Half-Year Report 2013

Transkript

1 Half-Year Report 213

2 Half-Year Report 213 Micronas Group Contents Key figures at a glance 2 Abschluss auf einen Blick 2 Letter to shareholders 3 Aktionärsbrief 5 Interim Report 8 Notes to the condensed consolidated interim financial statements Additional information 19 Key figures at a glance Abschluss auf einen Blick Micronas Group 1st half 213 CHF 1 1st half 212 CHF 1 Micronas Gruppe Net sales Operating profit (EBIT) EBITDA Profit for the period Earnings per share in CHF Shareholders equity Equity ratio in percent Cash, cash equivalents and short-term financial cash deposits Cash flow from operating activities Netto-Umsatzerlöse Betriebsgewinn (EBIT) EBITDA Gewinn der Geschäftsperiode Ergebnis pro Aktie in CHF Eigenkapital Eigenkapitalquote in Prozent Flüssige Mittel und kurzfristige Festgeldanlagen Cash Flow aus Geschäftstätigkeit 2

3 Letter to shareholders Letter to shareholders Ladies and Gentlemen The market environment remained difficult for Micronas in the first half of 213, mainly because of the unfavorable performance of the Japanese yen against the euro. In addition, instability continues to afflict the worldwide car market, which weakened in the fourth quarter of 212. Despite these challenging conditions, the Micronas Group slightly exceeded the first-half sales forecast it announced in April. Our product portfolio puts us in a very good position to exploit the latest market trends and meet the increasingly high quality standards demanded by our customers in the automotive and industrial markets. Micronas is market leader in Hall sensors for automotive applications, and in the first half of 213 it announced some very promising new products for linear and multidimensional magnetic field measurements. Consolidated net sales by the Micronas Group in the first half of 213 came to CHF 75.5 million, which is 13.1 percent lower than in the first half of 212. This decline is mainly due to the continuing weakness of the Japanese yen and the phasing out of our consumer products. The Company s gross margin shrank accordingly from 39.6 percent in the first half of 212 to 3.2 percent in the first half of 213. Cost reduction measures announced when the last annual results were published were implemented during the first six months of this year. This allowed us to maintain spending on research and development, marketing, sales and administration at the prior-year level. As expected, operating profit (EBIT) was down on the same period last year at CHF 2.6 million, or 3.4 percent of sales. standard is being applied for the first time in the 213 financial year. As a result, pension liabilities recognized in the balance sheet as at December 31, 212, had to be shown retrospectively as CHF 29.5 million higher, and deferred tax assets had to be assessed on the difference. This reduced shareholders equity at December 31, 212, from CHF 152. million to CHF million. This figure improved slightly to CHF 13.5 million in the first half of 213. The equity ratio thus rose from 42.2 percent on December 31, 212, to 43.4 percent. The Automotive segment, which accounts for 95 percent of the Company s turnover, generated sales of CHF 71.3 million in the first six months of the year. This fall of CHF 9.7 million compared with the first half of 212 is, as already mentioned, due mainly to the weakness of the Japanese yen. In terms of units sold, after a weak second half of 212 we were able to return to the strong levels seen in the first six months of last year in our core business of Hall sensors. Operating profit (EBIT) at the segment came to CHF 2.9 million, or 4 percent of sales. The market for semiconductors for cars continues to grow more strongly than car production itself. Micronas provides customers with high quality sensor solutions in three different application fields: powertrain, which is where the greatest growth is expected in the medium term, chassis and body, and safety-related applications. By combining Hall sensors and embedded controllers, Micronas is also able to offer complete system solutions for controlling smart actuators. These cost-effective, space-optimized solutions for the BLDC (brushless direct current motor) market are unrivaled in terms of energy consumption and form factor. After taking account of financial income and expenses, and taxes, Micronas posted a profit of CHF 4.5 million for the first half-year, giving earnings per share of CHF.15. At the end of June 213, Micronas held cash, cash equivalents and short-term financial cash deposits of CHF million, compared with CHF million at end-212. The revised IAS 19 With new products launched for linear and 2D/3D magnetic measurements, Micronas has built on its already strong position in the Hall sensors market. The HAL 835 extends the application area of Micronas linear sensors, addressing increasing customer demands in areas such as the measurement of linear movement, acceleration 3

