Micronas Semiconductor Holding AG
Micronas Semiconductor: Marked gains in sales and earnings
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Key data for fourth quarter of 2004 and for year overall
Marked gains in sales and earnings
In a challenging economic environment, the Micronas Group succeeded in further
increasing sales and earnings in 2004. Although the momentum of the earlier
quarters slackened somewhat in the last three months of the reporting year,
the Group sustained a high level of performance. Fabrication capacity was
fully utilized in the core business areas of consumer electronics and
automotive electronics thanks to buoyant demand for Micronas products.
In the fourth quarter, net sales reached CHF 224.1 million, against CHF 251.6
million in the previous quarter. Operating profit (EBIT) fell from CHF 42.2
million in the third quarter to CHF 25.0 million. Net profit for the last
quarter of 2004 totalled CHF 18.4 million (Q3: CHF 28.1 million).
For the 2004 business year as a whole, consolidated net sales were up by 25.7
percent to CHF 963.4 million. Adjusted for currency effects this represents an
increase of 23.9 percent. Order intake fell compared with the previous year
from CHF 880.7 million to CHF 849.7 million.
The Group’s operating profit before depreciation and amortization of goodwill
(EBITDA) was CHF 305.6 million, 21.5 percent higher than in 2003. The
operating profit (EBIT) also showed a clear improvement, reaching CHF 174.9
million, a year-on-year growth rate of 30.9 percent. In fiscal 2004, the Group
generated a net profit of CHF 119.7 million, a rise of 26.7 percent over the
previous year. This resulted in a net profit in percent of net sales of 12.4
percent. Earnings per share before amortization of goodwill increased again,
rising from CHF 4.04 to CHF 4.24.
In 2004 Micronas invested CHF 127.6 million in research and development, while
capital expenditures amounted to CHF 99.3 million. The disproportionate
increase in R&D expenditure is due to the growing complexity of new products.
The strong demand for semiconductor systems from Micronas kept the fabrication
capacity at full stretch throughout the reporting year. Demand which exceeded
the Group’s own resources was covered by buying in capacity from foundry
partners.
At the ordinary Shareholders’ Meeting on March 18, 2005, the Board of
Directors will propose to lower the age limit for Board members from 70 to 65
years. As a result, Dr. Leonardo Vannotti will step down from the Board of
Micronas Semiconductor Holding AG on the date of this year’s Shareholders’
Meeting. The Company wishes to thank him for his years of service. The
Shareholders’ Meeting will receive a proposal for the election of a new Board
member, Mr. Harald Stanzer.
For the 2005 business year as a whole we are reckoning with sales growth of 1
to 5 percent and net profit in percent of net sales at the lower end of our
long-term forecast of 8 to 10 percent. However, we do not anticipate a revival
of our markets in the first quarter of 2005 due to de-stocking customers and,
as a result, we expect sales to drop by about 15 percent compared to the final
quarter of 2004 leading to a balanced result.
The Micronas Group is a leading independent supplier of innovative
application-specific semiconductor solutions for consumer and automotive
electronics.Its shares are listed on the SWX Swiss Exchange and on the Prime
Standard segment (TecDAX) in Frankfurt.
Zurich, February 17, 2005, Micronas Semiconductor Holding AG
For further information:
Susy Krucker, Investor Relations
Phone +41 1 445 39 60, E-mail: investor@micronas.com
Detailed financial data can be accessed at http://www.micronas.com
end of message, (c)DGAP 17.02.2005
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WKN: 910 354 ; ISIN: CH0012337421; Index: TecDAX
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart; Zürich
170730 Feb 05
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