Quarterly Report • Jun 13, 2017
Quarterly Report
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(IFRS)
| 6 months 2016/17 |
6 months 2015/16 |
6 months 2014/15 |
||||
|---|---|---|---|---|---|---|
| €m | % | €m | % | €m | % | |
| Revenue | 587.5 | 100.0 | 540.8 | 100.0 | 498.0 | 100.0 |
| Research and development expenses | 69.9 | 11.9 | 60.8 | 11.2 | 56.2 | 11.3 |
| EBIT | 95.1 | 16.2 | 75.3 | 13.9 | 61.0 | 12.2 |
| Net income1 | 63.8 | 10.9 | 49.3 | 9.1 | 32.4 | 6.5 |
| Profit per share2 (in €) | 0.76 | 0.59 | 0.37 | |||
| Cash flows from operating activities | 16.5 | 42.8 | 3.5 | |||
| Cash flows from investing activities | -20.1 | 94.8 | -19.4 | |||
| Cash flows from financing activities | 4.7 | -143.6 | 12.1 | |||
| Total assets | 1,622.9 | 100.0 | 1,184.7. | 100.0 | 1,130.0 | 100.0 |
| Property, plant and equipment | 64.5 | 4.0 | 64.7 | 5.5 | 69.0 | 6.1 |
| Equity | 1,251.2 | 77.1 | 838.3 | 70.8 | 764.1 | 67.6 |
| Net cash3 | 637.6 | 39.3 | 307.5 | 26.0 | 241.8 | 21.4 |
| Number of employees (31 March) | 2,937 | 2,830 | 2,967 |
1 Before non-controlling interests
2 Profit/(loss) per share attributable to the shareholders of the parent company
3 Cash and cash equivalents plus treasury receivables from/payables to the Group treasury of Carl Zeiss AG
| Group management report on the | |
|---|---|
| interim financial statements | 4 |
| Group structure | 4 |
| Results of operations | 4 |
| Financial position | 9 |
| Net assets | 10 |
| Orders on hand | 12 |
| Opportunity and risk report | 12 |
| Events of particular significance | 12 |
| Employees | 12 |
| Research and development | 12 |
| Outlook | 13 |
| Consolidated income statement (IFRS) | 15 |
| Consolidated statement | |
| of comprehensive income (IFRS) | 16 |
| Consolidated statement | |
| of financial position (IFRS) | 17 |
| Consolidated statement | |
| of cash flows (IFRS) | 18 |
| Consolidated statement | |
| of changes in equity (IFRS) | 19 |
| Notes to the consolidated interim | |
| financial statements | 20 |
| General information | 20 |
| Purchase and sale of business operations | |
| in fiscal year 2016/17 | 22 |
| Notes to the consolidated income statement | 23 |
| Disclosures on fair value | 24 |
| Events of particular significance | 25 |
| Events after the end of the interim | |
| reporting period | 25 |
| Responsibility statement | 26 |
| Financial calendar | 27 |
The Carl Zeiss Meditec Group (Carl Zeiss Meditec Group, the Group, the Company) is a global company headquartered in Jena, Germany, with additional subsidiaries in and outside of Germany. Carl Zeiss Meditec AG is the parent company of the Carl Zeiss Meditec Group. It is among the 30 largest technology equities in the TecDax index in Germany.
There were no significant changes with respect to the Group's reporting entity or the structure of its consolidated financial statements in the first six months of fiscal year 2016/17.
Summary of key ratios in the consolidated income statement in €m, unless otherwise stated
| 6 months 2016/17 |
6 months 2015/16 |
Change | |
|---|---|---|---|
| Revenue | 587.5 | 540.8 | +8.6% |
| Gross margin | 54.8% | 52.7% | +2.1% pts |
| EBITDA | 106.3 | 84.7 | +25.5% |
| EBITDA margin | 18.1% | 15.7% | +2.4% pts |
| EBIT | 95.1 | 75.3 | +26.3% |
| EBIT margin | 16.2% | 13.9% | +2.3% pts |
| Earnings before income taxes | 93.0 | 71.5 | +30.0% |
| Tax rate | 31.4% | 31.0% | +0.4% pts |
| Consolidated profit after non-controlling interests | 61.7 | 48.0 | +28.6% |
| Earnings per share after non-controlling interests | 0.761 € |
0.592 € |
+28.0% |
Carl Zeiss Meditec increased its revenue by 8.6% to €587.5m in the first six months of fiscal year 2016/17 (prior year: €540.8m). The Group benefited slightly from positive currency effects. After adjustment for currency effects, growth amounted to 7.1%. This development is particularly attributable to the strategic business unit (SBU) Ophthalmic Devices as well as the Asia/Pacific (APAC) region.
2 Number of shares: 81,309,610
1 Calculated number of shares provided as the basis: 81,711,690. Earnings per share are calculated in accordance with IAS 33 pro rata temporis according to the weighted average of the shares in circulation after the capital increase performed in the second quarter. Number of shares on 31 March 2017: 89,440,570
Consolidated revenue in the first half 2016/17 in €m/growth in %
| 2016/17 | 587.5/8.6% | |
|---|---|---|
| 2015/16 | 540.8/8.6% | |
| 2014/15 | 498.0/8.0 % |
Since the merging of the two former strategic business units Ophthalmic Systems and Surgical Ophthalmology on 1 August 2016, almost three-quarters of Group revenue has been generated in the Ophthalmic Devices strategic business unit. The revenue contribution of the Ophthalmic Devices SBU thus amounted to 73.7% (prior year: 72.4%) after the first six months of fiscal year 2016/17. The Microsurgery strategic business unit accounted for 26.3% of consolidated revenue in the first six months of the current fiscal year (prior year: 27.6%).
