Transparency 2. Half-Year Report

Transkript

1 Transparency 2 Half-Year Report 29

2 Half-Year Report 29 Micronas Group Contents Letter to shareholders 3 Aktionärsbrief 6 Interim Report 9 Notes on the interim financial statements Additional information 15

3 Letter to shareholders Key figures at a glance Q2/29 CHF 1 Q1/29 CHF 1 1st half 29 CHF 1 1st half 28 CHF 1 Net sales Operating loss before restructuring and partial sale of Consumer division Restructuring Net gain from partial sale of Consumer division EBIT EBITDA Loss for the period Earnings per share in CHF Shareholders equity Equity ratio in percent Net cash Cash flow from operating activities Ladies and Gentlemen During the second quarter of 29, Micronas suffered further from the economic crisis and the continuing slowdown in the automotive sector. The far-reaching measures decided in February, most of which concerned the Consumer division, resulted in another, planned decline in turnover. The partial sale of the Consumer division to Trident Microsystems was completed on May 14. Those parts of the Consumer division not taken over by Trident have been closed down as planned. Most of the affected employees have left the Company. By the end of 29, all the restructuring measures will be finished. Consolidated net sales for the second quarter came to CHF 64.2 million, which is 2.1 percent down on the first three months of the year. There was a quarter-on-quarter improvement in the operating loss before exceptional items from CHF 29.4 million to CHF 25.1 million. Net gain from the sale of parts of the Consumer division to Trident Microsystems came to CHF 8.7 million. Thanks to lower costs, CHF 15.8 million were released from the restructuring provisions created in the previous quarter, resulting in an operating loss at the EBIT level of CHF.6 million (CHF million). The overall loss for the second quarter of 29 came to CHF 1.3 million, leaving earnings per share at CHF.4. On June 26, 29, Micronas held cash and cash equivalents of CHF 26.3 million and shareholders equity of CHF million. The economic crisis continued to dominate developments in the automotive sector. Falling sales, very high stocks of unsold vehicles and low purchasing power in several key countries have forced many manufacturers to take drastic action. Micronas has also been affected. The collapse in orders in the first quarter led to low delivery volumes in the second. The sales figure of CHF 25.3 million was 29.1 percent down on the previous quarter, while operating profit (EBIT) deteriorated from CHF.3 million in the first quarter to a loss of CHF 6.9 million. This decline is mainly due to the fall in sales and lower capacity utilization at the production plant in Freiburg. Short-time working was introduced in Freiburg in mid-april in an attempt to mitigate the effects of continuing low demand. 3

4 Half-Year Report 29 Micronas Group Employees by activity 32 Quality management 88 Administration and general 48 Marketing and sales 114 Research and development 746 Production Although the experts don t expect to see a change in car sales trends before the middle of 21, the big automotive suppliers (OEMs) are planning higher manufacturing volumes for the coming months, which should have a positive impact on Micronas from the fourth quarter of this year. There is no doubt that electronics will continue to play a central role in car making in future as manufacturers seek to reduce weight and fuel consumption as well as costs. Micronas will benefit from this trend with its current and planned products. At the sensors trade fair held in Nuremberg during the second quarter, Micronas presented a new type of sensor, the HAL 3625, which is the first to use vertical Hall sensor elements. This facilitates applications that are more precise and robust than were possible with previous solutions. The HAL 3625 can be used for any type of automotive valve, vent, turbocharger, etc., but is also suitable for household applications such as selector switches and out-of-balance detectors in white goods. evaluate different gases directly. This breakthrough mysens technology platform is based on standard CMOS technology that has already proven its quality in automotive and industrial applications. These sensors can be used, for example, to make cost-effective applications in the building and climate control technology sector as well as in the medical sector. Within the automotive industry, product applications include measuring air quality inside vehicles. The first volume deliveries are expected in the second half of 21. Marketing and sales activities have been expanded in the industrial sector. The launch of a Micronas webshop gives customers rapid access to samples and small volumes. The online service has also been improved. A new product family, the HAL 1xy Hall sensor family, was successfully brought to market. These products are aimed in particular at industrial applications because of their ability to cope with a wide range of temperatures, from 2 C to +125 C. Micronas also presented a new sensor technology that enables semiconductors to recognize and The Consumer division s sales for the second quarter were down 13.2 percent on the previous 4

