Earnings Release • Feb 14, 2018
Earnings Release
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| 3 months 2017/18 |
3 months 2016/17 |
Change | |
|---|---|---|---|
| unless otherwise stated | €m | €m | in % |
| Revenue | 294.7 | 280.0 | +5.3 |
| Gross margin | 55.3% | 55.4% | -0.1 % pts |
| EBIT | 38.9 | 44.2 | -12.0 |
| EBIT margin | 13.2% | 15.8% | -2.6% pts |
| Adjusted EBIT1 | 39.8 | 37.4 | +6.3 |
| Adjusted EBIT in % of revenue | 13.5% | 13.4% | +0.1% pts |
| EPS | 0.32 | 0.38 | -16.1 |
Table 1: Summary of key ratios in the consolidated income statement
1 The reconciliation to the adjusted EBIT can be found in Table 4 on page 4. The term "adjusted EBIT" is not defined in the International Financial Reporting Standards (IFRSs). There is no comparability with similarly designated key figures of other companies. Adjusted figures do not serve as a substitute for IFRS figures and are not more meaningful than IFRS figures.
The Ophthalmic Devices SBU increased its revenue by 4.2% compared with the prior year, to €216.3m (prior year: €207.6m). Adjusted for currency effects, revenue increased by 8.2%. This increase is attributable in part to the Ophthalmic Diagnostics segment, in which the market launch of the CLARUS 500 fundus imaging system made good progress. The refractive lasers business also continued to perform well. Additional market shares were gained for intraocular lenses in Surgical Ophthalmology.
The EBIT margin declined compared with the prior year; however, this was primarily due to the proceeds gained in the prior year from the disposal of non-strategic assets at the Ontario site. The EBIT margin was also impacted slightly by an increase in investments in the areas of Research & Development and Sales & Marketing.
The Microsurgery SBU achieved revenue of €78.4m, which equates to an increase of 8.2% yearon-year (prior year: €72.4m). Adjusted for currency effects, this growth amounted to 13.4%. The development of revenue from the new robotic visualization system for neurosurgery, KINEVO 900, was encouraging. The EBIT margin increased slightly compared with the prior year.
| Ophthalmic Devices | Microsurgery | |||||||
|---|---|---|---|---|---|---|---|---|
| 3 months 2017/18 |
3 months 2016/17 |
Change | 3 months 2017/18 |
3 months 2016/17 |
Change | |||
| unless otherwise stated |
€m | €m | in % | in % (const. Fx) |
€m | €m | in % | in % (const. Fx) |
| Revenue | 216.3 | 207.6 | +4.2 | +8.2 | 78.4 | 72.4 | +8.2 | +13.4 |
| Share of consolidated revenue |
73.4% | 74.1% | 26.6% | 25.9% | ||||
| EBIT | 20.8 | 28.3 | -26.7 | 18.1 | 15.9 | +13.7 | ||
| EBIT margin | 9.6% | 13.6% | 23.1% | 22.0% |
| Table 2: Business development by SBU | |
|---|---|
| -------------------------------------- | -- |
| EMEA | Americas | APAC | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3 months 2017/18 |
3 Months 2016/17 |
Change | 3 months 2017/18 |
3 months 2016/17 |
Change | 3 months 2017/18 |
3 months 2016/17 |
Change | ||||
| Unless otherwise stated |
€m | €m | in % | in % (const. Fx) |
€m | €m | in % | in % (const. Fx) |
€m | €m | in % | in % (const. Fx) |
| Revenue | 91.2 | 83.7 | +8.9 | +10.8 | 94.1 | 90.5 | +3.9 | +11.8 | 109.5 | 105.8 | +3.5 | +6.6 |
| Share of consolidated revenue |
30.9% | 29.9% | 31.9% | 32.3% | 37.2% | 37.8% |
| 3 months 2017/18 |
3 months 2016/17 |
Change | |
|---|---|---|---|
| unless otherwise stated | €m | €m | in % |
| EBIT | 38.9 | 44.2 | -12.0 |
| Acquisition-related special effects2 | -0.9 | 6.8 | - |
| Restructuring/reorganization | - | - | - |
| Other special effects | - | - | - |
| Adjusted EBIT | 39.8 | 37.4 | +6.3 |
| Adjusted EBIT in % of revenue | 13.5% | 13.4% | + 0.1% pts |
Table 5: Summary of key ratios in the statement of cash flows
| 3 months 2017/18 |
3 months 2016/17 |
||
|---|---|---|---|
| €m | €m | ||
| Cash flows from operating activities | -1.7 | 0.4 | |
| Cash flows from investing activities | -2.3 | 2.7 | |
| Cash flows from financing activities | 5.6 | 0.2 | |
| Net cash and cash equivalents (31 Dec) | 562.9 | 326.3 |
Cash flow from operating activities amounted to €-1.7m in the reporting period (prior year: €0.4m). Given the numerous new product launches, continued high investments in current assets were necessary to aid delivery capacity.