4 Half-Year Report 213 Micronas Group and electric current. With the introduction of the HAL 3675, Micronas is also adding multidimensional magnetic field measurement based on 3D HAL technology to its sensor family. This Hall sensor adds a digital pulse-width modulation (PWM) interface to the products already on the market. In cars the HAL 3675 is suitable for any kind of position and angle measurement from to 36 degrees; it can be used, for example, to determine the throttle valve position, control exhaust gas recirculation or support turbocharger and steering angle applications. Products in the Industrial division are being shown separately for the first time. Industrial achieved sales of CHF 4.1 million in the first six months, improving by a very healthy 32 percent on the same period last year thanks to higher sales of Hall sensors. After a slow start to the new reporting year, demand increased significantly in the second quarter. This rise in sales was driven above all by last-minute orders. However, there is a lot of variation across all regions and customers, reflecting the continuing market uncertainty. Ongoing investment in the development and marketing of mysens technology is having an impact on operating results. In the first half of 213, there was an operating loss (EBIT) of CHF.3 million, compared with a loss of CHF 1.4 million in the first half of 212. During the period under review Micronas exhibited its product innovations at the most important international trade fairs Sensor+Test in Nuremberg, Germany, Sensors Expo in Chicago, USA, and AEE in Tokyo, Japan. quality (zero ppm) from the start. This is achieved by tailoring the quality criteria applied to development and production entirely to the specific product and customer. ESD certification of our test center in Glenrothes, Scotland, is just the latest element in the implementation of our rigorous quality policy. At the ordinary Shareholders Meeting of March 2, 213, all of the proposals put forward by the Board of Directors were approved by a large majority of our shareholders. Board Members Heinrich W. Kreutzer, Lucas A. Grolimund, Dieter G. Seipler and Stefan Wolf were each re-elected for a one-year term up to the next ordinary Shareholders Meeting. At the end of March 213, CHF.5 per registered share was paid out to shareholders once again in the form of a distribution against reserves from capital contributions. Thanks to consistent implementation of product quality standards, close collaboration with our customers and continuous innovation, Micronas enjoys a leading global position. From the current perspective, it seems there is little likelihood of a significant increase in worldwide demand for cars, or a strengthening of the Japanese yen in the second half of the year. Based on a YEN-EUR rate of 13, the Board of Directors and Management thus expect to see sales of around CHF 15 million for 213 as a whole. The EBIT margin is expected to be in the mid single-digit percentage range. July 23, 213 After starting the year at 73 percent, capacity utilization at the Freiburg manufacturing areas rose steadily over the first half year, reaching around 8 percent by the end of June. Short-time work, which had been introduced in some areas of the Freiburg plant, was stopped in April. The global car industry traditionally demands very high standards of quality and safety. Consequently, Micronas has a quality policy built around long-term objectives and systematic planning, and directed at zero-defect Heinrich W. Kreutzer Chairman Matthias Bopp Chief Executive Officer 4

