Quarterly Report • May 8, 2013
Quarterly Report
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Interim Financial Report of the Jenoptik Group (unaudited) FOR THE MONTHS JANUARY TO MARCH 2013
| Figures in million euros | Jan. – March 2013 | Jan. – March 2012 | Change in % |
|---|---|---|---|
| Sales | 132.0 | 137.7 | – 4.1 |
| Lasers & Optical Systems | 49.7 | 57.2 | – 13.1 |
| Metrology | 42.8 | 37.2 | 15.1 |
| Defense & Civil Systems | 39.5 | 43.6 | – 9.4 |
| Others* | 0 | – 0.3 | – |
| EBITDA | 15.9 | 17.3 | – 8.1 |
| Lasers & Optical Systems | 6.5 | 11.3 | – 42.5 |
| Metrology | 7.0 | 3.8 | 84.2 |
| Defense & Civil Systems | 1.5 | 2.6 | – 42.3 |
| Others* | 0.9 | – 0.4 | – |
| EBIT | 10.6 | 11.6 | – 8.6 |
| Lasers & Optical Systems | 4.1 | 8.9 | – 53.9 |
| Metrology | 6.5 | 3.0 | 116.7 |
| Defense & Civil Systems | 0.3 | 1.3 | – 76.9 |
| Others* | – 0.3 | – 1.6 | 81.3 |
| EBIT margin (EBIT as % of sales) | 8.0 % | 8.4 % | |
| Lasers & Optical Systems | 8.2 % | 15.6 % | |
| Metrology | 15.2 % | 8.1 % | |
| Defense & Civil Systems | 0.8 % | 3.0 % | |
| Earnings before tax | 9.0 | 9.9 | – 9.1 |
| Earnings after tax | 7.9 | 8.4 | – 6.0 |
| Order intake | 132.0 | 148.8 | – 11.3 |
| Lasers & Optical Systems | 52.2 | 55.0 | – 5.1 |
| Metrology | 42.2 | 58.9 | – 28.4 |
| Defense & Civil Systems | 37.4 | 35.3 | 5.9 |
| Others* | 0.2 | – 0.4 | – |
| Figures in million euros | March 31, 2013 | Dec. 31, 2012 | March 31, 2012 |
|---|---|---|---|
| Order backlog | 447.5 | 446.8 | 462.1 |
| Lasers & Optical Systems | 107.1 | 105.2 | 98.3 |
| Metrology | 88.5 | 87.4 | 93.7 |
| Defense & Civil Systems | 253.5 | 255.8 | 271.7 |
| Others* | – 1.6 | – 1.6 | – 1.6 |
| Employees (incl. trainees) | 3,297 | 3,272 | 3,143 |
| Lasers & Optical Systems | 1,351 | 1,349 | 1,297 |
| Metrology | 856 | 814 | 732 |
| Defense & Civil Systems | 896 | 913 | 934 |
| Others* | 194 | 196 | 180 |
* Others includes holding, SSC, real-estate, consolidation.
See Earnings and Order situation – page 7.
See Financial and Asset position – page 9.
• As a result of the weakness in the semiconductor market, the Lasers & Optical Systems segment posted a fall in sales and earnings. The Metrology segment reported strong growth in both sales and EBIT, while the Defense & Civil Systems segment reported lower sales and earnings.
See Segment Reporting – from page 11.
As an integrated optoelectronics group, Jenoptik operates in the following three segments:
Jenoptik is primarily a supplier of capital goods and consequently a partner for industrial companies. In the Metrol ogy and Defense & Civil Systems segments, we are also a major supplier to the public sector both directly as well as indirectly through system integrators. We do not focus on consumer markets.
The product portfolio extends from complex systems, in dustrial facilities and production lines, to modules and subsystems, through to components. Jenoptik also markets comprehensive total solutions and/or operator models comprising the integration of systems and facilities and corresponding networks, as well as project management, data processing and after-sales.
Our key markets primarily include security and defense technology, the metrology and materials processing market, the civil aviation industry, medical technology, the market for traffic solutions and the semiconductor industry.
Despite the globally weak economic data, an uncertain outlook, the continuing European debt crisis and cost saving measures in the US, the German equities market got off to a good start in 2013: in mid-March, the Dax broke through the 8,000 barrier, but began to fall again at the end of March. As at March 28, the Dax was only showing a small rise of 0.21 percent compared with the start of the year. The TecDax ended the 1st quarter 2013 up 10.6 percent.
Following an outstanding development in 2012 the Jenoptik share price was 4.5 percent higher at the end of March compared with the start of the year. Following a good start the share reached a closing price of 8.49 euros, the highest level since mid-2005. The subsequent weeks were characterized by a downward trend. At the end of March, following the publication of the annual financial statements and the announcement of the proposal to pay an increased dividend, the share price rose again. On March 28, 2013 the share price closed at 8.05 euros. The lowest closing price in the period covered by the report, 7.46 euros, was reached on March 22. In April, the Jenoptik share price rose sharply once again to exceed the 8 euros mark. As at April 30, 2013, the share ended trad ing at 8.71 euros, approx. 13 percent more than at the beginning of the year.
The JENOPTIK AG Executive Board presented the annual financial statements for the 2012 fiscal year on March 26 and 27, 2013 as part of the annual balance sheet press conference in Jena and at the Analysts' Conference in
| 1.1. to 31.3.2013 | 1.1. to 31.3.20121) | |
|---|---|---|
| Net profit in KEUR | 7,877 | 8,435 |
| Weighted average number of outstanding shares |
57,238,115 | 57,238,115 |
| Earnings per share in euros | 0.14 | 0.15 |
Earnings per share are the net profit divided by the weighted average number of shares out standing.
1) Changed due to first-time application of IAS 19R.
Frankfurt/Main where it answered questions from those attending. The Management of Jenoptik also took part in bank conferences and provided investors with information at roadshows in Frankfurt/Main, Warsaw, Luxembourg and Copenhagen.
According to details from the International Monetary Fund (IMF), the global economy stabilized in the 1st quarter 2013, thanks in particular to the development in the US and the emerging markets. The continuing, unresolved euro debt crisis remains the greatest risk to the global economy.
In the US economy, the recovery in consumer spending and in the housing and labour market stabilized at a moderate rate at the start of 2013. In the 1st quarter 2013, the gross domestic product (GDP) increased at an annual rate of 2.5 percent. The US Department of Trade also revised the growth rate for the 4th quarter 2012 upwards – from 0.1 to 0.4 percent.
After the euro zone GDP had shrunk sharply by 2.1 percent in the closing quarter of 2012, the ifo-Institut calculat ed stagnating economic output for the 1st quarter 2013 compared with the previous quarter. The reduction in industrial production in the 1st quarter 2013 is likely to come to minus 0.5 percent and thus be lower than in the 4th quarter 2012 (minus 2.1 percent). In addition to the countries of Southern Europe, France is also being increasingly seen as one of the crisis countries.
According to assessments by the the Federal Government, the German economy reported a slight recovery in the 1st quarter 2013, during which economic output stabilized following the weakness during the course of the previous year. Industrial production in February was said to have shown a stronger rise than had been anticipated. However, as a result of the euro crisis, exports in the same month were down by 1.5 percent compared with the figure for January.