Share of strategic business units in consolidated revenue in the first half 2016/17
The Ophthalmic Devices strategic business unit increased its revenue by 10.6% in the first six months of the current fiscal year (adjusted for currency effects: 9.2%). Revenue amounted to €433.1m (prior year: €391.6m). The refractive laser business once again proved to be the growth driver, benefiting in particular from high procedure-dependent revenue. The segment for devices and systems for diagnosis continued to be exposed to intense competitive and price pressure during the first six months of the current fiscal year. Measures aimed at improving the competitiveness continued in the current fiscal year. Business with intraocular lenses and consumables for cataract surgery, surgical microscopes for ophthalmology and biometry developed positively within the first six months,
as did the Microsurgery strategic business unit. Revenue rose 3.5% to €154.4m, compared with €149.1m in the prior year. Adjusted for currency effects, revenue grew by 1.8%.
| 6 months 2016/17 |
6 months 2015/163 |
Change in % | ||
|---|---|---|---|---|
| €m | €m | Adjusted for currency effects |
||
| Ophthalmic Devices | 433.1 | 391.6 | 10.6 | 9.2 |
| Microsurgery | 154.4 | 149.1 | 3.5 | 1.8 |
| Carl Zeiss Meditec Group | 587.5 | 540.8 | 8.6 | 7.1 |
The Carl Zeiss Meditec Group has a very balanced range of business activities worldwide, with each of its three business regions generating around one third of its total revenue. In the first six months of 2016/17, the region Europe, Middle East and Africa (EMEA) accounted for 29.9% (prior year: 32.9%) of consolidated revenue. The Americas and Asia / Pacific (APAC) regions accounted for 31.4% (prior year: 32.6%) and 38.7% (prior year: 34.5%), respectively, of the Group's total revenue. Most of the Group's revenue growth comes from the APAC region at 21.7% (adjusted for currency effects: 18.4%).
Revenue in the EMEA region amounted to €175.4m (-1.3%; prior year: €177.7m). Even after adjustment for currency effects, there was a slight decline of -0.6%. Development in the individual markets presented a heterogeneous picture, however. Although the core markets were largely positive or stable, business in the UK, some regions in Southern Europe and the Middle East continued to be weak.
Revenue in the Americas region increased within the first six months of 2016/17 by 4.8% or adjusted for currency effects by 2.7% to €184.9m (prior year: €176.4m). The trend in the USA was positive, while revenue in South America was almost on a par with the prior year.
The APAC region made a significant contribution to consolidated growth, increasing its revenue by 21.7% (adjusted for currency effects: 18.4%). to €227.2m, compared with €186.7m in the same period of the prior year. The largest contribution to revenue, with strong growth once again, came from China. India and Southeast Asia also achieved high growth rates.
| 6 months 2016/17 |
6 months 2015/16 |
Change in % | ||
|---|---|---|---|---|
| €m | €m | Adjusted for currency effects |
||
| EMEA | 175.4 | 177.7 | -1.3% | -0.6% |
| Americas | 184.9 | 176.4 | 4.8% | 2.7% |
| APAC | 227.2 | 186.7 | 21.7% | 18.4% |
| Carl Zeiss Meditec Group | 587.5 | 540.8 | 8.6 | 7.1 |
In the first six months of 2016/17, gross profit increased from €285.1m to €322.2m compared with the prior-year period. The gross margin for the reporting period increased to 54.8% (prior year: 52.7%). This growth is mainly due to a more favorable product mix, particularly in Ophthalmology.
Functional costs for the reporting period amounted to €234.8m (prior year: €209.8m), thus increasing by 11.9%. The proportion of revenue increased from 38.8% in the prior year, to 40.0%.
The Carl Zeiss Meditec Group uses earnings before interest and taxes (EBIT = operating result) as a key performance indicator. EBIT for the reporting period amounted to €95.1m (prior year: €75.3m). This corresponds to an EBIT margin of 16.2% (prior year: 13.9%). The significant increase in the EBIT margin is mainly attributable to a more favorable product mix.
EBIT in the first six months of fiscal year 2016/17 included special effects of €6.0m, associated mainly with a one-time effect from the disposal of assets at the Ontario site in the first quarter.
| 6 months 2016/17 |
6 months 2015/16 |
Change | |
|---|---|---|---|
| €m | €m | in % | |
| EBIT | 95.1 | 75.3 | +26.3 |
| Acquisition-related special effects | -6.04 | 1.95 | > -100 |
| Restructuring/reorganization | 0.0 | 0.0 | 0.0 |
| Total special effects | -6.0 | 1.9 | > -100 |
The development of the EBIT margin within the Ophthalmic Devices SBU was positive. A more favorable product mix, among other things, as well as operating economies of scale made a positive contribution to this. The EBIT margin in the Microsurgery SBU was slightly higher compared with the prior year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to €106.3m in the first six months of the fiscal year under review (prior year: €84.7m), resulting in an EBITDA margin of 18.1% (prior year: 15.7%).
In the financial result, currency effects arose in the form of foreign currency losses in the amount of €1.5m and thus on the same level as in the prior year, due to the recognition and valuation of currency hedges as of 31 March 2017.
The tax rate for the reporting period was 31.4% (prior year: 31.0%). As a general rule, an average annual tax rate of between 31% and 33% is assumed.
Consolidated profit attributable to shareholders of the parent company for the first six months of fiscal year 2016/17 amounted to €61.7m, thus increasing by 28.6% compared with the basis of comparison in the prior year (prior year: €48.0m). Non-controlling interests accounted for €2.1m (prior year: €1.3m). Basic earnings per share of the parent company amount to €0.76 (prior year: €0.59) in the first six months of the current fiscal year.
4 Beside the special effect associated with the disposal of assets at the Ontario site, write-downs on intangible assets are included which arose from the purchase price allocation (PPA), mainly in connection with the acquisition of Aaren Scientific Inc. in fiscal year 2013/14.
5 Write-downs on intangible assets arose from purchase price allocations (PPAs), mainly in association with the acquisition of Aaren Scientific Inc. in fiscal year 2013/14.
The Carl Zeiss Meditec Group's statement of cash flows shows the origin and utilization of the cash flows during the reporting period. A distinction is made between cash flows from operating activities and cash flows from investing and financing activities.
Changes in individual items in the income statement and the statement of financial position are recorded in the statement of cash flows. In contrast, the consolidated statement of financial position presents the figures as they stood at the end of the reporting period on 31 March 2017. As a result, the statements in the analysis of the financial position may differ from the presentation of net assets based on the consolidated statement of financial position.
Cash flow from operating activities amounted to €16.5m in the reporting period (prior year: €42.8m). In the first six months of fiscal year 2016/17 there was a rise in trade receivables as of the end of the reporting period compared with the prior year, as well as an increase in inventories, associated with new product launches.
Cash flow from investing activities amounted to €-20.1m in the period under review (prior year: €94.8m). The substantial difference compared with the same period of the prior year is mainly due to the maturity of a fixed-term deposit on 30 September 2015, in the amount of €110m, which was processed via Carl Zeiss Financial Services GmbH and led in the prior-year period to a higher inflow of cash.