5 Aktionärsbrief Aktionärsbrief Sehr geehrte Damen und Herren Das Marktumfeld blieb für Micronas im ersten Halbjahr 213 schwierig, dies im Wesentlichen aufgrund der ungünstigen Wechselkursentwicklung des japanischen Yens gegenüber dem Euro. Nach wie vor unsicher verhält sich auch der weltweite Automobilmarkt, welcher sich im vierten Quartal 212 abgeschwächt hatte. Trotz dieses anspruchsvollen Marktumfelds konnte die im April abgegebene Umsatzprognose der Micronas Gruppe für das erste Halbjahr leicht übertroffen werden. Mit unserem Produktportfolio sind wir sehr gut aufgestellt, um die aktuellen Markttrends und die immer höheren Qualitätsanforderungen unserer Kunden im Automobil- und Industriemarkt zu bedienen. Im Bereich der Hall-Sensoren für Automotive-Anwendungen, in dem Micronas Marktführer ist, sind in der ersten Jahreshälfte 213 vielversprechende neue Produkte für lineare und mehrdimensionale Magnetmessungen angekündigt worden. Der konsolidierte Umsatzerlös der Micronas Gruppe belief sich im ersten Halbjahr 213 auf CHF 75.5 Millionen und lag 13.1 Prozent unter der Vorjahresperiode (erstes Halbjahr 212). Dieser Rückgang erklärt sich hauptsächlich durch die anhaltende Schwäche des japanischen Yens und durch das Auslaufen der Consumer-Produkte. Die Brutto-Marge sank dementsprechend im ersten Halbjahr 213 auf 3.2 Prozent, verglichen mit 39.6 Prozent im ersten Halbjahr 212. Die anlässlich der Jahresabschlussveröffentlichung angekündigten Massnahmen zur Kostenreduktion wurden im ersten Halbjahr 213 umgesetzt. Dadurch konnten auch die Ausgaben für Forschung und Entwicklung, Marketing, Vertrieb und Verwaltung auf dem Niveau des Vorjahres gehalten werden. Der Betriebsgewinn (EBIT) war wie erwartet gegenüber der vergleichbaren Vorjahresperiode rückläufig und betrug CHF 2.6 Millionen oder 3.4 Prozent des Umsatzes. Unter Berücksichtigung des Finanzergebnisses und von Steuern weist Micronas im ersten Halbjahr 213 einen Gewinn von CHF 4.5 Millionen aus, was einem Gewinn pro Aktie von CHF.15 entspricht. Micronas verfügte per Ende Juni 213 über flüssige Mittel und kurzfristige Festgeldanlagen von CHF Millionen verglichen mit CHF Millionen Ende 212. Mit dem Geschäftsjahr 213 wird der überarbeitete IAS 19-Standard erstmalig angewendet. Dies führt dazu, dass die Pensionsverbindlichkeit in der Bilanz per 31. Dezember 212 rückwirkend um CHF 29.5 Millionen höher ausgewiesen sowie latente Steueraktiven auf den Unterschiedsbetrag erfasst werden mussten. Dadurch reduzierte sich das Eigenkapital per 31. Dezember 212 von CHF 152. Millionen auf CHF Millionen. Im ersten Halbjahr 213 konnte das Eigenkapital leicht verbessert werden und betrug CHF 13.5 Millionen. Die Eigenkapitalquote stieg somit von 42.2 Prozent per 31. Dezember 212 auf 43.4 Prozent. Das Segment Automotive, mit 95 Prozent Umsatzanteil das Hauptgeschäft von Micronas, generierte im ersten Halbjahr 213 einen Umsatz von CHF 71.3 Millionen. Der Umsatzrückgang gegenüber dem ersten Halbjahr 212 von CHF 9.7 Millionen ist, wie bereits erwähnt, hauptsächlich auf den schwachen japanischen Yen zurückzuführen. In Stückzahlen gerechnet, konnten wir in unserem Kerngeschäft, den Hall-Sensoren, nach dem schwachen zweiten Halbjahr wieder das Niveau des starken ersten Halbjahres 212 erreichen. Der Betriebsgewinn (EBIT) betrug CHF 2.9 Millionen, was 4 Prozent des Umsatzes entspricht. Nach wie vor wächst der Halbleitermarkt für Autos stärker als die Automobilproduktion. Micronas bedient ihre Automotive-Kunden mit qualitativ hochwertigen Sensorlösungen in drei verschiedenen Segmentierungen: im Antriebsstrang, bei dem mittelfristig das grösste Wachstum erwartet wird, im Bereich Chassis und Body, welcher das Fahrgestell und den Fahrzeugaufbau beinhaltet, sowie im Bereich sicherheitsrelevanter Anwendungen. Zusätzlich ist 5