5 Letter to shareholders Sales by regions in million CHF Sales by segments in million CHF 6.4 America.7 Other 61. Automotive 76.9 Asia 6.5 Europe 83.5 Consumer three months to CHF 38.8 million. The operating loss before exceptional items was CHF 18.3 million, which is 38.4 percent lower than for the first quarter of the year. Net gain from the partial sale of the Consumer division to Trident Micro systems came to CHF 8.7 million. Thanks to lower costs, CHF 15.8 million was released from restructuring provisions created in the previous quarter. This resulted in an operating profit (EBIT) for the second quarter of CHF 6.3 million (CHF million). Those parts of the Consumer division not taken over by Trident have been closed down as planned. By the end of June most of the affected employees had left the Company. Restructuring will be completed in full by the end of 29. The vast majority of remaining orders placed by consumer customers will have been delivered by the end of the year. It remains difficult to make reliable predictions about the future course of business because of continuing great uncertainty about medium-term economic prospects. We believe, however, that the current restructuring measures will help Micronas maintain its ability to operate and create a platform from which the Company can continue to develop successfully once the economy starts to recover. July 21, 29 Dr. Thomas Lustenberger Chairman Dr. Wolfgang Kalsbach Chief Executive Officer Owing to the crisis in the car industry, capacity utilization at the Freiburg wafer plant fell to below 5 percent in the second quarter. In order to prevent a buildup of stocks, short-time working was introduced for about 75 employees in Freiburg from mid-april until further notice. 5

6 Halbjahresbericht 29 Micronas Gruppe Abschluss auf einen Blick Q2/29 CHF 1 Q1/29 CHF 1 1. HJ 29 CHF 1 1. HJ 28 CHF 1 Netto-Umsatzerlöse Betriebsverlust vor Restrukturierung und Teilverkauf des Bereichs Consumer Restrukturierung Nettoerlös aus Teilverkauf des Bereichs Consumer EBIT EBITDA Verlust der Geschäftsperiode Ergebnis pro Aktie in CHF Eigenkapital Eigenkapitalquote in Prozent Flüssige Mittel, netto Cash Flow aus Geschäftstätigkeit Sehr geehrte Damen und Herren Micronas litt auch im zweiten Quartal 29 weiter unter der Wirtschaftskrise und unter der anhaltenden Flaute im Automobilsektor. Die im Februar beschlossenen, einschneidenden Massnahmen, die vor allem den Bereich Consumer betreffen, führten ihrerseits zu einem weiteren geplanten Rückgang des Umsatzes. Der Teilverkauf des Consumer-Bereichs an Trident Microsystems konnte per 14. Mai vollzogen werden. Die Schliessung der von Trident nicht übernommenen Teile des Bereichs Consumer wurde plangemäss fortgesetzt. Die Mehrheit der betroffenen Mitarbeiter hat das Unternehmen verlassen. Die Restrukturierung wird bis Ende 29 abgeschlossen sein. Der konsolidierte Netto-Umsatzerlös betrug für das zweite Quartal CHF 64.2 Millionen und lag um 2.1 Prozent tiefer als im ersten Quartal. Der Betriebsverlust vor Sondereinflüssen ver - besserte sich für das zweite Quartal gegenüber dem Vorquartal von CHF 29.4 Millionen auf CHF 25.1 Millionen. Aus dem Verkauf von Teil bereichen der Consumer-Sparte an Trident Microsystems resultierte ein Nettoerlös von CHF 8.7 Millionen. Von den im Vorquartal ge bil - deten Restrukturierungsrückstellungen konnten infolge tieferen Kostenanfalls CHF 15.8 Millionen aufgelöst werden. Der Verlust auf EBIT-Stufe be trug dementsprechend CHF.6 Millionen (CHF Millionen). Der Verlust für das zweite Quartal 29 betrug CHF 1.3 Millionen; dies entspricht einem Ergebnis pro Aktie von CHF.4. Micronas weist am 26. Juni 29 eine Liquidität von CHF 26.3 Millionen und ein Eigenkapital von CHF Millionen aus. Im Bereich Automotive dominiert nach wie vor die Wirtschaftskrise das Geschehen. Verkaufsrückgänge, sehr hohe Lagerbestände unverkaufter Fahrzeuge und die fehlende Kaufkraft in einzelnen Schlüsselländern führten bei vielen Herstellern zu drastischen Massnahmen. Davon war auch Micronas betroffen. Die im ersten Quartal eingebrochenen Aufträge führten im zweiten Quartal zu einem niedrigeren Liefervolumen. Während der Umsatz mit CHF 25.3 Millionen gegenüber dem Vorquartal um 29.1 Prozent zurück ging, verschlechterte sich der Betriebsgewinn (EBIT) von CHF.3 Millionen im ersten Quartal zu einem Verlust von CHF 6.9 Millionen. Diese Verschlech - terung ist im Wesentlichen auf den Umsatz - rückgang und auf die niedrige Auslastung der Produktionsanlagen in Freiburg zurückzuführen. Um die Auswirkungen der anhaltenden Nach - fragenflaute zu mildern, wurde ab Mitte April am Standort Freiburg Kurzarbeit eingeführt. 6