In China, the growth rate in the 1st quarter 2013 was below expectations: the Chinese Office of Statistics calcu - lated that GDP increased by 7.7 percent compared with the same period in the previous year. The reasons given for this were the sluggish industrial production and a weaker retail sector. In March, exports also fell as a result of re duced demand from Europe, the US and Japan.
In Brazil the first stage of the planned phased rise in tax on industry came into effect in February 2013. As the demand in the automotive industry started to decline as a result of this, the Brazilian government decided to postpone the second and third stage of the tax to the year 2014.
Jenoptik is addressing the semiconductor and semiconductor equipment manufacturing, medical technology, automotive/machine construction, traffic, aviation as well as the security and defense markets.
Jenoptik is using optical technologies in all three segments. The industry association Spectaris changed its Global Market Index for Optical Technologies in which Jenoptik is included. The new ref erence mark for the analysis of sales of 15 international photonics companies is now the 1st quarter 2007 (before: 1st quarter 2005). Due to that change the global market index in the 4th quarter 2012 amounted to 133.9 points; sales by the 15 companies were 33.9 percent above the results of the 1st quarter 2007. According to Spectaris, sales of the companies in the 4th quarter 2012 rose by 4.6 percent compared with the previous quarter.
According to the Semiconductor Industry Association (SIA) global sales of the semiconductor industry in the 1st quarter 2013 were 0.9 percent above those for the same quarter in the previous year and according to SIA showed a moderate but sutainable growth. In particular the regions Asia/Pacific and Europe showed an impressive growth. That sales in January and February had still been lower than in the prior months reflected seasonal patterns. According to the final calculations from the IT analysts Gartner, global sales by the sector in 2012 fell by 2.6 percent to 299.9 billion US dollars.
In mid-March 2013, the Semiconductor Equipment and Materials International (SEMI) sector association published its final figures for the semiconductor equipment manufacturing indus try for 2012. Global sales by the manufacturers were down by 15 percent compared with the previous year, to 36.9 billion US dollars. SEMI had previously anticipated a fall of 12.2 percent to 38.2 billion US dollars. Gartner calculated a reduction of 16.1 percent for 2012, to 37.8 billion US dollars.
According to final calculations by Spectaris and the Ger man Federal Statistics Office, German medical technology manufacturers recorded an increase in sales of 4.2 percent to 22.3 billion euros (prev. year 21.4 billion euros) in 2012. The rise came exclusively from the growth in foreign business.
According to the German Engineering Federation (VDMA), the order intake in the 1st quarter 2013 fell by 2 percent compared with the same quarter in the previous year. Whereas domestic orders fell, orders from abroad remained at the same level on quarterly average. The development outside Europe here compensated for the weak demand of the euro zone countires. In total, the quarterly figures confirmed the uncertainty regarding the further economic development.
According to the German Association of the Automotive Industry (VDA), global private vehicle sales in the 1st quarter 2013 once again showed an uneven picture. In Western Europe, sales were down 10 percent by comparison with the quarter in the previous year and down by 12 percent in the former growth market of India. By contrast, manufacturers in the US posted a 6 percent rise in sales; with a 25 percent increase in the 1st quarter 2013, China remained the growth driver for the global automotive industry accord ing to the VDA.
In March 2013, the World Health Organization (WHO) published the annual traffic safety statistics for 2012. According to the figures, there were around 1.24 million deaths on the roads in 2012; in Germany, the figure fell to 3,648. According to the WHO, programs designed to
increase traffic safety reported success: in 40 of the organization's 48 member states the number of deaths has fallen by a quarter within three years.
Based on details from the German Railway Industry Asso ciation (VDB) published in April 2013, in 2012 the sector achieved the second best sales result in its history in Germany: a 4.9 percent rise in sales compared with the previous year, to 10.7 billion euros. By contrast, there was a 27.6 percent fall in the order volume, primarily from the domestic market. According to the VDB this is attributable to the falling demand for tracked vehicles, the main area of business for German rail engineering manufacturers.
Figure released by the German Aerospace Industries Asso ciation (BDLI) show that sales by the sector increased by 10.3 percent to 28.4 billion euros in 2012. Civil aviation in particular, as the largest individual segment in the sector, posted a marked 14.2 percent rise in sales. By contrast, there was a continuation of the negative trend in the military market: sales were 0.5 percent lower by comparison with the previous year.
In 2012 global spending on security and defense technol ogy fell for the first time since 1998 as a result of sharp cutbacks in the defense budgets of the industrialized nations. The Stockholm International Peace Research Institute SIPRI calculated a 0.5 percent fall for 2012 over the previous year to approx. 1.75 trillion US dollars. While the US share of global spending on arms fell below 40 percent for the first time since 1990, according to the SIPRI spending rose primarily in China and Russia. Germany was the only country in Western and Central Europe to report a slight increase in 2012 of 0.9 percent.
No significant new reports were published for the other sectors in the 1st quarter 2013. We therefore refer to the information on pages 53ff in the 2012 Annual Report.
Note: Jenoptik took advantage of the opportunity to prematurely apply the IAS 19R (amended 2011) as at Decem ber 31, 2012; this was applied retrospectively, the result of which was an adjustment in the interim financial statement for 2012. The consequential changes affect the pension provisions, shareholders' equity, result for the period and deferred taxes.
The tables in the Management Report, which show a breakdown of the key indicators by segment, include the Corporate Center, the Shared Service Center and the real estate under "Others". The consolidation effects are shown separately.
Development of sales. At 132.0 million euros, sales of the Jenoptik Group in the reporting period were 4.1 percent down on the figure for the previous year (prev. year 137.7 million euros). The slight reduction was the result of the continuing weak ness in the semiconductor market and postponements in sales to subsequent periods in the Lasers & Optical Sys tems and Defense & Civil Systems segments. With a rise of 15.1 percent, the Metrology segment showed a strong growth in sales from its business with the automotive industry.
Jenoptik has successfully continued its strategy of internationalization and in the 1st quarter 2013 generated approx. 66 percent of sales abroad (prev. year 63 percent). There was a particularly sharp rise in sales in America. The Metrology segment in particular reported a sharp increase in sales in this region.
Development of results. The EBITDA in the 1st quarter 2013 totaled 15.9 million euros compared with 17.3 million euros for the same period in the previous year. At 10.6 million euros, the Group EBIT was just below the level for the same quarter in the previous year (prev. year 11.6 million euros). This was attributable to the lower sales as well as investment in R+D and distribution. The EBIT margin for the 1st quarter 2013 was 8.0 percent (prev. year 8.4 percent).
While, as expected, the EBIT of the Lasers & Optical Sys tems segment did not reach the same high level as in the previous year, the Metrology segment more than doubled its operating result. The EBIT of the Defense & Civil Systems segment was influenced by the postponement of sales.
At minus 1.6 million euros, there was a further improvement in the financial result over the same quarter in the previous year (prev. year minus 1.7 million euros) due to lower interest expenses. This was attributable both to lower liabilities to banks as well as to better financing conditions.
Earnings before tax were lower compared with the previous year, at 9.0 million euros (prev. year 9.9 million euros). Taxes totaled 1.2 million euros. The cash effective tax quota was 13.7 percent. Accordingly, earnings after tax, at 7.9 mil lion euros, were slightly below the level of the previous year (prev. year 8.4 million euros).
