The photonics group Jenoptik continued its growth path in the first half of 2024 and increased sales by 7.1 percent to 540.8 million euros (previous 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 sales in the Americas and Asia/Pacific did not reach the previous year’s level. Overall, 70.7 percent of sales were generated abroad (previous year: 75.2 percent).
The Group’s EBITDA again grew faster than sales, mainly due to the very strong development of the Non-Photonic Portfolio Companies, but also due to a good performance of the Advanced Photonic Solutions division, and at EUR 101.4 million it was 10.7 percent higher than the previous year’s figure of EUR 91.6 million. The EBITDA margin was 18.8 percent (previous year: 18.1 percent). EBIT increased by 18.2 percent from EUR 53.9 million to EUR 63.7 million. The Group’s profit after tax was also significantly higher than the previous year’s figure of EUR 32.7 million at EUR 40.2 million; earnings per share were EUR 0.69 (previous year: EUR 0.56).
As expected, Jenoptik recorded a revival in demand in the second quarter, with order intake increasing by 7.0 percent year-on-year. However, order intake for the first half of the year was still slightly below the previous year’s figure of 546.9 million euros at 524.4 million euros. While demand in the semiconductor equipment business remained robust, it remained subdued in Optical Test & Measurement, some cyclical applications in Life Science & Medical Technology and the Non-Photonic Portfolio Companies, the latter due to project delays in the first quarter. The Group’s book-to-bill ratio was 0.97 (previous year: 1.08). The order backlog remained at a solid level at 734.1 million euros (December 31, 2023: 745.0 million euros).
In view of the strong medium-term growth potential in the three future markets of semiconductors & electronics, life sciences & medical technology and smart mobility, Jenoptik is continuing to expand its production capacities as planned, primarily by building a new plant in Dresden for the semiconductor equipment industry, but also by investing in machinery and equipment. Investments in the first half of the year amounted to 42.9 million euros, compared to 53.2 million euros in the same period last year.
Free cash flow before interest and taxes increased significantly in the first half of the year to 41.5 million euros (previous year: 26.1 million euros), mainly due to earnings. The cash conversion rate was 40.9 percent in the first six months of 2024, compared to 28.5 percent in the same period last year. With an equity ratio of 54.2 percent (December 31, 2023: 54.2 percent), net debt of 429.6 million euros (December 31, 2023: 423.1 million euros) and leverage (net debt in relation to EBITDA) of 2.0x (December 31, 2023: 2.0x), Jenoptik continues to have very solid financial and balance sheet figures.
Business development in the divisions
The Advanced Photonic Solutions division continued to develop positively. Sales rose by 8.2 percent from EUR 390.0 million to EUR 422.0 million. Business with the semiconductor equipment industry in particular grew significantly in the first six months of 2024. The division’s EBITDA margin was 20.3 percent, compared to 21.8 percent in the previous year. Order intake of EUR 415.8 million was slightly below the previous year’s figure of EUR 422.4 million. This decline is due to weaker demand in the Optical Test & Measurement area and in some life science and medical technology applications.
The Smart Mobility Solutions division generated sales of EUR 52.4 million in the first half of the year, which was below the strong previous year’s figure of EUR 54.7 million. EBITDA amounted to EUR 3.2 million (previous year: EUR 4.4 million). The division’s order intake, subject to the usual fluctuations in project business, was EUR 63.3 million (previous year: EUR 62.5 million).
Sales of the Non-Photonic Portfolio Companies rose significantly by 12.1 percent to EUR 65.3 million (previous year: EUR 58.2 million). Thanks to higher earnings contributions from Prodomax and HOMMEL ETAMIC, the EBITDA margin improved from 11.7 percent in the same period last year to 18.5 percent in the first six months of 2024. Order intake of EUR 44.2 million was particularly affected by project delays in the first quarter (previous year: EUR 59.7 million).
As part of the implementation of the Strategic Agenda 2025, the Board of Directors has decided to further develop HOMMEL ETAMIC internally. At Prodomax, the goal remains to sell the company within the current strategy period.
