Download Press Release Carl Zeiss Presents Positive Half

Press Release
Carl Zeiss Presents Positive Half-yearly Figures
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
Stuttgart, 24 May 2012
Despite the expected downturn in the semiconductor 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 Germany (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 adjustments 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
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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 outside 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
equipment (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 depreciations 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
percent of its revenue with products that are less than three years old. In order to further expand
its technology leadership in its various areas of business, the company invests in research and
development on an ongoing basis. In the first half of fiscal year 2011/12, EUR 190m was utilized
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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 Semiconductor 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 Microscopy 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 published 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
binoculars, 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 developments 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
expects 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
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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
Press contact
Jörg Nitschke, Carl Zeiss, Corporate Communications, Group Spokesman,
Phone +49 (0)7364 20-3242, Email: [email protected]
www.zeiss.com/press
Carl Zeiss
The Carl Zeiss Group is an international leader in the fields
of optics and optoelectronics. In fiscal year 2010/11 the
company's approx. 24,000 employees generated revenue of
about 4.237 billion euros. In the markets for Industrial
Solutions, Research Solutions, Medical Technology and
Consumer Optics, Carl Zeiss has contributed to
technological progress all over the world for more than 160
years and enhances the quality of life of many people
around the globe.
With its innovative technologies and leading-edge solutions,
Carl Zeiss is successful in the fields of Semiconductor
Manufacturing Technology, Industrial Metrology, Microscopy,
Medical Technology, Vision Care and Consumer
Optics/Optronics. Carl Zeiss is represented with around 30
production and over 50 sales and service sites in more than
30 countries worldwide. Carl Zeiss AG is fully owned by the
Carl Zeiss Stiftung (Carl Zeiss Foundation). Founded in 1846
in Jena, the company is headquartered in Oberkochen,
Germany.
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