Order situation. The Jenoptik Group posted an order intake of 132.0 million euros which, as expected, was lower than in the strong same quarter in the previous year – down by 11.3 percent in total (prev. year 148.8 million euros). It should be taken into account that the order intake for the same quarter in the previous year included a proportion of
| 1.1. to 31.3.2013 |
1.1. to 31.3.2012 |
Change in % |
|
|---|---|---|---|
| Total | 132.0 | 137.7 | – 4.1 |
| Lasers & Optical Systems | 49.7 | 57.2 | – 13.1 |
| Metrology | 42.8 | 37.2 | 15.1 |
| Defense & Civil Systems | 39.5 | 43.6 | – 9.4 |
| Others | 0 | – 0.3 | 100.0 |
| 1.1. to 31.3.2013 |
1.1. to 31.3.2012 |
Change in % |
|
|---|---|---|---|
| Total | 10.6 | 11.6 | – 8.6 |
| Lasers & Optical Systems | 4.1 | 8.9 | – 53.9 |
| Metrology | 6.5 | 3.0 | 116.7 |
| Defense & Civil Systems | 0.3 | 1.3 | – 76.9 |
| Others | – 0.3 | – 1.6 | 81.3 |
the major order for traffic safety technology in Malaysia in the Metrology segment as well as two larger orders in the Lasers & Optical Systems segment.
The book-to-bill ratio was 1.00. In a challenging economic environment he Group therefore succeeded in recording an order intake which was exactly at the level of sales volume for the 1st quarter 2013.
The Group order backlog remained at the same level as at the end of 2012 but reduced slightly by 3.2 percent against the previous year's quarter to the new figure of 447.5 million euros (31.12.2012: 446.8 million euros; 31.3.2012: 462.1 million euros).
Detailed information on the development of the key indicators in the segments can be found from page 11 in the segment reporting contained in this report.
Selling costs reduced by 6.6 percent to 84.2 million euros (prev. year 90.2 million euros), and thus stronger than sales. Accordingly, at 36.2 percent, the gross margin exceeded the level for the previous year (prev. year 34.5 percent). The main reasons for this development were the successful con tinuation of the Jenoptik Excellence Program and the resulting reduction in costs of material as well as economies of scale in connection with the major projects acquir ed.
Investments in research and development are crucial for the future performance and competitiveness of the
Jenoptik Group. The R+D total output increased as planned to 13.4 million euros against 11.6 million euros for the same period in the previous year. It therefore rose to approx. 10 percent of sales and includes the R+D expenses, development costs on behalf of customers as well as changes in the capitalized development costs which are included in assets.
The development costs on behalf of customers in the 1st quarter 2013 totaled 3.9 million euros (prev. year 3.4 million euros). These are apportioned according to the contract structure and so are dependent upon individual orders or projects. This means that both the cost of sales as well as the R+D expenses and corresponding quotas can fluctuate without producing a change in the R+D total output.
Group R+D expenses totaled 9.8 million euros in the first three business months. As such, Jenoptik invested approx. 17 per cent more in innovative product developments than in the previous year's quarter (prev. year 8.3 million euros).
Employees & management. As at the end of the 1st quarter 2013, the Jenoptik Group had 3,297 employees (31.12. 2012: 3,272). This shows a small rise of 0.8 percent.
As at the end of the 1st quarter 2013, the Jenoptik Group had a total of 108 trainees (prev. year 102 trainees). In February this year 20 trainees successfully passed their final exams (prev. year 22).
There was short-time working for a small number of employees in a joint venture company in the 1st quarter 2013. As at March 31, 2013, 126 agency staff were employed in Germany (prev. year 151 agency staff).
| 1.1. to 31.3.2013 |
1.1. to 31.3.2012 |
Change in % |
|
|---|---|---|---|
| Total | 132.0 | 148.8 | – 11.3 |
| Lasers & Optical Systems | 52.2 | 55.0 | – 5.1 |
| Metrology | 42.2 | 58.9 | – 28.4 |
| Defense & Civil Systems | 37.4 | 35.3 | 5.9 |
| Others | 0.2 | – 0.4 | 150.0 |
| 31.3.2013 | 31.12.2012 | Change in % |
|
|---|---|---|---|
| Total | 447.5 | 446.8 | 0.2 |
| Lasers & Optical Systems | 107.1 | 105.2 | 1.8 |
| Metrology | 88.5 | 87.4 | 1.3 |
| Defense & Civil Systems | 253.5 | 255.8 | – 0.9 |
| Others | – 1.6 | – 1.6 | 0 |
A shareholder's equity quota in excess of 50 percent, the debenture loans and the syndicated loan with a volume of 120 million euros and a term of five years which was signed in April 2013 give Jenoptik a long-term and very sound financing structure.
As a result of the increase in the shareholder's equity and simultaneous reduction in borrowings, the ratio between borrowings and shareholder's equity, the so-called gearing level, was 0.98 as at March 31, 2013 compared with 1.03 as at the end of 2012.
Following a reduction in net debt to 74.5 million euros as at December 31, 2012, Jenoptik further reduc ed this figure in the first three months of 2013. Net debt as at March 31, 2013 was just 72.0 million euros. The reduction was the result of receipts from the operating business which were used to repay current financial liabilities.
Analysis of capital expenditure. In the 1st quarter 2013, Jenoptik invested 6.0 million euros in tangible and intan gible assets (prev. year 4.4 million euros). At 3.6 million euros, the largest share of the investment went into tangible assets. Within the framework of its long-term growth strategy the Group invested, for example in manufacturing capacities for the future business with the semiconductor industry. Investments in intangible assets such as patents, trademarks and software, at 2.4 million euros in the 1st quarter 2013, exceeded the figure for the same quarter in the previous year (prev. year 0.9 million euros).
Scheduled depreciation in the Jenoptik Group was 5.3 million euros and therefore was just below the level for the same period in the previous year (prev. year 5.7 million euros).
Analysis of cash flows. The cash flow from operat ing activities, at 12.8 million euros, was down on the level for the previous year (prev. year 17.4 million euros). This was attributable to a slight fall in the earnings before tax and a reduc tion in provi sions. The reduction in payments for the working capital as the result of an improvement in the working capital management had a positive effect.
The increased capital expenditure, together with the payments for the acquisition of the Australian company DCD Systems Pty. Ltd., was reflected in the cash flow from investing activities which totaled minus 8.4 million euros in the 1st quarter 2013 (prev. year minus 2.5 million euros).
The free cash flow is calculated on the basis of the cash flow from operating activities, less payments for operating investment activities. In the period covered by the report, the free cash flow was 7.2 million euros (prev. year 13.2 million euros).
At minus 4.8 million euros, the cash flow from financing activities was below the corresponding figure for the previous year of 1.6 million euros. This was characterized on the one side by redemption payments for loans in the sum of 2.7 million euros and on the other by a change in group financing due to a loan to an affiliated non-consolidated company.
| 1.1. to 31.3.2013 |
1.1. to 31.3.2012 |
Change in % |
|
|---|---|---|---|
| R+D expenses | 9.8 | 8.3 | 17.2 |
| Capitalized development costs | 0 | 0.1 | – 91.7 |
| Depreciation and impairment on capitalized development costs |
– 0.3 | – 0.2 | 16.5 |
| Allocation to customer devel - opment orders |
2.7 | 2.4 | 11.1 |
| Other expenses Customer development orders |
1.2 | 1.0 | 23.0 |
| R+D output | 13.4 | 11.6 | 15.3 |
| 31.3.2013 | 31.12.2012 | Change in % |
|
|---|---|---|---|
| Total | 3,297 | 3,272 | 0.8 |
| Lasers & Optical Systems | 1,351 | 1,349 | 0.1 |
| Metrology | 856 | 814 | 5.2 |
| Defense & Civil Systems | 896 | 913 | – 1.9 |
| Others | 194 | 196 | – 1.0 |
Balance sheet analysis. The balance sheet total for the Jenoptik Group, at 672.9 million euros, showed only a minimal change of 0.5 percent compared with the end of 2012 (31.12.2012: 669.6 million euros).