7 Aktionärsbrief Mitarbeiter nach Tätigkeit 88 Verwaltung 32 Qualität 48 Marketing und Vertrieb 114 Forschung und Entwicklung 746 Produktion Obwohl die Experten nicht vor Mitte 21 mit einer Trendwende beim Automobilabsatz rechnen, planen die grossen Automobilzulieferer (OEMs) für die nächsten Monate mit höheren Fertigungs - mengen, was sich für Micronas ab dem vierten Quartal positiv auswirken dürfte. Sicher ist, dass die Elektronik in den Fahrzeugen auch künftig eine zentrale Rolle spielen wird, gepaart mit Mass nahmen zur Kosten-, Gewichts- und Sprit - verbrauchsreduktion. Micronas wird mit den aktuellen und den kommenden Produkten von dieser Entwicklung profitieren können. neuartige Technologieplattform mysens basiert auf einer Standard-CMOS-Technologie, die sich bereits in Anwendungen im Automobil und in der Industrie bewährt hat. Diese Sensoren ermög lichen beispielsweise die Herstellung von kostengünstigen Anwendungen im Bereich der Gebäude- und Klimatechnik sowie im medizinischen Bereich. Im Automobil sind diese Produkte unter anderem für die Messung der Luftqualität im Fahrzeuginnenraum einsetzbar. Erste Volumen lieferungen werden im zweiten Halbjahr 21 erwartet. Im zweiten Quartal wurde auf der Sensormesse in Nürnberg ein neuer Sensortyp (HAL 3625) präsentiert, der erstmals in der Vertikalen messende Hall-Sensoren einsetzt. Damit lassen sich An wendungen realisieren, die genauer und robuster sind als bisherige Lösungen. Der HAL 3625 eignet sich sowohl für den Einsatz im Automobil für alle Arten von Klappen und Ventilen, Turboladern usw. als auch in der Haushaltbranche zum Beispiel bei Wahlschaltern und zur Unwucht - erkennung in Weisser Ware. Ausserdem präsentierte Micronas zum ersten Mal eine neue Sensortechnologie, bei der unter - schiedliche Gase direkt durch den Halbleiter erkannt und ausgewertet werden können. Die Im Bereich Industrial wurden die Marketingund Vertriebsaktivitäten ausgebaut. Mit der Markteinführung eines Micronas webshops haben die Kunden raschen Zugang zu Musterund Klein mengen. Ausserdem wurde der Onlineservice verbessert. Als neue Produktefamilie wurde die HAL 1xy Hall- Sensor-Familie erfolgreich im Markt platziert, eine Familie von sogenannten Hall-Schaltern, die insbesondere dank eines breiten Temperatur - bereichs von 2 C bis +125 C auf den Einsatz in industriellen Anwendungen abzielt. 7

