The photonics group Jenoptik continued on its course of growth in the first half of 2024, with revenue up by 7.1 percent to 540.8 million euros (prior year: 504.9 million euros), driven by the Advanced Photonic Solutions division and the Non-Photonic Portfolio Companies. In Europe (including Germany), Jenoptik recorded significant growth of 18.9 percent, while revenue in the Americas and Asia/Pacific did not reach the prior year’s levels. Overall, 70.7 percent of revenue was generated abroad (prior year: 75.2 percent).
The Group’s EBITDA again grew faster than revenue, mainly due to the very strong development of the Non-Photonic Portfolio Companies, but also a good performance of the Advanced Photonic Solutions division, and at 101.4 million euros was 10.7 percent up on the prior-year figure of 91.6 million euros. The EBITDA margin was 18.8 percent (prior year: 18.1 percent). EBIT increased by 18.2 percent from 53.9 million euros to 63.7 million euros. At 40.2 million euros, group earnings after tax were also significantly higher than the prior year’s figure of 32.7 million euros; earnings per share amounted to 0.69 euros (prior year: 0.56 euros).
As expected, Jenoptik saw a pickup in demand in the second quarter with an increase in order intake of 7.0 percent year-over-year. However, the order intake for the first half-year, amounting to 524.4 million euros, was still slightly below the prior year’s 546.9 million euros. While demand in the semiconductor equipment business continued to be robust, it remained subdued in Optical Test & Measurement, some cyclical applications in life science & medical technology, and at the Non-Photonic Portfolio Companies, the latter due to project delays in the first quarter. The Group’s book-to-bill ratio came to 0.97 (prior year: 1.08). The order backlog of 734.1 million euros remained at a solid level (31/12/2023: 745.0 million euros).
In view of the strong medium-term growth potential in the three future markets of semiconductor & electronics, life science & medical technology, and smart mobility, Jenoptik is further expanding its production capacities as planned, mainly through the construction of a new factory in Dresden for the semiconductor equipment industry but also with capital expenditure in machinery and equipment. Investments in the first half-year amounted to 42.9 million euros, compared to 53.2 million euros in the same period last year.
he free cash flow before interest and taxes increased substantially to 41.5 million euros in the first half-year, primarily due to higher earnings (prior year: 26.1 million euros). In the first six months of 2024, the cash conversion rate came to 40.9 percent, compared with 28.5 percent in the prior-year period. With an equity ratio of 54.2 percent (31/12/2023: 54.2 percent), net debt of 429.6 million euros (31/12/2023: 423.1 million euros), and leverage (net debt in relation to EBITDA) of 2.0x (31/12/2023: 2.0x), Jenoptik continues to have very solid financial and balance sheet ratios.
Business performance in the divisions
The Advanced Photonic Solutions division continued its positive performance, with revenue increasing by 8.2 percent from 390.0 million euros to 422.0 million euros. In particular, business with the semiconductor equipment industry saw significant growth in the first six months of 2024. The division’s EBITDA margin was 20.3 percent, compared with 21.8 percent in the prior year. Order intake came in at 415.8 million euros, slightly down on the prior year’s 422.4 million euros, impacted by weaker demand in Optical Test & Measurement and some life science & medical technology applications.
In the first half-year, the Smart Mobility Solutions division posted revenue of 52.4 million euros, down from the strong prior year’s 54.7 million euros. EBITDA came to 3.2 million euros (prior year: 4.4 million euros). The division’s order intake, subject to typical project business fluctuations, amounted to 63.3 million euros (prior year: 62.5 million euros).
At 65.3 million euros, revenue of the Non-Photonic Portfolio Companies was a considerable 12.1 percent up (prior year: 58.2 million euros). Thanks to higher earnings contributions from both Prodomax and HOMMEL ETAMIC, the EBITDA margin improved from 11.7 percent in the prior-year period to 18.5 percent in the first six months of 2024. The order intake of 44.2 million euros was particularly impacted by project delays in the first quarter (prior year: 59.7 million euros).
Within the framework of executing the strategic Agenda 2025, the Executive Board has decided to further develop HOMMEL ETAMIC internally. Regarding Prodomax, the aim is still to sell the company within the current strategy period.
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