STUTTGART/Germany, 14.05.2014.
ZEISS has concluded the first six months of the 2013/14 fiscal year with a five percent increase in revenue to a figure totaling EUR 2.074 billion (first half of 2012/13: EUR 1.978 billion). With a total of EUR 2.246 billion, incoming orders were 16 percent higher than the prior year (first half of 2012/13: EUR 1.935 billion), a clear improvement primarily attributable to the increased demand on the semiconductor market. Earnings (EBIT) grew by around EUR 57 million to EUR 166 million (first half of 2012/13: EUR 109 million). Exchange rate effects negatively impacted the half-year financial figures of ZEISS. Without these effects, a revenue increase of seven percent* and earnings of EUR 186 million* would have resulted when calculated on a comparable basis.
"Overall, we continued to grow in the first half of the 2013/14 fiscal year despite the negative currency conditions facing us. We benefited from the strong demand in the semiconductor market and also achieved further gains in the Medical Technology and Industrial Metrology business groups," said Dr. Michael Kaschke, President and CEO of Carl Zeiss AG. However, Kaschke is not totally satisfied with the development: "We set our sights slightly higher and need to intensify our efforts in the second half of the year in order to step up the pace again and grow in some markets under the difficult conditions facing us."
Expenditure on research and development remains at high level
With a total of EUR 211 million, ZEISS maintained its expenditure on research and development at a high level in the first six months of the fiscal year. This equates to 10 percent of revenue. A large proportion of the funds was channeled into the further development of future-oriented Extreme Ultra Violet (EUV) lithography. "The chip manufacturers are sending clear signals to both ourselves and our strategic partner ASML that they see EUV as the production technology of the future," is how Kaschke explained this high level of financial commitment, "even if the volume production of microchips with EUV will happen later and more slowly than originally planned due to the complexity of this technology." ZEISS has been pursuing the development of EUV technology for just under 20 years.
Portfolio strengthened through acquisition
To strengthen and expand the business of the Medical Technology business group, ZEISS acquired the company Aaren Scientific, headquartered in Ontario/California (USA), at the beginning of 2014. Aaren Scientific is specialized in the production of intraocular lenses.
Financial highlights
Direct business accounted for just under 80 percent of revenue. The remaining 20 percent was generated with cooperation partners. In the first half of the fiscal year the business with cooperation partners increased by 41 percent over the weak equivalent period the previous year. This is due, above all, to the growth in revenue of the Semiconductor Manufacturing Technology business group ( 27 percent over the prior year). The company generates most of its revenue outside Germany. In the first six months of the year ZEISS was particularly successful in the Asia/Pacific (APAC) region with revenue totaling EUR 419 million. This corresponds to growth of 15 percent* over the previous year (first half of 2012/13: EUR 395 million) when calculated on a comparable basis. In Germany ZEISS reported revenue amounting to EUR 256 million, an increase of five percent (first half of 2012/13: EUR 244 million).
In the first half of fiscal year 2013/14 ZEISS invested EUR 67 million in property, plant and equipment (first half of 2012/13: EUR 107 million). These compared to depreciations totaling EUR 71 million (first half of 2012/13: EUR 65 million). After the end of the first six months net liquidity totaled EUR 128 million (first half of 2012/13: EUR 211 million). "The decrease in net liquidity is attributable to special effects," explained Thomas Spitzenpfeil, CFO of Carl Zeiss AG. "This reflects acquisitions and negative currency effects."
After the heavy investments of the prior year, the free cash flow is now clearly positive again and totals EUR 101 million (first half of 2012/13: EUR 34 million). After the first six months of the fiscal year the companys equity amounted to over one billion euros, equating to an equity ratio of 24 percent.
Headcount in Germany slightly up
In the first six months 24,791 employees worked for ZEISS worldwide (31 March 2013: 24,803). In Germany, headcount increased by around 70 employees to 10,809 (31 March 2013: 10,739). At the end of the first half of the year ZEISS employed approximately 430 trainees in Germany (31 March 2013: around 400).
Trends in the business groups
Revenue (in EUR million)
1st half of 2013/14 1st half of 2012/13 Change Change on comparable basis*
Industrial Metrology 271 264 2% 5%
Microscopy 314 303 4% 2%
Medical Technology 510 494 3% 9%
Vision Care 384 419 8% 4%
Consumer Optics 84 90 6% 4%
Semiconductor Manufacturing Technology 499 392 27% 27%
The values deviate from the published figures of Carl Zeiss Meditec AG as a result of different consolidation models.
Cautious outlook for the second half of the fiscal year
For the second half of the 2013/14 fiscal year, ZEISS expects a slowdown in the growth momentum in the emerging economies, continued negative exchange rate developments and political uncertainties, and therefore little impetus for business. Against this background, the company anticipates a modest trend in revenue and earnings. "We aim to also reach our targets in the difficult scenario confronting us. Therefore, our focus lies on further improving our productivity and efficiency and on accelerating the implementation of market-dominating innovations in all areas," Kaschke emphasized. "We a
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STUTTGART/Germany, 14.05.2014. 