At 338.5 million euros, non-current assets were up slightly on the figure for the end of 2012 (31.12.2012: 333.8 mil lion euros). This was, among other things, attributable to an increase in the intangible assets to 74.5 million euros (31.12.2012: 70.6 million euros), the capital expenditure on the ERP harmonization project and the purchase of DCD Systems Pty. Ltd. There were only minor changes in the other items under non-current assets.
At 334.3, million euros current assets in the 1st quarter 2013 remained virtually unchanged as against the end of December 2012 (31.12.2012: 335.8 million euros). Inven tories rose to 175.7 million euros (31.12.2012: 169.3 million euros). In the 1st quarter 2013 starting costs were incurred for the forecast sales in 2013. Accounts receivable and other assets in the sum of 112.7 million euros (31.12.2012: 120.7 million euros) comprise in particular receivables from the operating business activities in the sum of 98.5 million euros (31.12.2012: 103.1 million euros) and reduced primarily as a result of the reduction in sales compared with the 4th quarter 2012.
At 208.2 million euros, the working capital as at March 31, 2013 was above the figure for the end of 2012 as a result of the increase in inventories (31.12.2012: 202.8 million euros). The working capital is defined as the total trade accounts receivable and PoC (Percentage of Completion) plus inventories, less trade accounts payable and PoC, as well as on-account payments received. The working capital quota, the ratio between working capital and sales, im proved slightly over the figure for the end of December 2012, to 34.4 percent (31.12.2012: 34.7 percent).
As a result of the profit posted in the 1st quarter 2013, the shareholders' equity increased to 339.0 million euros (31.12.2012: 330.3 million euros). At 50.4 percent, the
shareholders' equity quota, the ratio between sharehold ers' equity and balance sheet total, exceeded the 50 percent barrier and was up on the figure for the end of 2012 (31.12.2012: 49.3 percent).
Non-current liabilities as at March 31, 2013 totaled 177.7 million euros (31.12.2012: 177.6 million euros). There was virtually no change in the items included in non-current liabilities, such as e.g. non-current financial liabilities, pension obligations, as well as other non-current provisions and other non-current liabilities.
In October 2011, Jenoptik had successfully placed debenture loans on the market with a volume of 90 million euros and a term of 5 resp. 7 years, putting the financing on a long-term basis.
Current liabilities reduced to 156.2 million euros (31.12. 2012: 161.7 million euros). Other current provisions and current financial liabilities as well as other current liabilities all showed a small reduction.
Purchases and sales of companies. In order to strengthen the market in the Asia-Pacific region and to be able to benefit from the direct customer access, Jenoptik acquired 100 percent of the Australian company DCD Systems Pty. Ltd., a traffic safety technology provider based in Sydney and Melbourne in January 2013. The company has annual sales in the mid-single figure million euro range. The acquisition will not have any major impact on the financial and asset situation of the Jenoptik Group.
For details of assets and liabilities not included in the balance sheet we refer to the information on page 70ff. in the 2012 Annual Report, the details on guarantees from page 108 in the Risk Report as well as the updates on these on page 14 of this report.
The overall development of the Lasers & Optical Systems segment was characterized by a slow start due to the continuing weakness in the semiconductor market. This was also reflected in a fall in the segment EBIT.
The segment generated sales of 49.7 million euros which were consequently down by 13.1 percent (prev. year 57.2 million euros). The reason for this was the slow start in the Lasers & Optical Systems segment, among other things, due to the weaker demand from the semiconductor industry.
The development of sales as well as the expansion of R+D and distribution activities were reflected in the results from operating activities (segment EBIT) which, as anticipat ed, showed a sharp fall compared with the high level for the same quarter in the previous year, down to 4.1 million euros (prev. year 8.9 million euros).
The order intake of the Lasers & Optical Systems segment, at 52.2 million euros, remained at virtually the same level as the previous year (prev. year 55.0 million euros) and was slightly up on the volume of sales, resulting in a book-tobill ratio of 1.05 (prev. year 0.96). The Optics and Microoptics business units both posted increased order intakes. The segment succeeded overall in further reducing its dependency upon the semiconductor industry by also increasingly attracting major customers in other areas such as medical technology, inspection systems and optoelectronic systems for the purpose of close collaboration.
The segment's order backlog exceeded the level as at the end of 2012, coming in at 107.1 million euros (31.12.2012: 105.2 million euros).
The number of employees in the segment as at end March 2013 was 1,351 (31.12.2012: 1,349 employees) and there fore almost the same as the end of 2012.
Key events in the 1st quarter. The most important trade fair of the year for the segment, Photonics West in San Francisco (US), is held in January.
In the Lasers business unit, Jenoptik presented various products, including the 1 kilowatt fiber laser for material processing, for use primarily in contactless cutting and welding of metals, offering high flexibility and high speed. The femtosecond laser, with improved parameters for faster material processing in industry and medical technology, was introduced at the trade fair. Optics demonstrated its range of services for the semiconductor and flat panel equipment industry. New precision optics were also showcased, accurate down to the nanometer and with ion beam figuring. The new F-Theta Silverline range of optics also rounds off Jenoptik's range of full-quartz lenses for micro materials processing with high-power and short and ultra-short pulse lasers.
| 31.3.2013 | 31.3.2012 | Change in % |
|
|---|---|---|---|
| Sales | 49.7 | 57.2 | – 13.1 |
| EBIT | 4.1 | 8.9 | – 53.9 |
| Order intake | 52.2 | 55.0 | – 5.1 |
| Order backlog | 107.1 | 105.21) | 1.8 |
| Employees | 1,351 | 1,3491) | 0.1 |
The Metrology segment continued to report a very positive performance and succeeded in more than doubling the segment EBIT compared with the same quarter in the previous year.
Sales of the segment grew by 15.1 percent to 42.8 million euros (prev. year 37.2 million euros). The segment posted an increase in sales from both in the area of the industrial metrology for the automotive industry as well as from traffic safety systems.
At 6.5 million euros, the result from operating activities (segment EBIT) of the segment more than doubl ed com pared with the previous year (prev. year 3.0 million euros). This was attributable on the one side to the growth in sales of industrial metrology which benefited from the good level of demand from the automotive/ machinery engineering sector, in particular in the USA. Jenoptik's products support the automotive industry in the manufacture of more efficient engines. On the other side, thanks to the earnings contribution from the current major projects, traffic systems also contributed towards the growth in the EBIT.
At 42.2 million euros, the order intake of the segment was 28.4 percent below the high level achieved in the previous year's quarter (prev. year 58.9 million euros) which had included a proportion of the major order for traffic safety systems in Malaysia. Major projects like these lead to fluctuations in the order-related indicators on a quarterly basis. In the Industrial Metrology division, de mand from the automotive industry remained high, particularly in the US,
and this in turn led to a further moderate rise in the order intake in this area.
