The results for the first nine months of the Jenoptik Group show a positive and very robust development of business. Sales and earnings posted double figure percentage rises above the level achieved in the previous year. The order intake also remained at a good level.
In the first nine business months of 2012 the Jenoptik Group recorded sales of 423.1 million euros (prev. year 383.9 million euros). This corresponds to a 10.2 percent increase over the same period in the previous year. Sales abroad increased again - both proportional as well as in net terms, totaling 64.5 percent or 273.0 million euros (prev. year 60.3 percent or 231.4 million euros). A reduction in sales in Europe was more than offset by strong growth in America and Asia/Pacific. In the first nine months 2012 Jenoptik generated an increase in sales of 45.7 percent or 50 million euros in the regions outside of Europe compared with the same period in the previous year. "The expansion of our international business is beginning to pay off," said Group Chairman Michael Mertin. Jenoptik has been consistently pressing ahead with the expansion of its global presence since 2009. In the current fiscal year new locations have been added in Brazil and Singapore. Existing locations are being expanded, primarily in Asia and North America.
Group EBIT increased by 20.6 percent over the same period in the previous year, to 42.1 million euros (prev. year 34.9 million euros). This was due to the rise in sales which was accompanied by proportionately higher growth in earnings, mainly in the Metrology segment. The Jenoptik Group EBIT margin rose from 9.1 percent in the same period in the previous year to now 10.0 percent. "So we are showing a level of profitability within our target range once again and on a sustainable basis," said Michael Mertin. In the 3rd quarter alone, the EBIT margin was 11.6 percent.
The rise in the EBIT and an improvement in the financial result led to earnings after tax of 30.0 million euros, up by 40.2 percent compared with a year ago (prev. year 21.4 million euros). Income taxes totaled 5.9 million euros (prev. year 3.6 million euros), the cash-effective tax rate was 16.2 percent. Earnings per share rose by 40.5 percent to 0.52 euros (prev. year 0.37 euros).
Order intake exceeds the high volume of sales. Jenoptik was awarded several important major orders.
At 437.1 million euros, the order intake for the first nine months of 2012, exceeded sales but did not reach the high level in the previous year of 513.7 million euros. By the end of September 2012, Jenoptik had received several major orders, among others for traffic safety equipment from Malaysia and Oman as well as for medical lasers from the US and for metrology equipment. The order intake for the same period in the previous year was mainly characterized by the two large partial orders for the PUMA armored fighting vehicle, together totaling more than 70 million euros.
In the first nine months of the current year the order backlog of the Jenoptik Group reported a small increase of 3.1 percent to 462.2 million euros (31.12.2011: 448.5 million euros).
Number of employees up by 107 employees.
As at September 30, 2012, the Jenoptik Group had a total of 3,224 employees, 107 more than at the end of last year (31.12.2011: 3,117 employees). The increase is primarily attributable to the expansion of business, with the strongest rise coming from the Metrology segment. But at 3 percent it was significantly lower than the rise in sales. New employees were recruited mainly at the Jena site and abroad. The number of employees abroad has now risen to 421.
Stable and very good financial base. Positive cash flows, high shareholders' equity ratio and low debt.
The cash flow from operating activities was 38.0 million euros, 23 million euros of which was generated in the 3rd quarter 2012 alone. Liabilities reduced. As at September 30, 2012, net debt totaled 78.6 million euros (31.12.2011: 77.1 million euros).
The positive result for the period increased Jenoptik's shareholders' equity to 333.9 million euros (31.12.2011: 310.8 million euros). At 51.1 percent, the shareholders' equity quota, the ratio between shareholders' equity and balance sheet total, remained above the 50 percent mark.
"Our sound financial base enables us to invest and get our global systems and processes fit to reflect Jenoptik's worldwide presence and to expand globally," said Chief Financial Officer Rüdiger Andreas Günther. The initiatives for harmonized and excellent processes - both in the operational business as well as in systems and commercial processes - will be consistently pursued in the Group. They mainly include the Jenoptik Excellence Program, a lean program and the Jenoptik One ERP program, JOE for short.
Information on the Jenoptik Group segments.
