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Carl Zeiss Reports Global Growth

zeissTechnology group presents positive half-yearly figures
  • Revenues 19 percent above previous year
  • EBIT totals EUR 355 million
  • Integration of Carl Zeiss Vision making progress
  • Good forecast for second half of fiscal year

Carl Zeiss has ended the first six months of fiscal year 2010/11 with a substantial improvement in sales and earnings over the previous year: revenues totaled EUR 2.143 billion, and earnings before income tax (EbIT) EUR 355 million. In addition to the full consolidation of the eyeglass business as the new Vision Care business group for the first time, strong organic growth - particularly in the Semiconductor Manufacturing Technology, Medical Systems and Industrial Metrology business groups - contributed to the positive half-yearly balance sheet presented by the company in Stuttgart. 

Successful start to the fiscal year

Revenues in the first half of fiscal year 2010/11 (1 October 2010 to 31 March 2011) totaled EUR 2.143 billion, corresponding to an increase of 19 percent* over the previous year (first half of 2009/2010: 1.379 billion), or 16 percent* after adjustment for currency fluctuations.

Business outside Germany accounted for 87 percent of total revenues. Particularly strong growth was recorded in international business with cooperation partners like ASML, Nokia and Sony: revenues rose 34 percent to EUR 678 million (first half of 2009/10: EUR 508 million). In America the Carl Zeiss Group posted a 13 percent* increase in revenues to a total of EUR 466 million (first half of 2009/10: EUR 241 million). Carl Zeiss also once again achieved strong growth in the Asia region: after currency adjustments, the company recorded a 12 percent* increase in revenues to a total of EUR 298 million (first half of 2009/10: EUR 209 million). In Europe Carl Zeiss posted growth of eight percent* over the same period last year after currency adjustments. Here, revenues totaled EUR 649 million, of which EUR 242 million was generated in Germany (first half of 2009/10: EUR 390 million, including EUR 161 million in Germany).

EBIT (Earnings before Interest and Taxes) amounted to EUR 355 million (first half of 2009/10: EUR 176 million). Net income totaled EUR 240 million (first half of 2009/10: EUR 81 million). "We have gotten off to a good start in the current fiscal year," said Dr. Michael Kaschke, President and CEO of Carl Zeiss AG. "The figures for the first half of 2010/11 show that we are meeting the requirements of our customers with our products and solutions. We are continuing the successful development reported in recent years."

Around 24,000 employees worldwide

On 31 March 2011, Carl Zeiss had a global workforce of 23,787 people, including 9,669 at the sites in Germany. The headcount has risen considerably over the previous year (31 March 2010: 12,778 employees, including 8,215 in Germany) due to the full consolidation of Carl Zeiss Vision. The integration of global player Carl Zeiss Vision has led to an increase in the proportion of employees working for the company outside Germany from around 40 percent to just under 60 percent.

Financial highlights of fiscal year 2010/11

Cash flow before income taxes in the first half of fiscal year 2010/11 totaled EUR 477 million. This corresponds to 22 percent of revenues (end of fiscal year on 30 September 2010: EUR 506 million, or 17 percent of revenues).

Gross cash for the first six months of 2010/11 totaled EUR 1.256 billion. Net cash amounted to EUR 336 million (end of fiscal year on 30 September 2010: EUR 884 million). "Here, the acquisition and refinancing of Carl Zeiss Vision must be taken into account," explained Thomas Spitzenpfeil, CFO of Carl Zeiss AG. This also impacted the company's equity. On 31 March 2011 this totaled more than one billion euros which - due to the increase in total assets - corresponds to a ratio of 24 percent (end of fiscal year on 30 September 2010: 33 percent). Spitzenpfeil emphasized: "Carl Zeiss continues to have a solid financing situation and can therefore finance the ongoing development of the company through its own strength and efforts. Due to the continuing healthy earnings situation and measures for optimization of the financial structure, we have set our sights on an equity quota of around 30 percent by the end of the fiscal year."  

Investments in property, plant and equipment and R&D

In the first half of fiscal year 2010/11 Carl Zeiss invested EUR 66 million in plant, property and equipment (end of fiscal year 2009/10: EUR 53 million). This investment figure compared to depreciation totaling EUR 60 million (end of fiscal year 2009/10:  EUR 96 million). Carl Zeiss is focusing its investments on the expansion and modernization of its global sites and on new production technology.  

A healthy level of business was reported for new products in the first half of the fiscal year:
Carl Zeiss generates over 50 percent of its revenues with products not older than three years. In order to further expand its technology leadership in its various areas of business, the company constantly invests in research and development. In the first half of fiscal year 2010/11 EUR 178 million was utilized for this purpose, equating to eight percent of revenues (first half of 2009/10: EUR 134 million, or ten percent of revenues). 

Trends in the business groups

For the first half of fiscal year 2010/1, the Semiconductor Manufacturing Technology business group posted a 39 percent increase in revenues over the previous year to a total of EUR 734 million (first half of 2009/10: EUR 527 million). 

In the first six months of fiscal year 2010/11 the Vision Care business group generated revenues totaling EUR 429 million. This corresponds to an increase of three percent after adjustment for consolidation effects. Vision Care will be fully consolidated in fiscal year 2010/11. In the previous year the business of the Carl Zeiss Vision eyeglass group was valued at equity in the financial statements of the Carl Zeiss Group.

The Medical Systems business group, which primarily comprises the listed company Carl Zeiss Meditec AG, continues to show a positive development in the first half of the fiscal year: revenues totaled EUR 413 million, corresponding to a rise of 17 percent over the previous year (first half of 2009/10: EUR 354 million). The values deviate from the published figures of Carl Zeiss Meditec AG as a result of different consolidation models.

The business of the Microscopy group is showing a healthy development in the current fiscal year. This business group has increased its revenues by 10 percent to a total of EUR 209 million (first half of 2009/10: EUR 191 million). 

The Industrial Metrology business group concluded the first six months of 2010/2011 with a growth in revenues of 38 percent to EUR 184 million (first half of 2009/10: EUR 133 million).  

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 162 million (first half of 2009/10: EUR 156 million). This corresponds to an increase of four percent over the previous year.  


Carl Zeiss looks toward the second half of the fiscal year with optimism and anticipates a stable, positive development. "We are currently very well positioned around the world and are benefiting from increasing demand in strategically important markets. In recent months we have achieved considerable growth in rapidly developing economies like China or India. We will continue to expand this global presence in a targeted manner. We will strengthen the ZEISS brand in order to make it an even more intensive experience for our customers," said Kaschke in his closing statement.   

* In fiscal year 2010/2011 Vision Care will be fully consolidated for the first time. The previous year's revenue and earnings figures were therefore calculated on a like-for-like basis. Hence, the changes specified are based on comparable pro forma figures for Carl Zeiss AG including Carl Zeiss Vision. 

Correction: An earlier version of this press release contained the statement that Carl Zeiss had a global workforce of 23,787 people on 31 March 2010. In fact, 31 March 2011 was meant.

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