avatar Carl Zeiss, Inc. Manufacturing


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    These are the moments we work for. 2010/11 Annual Report Carl Zeiss Group

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    The Carl Zeiss Group Sites Carl Zeiss has around 30 production sites and more than 50 sales and service sites around the world. The company has representatives in more than 30 countries and is headquartered in Oberkochen, Germany. Overall, about 24,000 people work for Carl Zeiss around the globe. Germany Europe (including Germany) Asia / Australia 11 production sites 18 production sites in 6 countries 5 production sites in 3 countries 3 sales and services sites 27 sales and service sites in 18 12 sales and service sites in 10 countries countries Americas Africa / Middle East 7 production sites in 4 countries 3 production sites in 2 countries 8 sales and service sites in 7 countries 2 sales and service sites in 2 countries

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    The Carl Zeiss Group Organizational structure 30 September 2011 Carl Zeiss Group Corporate and service functions and production units Business groups and strategic business units Semiconductor Industrial Medical Consumer Optics / Manufacturing Microscopy Vision Care Technology Metrology Technology Optronics Lithography Industrial Ophthalmic Camera BioSciences Vision Care Optics Metrology Systems Lenses Sports Laser Optics Materials Microsurgery Optics Semiconductor Surgical Metrology Planetariums Ophthalmology Systems Optronics Sales and service companies

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    Financial highlights (IFRSs) 2010/11 2009/10 2008/09 EUR m % EUR m % EUR m % Revenue 4,237 100 2,981 100 2,101 100 » Germany 534 13 348 12 364 17 » Other countries 3,703 87 2,633 88 1,737 83 EBIT 607 14 423 14 – 67 –3 Profit / loss for the year 386 9 208 7 – 161 –8 » Income taxes 183 4 116 4 –1 – » Earnings before taxes (EBT) 569 13 324 11 – 162 –8 » Amortization, depreciation and impairment of non-current assets net of reversals of impairment losses 184 4 175 6 140 7 » Changes in pension provisions and other non-current provisions 1) – 31 – – 22 –1 19 1 » Adjustment of material non-cash and extraordinary cash-effective income and expenses – 54 –1 29 1 79 4 Cash flows before income taxes 2) 668 16 506 17 76 4 Cash flows from operating activities 519 476 102 Cash flows from investing activities – 174 – 116 – 139 Cash flows from financing activities – 767 – 103 154 Total assets 4,438 100 3,774 100 3,447 100 Property, plant and equipment 751 17 496 13 537 16 » Capital expenditures 164 53 80 » Depreciation 122 96 95 Inventories 948 21 727 19 770 22 Equity 1,221 28 1,258 33 1,004 29 Net liquidity 3) 397 884 478 Employees as of 30 September 24,192 12,971 12,872 » Germany 10,081 8,292 8,307 » Other countries 14,111 4,679 4,565 1) Adjusted for the amounts allocated to the CTA in Germany and to plan assets outside Germany 2) Calculated with reference to the recommendation of DVFA–Society of Investment Professionals in Germany / Schmalenbach-Gesellschaft 3) Cash and cash equivalents plus securities and fixed-term deposits less loans payable

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    The Carl Zeiss Group Business Groups Semiconductor Manufacturing Technology Medical Technology More than half of all microchips around the world are made Medical systems from Carl Zeiss are used in ophthalmology, with optics from Carl Zeiss. Carl Zeiss is the market leader in neurosurgery, and ear, nose and throat surgery. Office-based lithography optics – the basic technology required for microchip doctors also put their trust in the know-how of Carl Zeiss. production. Carl Zeiss plays a key role in making microchips Diagnostic and therapy systems help healthcare professionals increasingly smaller, powerful and affordable. achieve better treatment outcomes. Industrial Metrology Vision Care Measuring solutions from Carl Zeiss are used to make various Carl Zeiss stands for optimal visual comfort: the company develops components – from micro and macro parts, up to large ship and manufactures innovative eyeglass lenses and systems for engines and wind turbines – more robust, safer and more energy vision testing. Carl Zeiss is the world number two in the eyeglass efficient. Industrial measuring technology from Carl Zeiss lens market. ensures maximum standards of quality wherever high precision is a must. Consumer Optics / Optronics Carl Zeiss brings the night sky to planetariums and breathtakingly Microscopy crisp images to the silver screen. Binoculars and spotting scopes Carl Zeiss develops and distributes innovative microscope systems visualize the fascinating details of nature while optoelectronic for biomedical research and materials inspection. They enable solutions from Carl Zeiss ensure greater safety and security. researchers to observe even the tiniest structures and processes in living organisms, and thus gain key insights and the new knowledge. 1

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    Table of Contents 01 These are the moments we work for. Partnership 04 Confidence 08 Realization 12 Certainty 16 Clarity 20 Excitement 24 02 Foreword Foreword of the Executive Board 28 Report of the Supervisory Board 32 03 Business Groups Semiconductor Manufacturing Technology 38 Industrial Metrology 40 Microscopy 42 Medical Technology 44 Vision Care 46 Consumer Optics/Optronics 48

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    04 From the Group Research and development with long-term perspective 52 Carl Zeiss: attractive employer 54 Embracing responsibility 56 Corporate governance 58 The Carl Zeiss Foundation 58 05 Group management report Business activity and corporate structure 62 General economic framework 62 Business trend 63 Net assets, financial position and results of operations 63 Corporate topics 70 Risk and opportunity analysis 72 Outlook and goals 76 Subsequent events 77 06 Consolidated financial statements Consolidated income statement 80 Consolidated statement of comprehensive income 80 Consolidated statement of financial position 81 Consolidated statement of changes in equity 82 Consolidated statement of cash flows 83 Notes to the consolidated financial statements 84 Executive Board and Supervisory Board 128 List of shareholdings of the Group 130 Auditor’s report 136

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    The moment a long-term business partnership helps put you light years ahead of your competitors. This is the moment we work for. // PARTNERSHIP MADE BY CARL ZEISS

