Ad-hoc | 10 August 2005 08:14

JENOPTIK AG: Report on the first half 2005

Ad hoc announcement §15 WpHG Report on the first half 2005 JENOPTIK AG: Report on the first half 2005 Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. —————————————————————————— Jenoptik first half sales, on a comparable basis, at last year’s level. Adjusted operating income up appreciably. Order situation remains stable at high level. Equity ratio rises to more than 25 percent. Jenoptik Group sales, once adjusted for comparison, remained stable within the same range as the first half of 2004 with a strongly improved operating income. Sales came to 895.1m euros, following 1,016m euros over the first half of 2004, which had included around 140m euros from M+W Zander Gebäudetechnik GmbH, a majority of which was sold at the end of 2004. The Jenoptik Group completed the first half of 2005 with 21.1m euros in the result from operating activities, a great improvement over 35.9m euros in the first half of 2004, taking into account 26m euros in one-off effects. (This figure includes the sale of the group’s interest in SC300 and a project building in Singapore, together totaling 36m euros, minus 10m euros for restructuring expenditure in the Gebäudetechnik subsidiary.) There were no such one-off effects in the first half of 2005. Net investment income improved from -3.7m euros in the first half of 2004 to – 2.9m euros, chiefly due to positive income at DEWB AG over the first half 2005. Net interest income came to -13.1m euros (2004: -19.1m euros) largely reflecting interest expenses for both of the group’s bond issues. The figure also improved as the result of leasing obligations from a long-term general rental agreement that were redeemed at the end of 2004, followed by the payment of bank credits. Income taxes totaled 4.2m euros (2004: 6.7m euros) and mainly derived from the group’s foreign subsidiaries. Deferred taxes with no effect on cash flow came to 0.1m euros (2004: 0.9m euros). Earnings after tax were positive at 0.8m euros (2004: 5.5m euros). In light of the positive one-off effects in 2004 (about 26m euros at EBIT level), this year-on-year difference of less than 5m euros in the income for the period represents an improvement in the group’s operating income situation. Jenoptik’s order volume has stabilized at a high level since the beginning of the current fiscal year, with order intake and backlog rising, once adjusted for comparison. The group received 1,321.5m euros in orders over the first half of 2005. (2004: 1,403.4m euros, of which approx. 300m euros Gebäudetechnik). Group order backlog reached 2,311.2m euros as of June 30, 2005, roughly the same amount as a year before, when adjusted (2004: 2,707.3m euros, of which 350m euros Gebäudetechnik). The rise in order backlog from December 31, 2004 to June 30, 2005 was particularly impressive. The Jenoptik Group began its second half with an equity ratio of 25.1 percent. Shareholders’ equity rose from 369.0m euros at the end of 2004 to 379.0 euros as of June 30, mainly the result of a rise in the value of PVA TePla AG, a company in which Jenoptik holds a minority interest. The Jenoptik Group’s short-term debt fell by nearly 100m euros. This strong reduction is chiefly attributable to sales tax payments and the reduction in trade accounts payable. The rise in net debt from 238.8m euros at the end of 2004 to 352.1m euros as of June 30, 2005 was the result of the acquisition of the remaining 30.9 percent of shares in M+W Zander D.I.B. Facility Management GmbH, the purchases of Photonic Sense and Krämer Scientific Instruments, both minor Photonics affiliates, high sales tax payments, and the interim financing of the strong reduction in trade accounts payable. Jenoptik projects operating income at last year’s high level. Jenoptik Group sales are expected to return to between 1.9 and 2.1bn euros for the entire fiscal year 2005, roughly the figure achieved in 2004, when adjusted for the sales of the Gebäudetechnik subsidiary. The group is planning to achieve an operating EBIT figure of between 60 and 70m euros. The executive board is currently looking into ways to plan the separation of the M+W Zander Group from JENOPTIK AG, which will lead to expenditures within the one-digit million euro range over the second half. Income and expenditures from the possible sale of M+W Zander and costs connected with restructurings are, as one-off effects, excluded from operating income projections. Figures in million euros HY/2005 HY/2004 Group sales 895.5 1,016.5 Group operating result (EBIT) 21.1 35.9 Group earnings after tax 0.8 5.5 Order intake – Group 1,321.5 1,403.4 Order backlog – Group 2,311.2 2,707.3 Employees as at 31.12. (incl. trainees) 9,126 10,720 Contact: IR, Cornelia Todt, Phone/Fax ++49(0)3641-652290/2484; http://www.jenoptik.com Jenoptik AG Carl-Zeiss-Straße 1 07739 Jena Deutschland ISIN: DE0006229107 (TecDAX) WKN: 622910 Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart End of ad hoc announcement (c)DGAP 10.08.2005 100814 Aug 05