ZEISS presents half-year financial figures

• Revenue and earnings above prior year, but negatively impacted by currency effects
• Momentum slows in the emerging economies
• Increased demand for ZEISS lithography optics for the semiconductor industry, but delays in future-oriented EUV technology
  

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.

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, 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 company's equity amounted to over one billion euros, equating to an equity ratio of 24 percent.

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).

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 are adhering to our ambitious mid-term goals and are pursuing them rigorously."