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| Investments in research and development increased again During fiscal year 2007/08, revenues rose five percent to EUR 2,731 million – results at a high level – EUR 321 million for research and development – renewed profit sharing | RTF Documents
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| STUTTGART/Germany, 18.12.2008. The Carl Zeiss Group completed a successful fiscal year 2007/08 with an increase in revenues of five percent. The technology company generated revenues of EUR 2,731 million (last year EUR 2,604 million). Adjusted for currency influences, this growth was as high as eight percent. The successful conclusion to the fiscal year can be traced in particular to a very strong first half. “Adjusting for currency influences, we have grown in all regions of the world,” stated Dr. Dieter Kurz, President and CEO of Carl Zeiss AG, during the company’s winter press conference in Stuttgart. Foreign business accounted for 84 percent of total sales. “Around the world, we have invested heavily in expanding our sales and service teams in order to achieve an even larger on-site presence in all important regions for our customers,” he emphasized. The results kept the Group at a high level: EbIT (Earnings before Interest and Taxes) reached EUR 343 million (last year: 394 million). The earning power of the company is reflected in cash flow before income taxes, which also remained at a high level: EUR 496 million (last year: 549 million), thus reaching 18 percent of revenues (last year: 21 percent). The slight decline in operating result and cash flow is primarily due to the slowed growth during the second half of the fiscal year. The group's equity ratio increased three percentage points over the previous year to 33 percent (last year: 30 percent), continuing the positive trend of recent years. Overall, Carl Zeiss has a good foundation which enables the company to pursue its long-term growth strategy: on the balance sheet date, the company had cash funds of EUR 950 million (last year: 962 million). “We have expanded the volume of our investment and acquisition activities compared to last year. At the same time, we have maintained our high net liquidity of EUR 615 million,” emphasized Chief Financial Officer Dr. Michael Kaschke. Net liquidity in 2006/07 was EUR 612 million on the balance sheet date. Increase in corporate value once again reached a very high level. Based on the EVA® (Economic Value Added) parameter, which serves as an internal barometer of business success, this figure was EUR 122 million in the just completed fiscal year (last year EUR 133 million). Investments in property, plant and equipment Carl Zeiss increased its investments in property, plant and equipment. A total of EUR 118 million was invested during fiscal year 2007/08 (last year: EUR 107 million). This compared to depreciations totaling EUR 99 million (last year EUR 114 million). Carl Zeiss primarily invested in the expansion of state-of-the-art production facilities and infrastructure improvements. Investments in research and development increased again Carl Zeiss invested EUR 321 million into its research and development activities during the past fiscal year (last year: 290 million). This corresponds to 12 percent of revenues. Innovation is the business of Carl Zeiss – this is clearly reflected in the number of patent applications: the company applied for 422 new patents during the reporting year (last year: 384). Carl Zeiss generates more than 60 percent of its revenues with products not older than five years. This shows that the company quickly implements its innovative ideas into marketable, successful products. Increased manpower On the balance sheet date (30 September), 13,060 people worked for the company across the globe (last year: 12,257); 8,440 of them (last year: 7,965) in Germany. The rise in the number of employees is the result of changes to the scope of consolidation (291 employees) and more than 540 new jobs which the company created primarily in Germany. On the balance sheet date, the Carl Zeiss Group in Germany also had 441 trainees (last year 417). Renewed profit sharing Carl Zeiss involved its employees in the success of fiscal year 2007/08 with an annual bonus. “We find it important to share the good fortunes of the company with our employees. As in years past, we are practicing what we preach with the annual bonus,” stated Dr. Dieter Kurz. The bonus comprises a special payment of up to EUR 1,300 (gross) and a profit-participation certificate with a value of EUR 250. These certificates are a special form of profit sharing. These non-transferable securities bear interest once a year during their five-year term depending on the company's return on sales. The profit-sharing certificates issued until now have all borne the maximum interest rate of 20 percent a year. In