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2013 targets met – Jenoptik succeeds in a challenging market environment

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– Preliminary Group operating result of over 52 million euros in 2013.
– Revenue increases to 600 million euros.
– 2014 forecast: revenue growth of 5 to 10 percent, income from operations (EBIT) between 55 and 62 million euros.
Despite a challenging market environment, the Jenoptik Group achieved revenue of 600 million euros for the first time in 2013. The increase in revenue on the prior year (prior year 585 million euros) thus came to approximately 3 percent. Growth momentum was primarily attributable to the Middle East/Africa, America and Germany. The operating result (EBIT) is at over 52 million euros (prior year 54.8 million euros) and was influenced by major investment in expanding international distribution structures, new products and expenses for Group development projects. As a result, the Group achieved a profitability level almost on a par with the 2012 record. The EBIT margin comes to approximately 8.8 percent according to provisional calculations (prior year 9.4 percent).
“The 2013 fiscal year was a good one for Jenoptik. We have grown successfully and achieved our targets without compromising on the significant investment required to secure the future of Jenoptik. Despite only restrained demand in Europe and a weakening of growth in parts of Asia, we have succeeded in driving forward the development of our company, particularly its internationalization and our internal initiatives for harmonized and excellent processes,” says Jenoptik CEO Michael Mertin, summarizing the past fiscal year. CFO Rüdiger Andreas Günther adds: “Our earnings before tax are even higher than in the prior year. We were able to achieve this due to an investment result that was positive for the first time in the younger history of the company as well as due to an improved interest result.”
The operating business of the Jenoptik Group gained considerable momentum in the course of the year. With Group revenue of approximately 167 million euros and EBIT of over 15 million euros, the fourth quarter was the strongest in the 2013 fiscal year. In the final quarter, the EBIT increased at a faster rate than revenue and improved by over 18 percent (in prior year 12.7 million euros).
Order intake as expected below the high level of prior year.
In the 2013 fiscal year, the Jenoptik Group received new orders totaling around 575 million euros. According to preliminary figures, the order intake was thus below the level of the prior year (prior year 587.2 million euros). In this context, allowance should be made for the fact that the figure for the prior year included major orders in the Metrology and Lasers & Optical Systems segments. In addition, as a result of a weaker development of the economy, there were postponements of orders to subsequent periods.
At the end of 2013, the order backlog of the Jenoptik Group, at 411 million euros, was below the high level in the prior year (31/12/2012: 446.8 million euros) due to a modified order structure. In future, Jenoptik will increasingly focus on international orders with a shorter term as well as on products for civil applications in the Defense & Civil Systems segment.
Information on the segments.
The Lasers & Optical Systems segment was affected by the weakness in the semiconductor equipment market, particularly in the first half-year and stronger sales in the life science market in the second half of the year. Revenue in the segment came to approximately 225 million euros (prior year 212.3 million euros), the EBIT to approximately 25 million euros (prior year 27.1 million euros); determinants were a modified product mix, start-up costs for new products and the expansion of international distribution.
The Metrology segment benefited from robust demand from the automotive industry, in particular for new measurement techniques for fuel-saving and low-emission engines, and from deliveries for projects relating to traffic safety. Jenoptik entered the Australian market in early 2013, one highlight of this move being a service agreement running over several years in the field of mobile speed monitoring. According to preliminary figures, the segment achieved a slight increase in revenue to approximately 187 million euros (prior year 182.7 million euros). The EBIT at approximately 23 million euros also remained at a high level (prior year 25.6 million euros).
At approximately 185 million euros, revenue in the Defense & Civil Systems segment was almost at the level of the prior year (prior year 186.4 million euros). Thanks to one-off effects and improved cost structures, the segment-s EBIT rose to about 11 million euros (prior year 7.8 million euros).
Key financial indicators further improved, net debt significantly reduced.
The key financial indicators showed continued improvement in the fiscal year just passed. Net debt fell significantly to approximately 44 million euros (prior year 74.5 million euros) as a result of a good cash flow in particular in the fourth quarter. The equity ratio increased to over 52 percent (prior year 49.3 percent). Jenoptik also has in place a long-term and extremely robust financing structure which provides the Group with sufficient room for maneuver to secure future growth.
2014 target: further profitable growth.
In 2014, Jenoptik intends to systematically invest in the expansion of its distribution structures and innovative products and further streamline internal processes.
At present, Jenoptik is anticipating revenue growth of between 5 and 10 percent for the 2014 fiscal year. The Group EBIT is due to come in at between 55 and 62 million euros.
The Jenoptik Group expects to achieve profitable growth over the coming years and an average EBIT margin of around 9 to 10 percent, as well as revenue growth of approx. 10 percent over the course of the market cycles. Once again the revenue target is expected to primarily be achieved through organic growth. Up to 2017 Jenoptik will be striving to increase revenue to approx. 800 million euros and grow the share of revenue in America and Asia / Pacific jointly to more than 40 percent of Group revenue.
This press release may contain statements relating to the future which are based on current assumptions and forecasts made by the corporate management of the Jenoptik Group. Various known and unknown risks, uncertainties and other factors may result in major discrepancies between the actual results, financial position, development or performance of the company and the assessment presented here. Such factors may include exchange-rate swings, interest rate changes, the launch of competitor products or alterations to the corporate strategy. The company shall accept no obligation to update such future projections or adapt them to future events or developments.
Figures at a glance (PDF)