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JENOPTIK AG: Results of the first half year 1999

  • In comparison, Group sales rose by 23.4 percent.
  • Order intake increased by six percent, order backlog slightly below the level of the previous year.
  • Result of Clean Systems still in the red due to losses of Infab and accounting reasons. Substantial improvement in sales and results in the second half of the year.
  • Results of Photonics in the first half of 1999 still being affected by losses and restructuring in Production Automation. Also marked improvement in the results during the second half of the year.
  • Asset Management business division successfully floats two companies on the New Market. Additional IPO's are projected.
  • The Jenoptik Group is consistently disposing of loss makers and concentrating on the core areas Clean Systems and Photonics.
  • Forecasts for the 1999 fiscal year made so far are adjusted slightly upwards, net income will be above the previous year's level.
 (Group figures in TDM)
1st half 99
1st half 98
 Sales  1,282,246  1,038,994
 Order backlog (30.6.)
 3,028,359  3,189,703
 Earnings before interest and tax
 -18,657  -9,704
 Net loss
 -42,925  -45,963
 Employees (30.6.)
 8,593  8,496

The Jenoptik technology group has increased sales in the first six months of 1999 by 23.4 percent. Sales rose to DM 1,282 million compared with DM 1,038 million in the first half of 1998.

The result in the first half of 1999 is still being influenced by losses at Jenoptik Automatisierungstechnik from the Photonics business division and at Jenoptik Infab from the Clean Systems business division. The financial effects of the restructuring of the Jenoptik Group, announced in July, which will involve not only the entire Telecommunications business division but these two companies in particular will only become noticeable during the second half of 1999. The Group restructuring is proceeding according to plan and will be completed by the end of the year.

Improvement in the half-year net loss at the end of June 1999 over 1998.

Jenoptik reported a negative half-year result - as in the previous year. The Group points out that the sales and earnings development is heavily dependent upon the accounting periods in facility engineering which are contractually stipulated. Accordingly, key services provided by the Jenoptik companies will not be invoiced and recorded as sales and earnings until the end of the year.

This means that the Group figures for the first half-year cannot be projected for the whole year. The net loss on June 30 totalled DM 42.9 million increasing by 6.6 percent over the previous year (1998: DM 45.9 million). The negative earnings before interest and tax at minus DM 18.6 million were higher than in the previous year (minus DM 9.7 million).

The order intake, crucially important to the continued development of the whole Group, rose in the first half of the year. It increased by six percent to DM 2,160 million.

The Clean Systems increases sales by 63.7 percent – result will be substantially improved by the year end.

In the first half of 1999 the Clean Systems business division reported a further increase in sales. They rose to DM 812.8 million and were therefore 63.7 percent up by comparison with the previous year (DM 496.5 million). The order intake rose to DM 1,585 million. This is a signs of a slight recovery in the semiconductor sector. As in previous years, the Clean Systems business division reported a negative result for accounting reasons at the end of June 1999.

Restructuring program in the Telecommunications business division showing positive effects.

Sales of the Telecommunications business division rose by 2.4 percent to DM 294.3 million (previous year: DM 287.3 million). The order intake rose by 7.8 percent to DM 313 million (previous year: DM 290.2 million).

The earnings before interest and tax of the Telecommunications business division showed a marked improvement over the previous year. After showing figures of minus DM 11.1 million on June 30, 1998 the business division reported with DM 2.7 million a return to profit at the end of the first half of 1999.

Photonics business division continues its dynamic growth.

The Photonics business division reported a slight fall in sales over the previous year, this will be retrieved by the end of the year. Sales at end of June were DM 130.1 million compared with DM 141.4 million in the first half of 1998. The trend in order backlog (plus 20.5 percent) and order intake (plus 9.1 percent) was very positive. Losses and the restructuring in the Production Automation business field caused a negative result of minus DM 4.7 million (previous year: DM 3.24 million) in the Photonics business division at the end of June 1999. There will however be a clear improvement in the result during the second half of the year.

Successful IPOs and excellent half-year result in the Asset Management business division.

The first successful IPOs in the Venture Capital business field enabled the Asset Management business division to once again report excellent half-year results, even though these did not reach the previous years level as had been repeatedly forecast. The main contributions to these results came from the successful floatations of the shareholdings I-D Media AG and TePla AG.

By contrast, as anticipated, there was a marked fall in the result of the Real Estate business field since no further real estate had been sold.

Slight upward adjustment in the forecast net income.

The 1999 overall sales will not reach the scale of 1998 (DM 3,125.3 million) as a result of the restructuring of the Jenoptik Group. Through the de-consolidation of KRONE AG, JENOPTIK INFAB GmbH and parts of JENOPTIK Automatisierungstechnik GmbH sales will be approximately M 390 million below the figure for the previous year.

The Clean Systems business division – as is typical in the facility engineering sector – will substantially improve its full year results during the second half-year. Jenoptik expects a record order intake in the Clean Systems business division by the end of the year.

The Photonics business division will achieve growth in results in the 1999 financial year. The impetus for new growth will come primarily from the Electro-Optics business field.

As anticipated, the Asset Management business division will not repeat the high level of results achieved in the previous year. Nevertheless, the business division will post a good result thanks to the IPOs of shareholdings planned during the second half-year.

In general, Jenoptik's executive board expects that the positive trend in sales and order intake by the Clean Systems and Photonics divisions will also continue during the second half-year. The executive board has adjusted slightly upwards the forecast made so far that the Group will achieve a stable net income at the same level as last year.

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