Jenoptik restructured debt with government help to

The Optoelektronikkonzern Jenoptik has restructured its debt with state aid and thus saved the medium-term financing. A funding package of nearly £ 90 million had been completed, making the funding framework was secured to partially until 2012 or 2014, Nasdaq informed the Jena group on Thursday. For part of the financing package Jenoptik received a federal-state guarantee of 44 million euros. As early as mid-August, had requested the Jena TecDAX group of state guarantee. This should help to shift the financing and to convert short-term loans into medium-to long-term loans. It has become more difficult to carry out the refinancing of banks alone, it was said by the company At about the reasons for the desire for state assistance. The financial liabilities of Jenoptik had hitherto been largely short-term nature: At mid-year was the indebtedness of Jenoptik at just under EUR 190 million, of which approximately EUR 93 million short-term liabilities were. The Group has successfully converted the maturity in the wake of the financing package, said Jenoptik now. Medium-and long-term debt now accounted for about 80% of its debt, thereby Jenoptik reached the 2009 target. Jenoptik estimated the long-term debt to more than 150 million euros. Only £ 35 million would continue to refinance the short term. For short-term liquidity fluctuations Jenoptik can draw on unused credit lines of around 50 million euros. Chief Financial Officer Frank Einhellinger said: "With this investment package we have been able to adjust the financial structure of our business model, which includes in particular long-term contracts in the defense and security technology and the aerospace industry." "With the now long-term and financing as well as the cost-cutting measures, we have secured the competitiveness of Jenoptik for the coming years," said CEO Michael Mertin, Jenoptik. The business of Optoelektronikkonzerns clears up, however: In the next few quarters was a first slight recovery in optical systems for the semiconductor industry to be expected, it said. With a short return to the level of 2007 or beginning of 2008, the Company does not expect. Due to the successful saving Jenoptik expected in the coming financial year, a consolidated operating profit (EBIT) in the double-digit million euro range. 2008, the EBIT at EUR 37 million had been good. For 2009, the technology group expects sales conditions and impeded due to the high levels of competition due to the economic crisis, with significant declines in sales and earnings. Revenue is expected to lie at the end of December from 460 million to 500 million EUR, after nearly 550 million in 2008. Operational and adjusted for special effects, thanks to the stable segment will Jenoptik Defense & Civil Systems Leave operationally in the black. To cushion the impact of economic crisis, Jenoptik had been scheduled several months ago, the red pencil. In the long term the costs should fall by more than 10 million euros. In mid-September exacerbated the chosen austerity then, Jenoptik said that further staff reductions were necessary. The aim is - inter alia through compulsory redundancies - a skeleton staff of just over 3,000 employees. The company had at the end of December 2008 approximately 3,400 employees. The stock market forecast for 2010 was positively received. "The initiated cost-cutting measures seem to bear fruit," said market participants. A restructuring of the debt had been expected, however, and therefore, not surprising. At midday, the stock traded with a gain of almost 1.6% for 3,87 EUR, before the statement of the shares had been as high as 3,73 EUR...