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Carl Zeiss Presents Positive Half-yearly Figures Downloads and Links


Broad portfolio largely compensates for cyclical fluctuations in Semiconductor Manufacturing Technology group
  • Revenue at same level as prior year

  • EBIT at EUR 232m

  • Major investments in modernization of the company

  • Investments in research and development increased by 10 percent

  • Optimistic outlook for second half of fiscal year
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STUTTGART/Germany, 24.05.2012.
Despite the expected downturn in the semicon- ductor market, revenue and earnings of the Carl Zeiss Group in the first six months of fiscal year 2011/12 remained at approximately the same level as in the prior year: revenue reached EUR 2.105bn, and earnings (EBIT) EUR 232m. The technology group therefore once again presented pleasing half-yearly figures (for the period from 1 October 2011 to 31 March 2012). The Industrial Metrology and Medical Technology business groups posted a substantial increase in revenue over fiscal year 2010/11. The revenues of the Microscopy and Vision Care business groups attained the same level as in the previous year. As expected after the record figures achieved in the prior year, the Semiconductor Manufacturing Technology group reported a downturn in revenue which is typical of the business cycles in this sector. “We got off to a good start in fiscal year 2011/12. Revenue and earnings have exceeded our targeted figures,” said Dr. Michael Kaschke, President and CEO of Carl Zeiss. “The general economic climate proved to be very stable in many areas. Through our broad diversification, we were able to largely compensate for the cyclical downturn in the Semiconductor Manufacturing Technology group. This underscores the strength of our portfolio.”


Revenue at prior year's level – further expansion in Asia business

Revenue of the Carl Zeiss Group totaled EUR 2.105bn, the same level as in the prior year (first six months of 2010/11: EUR 2.143bn). In the first half of the fiscal year Carl Zeiss generated around one third of its revenue in Europe. Here, revenue increased to EUR 681m, five percent more than in the previous year – including EUR 252m in Ger- many (first six months of 2010/11: EUR 649m, including EUR 242m in Germany). With revenue totaling EUR 518m, the Group also improved its performance in the Americas region. After adjust- ments for currency influences, this equates to an increase of nine percent (first six months of 2010/11: EUR 466m). The company reported a particularly strong upturn in revenue in the Asia region. After allowance for currency effects, revenue rose 19 percent to EUR 368m (first six months of 2010/11: EUR 298m). Due to the downturn in the business with semiconductor manufacturing technology, the revenue generated with cooperation partners totaled EUR 485m, a drop of 29 percent over the prior year (first six months of 2010/11: EUR 678m). Business out- side Germany accounted for 87 percent of total revenue.

At the end of the first half of the fiscal year, EBIT (Earnings Before Interest and Taxes) amounted to EUR 232m (first six months of fiscal year 2010/11: EUR 355m). Net income totaled EUR 130m (first six months of 2010/11: EUR 186 million*).


Over 600 new jobs created worldwide

On 31 March 2012, Carl Zeiss had a global headcount of 24,862 people, including 10,469 at the company's sites in Germany. In the past six months the number of employees increased by around three percent (end of fiscal year on 30 September 2011: 24,192 employees). In the first six months of the current fiscal year alone, Carl Zeiss created over 600 new jobs around the globe.


Half-yearly figures for 2011/12 lay solid foundation for ongoing development

In the first half of fiscal year 2011/12 cash flows before income taxes totaled EUR 329m, equating to 16 percent of revenue (first six months of 2010/11: EUR 477m, 22 percent of revenue). On 31 March 2012 gross liquidity came to EUR 861m (end of fiscal year on 30 September 2011: EUR 847m). Net liquidity totaled EUR 342m (end of fiscal year on 30 September 2011: EUR 397m). “The reduction is attributable in particular to the semiconductor business and to our significant investments. For ongoing development in the current fiscal year, we are confident that we can reach or even surpass our targets,” explained Carl Zeiss CFO Thomas Spitzenpfeil. The trend in equity is also positive: on 31 March 2012 it amounted to over one billion euros, with an equity ratio of 28 percent. Spitzenpfeil emphasized: “Our financial figures give us a solid foundation that allows us to continue our investments and flexibly leverage the opportunities available to us to address the challenges posed by our markets.”


Investments accelerate modernization

In the first half of the current fiscal year Carl Zeiss invested EUR 108m in property, plant and equip- ment (fiscal year 2010/11: EUR 164m) in order to further modernize its global sites. In the upcoming years the technology group will invest a total of EUR 500m in the further expansion of its sites in Germany. These investments compared to depre- ciations totaling EUR 67m (fiscal year 2010/11: EUR 122 million).

The product innovation rate continues to lie at a high level: Carl Zeiss generates around 45 per- cent of its revenue with products that are less than three years old. In order to further expand its tech- nology leadership in its various areas of busi- ness, the company invests in research and deve- lopment on an ongoing basis. In the first half of fiscal year 2011/12, EUR 190m was utilized for this purpose, equating to nine percent of revenue (first six months of 2010/11: EUR 173m, or eight percent of revenue).


Trends in the business groups

In the first half of fiscal year 2011/12 the Semicon- ductor Manufacturing Technology business group generated revenue totaling EUR 478m, a decrease of 25 percent over the prior year (first six months of 2010/11: EUR 638m*). As expected, demand in the semiconductor equipment market leveled off considerably in the current fiscal year after strong growth in 2010/11.

The Industrial Metrology business group ended the first half of 2011/12 with a 29 percent growth in revenue to EUR 237m (first six months of 2010/11: EUR 184m).

In the first half of fiscal year 2011/12 the Micros- copy business group generated revenue totaling EUR 310m, an increase of two percent over the prior year (first six months of 2010/11: EUR 305m*).

In the first six months of fiscal year 2011/12 the Medical Technology business group increased its revenue by 17 percent over the previous year to a total of EUR 484m (first six months of 2010/11: EUR 413m). The values deviate from the pub- lished figures of Carl Zeiss Meditec AG as a result of different consolidation models.

With a total of EUR 432m, revenue of the Vision Care business group remained at the same level as the prior year (first six months of 2010/11: EUR 429m). The restructuring of the business group is making good progress.

The Consumer Optics/Optronics business group, which combines the company’s business with bi- noculars, planetariums, camera and cine lenses as well as optronic products, reported revenues totaling EUR 152m in the first six months of fiscal year 2011/12. This equates to a slight decrease of six percent over the previous year (first six months of 2010/11: EUR 162m). Very different develop- ments were seen in the business units of this business group: in the optronics business Carl Zeiss felt the impact of customers’ reluctance to invest. However, a pleasingly positive trend was observed in the business with camera and cine lenses, binoculars and planetariums.


Outlook

Carl Zeiss continues to look with optimism to the second half of the fiscal year. The company ex- pects the stability of the general economic climate to continue and anticipates ongoing growth in the rapidly developing economies. The forecast of the Carl Zeiss Group for fiscal year 2011/12 remains unchanged: “Despite the cyclical downturn in semiconductor manufacturing technology, we are aiming for revenue of around four billion euros,” Kaschke emphasized. In the second half of the fiscal year the Group will continue to invest and further develop its portfolio to make it fit for the challenges of the future.

*calculated on a like-for-like basis


Jörg Nitschke
Group Spokesman
Carl Zeiss AG
Phone: +49 7364 20-3242
Fax: +49 7364 20-3122
E-Mail: j.nitschke@zeiss.de

Number: 0042-2012-ENG CC

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