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Jenoptik remains on course for success after nine months

The Jenoptik Group remained on its course for success in the first nine months of the year.

  • Forecast for 2013 confirmed
  • Sales above level of previous year in first nine months, despite challenging economic conditions
  • Metrology segment remains strong
  • EBIT below previous year, as expected, but positive development in the course of the year
“We are reaping the rewards of our clear strategic focus: further internationalization, improvement of internal cost structures and processes and the targeted development of projects with key customers. We are on the right path and absolutely sure that we will reach our targets for the overall year 2013,” says Jenoptik CEO Dr. Michael Mertin.

Group sales above level of previous year. Positive development of results in the course of the year.

Despite a challenging economic environment, the Jenoptik Group generated sales of 432.5 million euros in the first nine months of 2013, above the already strong figure of 423.1 million euros in the previous year. The Metrology segment showed particularly strong growth with a year-on-year rise in sales of 12.6 percent. Around 64 percent of consolidated sales was generated abroad (prev. year 64.5 percent).

The result in the period covered by the report was influenced by prepayments affected in the implementation of the Jenoptik Group’s growth strategy; these, in particular, include expenses relating to the expansion of the international sales structures and R&D activities, and for advancing Group development projects. At 37.5 million euros, the Group operating result (EBIT) as expected remained below the level of the previous year (prev. year 42.1 million euros) despite a good gross margin. The EBIT margin in the first nine months of 2013 was 8.7 percent (prev. year 10.0 percent).

Quarter-on-quarter, the positive development of EBIT and EBIT margin continued. At 14.0 million euros, a higher EBIT was achieved in the 3rd quarter of 2013 than in the previous two quarters (Q2 2013: 12.9 million euros; Q1 2013: 10.6 million euros).

Earnings after tax came in at 28.5 million euros (prev. year 31.4 million euros).

In the first nine months of 2013, Jenoptik saw an order intake in the value of 415.4 million euros, and thus below the level of the previous year (prev. year 437.1 million euros) and of sales in the period. The figure for the previous year, however, included major orders in the Metrology and Lasers & Optical Systems segments. In October 2013, Jenoptik received a new major order for traffic safety technology in Australia, which is not included in the order intake for the period covered by the report.

At 430.2 million euros, the Group’s order backlog was therefore below the high level at the end of 2012 (31.12.2012: 446.8 million euros).

As at September 30, 2013, the Jenoptik Group had 3,424 employees (31.12.2012: 3,272 employees). The number of employees thus increased by 4.6 percent, mainly due to the initial consolidation of foreign subsidiaries (41 employees). Around 14 percent of the workforce was employed abroad.

Equity base boosted.

At 15.1 million euros, the Jenoptik Group again generated a positive cash flow from operating activities in the double digit million euro range (prev. year 38.0 million euros). As at September 30, 2013, net debt increased as expected to 82.0 million euros (31.12.2012: 74.6 million euros). The increase was primarily the result of the dividend distribution of 10.3 million euros in June, the increase in working capital, partially in preparation for new customer projects, and payments for ongoing Group development projects.

The profit generated in the first nine months of 2013 led to an increase in shareholders’ equity of almost 6 percent, to 348.8 percent (31.12.2012: 330.3 million euros).

“We are confident of our ability to further improve our key indicators on the basis of a solid fourth quarter. The on-schedule progress of our internal Group development programs will make a significant contribution to achieve this,” says CFO Rüdiger Andreas Günther.

Development of the three segments: Metrology remains strong.

In the first nine months of 2013 the course of business in the Lasers & Optical Systems segment was characterized by a continued reticence to invest in some areas. At 160.4 million euros, sales were just below the very high level in the same period of the previous year which was strong particularly in the semiconductor sector (prev. year 161.7 million euros). The segment EBIT fell from 24.2 million euros in the previous year to 16.8 million euros; determinants included a changed product mix, the planned rise in expenses for research and development and the expansion of international distribution. At 165.1 million euros, the order intake was slightly below the 167.2 million euros achieved in the previous year but above the level of sales in the period covered by the report. As at the end of September 2013, the segment’s order backlog was 108.8 million euros, 3.4 percent above the figure at the end of 2012.

In the first nine months of 2013, the Metrology segment again showed a very positive development and posted a rise in sales and earnings compared to the same period in the previous year. Sales rose by 12.6 percent to 140.8 million euros (prev. year 125.0 million euros). The main contributor to this rise was the Traffic Solutions division. The segment’s EBIT showed a sharp year-on-year rise of 27.6 percent to 17.2 million euros (prev. year 13.5 million euros). At 125.1 million euros, the order intake was 20.8 percent down on the same period in the previous year (prev. year 158.0 million euros), this figure, however, had included the major orders for traffic safety systems from Malaysia and Oman. In October 2013, Jenoptik received a major order for traffic safety technology in Australia. At 72.8 million euros, the order backlog was below the figure for the end of 2012 (31.12.2012: 87.4 million euros).

The Defense & Civil Systems segment generated 128.6 million euros in sales and was slightly down on the figure for the previous year (prev. year 133.0 million euros). The segment EBIT was 6.6 million euros and thus 13.7 percent below the figure for the previous year (prev. year 7.6 million euros), in part due to higher costs for research and development and the expansion of sales. At 124.2 million euros, the order intake was significantly above the level of the previous year (prev. year 109.0 million euros). The order backlog reduced slightly to 251.9 million euros (31.12.2012: 255.8 million euros).

Jenoptik confirms forecast for the full year 2013.

For the 2013 fiscal year, Jenoptik is still expecting slight growth in sales of up to 5 percent compared with 2012. Depending on the course of the semiconductor cycle and the development in demand from the automotive industry in the remaining weeks of 2013, the Group EBIT is expected to come in at between 50 and 55 million euros. In addition, costs for Group development projects such as JOE and Go Lean in the mid-single figure million euros range will affect the EBIT.

The full nine-month report is available on the internet in the Investor Relations section. Visuals can be found in our image database at Pictures 2013 / Interim Financial Report 2013.

This press release may contain statements relating to the future which are based on current assumptions and forecasts made by the corporate management of the Jenoptik Group. Various known and unknown risks, uncertainties and other factors may result in major discrepancies between the actual results, financial position, development or performance of the company and the assessment presented here. Such factors may include exchange-rate swings, interest rate changes, the launch of competitor products or alterations to the corporate strategy. The company shall accept no obligation to update such future projections or adapt them to future events or developments.