DGAP-News: Carl Zeiss Meditec AG / Key word(s): Final Results
Carl Zeiss Meditec posts slight revenue growth
08.12.2014 / 07:00
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Carl Zeiss Meditec posts slight revenue growth
Currency effects and regional variations in business burden results
JENA, 8 December 2014
Medical technology company Carl Zeiss Meditec AG closed financial year
2013/2014 with a slight growth in revenue from EUR 906 million to EUR 909
million, in spite of unfavorable currency trends. Adjusted for currency
effects, growth amounted to 3.0 percent. Earnings before taxes totaled EUR
120.7 million, which corresponds to an EBIT margin of 13.3 percent. The
company achieved substantial increases in case-number-dependent revenue
which accounted for as much as 28 percent of revenue in the financial year
just ended.
The Carl Zeiss Meditec Group achieved a balanced distribution of revenue
across its three regions of the world in financial year 2013/2014. The
development of its business units continued to be varied, however. A
negative valuation result from currency hedging transactions reduced
earnings per share, which reached EUR 0.92. The distribution of a regular
dividend of 40 cents shall be proposed to the Annual General Meeting; the
dividend ratio would therefore be slightly higher than the previous year,
at around 43%.
Dr. Ludwin Monz, President and CEO of Carl Zeiss Meditec AG, gave his take
on the figures: "In spite of adverse currency trends and to some extent
difficult markets, we have achieved a satisfactory result. The rise in
case-number-dependent revenue is a very positive development. Once again,
we achieved a significant increase in this area, to 28 percent."
Revenue by business unit
The Surgical Ophthalmology SBU achieved the strongest growth in financial
year 2013/2014, increasing its revenue by 20.3 percent compared with the
previous year to around EUR 146 million. Even without taking the
acquisition of Aaren Scientific into account, this SBU's growth would have
been in the double digits. The first intraocular lens (IOL) in the standard
segment to be jointly developed and produced in Ontario (USA), CT LUCIA,
was launched on the market at the end of the financial year. The successful
integration of this company, which was acquired at the beginning of 2014,
enables Carl Zeiss Meditec AG to offer its customers a particularly
comprehensive range of IOLs in the growth market for cataract surgery.
The Microsurgery SBU, which has traditionally been the strongest
contributor to sales, had to sustain its position in the financial year in
a market that was hampered by adverse exchange rates, and generated revenue
of EUR 390 million, which was close to the previous year's revenue of EUR
394 million. Adjusted for currency effects, this would have equated to
growth of 2.2 percent.
Revenue in Ophthalmic Systems SBU declined by 4.6 percent to around EUR 373
million (previous year: EUR 391 million). In particular devices for
ophthalmic diagnosis came under intense competitive pressure in the
financial year. Adjusted for currency effects, this decline would have
amounted to 1.8 percent.
Revenue by region
As in the previous years, there was a balanced distribution of revenue
across the three reporting regions, APAC (Asia/Pacific region), the
Americas and EMEA (Europe, Middle East and Africa).
The APAC region recorded revenue growth of 4.8 percent. Adjusted for
currency effects, growth amounted to 10.8 percent. Following a strong first
six months with additional pull-forward effects due to a pending VAT
increase in the Japanese market, there was a slowdown in growth in the
second half of the year, as anticipated. Once again, China, Southeast Asia
and Australia made a significant contribution to growth throughout the
year.
In the Americas region revenue decreased by 9.4%. Adjusted for currency
effects, this decline would still have amounted to 6.8 percent.
Finally, the EMEA region achieved sound revenue growth. In particular the
core markets Germany, France and the United Kingdom contributed
significantly to the overall growth of 6.7 percent. In Russia, however,
there were substantial declines in revenue, following the expiry of
government investment schemes, while revenue in Southern Europe continued
to rise.
Outlook
The Company expects to be able to increase its revenue at least in line
with average market growth in the coming financial years. "We are
encouraged by the fact that case-number-dependent revenue from the product
and service business has already reached a high level. In the medium term,
our aim is to generate one third of our total revenue by recurring
revenue," says Ludwin Monz and sees the company strengthened by innovative
new products launched during the past few months. In addition to the new
intraocular lens CT Lucia, these include the IOL Master 700, which is
setting new standards in biometry with innovative Swept Source OCT
technology, and the first ophthalmic surgery microscope with integrated OCT
camera, the OPMI Lumera 700 Rescan.
In order to realize growth opportunities in the area of ophthalmic surgery,
the Carl Zeiss Meditec Group also plans to make targeted increases in
spending on research and development. "We are making targeted investments
in the establishment of a new product segment. Unfortunately, this will
impact our EBIT margin in the short term; however, up until financial year
2018/2019, the EBIT margin will remain within an attractive range of
between 13 and 15 percent."
Revenue by strategic business unit
<pre>
Figures in EUR '000 FY FY Change from previous year
2012/2013 2013/2014
Ophthalmic Systems 390,954 372,892 -4.6%
Surgical Ophthalmology 121,310 145,982 + 20.3%
Microsurgery 394,181 390,381 - 1.0%
</pre>
Revenue by region
<pre>
Figures in EUR '000 FY FY Change from previous year
2012/2013 2013/2014
EMEA 307,587 328,063 + 6.7%
Americas 327,481 296,781 - 9.4%
Asia/Pacific 271,377 284,411 + 4.8%
Press contact:
Jann Gerrit Ohlendorf, Director Corporate Communications, Carl Zeiss
Meditec AG
Phone 03641 220-331, E-Mail: press.meditec@zeiss.com
Investors contact:
Sebastian Frericks, Director Investor Relations, Carl Zeiss Meditec AG
Phone 03641 220-116, E-Mail: investors.meditec@zeiss.com
www.meditec.zeiss.de/presse
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Language: English
Company: Carl Zeiss Meditec AG
Göschwitzer Str. 51-52
07745 Jena
Germany
Phone: +49 (0)3641 220-0
Fax: +49 (0)3641 220-112
E-mail: investors.meditec@zeiss.com,info.meditec@zeiss.com
Internet: www.meditec.zeiss.de
ISIN: DE0005313704
WKN: 531370
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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DGAP-News: Carl Zeiss Meditec posts slight revenue growth
| Source: EQS Group AG