- Pressemitteilung BoxID 131252
Industrial business of the Jenoptik Group in difficult market conditions below previous year. Marked increase in cash flow in the 3rd quarter
As at the end of the 3rd quarter 2009, the economic crisis was reflected in the Lasers & Optical Systems and Metrology segments of the Jenoptik Group. The stable Defense & Civil Systems segment was able to partially offset these effects, therefore the overall decrease for the Jenoptik Group was lower compared with the industrial environment. Sales in the first nine business months of 2009 came in at 336.7 million euros (prev. year 397.4 million euros), 15 percent lower than in the same period in the previous year. The weak demand from the semiconductor and automotive industries is having a particular impact on the Lasers & Optical Systems and Metrology segments. In addition to the predominantly long-term business of the Defense & Civil Systems segment, laser processing systems for the photovoltaic industry and lasers for medical technology as well as the Traffic Solutions division all reported stable development.
The Group EBIT before one-off effects totaled 2.1 million euros. The group operating result came in at minus 6.3 million euros (prev. year 24.6 million euros) and includes one-off effects in the sum of 8.4 million euros resulting from the withdrawal from the mid format camera business in the 2nd quarter 2009. In line with the development of sales, the segments also reported varying operating results. The positive contribution to the EBIT from the Defense & Civil Systems segment in the sum of 9.4 million euros partially compensated for the performance of the Lasers & Optical Systems and Metrology segments.
At the end of the 3rd quarter the group order intake at 330.4 million euros was 17 percent below the figure for the previous year (prev. year 398.4 million euros) and reflects the economic framework conditions. The order intake from the semiconductor industry, however, already picked up slightly in the 3rd quarter, with the demand from the automotive industry stabilizing - albeit at a low level. The Defense & Civil Systems segment posted an 11.2 percent increase in its order intake compared with the same period in the previous year. This led to a slight rise in the group order backlog to 379.4 million euros (30.06.2009: 374.6 million euros) compared with the end of June this year.
Marked increase in the 3rd quarter 2009 cash flow by comparison with the previous year. Net debt reduced by approx. 23 million euros. Long-term financing concluded. Shareholders' equity ratio increased.
The cash flow from operating activities (after taxes), at 30.2 million euros, was in the double figure million euro range despite the negative result and showed a marked increase in the 3rd quarter in particular (prev. year 20.1 million euros). This positive development was achieved through the active management of inventories and receivables. The cash flows were used primarily to reduce net debt, which fell by more than 23 million euros as at September 30, 2009 to the new figure of now 168.1 million euros (31.12.2009: 191.6 million euros).
The successful switch in the Group's financing structure, which is now no longer short-term but oriented to the long-term, was an important milestone. As at September 30, 2009, non-current financial liabilities accounted for a total of 89 percent. The Thuringia-based technology group had received a central federal-state guarantee for 44 million euros to cover part of the financing package. As at September 30, 2009 the liquidity framework of the Jenoptik Group in the sum of approx. 70 million euros comprised free lines of credit as well as unsued credits.
At 275.7 million euros, the Jenoptik Group's shareholders' equity was 17.1 million euros below the figure of December 2008 (31.12.2008: 292.8 million euros) due to the result. However, since there was simultaneously a larger reduction in the balance sheet total due to the lower net debt, the shareholder's equity ratio, as a ratio between shareholders' equity and the balance sheet total, increased slightly from 42.5 percent at the end of 2008 to the new figure of 43.2 percent.
Further fall in number of employees in the 3rd quarter.
The number of employees in the Group fell by a total of 90 to 3,310 (31.12.2008: 3,400) as at September 30, 2009. The effects of the withdrawal from the mid-format camera business are partially included in this figure but not those of the closure of the optics site at Gießen. Adjustments to the reduced capacity utilization, mainly in the Optical Systems and Industrial Metrology divisions, were carried out primarily through short-time working (30.09.2009: 682 employees) and the additional reduction in temporary personnel by 95 since the beginning of the year.
The expansion of the restructuring measures in the 2nd half-year, mainly through the further optimization of processes and locations, will entail personnel-related measures. In this context, Jenoptik is expecting a regular workforce of about 3,000 employees. Talks with the employee representatives were started in the 3rd quarter just past.
Information on the development of the three Jenoptik segments.
The Lasers & Optical Systems segment is feeling the effects of the global economic crisis, to a marked extent in some areas. Earnings were also influenced by the one-off effects in the sum of 8.4 million euros arising from the withdrawal from the mid-format camera business. Sales totaled 110.4 million euros (prev. year 153.3 million euros) and were affected by the weak demand of the semiconductor industry. The Lasers & Material Processing division was not able to escape the development in the automotive and industrial business. By contrast, the development of business in the photovoltaic and medical technology areas was positive. The segment's result from operating activities before one-off effects totaled minus 3.2 million euros (prev. year 15.1 million euros). Order intake and order backlog showed a bottoming out. At 118.4 million euros, the order intake in the first nine months was clearly below the level for the same period in the previous year (prev. year 153.7 million euros). However, the pickup in the demand from the semiconductor industry will not be reflected in the sales until the next quarters. The segment's order backlog was 67.5 million euros and thus higher than at the end of last year (31.12.2008: 63.6 million euros).