6 Halbjahresbericht 213 Micronas Gruppe Micronas in der Lage, mit ihrer Kombination aus Hall-Sensoren und embedded Controllern, komplette Systemlösungen zur Ansteuerung von intelligenten Aktuatoren anzubieten. Diese kosteneffizienten, platzoptimierten Lösungen für den BLDC-Markt (Markt für bürstenlose Gleichstrommotoren) sind hinsichtlich Energieverbrauch und Formfaktor einzigartig. Mit neuen Produkten für lineare sowie 2D-/3D- Magnetmessungen, die im ersten Halbjahr vorgestellt wurden, hat Micronas ihre starke Position im Markt der Hall-Sensoren weiter ausgebaut. Mit dem HAL 835 erweitert Micronas den Anwendungsbereich ihrer Linear-Sensoren und adressiert damit die gestiegenen Anforderungen beispielsweise bei der Messung von linearer Bewegung, Beschleunigung sowie elektrischer Ströme. Zudem baut Micronas ihre Sensorfamilie zur mehrdimensionalen Magnetfeldmessung auf Basis der 3D-HAL-Technologie durch den HAL 3675 aus. Dieser Hall-Sensor erweitert die bereits im Markt eingeführten Produkte um eine digitale pulsweitenmodulierte Schnittstelle (PWM). Im Auto eignet sich der HAL 3675 für jede Art der Positions- und Winkelmessung von bis 36 Grad und kann z.b. zur Bestimmung der Drosselklappenstellung, zur Steuerung der Abgasrückführung sowie bei Turbolader- und Lenkwinkelanwendungen eingesetzt werden. Die Produkte des Bereiches Industrial werden erstmals separat ausgewiesen. Industrial erzielte in den ersten sechs Monaten einen Umsatz von CHF 4.1 Millionen und verbesserte sich durch den Anstieg des Absatzes von Hall-Sensoren gegenüber dem ersten Halbjahr 212 um erfreuliche 32 Prozent. Nach eher verhaltenem Start ins neue Berichtsjahr ist die Nachfrage im zweiten Quartal deutlich angestiegen. Insbesondere kurzfristige Aufträge trugen zu diesem Umsatzanstieg bei. Es zeigt sich allerdings kein einheitliches Bild über alle Regionen und Kunden hinweg, was die weiterhin bestehende Unsicherheit der Märkte widerspiegelt. Die anhaltenden Investitionen in die Entwicklung und Vermarktung der mysens- Technologie beeinflussen das Betriebsergebnis. Im ersten Halbjahr 213 betrug der Betriebsverlust (EBIT) CHF.3 Millionen, verglichen mit einem Verlust von CHF 1.4 Millionen im ersten Halbjahr 212. Im Berichtszeitraum hat Micronas an den wichtigsten weltweiten Fachmessen, Sensor+Test, Nürnberg, Deutschland, Sensors Expo, Chicago, USA, und AEE, Tokio, Japan, teilgenommen und ihre Produk t- innovationen präsentiert. Die Auslastung in den Freiburger Fertigungsanlagen konnte, nachdem diese Anfang des Jahres noch 73 Prozent betragen hatte, im ersten Halbjahr kontinuierlich gesteigert werden und lag Ende Juni bei ca. 8 Prozent. Die in Teilbereichen am Standort in Freiburg eingeführte Kurzarbeit wurde Ende April aufgehoben. Die globale Automobilindustrie zeichnet sich traditionell durch die Forderung nach sehr hohen Qualitäts- und Sicherheitsstandards aus. Die Qualitätspolitik von Micronas ist daher in ihrer langfristigen Zielorientierung und Planungssystematik darauf ausgerichtet, Null-Fehler-Qualität (zero ppm) von Anfang an anzustreben, was dadurch erreicht wird, dass die Qualitätskriterien im Entwicklungs- und Produktionsprozess ganz auf das Produkt und den Kunden abgestimmt sind. Die ESD-Zertifizierung auch unseres Test Centers in Glenrothes, Schottland, ist ein weiteres Element in der Umsetzung einer konsequenten Qualitätspolitik bei Micronas. An der ordentlichen Generalversammlung vom 2. März 213 haben unsere Aktionäre sämtlichen Anträgen des Verwaltungsrats mit grosser Mehrheit zugestimmt. Die Verwaltungsräte Heinrich W. Kreutzer, Lucas A. Grolimund, Dieter G. Seipler und Stefan Wolf wurden für eine Amtsdauer von einem Jahr bis zur nächsten ordentlichen Generalversammlung wiedergewählt. Ende März 213 wurde wiederum eine Ausschüttung von CHF.5 pro Namenaktie aus der Kapitaleinlagereserve an unsere Aktionäre vorgenommen. 6

