Jenoptik expecting further growth in 2021

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 (including TRIOPTICS/excluding PPA of around EUR 4.6 million) came to approximately EUR 135 million (prior year: adjusted EUR 138.0 million), with a respective EBITDA margin of around 17.6%, compared to 16.5% in the prior year. In the 2020 fiscal year, adjustments totaling around EUR 19 million, based on preliminary figures, were made for structural and portfolio measures. EBITDA of around EUR 112 million was approximately 16% down on the prior year (prior year: EUR 134.0 million), equating to an EBITDA margin of around 14.6% (prior year: 15.7%). “In a challenging macroeconomic environment, we not only met our targets; we also significantly exceeded them, in particular with regard to profitability. Especially our photonics divisions Light & Optics and Light & Safety, as well as TRIOPTICS, which we acquired in 2020, contributed to this success. Our strategy of focusing more strongly on the photonics markets, our initiatives for more innovation, and our increasing international reach are all paying off and prove that we are on track for sustainable and profitable growth,” said President & CEO Dr. Stefan Traeger in a press release. Good order intake development in fourth quarter In the fourth quarter, the company saw a significant increase in order intake compared to the prior quarters of 2020, to approximately EUR 228 million, 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 EUR 740 million in the past fiscal year (adjusted around 6.7% down on the prior year). In 2020, Jenoptik succeeded in establishing a broader systems 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 EUR 460 million, and was almost at the same good level as in the prior year (prior year: adjusted EUR 464.7 million). Strong free cash flow Based on preliminary figures, the free cash flow came to around EUR 62 million (prior year: EUR 77.2 million). Adjusted for the cash impacts of structural and portfolio measures, the adjusted free cash flow, at around EUR 67 million, was lower than in the prior year (prior year: EUR 79.3 million). “Despite the challenging market environment, we not only succeeded in further improving our profitability; we also secured Jenoptik’s liquidity, thus creating a good basis for further investment in the company’s future growth,” said CFO Hans-Dieter Schumacher. 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.