Cash flow from financing activities in the first six months of fiscal year 2016/17 amounts to €4.7m (prior year: €-143.6m). The difference compared with the year-ago period is primarily attributable to an increase in treasury receivables in the first six months of the prior year, resulting, among other, from the maturity of the above-mentioned fixed-term deposit of €110m. The capital increase on 22 March 2017 resulted in a cash inflow of €317m (excluding incidental costs) in the first six months of the current fiscal year. Receivables from Carl Zeiss Financial Services GmbH therefore increased at the same time.
| Key ratio | Definition | 31 Mar 2017 | 30 Sep 2016 | Change |
|---|---|---|---|---|
| €m | €m | in % | ||
| Cash and cash equivalents | Cash-in-hand and bank balances | 9.3 | 8.7 | +6.9 |
| Net cash | Cash-in-hand and bank balances + Treasury receivables from Group treasury of Carl Zeiss AG ./. treasury payables to Group treasury of Carl Zeiss AG |
637.6 | 334.6 | +90.6 |
| Net working capital | Current assets including financial investments ./. Cash and cash equivalents ./. treasury receivables from Group treasury of Carl Zeiss AG ./. current liabilities excl. liabilities to Group treasury of Carl Zeiss AG |
287.7 | 237.0 | +21.4 |
| Working capital | Current assets ./. current liabilities |
925.2 | 571.6 | +61.9 |
| Key ratio | Definition | 6 months 2016/17 |
6 months 2015/16 |
Change |
|---|---|---|---|---|
| Cash flow per share | Cash flow from operating activities | €0.20 | €0.53 | -61.7% |
| Weighted average of shares outstanding | ||||
| Capex ratio | Investment (cash) in property, plant and equipment | 1.0% | 0.8% | +0.2% pts |
| Consolidated revenue |
Total assets increased to €1,622.9m as of 31 March 2017 (30 September 2016: €1,247.7m).
Structure of consolidated statement of financial position: Assets in €m
| Current assets | Non-current assets (except goodwill) | Goodwill | ||||
|---|---|---|---|---|---|---|
| Consolidated total assets |
1,622.9 | 1,213.6 | 242.9 | 166.4 | ||
| 31 Mar 2017 | ||||||
| Consolidated total assets 30 Sep 2016 |
1,247.7 | 858.8 | 224.3 | 164.6 |
Non-current liabilities increased to €409.3m as of 31 March 2017 (30 September 2016: €388.9m). There were changes in current assets (€1,213.6m, 30 September 2016: €858.8m) primarily as a result of an increase in trade receivables and receivables from related parties, and of treasury receivables, from, among other things, a cash inflow of €317m (including incidental costs) due to the capital increase as of 22 March 2017. Inventories increased at the same time, due to a number of current new product launches since the end of the last fiscal year, as well as to ensure delivery capacities for a number of high-selling products.
The equity recognized in the Carl Zeiss Meditec Group's statement of financial position amounts to €1,251.2m as of 31 March 2017 mainly due to the cash capital increase from authorized capital (30 September 2016: €851.2m). The equity ratio was 77.1% (30 September 2016: 68.2%) and thus remains high.
Non-current liabilities amounted to €83.4m as of 31 March 2017 (30 September 2016: €110.7m). This is primarily attributable to lower pension commitments due to an adjustment of the discount factor arising from the fall in the interest rate.
As of 31 March 2017, current liabilities amounted to €288.3m (30 September 2016: €285.9m). This increase is mainly due to the rise in treasury receivables.
| Key ratio | Definition | 31 Mar 2017 | 31 Mar 2016 | Change |
|---|---|---|---|---|
| in % | in % | % pts | ||
| Equity ratio | Equity (incl. non-controlling interests) | 77.1 | 70.8 | +6.3 |
| Total assets | ||||
| Inventories in % of rolling 12-month revenue |
Inventories (net) | 20.2 | 18.6 | +1.6 |
| Rolling revenue of the past twelve months as of the end of the reporting period |
||||
| Receivables in % of rolling 12-month |
Trade receivables at the end of the reporting period (including non-current receivables) |
25.2 | 23.5 | +1.7 |
| revenue | Rolling revenue of the past twelve months as of the |
end of the reporting period
The Carl Zeiss Meditec Group's orders on hand increased by 8.0%. As of 31 March 2017 it amounted to €175.7m (30 September 2016: €162.7m).
Groups with global operations are exposed to a large number of entrepreneurial opportunities and risks that can have a lasting impact on commercial success. The assessment of opportunities and risks and conscientious handling of entrepreneurial uncertainty are an important part of corporate governance at Carl Zeiss Meditec AG.
Risk management is an integral part of corporate management within the Carl Zeiss Meditec Group and is based on the following two major components: a risk reporting system and an internal control system. The opportunity and risk situation of the Carl Zeiss Meditec Group has not changed significantly since the publication of the 2015/16 Annual Report. Therefore, for a detailed presentation of the risk management system and the opportunity and risk situation, please refer to pages 61 to 69 of the 2015/16 Annual Report of the Carl Zeiss Meditec Group.
There were no other events of particular significance during the first six months of fiscal year 2016/17. No events of material significance for the Carl Zeiss Meditec Group's net assets, financial position and results of operations occurred after the end of the first six months of the current fiscal year. The development of business at the beginning of the third quarter of fiscal year 2016/17 validates the statements made in the "Outlook" below.
Highly qualified and motivated employees are a necessity for ensuring the long-term success of a company. Responsible human resources development and continuous improvement play a crucial role in this. As of 31 March, 2017 the Carl Zeiss Meditec Group had 2,937 employees worldwide (31 March 2016: 2,830).
Research and development plays an important role within the Carl Zeiss Meditec Group. Pursuant to its strategy, innovations are a key driver of future growth. The Carl Zeiss Meditec Group has the necessary resources to ensure the Company's future earnings power through its research and development activities. The Company shall therefore continue to offer innovations in future that make leading technologies available to its customers, enable improvements in efficiency and continuously enhance treatment results for patients.
Please refer to the Annual Financial Report 2015/16 (pages 48 to 51) for comprehensive description of our research and development work.
Research and development expenses increased by 14.9% in the first six months of fiscal year 2016/17, to €69.9m (prior year: €60.8m). The R&D ratio increased at the same time, compared with the prior year, to 11.9% (prior year: 11.2%), and is therefore slightly higher than the target range for the medium to long term of 10% to 11%.
In the reporting period 15.5% (prior year: 14.8%) of the entire workforce of the Carl Zeiss Meditec Group were employed in Research and Development.
New products were launched in the market during the reporting period. ZEISS launched the dental microscope EXTARO 300 on the market in March 2017. Using fluorescence technology, ZEISS EXTARO 300 supports the differentiation of caries and healthy dental tissue.