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    »We view Carl Zeiss as a partner in our quest for success. From generation to generation, we expect Carl Zeiss to be part of our technology solution.« What advances are TSMC chips experienced before. Here, too, we Our extensive collaboration with Carl Zeiss achieving in specific industries? were able to work closely with Carl Zeiss allows us to focus on manufacturing – Dr. Anthony Yen: TSMC provides semi- to overcome this challenge. our core expertise, while Carl Zeiss focuses conductor chip technology for three on designing and engineering optical sectors: the computing industry, the com- You mentioned that Carl Zeiss is equipment, and our design customers munications industry and the consumer a partner, not just a vendor. What come up with innovative designs. All industry. The chips we manufacture help do you mean by that? of us collaborate together to serve end add more functionality to well-known Carl Zeiss is a German company, and customers – the companies who are global brands for tablet PCs, smartphones the Germans are serious people regarding putting smartphones and tablets on the and other hand-held devices. TSMC technology. Carl Zeiss is not focused on market to benefit communities around makes it possible for chip designers to use short-term profit. The company is com- the world. our chips to pack more functionality into mitted to standing side by side with us to their products. We work very closely with develop our semiconductor ecosystem. TSMC and Carl Zeiss are currently them to make that possible. For example, collaborating on the development quite a few leading-edge chip makers We view Carl Zeiss not just as a vendor, of extreme ultraviolet lithography are customers of our advanced 28 nm but as a partner in our quest for success. (EUV), an important new technol- process offering – Altera Corporation, From generation to generation, we ogy. How is that going? Qualcomm and AMD just to name a few. expect them to be part of our technology EUV is by far the most complex tech- solution. For example, Carl Zeiss became nology that I have worked with. We Can you describe the moment an important supplier to the photomask work with Carl Zeiss directly on the photo- when TSMC put the 193 nanometer industry with their e-beam mask repair mask side: Carl Zeiss supplies us with the technology into high production? tool introduction several years ago. TSMC critical mask-making equipment we need 193 nm lithography technology was was an early adopter of this repair tool to provide this leading-edge technology. adopted by TSMC in the early 2000s. technology, which was key in helping us We started with the first-generation ASML develop advanced mask repair tech- One of the major technical challenges for PAS 5500/900 scanner, enabled by the nology. So we don’t really work with Carl EUV is the light source. At the moment, ZEISS Starlith 900 lens. Of course, as we Zeiss in a vendor-customer relationship. we’re not able to generate enough EUV put this technology into high-volume They are our upstream partner. light – or EUV photons – to move this manufacturing, we had to tackle various technology into manufacturing processes. issues associated with such a deep- Obviously, this issue is critical. We need ultraviolet wavelength that we hadn’t to increase EUV power by a significant amount to get this technology 6

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    ready for large-scale manufacturing. This past five years. One of the real highlights Dr. Anthony Yen is a director at Taiwan is why ZEISS`s diverse technology port- was the company’s decision to establish Semiconductor Manufacturing Company (TSMC), a leading manufacturer of semiconductor chips. folio is so important. Carl Zeiss is already a technology center here in Taiwan at our Through his close partnership with Carl Zeiss, he doing excellent work in supplying the request. Carl Zeiss added a location in adopts and implements leading-edge technology optics side of this technology and is also Hsinchu, just a few kilometers down the to stay one step ahead of his industry’s short innovation curve. providing technology and collaborative road from TSMC. Over the years, we efforts at several other points along the had been buying more key equipment and supply chain. To make EUV technology more ZEISS mask-making equipment, a true success, I am convinced more ZEISS and we needed more efficient support. technology will need to go into future Carl Zeiss responded quickly. It didn’t exposure systems – making Carl Zeiss a take them long to agree to establish a local crucial partner in the quest for the suc- presence here. It was a powerful dem- cess of EUV. onstration of the Carl Zeiss partnership and commitment to our success. Have there been any particularly noteworthy experiences in your collaboration with Carl Zeiss that stand out over the years? Yes, there are, and collaboration is at the top of the list. I’ve been working with Carl Zeiss on the mask side for the 7

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    The moment you discover the true meaning of accuracy – for you and your customers. This is the moment we work for.

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    Mike Medwid is the president, owner and opera- Was there a particular moment in CMMs, and other equipment. So we tor of Three-M Tool and Machine, a U.S.-based your company’s 40-year history didn’t have to waste a lot of time looking production and precision machining company. With that prompted you to begin using at other equipment on the market. ZEISS equipment, his successful midsized firm has quickly built a competitive edge – and diversified ZEISS equipment? We went with Carl Zeiss based on the its business model – in the wind energy industry. Mike Medwid: We started out in 1975 company’s strong reputation. with 25 employees. We grew quickly and were able to win direct orders from You’ve often said that Three-M’s major automobile manufacturers. So first moments with Carl Zeiss equip- almost from the very beginning, our cus- ment showed your company the tomers expected us to provide certified true meaning of accuracy. How? products – whether these were precision Our first moment of truth involved tooling fixtures, gages, axels, or gear- measuring a part assembly for a major boxes. We had to meet very high quality car company. It had to be absolutely per- specifications and fulfill exacting cus- fect. So we measured and inspected it tomer requirements. To do this, we decided repeatedly from several different angles. early on to use ZEISS equipment. Carl Zeiss returned the same, exact dimensions every time. With other mea- In our industry, it’s common knowledge surement systems, that’s not always that Carl Zeiss is a quality milestone the case. In fact, some systems will return for coordinate measuring machines, or two completely different measurements for the same part from the same posi- tion. That just doesn’t happen with ZEISS 10

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    »With Carl Zeiss, we can measure everything we do with confidence.« equipment. You always get the same Let me give you an example. One of our reasons our company doesn’t have a sales exact results. That made us confident that newest wind energy customers recently force. We get our work on repeat busi- ZEISS was checking accurately. It was constructed a plant exclusively to build ness. And when potential customers go the moment when Carl Zeiss showed us windmill gearboxes. They began search- to our website and see our inspection the true meaning of accuracy. ing for a sourcing partner to produce capabilities with our new Carl Zeiss equip- gearbox housing prototypes and sent two ment, they call on us. Does this greater accuracy have people to evaluate our company. While an impact on your operations? they were out on our plant floor, they Does your experience with Carl Zeiss It sure does. We have much greater happened to spot our ZEISS CMMs. From give you the confidence to invest visibility into how we deliver against that point on, it was a “done deal”. for the future? specific tolerances. So now we can meet They immediately called their boss and Definitely. Because Carl Zeiss helps our customers’ requirements with even said they’d just found their new supplier. us achieve greater quality, we’ve been greater levels of confidence. Our entire A representative from another top wind able to look at wind energy. But we’re shop benefits from greater quality. energy company in the U.S. also recently also able to explore opportunities in visited us after reviewing 25 different off-road equipment and construction This has allowed us to open our doors shops. He said that Three-M was head equipment. Quality is king. Because we up to highly desirable contracts and win and shoulders above the rest. consistently deliver high quality, our new business in existing business seg- customers trust us. Carl Zeiss helps us give ments – like punches and dies for major Do you think your company’s Carl our customers not only what they’re axel parts. But Carl Zeiss has also helped Zeiss capabilities help differentiate asking for, but also what they truly need. us expand into new industries. Because Three-M in the minds of your And when we make them successful, we know that with Carl Zeiss, we can customers? we’re successful. measure everything we do with confidence. Yes. It’s because our ZEISS equipment gives us a competitive advantage in both Which new growth areas has speed and accuracy. Take the example of Carl Zeiss helped you pursue? windmill gearboxes: With Carl Zeiss, we One of our new key areas is the wind can measure 16 gearboxes in the time we energy industry. In fact, our goal is to used to be able to do three. And using be the very best supplier of machine pro- ZEISS equipment makes us one of only a totype castings for wind turbine handful of firms in the USA that can do gearboxes. Thanks to Carl Zeiss, we’re what we do. That cuts down on our num- achieving that goal. ber of competitors. This is one of the 11