Order intake and sales were at the same level, so the book-to-bill ratio was 0.99 (prev. year 1.58). The segment order backlog, at 88.5 million euros, remained at almost the same level as at the end of 2012 (31.12.2012: 87.4 million euros).
As at March 31, 2013, the Metrology segment had 856 employees, 5.2 percent more than at the end of 2012 (31.12.2012: 814 employees). New employees were primarily recruited in the Service Providing business unit of the Traffic Solutions division in connection with major international projects and the worldwide expansion of the sales structure.
Key events in the 1st quarter. As a result of the purchase of the Australian company DCD Systems, Jenoptik is strengthening its role as a leading global provider of traffic safety technology and in this way expanding the business in the Asia/Pacific region. More detailed information on this can be found in Chapter 2.3 Financial and asset situation on page 10.
At Traffex Birmingham, one of leading trade fairs for traffic safety, Jenoptik showcased products including its new TraffiStar S350 laser scanner system in the new TraffiTower 2.0 designer housing. This completes Jenoptik's product range of stationary speed and traffic light monitoring systems. The new laser scanner system makes Jenoptik the only provider in the world with all the established sensor technologies for modern traffic monitoring at its disposal:
| 31.3.2013 | 31.3.2012 | Change in % |
|
|---|---|---|---|
| Sales | 42.8 | 37.2 | 15.1 |
| EBIT | 6.5 | 3.0 | 116.7 |
| Order intake | 42.2 | 58.9 | – 28.4 |
| Order backlog | 88.5 | 87.41) | 1.3 |
| Employees | 856 | 8141) | 5.2 |
1) Figures as at December 31, 2012.
laser scanner, radar, piezo and induction loop. In addition to new products and components, the division also presented its comprehensive range of services, known as Traffic Service Providing. At the IMTEX Trade Fair in Bangalore/India in January 2013, Jenoptik presented industrial metrology systems. In April, the Group was successfully represented on the Asiatic market at the MTA in Singapore for the first time by JENOPTIK South East Asia Pte. Ltd., the company newly formed in 2012. The new mobile roughness tester HOMMEL-ETAMIC W10, with numerous new features that provide for user-friendly and economic measurement during the production process, was presented at Control, the world's leading trade fair for industrial metrology, in Stuttgart at the beginning of May 2013. With its HOMMEl-ETAMIC toposcan, Jenoptik also showcased the new generation of cylinder bore sur face inspection and roughness testers which are used primarily in engine development and manufacture.
The Defense & Civil Systems segment has successfully continued its atrategy of internationaliza tion, especially in North America. The business is oriented towards the longterm and major orders can result in fluctuations on a quarterly basis, primarily influencing the order intake.
Sales of the segment as at the end of the 1st quarter 2013 totaled 39.5 million euros, 9.4 percent below the same quarter in the previous year (prev. year 43.6 million euros). This was attributable to postponements of sales to subsequent periods as well as fluctuations in the project business.
As a result of the reduction in sales, the 76.9 percent fall in the result from operating activities (segment EBIT) to 0.3 million euros (prev. year 1.3 million euros) was disproportionately higher.
At 37.4 million euros, the order intake was up slightly on the previous year's level (prev. year 35.3 million euros) although just below the level of sales in the 1st quarter 2013, the book-to-bill ratio for the segment was 0.95. The segment's order backlog fell slightly to 253.5 million euros (31.12.2012: 255.8 million euros).
The number of employees in the segment was reduced by 1.9 percent compared with the end of 2012, to 896 (31.12.2012: 913).
Key events in the 1st quarter. JENOPTIK Defense Inc. successfully started its business activities in North America. At the Jupiter location in Florida, Jenoptik is set to develop an observation system to the specific requirements of the United States Marine Corps.
With the 170 kW GABEL high power energy system, the Energy Systems business unit successfully developed a state-of-the-art system based on a bearingless starter generator. This system is an integral element of the drive unit for the new PUMA armored fighting vehicle.
By having a stand at the Latin America Aerospace & Defense 2013 in Rio de Janeiro in April, the Defense & Civil Systems segment has taken another important step forward in the expansion of its internationalization process.
| 31.3.2013 | 31.3.2012 | Change in % |
|
|---|---|---|---|
| Sales | 39.5 | 43.6 | – 9.4 |
| EBIT | 0.3 | 1.3 | – 76.9 |
| Order intake | 37.4 | 35.3 | 5.9 |
| Order backlog | 253.5 | 255.81) | – 0.9 |
| Employees | 896 | 9131) | – 1.9 |
1) Figures as at December 31, 2012.
In April 2013, Jenoptik successfully concluded a syndicated loan agreement in the sum of 120 million euros. This new financing structure has enabled the Group to establish an international, forward-looking group of core banks and to secure a line of credit for itself at attractive terms for the next five years. It will provide support for Jenoptik's future international growth and can be used flexibly to finance the general business purposes.
Coordinators and book runners were Commerzbank AG and Landesbank Hessen-Thüringen. The sound, international core group of banks was supplemented by UniCredit Bank AG as book runner, BNP PARIBAS S.A. and the Lan des bank Baden-Württemberg as mandated lead arranger as well as Deutsche Bank Luxembourg S.A. as lead arranger.
There were no other events of special importance occurring after the reporting date of March 31, 2013.
Within the framework of the reporting in the risk report, we refer to the information published at the end of March 2013 on pages 98 to 111 in the 2012 Annual Report. There have been no major changes in the risks de scribed in the report during the course of the first three business months of 2013 up to the editorial closing date for this report.
The International Monetary Fund (IMF) has updated its growth forecasts from January 2013. The euro crisis continues to be the greatest risk to the global economy which is expected to expand by 3.3 percent in 2013 (previously: 3.5 percent) – in 2014 by 4.0 percent compared with the respec tive previous year.
According to the IMF the US economy is to grow by 1.9 per cent in 2013 (prev. forecast 2.1 percent); the spending cutbacks approved in March 2013 will push growth down by 0.3 to 0.5 percent. In addition to the euro crisis, the po lit i cal conflict over budgetary consolidation remains the great est risk. The US Fed anticipates growth of 2.3 to 2.8 percent this year and 2.9 to 3.4 percent in 2014.
The euro zone is at threat of a period of stagnation accord ing to statements by the IMF. The IMF expects a recession for the euro region by 0.3 percent. While Germany and some Eastern Euro pean countries are expected to grow, the economy in the Southern European countries in 2013 is not expected to shrink by as much as it did in 2012. For Germany, the IMF forecasts a rise of 0.6 percent in GDP for 2013; in 2014 by 1.5 percent compared with the previous year.
China's industry is suffering from significant overcapacities in view of the falling demand from Western countries and falling export revenues. According to the IMF, this will be reflected in single figure growth rates of 8.0 percent in 2013 and 8.2 percent for 2014. Economic output in India will rise further this year but, according to the IMF which forecasts growth of 5.7 percent for 2013 and 6.2 percent for 2014, it will remain well below expectations. Brazil's economy will expand by 3 percent compared with the previous year according to the IMF and in 2014 by 4 percent. As in the previous year, Russia will only achieve a 3.4 percent increase in GDP in 2013 according to the IMF's calculations. According to the IMF, Japan will succeed in increasing its economic growth in 2013 by 1.6 percent because economic programs, loosening of monetary policy and structural reforms should have a short-term impact.