7 Aktionärsbrief Durch konsequente Umsetzung der Qualitätsanforderungen an unsere Produkte, die enge Zusammenarbeit mit unseren Kunden und durch stetig neue Innovationen verfügt Micronas über eine weltweit führende Stellung. Eine deutliche Steigerung der weltweiten Automobilnachfrage sowie eine Stärkung des japanischen Yens zeichnen sich aus heutiger Sicht im zweiten Halbjahr nicht ab. Daher rechnen Verwaltungsrat und Management für das Geschäftsjahr 213 bei einem Yen-Euro- Wechselkurs von 13 mit einem Umsatz von etwa CHF 15 Millionen. Die EBIT-Marge wird im mittleren einstelligen Prozentbereich erwartet. 23. Juli 213 Heinrich W. Kreutzer Präsident Matthias Bopp Chief Executive Officer 7

8 Half-Year Report 213 Micronas Group Interim Report Condensed consolidated statement of comprehensive income Net sales 9 Cost of sales Margin 9 in % of net sales Research and development expenses Marketing and sales expenses Administrative and general expenses Other operating income (+) and expenses ( ), net Operating profit in % of net sales Financial income 5 Financial expenses 6 Foreign exchange gains (+) and losses ( ) Other income Profit before tax Income taxes Profit for the period in % of net sales Note 1st half 213 CHF st half 212 CHF 1 restated Attributable to: Shareholders of the parent Other comprehensive income/loss Items that are not reclassified subsequently to profit or loss Remeasurement on pension obligations 1 7 Income tax effect on items that not reclassified subsequently to profit and loss 1 7 Items that are or may be reclassified subsequently to profit or loss Translation adjustment Gain on cash flow hedge Gain/loss of valuation of available-for-sale financial assets Income tax effect on items that reclassified subsequently to profit and loss Other comprehensive income/loss 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 IAS 19 amendment 8

9 Interim Report Condensed consolidated statement of financial position Assets Note CHF CHF 1 restated 1 Non-current assets Property, plant and equipment Intangible assets Investments Other long-term assets Deferred tax assets 1 7 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 1 Additional paid-in capital Reacquired shares Other reserves 1 7 Retained deficit 1 7 Equity attributable to the shareholders of the parent Long-term liabilities Pension obligations 1 7 Other long-term provisions Other long-term liabilities Total long-term liabilities Current liabilities Accounts payable trade Short-term provisions Income tax payable Other current liabilities Total current liabilities Total liabilities Total shareholders equity and liabilities IAS 19 amendment 9

10 Half-Year Report 213 Micronas Group Condensed consolidated statement of cash flows Operating activities Note 1st half 213 CHF 1 1st half 212 CHF 1 reclassified 1 Profit before tax Depreciation and amortization Interest income ( ) and expense (+), net (excl. interest portion of discounted long-term provisions and liabilities) 5, 6 Fair value gains ( ) and losses (+) on derivative financial instruments Gain/loss on disposal of fixed assets Share compensation expense Foreign exchange gains and losses Change in other long-term assets, provisions and liabilities 1 Change in inventories Change in accounts receivable trade and other current assets Change in accounts payable trade, short-term provisions and other current liabilities Income taxes paid ( ) and received (+) 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 Increase in issued capital and additional paid-in capital Distribution to shareholders 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 Reclassification of payments to pensioners (refer to note 1) 1

