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Half Year Report 2011

http://www.u-blox.com

12 Financialhighlights

14 HalfyearreportatJune30,2011

16 Halbjahresberichtper30.Juni2011

18 Condensedconsolidatedinterimfinancialstatementsu-bloxHoldingAG,Thalwil 9 Consolidated statement of financial position10 Consolidated income statement11 Consolidated statement of comprehensive income12 Consolidated statement of changes in equity13 Condensed consolidated statement of cash flows14 Notes to the condensed consolidated interim financial statements

17 Investorinformationandcontacts

18 Worldwidepresence

Content

Foundation 1997

Business Fabless semiconductor provider of embedded GPS positioning and wireless communication solutions

Headquarter Thalwil, Switzerland

Offices USA, Singapore, Italy, United Kingdom, Hong Kong, China, Taiwan, Korea and Japan

Listed SIX Swiss Exchange (UBXN)

Employees 204 (December 31, 2010, FTE based); 209 (June 30, 2011, FTE based)

Revenue 2010: CHF 112.8 million; HY1 2011: CHF 62.5 million

EBIT 2010: CHF 19.1 million; HY1 2011: CHF 11.7 million

Netprofit 2010: CHF 12.9 million; HY1 2011: CHF 7.4 million

Markets Consumer, Industrial and Automotive

Mission u-blox aims to be a leading provider of embedded positioning and wireless communication solutions to the global electronics industry.

u-blox at a glance

Half year report 2011 | Page1

| Half year report 2011

Financial highlights

2008 2009 2010 HY1/09 HY1/10 HY1/11

Revenue 74.5 73.5 112.8 34.1 49.3 62.5

(Decline)/growth rate over previous period -4.9% -1.3% 53.4% -15.4% 44.3% 26.8%

EBITDA 12.9 12.7 27.7 5.2 11.0 15.2

Margin on revenue 17.3% 17.2% 24.5% 15.2% 22.4% 24.3%

Growth/(decline) rate over previous period 45.2% -1.6% 118.3% -22.1% 112.4% 38.0%

Netprofitfortheperiod 8.8 3.3 12.9 1.5 6.0 7.4


Growth/(decline) rate over previous period 60.9% -62.0% 288.3% -58.3% 292.8% 22.7%

CashFlowfromoperations 2.6 14.7 20.7 4.0 8.5 10.7


(Decline)/growth rate over previous period -84.6% 473.5% 40.3% 5.7% 111.8% 26.8%

Key figures (CHF in million)

0

20

40

60

80

100

120

2008 2009 2010 HY1/09 HY1/10 HY1/11

Americas EMEA APAC

(CHF in million)

37%46%

48%

38%29%

27%

25% 25% 25%

26%

47%

27%21%

50%

29%

25%

48%

27%

Revenues

(CHF in million)

APACAmericas EMEA

Revenuesbygeography

42.7%

52.9% 52.2% 54.0% 53.2%50.3%

0%

10%

20%

30%

40%

50%

60%

0

10

20

30

40

50

60

70

2008 2009 2010 HY1/09 HY1/10 HY1/11

Gross Profit As % of revenues

(CHF in million) (% of revenues)(CHF in million) (% of revenue)

Gross profitGrossprofitandgrossprofitmargin

Gross profit as % of revenue

Automotive

Consumer

Industrial

Revenueu-bloxrevenuesplitpermarket

Estimate


(CHF in million)

106 109120

108 114127

88.0%87.5%

84.2%87.4%

86.1% 84.5%

50%

60%

70%

80%

90%

100%

0

20

40

60

80

100

120

140

2008 2009 2010 HY1/09 HY1/10 HY1/11

Total equity Equity ratio

(CHF in million) (% of total assets)

EquityTotalequityandequityratio

Total equity equity ratio

Research & development

53%Sales, marketing, support

33%

Logistics, admin14%

68

30

111

209 total

EmployeesEmployeebreakdownTotal:209(endofHY12011,FTEbased)

60% of employees based outside Switzerland (spread over 9 countries)

94

164

195

153

192 201

0

25

50

75

100

125

150

175

200

225

2008 2009 2010 HY1/09 HY1/10 HY1/11

(Average FTE)

EmployeesEmployeedevelopment

Average number of employees (FTE = full time equivalent)