2 There were write-downs on intangible assets arising from the purchase price allocations (PPA) of around €-0.9m, mainly in connection with the acquisition of Aaren Scientific Inc. in fiscal year 2013/14.
On 31 December 2017 net cash amounted to around €563m, which was nearly unchanged from 30 September 2017. The equity ratio was 78.1%.
The projections for fiscal year 2017/18 remain unchanged. The Company expects revenue to grow at least as fast as the market, and an EBIT margin ranging between 14% to 16% on an adjusted basis.
Contact for investors and press Sebastian Frericks Director Investor Relations Carl Zeiss Meditec AG Phone: +49 (0)3641 220-116 Email: [email protected]
Carl Zeiss Meditec AG (ISIN: DE 0005313704), which is listed on TecDAX of the German stock exchange, is one of the world's leading medical technology companies. The Company supplies innovative technologies and application-oriented solutions designed to help doctors improve the quality of life of their patients. The Company offers complete solutions, including implants and consumables, to diagnose and treat eye diseases. The Company creates innovative visualization solutions in the field of microsurgery. With approximately 3,000 employees worldwide, the Group generated revenue of €1,189.9m in fiscal year 2016/17 (to 30 September).
The Group's head office is located in Jena, Germany, and it has subsidiaries in Germany and abroad; more than 50 percent of its employees are based in the USA, Japan, Spain and France. The Center for Application and Research (CARIn) in Bangalore, India and the Carl Zeiss Innovations Center for Research and Development in Shanghai, China, strengthen the Company's presence in these rapidly developing economies. Around 41 percent of Carl Zeiss Meditec AG's shares are in free float. The remaining approx. 59 percent are held by Carl Zeiss AG, one of the world's leading groups in the optical and optoelectronic industries.
For further information: www.zeiss.de/med
| 3 months 2017/18 |
3 months 2016/17 |
|
|---|---|---|
| unless otherwise stated | €m | €m |
| Revenue | 294.7 | 280.0 |
| Cost of sales | -131.8 | -124.9 |
| Gross profit | 162.9 | 155.1 |
| Selling and marketing expenses | -71.4 | -68.2 |
| General administrative expenses | -12.5 | -13.3 |
| Research and development expenses | -40.2 | -37.1 |
| Other operating result | 0.0 | 7.7 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) |
45.4 | 49.8 |
| Depreciation and amortization | -6.5 | -5, 6 |
| Earnings before interest and taxes (EBIT) | 38.9 | 44.2 |
| Result from investments measured at equity | 0.0 | 0.0 |
| Interest income | 0.2 | 0.2 |
| Interest expenses | -0.6 | -0.4 |
| Net interest from defined benefit pension plans | -0.1 | -0.2 |
| Foreign currency gains/(losses), net | -2.5 | 1.4 |
| Other financial result | 2.6 | 0.0 |
| Earnings before income taxes (EBT) | 38.4 | 45.2 |
| Income taxes | -10.4 | -13.1 |
| Consolidated profit | 28.0 | 32.1 |
| Attributable to: | ||
| Shareholders of the parent company | 28.5 | 30.9 |
| Non-controlling interests | -0.4 | 1.2 |
| Profit/(loss) per share attributable to the shareholders of the parent company in the current fiscal year (in €) (EPS): |
||
| basic/diluted | 0.32 | 0.38 |
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