Jenoptik posted marked increase in sales and earnings in the first nine months 2011 / Order book situation remained positive / Forecast for 2011 raised

Group operating result for the full year 2011 now expected to be approx. 44 million euros, an increase of more than 50 percent. Sales are forecast to come in at around 525 million euros
(PresseBox) (Jena, ) The Jenoptik Group increased sales in the first nine months of the current fiscal year by 10.9 percent to 383.9 million euros (prev. year 346.2 million euros). This is primarily attributable to increased sales with the semiconductor and automotive industries. Foreign sales accounted for approx. 60 percent of total sales. The Jenoptik Group posted its strongest growth in Asia, with a 37 percent increase in sales to 38.3 million euros.

The group operating result (Group EBIT) came in at 34.9 million euros (prev. year 20.2 million euros), 72.8 percent up on the same period in the previous year and representing an EBIT margin of 9.1 percent. On a nine months basis, Jenoptik was thus able to more than compensate for the high EBIT which had been achieved, thanks in particular to the accounting of a major traffic safety order and the sale of shares in caverion GmbH, in the 3rd quarter 2010.

"We have achieved a marked increase in the quality of our earnings and demonstrated our ability to meet our profitability targets on a sustainable basis," said Jenoptik Chairman Michael Mertin. In addition to the growth in sales, improved cost structures in all individual areas, improved purchasing processes and the increase in capacity utilization all contributed to the growth in earnings. The Lasers & Optical Systems segment in particular made a positive contribution to the development of the results. Earnings before tax totaled 26.1 million euros compared with 11.3 million euros for the same period in the previous year, earnings after tax amounted to 21.4 million euros (prev. year 9.6 million euros) equating to an increase of 122.9 percent. Earnings per share improved accordingly from 0.17 for the period in the previous year, to 0.37 euros.

Order intake maintained at a high level. Jenoptik was awarded several major orders.

The Jenoptik Group posted a 25.0 percent increase in the order intake, or by 102.8 million euros in net terms, to 513.7 million euros compared with the level in the previous year (prev. year 410.9 million euros). As expected, order intakes from the semiconductor industry declined slightly. The Group offset this reduction through several major orders in the Defense & Civil Systems segment plus growth in the Metrology segment. The growth in order intake outpaced the increase in sales; the order backlog rose correspondingly by 34.3 percent or 121.8 million euros in net terms, to 477.2 million euros (31.12.2010: 355.4 million euros). The book-to-bill-ratio, the ratio of order intake to sales thus amounted to 1.34.

Capital expenditure for further growth initiated. Continuing positive cash flows and high shareholders' equity ratio.

In the 3rd quarter just past Jenoptik initiated major investments. The optimized production facilities were officially opened at the Altenstadt site (Bavaria), making allowance for the growth in the energy systems area of the Defense & Civil Systems segment. The segment received several major orders from the USA over recent months. The decision to invest in the expansion of the Berlin site in the Lasers & Optical Systems segment will significantly increase the capacities for the production of laser bars, the base material for high-power diode lasers. Production is expected to commence at the beginning of 2013.

In the first nine months of the current year Jenoptik increased its cash flow from operating activities to just under 40 million euros (prev. year 22.0 million euros) as a result of the marked improvement in the operational business. Net debt rose to 88.2 million euros as a result of the investments mentioned above and the expansion of business (31.12.2010: 79.3 million euros). The shareholders' equity ratio improved to 47.8 percent (31.12.2010: 44.9 percent).

Group financing restructured. Small rise in the number of employees.

In October 2011 Jenoptik successfully placed a promissory note in the sum of 90 million euros and in the current 4th quarter will be fully restructuring its entire financing. The volume was increased from originally 50 millions euros to 90 million euros thanks to the high demand. Jenoptik Chief Financial Officer Frank Einhellinger: "The high level of interest expressed by domestic and foreign investors showed that the market has great confidence in our company, both in terms of the operational business as well as from the financing side." The proceeds from the transaction will be used to repay guaranteed loans and replace other loans. "The basic financing of the operating business has been secured for the medium term and with our sound financial key indicators we will be able to continue pursuing our growth targets," said Jenoptik Chairman Michael Mertin.

The increase in sales was accompanied by a small rise in personnel numbers in the Jenoptik Group, with the number of employees worldwide totaling 3,039 at the end of September (31.12.2010: 2,951). As previously announced, the rate of increase in the number of employees was clearly underproportional to the growth in sales.