The Lasers & Optical Systems segment continued its positive performance despite increasingly difficult market conditions in the semiconductor equipment industry. The key indicators of sales, segment EBIT and order intake were maintained at the same level as in the previous year. Sales, at 161.7 million euros, were up slightly on the high level achieved in the previous year (prev. year 159.2 million euros) despite a reduction in business with the semiconductor industry. Despite a change in the sales mix, the segment EBIT, at 24.2 million euros, remained at almost the same high level as in the previous year (prev. year 24.8 million euros). As a result of the growth in sales, increased contributions to earnings came from the laser processing systems business and the Optoelectronic Systems business unit. At 167.2 million euros, the order intake was at the same level as the previous year (prev. year 166.9 million euros) and consequently better overall than had been anticipated at the start of the year. It also exceeded the high volume of sales and as a result the order backlog increased to 105.4 million euros (31.12.2011: 101.3 million euros). In addition to positioning itself as a supplier to the semiconductor equipment industry, the segment is increasingly attracting major customers from the flat panel, automotive and life sciences industries.
The Metrology segment was able to continue its very positive performance of the two previous quarters, posting record figures at the end of the 3rd quarter. Sales rose by 33.7 percent to 125.0 million euros (prev. year 93.5 million euros). The Industrial Metrology division benefited from the continuing good level of demand from the automotive sector as a result of the global trend towards fuel-saving and low emission engines; the Traffic Solutions division delivered major orders which contributed towards the growth in sales. The segment EBIT more than doubled in the first nine months of 2012, increasing by 117.4 percent to 13.5 million euros (prev. year 6.2 million euros). The rise in demand for measurement solutions for the automotive industry, together with a number of larger orders for traffic safety, produced a 19.2 percent increase in the order intake to 158.0 million euros (prev. year 132.5 million euros). This represented a further rise above the very high level achieved in the previous year. The figure also includes the two major orders for traffic safety. The order intake exceeded sales by 33 million euros. Consequently, the order backlog rose by 50.7 percent to 104.0 million euros.
The Defense & Civil Systems segment increased both its sales and segment EBIT. The business is stable and oriented towards the long-term. Sales rose slightly to 133.0 million euros (prev. year 130.5 million euros). Contributions to the growth in sales came from the Energy Systems and Sensor Systems business units, resulting in a changed sales mix compared with the same period in the previous year. This led to a 31.0 percent increase in the segment EBIT to 7.6 million euros (prev. year 5.8 million euros). As expected, at 109.0 million euros, the order intake did not reach the same high level achieved in the previous year (prev. year 215.0 million euros), which was characterized among other things by the two large individual orders for the Puma armored fighting vehicle, together totaling 70 million euros. The order backlog as at end September 2012 was 255.1 million euros compared with 279.9 million euros as at end December 2011. Some of the orders included in this figure are processed over a longer timeframe and so the order backlog extends over several years.
The growth in sales and earnings for the full year 2012 is expected to come in within the forecast ranges.
The Executive Board of the Jenoptik Group continues to expect a successful fiscal year 2012 with organic growth and reaffirms the forecasts issued in July this year: sales are forecast to grow by 5 to 10 percent (previously 4 to 8 percent). The Executive Board anticipates a total Group EBIT of between 50 and 55 million euros (previously 45 to 50 million euros). With the confirmed sales and earnings forecast and the figures for the first nine months 2012 Jenoptik is expecting a slightly weaker 4th quarter 2012 compared to those in the previous years. "At present, stimulus from the semiconductor industry is reduced. But today we are in a better position to compensate for such cyclical fluctuations than in the past. We have confirmed our forecast for 2012 and remain committed to our target of profitable growth."
The Jenoptik Group expects to continue reporting profitable growth over the years ahead and to achieve an average EBIT margin of between 9 and 10 percent as well as sales growth of approx. 10 percent over the market cycles. The sales target is also still expected to be achieved primarily through organic growth. This is mainly due to the consistent continuation of the process of internationalization, focusing on North America and Asia. "Jenoptik is establishing itself as a strategic partner for international customers and together with them helping to shape pioneering trends in the areas of energy efficiency, safety, health and mobility. We feel it is important to be close to the customer with our own local structures. Over the last nine months we have made good progress with the development of new and the expansion of existing sales and service structures," says Jenoptik Chairman Michael Mertin in summarizing the strategy.
The Jenoptik Group's goal is to increase the percentage of sales in the two regions mentioned above together to approx. 40 percent of group sales over the medium to long term. Compared with 2011, this represents roughly a doubling of the share of sales. It is intended to be achieved by expanding the business with existing customers, attracting new customers and the local manufacture of complete components.