(CHF in million)

Performance

EBITDARevenues

Financialperformance

74.5 73.5

112.8

34.1

49.3

62.5

12.9 12.7

27.7

5.2 11.0

15.2

0

20

40

60

80

100

120

2008 2009 2010 HY1/09 HY1/10 HY1/11

Revenues EBITDA

(CHF in million)

74.5 73.5

112.8

34.1

49.3

62.5

12.9 12.7

27.7

5.2 11.0

15.2

0

20

40

60

80

100

120

2008 2009 2010 HY1/09 HY1/10 HY1/11

Revenues EBITDA

(CHF in million)


Half year report at June 30, 2011

u-blox performs well during first half of 2011, expands market share

u-blox announced revenue for the first half year 2011 of CHF 62.5 million. This constitutes a 26.8% increase over the first half year of 2010. Gross profit increased strongly by 20.0% from CHF 26.2 million to CHF 31.4 million. EBIT for the first half year of 2011 was CHF 11.7 million which is 54.5% higher in comparison to the same period in 2010. A net profit of CHF 7.4 million was reached.

Good performance despite adverse conditionsDuring the first half of 2011, u-blox continued to leverage its GPS & Wireless strategy to expand its market position in the global positioning and wireless communications markets in all regions, especially in the Americas. Although global economic conditions have become more challenging, u-blox addresses a particularly robust sector of the electronics industry that continues to create new innovative products and services that capitalize on digital convergence.

The combination of global positioning with wireless communica-tions, Internet and multimedia services in small, portable devices has become an accelerating industry trend. This is particularly true for mass-market consumer, navigation and fleet management products. This has also allowed u-blox to penetrate new electronic market sectors that up until recently did not include GPS as a standard feature, such as smartphones, e-readers and tablet computers.

Revenue growth in virtually all sectorsDuring the period, u-blox continued to dominate and expand in the vehicle tracking market, while experiencing strong year-on-yeargrowth in multiple strategic sectors such as mobile phones, precisiontiming, asset tracking, notebook and tablet computers. This performance demonstrated the successful adoption of u-blox products in a well-diversified range of applications in the consumer, industrial and automotive markets.

Strong profitability despite exchange rate pressuresAlthough first half year results were negatively impacted by the strong Swiss Franc, especially against the US Dollar and the Euro, u-blox was able to achieve excellent profitability with 18.8% EBIT margin. Profitability was helped by natural hedging in material costs plus lower operating costs due to currency effects and efficiency improvements.

Migration to the new u-blox 6 GPS platformu-blox also experienced an excellent rate of customer migration to the latest GPS platform, u-blox 6. The latest platform not only givescustomers industry-leading positioning performance, but also optimizes production costs. During the first half of 2011, 66% of all GPS receiver products delivered were based on u-blox 6.

Business developmentu-blox continued to increase its business in terms of volumes, revenues and profits primarily by winning new key projects for mass-market consumer and automotive navigation applications, and winning projects away from competition.

Highlights include:•Coagent, China’s largest maker and global provider of in-car

entertainment systems selected u-blox as their primary source of GPS technology

•Geotab, a telematics management system provider for leading local and international corporations, selected u-blox GPS and GSM technology for their new GO5 vehicle tracking system

•US-based Iota launched a u-blox-enabled GSM-Bluetooth hub for Android

•Microchip, one of the world’s main providers of microcontrollers, entered into a cooperation with u-blox to promote a joint M2M development platform

• Successful demonstration of GLONASS readiness at the Telematics Detroit show positioned the company to enter the emerging Russian market for navigation and the ERA GLONASS emergency call system

Products and innovationDuring the first half of 2011, u-blox continued to develop attractive and innovative products and technologies for both GPS and wireless applications. Here are the main highlights:•World’s smallest GPS single chip solution: the UBX-G6010-NT

allows customers to integrate standalone global positioning into ultra-small consumer devices

• Introduction of CellLocateTM, a unique hybrid GPS/wireless positioning architecture, into u-blox’ 2G and 3G wireless modules to support indoor positioning and eliminate “no-fix” scenarios

• Launch of MAX-6, a new family of ultra-miniature, rugged GPS modules optimized for industrial and telematics applications

EmployeesThe number of employees worldwide increased slightly during the first half of 2011, particularly in R&D and customer support, with a headcount of 213 people at June 30, 2011.