Information on the three segments.

The Lasers & Optical Systems segment again succeeded in increasing its sales and earnings compared with the previous year. Sales totaled 159.2 million euros (prev. year 137.3 million euros) representing a rise of 16.0 percent. This was primarily attributable to the Optical Systems division. The segment achieved approx. 70 percent of its sales abroad (prev. year approx. 70 percent). The result from operating activities (segment EBIT) was 24.8 million euros (prev. year 10.7 million euros), and more than doubled. The leap in earnings is attributable in particular to the Optical Systems division which posted high sales from the semiconductor industry. Improved production and cost structures throughout the segment contributed towards the result. At 166.9 million euros the order intake was only slightly below the high level achieved in the previous year (prev. year 173.9 million euros). The demand from the semiconductor industry weakened slightly, as had been forecast. By contrast there was a marked increase in demand for laser systems for various industries compared with the previous year. The segment's order backlog accordingly showed a small rise to 102.0 million euros (31.12.2010: 98.8 million euros).

The Metrology segment continued to benefit from the very good level of demand from the automotive industry. The segment achieved a 12.1 percent increase in sales to 93.5 million euros (prev. year 83.4 million euros), with the segment EBIT up by 59.0 percent to 6.2 million euros (prev. year 3.9 million euros). There was a strong improvement in the EBIT particularly in the Industrial Metrology division. The figures for sales and earnings do not yet include the major order worth more than 20 million euros which was awarded to the Traffic Solutions division by the Kingdom of Saudi Arabia in spring this year. The order intake of the Metrology segment totaled 132.5 million euros as against 104.4 million euros in the previous year. This corresponds to a rise of 26.9 percent, with both of the segment's divisions making a contribution. Accordingly, the order intake also significantly exceeded the volume of sales in the period covered by the report. This led to an increase in the order backlog from 45.1 million euros as at end 2010 to 81.6 million euros as at end September, equating to a rise of more than 80 percent.

The Defense & Civil Systems segment continued its stable performance and over the last three months in particular was awarded several major international orders that will support the business over the medium and long term. At the end of the 3rd quarter 2011, sales at 130.5 million euros were up 4.1 percent on the same period in the previous year (prev. year 125.4 million euros). The segment EBIT totaled 5.8 million euros, up slightly on the figure for the previous year (prev. year 5.4 million euros). The order intake recorded a sharp increase of 64.0 percent to 215.0 million euros (prev. year 131.1 million euros) and included several major orders, amongst others for the US American Patriot air defense missile system as well as for components and subsystems for the PUMA, the new armored fighting vehicle for the German Army. The growth in order intake was therefore at a markedly higher rate than that of sales, the order backlog as at September 30, 2011 increased by 39.4 percent to 296.3 million euros (31.12.2010: 212.6 million euros).

Outlook for 2011: Group EBIT for the full year 2011 is to exceed the figure of the previous year by more than 50 percent and come in at approx. 44 million euros.

"The first nine months of our fiscal year have been successful. In addition, in the 3rd quarter the economic environment had no significant impact on our business, apart from the anticipated return to the normal level of demand in our Optical Systems division," said Michael Mertin, summarizing the situation.

Jenoptik expects a continuation of the positive development in the operating business in the current 4th quarter, although the development of business in the Lasers & Optical Systems segment is anticipated to continue returning to normal. Sales for the full year 2011 are expected to come in at approx. 525 million euros (prev. year 479 million euros excluding the discontinued business division). Thanks to the very good results in the first ten months of the current 2011 fiscal year Jenoptik now forecasts a Group EBIT for the full year 2011 of approx. 44 million euros. This corresponds to an increase of more than 50 percent. The comparison basis for the 2010 fiscal year is the Group EBIT, excluding the discontinued business division, in the sum of 29.0 million euros. As a result of the very good 1st quarter 2011, in May 2011 Jenoptik had already raised the original forecast results announced in March 2011. All three segments are expected to contribute to the improvement in the results.

Jenoptik Chairman Michael Mertin: "On the earnings side, in 2011 we will post the best fiscal year in the recent history of Jenoptik. With our new financing and the investment decisions we have taken we are also optimistic for the 2012 fiscal year despite the current general economic uncertainties.

Note: The figures of the previous year (except for the cash flow) for the Group and the Defense & Civil Systems division have been adjusted for the discontinued business division.

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