In April 2017, ZEISS introduced the high-performance Robotic Visualization System™ KINEVO® 900 for neurosurgery. This system combines next-generation movement and positioning options and expands the possibilities of intraoperative digital visualization. New functions enable the neurosurgeon to focus on a particular structure, for example, to move around this structure and thus visualize the target anatomy without the need for manual repositioning. Magnification, working distance and focus can be stored. This means that it is possible, at the touch of a button, to return to an exact positioning that has been saved previously at a later date, in order to check the previously visualized structures, without wasting time on manual repositioning. A fully integrated micro inspection tool complements the visualization options of the microscope, enabling the neurosurgeons to discover areas which are difficult to explore. The digital visualization expands the freedom of choice between novel 3D and 4K technology and conventional optical visualization. Four intraoperative fluorescence solutions are also integrated into the new technology.
The statements made in the following section validate the statements made in the 2015/16 Annual Report on the future development of the medical technology industry and the Carl Zeiss Meditec Group. For the detailed statements please refer to pages 71 to 75 of the 2015/16 Annual Report.
Furthermore, the Company firms up its forecast for fiscal year 2016/17. Revenue is expected to be within the range of €1.150m – €1.200m. The EBIT margin is expected to be within the range of 13% -15% – not taking into account the positive one-time effect from the disposal of assets at the Ontario site.
On 22 March, Carl Zeiss Meditec AG successfully implemented a cash capital increase from authorized capital. The Company recorded a cash inflow of around €317m. The order book was closed early due to the strong demand. A total of 8,130,960 new shares were placed at a price of €38.94 per share. The Company plans to use the funds raised to drive forward its growth strategy. In the opinion of the Company there are massive opportunities in the short to medium term to significantly accelerate growth through selective acquisitions in view of the extremely strong momentum and consolidation trends in the relevant markets right now. The proceeds from the capital increase will strengthen our financial power and flexibility in terms of acquisition opportunities. As of 31 March 2017, current cash and cash equivalents of around €637.6m are available for financing. In view of this, as well as the ongoing expectation of positive business development and a positive cash flow from operating activities as a result, and the possibility to use other financial instruments and sources of financing, if required, we consider the Carl Zeiss Meditec Group's financing capacity to be adequate.
Revenue in the Ophthalmic Devices strategic business unit developed positively in the first six months. We anticipate further growth in 2016/17. Both the products already established on the market for diagnosing and treating ophthalmic diseases, as well as other innovations launched within the past twelve months shall contribute to this growth. When designing efficient solutions for our customers, system networking and integrated data management play a key role, e.g. our data management system, FORUM®. Another example is in the area of refractive lasers, where the ReLEx® SMILE procedure has established itself as the third generation of laser vision correction. Compared with previous procedures, ReLEx® SMILE stands out by being considerably less invasive and offering very good predictability of correction. More than 750,000 eyes worldwide have been successfully treated using the minimally invasive method since the launch of the procedure in 2011. The first commercial procedures in the USA were carried out in March 2017, after FDA approval was granted in September 2016. We expect the launch of the procedure in the USA to generate a revenue contribution in the low-double-digit million range in the second half of 2016/17.
With the AT LISA® tri and AT LISA® tri toric, the Company offers the leading MICS-compliant trifocal intraocular lens on the market of cataract surgery. We are also aiming to attract new customer groups and increase our revenue from existing customers by expanding our range of monofocal intraocular lenses.
We are confident that we shall grow at least to the same extent as the underlying market in fiscal year 2016/17. From a current perspective, and excluding currency effects, this corresponds to growth in the low to mid-single-digit percentage range. The EBIT margin is also expected to remain above the Group average.
After the first six months of fiscal year 2016/17 the Microsurgery SBU achieved slight revenue growth. We therefore successfully defended our already exceptionally strong market position. Our surgical microscopes, the OPMI® Pentero® for neuro, spinal or plastic surgery, and the OPMI® VARIO, which is used in ENT surgery, for example, mean we are broadly diversified and are exploiting the associated market opportunities to an even greater degree by upgrading the products in terms of additional supporting applications. Launching the ZEISS dental microscope EXTARO 300 and the Robotic Visualization System™ KINEVO® 900, two important new products were introduced to the market in the first six months of the current fiscal year. We expect the Microsurgery SBU to continue to make significant contributions to earnings in future. We are confident that we shall grow at least to the same extent as the underlying market in fiscal year 2016/17. From a current perspective, and excluding currency effects, this corresponds to growth in the low-single-digit percentage range. The EBIT margin is also expected to remain significantly above the Group average.
Should there be any significant changes in the economic environment currently forecast over the course of the second half of fiscal year 2016/17, and should it thus become necessary to amend the statements made here on the development of business from today's perspective, we shall publish these amendments promptly and specify our expectations in more detail.
