior-year figure of 510.9 million euros. The order backlog grew to a value of 616.8 million euros (31/12/2020: 460.1 million euros).

See Earnings Position - page 8

• Revenue up on prior year: Over the reporting period, revenue of 609.2 million euros was 20.6 percent
  higher­ than in the prior-year period (prior year: 505.0 million euros), particularly due to the contribution made by the Light & Optics division.
  See Earnings Position - page 6
• High profitability: EBITDA increased to 121.2 million euros (prior year: 66.6 million euros), assisted by strong operating performance and positive one-off effects in connection with the acquisitions made in 2020. The EBIT margin accordingly saw a sharp rise, to 19.9 percent (prior year: 13.2 percent).
  See Earnings Position - page 7
• Financial power further boosted: Debenture bonds worth 400 million euros were successfully placed. Free
  cash flow improved to 17.7 million euros (prior year: 13.4 million euros). The balance sheet and financing structure remained highly robust. At 46.0 percent, the equity ratio was down on the figure of 51.5 percent at the end of 2020.
  See Financial and Asset Position - page 9
• Division highlights
  Light & Optics: Order intake significantly up on prior year at 436.1 million euros; all areas, including TRIOPTICS for the first time, contributed to a sharp rise in revenue; high profitability thanks to strong oper­ ating performance and one-off effect in connection with the acquisition of TRIOPTICS; EBITDA margin at

30.1 percent (prior year: 21.6 percent); sharp rise in free cash flow.

Light & Production: Order intake strongly up on prior-year period; revenue up on prior year; restructuring measures contributed to improved profitability; earnings up on prior year.

Light & Safety: Order intake up on prior-year period, resulting in appreciable increase in order backlog;

­revenue and earnings sharply down on prior year due to project-based business; reduction attributable to pandemic-related delays in deliveries of electronic components, especially in the first half-year, and later ­placement of orders.

VINCORION: Project postponements resulted in significant reduction in order intake; revenue at approximately prior-year level; earnings up on prior year.

See Segment Report - from page 12 on

• Guidance confirmed: For the 2021 fiscal year, the Executive Board is forecasting revenue of between 880 and 900 million euros and an EBITDA margin of between 19.0 and 19.5 percent.
  See Forecast Report - page 18

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Jenoptik Group

Business and Framework Conditions

Group Structure and Business Activity

Jenoptik is a global photonics group and a supplier of high-­ quality and innovative capital goods. The Group is thus primarily a technology partner to industrial companies. In the Light & Safety and VINCORION divisions, the company is also a supplier to the public sector, in part indirectly through system integrators.

Jenoptik provides the majority of its products and services to the photonics market. Our key markets primarily include the semiconductor equipment industry, the medical technology, consumer electronics and electronics production, automotive and mechanical engineering, traffic, aviation, and security and defense technology industries.

The Jenoptik Group operates in the three following photonics divisions:

• Light & Optics
• Light & Production
• Light & Safety

In addition, its mechatronic activities are managed under the VINCORION brand.

The three photonics divisions build on extensive expertise in optics, sensors, imaging, robotics, data analysis, and human-­ machine interfaces.

This organizational structure enables a good market and customer-driven approach to doing business. Business operations have been consolidated according to a common understanding of markets and customers based on the same business models. This helps to increase the reach of our products and solutions and opens up improved growth opportunities.

More information on the Group structure and business activity can be found in the 2020 Annual Report, from page 78 on.

Purchases and sales of companies

As it continues to focus its business on photonic applications, Jenoptik concluded an agreement on the sale of its crystal growth business to Hellma Materials in early July 2021. The closing date was August 31, 2021.

Also in July 2021, Jenoptik reported the sale of its non-optical process metrology business for grinding machines to Marposs, allowing it to sharpen its focus on those areas of metrology in which the Group is well positioned on the global market. The closing date was July 30, 2021.

There were no other purchases or sales of companies in the first nine months of 2021.

In October 2021, Jenoptik signed an agreement to acquire Berliner Glas Medical and the SwissOptic companies. In addition to accelerating growth and sharpening Jenoptik's focus on photonics, the acquisition will enable the Group to expand its global presence in attractive markets, particularly in the ­semi­conductor industry and medical technology, as well as boost its product and technology portfolio (more information on the acquisition can be found in the Segment Report, page 13).

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Quarterly Statement January to September 2021

Targets and Strategies

At the heart of our strategy and future development is a concentration on photonic technologies for high-growth markets. Over the coming years, Jenoptik aims to push on with its plan to become a global, streamlined photonics company. Our main aim is to target markets where technological expertise justifies a price premium. Our solutions contribute to increased efficiency and precision of our customers' products and pro­ cesses as well as to resource conservation and more sustaina- bility. A concentration on optics and photonic technologies is at the heart of our "Strategy 2022," and we are also focused on internationalization and innovation. By 2022, we want to increase our R+D output, including developments on behalf of customers, to around 10 percent of revenue. Diversity and international mindedness will also mark out Jenoptik more strongly than ever before.

In order to implement the growth strategy, we

• are focusing on our core areas of expertise in the field of photonics and optics,
• are actively managing our portfolio with a view to addi­ tional­
  purchases as well as transformational acquisitions­ and selective divestments,
• are continuing to work on further internationalization in conjunction with greater vertical integration and customer proximity in our growth regions,
• want to drive innovation even more strongly and be an
  innovation­ leader in our markets,
• are ensuring greater sustainability and resource conserva- tion, as well as helping to achieve global sustainability
  targets,­ with our photonic products and solutions,
• are expanding our system and application expertise and
  developing­ as a solutions provider,
• are continuing to steadily strengthen our financial resources, and
• are promoting an active cultural change within the company.

For more information on the strategic trajectory of the Jenoptik Group, we refer to the 2020 Annual Report and the details given in the "Targets and Strategies" chapter from page 84 on, as well as on the Jenoptik website.

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