Finance •Revenue grew in the Americas by 46% as compared to the first

half year of 2010. In EMEA u-blox saw an increase in revenue of 21%, and in Asia Pacific an increase of 22%

•An improvement in gross profit was achieved due to a good gross profit margin of 50.3%, in addition to high revenue growth

•Growth in operating expenses was below the revenue growth rate

• EBITDA of CHF 15.2 million was reached in the first half year of 2011, with an EBITDA margin of 24.3%

• EBIT of CHF 11.7 million was achieved in the first half year of 2011, with an EBIT margin of 18.8%

•Working capital increased slightly by CHF 7.5 million compared to December 31, 2010

•Capital expenditure in the first half year of 2011 was CHF 4.6 million mainly due to further investments in capacity expansion and investments for supporting further growth

•A high net operating cash flow of CHF 10.7 million was recorded

u-blox increased its business in terms of

volumes, revenues and profits.


Condensed consolidated income statement

Revenue by segmentu-blox operates in two segments:

•GPS and Wireless products u-blox develops and sells embedded GPS receiver and 2G/3G wireless modules which are used mainly in automotive, industrial and consumer applications. Revenue was CHF 61.4 million for the first half of 2011 as compared to CHF 48.1 million in the first half of 2010.

•Wireless services u-blox also offers wireless communication technology services in

terms of reference designs and software. In 2011, revenue for wireless services to external customers was CHF 1.0 million as compared to CHF 1.1 million during the first half year 2010.

Strengthened organizationTwo highly experienced industry professionals joined u-blox. Dr. van Iseghem, former CEO and president of LEM, as Board member and CFO Roland Jud (effective August 1) as member of the Executive Committee.

Expanded global presenceIn July, u-blox opened its second office in China to better serve customers in Southern China and Shenzhen, a major engine of high-tech design and manufacturing, and home to some of China’s most prominent technology companies.

OutlookDespite continued turbulence in the financial markets, u-blox is confident that the expanding implementation of its technologies across virtually all sectors of the consumer, industrial and automotive electronics markets will continue to fuel growth for its GPS receiver business. Augmented by the adoption of 2G and 3G wireless communications for tracking, supply chain management, emergency services, as well as stand-alone wireless metering and security applications, additional expansion with u-blox’ products in existing and newly emerging wireless markets is foreseen.

Promising indicators for market expansion have already occurred in the early second half: • Meizu integrated u-blox GPS in their latest Android Smartphone

M9 for the Chinese market• u-blox GPS technology was selected for the complete line of

Samsung’s SEN 3D navigator family• AT&T, America’s largest telecom carrier, approved u-blox’ LISA 3G

module for use on their mobile network• Korea-based Enspert selected u-blox GPS for their latest

multimedia e-reader tablet• Firmware upgrade to the u-blox 6 GPS receiver platform

introduced many new innovative features such as significantly lower power consumption, integrated satellite orbit prediction for faster positioning (“AssistNow Autonomous”) and anti-jamming detection supporting anti-theft applications

For the full year 2011, u-blox adjusts its guidance to reflect the latest strong moves in exchange rates against the Swiss Franc. Revenue guidance is adjusted to CHF 124 million (down from the previous guidance of CHF 140 million), and EBIT to approximately CHF 22 million (down slightly from the previous guidance for EBIT of CHF 25 million).

The indications are based on exchange rates of 1.15 for EUR/CHF and 0.8 for USD/CHF for the second half year. u-blox’ natural hedge against foreign exchange variations at the level of material costs helps maintain its relative gross margin. Revenue and EBIT, however, remain sensitive to the further variation of currency valuations against the Swiss Franc.