from 1 October 2016 to 31 March 2017
| 2nd quarter | 2nd quarter | 2016/17 | 2015 / 16 | |
|---|---|---|---|---|
| 2016/17 | 2015/16 | 1 Oct 16 to | 1 Oct 15 to | |
| 1 Jan 17 to | 1 Jan 16 to | 31 Mar 17 | 30 Mar 16 | |
| 31 Mar 17 | 31 Mar 16 | |||
| €k | €k | €k | €k | |
| Revenue | 307,485 | 278,180 | 587,488 | 540,781 |
| Cost of sales | (140,340) | (129,983) | (265,280) | (255,684) |
| Gross profit | 167,145 | 148,197 | 322,208 | 285,097 |
| Selling and marketing expenses | (72,650) | (63,559) | (140,856) | (125,300) |
| General administrative expenses | (10,865) | (11,926) | (24,140) | (23,732) |
| Research and development expenses | (32,800) | (29,662) | (69,850) | (60,784) |
| Other result | 51 | - | 7,721 | - |
| Earnings before interest, taxes, depreciation and amortization | 56,504 | 47,738 | 106,269 | 84,663 |
| Depreciation and amortization | (5,623) | (4,688) | (11,186) | (9,382) |
| Earnings before interest and taxes | 50,881 | 43,050 | 95,083 | 75,281 |
| Result from investments accounted for using the equity method | - | 1,646 | - | (820) |
| Interest income | 279 | 181 | 491 | 383 |
| Interest expenses | (367) | (567) | (722) | (1,056) |
| Net interest from defined benefit pension plans | (263) | (414) | (512) | (774) |
| Foreign currency gains/(losses), net | (2,939) | 2,171 | (1,508) | (1,547) |
| Other financial result | 140 | (10) | 140 | 62 |
| Earnings before income taxes | 47,731 | 46,057 | 92,972 | 71,529 |
| Income taxes | (16,006) | (13,806) | (29,147) | (22,203) |
| Consolidated profit | 31,725 | 32,251 | 63,825 | 49,326 |
| Attributable to: Shareholders of the parent company Non-controlling interests |
30,884 841 |
31,274 977 |
61,738 2,087 |
47,995 1,331 |
| Profit / (loss) per share attributable to the shareholders of the parent company in the fiscal year (in €): - Basic / diluted |
0.38 | 0.38 | 0.76 | 0.59 |
| 2nd quarter 2016/17 1 Jan 17 to 31 Mar 17 |
2nd quarter 2015/16 1 Jan 16 to 31 Mar 16 |
2016/17 1 Oct 16 to 31 Mar 17 |
2015 / 16 1 Oct 15 to 30 Mar 16 |
|
|---|---|---|---|---|
| €k | €k | €k | €k | |
| Consolidated profit | 31,725 | 32,251 | 63,825 | 49,326 |
| Gains / (losses) on foreign currency translation | 354 | (5,496) | (210) | 2,185 |
| Derivative financial instruments | (1,678) | (583) | 3,121 | (583) |
| Total of items that may subsequently be reclassified to consolidated profit |
(1,324) | (6,079) | 2,911 | 1,602 |
| Remeasurement from defined benefit pension plans | 1,127 | (8,909) | 18,850 | (10,071) |
| Total of items that will not subsequently be reclassified to consolidated profit |
1,127 | (8,909) | 18,850 | (10,071) |
| Other comprehensive income | (197) | (14,988) | 21,761 | (8,469) |
| Comprehensive income for the period | 31,528 | 17,263 | 85,586 | 40,857 |
| Attributable to: | ||||
| Shareholders of the parent company | 29,078 | 15,184 | 86,328 | 37,242 |
| Non-controlling interests | 2,450 | 2,079 | (742) | 3,615 |
| 31 Mar 2017 | 30 Sep 2016 | |
|---|---|---|
| €k | €k | |
| ASSETS | ||
| Non-current assets | ||
| Goodwill | 166,395 | 164,578 |
| Other intangible assets | 58,511 | 53,746 |
| Property, plant and equipment | 64,517 | 64,509 |
| Other loans | 141 | 2,348 |
| Investments in affiliated non-consolidated companies | 18,941 | - |
| Investments | 124 | 124 |
| Deferred taxes | 83,250 | 89,621 |
| Non-current trade receivables | 13,327 | 11,097 |
| Other non-current assets | 4,119 | 2,874 |
| 409,325 | 388,897 | |
| Current assets | ||
| Inventories | 229,412 | 208,309 |
| Trade receivables | 180,896 | 189,244 |
| Trade receivables from related parties | 91,698 | 60,216 |
| Treasury receivables | 672,384 | 354,528 |
| Tax refund claims | 1,394 | 5,816 |
| Other current financial assets | 6,970 | 9,962 |
| Other current non-financial assets | 21,518 | 20,678 |
| Cash and cash equivalents | 9,308 | 8,710 |
| 1,213,580 | 857,463 | |
| Assets held for sale | - | 1,370 |
| 1,622,905 | 1,247,730 | |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Share capital | 89,441 | 81,310 |
| Capital reserves | 620,137 | 313,863 |
| Retained earnings | 520,073 | 458,335 |
| Other components of equity | (31,081) | (55,671) |
| Equity before non-controlling interest | 1,198,570 | 797,837 |
| Non-controlling interests | 52,584 | 53,326 |
| 1,251,154 | 851,163 | |
| Non-current liabilities | ||
| Provisions for pensions and similar obligations | 55,644 | 81,134 |
| Other non-current provisions | 5,876 | 5,380 |
| Non-current financial liabilities | 766 | 1,610 |
| Non-current leasing liabilities | 4,848 | 6,126 |
| Other non-current non-financial liabilities | 5,936 | 6,023 |
| Deferred taxes | 10,344 | 10,397 |
| 83,414 | 110,670 | |
| Current liabilities | ||
| Current provisions | 23,812 | 22,691 |
| Current accrued liabilities | 70,037 | 71,168 |
| Current financial liabilities | 17,175 | 22,720 |
| Current portion of non-current leasing liabilities | 3,032 | 2,854 |
| Trade payables | 55,157 | 57,105 |
| Current income tax payables | 11,929 | 15,863 |
| Trade payables to related parties | 30,958 | 29,426 |
| Treasury payables | 44,135 | 28,656 |
| Other current non-financial liabilities | 32,102 | 35,414 |
| 288,337 | 285,897 | |
| 1,622,905 | 1,247,730 |
from 1 October 2016 to 31 March 2017
| 2016/17 1 Oct 16 to 31 Mar 17 |
2015 / 16 1 Oct 15 to 30 Mar 16 |
|
|---|---|---|
| €k | €k | |
| Cash flows from operating activities: | ||
| Consolidated profit | 63,825 | 49,326 |
| Adjustments to reconcile consolidated profit to net cash provided by / (used in) operating activities | ||
| Income taxes | 29,147 | 22,203 |
| Interest income / expenses | 743 | 1,447 |
| Result from investments accounted for using the equity method | - | 820 |
| Result from disposal of hydrophilic IOL business Aaren Inc. | (7,721) | - |
| Depreciation and amortization | 11,186 | 9,382 |
| Gains/losses on disposal of fixed assets | (18) | 230 |
| Interest received | 384 | 361 |
| Interest paid | (707) | (802) |
| Refunded income taxes | 5,476 | 251 |