In the Metrology segment, the stable Traffic Solutions division was unable to fully compensate for effects of the crisis in the automotive industry, with the segment posting a fall in sales to 70.6 million euros (prev. year 87.0 million euros). Over recent months, the Industrial Metrology division reported lower sales, whereas at the start of the year it had still been benefiting from the order backlog of the period prior to the crisis. The segment reported an EBIT of minus 4.7 million euros (prev. year 2.0 million euros). Cost-cutting measures started to take effect but could not compen-sate for the reduction. In the Traffic Solutions division, major orders have an increasing influence on the development of sales and earnings in the quarters. The segment's order intake fell by 43.6 percent to 59.4 million euros (prev. year 105.3 million euros), although in the 3rd quarter there were signs that it was bottoming out at a low level. As at end September the order backlog was 24.2 million euros (31.12.2008: 37.0 million euros). This decline is attributable exclusively to the Industrial Metrology division and thus to the low demand from the automotive industry.
In the 3rd quarter 2009, the Defense & Civil Systems segment continued its successful business development in a market environment which continued to be seen as stable to good. At 152.5 million euros, sales reached the same level as in the previous year (prev. year 152.1 million euros). At the start of the year the segment had still posted a sharp growth in sales over the same period in the previous year as the result of the delivery of a major order. With an increase of 8.0 percent, the EBIT of the segment increased at a higher rate than sales. It improved to 9.4 million euros (prev. year 8.7 million euros), with the main contribution once again coming from the Sensors business unit thanks to the economies of scale within the framework of a major order. The order intake grew by 11.2 percent to 149.4 million euros (prev. year 134.4 million euros). The order for the new Puma infantry fighting vehicle for the German Army has not yet been included in the figure. The segment's order backlog totaled 288.0 million euros (31.12.2008: 294.6 million euros).
Positive Group EBIT before one-off effects in the full year 2009. Thanks to cost-saving measures, the Group EBIT is expected to be in the double figure million euro range in 2010.
Sales and earnings in the 2009 fiscal year will not reach the levels achieved in 2008. The reasons for this are the more difficult sales conditions and increasing competition in parts of the remaining business. Jenoptik is countering this situation with measures which will make a contribution of more than 10 million euros towards reducing costs in the 2009 fiscal year and which are consequently expected to partially compensate for the reduction in sales and margins. "Our cost-cutting measures will sustainably secure our long-term competitiveness and help to enable us to continue with strategic themes that are geared towards the future. Our focus is on customer-oriented innovations, the expansion of sustainable businesses and the continued internationalization", said Jenoptik boss Dr. Michael Mertin. In the 1st half-year 2009, significant progress had already been achieved in the process of internationalization in growth markets, particularily in Asia and a loss-making marginal business was eliminated from the portfolio through the withdrawal from the mid-format camera business.
The effects of the economic crisis are still being felt to varying degrees within the Jenoptik segments. In 2009, Jenoptik will continue to benefit from the stable business of the Defense & Civil Systems segment and anticipates another contribution to sales in excess of 200 million euros (2008: 208.5 million euros). The Traffic Solutions division (Metrology segment) and the Lasers & Material Processing division are also expected to continue their relatively stable development of sales. The Optical Systems and Industrial Metrology divisions will report a marked reduction in sales for the full year 2009 compared with 2008 as a result of the fall in demand. Group sales for the full year 2009 are expected to total between 460 and 500 million euros. The Group EBIT before one-off effects should show a positive figure. The Jenoptik Group anticipates one-off effects in the current 4th quarter from, among other things, the lately expanded cost-cutting measures, primarily the optimization of processes and locations which will also go along with personnel-related measures.
As a result of the comprehensive and recently expanded cost-saving measures, the Group predicts a Group EBIT in the double figure million euro range in the 2010 fiscal year. In addition, Jenoptik has also been seeing a slight pickup in the business with optical systems for the semiconductor industry since the 3rd quarter. However, it does not yet expect to see a quick return to the levels of 2007 or early 2008.
"Now that our financing has been placed on a long-term basis and thanks to the cost-saving measures, we have secured Jenoptik's competitiveness for the years ahead and will be able to consistently pursue our growth topics. With the measures of the strategic realignment which we started in time we will be able to pursue our agenda even in these times and continue to follow our growth and earnings target with the recovery of the markets. We will consistently follow the path that produced first noticeable successes in 2008", said Jenoptik boss Michael Mertin. In addition to the expansion of the international sales network, these topics include successful product innovations such as e.g. the laser processing systems for the photovoltaic industry, the development of the fiber laser, expansion of the business with infrared optics, entry into the LED lighting market, and the full-service operator concept (Traffic Service Providing).
The detailed 9 month report will be available to you online from 09:00 am at www.jenoptik.com (Accounts & Reports).
This announcement can contain forward-looking statements that are based on current expectations and certain assumptions of the management of the Jenoptik Group. A variety of known and unknown risks, uncertainties and other factors can cause the actual results, the financial situation, the development or the performance of the company to be materially different from the announced forward-looking statements. Such factors can be, among others, changes in currency exchange rates and interest rates, the introduction of competing products or the change of the business strategy. The company does not assume any obligation to update such forward-looking statements in the light of future developments.
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