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    The moment when nature reveals its fascinatingly beautiful logic. This is the moment we work for. // REALIZATION MADE BY CARL ZEISS

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    »There are many fascinating moments in molecular genetics. Carl Zeiss helps our scientists capture them as they happen – day by day, second by second.« How does Carl Zeiss help EMBL How do you use Carl Zeiss technol- These images obviously have a take its research further? ogy to actually observe moving tremendous scientific value. Do they Dr. Christian Tischer: First, you have to molecules within living specimens? also have personal meaning for understand that one important area of With the Carl Zeiss LSM 780, for EMBL scientists? focus at EMBL is embryonic development example, EMBL researchers can see more The videos that EMBL scientists create – how a human develops, step by step, – and at a higher quality – than ever with the Carl Zeiss LSM 780 are very from an egg into a complex being. For before. This is because the instrument’s exciting. You can see the development of instance, our scientists research into how new detectors are able to capture much living organisms – starting from just a molecular building blocks in the form more light – something that was not pos- few tiny molecules moving rapidly back and of proteins or genetic messenger molecules sible until now. Under these conditions, forth. These images are truly existential – mRNAs as they’re known in the scien- it is now significantly easier to track the moments. When our researchers examine tific community – are transported within movement of structures inside living the growth of individual egg cells with organisms. This process is crucial, for organisms and to create high-resolution, real-time footage, they’re able to observe example, in building structures during three-dimensional images. The results the very origins of multicellular life. embryo development – or what is known are very impressive. Our scientists can now as morphogenesis. But as you might produce videos that show almost the Actually, developmental biology is full of imagine, capturing the time sequences of entire fish or drosophila embryo develop- incredible moments like these. And these moments with living specimens ment. The Carl Zeiss LSM 780 also Carl Zeiss is helping our scientists watch is an extraordinary challenge. To observe makes it possible to shoot high-resolution them as they unfold – to see these genetic transportation processes within videos of a fairly long duration before organisms at increasingly deeper levels. an organism, our scientists need excellent the organisms die. This is crucial, because These images show the very first moments detection sensitivity and good optical these embryos cannot live if exposed to of our existence as living beings. We section visualization. Otherwise, the out- too much light. Carl Zeiss was the first begin as simple cells. Then we become of-focus light would cover up the signal company to introduce these new detec- more complex. We develop our head, they’re trying to see. On top of that, tors, and they continue to lead the arms and legs. And at each point during these moments have to be captured at a market. this process, our cells must develop very high image acquisition rate. Ground- according to their intended function. To breaking technologies from Carl Zeiss create structures like a head or a limb, are ideal for conducting these types of for example, signal molecules have to be challenging experiments. transported to the right place – to special cells within the embryo. Researchers at EMBL are deeply interested in these 14

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    transport mechanisms – and in how the new Carl Zeiss user interface. It has Dr. Christian Tischer is a scientific Officer at the they enable complex life forms to simple, clean and interactive features that European Molecular Biology Laboratory (EMBL), Germany. He works in the organization’s Advanced develop from molecules. Now they’re let our researchers change and adjust a Light Microscopy Facility (ALMF) department. The getting a better understanding of large number of complex microscope set- ALMF works together with leading microscope how these processes actually occur with tings. manufacturers like Carl Zeiss to make state-of-the- art light microscopy systems available to researchers high-resolution 3D images. There are from EMBL as well as visitors from throughout many fascinating moments in molecular And, of course, we also utilize automa- Europe. In addition, the ALMF also provides user genetics. Carl Zeiss helps our scientists tion functions. This makes it possible support for all light microscope applications. capture them as they happen – day by for the microscope to simultaneously day, second by second. record images of several different organisms over several hours. This relieves You’re moving through highly researchers from tedious, repetitive complex environments at the molecu- tasks and it allows them to concentrate lar level. Do Carl Zeiss instruments on critical details. give you the tools you need to navi- gate through them? Yes, one of the things that helps us navigate this world is the Carl Zeiss Efficient Navigation, or ZEN for short. It is 15

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    The moment patients get the news that their eyesight will be normal again. This is the moment we work for.

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    Professor Fang Lu is an associate professor of Can you describe a memorable this patient, ZEISS OCT showed us that ophthalmology at West China Hospital in Western moment in which you helped restore there was nothing else but blood. With China. She uses ZEISS technology to improve and a patient’s eyesight? the evidence ZEISS OCT provided, I was protect her patients’ eyesight – and to empower a new generation of leading physicians. Professor Fang Lu: Several moments able to tell the young woman with abso- come to mind, but one case stands out in lute confidence that she would have particular. It was here that ZEISS OCT her vision back in two to three weeks. truly made a difference. A young lady with She did, in fact, recover very soon. high myopia suddenly suffered from a Moments like this are rewarding and central scotoma in one eye – a partial loss memorable for any physician. of vision or a blind spot. After a closer examination, we discovered a dense Do you feel that ZEISS OCT tech- hemorrhage in the macular area. Unfor- nology is creating an impact on the tunately, conventional examination ophthalmology community? instruments and methods could not show Definitely. By providing more cer- us with any certainty what was under tainty, by enabling more precise the blood. It could have been nothing. But communication. After all, a picture is it also could have been something very worth a thousand words. Look at it dangerous – like pathological new blood this way: Two surgeons from different vessels that were causing the bleeding. With ZEISS OCT, we can really “see” the truth beneath the blood. No other examinations can help. Fortunately for 18