11 Interim Report Condensed consolidated statement of changes in equity Equity attributable to the shareholders of the parent CHF 1 Note Issued capital Additional paid-in capital Reacquired shares Cash flow hedge reserve Availablefor-sale reserve Remeasurements on pension obligations Foreign currency translation reserve Retained deficit Total 1st half 213 Balance per as previously reported IAS 19 amendment Tax effect on IAS 19 amendment Translation adjustments Restated balance per Profit for the period Other comprehensive income Income tax effect Total comprehensive loss for the period Distribution to shareholders Exercise of share options Share compensation expense

12 Half-Year Report 213 Micronas Group Equity attributable to the shareholders of the parent CHF 1 Note Issued capital Additional paid-in capital Reacquired shares Cash flow hedge reserve Availablefor-sale reserve Remeasurements on pension obligations Foreign currency translation reserve Retained deficit Total 1st half 212 Balance per as previously reported IAS 19 amendment Restated balance per Profit for the period Other comprehensive income/loss Income tax effects Restated total comprehensive income/loss for the period Distribution to shareholders Share compensation expense Restated balance per

13 Notes to the condensed consolidated interim financial statements Notes to the condensed consolidated interim financial statements Accounting principles Basis of preparation The unaudited condensed consolidated interim financial statements ( Interim Report ) for the first half of 213 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, 212. We followed the same accounting policies and methods of computation as compared with the most recent annual consolidated financial statements. Accounting policy change As a result of an accounting policy change the Group has reclassified payments to pensioners in the condensed consolidated statement of cash flows from financing activities to operating activities, starting from the year ended December 31, 212. Comparative figures were reclassified accordingly. For Management purposes, the Group was organized up to 212 in two reportable segments, the business divisions Automotive and Other segments. Adjusted organizational structures cause a change in the composition of the reportable segments. The business division Industrial and the discontinued division Consumer, previously included in Other segments, have been separated from 213 on. Comparative segment information has been restated accordingly. Introduction of new and revised standards The accounting policies used in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group s annual financial statements for the year ending December 31, 212, except for the adoption of the following new or revised/amended standards and interpretations, effective as from January 1, 213: Standard/interpretation IFRS 7 amended - financial instruments: disclosures offsetting financial assets and liabilities IFRS 1 consolidated financial statements IFRS 11 joint arrangements IFRS 12 disclosure of interests in other entities IFRS 13 fair value measurement IAS 1 amended - presentation of financial statements presentation of items of other comprehensive income IAS 19 revised - employee benefits IAS 27 revised - separate financial statements Annual improvements to IFRS cycle The adoption of these new or revised/amended standards and interpretations did not result in substantial changes to the Group s accounting policies except for the revised version of IAS 19 revised employee benefits. Nevertheless their introduction requires a change in the presentation of the statement of comprehensive income and additional disclosures in the notes of the consolidated financial statements. The revised version of IAS 19 Employee Benefits eliminates the corridor method that was previously applied by the Group. All changes in the present value of the defined benefit obligation and in the fair value of the plan assets are recognized in the financial statements immediately in the period they occur. In addition, the revised standard states that risk sharing arrangements shall be reflected in the calculation of the defined benefit obligation. Under the old IAS 19, the employer s net service costs were determined as the gross service costs for the plan less the cash contributions paid by the employee. Under IAS 19 revised the employer s net service costs are determined as the gross service costs less the employee contributions calculated using the Projected Unit Credit Method. The new requirement to allocate employee contributions to periods of service in the same way as benefits are allocated to employee s service has an 13