In spite of the decline in sales and earnings of some companies in the 1st quarter 2013, major semiconductor
equipment manufacturers expect annual sales to come in at least at the level of the prior year. The continuing demand for smart phones and tablets will boost demand for semiconductor equipment.
According to the study "Global CEO Study" by PwC produc tion in the automotive industry will show a slower increase at 5 percent. There will be no recovery in Western Europe, whereas the automotive sector in China and the USA seems to be robust. Brazil is another growth market.
The Swedish research institute SIPRI expects the global spendings on armament to fall over the next two to three years. By then, the increase in spending in the emerging countries, in particular in Asia, will be reflect ed much stronger in the total expenditure.
No new forecasts were published for the other sectors. We refer to the 2012 Annual Report from page 114.
For information on the long-term forecasts and targets we refer to the 2012 Annual Report published in March 2013, with the comprehensive details from page 112. Jenoptik sees the long-term conditions for the sale of its products and services as generally good – independently of the economic development over the medium term. The primary focus of the Executive Board is on the continued, profit able, organic growth by all segments. In regional terms we see the greatest potential for growth as being in America and Asia where the share of sales is ex pected to rise to a total of 40 percent by 2016. In addi tion to sales growth, economies of scale, a disciplined approach to costs and improved margins from the increasing systems business are expected to boost profits. As an "enabler" for many growth sectors we are helping to shape promising future megatrends in attractive sectors in conjunction with our customers and a comprehensive portfolio of technologies, products and services. In addition to the Group's further development along the five value levers, the focus of our business development is primarily on product quality, internationalization, a client-oriented approach and sustainability.
In 2013, Jenoptik aims to invest in the further expansion of its sales structures and innovative products and to further optimize internal processes. To this end we will continue to pursue various projects such as the initiatives for process harmonization and excellence on a consistent basis – both in the operating business and the commercial area. Jenoptik is also combining its optics manufacturing in North America
at one location. In future, the manufacture of energy sys tems will be concentrated at two German locations. These steps are intended to contribute towards a further strength ening of the earnings power and making even better use of synergy potential.
The information is given subject to the economic situation developing within the framework of the economic and sector forecasts stated under 6.1 and in the 2012 Annual Report from page 114, and providing there is no significant deterioration. All statements on the future development of the business situation have been made on the basis of current information.
The Lasers & Optical Systems segment continues to anticipate a slight rise in sales in the mid single digit million euros range in 2013. Depending upon the development of the semiconductor industry particularly in the 2nd half-year 2013, earnings should show a slight increase. Following the leap in sales and earnings in the fiscal year 2012, the Metrology segment expects sales and EBIT to be stable or show a slight increase in 2013. This rise in sales is attribut able, among other things, to a high order backlog at the end of 2012. For the Defense & Civil Systems segment we expect a slight rise in sales in the mid single digit percentage range for 2013 which should also be reflected in the segment EBIT. This is attributable to the continuing expansion of the international business and cost reduction initiatives which have already been introduced as well an expansion of business in the Sensor Systems business unit.
The Executive Board reaffirms the forecasts for 2013. In challenging economic conditions it anticipates a small growth in sales of up to 5 percent compared with 2012 (prev. year 585.0 million euros). All three of the Group's segments should contribute towards the growth in sales. Depending upon the course of the semiconductor cycle and the devel opment of the demand from the automotive industry, particularly in the 2nd half-year 2013, the EBIT achieved in the operating business is expected to come in at between 50 and 55 million euros. The costs of the projects for process harmonization and excellence and for the optimization of the locations in the mid single figure million euro range will also impact on the EBIT. For the outlook for other key indicators of the development of business in 2013 we refer to the 2012 Annual Report, from page 119, published in March 2013.
| in KEUR | 1.1. to 31.3.2013 | 1.1. to 31.3.20121) |
|---|---|---|
| Sales | 132,016 | 137,730 |
| Cost of sales | 84,215 | 90,192 |
| Gross profit | 47,801 | 47,538 |
| Research and development expenses | 9,768 | 8,335 |
| Selling expenses | 16,921 | 15,538 |
| General administrative expenses | 10,328 | 10,432 |
| Other operating income | 2,845 | 3,071 |
| Other operating expenses | 3,034 | 4,684 |
| EBIT | 10,595 | 11,620 |
| Result from investments | – 34 | – 29 |
| Interest income | 168 | 353 |
| Interest expenses | 1,692 | 2,064 |
| Financial result | – 1,558 | – 1,740 |
| Earnings before tax | 9,037 | 9,880 |
| Income taxes | – 1,234 | – 1,393 |
| Deferred taxes | 64 | – 55 |
| Earnings after tax | 7,867 | 8,432 |
| Non-controlling interest in profit/loss | – 10 | – 3 |
| Net profit | 7,877 | 8,435 |
| Earnings per share (diluted = undiluted) in euros | 0.14 | 0.15 |
1) adjusted due to first-time application of IAS 19R as at December 31, 2012
| in KEUR | 1.1. to 31.3.2013 | 1.1. to 31.3.20121) |
|---|---|---|
| Earnings after tax | 7,867 | 8,432 |
| Difference arising on foreign currency translation | 135 | 92 |
| Financial assets available for sale | – 710 | 1,536 |
| Cash flow hedge | 1,138 | – 1,122 |
| Deferred taxes | 229 | – 397 |
| Total income and expense recognized in shareholders' equity | 792 | 109 |
| Total comprehensive income | 8,659 | 8,541 |
| of which attributable to: | ||
| Non-controlling interest | – 10 | – 3 |
| Shareholders | 8,669 | 8,544 |
1) adjusted due to first-time application of IAS 19R as at December 31, 2012
| Assets in KEUR | 31. 3. 2013 | 31. 12. 2012 | Change |
|---|---|---|---|
| Non-current assets | 338,509 | 333,778 | 4,731 |
| Intangible assets | 74,514 | 70,622 | 3,892 |
| Tangible assets | 142,695 | 143,240 | – 545 |
| Investment properties | 19,463 | 19,580 | – 117 |
| Financial assets | 28,466 | 27,205 | 1,261 |
| Other non-current assets | 4,630 | 4,780 | – 150 |
| Deferred tax assets | 68,741 | 68,351 | 390 |
| Current assets | 334,347 | 335,846 | – 1,499 |
| Inventories | 175,746 | 169,270 | 6,476 |