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    »With ZEISS OCT, I can tell patients whether they’re going to have normal eyesight again with certainty and within seconds. This is the reassurance that patients and their families deeply appreciate.« countries can observe and describe hem- the haze – as we did with the patient What do you most appreciate orrhaging or changes in color in their I mentioned before. That is why ZEISS OCT about ZEISS OCT technology? own languages. But the actual image in is increasingly our first line of defense The certainty it gives me. After the their minds will always differ. ZEISS OCT against all sorts of disease – from macular surgical procedure to repair a macular has changed this. Now physicians from degeneration to rarer, hard-to-diagnose hole or remove an epiretinal membrane, around the world can see the same diseases. And because the technology is for example, patients are understand- image, use the same language. We can non-invasive, the patient is subjected to ably anxious to know if the surgery was understand, for example, which layer no risks during the exam. a success. With ZEISS OCT, I can see of the retina has been affected. The images whether or not the membrane is still there are uniting us. And by combining descrip- What is it like to observe the human and whether or not the hole has been tive medical literature and OCT imaging, eye at the microscopic level? closed. This means that with ZEISS OCT, it will be easier to offer treatment guide- Pretty amazing. Let me tell you about I can tell patients whether they’re going to lines to other practitioners – regardless a moment that I will never forget. I had have normal eyesight again with certainty of country or language. just graduated from medical school and and within seconds. This is the kind of had started working at the hospital reassurance that patients and their fami- How else does the Carl Zeiss OCT I’m working at now. Our hospital had lies deeply appreciate. technology help you in your work? purchased the Carl Zeiss OCT1, the OCT has the ability to render the first-generation OCT instrument. One day, human eye in three dimensions. With pre- I examined a patient with age-related vious technologies, we were only able macular degeneration. This kind of disease to see two dimensions, the topography gives people an irregular elevation in the of the eye and the surface of the retina. eye’s core layer. It is almost as if a tree is With our ZEISS OCT instruments, we can growing out of the core layer and into see each level of the retina. This gives the retina. us more detailed pathology at the micro- scopic level. It also allows us to see past With the ZEISS OCT, I was able to take a the visual “noise” caused by hemorrhage picture of this growth. The image was and see the tissue and structures beneath amazing in and of itself. But the moment when I could actually observe this phe- nomenon in real time and in real images rather than just looking at a medical textbook illustration was truly fantastic. 19

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    The moment you realize you’re living more – because you’re seeing more. This is the moment we work for.

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    »For us, it’s a very important moment when customers pick up their new pair of glasses with ZEISS lenses, put them on and say, ›It’s absolutely unbelievable. I can see so much better with these lenses!‹ « What makes a ZEISS Vision Store ple buy eyeglasses, they pay the least How do customers react when they different from a conventional attention to the one thing that has the enter your store for the first time? eyeglass store? most impact on the quality of their The store concept and education Reginaldo Ambrozio: It’s the approach. vision: the lenses themselves. In a con- model gives customers a learning experi- A ZEISS Vision Store educates customers ventional store, the sales strategy is ence that they have never had before. about the total value of their lenses. Cus- focused on the eyeglass frames. Custom- For the first time, they are actively involved tomers receive all of the information ers typically need approximately 20 in deciding which lenses they should buy, they need to find the very best eyeglass minutes to make a purchase decision: and not just which frames. lenses that meet their needs. But the 18 minutes to choose their frames ZEISS store is also an architectural project. and only two minutes to pick the actual Everyone is impressed by the service and The leading-edge technology behind lenses. So Carl Zeiss Vision redesigned the interior design. And more than that: the ZEISS global brand is embodied in the the entire decision-making environment Since opening our first ZEISS Vision Store design of this building. It’s a store with to cast the emphasis where it most here in São Paulo, we’ve even noticed clean design, direct lighting, an exclusive belongs – on the actual lenses themselves. a significant shift in the attitude and aware- customer service area and a lounge. So In a ZEISS Vision Store, customers enjoy ness of our customers. Once we’ve fitted our customers can expect excellent service an educational process. They learn how them with their new eyeglasses with ZEISS and quality the moment they walk through important high-quality lenses are for their lenses, they immediately notice an the door. And thanks to the ZEISS Experi- vision and overall quality of life. In the improvement in their eyesight compared ence concept, we can meet all of these process, they begin to value their lenses to their previous glasses. And because expectations. as much as – if not more than – their of the educational process they receive frames. from our sales people, they also under- What led to the development of stand why the quality of their vision has the ZEISS Vision Stores? improved so dramatically. That’s the Each ZEISS Vision Store operates moment when something “clicks”. It’s a from the same premise – in every country special moment for them. and across every customer segment. Carl Zeiss Vision realized that when peo- 22

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    Our customers are impressed by the In Brazil, Carl Zeiss Vision has a Reginaldo Ambrozio is the manager of the ZEISS excellent quality of ZEISS lenses. And unique philosophy: “Veja mais. Vision Store in São Paulo, Brazil, one of 400 ZEISS Vision Stores worldwide. He educates his customers because of that, they join some of Viva mais.” What does “See more, on the importance of eyeglass lenses. And with the few people who really know what live more.” mean for you and ZEISS lenses, he helps them get maximum function- eyeglass lenses are all about – and your customers? ality and high-quality vision. what they can achieve. For me, it means that my customers can enjoy life more because ZEISS lenses For us, it’s a very important moment when enable them to see better. Interestingly customers pick up their new eyeglasses enough, many of my customers live this that have been created with ZEISS lenses. philosophy without even knowing it. When they put them on, they consis- Thanks to their glasses with ZEISS lenses, tently say, “It’s absolutely unbelievable. they can see better. They not only notice I can see so much better with these an improvement in their daily lives, but lenses!” they also see that high-quality lenses are very affordable. 23

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    The moment we experience nature – through nature’s eyes. This is the moment we work for. // EXCITEMENT MADE BY CARL ZEISS

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    Simon King is an award-winning natural history Your films and documentaries allow That’s one of the reasons that binoculars film maker. Throughout his 30-year career, he viewers to see nature through an are such powerful tools. They can help has used ZEISS binoculars and DiaScopes to see animal’s eyes. How do you achieve me get to know an animal and make a some of nature’s most beautiful, fascinating animals the way they should be seen – through that? personal connection. That way, I can the animals’ eyes. Simon King: I bring viewers into the recognize that person again – sometimes field with me. I help them live, breathe even years later. and smell the environments in which animals really live. When I watch animals You have experienced first-hand on video, I am just observing. When I how a cheetah’s eyesight is several see them through a Carl Zeiss lens, it’s times better than a human’s. the real deal. I’m having a first-hand Can binoculars help people see from experience. a cheetah’s perspective? Binoculars extend the range of what Many of the animals I’ve observed I’ve we’re able to see, and they fill in detail actually known for many years. Animals over long distances. So yes, they bring us have unique markings that help us identify closer to the cheetah’s experience. They them. Otters have markings on the necks. reveal dramatic events and details that are Lions have unique whisker spots on their invisible to the human eye. But actually, noses. It’s an incredible moment when you’re looking through a set of binoculars or a DiaScope and catch sight of an old friend off in the distance. 26

