JENOPTIK AG

M&A Activity • Oct 3, 2010

News Details

Ad-hoc | 3 October 2010 14:50

Jenoptik AG: Jenoptik sells its space business.

Jenoptik AG / Key word(s): Disposal

03.10.2010 14:50

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Jenoptik sells its space business.

Proceeds will be used to further expand the global presence and
significantly reduce net debt to below 100 million euros.

In the course of the consolidation of the European space market, the
Jenoptik Group is selling all shares in its subsidiary Jena-Optronik GmbH,
which is operating its space business, to a global leader in the aerospace
industry. Agreement was reached today regarding all integral parts of the
contract, and the contract was signed. The sale is inter alia subject to
the condition precedent of the approval by the competent anti-trust
authorities. The acceptance of the bid is the result of a bidding process
in which several international aerospace companies participated. All 131
employees of Jena-Optronik GmbH will continue to be employed by the new
owner. Both parties have agreed not to disclose the purchase price.

The cash inflows will considerably reduce the net debt of the Jenoptik
Group to below 100 million euros. About 45 million euros of this amount are
secured via long-term real estate loans. The liquidity inflows from the
sale of shares in caverion GmbH in August as well as the active management
of working capital and receivables also contribute to a reduction in net
debt, which was still 159.5 million euros at the end of 2009. With this,
the Jenoptik Group has created the basis for a secure future.

The cash inflows will serve to expand the global presence, particularly in
North America and Asia, and to increase the profitability of the Group
through selected major projects as well as targeted smaller acquisitions.
The product portfolio and the value-added chain will also be rounded out.
In addition, debt payments will be made ahead of schedule.

The space business contributed around 30 million euros to the sales of the
Jenoptik Group in 2009. Until the end of the 3rd quarter 2010,
contributions to sales and earnings of the space business remain a part of
the Jenoptik Group consolidated financial statements. This means that there
will be only little effect on contributions to sales and earnings in the
4th quarter 2010. In fiscal year 2010 sales of the Jenoptik Group are
expected to come in at almost 500 million euros, the Group EBIT to be at
least 25 million euros. The earnings forecast does not include any income
from the sale of Jena-Optronik GmbH.

Contact: Investor Relations, Steffen Schneider, Phone/Fax
03641-652244/2804; www.jenoptik.com

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Language: English
Company: Jenoptik AG
Carl-Zeiss-Straße 1
7739 Jena
Deutschland
Phone: +49 (0)364 165-0
Fax: +49 (0)364 165-2484
E-mail: ir@jenoptik.com
Internet: www.jenoptik.com
ISIN: DE0006229107
WKN: 622910
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Hamburg, München, Düsseldorf, Berlin, Stuttgart

End of Announcement DGAP News-Service

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