| Income taxes paid | (33,875) | (19,782) |
| Changes in working capital: | ||
| Trade receivables | (24,419) | (60) |
| Inventories | (18,559) | (13,486) |
| Other assets | 1,355 | (1,732) |
| Trade payables | (92) | (8,760) |
| Provisions and financial liabilities | (5,896) | 9,953 |
| Other liabilities | (4,340) | (6,559) |
| Total adjustments | (47,336) | (6,534) |
| Net cash provided by/(used in) operating activities | 16,489 | 42,792 |
| Cash flows from investing activities: | ||
| Investment in property, plant and equipment | (5,974) | (4,278) |
| Investment in other intangible assets | (7,657) | (6,055) |
| Proceeds from fixed assets | 224 | 42 |
| Purchase of investments accounted for using the equity method and assets | - | (4,131) |
| Payments for other loans | (2,400) | (823) |
| Proceeds from fixed-term deposits | - | 110,000 |
| Purchase of shares in affiliated non-consolidated companies | (13,572) | - |
| Proceeds from disposal of hydrophilic IOL business Aaren Inc. | 9,289 | - |
| Net cash provided by/(used in) investing activities | (20,090) | 94,755 |
| Cash flows from financing activities: | ||
| Proceeds from/(repayment of) current liabilities to banks | (193) | (178) |
| Proceeds from/(repayment of) non-current liabilities to banks | (343) | (244) |
| (Increase)/decrease in treasury receivables | (322,769) | (138,172) |
| Increase/(decrease) in treasury payables | 14,449 | (3,820) |
| Increase/(decrease) in liabilities due to finance lease | (1,499) | (1,205) |
| Proceeds from capital increase (net) | 315,036 | - |
| Net cash provided by/(used in) financing activities | 4,681 | (143,619) |
| Effect of exchange rate fluctuations on cash and cash equivalents | (482) | (209) |
| Net increase/(decrease) in cash and cash equivalents | 598 | (6,281) |
| Cash and cash equivalents, beginning of reporting period | 8,710 | 13,041 |
| Cash and cash equivalents, end of reporting period | 9,308 | 6,760 |
| Share capital | Capital reserve |
Retained earnings |
Other components of equity |
Equity before non-con trolling interests |
Non-con trolling interests |
Equity | |
|---|---|---|---|---|---|---|---|
| €k | €k | €k | €k | €k | €k | €k | |
| As of 1 Oct 2015 | 81,310 | 313,863 | 390,903 | (32,218) | 753,858 | 43,592 | 797,450 |
| Gains / (losses) on foreign currency translation | - | - | - | (99) | (99) | 2,284 | 2,185 |
| Derivative financial instruments | - | - | - | (583) | (583) | - | (583) |
| Remeasurement from defined benefit pension plans | - | - | - | (10,071) | (10,071) | - | (10,071) |
| Changes in value recognized directly in equity |
- | - | - | (10,753) | (10,753) | 2,284 | (8,469) |
| Consolidated profit | - | - | 47,995 | - | 47,995 | 1,331 | 49,326 |
| Comprehensive income for the period | - | - | 47,995 | (10,753) | 37,242 | 3,615 | 40,857 |
| As of 31 Mar 2016 | 81,310 | 313,863 | 438,898 | (42,971) | 791,100 | 47,207 | 838,307 |
| As of 1 Oct 2016 | 81,310 | 313,863 | 458,335 | (55,671) | 797,837 | 53,326 | 851,163 |
| Gains / (losses) on foreign currency translation | - | - | - | 2,619 | 2,619 | (2,829) | (210) |
| Derivative financial instruments | - | - | - | 3,121 | 3,121 | - | 3,121 |
| Remeasurement from defined benefit pension plans | - | - | - | 18,850 | 18,850 | - | 18,850 |
| Changes in value recognized directly in equity |
- | - | - | 24,590 | 24,590 | (2,829) | 21,761 |
| Consolidated profit | - | - | 61,738 | - | 61,738 | 2,087 | 63,825 |
| Comprehensive income for the period | - | - | 61,738 | 24,590 | 86,328 | (742) | 85,586 |
| Issuance of shares for contribution in cash | 8,131 | 306,274 | - | - | 314,405 | - | 314,405 |
| As of 31 Mar 2017 | 89,441 | 620,137 | 520,073 | (31,081) | 1,198,570 | 52,584 | 1,251,154 |
Carl Zeiss Meditec AG prepared its consolidated financial statements as of 30 September 2016 in accordance with the International Financial Reporting Standards (IFRSs) of the International Accounting Standards Board (IASB), London, as applicable in the EU as of that date. Accordingly, this interim report has been prepared in accordance with IAS 34 "Interim Financial Reporting".
The accounting and valuation principles applied for the interim financial statements as of 31 March 2017 correspond to those applied for the consolidated financial statements for fiscal year 2015/16, with the exceptions described below. A detailed description of these methods was published in the notes to the consolidated financial statements as of 30 September 2016.
The Group was obliged to apply the following standards and interpretations for the first time at the beginning of this fiscal year:
| Date of issue | Standard/Interpretation | Amendment/new standard or interpretation |
|---|---|---|
| 30 Jan 2014 | IFRS 14 "Regulatory Deferral Accounts" | Interim standard for regulation of regulatory deferral accounts for transition to IFRS accounting |
| 6 May 2014 | Amendment to IAS 11 "Joint Arrangements" | Additional guidelines on the accounting presentation of an acquisition of an interest in a joint operation |
| 12 May 2014 | Amendment to IAS 16 and 38 | Guidelines on which methods can be applied for the depreciation of property, plant and equipment and the amortization of intangible assets |
| 12 Aug 2014 | Amendment to IAS 27 "Separate Financial Statements" | Approval of the equity method as an accounting option for investments in subsidiaries, joint ventures and associates |
| 25 Sep 2014 | Improvements to IFRSs (2012 – 2014) | Amendments to Standards IFRS 5, IFRS 7, IAS 19 and IAS 34 |
| 18 Dec 2014 | Amendment to IFRS 10, 12 and IAS 28 | Confirmation of the exemption from preparing consolidated financial statements for subsidiaries of an investment entity |
| 18 Dec 2014 | Amendment to IAS 1 "Presentation of Financial Statements" |
Improvement in the reporting with regard to disclosures in the notes |
For all standards and interpretations applied for the first time there were no significant changes to the accounting and valuation methods, nor are such changed anticipated.