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    »When I watch animals on video, I am just observing. When I see them through a Carl Zeiss lens, it’s the real deal. I’m having a first-hand experience.« we humans are all born with a fairly moments that you cannot experience Looking back on your many years good sense of sight. I think that life in when you’re physically too close to them. of animal observation, what special modern society has, in a way, dulled Otters have a very good sense of smell. insights have you gained? our senses. Binoculars also give us a way A human scent will often drive them away. One of the most important things to liven up those senses – to become Binoculars help you enjoy special each of us can do is to observe important more aware of the environment and the moments in their lives while keeping your natural events without disturbing nature world in which we live. By viewing details distance. itself. Binoculars and DiaScopes allow us that we often overlook in our everyday to achieve that. This is all the more lives, we can create moments in which Observing marine animals like orca important at a time when humans are we’re more fully conscious. We can whales is particularly challenging. encroaching upon nature and wildlife. develop a deeper sense of perception. How do you reveal those hard-to- We have to continue to reduce the unsus- We can learn to truly see. get moments? tainable impact that our consumption Binoculars are indispensable for is having on animal habitats and the envi- You have documented many memo- watching orca whales. These creatures ronment as a whole. rable moments during your work move quickly and unpredictably, and in the Shetland Islands. How did it’s fairly difficult to spot them in the open By recognizing nature’s richness, we can binoculars support your work there? sea. So you have to be extremely patient, work even better to protect it. This is In a beautiful place like the Shetland sometimes for several hours on end. And critical for a sustainable future. Animals Islands, binoculars are an essential part then the moment you’ve been waiting have taught us an incredible amount of my equipment. Using binoculars has for unfolds on the horizon. Suddenly you of information about the world in which become second nature to me. I’d feel get this dramatic view of the whale’s we live. They still have much to teach us. naked without them. dorsal fin coming out of the water. And We just have to stop, look and listen. I’ve then it disappears as fast as it came. been using Carl Zeiss binoculars to do Observing otters is a good example. Bin- It is a very rewarding moment. that for over 40 years. And they continue oculars allow you to see so much detail to reveal new information and deeper that you’d otherwise miss. You’re able to insights into animals, nature and the capture spectacular moments. You can environment. watch the otters as they sunbathe on the rocks, or from a distance as they glide effortlessly through the water. These are 27

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    Foreword of the Executive Board We are extraordinarily delighted that Carl Zeiss generated revenue of more than EUR 4b for the very first time in fiscal 2010/11. Earnings and equity are also at a high level. The balance sheet reflects not only organic growth, but also the full consolidation of the business of eyeglass manufacturer Carl Zeiss Vision which has been part of the Carl Zeiss Group since the beginning of fiscal 2010/11. We have made good progress in the integration process during the reporting period. Our special thanks for the success achieved in fiscal 2010/11 go to our workforce: our approx. 24,000 employees have performed at an outstanding level. We have ensured that they have benefited from the company's success. As an enterprise belonging to the Carl Zeiss Foundation, we pursue our goal of achieving sustained growth with vision and farsightedness. To achieve this objective, we launched long-term investment projects during the reporting year. Carl Zeiss is expanding its research, distribution and production capacities. At the company's headquarters, for example, we are expanding the pro- duction and development facilities of the factory for semiconductor manufacturing technology to create the space required for a new, future-oriented technology – Extreme Ultra Violet (EUV) lithography. This will enable a new leap in technology in the microchip industry. 28

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    MOMENTS FOREWORD BUSINESS GROUPS FROM THE GROUP G R O U P M A N AG E M E N T R E P O R T C O N S O L I DAT E D F I N A N C I A L S TAT E M E N T S We are also investing in the expansion of our international sites: in India we opened a new Application and Research Center for the Medical Technology business group in the first half of the fiscal year. In China an Innovation Center for the Industrial Metrology, Medical Technology and Microscopy business groups commenced operations. With the corporate-wide, intensive dialog with customers, managers and employees launched in 2011, we have laid the foundation for the future. Many ideas and suggestions have been incorpo- rated in mid-term planning which the Executive Board discussed and adopted with the Carl Zeiss executive team. Through the implementation of this strategy program, the Carl Zeiss Agenda 2016, we will make the company more modern, global and dynamic in the years ahead and therefore create a solid basis for substantial long-term and sustained growth. Government initiatives in various states and strong investments by industry that had been deferred during the global economic crisis continued to sustain the global economy in the fiscal year just ended. However, this effect is wearing off. We expect increasing volatility over the mid and long terms. Unfortunately, the downward trend in government spending and the situation on the financial markets give little cause for optimism. 29

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    Dr. Michael Kaschke President and CEO Medical Technology Microscopy Vision Care Strategic Development Corporate Communications Corporate Human Resources Asia/Pacific Dr. Hermann Gerlinger Member of the Executive Board Semiconductor Manufacturing Technology Industrial Metrology Corporate Research and Technology Integrated Management System Corporate Security Production Global Supply Chain Americas Thomas Spitzenpfeil Member of the Executive Board Consumer Optics/Optronics Corporate Finance/Controlling Information Technology Auditing/Risk Management Legal and Patents Customer Relationship Excellence Financial Services Financial Accounting Center Business Services & Infrastructure Europe and Africa 30

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    MOMENTS FOREWORD BUSINESS GROUPS FROM THE GROUP G R O U P M A N AG E M E N T R E P O R T C O N S O L I DAT E D F I N A N C I A L S TAT E M E N T S For Carl Zeiss, we do not expect that it will be possible to directly continue in fiscal 2011/12 the strong growth generated over the past two years. Nevertheless, we aim to achieve sustained growth going forward. As a portfolio company and thanks to our broad international footprint, we are well prepared for changing conditions on the markets. This allows us to look to the future with confidence. Together with our partners, we and our workforce of around 24,000 employees at Carl Zeiss look forward to successfully finding further innovative solutions to the challenges of tomorrow. For Carl Zeiss and its customers, these are always very special moments. These are the moments we work for. Oberkochen, December 2011 Dr. Michael Kaschke Dr. Hermann Gerlinger Thomas Spitzenpfeil President and CEO Member of the Executive Board Member of the Executive Board 31

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    Report of the Supervisory Board Ladies and Gentlemen, In the just ended fiscal year 2010/11, the Supervisory Board performed the duties entrusted to it in accordance with the law and the articles of association with great diligence. We regularly monitored the Executive Board in the management of the company and provided advice and support on the strategic further development of the company and significant individual projects. The Supervisory Board was involved in all decisions of importance to the company. The Executive Board provided us both in writing and orally with regular, prompt and comprehensive information about corporate planning and development, the course of business, the risk situation and risk manage- ment. All important business transactions were discussed in plenary sessions. The Supervisory Board and its committees were also in regular contact with the Executive Board outside the meet- ings of the Supervisory Board and obtained information about the current business situation and important business transactions. The subjects discussed and debated in the plenary sessions were very diverse. Our consultations focused above all on the development of the sales, revenue and employment situation in the Group and the business groups, as well as the financial position. We also deliberated extensively in all meetings on the integration of Carl Zeiss Vision into the Carl Zeiss Group as the Vision Care business group. At the meeting of May 2011, the Supervisory Board agreed to measures to accel- erate its further integration. Since Carl Zeiss AG's liabilities to banks have been significantly increased by its takeover of Carl Zeiss Vision's liabilities, we decided on a refinancing concept for Carl Zeiss AG. At the strategy meeting in July 2011, we discussed the development prospects of the Carl Zeiss Group and the six business groups with the Executive Board. We endorsed the Executive Board's strategic agenda up to 2016. At the same meeting, the Supervisory Board approved investment 32

