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Successful fiscal year 2012: Group EBIT increased by 11.4 percent; earnings after tax up 42.2 percent to new record level
This is consequently the third year in succession in which Jenoptik has achieved organic growth from its own resources and against the background of challenging economic conditions. "We have clearly exceeded our March 2012 forecast and reached our sales and earnings targets which were last raised in July 2012," said Jenoptik Chairman Dr. Michael Mertin. The continuation of the process of internationalization, improved cost structures and the targeted development of projects with key customers all had a positive impact and led to an increase in profitability.
EBIT with stronger rise than sales. Order intake at sales level.
In 2012 the Jenoptik Group achieved organic sales growth of 7.7 percent to 585.0 million euros (prev. year 543.3 million euros). The Metrology segment reported the sharpest increase in sales at 30.4 percent. In 2012 Jenoptik benefited in particular from the strong demand from the automotive industry and major projects in the traffic solutions business. This was also reflected in the sector mix. The automotive / machine construction area remained the most important market, accounting for 27.5 percent of sales.
Jenoptik generated more than 64 percent of its sales abroad, a larger share than in 2011 (prev. year 59.2 percent). On a proportional basis the Group reported a significantly higher rate of growth in America, with sales up by 40.8 percent, followed by the Asia / Pacific region which reported an increase of 22.7 percent. The two growth regions of America and Asia / Pacific are therefore already contributing more than 30 percent ofGroup sales. The increase in sales in these two key regions is a demonstration of the success of the internationalization strategy. In 2012 Jenoptik continued to expand the sales and service structures particularly in these two regions, establishing a new presence in Brazil, Malaysia and Singapore and strengthening the Group's international activities.
The Group operating result rose by 11.4 percent to 54.8 million euros (prev. year 49.2 million euros), outpacing the rate of increase in sales. The EBIT margin, up to 9.4 percent, remains within the target range. The growth in the EBIT came from the Metrology segment. More efficient cost structures together with the increased sales and the resultant economy of scale effects, contributed towards the growth in earnings.
Lower interest rates due to a better financing structure and more attractive conditions led to a marked improvement in the financial result to minus 8.7 million euros (prev. year minus 13.0 million euros). Income taxes totaled 5.5 million euros (prev. year 4.4 million euros). The increased profitability, an improved financial result and a positive tax effect led to a substantial rise in the earnings after tax by 42.2 percent to 50.2 million euros (prev. year 35.3 million euros).
Comprehensive know-how on every aspect of optoelectronics enables Jenoptik to offer first class solutions to its customers and partners. The interest shown in these solutions by our customers was reflected in the development of the order intake which totaled 587.2 million euros and was at the level of sales (prev. year 647.9 million euros). The Group was also successful in winning a number of major orders in 2012, including the orders for traffic safety technology from Malaysia and Oman, for medical lasers from the US as well as for metrology. The high order intake in the previous year was characterized primarily by the two partial orders for the PUMA armored fighting vehicle which together totaled more than 70 million euros.
At 446.8 million euros, the order backlog of the Jenoptik Group at the end of 2012 remained at the same high level as in the previous year (31.12.2011: 448.5 million euros).
Additional employees recruited in Germany and abroad.
The increase in sales and a continuing good order book situation led to a rise in the number of employees to the new figure of 3,272 (31.12.2011: 3,117). Employees were primarily recruited in the Metrology segment. The increase in the foreign business also led to a rise in the number of Jenoptik employees outside Germany to 433; this represents 13.2 percent of the total.
Financial and balance sheet indicators continue to show a positive performance.
Despite growth and expansion of business, payment of a dividend and payments to silent real estate investors, at 43.7 million euros the free cash flow remained at the same level as in the previous year (prev. year 44.0 million euros). "Our focus on the operating cash flow and further reduction in net debt is paying off. We have generated a positive free cash flow for the sixth year in succession inspite of growth and restructuring of the Group, and thus have secured the investment for our continued growth," said Chief Financial Officer Rüdiger Andreas Günther. Net debt was reduced slightly to 74.5 million euros in 2012 (prev. year 77.1 million euros).
The shareholders are once again to share in the company's success for the fiscal year 2012. The Executive Board and Supervisory Board of JENOPTIK AG will propose to the Annual General Meeting to pay a dividend of 0.18 euros per share to the shareholders (prev. year 0.15 euros per share).