8 Halbjahresbericht 29 Micronas Gruppe Umsatz nach Regionen in Mio. CHF Umsatz nach Segmenten in Mio. CHF 6.4 Amerika.7 Sonstige 61. Automotive 76.9 Asien 6.5 Europa 83.5 Consumer Im Bereich Consumer verminderte sich der Umsatz im zweiten Quartal gegenüber dem Vorquartal um 13.2 Prozent auf CHF 38.8 Millionen. Der operative Verlust vor Sondereinflüssen sank gegenüber dem Vorquartal um 38.4 Prozent auf CHF 18.3 Millionen. Aus dem Teilverkauf des Bereichs Consumer an Trident Microsystems resultierte ein Nettoerlös von CHF 8.7 Millionen. Von den im Vorquartal gebildeten Restrukturierungsrückstellungen konnten infolge tieferen Kos ten - anfalls CHF 15.8 Millionen aufgelöst werden. Dementsprechend resultierte im zweiten Quartal ein Betriebsgewinn (EBIT) von CHF 6.3 Millionen (CHF Millionen). Die Schliessung der von Trident nicht über - nommenen Teile des Bereichs Consumer wurde plangemäss fortgesetzt. Per Ende Juni hat die Mehrheit der betroffenen Mitarbeiter das Unternehmen verlassen. Die Restrukturierung wird bis Ende 29 vollständig abgeschlossen sein. Die verbleibenden Aufträge der Consumer-Kunden sind bis Ende des Jahres weitestgehend ausgeliefert. April für etwa 75 Mitarbeiter auf unbestimmte Zeit Kurzarbeit eingeführt. Angesichts der nach wie vor grossen Ungewissheit über die mittelfristige wirtschaftliche Entwicklung bleibt es weiterhin schwierig, zuverlässige Vor - hersagen über den weiteren Geschäftsverlauf zu machen. Mit der laufenden Restrukturierung sind wir überzeugt, die Aktionsfähigkeit von Micronas aufrecht zu erhalten und die Basis zu schaffen, das Unternehmen bei einer konjunkturellen Erholung erfolgreich weiterentwickeln zu können. 21. Juli 29 Dr. Thomas Lustenberger Präsident Dr. Wolfgang Kalsbach Chief Executive Officer Als Folge der Automobilkrise fiel die Auslastung in der Freiburger Waferfab im zweiten Quartal unter 5 Prozent. Um einer Erhöhung der Lagerbestände vorzubeugen, wurde am Standort Freiburg ab Mitte 8

9 Interim Report Interim Report Statement of comprehensive income Note Q2/29 CHF 1 1st half 29 CHF 1 Q2/28 CHF 1 1st half 28 CHF 1 Net sales Cost of sales Margin in % of net sales Research and development expenses Marketing expenses Administrative and general expenses Other operating income (+) and expenses ( ), net Operating loss before restructuring and partial sale of Consumer division Restructuring Net gain from partial sale of Consumer division Operating loss in % of net sales Financial income Financial expenses Other income Loss before tax Income taxes Loss for the period in % of net sales Loss for the period attributable to: Shareholders of the parent Other comprehensive income/loss Translation adjustment Gain/loss of valuation of available-for-sale financial assets Income tax relating to components of other comprehensive income Other comprehensive income/loss Total comprehensive income/loss for the period, net of tax Total comprehensive income/loss for the period, net of tax attributable to: Shareholders of the parent Weighted average number of issued and outstanding shares Earnings per share in CHF undiluted Weighted average number of issued and outstanding shares for calculation of earnings per share diluted Earnings per share in CHF diluted

10 Half-Year Report 29 Micronas Group Statement of financial position Assets Note CHF CHF 1 Non-current assets Property, plant and equipment Intangible assets Investments Long-term loans receivable Other long-term assets Deferred tax assets Total non-current assets Current assets Inventories Accounts receivable trade Other current assets Short-term financial investments Cash and cash equivalents Total current assets Total assets Shareholders equity and liabilities Shareholders equity Issued capital Additional paid-in capital Treasury shares Other comprehensive income Retained earnings Equity attributable to shareholders of the parent Long-term liabilities Long-term loans Long-term provisions Long-term liabilities Total long-term liabilities Current liabilities Current portion of long-term liabilities Accounts payable trade Short-term provisions Income tax payable Other current liabilities Total current liabilities Total liabilities Total equity and liabilities