14 Half-Year Report 213 Micronas Group impact on the defined benefit obligation and service costs for all pension plans for which employee contributions increase with age. Furthermore the revised standard specifies the presentation of the changes in the net defined benefit liability. Service costs and net-interest amount on the net defined benefit obligation are recognized in profit or loss, whereas the remeasurement of the net defined benefit liability is recognized in other comprehensive income. Before all recognizable changes were recognized in profit or loss. The Group has applied the changes retrospectively in accordance with IAS 8 accounting policies, changes in accounting estimates and errors. The effects on the consolidated statement of financial position and consolidated statement of comprehensive income are presented in Note 7. The Board of Directors authorized the Interim Report for issuance on July 17, Currency exchange rates st half 213 average st half 212 average 1 EUR 1 GBP 1 USD 1 JPY Number of employees 1st half 213 1st half Production Research and development Quality management Marketing and sales Administration and general 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 is not exposed to pronounced seasonal cyclical patterns. 5. Financial income 1st half 213 CHF 1 1st half 212 CHF 1 Interest income Income from derivative financial instruments Other financial income Total financial income

15 Notes to the condensed consolidated interim financial statements Financial expenses Interest expenses Interest portion of pension expense Interest portion of other discounted long-term provisions and liabilities Expenses from financial instruments at fair value through profit and loss Other financial expenses Total financial expenses 1st half 213 CHF st half 212 CHF Restatement IAS 19 amendment Adjustment of previous year s figures in condensed consolidated statement of financial position CHF prior to adjustment Adjustment CTA after adjustment prior to adjustment Adjustment after adjustment Deferred tax assets Total non-current assets Total assets Other reserves Retained deficit Equity attributable to shareholders of the parent Pension obligations Total long-term liabilities Total shareholders equity and liabilities Adjustment of previous periods figures in condensed consolidated statement of comprehensive income CHF 1 1st half 213 prior to adjustment 1st half 213 after Adjustment adjustment 1st half 212 prior to adjustment Adjustment 1st half 212 after adjustment Items that are not reclassified subsequently to profit or loss Remeasurement on pension obligations Income tax effect on items that not reclassified subsequently to profit and loss Other comprehensive income/loss Total comprehensive income for the period, net of tax

16 Half-Year Report 213 Micronas Group 8. Financial instruments The difference between the carrying value less allowances of financial assets and liabilities and their fair value is not material. Fair value hierarchy The Micronas Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities. Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair values are observable, either directly or indirectly, on the market. Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. The Group held the following financial instruments measured at fair value (CHF 1) Total Level 1 Level 2 Level 3 Assets measured at fair value Available-for-sale financial assets Derivatives part of a hedging relationship In the first half 213 and in 212 were no transfers between level 1, level 2 and level 3 financial instruments. 16

17 Notes to the condensed consolidated interim financial statements Operating segments and geographical information Operating segments Automotive Industrial restated 1 Consumer restated 1 CHF 1 Group 1st half 213 Net sales in % of total net sales Margin in % of sales Operating profit/loss in % of sales st half 212 Net sales in % of total net sales Margin in % of sales Operating profit/loss in % of sales Refer to note 1 Geographical information Group 1st half 213 1st half 212 in % of total Net sales, CHF 1 net sales Net sales, CHF 1 in % of total net sales Europe Germany Switzerland France Czech Republic Hungary Rest of Europe Asia Japan China South Korea Rest of Asia America USA Rest of America Other Total net sales The sales information above is based on the shipping destination of the customer. 17

18 Half-Year Report 213 Micronas Group 1. Issued capital The issued and fully paid share capital of Micronas Semiconductor Holding AG comprises: Number CHF 1 Number CHF 1 Opening balance Exercise of share options Balance, end of period Share options Number of share options Weighted average exercise price Number of share options Weighted average exercise price Outstanding at the beginn of the year Issued Exercised Forfeited Expired Outstanding at the end of the period In 213, 12 options were granted on January 3. In 212, 12 options were granted on January 3 and options were granted on July Subsequent events On July 1, 213, options were issued to certain members of the Management and certain key personnel at an exercise price of CHF 6.88 each. The options are exercisable between 217 and

19 Additional information Additional information Orders on hand Orders on hand, beginning of period Net sales Order intake Translation adjustments Orders on hand, end of period Book-to-bill 1st half 213 CHF st half 212 CHF

20 This document was first published on July 23, 213 Micronas Semiconductor Holding AG Technopark I Technoparkstrasse 1 I 85 Zurich I Switzerland Phone I Fax investor@micronas.com