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Jenoptik posts a successful 1st half-year and anticipates growth in sales and earnings for the full year 2012

(PresseBox) (Jena, ) The Jenoptik Group increased sales in the 1st half-year 2012 to 283.8 million euros, a rise of 10.7 percent compared with the same period in the previous year (prev. year 256.3 million euros). The Group EBIT rose by 8.3 percent to 26.0 million euros (prev. year 24.0 million euros). Jenoptik anticipates a Group EBIT of between 50 and 55 million euros for the full year, with sales expected to grow by between 5 and 10 percent.

The Jenoptik strategy is paying off: internationalization, attracting new key customers in the systems business, plus a positive performance in key target sectors in the 1st half-year 2012 led to a healthy rise in sales and earnings. "We are seeing how the consistent implementation of our strategy is leading to success step by step" said Jenoptik Chairman Michael Mertin. "The combination of our new structure and the excellence initiative that we have been consistently implementing in all areas of the Group since 2009 is now increasingly bearing fruit throughout the Group."

The financial result of minus 3.9 million euros also improved markedly compared with the same period in the previous year (prev. year minus 5.7 million euros). Earnings after tax in the period covered by the report totaled 18.7 million euros (prev. year 14.5 million euros), earnings per share were 0.33 euros - an approx. 30 percent increase over the same period in the previous year (prev. year 0.25 euros).

Marked increase in the order intake from growth regions.

Although the order intake of 282.4 million euros was approx. 18 percent below the high level in the previous year (prev. year 346.1 million euros), but this was characterized by the large partial order for the Puma armored fighting vehicle worth more than 40 million euros. Jenoptik was not awarded a similar size order in the 1st half of the current year. Therefore, the Group order backlog as at June 30, 2012 was almost at the level as at the end of 2011 and amounted to 449.6 million euros (31.12.2011: 448.5 million euros).

A little more than half of the 40 million euro major order for traffic safety systems in Malaysia was recorded in the 1st half-year on a pro rata basis. The Group reported an overall increase in non-European order intakes: The order intake from Jenoptik's two key growth regions of America and Asia-Pacific recorded an overall increase of around 50 percent.

From the financing aspect, the Group is well prepared for the future. Shareholders' equity ratio exceeds 50 percent.

At 14.5 million euros, the Jenoptik Group again generated a positive cash flow from operating activities in the double figure million euro range (prev. year 24.5 million euros). Net debt increased to 95.0 million euros as at June 30, 2012 compared with 77.1 million euros as of the end of 2011. The increase is primarily attributable to the dividend payments in June totaling 8.6 million euros, as well as the one-off payments to silent investors of real estate funds of Jenoptik which together totaled approx. 18 million euros.

The positive result for the period increased the shareholders' equity of the optoelectronics group to 322.6 million euros as at the end of June 2012 (31.12.2011: 310.8 million euros). With a slight reduction in the balance sheet total, the Jenoptik Group shareholders' equity quota exceeded 50 percent, reaching 50.2 percent, (31.12.2011: 48.3 percent).

"The Group has a very sound financial base which enables us to realign and harmonize our global systems and processes to get them prepared to meet the requirements for our company's global presence," said Chief Financial Officer Rüdiger Andreas Günther. Following a number of comprehensive analyses in the previous year, under his leadership the Jenoptik program for harmonizing the business processes and support systems, known internally as JOE (Jenoptik One ERP), was started up in the 2nd quarter 2012. "As a global player we need standardized systems."

Internationalization process consistently pursued. Small rise in the number of employees.

Over recent months, Jenoptik has progressed well on its way to becoming a global player and is working rapidly on the massive expansion of its own structures abroad. JENOPTIK do Brasil was formed in May at the São Paulo location in the São Bernardo economic zone, the center of the Brazilian automotive industry. In the first stage it will employ five personnel and be available to assist all the Group's divisions. The first to take advantage of this will be the Jenoptik Industrial Metrology division which will consequently gain access to another key center of the global automotive industry. Since May 2012, Jenoptik also has had a presence in Singapore, from where it will intensify its activities in targeting the South-East Asian market. In China, Jenoptik plans to establish branches at key industrial locations in addition to Shanghai.

As at the end of the 1st half-year 2012, the Jenoptik Group employed 3,154 personnel (31.12.2011: 3,117). This equated to a small rise of 37 in the number of employees, or 1.2 percent of the workforce. 409 Jenoptik employees, nearly 13 percent of the workforce, were employed abroad.