The IASB and IFRS IC also issued the following standards, interpretations and revisions of existing standards; application of these is not yet mandatory for Carl Zeiss Meditec. The Company did not opt to apply these standards early:
| Date of issue | Standard/Interpretation Amendment/new standard or interpretation |
Effective date | Endorsed by the EU |
||
|---|---|---|---|---|---|
| 28 May 2014 | IFRS 15 "Revenue from Contracts with Customers" |
Amalgamation of existing standards and interpretations on revenue recognition (IAS 11, IAS 18, IFRIC 13, IFRIC 15, IFRIC 18 and SIC 13) |
Fiscal years beginning on or after 1 January 2018 |
Yes | |
| 24 Jul 2014 | IFRS 9 "Financial Instruments" | Classification and measurement of financial assets |
Fiscal years beginning on or after 1 January 2018 |
Yes | |
| 11 Sep 2014 | Amendment to IFRS 10 and IAS 28 | Guidelines on the recognition of unrealized Postponed for an indefinite period gains or losses from transactions with assets between an investor and associates |
No | ||
| 13 Jan 2016 | IFRS 16 "Leases" | Guidelines on the accounting treatment of leases, eliminating the distinction between operating and finance leases for the lessee |
Fiscal years beginning on or after 1 January 2019 |
||
| 19 Jan 2016 | Amendment to IAS 12 "Income Taxes" | Clarifications relating to the recognition of unrealized losses |
Fiscal years beginning on or after 1 January 2017 |
No | |
| 29 Jan 2016 | Amendment to IAS 7 "Statement of Cash Flows" |
Improvement of information provided about an entity's financing activities and liquidity |
Fiscal years beginning on or after 1 January 2017 |
No | |
| 12 Apr 2016 | Information on IFRS 15 "Revenue from Contracts with Customers" |
Clarifications to IFRS 15 and transition relief | Fiscal years beginning on or after 1 January 2018 |
No | |
| 20 Jun 2016 | Amendment to IFRS 2 "Share-based Payment" Clarifications or amendments on classification and measurement of share-based payments |
Fiscal years beginning on or after 1 January 2018 |
No | ||
| 12 Sep 2016 | Amendment to IFRS 4 "Insurance Contracts" | Classification and measurement of financial assets |
Fiscal years beginning on or after 1 January 2018 |
No | |
| 8 Dec 2016 | Improvements to IFRSs (2014 - 2016) | Amendments to standards IFRS 1, 12 and IAS 28 |
Fiscal years beginning on or after 1 January 2017 |
No | |
| 8 Dec 2016 | IFRIC Interpretation 22 "Foreign Currency Transactions and Advance Consideration" |
Clarifications for IAS 21 particularly about which exchange rate to use in reporting foreign currency transactions when payments are made or received in advance |
Fiscal years beginning on or after 1 January 2018 |
No | |
| 8 Dec 2016 | Amendments to IAS 40 "Investment property" | Clarification of the classification of property under construction |
Fiscal years beginning on or after 1 January 2018 |
No |
According to the current state of knowledge, the future application of these standards is only expected to have material effects on the accounting and valuation with respect to possibly IFRS 9, IFRS 15 and IFRS 16. In connection with the introduction of IFRS 15, the contracts are currently undergoing a comprehensive analysis within the Company. There will be a rescheduling in the recognition of revenue. The exact effects on the contracts are currently being investigated, the exact influence on future financial statements cannot yet be conclusively assessed. Analyses of IFRS 16 have shown that there will be an increase in total assets as operating leases will have an effect on the statement of financial position in the future if the Group is the lessee. In addition, EBIT is expected to increase. A conclusive assessment is not possible at the present time. The impact of the first application of IFRS 9 has not yet been conclusively analyzed. The exact effect on future financial statements, in particular due to the application of the expected loss model for the recognition of impairment losses on debt instruments, cannot yet be conclusively assessed. The remaining standards may give rise to changes in disclosure requirements. Apart from this, no significant effects are expected.
By way of a contract dated 4 November 2016 and effective from 16 November 2016, Aaren Scientific Inc, Ontario, USA (hereinafter "Aaren") and Aaren Laboratories, LLC, USA, a third party, concluded an agreement pertaining to the sale of assets related to the business with hydrophilic intraocular lenses at Aaren.
The disposal includes property, plant and equipment at a carrying amount of €0.5m and inventories amounting to €1.1m. The purchase price amounts to €9.3m, and was paid in November 2016.
The disposal proceeds amount to around €7.7 m. This will be recognized in the Group's income statement under "Other result".
In this same contract dated 4 November 2016 Carl Zeiss Meditec Inc., Dublin, USA, Aaren,'s direct parent company, and Aaren Laboratories, LLC, USA, agreed that the purchaser may buy the legal entity Aaren at a purchase price of US\$3m. The acquisition date for the legal entity is within a fifteen-month period starting 16 November 2016.
On 24 February 2017 a contract was concluded between Carl Zeiss Meditec Inc., Dublin, USA, and Insight Photonic Solutions, Inc. (hereinafter "Insight"), which is domiciled in Lafayette, USA, pertaining to the acquisition of 52% of the shares in Ophthalmic Laser Engines, LLC, Lafayette, USA (hereinafter referred to as "OLE"). The main aim of acquiring these shares is to develop and produce an acinetic swept source laser for ophthalmology, and the associated OCT system elements. Departing from the voting rights distribution, a profit distribution of 30% for Zeiss and 70% for Insight was agreed until 31 December 2022, which was allocated as a performance-related component to the purchase price.
Carl Zeiss Meditec's aim with this acquisition is to secure itself market leadership for ophthalmic investigation procedures based on optical coherence tomography (OCT).
The preliminary purchase price is €19.1m and is composed of a fixed amount of €18.4m and the abovedescribed performance-related component of €0.7m. In the first six months of the current fiscal year an amount of €13.6m was paid for the acquisition of the shares. A sum of €2.4m was also paid out in the first six months as loans to Insight, as part of a development cooperation, which was offset against the purchase price upon acquisition. A further €2.4m was offset against loans issued to Insight in previous years, also within the scope of the development cooperation. The remaining purchase price in the amount of €0.7m constitutes the performance-related component, which shall be paid over the next five years in accordance with the results accrued. The performance-related component has no upper or lower limit and is based on the estimate, which is realistic at the current time based on the business plan. At the current time, we do not expect any significant fluctuations in the business plan.
OLE is a newly founded company. At the current time the company is insignificant for the Group in terms of revenue and earnings. For this reason Carl Zeiss Meditec does not currently include OLE in its consolidated financial statements, and recognizes the acquired shares in its statement of financial position as "Investments in affiliated non-consolidated companies".
Incidental acquisition costs of €0.2m were incurred in the first six months of fiscal year 2016/17. These were recognized under general administrative expenses.
Pursuant to IFRS 8, the Group publishes its operating segments based on the information that is reported internally to the Management Board, which is also Chief Operating Decision Maker. In the reporting period of the prior fiscal year, the Group still had three operating segments, which were simultaneously the Group's Strategic Business Units ("SBUs"). As already explained in the consolidated financial statements for fiscal year 2015/16 the former SBUs "Surgical Ophthalmology" and "Ophthalmic Systems" were merged to form a joint SBU "Ophthalmic Devices" effective 1 August 2016. The figures for the prior year were adjusted accordingly by totaling the figures published in the prior year for the two former SBUs. Therefore, all activities relating to ophthalmology, such as intraocular lenses, surgical visualization solutions and medical laser and diagnostic systems are now allocated to the "Ophthalmic Devices" SBU. The "Microsurgery" segment continues to encompass the activities of neuro, ear, nose and throat surgery, as well as the activities in the field of intraoperative radiation. For more information on the business activities of the SBUs please refer to the management report.