The full interim financial report on the first nine business months of 2012 will be available for you to download from the Internet at Investors / Interim reports from 9.00 a.m.
In the first nine business months of 2012 the Jenoptik Group recorded sales of 423.1 million euros (prev. year 383.9 million euros). This corresponds to a 10.2 percent increase over the same period in the previous year. Sales abroad increased again - both proportional as well as in net terms, totaling 64.5 percent or 273.0 million euros (prev. year 60.3 percent or 231.4 million euros). A reduction in sales in Europe was more than offset by strong growth in America and Asia/Pacific. In the first nine months 2012 Jenoptik generated an increase in sales of 45.7 percent or 50 million euros in the regions outside of Europe compared with the same period in the previous year. "The expansion of our international business is beginning to pay off," said Group Chairman Michael Mertin. Jenoptik has been consistently pressing ahead with the expansion of its global presence since 2009. In the current fiscal year new locations have been added in Brazil and Singapore. Existing locations are being expanded, primarily in Asia and North America.
Group EBIT increased by 20.6 percent over the same period in the previous year, to 42.1 million euros (prev. year 34.9 million euros). This was due to the rise in sales which was accompanied by proportionately higher growth in earnings, mainly in the Metrology segment. The Jenoptik Group EBIT margin rose from 9.1 percent in the same period in the previous year to now 10.0 percent. "So we are showing a level of profitability within our target range once again and on a sustainable basis," said Michael Mertin. In the 3rd quarter alone, the EBIT margin was 11.6 percent.
The rise in the EBIT and an improvement in the financial result led to earnings after tax of 30.0 million euros, up by 40.2 percent compared with a year ago (prev. year 21.4 million euros). Income taxes totaled 5.9 million euros (prev. year 3.6 million euros), the cash-effective tax rate was 16.2 percent. Earnings per share rose by 40.5 percent to 0.52 euros (prev. year 0.37 euros).
Order intake exceeds the high volume of sales. Jenoptik was awarded several important major orders.
At 437.1 million euros, the order intake for the first nine months of 2012, exceeded sales but did not reach the high level in the previous year of 513.7 million euros. By the end of September 2012, Jenoptik had received several major orders, among others for traffic safety equipment from Malaysia and Oman as well as for medical lasers from the US and for metrology equipment. The order intake for the same period in the previous year was mainly characterized by the two large partial orders for the PUMA armored fighting vehicle, together totaling more than 70 million euros.
In the first nine months of the current year the order backlog of the Jenoptik Group reported a small increase of 3.1 percent to 462.2 million euros (31.12.2011: 448.5 million euros).
Number of employees up by 107 employees.
As at September 30, 2012, the Jenoptik Group had a total of 3,224 employees, 107 more than at the end of last year (31.12.2011: 3,117 employees). The increase is primarily attributable to the expansion of business, with the strongest rise coming from the Metrology segment. But at 3 percent it was significantly lower than the rise in sales. New employees were recruited mainly at the Jena site and abroad. The number of employees abroad has now risen to 421.
Stable and very good financial base. Positive cash flows, high shareholders' equity ratio and low debt.
The cash flow from operating activities was 38.0 million euros, 23 million euros of which was generated in the 3rd quarter 2012 alone. Liabilities reduced. As at September 30, 2012, net debt totaled 78.6 million euros (31.12.2011: 77.1 million euros).
The positive result for the period increased Jenoptik's shareholders' equity to 333.9 million euros (31.12.2011: 310.8 million euros). At 51.1 percent, the shareholders' equity quota, the ratio between shareholders' equity and balance sheet total, remained above the 50 percent mark.
"Our sound financial base enables us to invest and get our global systems and processes fit to reflect Jenoptik's worldwide presence and to expand globally," said Chief Financial Officer Rüdiger Andreas Günther. The initiatives for harmonized and excellent processes - both in the operational business as well as in systems and commercial processes - will be consistently pursued in the Group. They mainly include the Jenoptik Excellence Program, a lean program and the Jenoptik One ERP program, JOE for short.
Information on the Jenoptik Group segments.