all, Carl Zeiss distributed approximately EUR 17 million in profit sharing to its employees. Portfolio During the just completed fiscal year, the Carl Zeiss Group strengthened the Industrial Metrology Group through two acquisitions: Dr. Wolf & Beck GmbH in Wangen, Germany, in which the company had been a majority shareholder, was taken over completely. Additionally, Carl Zeiss acquired a 75% share of Junker & Partner in Tholey, Germany. Listed company, Carl Zeiss Meditec AG acquired intraocular lens manufacturer *Acri.Tec® AG in Hennigsdorf, Germany, effective October 1, 2007. This acquisition enabled the company to considerably strengthen its market position in Germany and expand its offering in ophthalmic surgery. Carl Zeiss acquired a 51 percent share of Anaspec CC in Gauteng, South Africa. The company specializes in technical service and support for customers in South Africa and Australia for products from the Medical Systems and Industrial Metrology groups, and the Nano Technology Systems Division. In August 2008, the Semiconductor Metrology Group acquired Karmiel, Israel-based Pixer Technology Ltd. The company develops unique yield enhancement systems for photomasks in semiconductor production. At the end of September, Carl Zeiss acquired around 40 percent of start-up company Nanoscribe GmbH in Karlsruhe, Germany. The company develops laser lithography systems for the manufacture of 3D nano and micro-structures. Developments in the business groups Despite the considerable downturn in the semiconductor market during the second half of the fiscal year, the Semiconductor Metrology Group kept its revenues at a high level: sales revenues were EUR 1,018 million (last year 1,042 million). With revenues of EUR 661 million, the Medical Systems Group, most of which is made up of the publicly listed company Carl Zeiss Meditec AG, had a successful fiscal year. Revenues increased four percent over last year (638 million). Adjusted for currency influences, this growth was as high as nine percent. The Microscopy Group achieved revenues of EUR 339 million (last year 323 million), corresponding to growth of five percent (adjusted for currency influences: 10 percent). During fiscal year 2007/08, the Industrial Metrology Group achieved double-digit growth and generated revenues totaling EUR 374 million, thus exceeding last year’s value (EUR 316 million) by 18 percent. Without currency influences, this growth would have been 22 percent. The business with camera and cine lenses, binoculars and spotting scopes, planetariums and optoelectronic systems from the Carl Zeiss Group is the domain of the Consumer Optics/ Optronics Group. During fiscal year 2007/08, this business group generated revenues of EUR 309 million (last year EUR 245 million). This corresponds to an increase of 26 percent over the previous year (adjusted for currency influences: EUR 28 million). The licensing business with major consumer electronics brands such as Sony, Nokia and Logitech played a key role in this success. Eyeglass lens manufacturer Carl Zeiss Vision – in which Carl Zeiss and another investor have equal interests – generated revenues of EUR 892 million during the fiscal year (last year: 844 million). Adjusted for currency influences, this corresponds to a growth of 11 percent. The business of the Carl Zeiss Vision Group is valued at equity in the financial statements of the Carl Zeiss Group. On the balance sheet date, the global workforce of the Carl Zeiss Vision Group totaled 12,830 full time equivalents in over 30 countries, including 1,189 in Germany. Outlook Due to the global economic environment, Dr. Dieter Kurz, President and CEO of Carl Zeiss AG, presented a reserved outlook for the current fiscal year: “The markets in which we are active will most likely follow different paths. While we expect relatively stable trends in Medical Technology and Microscopy, there is no recovery in sight in the weak market for semiconductor equipment. Even the business in Industrial Metrology is feeling the declining investment activities in the automotive industry,” emphasized Dr. Kurz. “Our broad portfolio counters the generally difficult market developments to a certain extent. Thanks to our success in recent years, we are in a relatively good position: a solid financial and equity situation, high net liquidity, a strong brand, innovative products and motivated employees will help us master this phase as well as possible.” The company expects a continued subdued trend in the coming months. However, targeted investments in the expansion of the core expertise of the company will continue to be made. Jörg Nitschke Vice President Corporate Communications Carl Zeiss AG Phone: +49 7364 20-3242 Fax: +49 7364 20-3122 E-Mail: 
j.nitschke@zeiss.deNumber: 0235-2008-ENG CC Number of Words: 1570 Number of Characters: 11008 |
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