As a result of the profit generated in the fiscal year 2012 the Jenoptik Group's shareholders equity quota improved to 49.3 percent (prev. year 46.5 percent).
Information on the Jenoptik Group segments.
The Lasers & Optical Systems segment was essentially able to continue its positive performance despite increasingly difficult market conditions. The reduction in sales with the semiconductor industry as a result of the economic dip was offset through other areas more effectively than in the previous years. At 212.3 million euros, sales remained virtually stable (prev. year 217.1 million euros). Sales in the Lasers & Material Processing division came in only slightly below the level for the previous year. The segment EBIT, at 27.1 million euros, was down slightly on the level for the previous year (prev. year 29.2 million euros). This is primarily attributable to the one-off effects in connection with the optimization of the locations in America. The order intake totaled 219.9 million euros (prev. year 224.4 million euros), slightly above the level of sales. The order backlog, at 105.2 million euros, showed a small rise over the level for the previous year (31.12.2011: 101.3 million euros).
The Metrology segment achieved record results. In 2012 sales were up by 30.4 percent to 182.7 million euros (prev. year 140.1 million euros). This growth came both from Industrial Metrology, which benefited from strong demand from the automotive industry as a result of the global trend towards fuel-saving and low-emission engines, as well as from Traffic Solutions due to the deliveries for major projects. The segment EBIT more than doubled to 25.6 million euros (prev. year 12.0 million euros). This is attributable to the growth in sales and more efficient structures. The order intake increased to 198.7 million euros (prev. year 166.7 million euros). The figure includes the major orders for traffic solutions from Malaysia and Oman. The order backlog rose to 87.4 million euros (31.12.2011: 69.0 million euros).
Sales of the Defense & Civil Systems segment in the fiscal year just past totaled 186.4 million euros (prev. year 183.3 million euros). The Energy Systems business unit reported another positive performance, characterized by the deliveries for the US American Patriot missile defense systems. The segment EBIT came in at 7.8 million euros (prev. year 11.6 million euros) and was influenced by the measures taken to optimize the locations in Germany. As expected, at 165.0 million euros the order intake was down on the high level achieved in the previous year (prev. year 254.5 million euros) which had mainly been affected by the major orders for the PUMA armored fighting vehicle totaling more than 70 million euros. The order backlog reduced to 255.8 million euros (31.12.2011: 279.9 million euros).
Outlook for the current fiscal year 2013: capital expenditure and optimization activities for future growth from 2014
"The Jenoptik Group has posted strong growth over the last three years and we intend to continue this path of generating profitable growth. Our innovative products which support mega trends, a growing systems business, a stronger international presence and more efficient internal structures provide us with good opportunities for expanding our position as a global player in the area of optoelectronics," says Jenoptik Chairman Michael Mertin in describing the further development. With its products the Group is benefiting from forward-looking mega trends in the areas of energy efficiency, security, healthcare, mobility as well as the increasing global digitalization.
In 2013 Jenoptik intends to invest in the further expansion of its sales structures and innovative products as well as to continue optimizing internal processes. To this end Jenoptik will be consistently pursuing various projects such as the initiatives for process harmonization and excellence - both in the operating business as well as in the commercial area. "By taking this approach we are getting ourselves 'fit' for further growth. We see these processes as an important building block for enabling us to continue achieving top performances in the global competition," summarizes Chief Financial Officer Rüdiger Andreas Günther. Jenoptik is also combining its optics manufacturing in North America at one location. In future the production of energy systems will be concentrated at two German locations. These steps should help to further strengthen the earnings capacity and enable the synergy potential to be exploited to even better effect.
The Jenoptik Executive Board reaffirms its forecast for the fiscal year 2013 issued at the end of January 2013. In a challenging economic environment it anticipates a small rise in sales of up to 5 percent. On a regional basis the growth is expected to come primarily from America and Asia / Pacific. Depending upon the course of the semiconductor cycle, particularly in the 2nd half-year 2013, the EBIT generated in the operating business is forecast to total between 50 and 55 million euros. The costs in the middle single-figure million euro range for the above-mentioned projects and optimization of the locations, will also impact on the EBIT.
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