Stuttgart, Germany, — The Carl Zeiss Group ended fiscal year 2011/12 (reporting date: 30 Sept. 2012) with a two percent increase in revenue. Revenue totaled EUR 4.163 billion and therefore surpassed the previous year’s figure (prior year*: EUR 4.084 billion). Earnings (EBIT) totaled EUR 420 million (prior year*: EUR 608 million). Particularly strong year-on-year growth was recorded by the Industrial Metrology and Medical Technology business groups. The Vision Care and Microscopy business groups showed a stable development. However, the Semiconductor Manufacturing Technology business group reported a downturn in revenue that was expected for 2012 and which is typical of this industry.

“2011/12 was a very successful fiscal year for Carl Zeiss. We have surpassed the figure we forecast last year: revenue is slightly above the equivalent total recorded in the prior year. Earnings were impacted by our high level of investment in the company’s expansion and by the downturn in the Semiconductor Manufacturing Technology business group, and therefore fell below last year’s figure as expected,” said Dr. Michael Kaschke, President and CEO of Carl Zeiss. “What is particularly notable is that our strong portfolio has enabled us to successfully offset the cyclical downturn in the revenue of the Semiconductor Manufacturing Technology business group. This would not have been possible just a few years ago.” In addition to organic growth the stable domestic economy, ongoing growth in Asia and positive currency effects have all contributed to the overall positive business trend in 2011/12.

Change in the basis of consolidation

At the end of the fiscal year a 75.1 percent share in the company’s Security and Defense Systems unit was sold by Carl Zeiss to Cassidian, a division of the EADS Group. In the 2011/12 consolidated financial statements this business is now classified as a discontinued operation (as per IFRS 5) and was deconsolidated effective 30 September 2012.

International success – ten percent increase in revenue in Asia/Pacific region

Carl Zeiss generates 88 percent of its revenue outside Germany. A particularly high level of revenue growth was reported by the Asia/Pacific region (APAC): here, the Carl Zeiss Group increased its revenue by ten percent to a total of EUR 810 million after currency adjustments (prior year*: EUR 698 million). In the Europe, Middle East and Asia region (EMEA) Carl Zeiss generated growth of seven percent after currency adjustments. Here, revenue totaled EUR 1.398 billion – including EUR 487 million in Germany (prior year*: EUR 1.298 billion, including EUR 464 million in Germany). In the Americas the company generated revenue totaling EUR 1.056 billion, three percent more than last year (prior year*: EUR 963 million). Due to the downturn in the Semiconductor Manufacturing Technology business group the business with cooperation partners displayed a downward trend: revenue decreased by 20 percent to EUR 899 million (prior year*: EUR 1.125 billion).

At the end of the fiscal year EBIT (Earnings before Interest and Taxes) amounted to EUR 420 million (prior year*: EUR 608 million). Earnings before income taxes amounted to EUR 335 million (prior year*: EUR 570 million). Earnings after income taxes amounted to EUR 250 million

(prior year*: EUR 394 million).

Investments in modernization and innovation

In the past fiscal year Carl Zeiss invested EUR 289 million in property, plant and equipment (prior year*: EUR 160 million). “We have almost doubled our investments over last year,” said CFO Thomas Spitzenpfeil. “This was primarily focused on our infrastructure and on the global modernization and expansion of our facilities This investment figure compared to depreciations totaling EUR 135 million (prior year*: EUR 119 million). Carl Zeiss used nine percent of revenue for research and development activities in fiscal year 2011/12. This equated to EUR 390 million. Spending on research and development therefore topped last year’s figure by 14 percent (prior year*: EUR 343 million, or eight percent of revenue).

Financial highlights of fiscal year 2011/12

On the reporting date gross liquidity came to EUR 762 million (30 Sept. 2011: EUR 847 million*). Net liquidity totaled EUR 373 million (30 Sept. 2011: EUR 397 million). With a total of EUR 332 million (prior year*: EUR 622 million), free cash flow was decisively impacted by the positive EBIT and the high level of investment. Equity is showing a stable trend. On 30 September 2012 it amounted to over one billion euros, with an unchanged equity ratio of 26 percent. “The equity ratio therefore continued to lie at a solid level,” Spitzenpfeil went on. “Carl Zeiss has a very solid balance sheet that clearly underscores the company’s economic autonomy.”

Headcount increased by four percent – new employees recruited

On 30 September 2012 Carl Zeiss had a global workforce of 24,326 people. The number of employees increased by around four percent over last year (30 Sept. 2011*: 23,426 employees).

“In fiscal year 2011/12 we recruited over 900 new employees around the globe,” said Kaschke.

Trends in the business groups

During fiscal year 2011/12, the Semiconductor Manufacturing Technology business group generated revenues of EUR 967 million, a decrease of 18 percent over the previous year (comparable period last year: EUR 1.181 billion). At the beginning of fiscal year 2011/12 the business with electron microscopes, which had previously belonged to the Semiconductor Manufacturing Technology business group, was assigned to the Microscopy business group. The figures have been calculated on a like-for-like basis.

In fiscal year 2011/12 the Industrial Metrology business group recorded a 26 percent growth in revenue to a total of EUR 495 million (prior year: EUR 394 million).

The Microscopy business group ended fiscal year 2011/12 with revenue of EUR 650 million, five percent more than the previous year (like-on-like for prior year: EUR 620 million). In fiscal year 2011/12 the business with electron microscopes, which had previously belonged to the Semiconductor Manufacturing Technology business group, was assigned to the Microscopy business group for the first time.

The Medical Technology business group achieved a 15 percent increase in revenue to a total of EUR 984 million (prior year: EUR 854 million). The values deviate from the published figures of Carl Zeiss Meditec AG as a result of different consolidation models.

With a total of EUR 860 million, revenue of the Vision Care business group was slightly above the previous year’s level (prior year: EUR 849 million).

The Camera Lenses, Sports Optics and Planetariums divisions together generated revenue of

EUR 178 million, a rise of 11 percent on a year-on-year basis (prior year*: EUR 160 million).

Outlook

Carl Zeiss started fiscal year 2012/13 with orders totaling EUR 4.2 billion. “The economic environment is currently marked by a high degree of uncertainty. A slowdown in the economy is already evident in some regions. Nevertheless, we look with cautious optimism to the future,” Kaschke emphasized. “We assume that Carl Zeiss will continue to develop positively in the future.” For the new fiscal year which began in October, the Carl Zeiss Group anticipates an overall stable development with revenue of around four billion euros. The company’s diversified portfolio, broad international footprint and the strong ZEISS brand lay the foundation for this sustained development. “Carl Zeiss is in excellent shape,” Kaschke stressed. “We are continuing to evolve the company and are remaining on track to further investment and growth – regardless of cyclical fluctuations.”