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    MOMENTS FOREWORD BUSINESS GROUPS FROM THE GROUP G R O U P M A N AG E M E N T R E P O R T C O N S O L I DAT E D F I N A N C I A L S TAT E M E N T S projects for the further development of Extreme Ultra Violet (EUV) lithography. These include the expansion of the Semiconductor Manufacturing Technology plant in Oberkochen and investments into new production technology. EUV technology will clearly and sustainably highlight Carl Zeiss's technology leadership. The Members of the Supervisory Board elected by the employees visited Carl Zeiss' sites in China in the summer at the invitation of the company. They obtained information on site about the Group's initiatives in this dynamically developing country. The unanimous opinion of the Supervisory Board Members after this trip was that the Chinese market shows enormous potential for Carl Zeiss. The company therefore has major opportunities to continue its growth there and thereby secure jobs in Germany at the same time. An additional topic addressed by the Supervisory Board in the reporting period was the status of executive development within the Carl Zeiss Group. Over the past years, an integrated executive development system has been successfully built up and expanded to safeguard our focus on growth and value creation on the human resources side. In addition to the Mediation Committee stipulated in Section 27 Paragraph 3 of the German Co-determination Act (MitbestG), the Supervisory Board formed two further committees, the Chairman's Committee and the Audit Committee. The Supervisory Board was regularly provided with information on the activities of the committees. The Mediation Committee as defined by Article 27 Paragraph 3 of the Co-determination Act did not convene during the reporting year. 33

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    Dr. Theo Spettmann Chairman of the Supervisory Board The Chairman's Committee, which essentially lays the groundwork for personnel decisions, met twice during that period. During the meetings the compensation of the Executive Board Members was discussed intensively and appropriate resolutions were proposed to the full Supervisory Board. The Audit Committee met three times to discuss the key issues of the annual audit and to place the audit assignment with the auditor. This committee also reviewed the annual and consolidated financial statements of Carl Zeiss AG. Furthermore, the Audit Committee evaluated the efficacy of the risk management system and dealt with the topics of compliance and internal auditing within the Carl Zeiss Group. KPMG AG Wirtschaftsprüfungsgesellschaft, the auditor appointed by the shareholders' meeting, audited the annual financial statements of Carl Zeiss AG and the consolidated financial statements of the Carl Zeiss Group, including the management reports, and issued an unqualified auditor's report in each case. The Supervisory Board Members received all papers and reports for the annual financial statements in good time. The auditor took part in the meeting of the Audit Committee on 12 December 2011 and in the meeting of the Supervisory Board on 19 January 2012 and reported on the material results of the audit. 34

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    MOMENTS FOREWORD BUSINESS GROUPS FROM THE GROUP G R O U P M A N AG E M E N T R E P O R T C O N S O L I DAT E D F I N A N C I A L S TAT E M E N T S After itself examining the documents, the Supervisory Board approved the auditor's results and endorsed the financial statements of Carl Zeiss AG and the consolidated financial statements of the Carl Zeiss Group prepared by the Executive Board at the meeting of 19 January 2012. The annual financial statements have therefore been adopted. The Executive Board's proposal for the use of the net income with the payment of a dividend of EUR 20m to the sole shareholder, the Carl Zeiss Foundation, was approved. The then President and Chief Executive Officer Dr. Dieter Kurz left the company at the end of the first quarter of fiscal year 2010/11. He worked at Carl Zeiss for more than 30 years, including twelve as a Member of the Executive Board. His successor as President and Chief Executive Officer as of January 2011 is Dr. Michael Kaschke, who has been a Member of the Executive Board since 2000. This transition started with the end of fiscal year 2009/10, went smoothly and ensures the continuity of Carl Zeiss's successful strategy. The Supervisory Board would like to thank all employees of the Carl Zeiss Group, employee repre- sentatives and the Executive Board for their performance and commitment in fiscal year 2010/11. Oberkochen, January 2012 The Supervisory Board Dr. Theo Spettmann Chairman 35

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    MOMENTS FOREWORD BUSINESS GROUPS FROM THE GROUP G R O U P M A N AG E M E N T R E P O R T C O N S O L I DAT E D F I N A N C I A L S TAT E M E N T S 03 Business Groups Semiconductor Manufacturing Technology 38 Industrial Metrology 40 Microscopy 42 Medical Technology 44 Vision Care 46 Consumer Optics/Optronics 48 37

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    Business Group Semiconductor Manufacturing Technology Revenue in EUR m 1,378 1,187 1,042 1,018 In fiscal 2010/11 the Semiconductor 386 Manufacturing Technology business group showed a very positive develop- 2006/07 2007/08 2008/09 2009/10 2010/11 ment and once again posted a very high level of revenue. The business In fiscal 2010/11 the Semiconductor group made very good progress in the Manufacturing Technology business group ongoing development of the new recorded revenue totaling EUR 1.378b, technology called EUV lithography. clearly surpassing the figure reported in the prior year. This corresponded to an increase of EUR 191m (16 percent) (prior year: EUR 1.187b). As of the reporting date, 2,872 employees (full-time equiva- lents) were working for the business group around the globe (prior year: 2,551). Major progress made in EUV lithography In fiscal 2010/11 the Semiconductor Manufacturing Technology business group continued with the development of Extreme Ultra Violet (EUV) lithography. To date, Carl Zeiss has delivered a total of seven optical systems for pre-production tools to strategic partner ASML. The Dutch company is the leading manufac- turer of optical lithography systems. Carl Zeiss is the sole supplier of lithogra- phy optics to ASML. Carl Zeiss and ASML are working together intensively on the first EUV lithography system for the volume production of microchips. 38