Information on the segments:

The Lasers & Optical Systems segment continued its positive development in the 1st half-year 2012. Sales totaled 110.9 million euros and were therefore up slightly on the high level recorded for the same period in the previous year (prev. year 108.8 million euros). The segment was able to fully compensate for a slight reduction in sales with the semiconductor industry, with the growth in sales coming from the Laser Processing Systems and Optoelectronic Systems business units. As expected, at 16.2 million euros the segment EBIT was down on the high level in the previous year (prev. year 17.5 million euros), although the fall was moderate. In line with the growth in sales, the laser processing systems business, together with the Optoelectronic Systems business unit, following its successful restructuring, made a higher contribution to earnings. As anticipated, at 108.0 million euros the order intake did not quite match the high level of the previous year (prev. year 118.6 million euros), although it was better than had originally been anticipated. The order backlog of 97.7 million euros was virtually unchanged over the end of 2011 (31.12.2011: 101.3 million euros). In addition to its position as a supplier to the semiconductor equipment industry, the segment is also increasingly attracting major customers from the flat panel, automotive and life sciences industries.

The Metrology segment reported another successful performance, posting clear, double-figure percentage increases in sales and EBIT. Sales rose by 28.8 percent to 80.0 million euros (prev. year 62.1 million euros). Both Industrial Metrology and Traffic Solutions achieved a marked rise in sales. The segment EBIT increased by 58.5 percent to 6.5 million euros, a significantly higher rate in proportion to the growth in sales. This was attributable in particular to Industrial Metrology. At 100.5 million euros, the order intake again exceeded the high level achieved in the previous year (prev. year 95.5 million euros), rising by 5.5 percent. The order intake includes a proportion of the major order from Malaysia. The order intake of Industrial Metrology reflected a growth in demand particularly from North America, with the figure clearly exceeding the sales volume. The order backlog therefore increased to 93.1 million euros (31.12.2011: 69.0 million euros).

The Defense & Civil Systems segment continued its stable development. The business is oriented towards the long term. Sales totaled 92.4 million euros and were therefore up by 9.1 percent compared with the same period in the previous year (prev. year 84.7 million euros). The increase in sales was primarily attributable to the Energy Systems and Sensor Systems business units. The segment EBIT increased by 20 percent to 4.2 million euros (prev. year 3.5 million euros). The growth in earnings was primarily the result of the increase in sales in the Energy Systems business unit. As expected, the order intake, at 73.2 million euros, was down on the high figures achieved in the previous year (prev. year 133.2 million euros) which included the large partial order for the Puma armored fighting vehicle. The order backlog as at the end of June totaled 260.2 million euros compared with 279.9 million euros at the end of December 2011. The reduction in the number of Puma armored fighting vehicles ordered by the German Defense Ministry from 405 to 350 units, which was confirmed in July 2012, had no or very little impact on Jenoptik's medium-term planning.

Outlook: Forecast for 2012 raised in July as a result of the successful progress of business.

The Jenoptik Group reported a successful development of business in the full 1st half-year 2012. "The high degree of uncertainty is making it difficult to currently predict just how the economy will continue to develop. However, we do not currently see any tailing off in our good business situation," said Jenoptik Chairman Michael Mertin in summary. Jenoptik benefited in particular from the speedy implementation of the internationalization strategy, the ability to attract new customers in the systems business as well as from improved internal processes. These factors, together with the positive development of the Lasers & Optical Systems and Metrology segments, were the reason why the sales and earnings forecasts for the full year 2012 were raised in July this year: sales are now expected to rise by 5 to 10 percent (previously 4 to 8 percent). The Executive Board forecasts Group operating earnings (EBIT) to come in between 50 and 55 million euros (previously 45 to 50 million euros). The Jenoptik Group therefore also expects to post a successful full year 2012.

The Jenoptik Group expects to continue generating profitable growth over the years ahead over the market cycles and to reach an average EBIT margin of approx. 9 to 10 percent and sales growth of around 10 percent. The aim is to achieve the sales target primarily through organic growth. "To anticipate the question of acquisitions: yes, we are actively seeking but will not buy at any price. Acquisitions should produce sustainable and profitable growth, not just create size," said Mertin.

The consistent continuation of the internationalization process, focusing on North America and Asia, is key to further growth: "We are establishing a position for ourselves as a strategic partner for international customers and in partnership with them are jointly influencing pioneering trends in the areas of energy efficiency, safety, health and mobility. We believe it is important to our customers for us to have a local presence through our own structures," said Jenoptik Chairman Michael Mertin, summarizing the strategy. The Jenoptik Group is striving to increase the share of sales in the two above-mentioned regions to around 40 percent over the medium to long-term. This represents roughly a doubling of their share compared with 2011. The aim is to achieve this objective both through the expansion of the business with existing customers and attracting new clients as well as through the local manufacture of complete components.

The full half-year report will be available on the Internet from 9.00 am under Investor Relations / Reports & Presentations.

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