Result below the figure for the previous year
Result below the figure for the previous year due to non-operational effects in both half years and following a weak 1st half year in the Sensors division
Sales of the Jenoptik Group increased by 12.8 percent in the 1st half year 2007 to 253.7 million euros (prev. year 224.9 million euros). The Group EBIT, at 13.1 million euros was 3.0 million euros lower than in the comparison period (prev. year 16.1 million euros), primarily attributable to positive effects from real estate in the sum of nearly 2 million euros in the previous year and one-off negative effects on the result totaling 1.8 million euros in the 1st half year 2007. By contrast,
the EBIT of the three operating divisions reached 17.1 million euros and was therefore at almost the same level as in the previous year (prev. year 18.3 million euros). There were however clear shifts between the divisions: for example, the Laser & Optics division increased its EBIT by 55 percent to 11.6 million euros (prev. year 7.5 million euros) and consequently at a markedly disproportionately high rate compared with the growth in sales which totaled 14.6 percent. The EBIT posted by the Sensors division, at 3.2 million euros, was clearly down on the figure for the previous year (prev. year 9.2 million euros). This result was burdened in particular by a weak 1st half year in the traffic safety technology area where virtually no major international orders were awarded in the first half 2007. The unit is simultaneously investing heavily in developing the North American market. The integration of Hommelwerke and the French company Etamic is also proceeding worldwide.
Earnings after tax totaled 0.6 million euros (prev. year 10.5 million euros). The main reason for the fall - in addition to the lower Group EBIT- was the interest result, which, as anticipated, is burdened by the high-yield bond for the last time in 2007. Interest expenses in the sum of 13.6 million euros similar to the previous year (prev. year 14.2 million euros) were offset by a markedly lower interest income of 3.6 million euros (prev. year 8.8 million euros) as Jenoptik posted one-off interest income in the previous year in connection with the sale of M+W Zander..Sales of the Jenoptik Group in the full year 2007 are forecast to come in at between 510 and 535 million euros and in the year 2008 to exceed the 550 million euro mark. In the event of a marked pick-up in the market for traffic safety technology, a continuation of the very good trend in the Laser & Optics division and stable Mechatronics business which is expected to achieve significant contributions towards sales and earnings in the 4th quarter as it has in previous years, it is possible that the shortfall in earnings from the Sensors division could be partially offset but probably not compensated for. Therefore, despite the fact that the Laser & Optics division will probably overfulfill our expectations and a stable situation in the Mechatronics divisions and the production measurement technology the Group operating result might not completely meet the original expectations and come in at 32 to 36 million euros due to the shortfall in earnings of
the traffic safety technology area. In addition to the operating earnings contribution higher special effects are expected in the second half of the year, only some of which will impact on the EBIT. If the balance of these effects will be slightly positive or negative can still not be forecast at present.
These effects on the Group EBIT might e.g. stem from the Group’s continuing process of focusing, from the early repayment of the fixed interest-bearing bond as well as from the reform of taxation. In total, Jenoptik expects that the EBIT range of 38 to 42 million euros as stated in the Annual Report can be achieved, provided that the balance of the special effects is slightly positive.
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