ZEISS Presents Half-year Financial Figures

Good start to the fiscal year – cautious outlook

  • 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

Stuttgart, Germany | 14 May 2014 | ZEISS Group

Press Contact

Jörg Nitschke
Group Spokesman
Phone: +49 7364 20-3242
joerg .nitschke @zeiss .com

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 company's 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

(in EUR million)


1st half of  2013/14

1st half of 2012/13


Change on comparable basis*

Industrial Metrology










Medical Technology





Vision Care





Consumer Optics





Manufacturing Technology





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

* The comparably calculated values have been adjusted to allow for changes in the basis of consolidation and for currency effects.


ZEISS is an international leader in the fields of optics and optoelectronics. The more than 24,000 employees of ZEISS generated revenue of about 4.2 billion euros in fiscal year 2012/13. Founded in 1846 in Jena, the company is headquartered in Oberkochen, Germany. ZEISS has been contributing to technological progress for more than 160 years. The ZEISS Group develops and produces solutions for the semiconductor, automotive and mechanical engineering industries, biomedical research and medical technology, as well as eyeglass lenses, camera and cine lenses, binoculars and planetariums.

ZEISS is present in over 40 countries around the globe with more than 40 production facilities, around 50 sales and service locations and over 20 research and development sites. Carl Zeiss AG is fully owned by the Carl Zeiss Stiftung (Carl Zeiss Foundation).

Further information at www.zeiss.com

Press Contact

Jörg Nitschke
Group Spokesman
Phone: +49 7364 20-3242
joerg .nitschke @zeiss .com

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