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    MOMENTS FOREWORD BUSINESS GROUPS FROM THE GROUP G R O U P M A N AG E M E N T R E P O R T C O N S O L I DAT E D F I N A N C I A L S TAT E M E N T S Employees Full-time equivalents (FTEs) 2,872 2,496 2,670 2,530 2,551 Further increase in revenue in the lithography business The Lithography Optics division clearly 30 Sep 2007 30 Sep 2008 30 Sep 2009 30 Sep 2010 30 Sep 2011 surpassed the revenue figure recorded in the prior year. The reporting year saw a continuation of the positive trend in busi- were increased both through existing Integration of electron microscopy ness with the Starlith 19xxi system: products and through the market intro- into Microscopy business group this is the biggest selling product from duction of product innovations. A clear growth trend is evident in the Carl Zeiss. Overall, the division has Nano Technology Systems division, produced several hundred of these sys- Strong demand for photomask particularly in the German and Chinese tems which are used as immersion optics repair systems markets. At the beginning of fiscal at 193 nanometers. There was also a The business with systems for the manu- 2011/12 the business with electron and high level of demand for Deep Ultra Vio- facture, testing, repair and optimization ion microscopes is being integrated let (DUV) (248 nanometers) systems. of photomasks for semiconductor produc- into the Microscopy business group in tion continued to display a positive order to leverage synergies. This makes Further expansion of business development. The Semiconductor Metrol- Carl Zeiss the only one-stop supplier of with laser components ogy Systems division posted a large these microscope technologies. The strong demand on the semiconduc- number of incoming orders and a high tor market had a positive impact on level of revenue, and expanded its Outlook the Laser Optics division, resulting in an position as market leader. The demand The business group recorded a down- ® increase in sales. New products were for the MeRiT HR mask repair system turn in demand toward the end of well received by the market: sales success and the new PROVE TM mask metrology the fiscal year. Carl Zeiss is very familiar was achieved in the still young business system was particularly high. with the volatility of the semiconductor with optical modules used for the pro- market from past experience and has duction of flat panel monitors. The Laser The demand for photomask analysis positioned itself with the flexibility required Optics division is also working on the capabilities in EUV lithography is increasing: to address this phenomenon. To further future-oriented subject of EUV: it succeeded in June 2011 four of the semiconductor drive the development of EUV lithography, in enhancing the EUV collector during manufacturers belonging to the SEMATECH Carl Zeiss is investing in the expansion the reporting year. This optimized, central consortium signed an agreement for the of the development and manufacturing component improves the performance development of the first prototype of the facilities and in new production technolo- TM of the light source for EUV lithography. AIMS EUV analysis system. gies – a further step in preparation for Sales in the core business with lithogra- future market requirements. phy lasers and wafer inspection systems 39

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    Business Group Industrial Metrology The Industrial Metrology business group ended fiscal The Industrial Metrology business group 2010/11 with revenue totaling EUR 394m. The business completed fiscal 2010/11 with an group generates around 30 percent of revenue with increase in revenue of 35 percent. Reve- nue totaled EUR 394m – EUR 102m customer services, for which it operates an international more than the prior year (EUR 292m). At network of service staff and measuring houses offering the end of the fiscal year on 30 Septem- contract measurements. ber 2011, 1,996 employees (full-time equivalents) were working for the busi- ness group around the globe (prior year: 1,765). Revenue in EUR m 374 394 316 304 292 2006/07 2007/08 2008/09 2009/10 2010/11 The reporting period was the most success- ful year ever for Carl Zeiss Industrial Metrology. During the global economic crisis, the impact of which was clearly felt by the business group, a process of consolidation took place on the industrial metrology markets. During this phase the business group continued to invest in 40

  • Page 45

    MOMENTS FOREWORD BUSINESS GROUPS FROM THE GROUP G R O U P M A N AG E M E N T R E P O R T C O N S O L I DAT E D F I N A N C I A L S TAT E M E N T S Employees Full-time equivalents (FTEs) 1,996 1,803 1,749 1,765 1,509 product developments and retained its employees. As a result, it was able to make rapid use of the growth opportuni- 30 Sep 2007 30 Sep 2008 30 Sep 2009 30 Sep 2010 30 Sep 2011 ties offered again when demand started to increase. DuraMax ® defines new standard erances and therefore monitors and Growth in all regions With the DuraMax ® coordinate measur- documents the entire production process. In rapidly developing economies – like ing machine, Carl Zeiss has defined a Leading car manufacturers use PiWEB ® ® China, for example – Industrial Metrology new machine class: DuraMax has firmly to monitor their production processes in gained additional market share and established scanning-based quality real time. reported a clear upturn in revenue. A very inspection in the entry level class. The positive trend in business was also compact measuring machine has been Increased demand for observed in Europe and North America. specially designed for use in a shop floor large machines ® The generally favorable economic climate environment: this means that DuraMax The reporting period saw an increase in and the global upswing in the automo- can be directly positioned in the pro- the demand for the large measuring tive sector and its supplier industries were duction area and multiple workpieces systems used in the energy and aerospace the key drivers of growth. measured in one run. This saves time industries. These systems are used, for and money because the workpieces no example, to test the quality of large wind Best service directly on site longer need to be transported, and a turbine components. In this way, Carl Zeiss With production sites in Shanghai, China, special, separate measuring lab is no lon- is playing its part in increasing the effi- Minneapolis, USA, and Oberkochen, ger required. ciency of these systems. Germany, the Industrial Metrology busi- ness group is represented in important Quality management in real time Outlook markets. In addition, the business group The amount of data produced as a result The long-term and global growth drivers has an international network of service of increasing automation levels in pro- for the company's industrial metrology staff and measuring houses. Industrial duction is constantly increasing. With business continue to apply. This includes ® Metrology generates approximately PiWEB , the Industrial Metrology business the development in Brazil, Russia, India 30 percent of its revenue with customer group offers a web-based quality data and China. The importance of quality services. In addition to traditional services management system. The software sys- inspection will continue to grow in these such as machine maintenance, Carl Zeiss tem constantly checks the current rapidly developing economies. This will also offers contract measurements and measured data against the specified tol- result in further growth opportunities for programming. the Industrial Metrology business group. 41

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    Business Group Microscopy In fiscal 2010/11 the Microscopy business group generated In the reporting period revenue in revenue totaling EUR 423m. The business group achieved the Microscopy business group totaled particularly strong growth in Asia and Latin America. EUR 423m. This corresponds to an increase of EUR 26m – or seven percent – Carl Zeiss Microscopy also reported a clear gain in mar- over the prior year (EUR 397m). As of ket share in Europe. The business with microscope the reporting date, 1,864 employees systems for materials research showed a particularly pos- (full-time equivalents) were working for itive trend. the business group around the globe (prior year: 1,720). During the reporting period Carl Zeiss Microscopy won additional market share in almost all markets – both with micro- scopes for biomedical research and with systems for materials microscopy in industry. The business group achieved particularly strong growth in Latin Amer- ica, Asia and Europe. A stable trend was observed in the North American market. Revenue in EUR m 397 423 365 323 339 2006/07 2007/08 2008/09 2009/10 2010/11 42