The Lasers & Optical Systems segment continued its positive performance despite increasingly difficult market conditions in the semiconductor equipment industry. The key indicators of sales, segment EBIT and order intake were maintained at the same level as in the previous year. Sales, at 161.7 million euros, were up slightly on the high level achieved in the previous year (prev. year 159.2 million euros) despite a reduction in business with the semiconductor industry. Despite a change in the sales mix, the segment EBIT, at 24.2 million euros, remained at almost the same high level as in the previous year (prev. year 24.8 million euros). As a result of the growth in sales, increased contributions to earnings came from the laser processing systems business and the Optoelectronic Systems business unit. At 167.2 million euros, the order intake was at the same level as the previous year (prev. year 166.9 million euros) and consequently better overall than had been anticipated at the start of the year. It also exceeded the high volume of sales and as a result the order backlog increased to 105.4 million euros (31.12.2011: 101.3 million euros). In addition to positioning itself as a supplier to the semiconductor equipment industry, the segment is increasingly attracting major customers from the flat panel, automotive and life sciences industries.
The Metrology segment was able to continue its very positive performance of the two previous quarters, posting record figures at the end of the 3rd quarter. Sales rose by 33.7 percent to 125.0 million euros (prev. year 93.5 million euros). The Industrial Metrology division benefited from the continuing good level of demand from the automotive sector as a result of the global trend towards fuel-saving and low emission engines; the Traffic Solutions division delivered major orders which contributed towards the growth in sales. The segment EBIT more than doubled in the first nine months of 2012, increasing by 117.4 percent to 13.5 million euros (prev. year 6.2 million euros). The rise in demand for measurement solutions for the automotive industry, together with a number of larger orders for traffic safety, produced a 19.2 percent increase in the order intake to 158.0 million euros (prev. year 132.5 million euros). This represented a further rise above the very high level achieved in the previous year. The figure also includes the two major orders for traffic safety. The order intake exceeded sales by 33 million euros. Consequently, the order backlog rose by 50.7 percent to 104.0 million euros.
The Defense & Civil Systems segment increased both its sales and segment EBIT. The business is stable and oriented towards the long-term. Sales rose slightly to 133.0 million euros (prev. year 130.5 million euros). Contributions to the growth in sales came from the Energy Systems and Sensor Systems business units, resulting in a changed sales mix compared with the same period in the previous year. This led to a 31.0 percent increase in the segment EBIT to 7.6 million euros (prev. year 5.8 million euros). As expected, at 109.0 million euros, the order intake did not reach the same high level achieved in the previous year (prev. year 215.0 million euros), which was characterized among other things by the two large individual orders for the Puma armored fighting vehicle, together totaling 70 million euros. The order backlog as at end September 2012 was 255.1 million euros compared with 279.9 million euros as at end December 2011. Some of the orders included in this figure are processed over a longer timeframe and so the order backlog extends over several years.
The growth in sales and earnings for the full year 2012 is expected to come in within the forecast ranges.
The Executive Board of the Jenoptik Group continues to expect a successful fiscal year 2012 with organic growth and reaffirms the forecasts issued in July this year: sales are forecast to grow by 5 to 10 percent (previously 4 to 8 percent). The Executive Board anticipates a total Group EBIT of between 50 and 55 million euros (previously 45 to 50 million euros). With the confirmed sales and earnings forecast and the figures for the first nine months 2012 Jenoptik is expecting a slightly weaker 4th quarter 2012 compared to those in the previous years. "At present, stimulus from the semiconductor industry is reduced. But today we are in a better position to compensate for such cyclical fluctuations than in the past. We have confirmed our forecast for 2012 and remain committed to our target of profitable growth."
The Jenoptik Group expects to continue reporting profitable growth over the years ahead and to achieve an average EBIT margin of between 9 and 10 percent as well as sales growth of approx. 10 percent over the market cycles. The sales target is also still expected to be achieved primarily through organic growth. This is mainly due to the consistent continuation of the process of internationalization, focusing on North America and Asia. "Jenoptik is establishing itself as a strategic partner for international customers and together with them helping to shape pioneering trends in the areas of energy efficiency, safety, health and mobility. We feel it is important to be close to the customer with our own local structures. Over the last nine months we have made good progress with the development of new and the expansion of existing sales and service structures," says Jenoptik Chairman Michael Mertin in summarizing the strategy.
The Jenoptik Group's goal is to increase the percentage of sales in the two regions mentioned above together to approx. 40 percent of group sales over the medium to long term. Compared with 2011, this represents roughly a doubling of the share of sales. It is intended to be achieved by expanding the business with existing customers, attracting new customers and the local manufacture of complete components.
The full interim financial report on the first nine business months of 2012 will be available for you to download from the Internet at Investors / Interim reports from 9.00 a.m.
