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Jenoptik posts best fiscal year in the company’s more recent history

For the Jenoptik Group, 2011 was the best fiscal year in the company’s more recent history. “We have achieved marked growth for the second year in succession. A further improvement in cost structures is reflected in increased profitability,” said Jenoptik Chairman Michael Mertin, summarizing the fiscal year.

Jenoptik’s 2011 group operating result increased to nearly EUR 48 million according to first provisional calculations, corresponding to a more than 60% increase compared to 2010. Sales were up to approximately EUR 540 million.
“We are optimistic also for 2012. The new year has got off to a good start,” said Jenoptik Chairman Michael Mertin.
For the Jenoptik Group 2011 was the best fiscal year in the company’s more recent history. “We have achieved marked growth for the second year in succession. A further improvement in cost structures is reflected in increased profitability,” he added, summarizing the fiscal year. The growth in sales, earnings and orders was attributable to a positive economic development plus an improvement in Jenoptik’s market position.
Sales for the full fiscal year 2011 are expected to reach approximately EUR 540 million, an increase of about 13% over the comparable figure of EUR 478.8 million in the previous year. With an increase of more than 60% the group operating result has risen at a significantly stronger rate than sales. According to the provisional calculations, it will total nearly EUR 48 million for 2011 and, as such, be up on the figure of EUR 44 million forecast in November 2011 (forecast EUR 29.0 million). The improvement in the group EBIT is also reflected in the earnings before tax, which came in at more than EUR 30 million according to provisional calculations and thus doubled (forecast EUR 15.0 million).
In 2011, the Group reported a continuously very good order book situation which was maintained in the final months of the year 2011 and has also continued in the initial weeks of the current fiscal year. The order intake for the fiscal year 2011 is expected to reach almost EUR 650 million (forecast EUR 534.6 million). This represents an increase of more than 20% or more than EUR 100 million compared with the previous year.
The high level of demand from the semiconductor industry in the Lasers & Optical Systems segment and from the automotive industry in the Metrology segment contributed to this growth. The vast majority of the record orders posted by the Defense & Civil Systems segment of approximately EUR 250 million (forecast EUR 163.7 million) will contribute towards sales in 2013 and beyond. At the end of 2011, the order backlog of the Jenoptik Group amounted to nearly EUR 450 million (end of 2010: EUR 355.4 million).
Sales for the Lasers & Optical Systems segment in 2011 as a whole are anticipated to come in at approximately EUR 215 million (forecast EUR 188.9 million). The increase in earnings is expected to be considerably higher than the rise in sales.
The Metrology segment benefited from a continuing high level of demand for industrial metrology for the automotive industry and major orders awarded for traffic solutions. With increased sales of approximately EUR 140 million (forecast EUR 113.8 million) the segment will also report a marked rise in earnings.
With regards to the Defense & Civil Systems segment, sales are expected to exceed EUR 180 million (forecast EUR 173.9 million), with a corresponding increase in earnings. The segment reported record orders in 2011, which will make a long-term contribution to sales and earnings.
Key financial indicators showed a further improvement in fiscal year just past. For example, the shareholders’ equity and shareholders’ equity ratio increased as a result of the net income for the periods. The long-term financing structure with the 5 to 7 year promissory note at a favourable refinancing interest rate will secure the future operating growth. Once again Jenoptik succeeded in securing the current financing internally thanks to a clearly positive cash flow from operating activities and a positive free cash flow. Net debt decreased to approximately EUR 78 million (forecast EUR 79.3 million) in spite of business expansion, higher capex and the payment to a silent real estate investor.
“We will continue to pursue our long-term strategic agenda,” said Jenoptik Chairman Michael Mertin. Growth in the medium and long-term is primarily anticipated to come from the development of foreign markets, mainly in North America and Asia. “To this end, over the last two years we have invested in structures and processes which are expected to pay off from 2012” continued the Jenoptik Chairman. Even though economic forecasts continue to be uncertain and sharply fluctuate – Jenoptik currently anticipates a continuation of the positive trend reported in the initial weeks of the year and expects to see further slight growth in sales in 2012. After the successful year 2011 Jenoptik intends to achieve again a Group EBIT of more than EUR 40 million in fiscal year 2012. Depending on the development of the semiconductor cycle, the group EBIT is expected to be in the range between EUR 40 and 50 million. After the debt conversion and the restructuring of the group financing the Jenoptik Group anticipates a significantly improved interest result in 2012.

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