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Jenoptik remains on growth track in first half-year 2016

· In line with expectations, revenue rose by 3.4 percent to 326.8 million euros
· Disproportionate rise in EBITDA to 41.0 million euros
· Free cash flow increased more than 150 percent to 21.5 million euros
· Guidance for full year confirmed
The Jenoptik Group ended the first half of 2016 as well as expected, with strong performance in terms of revenue, earnings and cash flow.
?Over the first six months of 2016, we successfully pushed on with our course of profitable growth. The Group?s interdisciplinary technological expertise, strong position on the domestic market and increasing internationalization enabled growth in line with the business figures we set out to achieve. Jenoptik?s strict focus on megatrends and target markets, improved cost management and healthy financial footing all served to make this possible,? said Jenoptik President & CEO Michael Mertin.
Revenue up 3.4 percent, group EBITDA, EBT and EPS improved faster than revenue
In the first six months of 2016, Jenoptik?s revenue rose by 3.4 percent to 326.8 million euros (prior year 316.1 million euros). This was also the highest revenue posted by the company for a first half-year in recent years. In addition, development of business in the prior year was influenced by positive currency effects. A major contributor to growth was the increased demand seen in the defense technology, IT and communications technology, and automotive industries. Revenue was boosted in Germany, Europe and Asia/Pacific.
After generating 9.8 million euros in the first quarter of 2016, the Group increased EBIT to 17.6 million euros in the second quarter. In the six-month period, earnings improved 2.8 percent to 27.3 million euros (prior year 26.6 million euros). In the prior year, the operating result was also influenced by markedly positive currency effects. The EBIT margin in the first half-year was 8.4 percent, the same as in the prior year (prior year 8.4 percent). In the reporting period, earnings before interest, taxes, depreciation and amortization (EBITDA) rose at a faster rate than revenue, by 5.9 percent to 41.0 million euros (prior year 38.7 million euros). The financial result improved over the course of the first half-year to minus 1.4 million euros (prior year minus 1.9 million euros). Altogether, the Group managed to increase its earnings before tax (EBT) by around 1.2 million euros on the prior year, to 25.9 million euros. After taxes, this resulted in earnings per share (EPS) improving a significant 11.2 percent to 0.39 euros (prior year 0.35 euros).
At 319.4 million euros, the order intake remained 4.3 percent below the prior-year figure (prior year 333.7 million euros) in the first six months of 2016. This item had included a major order in the Defense & Civil Systems segment in the prior year. In addition, the long-term major orders for traffic monitoring equipment in Canada and Australia, both in the mid double-digit million euro range, were not recorded in the order intake for the first half-year. The book-to-bill ratio was 0.98 (prior year 1.06). The order backlog was worth 360.2 million euros as of June 30, 2016 (31/12/2015: 373.4 million euros). The Group also had contracts worth 25.9 million euros that are not included in the order backlog.
As of June 30, 2016, the Jenoptik Group employed 3,512 employees around the world (31/12/2015: 3,512 employees). The number of employees abroad rose to 660 from 629 on December 31, 2015. At present, 18.8 percent of the workforce is thus employed abroad (31/12/2015: 17.9 percent).
Strong cash flow, equity base further improved
As of June 30, 2016, cash flows from operating activities came to 29.4 million euros, more than double the comparable prior-year figure of 12.3 million euros. The free cash flow increased more than 150 percent to 21.5 million euros (prior year 8.4 million euros), a positive development mainly influenced by lower payments for working capital.
Despite a higher dividend payment, considerably improved cash flows helped to increase cash, cash equivalents and marketable securities to 89.1 million euros at the end of the first half-year (31/12/2015: 84.2 million euros). With relatively unchanged financial liabilities, net debt fell to 39.1 million euros as of June 30, 2016, assisted by very good cash flows (31/12/2015: 43.9 million euros).
At 57.4 percent, the equity ratio rose to a new record (31/12/2015: 56.6 percent). ?We are very pleased with the course our business has taken in the first half-year, with the trend seen in the first quarter ? especially in terms of EBITDA and cash flow ? continuing into the second. We are on course and therefore optimistic for the full year,? said CFO Hans-Dieter Schumacher.
Optics & Life Science as well as Defense & Civil Systems are driving growth; good order backlog in Mobility
The Optics & Life Science segment saw good growth in the first half-year of 2016, with revenue coming to 108.1 million euros, 2.8 percent up on the prior year (prior year 105.1 million euros). EBIT grew sharply, by 29.2 percent to 13.3 million euros (prior year 10.3 million euros). In the six-month period, the EBIT margin was 12.3 percent, in part due to good business with high-performance optics (prior year 9.8 percent). The order intake rose 18.3 percent to 113.6 million euros (prior year 96.0 million euros). Encouraging growth in the order situation predominantly originated in increased demand from the medical technology sector. The order backlog as of the end of June 2016 was worth 74.2 million euros (31/12/2015: 73.7 million euros). Furthermore, the segment had additional contracts worth 17.2 million euros that were not included in the order backlog.
In the first six months of 2016, the Mobility segment generated revenue of 109.0 million euros, slightly down on the prior-year figure (prior year 113.0 million euros). There was good demand from the automotive industry, but as expected, revenues relating to traffic safety developed only moderately, in part due to a lack of investment by oil-exporting countries. At 7.1 million euros, the segment EBIT mirrored revenue performance and was 0.4 million euros down on the prior year. The EBIT margin was 6.5 percent, the same level as in the prior year (prior year 6.6 percent). The order intake fell to 128.0 million euros (prior year 142.5 million euros), but does not include current orders from Canada and Australia. Compared to the figure at year-end 2015, the order backlog improved by 19.9 percent to 111.1 million euros (31/12/2015: 92.7 million euros). In addition, the segment had contracts worth 8.7 million euros.
In the first half-year of 2016, revenue in the Defense & Civil Systems segment grew sharply, as scheduled, by 11.9 percent to 111.6 million euros (prior year 99.7 million euros). This was mainly due to good development in the fields of energy and aviation systems, and in the service business. The segment EBIT improved 52.1 percent to 9.2 million euros (prior year 6.1 million euros), predominantly the result of good revenue growth and a high-margin product mix. The order intake fell 17.7 percent to 80.2 million euros (prior year 97.4 million euros). In the prior year, this item had included a major order to equip the Patriot missile defense system. The order backlog was further reduced and was worth 178.0 million euros at the end of the reporting period (31/12/2015: 209.7 million euros).
2016 guidance confirmed
Following good development of business as scheduled in the first half-year of 2016, the Jenoptik Executive Board has firmed up the guidance it published in March. It anticipates group revenue of between 680 and 700 million euros for 2016, compared to 668.6 million euros in the prior year. Group EBIT is also due to rise moderately; depending on revenue, the group EBIT margin will come in at between 9.0 and 9.5 percent. Earnings before tax are expected to develop similarly to EBIT in 2016. This presupposes that political and economic conditions do not worsen and that recent events in Turkey and the UK?s intention to leave the EU (Brexit) do not produce any significant negative impacts. Acquisitions are not included in this forecast but have not been ruled out for the current fiscal year.
The quarterly report is available at http://www.jenoptik.com/investors/reports-and-presentations and on the Jenoptik app for corporate publications (iOS and Android). Images for download can be found in the Jenoptik image database in the ?Current Events/Financial Reports? gallery.
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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