| Current accounts receivable and other assets | 112,692 | 120,660 | –7,968 |
| Securities held as current investments | 543 | 561 | – 18 |
| Cash and cash equivalents | 45,366 | 45,355 | 11 |
| Total assets | 672,856 | 669,624 | 3,232 |
| Shareholders' equity and liabilities in KEUR | 31. 3. 2013 | 31. 12. 2012 | Change |
|---|---|---|---|
| Shareholders' equity | 338,984 | 330,325 | 8,659 |
| Subscribed capital | 148,819 | 148,819 | 0 |
| Capital reserve | 194,286 | 194,286 | 0 |
| Other reserves | – 4,384 | – 13,053 | 8,669 |
| Non-controlling interests | 263 | 273 | – 10 |
| Non-current liabilities | 177,678 | 177,567 | 111 |
| Pension provisions | 31,100 | 31,238 | – 138 |
| Other non-current provisions | 11,766 | 12,064 | – 298 |
| Non-current financial liabilities | 115,825 | 115,776 | 49 |
| Other non-current liabilities | 15,925 | 15,417 | 508 |
| Deferred tax liabilities | 3,062 | 3,072 | –10 |
| Current liabilities | 156,194 | 161,732 | – 5,538 |
| Tax provisions | 6,634 | 6,059 | 575 |
| Other current provisions | 50,804 | 52,053 | – 1,249 |
| Current financial liabilities | 2,051 | 4,692 | – 2,641 |
| Other current liabilities | 96,705 | 98,928 | – 2,223 |
| Total shareholders' equity and liabilities | 672,856 | 669,624 | 3,232 |
| Subscribed | Capital reserve | Cumulated | ||
|---|---|---|---|---|
| in KEUR | capital | profit | ||
| Balance as at 1.1. 2012 | 148,819 | 194,286 | – 27,799 | |
| Valuation of financial instruments | ||||
| Currency differences | – 735 | |||
| Earnings after tax | 8,435 | |||
| Balance as at 31. 3. 20121) | 148,819 | 194,286 | – 20,099 | |
| Balance as at 1.1. 2013 | 148,819 | 194,286 | 11,635 | |
| Valuation of financial instruments | ||||
| Currency differences | 1,063 | |||
| Earnings after tax | 7,877 | |||
| Balance as at 31. 3. 2013 | 148,819 | 194,286 | 20,575 | |
1) adjusted due to first-time application of IAS 19R as at December 31, 2012
| Financial assets available for sale |
Cash flow hedge |
Cumulative currency differences |
Revaluation | Non-controlling interest |
Total |
|---|---|---|---|---|---|
| 208 | – 1,603 | 770 | – 16,530 | 292 | 298,443 |
| 92 | 1,139 | 1,231 | |||
| – 387 | – 1,122 | ||||
| – 3 | 8,432 | ||||
| 300 | – 464 | 383 | – 16,530 | 289 | 306,984 |
| 119 | – 22 | 663 | – 25,448 | 273 | 330,325 |
| 166 | – 509 | – 343 | |||
| 17 | 55 | 1,135 | |||
| – 10 | 7,867 | ||||
| 302 | – 531 | 718 | – 25,448 | 263 | 338,984 |
| in KEUR | 1.1. to 31.3.2013 | 1.1. to 31.3. 2012 |
|---|---|---|
| Earnings before tax | 9,037 | 9,427 |
| Interest | 1,524 | 2,165 |
| Depreciation / write up | 5,252 | 5,638 |
| Impairment | – 8 | – 317 |
| Profit/loss on disposal of fixed assets | 34 | 17 |
| Other non-cash expenses / income | – 629 | 493 |
| Operating profit / loss before working capital changes | 15,210 | 17,423 |
| Increase / decrease in provisions | – 1,822 | 2,433 |
| Increase / decrease in working capital | – 4,180 | – 6,735 |
| Increase / decrease in other assets and liablities | 3,577 | 4,301 |
| Cash flow from / used in operating activities before income taxes | 12,785 | 17,422 |
| Income taxes paid | – 730 | – 196 |
| Cash flow from / used in operating activities | 12,055 | 17,226 |
| Receipts from disposal of intangible assets | 10 | 4 |
| Payments for investments in intangible assets | – 2,408 | – 894 |
| Receipts from disposal of tangible assets | 357 | 157 |
| Payments for investments in tangible assets | – 3,574 | – 3,495 |
| Receipts from disposal of investment properties | 0 | 418 |
| Receipts from disposal of financial assets | 60 | 1,015 |
| Payments for investments in financial assets | – 78 | – 174 |
| Payments for the purchase of consolidated companies | – 2,965 | 0 |
| Interest received | 169 | 482 |
| Cash flow from / used in investing activities | – 8,429 | – 2,487 |
| Receipts from issue of bonds and loans | 0 | 1,412 |
| Repayments of bonds and loans | – 2,715 | – 371 |
| Repayments for finance leases | – 25 | – 165 |
| Change in group financing | – 1,684 | 1,436 |
| Interest paid | – 394 | – 724 |
| Cash flow from / used in financing activities | – 4,818 | 1,588 |
| Change in cash and cash equivalents | – 1,192 | 16,327 |
| Foreign currency translation changes in cash and cash equivalents | 232 | – 204 |
| Change in cash and cash equivalents due to first time consolidation | 971 | 0 |
| Cash and cash equivalents at the beginning of the period | 45,355 | 48,828 |
| Cash and cash equivalents at the end of the period | 45,366 | 64,951 |
January 1 to March 31, 2013
| in KEUR | Lasers & Opti cal Systems |
Metrology | Defense & Civil Systems |
Other | Consolidation | Group |
|---|---|---|---|---|---|---|
| Sales | 49,661 | 42,766 | 39,524 | 6,385 | – 6,320 | 132,016 |
| (57,239) | (37,244) | (43,605) | (5,494) | (– 5,852) | (137,730) | |
| of which Germany | 15,528 | 10,294 | 19,562 | 6,293 | – 6,233 | 45,444 |
| (17,586) | (10,809) | (22,479) | (5,459) | (– 5,817) | (50,516) | |
| Europe | 13,255 | 9,080 | 15,124 | 23 | – 23 | 37,459 |
| (19,028) | (9,114) | (13,401) | (14) | (– 14) | (41,543) | |
| America | 11,273 | 13,463 | 4,241 | 54 | – 51 | 28,980 |
| (11,125) | (7,760) | (6,483) | (20) | (– 20) | (25,368) | |
| Middle East and Africa | 4,055 | 4,204 | 200 | 0 | 0 | 8,459 |
| (2,403) | (3,994) | (877) | (0) | (0) | (7,274) | |
| Asia /Pacific | 5,550 | 5,725 | 397 | 15 | – 13 | 11,674 |
| (7,097) | (5,567) | (365) | (1) | (– 1) | (13,029) | |
| EBIT (Earnings before interest and taxes) | 4,138 | 6,531 | 283 | – 364 | 7 | 10,595 |
| (8,936) | (2,962) | (1,343) | (– 1,627) | (6) | (11,620) | |
| EBITDA (Earnings before interest, taxes, | 6,452 | 7,024 | 1,536 | 831 | 7 | 15,850 |
| depreciation and amortization) | (11,326) | (3,756) | (2,558) | (– 364) | (6) | (17,282) |
| Result from investments | – 40 | 0 | 0 | 6 | 0 | – 34 |
| (– 28) | (0) | (0) | (– 1) | (0) | (– 29) | |
| Research and development expenses | 4,252 | 3,429 | 2,036 | 101 | – 50 | 9,768 |
| (3,684) | (3,056) | (1,557) | (353) | (– 315) | (8,335) | |
| Free cash flow (before income taxes) | – 2,332 | 7,378 | 5,626 | – 3,506 | 4 | 7,170 |
| (9,180) | (4,993) | (2,595) | (– 3,794) | (219) | (13,193) | |
| Working capital 1) | 59,355 | 60,601 | 94,604 | – 6,331 | – 39 | 208,190 |
| (51,095) | (63,171) | (98,113) | (– 9,489) | (– 53) | (202,837) | |
| Order intake | 52,191 | 42,231 | 37,440 | 6,383 | – 6,230 | 132,015 |
| (55,030) | (58,859) | (35,273) | (5,494) | (– 5,871) | (148,785) | |
| Tangible assets, investments properties and intangible | 87,125 | 17,937 | 35,711 | 95,899 | 0 | 236,672 |
| assets | (87,182) | (15,304) | (36,323) | (94,633) | (0) | (233,442) |
| Investments excluding company | 2,184 | 668 | 676 | 2,455 | 0 | 5,983 |
| acquisitions | (1,533) | (438) | (1,609) | (807) | (0) | (4,387) |
| Depreciation, amortization and impairment | 2,314 | 493 | 1,253 | 1,195 | 0 | 5,255 |
| (2,390) | (794) | (1,215) | (1,263) | (0) | (5,662) | |
| Employees on annual average (without trainees) | 1,311 | 811 | 854 | 190 | 0 | 3,166 |
| (1,254) | (709) | (878) | (176) | (0) | (3,017) | |
Previous year's figures in brackets 1) previous year's figures as at December 31, 2012.
The consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) and their interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC). The consolidated financial statements of JENOPTIK AG were prepared in accordance with § 315a of the German Commercial Code [Handelsgesetzbuch (HGB)], which states that consolidated financial statements prepared in accordance with the rules and regulations issued by the IASB may be exempt from applying certain HGB provisions in preparing such conso lidated financial statements. Simultaneously the consoli dated financial statements and the group management report are in line with provisions of the Accounting Directive of the European Union.
The same accounting policies applied in preparing the 2012 consolidated financial statements were also applied in preparing the interim consolidated financial statements (interim report) as at March 31, 2013, which were prepared on the basis of the International Accounting Standard (IAS) 34 "Interim reporting". These interim financial statements were prepared in accordance with IFRS as adopted by the European Union. These policies were published and indi vidually described in detail in the Notes to the "Annual Report 2012". The annual report is available on the internet under www.jenoptik.com using the path Investors/ Reports and Presentations/Annual Reports.
The interim financial statements were prepared in euros, the currency used in the Group, and figures are shown in KEUR, if not otherwise noted.
Management considers the interim consolidated financial statements to include all standard adjustments to be made on an ongoing basis so that a true and fair view of the Group's business performance has been presented in the period under review.
The consolidated financial statements included 14 domes tic (prev. year: 14) and 12 foreign (prev. year: 10) fully consolidated entities. One joint venture (prev. year: 1) was proportionally included in the consolidation.
As at March 31, 2013 the newly acquired company, DCD Sys tems Pty. Ltd., Sydney (Lane Cove), Australia, and JENOPTIK Asia-Pacific Pte. Ltd., Singapore, which was founded at the end of 2012, were included in the consolidated fi nancial statements for the first time. The following additions resulted from the first-time inclusion of these two entities:
| in KEUR | Additions |
|---|---|
| Non-current assets | 221 |
| Current assets | 1,779 |
| Non-current liabilities | 58 |
| Current liabilities | 414 |
| TANGIBLE ASSETS in KEUR | |||||||
|---|---|---|---|---|---|---|---|
| -- | -- | -- | -- | -- | -- | -- | ------------------------- |
31.3.2013 31.12.2012
| Land and buildings | 80,964 | 81,505 |
|---|---|---|
| Investment properties | 19,463 | 19,580 |
| Technical equipment and machines | 28,862 | 28,881 |
| Other equipment, operating and office equipment |
19,868 | 19,486 |
| Payments on-account and assets under construction |
13,001 | 13,368 |
| 162,158 | 162,820 | |
| INVENTORIES in KEUR | 31.3.2013 | 31.12.2012 |
| Raw materials, consumables and supplies | 57,067 | 56,625 |
| Work in progress | 91,713 | 87,856 |
| Finished goods and merchandise | 19,698 | 16,972 |
| Payments on-account made | 7,268 | 7,817 |
| 175,746 | 169,270 |
| Trade accounts receivable | 95,668 | 100,110 |
|---|---|---|
| Receivables from non-consolidated affiliated companies |
4,969 | 4,413 |
| Receivables from investment companies | 1,468 | 1,959 |
| Other assets | 7,775 | 11,160 |
| Receivables from construction contracts less payments on-account |
2,812 | 3,018 |
| 112,692 | 120,660 |
31.3.2013
31.12.2012
| NON-CURRENT FINANCIAL | ||
|---|---|---|
| LIABILITIES in KEUR | 31.3.2013 | 31.12.2012 |
| Non-current bank liabilities | 115,791 | 115,776 |
| Non-current liabilities from finance leases | 34 | 0 |
| 115,825 | 115,776 | |
| CURRENT FINANCIAL LIABILITIES in KEUR |
31.3.2013 | 31.12.2012 |
| LIABILITIES in KEUR | 31.3.2013 | 31.12.2012 |
|---|---|---|
| Bank liabilities | 1,956 | 4,650 |
| Liabilities from finance leases | 95 | 42 |
| 2,051 | 4,692 |
| OTHER CURRENT LIABILITIES | ||
|---|---|---|
| in KEUR | 31.3.2013 | 31.12.2012 |
| Liabilities from on-account payments received |
29,813 | 28,693 |
| Trade accounts payable | 36,224 | 40,868 |
| Liabilities to affiliated non-consolidated companies |
2,851 | 3,797 |
| Liabilities to participating interests | 26 | 37 |
| Other current liabilities | 27,791 | 25,533 |
| 96,705 | 98,928 |
All business transactions with non-consolidated subsidiaries, joint ventures and associates are conducted on an arm's length basis. In the period under review no significant transactions were conducted with related parties.
The current statements given by the Executive Board and Supervisory Board pursuant to § 161 of the German Stock Corporation Act [Aktiengesetz (AktG)] regarding the German Corporate Governance Code have been made permanently available to shareholders on the JENOPTIK AG website. The statements can also be viewed on site at JENOPTIK AG.
JENOPTIK AG and its Group members are involved in sever al court or arbitration proceedings. In the case that these may have any substantial influence on the Group's economic situation, these proceedings have been described in Jenoptik's 2012 consolidated financial statements.
Except for the events described on page 14 of the post balance sheet report, there were no further events of special significance after the interim balance sheet date.
To the best of our knowledge, we assure that the interim consolidated financial statements prepared in accordance with the applicable principles for the interim financial reporting give a true and fair view of the net assets, financial position and results of operations of the Group and that the interim group management report presents a fair view of the perform ance of the business including the operating result and the position of the Group, together with a description of the significant opportunities and risks associated with the anticipated development of the Group for the remainder of the fiscal year
Jena, May 7, 2013
Chairman of the Executive Board Member Executive Board
Dr. Michael Mertin Rüdiger Andreas Günther
MAY 8, 2012 Publication of the Interim Report January to March 2013
JUNE 4, 2013 General Meeting of the JENPOPTIK AG 2013
AUGUST 13, 2013 Publication of the Interim Report January to June 2013
NOVEMBER 12, 2013 Publication of the Interim Report January to September 2013
Thomas Fritsche Phone + 49 (0) 3641 65-2291 Fax + 49 (0) 3641 65-2804 E-mail: [email protected]
Britta Maria Schell Phone + 49 (0) 3641 65-2255 Fax + 49 (0) 3641 65-2484 E-mail: [email protected]
In case of differences of opinion the German text shall prevail.
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