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Positive outlook for fiscal year 2009/10
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| STUTTGART/Germany, 20.05.2010. In the first six months of fiscal year 2009/10 the Carl Zeiss Group achieved the turnaround and once again reported a positive result. In the previous year the global economic crisis had a clear impact on both revenues and EbIT – the Group’s industrial business was affected most by this development. The positive trend in the current fiscal year is especially attributable to an increase in incoming orders in the Semiconductor Technology Group. The Carl Zeiss Group presented its interim financial statements during its six-monthly press conference in Stuttgart. First six months with clearly positive result Revenues in the first half of fiscal year 2009/10 (1 October 2009 to 31 March 2010) totaled EUR 1,379 million. This corresponds to an increase of 24 percent over the previous year (first six months of 2008/09: EUR 1,113 million), or 26 percent after adjustments for currency influences. Foreign business accounted for 87 percent of total sales. There has been a further growth in sales in Asia, where the company posted a ten percent increase in business in the first six months after adjustment for currency influences. After the losses of the previous year Carl Zeiss is now reporting positive figures again in the current fiscal year: EbIT (Earnings before Interest and Taxes) amounted to EUR 176 million (first half of 2008/09: minus EUR 23 million). Net income totaled EUR 81 million (first half of 2008/09: minus EUR 66 million). “In the first six months of fiscal year 2009/10 incoming orders and revenues have increased substantially and we are now in the black again,” said Dr. Dieter Kurz, President and CEO of Carl Zeiss AG. “The Semiconductor Technology Group in particular has shifted into high gear. We are recording clear increases in incoming orders over last year in almost all areas. It is now evident that investing throughout the crisis has paid off. Carl Zeiss has achieved the turnaround and expects a clearly positive result for the overall fiscal year.” Financial highlights of fiscal year 2009/10 On 31 March 2010 equity totaled more than one billion euros, corresponding to a ratio of 31 percent (31 March 2009: 33 percent). This underscores the financial stability and economic independence of the company. Cash flow before income taxes reached EUR 187 million in the first half of the fiscal year. This corresponds to 14 percent of revenues (first half of 2008/09: EUR 44 million; four percent of revenues). On 31 March 2010 net liquid assets totaled EUR 690 million (31 March 2009: EUR 480 million). “The development shown by cash flow and net liquid assets in the first half of the current fiscal year underscores the success of the measures that we initiated last year to overcome the crisis and that we are continuing to pursue,” explained CFO Dr. Michael Kaschke. “Through our consistent, value-oriented cost management we have laid a solid foundation enabling us to further pursue our long-term growth strategy and also react over the short term at the same time.” In the first half of fiscal year 2009/10 Carl Zeiss invested EUR 17 million in property, plant and equipment (first six months of 2008/09: EUR 35 million). These investments compared to depreciations totaling EUR 43 million (first half of 2008/09: EUR 44 million). Research and development: Investments continue at high level In the first six months Carl Zeiss invested EUR 134 million in research and development activities. Therefore, Carl Zeiss is utilizing ten percent of revenues for the research and development of new technologies, products and solutions. The innovation rate clearly shows that these investments are worthwhile: in the first half of fiscal year 2009/10 Carl Zeiss generated around 55 percent of revenues with products not older than three years. Headcount almost unchanged On 31 March 2010, Carl Zeiss had a global workforce of 12,778 people, including 8,215 (64 percent ) at the German sites. In addition, 415 young people are currently being trained at Carl Zeiss in Germany (31 March 2009: 387). The headcount has fallen by three percent compared to the previous year (31 March 2009: 13,173 employees, including 8,511 in Germany). This slight decrease is attributable to attrition and minor manpower adjustments outside Germany. Development of the business groups The business of the Semiconductor Technology Group showed a clear recovery in the first six months of the fiscal year. The business group generated revenues totaling EUR 527 million, corresponding to an increase of 173 percent over the comparable period in the previous year (EUR 193 million). The Medical Systems Group, which primarily comprises the listed company Carl Zeiss Meditec AG, continued its stable development during the first six months: revenues reached EUR 354 million (first half of 2008/09: EUR 363 million). In the current fiscal year the Microscopy Group achieved a growth in revenues of four percent to EUR 191 million (first half of 2008/09: EUR 183 million). The Industrial Metrology Group concluded the first six months of 2009/10 with a downturn in revenue of 32 percent to EUR 133 million (first half of 2008/09: EUR 195 million). A recovery of the market is discernible, above all through positive developments in growth markets such as India. In the first six months of the year the Consumer Optics/Optronics Group, which combines the company’s business with binoculars, planetariums, camera and cine lenses and optronic products, reported revenues totaling EUR 156 million (first half of 2008/09: EUR 163 million). In the first half of fiscal year 2009/10 the global eyeglass lens manufacturer Carl Zeiss Vision – a joint venture of the EQT private equity group and Carl Zeiss – reported revenues of EUR 425 million (last year: EUR 440 million). The Carl Zeiss Vision Group is valued at equity in the financial statements of the Carl Zeiss Group. Outlook Carl Zeiss looks toward the second half of the fiscal year with optimism: “Our innovation pipeline is well-filled, and we are continuing to invest consistently in the expansion of our technology leadership,” Kurz emphasized. In addition, Carl Zeiss will further expand its international business. “We are focusing on the growth regions of Asia and Latin America. Here, we are strengthening our position and continuing to expand our offering for these markets and our on-site activities. These regions even grew during the global economic crisis, a development from which Carl Zeiss also benefited,” Kurz continued. For fiscal year 2009/10, Carl Zeiss expects an overall positive result, with revenues showing a clear increase over the previous year. “After a year marked by the crisis, we are now back on track to success. Revenues may reach the level of fiscal year 2007/08 again. We will therefore keep Carl Zeiss on course to profitable growth,” said Kurz. “Our broad portfolio has strengthened the company. We have effectively cushioned the impact of the recession for the employees and successfully overcome the effects of the crisis overall. Carl Zeiss is heading into the future with a positive outlook.” Jörg Nitschke Senior Vice President Corporate Communications Carl Zeiss AG Phone: +49 7364 20-3242 Fax: +49 7364 20-3122 E-Mail: 
j.nitschke@zeiss.deNumber: 0094-2010-ENG CC Number of Words: 1232 Number of Characters: 8286 |
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