11 Interim Report Statement of cash flows Operating activities Note 1st half 29 CHF 1 1st half 28 CHF 1 Loss before tax Depreciation and amortization Interest income ( ) and expense (+), net (excl. interest portion of discounted long-term provisions and liabilities) Amortization of financial assets Gain on disposal of fixed assets Disposal of investment in subsidiaries Gain from partial sale of Consumer division Share compensation expense Foreign exchange gains and losses Change in other long-term assets, provisions and liabilities Cash flow before working capital changes Change in inventories Change in accounts receivable trade and other current assets Change in accounts payable trade, short-term provisions and other current liabilities Cash flow from operations Income taxes paid Cash flow from operating activities Investing activities Capital expenditures Short-term financial investments Interest received Proceeds from disposal of fixed assets Cash flow from investing activities Financing activities Proceeds from long-term borrowings Interest paid Repayment of long-term liabilities Cash flow from financing activities Exchange effect on cash Change in cash and cash equivalents Cash and cash equivalents at end of period Cash and cash equivalents as at January 1 Change in cash and cash equivalents

12 Half-Year Report 29 Micronas Group Changes in equity CHF 1 Issued capital Equity attributable to shareholders of the parent Additional paid-in capital Treasury shares Other comprehensive income/loss Retained earnings Total 1st half Total comprehensive income/loss Share compensation reserve Disposal of subsidiaries st half Total comprehensive income/loss Share compensation reserve Tax on valuation on own shares Notes on the interim financial statements Accounting principles The unaudited interim financial statements ( Interim Report ) for the first half 29 comply with International Financial Reporting Standards (IFRS) and have been prepared in accordance with IAS 34 Interim Financial Reporting. The Interim Report should be read in conjunction with the consolidated financial statements as at December 31, 28. We followed the same accounting policies and methods of computation as compared with the most recent annual financial statements except amended standards and new interpretations that have become effective and have been mentioned in note 1 of the consolidated financial statements as at December 31, 28. The Board of Directors authorized the Interim Report for issue on July 16, Currency exchange rates st half 29 average st half 28 average 1 EUR 1 GBP 1 USD 1 JPY 1 KRW 1 HKD 1 SGD 1 CNY 1 TWD Deferred tax assets In view of the current losses as well as the history of recent losses (IAS 12.35), it is currently not probable that sufficient future taxable profits will be available against which the unused tax losses can be utilized in the German entities and at Micronas USA, Inc. In the first half 29, CHF million of net operating losses have been carried forward for trade income tax, and CHF million for corporate income tax in Germany for which no deferred tax asset has been recorded. In the first half 28, an additional CHF 22.7 million of net operating loss has been carried forward for trade income tax, and CHF 24.9 million for corporate income tax in Germany, and additional CHF 1.1 million of net operating loss has been carried forward in the USA for which no deferred tax asset has been recorded. 4. Restructuring As a consequence of the announced wind down of the Consumer business published on February 5, 29, approximately 8 to 9 jobs will be cut across all sites. As required by IAS 37, Micronas has recorded a provision for related cost in the financial statements 12