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    MOMENTS FOREWORD BUSINESS GROUPS FROM THE GROUP G R O U P M A N AG E M E N T R E P O R T C O N S O L I DAT E D F I N A N C I A L S TAT E M E N T S Employees Full-time equivalents (FTEs) 1,758 1,864 1,731 1,677 1,720 Correlative microscopy is also encounter- ing a high level of interest in biomedical research. For applications in life sciences, 30 Sep 2007 30 Sep 2008 30 Sep 2009 30 Sep 2010 30 Sep 2011 Carl Zeiss offers an initial technology platform that is being enhanced in collab- Super-resolution well received A key driver for materials research is the oration with selected scientists. by market global shortage of resources. Carl Zeiss The ELYRA ® super-resolution microscopes microscope systems are used, for exam- Outlook: one-stop provider for launched at the beginning of fiscal ple, to conduct research into new complete microscopy offering 2009/10 have been well received by cus- materials for energy storage and to exam- The business with electron microscopes tomers. To meet the high level of ine rock samples for raw material deposits. that formerly belonged to the Semicon- demand, the business group set up a fur- ductor Manufacturing Technology ther production line for these Link now forged between light business group is becoming part of the microscopes during the reporting year. and electron microscopy Microscopy business group. The com- Correlative microscopy, the bridge bined offering strengthens the company's These super-resolution systems open up between electron and light microscopy, market position: the fusion of the two a totally new dimension in basic biomedi- showed a very positive development units makes Carl Zeiss the only one-stop cal research, allowing precise examination during the reporting period. Both electron provider for electron and light micros- of biological processes down to the mac- and light microscopes are used, in par- copy. The sales and service areas of the romolecular level. ELYRA ® microscope ticular, for quality inspection processes in two units are being combined at the systems enable resolution of down to 20 industry, e. g. to determine the purity beginning of fiscal 2011/12. Organizational nanometers compared to the 250 nano- of steel or to enhance battery designs in and legal integration are due for finaliza- meters of traditional light microscopes. order to increase their storage capacities. tion in the course of fiscal 2011/12. The Shuttle & Find hardware and soft- Driver for materials microscopy: ware interface enables users to quickly, dwindling resources automatically and precisely relocate in In the field of materials microscopy Carl a second system regions of interest in a Zeiss benefited from the overall positive specimen that have been marked in trend evident in the industrial sector and the other system. This makes it possible, achieved further growth in fiscal 2010/11. for example, to combine image infor- The company is investing in the develop- mation obtained in light microscopy with ment of innovative products and solutions electron-optical element analysis. in this area on an ongoing basis. 43

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    Business Group Medical Technology Revenue * in EUR m 854 706 754 638 661 The Medical Technology business group continued its positive development in the past fiscal year. Revenue increased to 2006/07 2007/08 2008/09 2009/10 2010/11 EUR 854m. The business group's * The values deviate from the published figures of Carl Zeiss Meditec AG as a result activities are bundled under the umbrella of different consolidation models. of the TecDAX-listed company Carl Zeiss Meditec AG. Carl Zeiss AG holds The Medical Technology business group a 65 percent interest in the company. concluded the fiscal year with revenue totaling EUR 854m (prior year: EUR 754m), an increase of 13 percent. Products from all strategic business units and all regions contributed to this improvement. Passion for innovation – for better vision In the field of ophthalmology, Carl Zeiss provides its customers with extensive solutions and systems for the diagnosis, management, treatment and aftercare of diseases of the eye. The product port- folio enables smooth and straightforward workflows, therefore maximizing treat- ment efficiency. For small-incision cataract surgery, Carl Zeiss offers the broadest spectrum of lens implants in addition to the fluids and devices required for the surgery. The implants are supplied in cartridges that are easy to insert in the new BLUEMIXS 180 injector. This allows the 44

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    MOMENTS FOREWORD BUSINESS GROUPS FROM THE GROUP G R O U P M A N AG E M E N T R E P O R T C O N S O L I DAT E D F I N A N C I A L S TAT E M E N T S Employees * Full-time equivalents (FTEs) 3,190 2,759 2,785 2,878 2,467 lens to be quickly and safely implanted in the eye through a small, 1.8 millimeter incision during the procedure. 30 Sep 2007 30 Sep 2008 30 Sep 2009 30 Sep 2010 30 Sep 2011 The business group has introduced the * The values deviate from the published figures of Carl Zeiss Meditec AG as a result of different consolidation models. new ReLEx ® smile technique for refractive surgery. While an excimer laser vapor- izes tissue in the traditional LASIK method, geons to work more efficiently as the that this offers, the business group is femtosecond technology (VisuMax ®) fluorescent mode now enables them endeavoring to tailor its existing offering generates a small lenticle in the intact cor- to clearly see the structures marked with to the special requirements or to develop nea and then removes it through a tiny fluorescent dyes along with the new products for these countries. In Feb- incision measuring less than four millime- surrounding tissue in its natural color. ruary 2011 Carl Zeiss opened the Center ters. This enables doctors to work of Application & Research in India (CARIn). precisely and with a minimally invasive The future of Medical Technology This facility will initially focus its activities technique. at a glance on the development of ophthalmic instru- Fundamental trends offer growth possi- ments for the Asian growth markets. Pushing the boundaries of surgery bilities for the Medical Technology One example is the VISALIS ® 100. Although In the field of microsurgery Carl Zeiss business group. The demographic trend this cataract treatment system was not offers not only surgical microscopes and is leading to an increasingly older global developed in India, it specifically addresses visualization solutions for ENT and population and therefore to rising health- the country's needs. It quickly became neurosurgery, but also future-oriented care needs. In addition, patients are a resounding success. technologies for intraoperative radio- more willing to pay for additional medical therapy. services themselves. More and more With its customized, leading-edge products people in the emerging markets are also and efficient solutions, the business The new PENTERO ® 900 surgical micro- gaining access to medical services: group is playing a major role in shaping scope for neurosurgery offers both an India and China already account for more progress in medical technology. integrated, high-resolution video chain than one third of the world's population. and the new YELLOW 560 ™ fluorescence India alone has around 1.2 billion inhabit- method that was formerly used for ants, of whom only about 20 percent research purposes only. This permits sur- enjoy medical care. The county's economic development will lead to an increase in this figure. To utilize the opportunities 45

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    Business Group Vision Care The Vision Care business group, which was fully consoli- In fiscal 2010/11 the revenue generated dated for the first time, ended fiscal 2010/11 with by the Vision Care business group totaled revenue totaling EUR 849m. By reorganizing the financ- EUR 849m. This corresponds to a decrease of four percent over the prior year (prior ing of the company Carl Zeiss Vision at the beginning year: EUR 881m). This decline in revenue of the year, Carl Zeiss laid the foundation for the full inte- is primarily attributable to the sustained gration of the eyeglass lens business into the Carl Zeiss price pressure in the established European Group. and North American markets and to changes in the scope of consolidation. The joint venture founded with the Indian GKB Hi-Tech Group in 2004 was dissolved and no longer consolidated during the reporting year. Carl Zeiss started manufac- turing and distributing its products for the Indian market itself at the beginning of fiscal 2011/12. The Vision Care busi- ness group will take over around 30 manufacturing and distribution sites and about 300 employees from the former joint venture. Revenue * in EUR m 844 892 879 881 849 2006/07 2007/08 2008/09 2009/10 2010/11 * Until 2009/10 Carl Zeiss Vision joint venture 46

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