Results of operations

Compared with the prior year (€1,418.4m), revenue increased by 4.1% to €1,476.0m. Overall, currency translations had no material effect on the change. This increase is mainly attributable to the APAC region.

The decline in other operating income is mainly attributable to a significant decrease in foreign currency gains. Other operating expenses increased mainly as a result of foreign currency losses.

The cost of materials rose by 2.0%, while personnel expenses increased by 4.3%. The main reason for the increase in the cost of materials was the higher revenue and changes in the product mix. In terms of personnel expenses, the wage adjustments and the increase in the number of employees in the previous year continued to have a cost-increasing effect.

Income from profit and loss transfer agreements originated from the subsidiary Carl Zeiss Meditec Asset Management Verwaltungsgesellschaft mbH, Jena, Germany. Further information on this can be found in the notes to the annual financial statements of Carl Zeiss Meditec AG in the note on “Income from profit and loss transfer agreements”.

Other operating expenses of €217.1m (prior: €216.9m) are attributable to services purchased within the Group and externally, including in connection with the DORC acquisition and management contracts, for example for IT services and in preparation for the S/4HANA transition. In addition, €31.1m (prior year: €29.0m) was incurred for license and patent costs and €17.0m (prior year: €21.9m) for consulting costs. A further €53.4m (prior year: €21.1m) is attributable to realized or valuation-related exchange rate effects.

In addition to the effect of pension obligations, the decrease in interest and similar income in the financial result was mainly due to the monies invested with the treasury of Carl Zeiss AG. Interest and similar expenses result mainly from taking out a loan of €400m from an affiliated company of the ZEISS Group which was used to partially finance the acquisition of DORC.