13 Notes on the interim financial statements in the first quarter 29. These recorded restructuring provisions and allowances relate only to those issues which Management believes are probable of occurring and can be estimated with reasonable accuracy at this time. The restructuring provision has been reassessed resulting in a release of CHF 15.8 million mainly caused by the closing of the Trident transaction. The majority of the restructuring provision is employee-related. The restructuring is progressing as planned. CHF 57.1 million of the recorded provision have been paid out during the second quarter 29. 1st half 29 CHF 1 1st half 28 CHF 1 Restructuring expense cash-effective Restructuring expense not cash-effective Total restructuring expense Net gain from partial sale of Consumer division Net gain from the partial sale of the Consumer division comprises of: Consideration in shares Consideration in warrants Total none cash consideration received (gain) Transaction costs Total net gain Net assets transferred were previously impaired Financial income and expenses The financial income of the first half 29 includes CHF 1.2 million valuation gain of a financial asset held for trading and CHF 3.4 million foreign exchange gain on cash and cash equivalents. 7. Operating segment and geographical information IFRS 8 supersedes IAS 14 Segment Reporting effective January 1, 29. The Micronas Group concluded that the operating segments determined in accordance with IFRS 8 are the same as the business segments previously identified under IAS 14. The information reported is that which Management uses internally for evaluating the performance of the operating segments and allocating resources to those segments. CHF 1 Operating segments Consumer Automotive Group 1st half 29 Net sales in % of total net sales Manufacturing margin in % of sales Excess capacity cost Margin in % of sales Operating loss before restructuring and partial sale of Consumer division Restructuring Net gain for partial sale of Consumer division Operating profit/loss in % of sales st half 28 Net sales in % of total net sales Margin in % of sales Operating profit/loss in % of sales

14 Half-Year Report 29 Micronas Group Geographical information 1st half 29 CHF 1 Net sales in%of total net sales 1st half 28 CHF 1 Net sales in%of total net sales Europe Germany Switzerland United Kingdom Spain Turkey Rest of Europe Asia Japan China South Korea Rest of Asia America USA Rest of America Other Total net sales Number of employees 1st half 29 1st half Production Research and development Administration and general Marketing and sales Quality management Number of employees at end of period Average number of employees Seasonality, economic cycles In the past, the results varied from quarter to quarter. It is expected that these variations will continue in the future. The business of the Group does not present pronounced seasonal cyclical patterns. 1. Issued capital The issued and fully paid share capital of Micronas Semiconductor Holding AG comprises: Number CHF 1 Number CHF 1 Opening balance Balance, end of period

15 Notes on the interim financial statements / Additional information 11. Share options Number of share options Weighted average exercise price Number of share options Weighted average exercise price Outstanding at the beginning of year Issued Forfeited Expired Outstanding, end of period In the first half 29, 3441 share options were forfeited due to the retirement of a Board Member, members of the Management Board and key employees. In 29, no options were granted. In 28, options were granted on January 3. The calculation of the fair value has been determined on the following actuarial assumptions: Expected option life in years Expected forfeitures per year until vesting Expected volatility Share price at the grant date in CHF Risk-free interest rate Expected dividend Weighted average fair value per options granted in CHF % 55.% % Group structure On April 1, 29, Micronas signed an agreement to sell certain product lines of its Consumer division to Trident Microsystems, Inc., headquartered in Santa Clara, California, USA. The announced transaction with Trident closed on May 14, 29. As part of the transaction, approximately 8 employees in Germany and approximately 75 employees outside of Germany have been employed by Trident. At closing of the transaction Trident acquired 1 percent capital and voting rights of Micronas Holland Holding B.V. and Micronas Holland B.V. Micronas received 7 shares of Trident s common stock as well as warrants to acquire up to 3 shares of Trident s common stock. Micronas owns approximately 1 percent of Trident which, together with the warrants, are recorded under investments at fair value. In a Management Buy-Out (MBO), local management of MicronasNIT, a Serbian subsidiary engaged in development and marketing activities, acquired 1 percent of the shares of MicronasNIT effective April 1, 29. The related net book value transferred amounts to CHF.8 million. 94 employees in Serbia are affected by the MBO. Additional information Orders on hand 1st half 29 CHF 1 1st half 28 CHF 1 Orders on hand, beginning of period Net sales Order intake Orders on hand cancellations 1 Translation adjustments Orders on hand, end of period Book-to-bill 1 Due to the sale of certain product lines of the Consumer division to Trident

16 Printed on FSC-certified (Forest Stewardship Council) paper, This Half-Year Report is not audited. This document was first published on July 21, 29. Micronas Semiconductor Holding AG Technopark I Technoparkstrasse 1 I 85 Zurich I Switzerland Phone I Fax investor@micronas.com