JENOPTIK AG has successfully extended the term of its financing structure. All credit agreements were signed in the past few days. The share of long-term financial liabilities with more than 150 million euros now represents some 80 percent of all financial liabilities. As a consequence, the share of short-term liabilities fell substantially.
The concluded financing package makes a restructured financing framework totaling just under 90 million euros available to the Jenoptik Group to 2012/2014. For a part of the financing package the Thuringian technology Group received a guarantee around 44 million euros from the Federal and State government of. The official documents on the guarantee were submitted today.
"With this long-term financing approach and the measures to cut costs, we have secured Jenoptik's competitiveness in coming years and can continue to vigorously pursue our growth topics," said Jenoptik boss Michael Mertin. Alongside the expansion of the international sales network, this includes successful product innovations such as laser systems for the photovoltaic industry, the development of the fiber laser in the Lasers & Material Processing division, the expansion of the business with infrared optics and entry into the LED lighting market in the Optical Systems division as well as the range of full operator solutions (Traffic Service Providing) in the Traffic Solutions division.
In the coming quarters, Jenoptik also predicts the beginnings of a slight upturn in the business with optical systems for the semiconductor industry. A rapid return to the level of 2007/early 2008 is, however, not expected yet. As a result of the comprehensive measures to reduce costs which were recently extended, the Group expects a Group operating result in the two-figure million euro range in the coming fiscal year.
Some 80 percent of the Jenoptik Group's financing is now long-term.
At the end of the first half-year 2009, the Group's gross debt came to around 200 million euros; reduced by liquid funds, this resulted in net debt of approximately 190 million euros. The financial debts were previously largely short-term, as a 5-year convertible bond matured in July this year and was amortized via existing short-term credit lines. With the new mid to long-term credit package, the term of Jenoptik financing has been extended again, while total volume remained constant.
The new financing structure of the Jenoptik Group is as follows:
- The new credit package of about 90 million euros together with existing loans of around 20 million euros provide Jenoptik with about 110 million euros as long-term loans.
- In addition, around 50 million euros are associated with Jenoptik real estate partly rented to third parties and are thus long-term.
- Around 5 million euros of debt are attributable to finance lease.
- The remaining 35 million euros will continue to be refinanced on a short-term basis.
The share of short-term debt thus reduced to around 20 percent; the mid to long-term share accordingly increased to around 80 percent. In addition, open and unused credit lines of around 50 million euros are available to the Jenoptik Group for temporary fluctuations in liquidity.
CFO Frank Einhellinger: "With the now concluded financing package, we have succeeded in adjusting the financing structure to our business model, which in particular encompasses long-term orders in the field of defense and security technology as well as aerospace."
The concluded financing package makes a restructured financing framework totaling just under 90 million euros available to the Jenoptik Group to 2012/2014. For a part of the financing package the Thuringian technology Group received a guarantee around 44 million euros from the Federal and State government of. The official documents on the guarantee were submitted today.
"With this long-term financing approach and the measures to cut costs, we have secured Jenoptik's competitiveness in coming years and can continue to vigorously pursue our growth topics," said Jenoptik boss Michael Mertin. Alongside the expansion of the international sales network, this includes successful product innovations such as laser systems for the photovoltaic industry, the development of the fiber laser in the Lasers & Material Processing division, the expansion of the business with infrared optics and entry into the LED lighting market in the Optical Systems division as well as the range of full operator solutions (Traffic Service Providing) in the Traffic Solutions division.
In the coming quarters, Jenoptik also predicts the beginnings of a slight upturn in the business with optical systems for the semiconductor industry. A rapid return to the level of 2007/early 2008 is, however, not expected yet. As a result of the comprehensive measures to reduce costs which were recently extended, the Group expects a Group operating result in the two-figure million euro range in the coming fiscal year.
Some 80 percent of the Jenoptik Group's financing is now long-term.
At the end of the first half-year 2009, the Group's gross debt came to around 200 million euros; reduced by liquid funds, this resulted in net debt of approximately 190 million euros. The financial debts were previously largely short-term, as a 5-year convertible bond matured in July this year and was amortized via existing short-term credit lines. With the new mid to long-term credit package, the term of Jenoptik financing has been extended again, while total volume remained constant.
The new financing structure of the Jenoptik Group is as follows:
- The new credit package of about 90 million euros together with existing loans of around 20 million euros provide Jenoptik with about 110 million euros as long-term loans.
- In addition, around 50 million euros are associated with Jenoptik real estate partly rented to third parties and are thus long-term.
- Around 5 million euros of debt are attributable to finance lease.
- The remaining 35 million euros will continue to be refinanced on a short-term basis.
The share of short-term debt thus reduced to around 20 percent; the mid to long-term share accordingly increased to around 80 percent. In addition, open and unused credit lines of around 50 million euros are available to the Jenoptik Group for temporary fluctuations in liquidity.
CFO Frank Einhellinger: "With the now concluded financing package, we have succeeded in adjusting the financing structure to our business model, which in particular encompasses long-term orders in the field of defense and security technology as well as aerospace."
