Nine-months results 2005
Operating business of the Jenoptik Group on a comparable basis at last year's level. Jenoptik Group achieved sales of 1,360.7m euros and a result from operating activities of 28.2m euros as at September 30, 2005.
For the first nine months of 2005, from the operating side, the Jenoptik Group reported business on a comparable basis at approx. the same level as in the previous year. In addition to the deconsolidation of M+W Zander Gebäudetechnik GmbH at the end of 2004 the result was influenced one-off effects, especially that of the comparison period 2004.
Sales of the Jenoptik Group as at September 30, 2005, at 1,360.7m euros, were below the high level achieved in the previous year (prev. year 1.665.0m euros). The fall is primarily attributable to the sales of M+W Zander Gebäudetechnik GmbH which are no longer included and which contributed around 250m euros to the previous year's figures. The result from operating activities in the first nine business months was 28.2m euros (prev. year 57.1m euros). Adjusted for one-off effects, the nine- month Group EBIT in 2005 was up on the figure in 2004 as a result of the increase in Photonics earnings as well as of the contribution towards the operating result by Gebäudetechnik, whose figures are no longer included. The main one-off effects in 2004 include, amongst other things, the income from the sale of the SC300 investment and in 2005 the one-off costs for the originally planned IPO of the M+W Zander Singapore subsidiary, already announced in the six-month report, in the sum of 5.2m euros. Reflecting positive effects in the net investment and interest income, the financial result improved to minus 24.5m euros (prev. year minus 34.3m euros). Earnings after tax, generated primarily abroad, totaled minus 2.2m euros (prev. year 14.3m euros).
The order intake in the first nine months of 2005 reached 1,609.2m euros (prev. year 1,988.3m euros). The previous year's figures included the orders from Gebäudetechnik in the sum of approx. 410m euros. After adjustment for this there was a slight increase in the order intake. The situation is similar when comparing the order backlog in the sum of 2,221.5m euros (prev. year 2,600.8m euros), with M+W Zander Gebäudetechnik contributing around 330m euros in the same last year. This also still included a large part of the major order of M+W Zander for the new AMD chip factory in Dresden, payment for which has since been settled. The shareholders' equity rose from 369.0m euros at the end of 2004 to 389.0m euros as at September 30 and also recorded a slight increase over this year's six-month report. The rise in the value of PVA TePla AG, in which Jenoptik has a minority stake, was one of the factors that had a positive effect.
The shareholders' equity ratio of the Jenoptik Group once again exceeded the 25 percent mark, at 25.8 percent (31.12.2004: 23.7 percent). Group current liabilities fell by 116.4m euros, attributable in the main to sales tax payments as well as to the fall in liabilities to suppliers. The rise in net liabilities from 238.8m euros at the end of 2004 to 360.4m euros as at September 30, 2005 resulted from the acquisition of the remaining 30.9 percent of the shares in M+W Zander D.I.B. Facility Management GmbH, as well as an increase in the working capital in both business divisions.
Outlook for the current fiscal year.
For fiscal year 2005 the Jenoptik Group aims to generate sales of between 1.9 and 2.1bn euros, repeating the same high level achieved in 2004, after adjustment for Gebäudetechnik. On the earnings side, the Group has a target operating EBIT of between 60 and 70m euros. Income and expenses arising from a possible sale of M+W Zander or from the restructuring costs associated with the sale, have, as one-off effects, not been included in the forecast operating results.
|Figures in million euros||9M/2005||9M/2004|
|Group operating result (EBIT)||28.2||57.1|
|Group earnings after tax||-2.2||14.3|
|Order intake - Group||1,609.2||1,988.3|
|Order backlog - Group||2,221.5||2,600.8|
|Employees as at 31.12. (incl. trainees)||9,894||10,639|
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