Internal management reports are evaluated by the Management Board on a regular basis for each of the strategic business units.
The operating segments for the reporting period are as follows:
| Ophthalmic Devices 6 Months |
Microsurgery 6 Months |
Total 6 Months |
||||
|---|---|---|---|---|---|---|
| 2016/17 | 2015/16* | 2016/17 | 2015/16 | 2016/17 | 2015/16 | |
| €k | €k | €k | €k | €k | €k | |
| External revenue | 433,111 | 391,634 | 154,377 | 149,147 | 587,488 | 540,781 |
| Earnings before interest and income taxes | 57,730 | 40,145 | 37,353 | 35,136 | 95,083 | 75,281 |
| Reconciliation of segments' comprehensive income to the Group's period-end result | ||||||
| Comprehensive income of the segments | 95,083 | 75,281 | ||||
| Consolidated earnings before interest and taxes (EBIT) | 95,083 | 75,281 | ||||
| Financial result | (2,111) | (3,752) | ||||
| Consolidated earnings before income taxes | 92,972 | 71,529 | ||||
| Income tax expense | (29,147) | (22,203) | ||||
| Consolidated profit | 63,825 | 49,326 |
* Prior year's figures adjusted to new structure as total of the Ophthalmic Systems and Surgical Ophthalmology business units
As a general rule there were no intersegment sales.
Revenue amounting to €221,172k (prior year: €185,912k) resulted from relations with related parties in the reporting period 2016/17. The term "related parties" refers here to Carl Zeiss AG and its subsidiaries.
The principles and methods for measuring at fair value are essentially the same as in the prior year. Detailed notes on the evaluation principles and methods can be found in the Annual Report from 30 September 2016.
The allocation of the fair values to the three categories of fair value hierarchy is based on the availability of observable market prices on an active market. The valuation categories are defined as follows:
Category 1
» Financial instruments traded on active markets, for which the listed prices were assumed unchanged for valuation.
Category 2
» Valuation is based on valuation methods where input factors are derived directly or indirectly from observable market data.
Category 3
» Valuation is based on valuation methods where input factors are not based exclusively on observable market data.
The table below provides an overview of the items in the statement of financial position measured at fair value:
| Category 1 | Category 2 | Category 3 | Total | ||
|---|---|---|---|---|---|
| €k | €k | €k | €k | ||
| Financial assets recognized at fair value | 31 Mar 2017 | - | 3,421 | - | 3,421 |
| through profit or loss | 30 Sep 2016 | - | 3,470 | - | 3,470 |
| Financial liabilities recognized at fair value through profit or loss |
31 Mar 2017 | - | (9,664) | - | (9,664) |
| 30 Sep 2016 | - | (8,660) | - | (8,660) | |
| Derivative financial instruments with hedge | 31 Mar 2017 | - | (4,080) | - | (4,080) |
| relationship | 30 Sep 2016 | - | (7,201) | - | (7,201) |
Carl Zeiss Meditec shall review at the end of each reporting period whether there are grounds for reclassification to or from a valuation category. There were no reclassifications amongst the valuation categories during the reporting period.
The fair value of the financial instruments measured at amortized cost, such as receivables and liabilities, is determined through discounting, taking into account a risk-based market interest rate with matching maturity. There are no significant changes compared with 30 September 2016 in the ratios between carrying amount and fair value with respect to non-current assets and liabilities. For reasons of materiality the fair value shall be equated to the carrying amount of current items in the statement of financial position.
The Management Board of Carl Zeiss Meditec AG has resolved, with the consent of the Supervisory Board, to increase the Company's share capital by up to 10% minus one share, with the exclusion of subscription rights. The share capital of Carl Zeiss Meditec AG thus increased in the reporting period, from €81,309,610 to €89,440,570, through the issue of 8,130,960 no-par value shares each representing a proportionate amount of the share capital of €1. Implementation of the capital increase was entered in the commercial register on 23 March 2017. The cash capital increase resulted in net proceeds of €314,405k. This comprises gross proceeds totaling €316,620k and issuing costs (after taxes) of €2,215k. The New Shares were admitted for trading by way of a resolution of the Frankfurt Stock Exchange on 27 March 2017.
There were no events of particular significance after the end of the reporting period, 31 March 2017.
To the best of our knowledge, and in accordance with the applicable interim reporting principles, the consolidated interim financial statements of Carl Zeiss Meditec give a true and fair view of the net assets, financial position and results of operations of the Group, and the consolidated interim management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Carl Zeiss Meditec Group.
Chairman of the Member of the
Dr. Ludwin Monz Dr. Christian Müller Management Board Management Board
Annual General Meeting, Jena 30 May 2017
Publication of 3-month report Q3 2016/17 and telephone conference 7 Aug 2017
Publication of the annual financial statements and Analyst Conference 13 Dec 2017
Investor Relations Sebastian Frericks Phone: +49 3641 220 116 Fax: +49 3641 220 117 [email protected]
Edited by: Henriette Meyer
Design: Carl Zeiss AG
Translation: Herold Fachübersetzungen, Bad Vilbel
This report was published on 10 May 2017.
The 6-Month Report 2016/17 of Carl Zeiss Meditec AG has been published in German and English.
Both versions and the key figures contained in this report can be downloaded from the following address: www.zeiss.com/ir/reports\and\ publications
This report contains certain forwardlooking statements concerning the development of the Carl Zeiss Meditec Group. At the present time, the Carl Zeiss Meditec Group assumes that these forward-looking statements are realistic. However, such forward-looking statements are based both on assumptions and estimates that are subject to risks and uncertainties, which may lead to the actual results differing significantly from the expected results. The Carl Zeiss Meditec Group can therefore assume no liability for such a deviation. There are no plans to update the forward-looking statements for events that occur after the end of the reporting period.
Apparent addition discrepancies may arise throughout this interim report due to mathematical rounding.
This is a translation of the original German-language first-half financial report 2016/17 of the Carl Zeiss Meditec Group. The Company shall not assume any liability for the correctness of this translation. If the text differ, the German report ("Halbjahresfinanzbericht 2016/17") shall take precedence.
Göschwitzer Straße 51– 52 Fax: +49 3641 220 117 Germany www.zeiss.com/meditec-ag/ir
Carl Zeiss Meditec AG Phone: +49 3641 220 115 07745 Jena [email protected]
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