Jan. - Dec.(in CHF 000s) 2011 2010 2010

(unaudited) (unaudited) (audited)

Revenue 62'471 49'251 112'781% growth 26.8%Cost of revenue -31'045 -23'056 -53'921

Gross profit 31'426 26'195 58'860% gross profit margin 50.3% 53.2% 52.2%

Operating expenses -19'850 -19'369 -41'159Other income 171 779 1'370

Profit from operations (EBIT) 11'747 7'605 19'071% EBIT margin 18.8% 15.4% 16.9%

Financial income 495 580 942Finance costs -2'818 -672 -3'546

Profit before income tax (EBT) 9'424 7'513 16'467% EBT margin 15.1% 15.3% 14.6%

Income tax expense -2'014 -1'472 -3'551

Net profit for the period 7'410 6'041 12'916% net profit margin 11.9% 12.3% 11.5%

Depreciation and amortization 3'450 3'409 8'612EBITDA (1) 15'197 11'014 27'683% EBITDA margin 24.3% 22.4% 24.5%

EBITDA growth 38.0%EBIT growth 54.5%Net profit growth 22.7%

(1) EBITDA (earnings before interest, taxes, depreciation and amortization) calculated by adding depreciation and amortization to profit from operations(EBIT), in each case determined in accordance with IFRS.

Jan. - June

Fritz Fahrni Thomas Seiler

Chairman of the Board of Directors CEO


Halbjahresbericht per 30. Juni 2011

u-blox erzielt im ersten Halbjahr 2011 ein gutes Ergebnis und baut Marktanteile aus

u-blox gibt einen Umsatz von CHF 62.5 Millionen für das erste Halbjahr2011 bekannt. Das entspricht einem Umsatzwachstum von 26.8%gegenüber dem ersten Halbjahr 2010. Der Bruttogewinn verzeichnet einen starken Anstieg um 20.0% von CHF 26.2 Millionen auf CHF 31.4Millionen. Der Betriebsgewinn (EBIT) für das erste Halbjahr 2011 verbes-serte sich gegenüber demselben Zeitraum des Vorjahres um 54.5% auf CHF 11.7 Millionen. Der Reingewinn beläuft sich auf CHF 7.4 Millionen.

Gute Performance trotz schwieriger BedingungenIm ersten Halbjahr 2011 hat u-blox weiterhin ihre erfolgreiche Strategie (GPS/drahtlose Kommunikation) weitergeführt und ihre Marktposition in den Märkten für GPS-Positionierung und drahtlose Kommunikation in allen Regionen, besonders in Amerika, ausgebaut. Die globale Wirt-schaftslage ist schwieriger geworden, doch u-blox ist in einem besondersrobusten Sektor der Elektronikbranche tätig, in dem konstant neue innovative Produkte und Dienstleistungen entwickelt werden, die vom Trend zur digitalen Konvergenz profitieren.

Die Kombination aus GPS-Positionierung und drahtloser Kommunika-tion, Internet und Multimediadiensten in kleinen, tragbaren Geräten, erweist sich zunehmend als Trend der Branche. Dies gilt insbesondere für Produkte für den Konsumgütermarkt, Fahrzeugnavigationssysteme und Flottenmanagementsysteme. So konnte sich u-blox auch in neuen Sektoren der Elektronikmärkte positionieren, in denen GPS-Lösungen bislang nicht standardmässig integriert waren, wie Smartphones, E-Book-Reader und Tablet-PCs.

Umsatzwachstum in nahezu allen SektorenIm Berichtszeitraum konnte u-blox weiterhin den Markt für Fahrzeug-ortung dominieren und die Position weiter ausbauen, gleichzeitig konnte gegenüber dem Vorjahreszeitraum ein Wachstum in verschie-denen strategischen Sektoren wie Mobiltelefone, GPS-Timing-Module, Ortungssysteme, Notebooks und Tablet-PCs erzielt werden. Dieses Ergebnis belegt die erfolgreiche Akzeptanz der Produkte von u-blox in einem breiten Anwendungsspektrum im Konsumgüter-, Industriegüter- und Automobilmarkt.

Solide Rentabilität trotz negativer WechselkurseinflüsseObwohl das Ergebnis des ersten Halbjahres durch den starken SchweizerFranken, insbesondere gegenüber dem US-Dollar und dem Euro, belastetwar, konnte u-blox mit einer EBIT-Marge von 18.8% eine hervor-ragende Rentabilität erzielen. Begünstigt wurde dies durch die natür-liche Absicherung bei den Materialkosten, durch tiefere Betriebskosten infolge der Währungseffekte und durch eine Steigerung der Effizienz.

Migration auf die neue GPS-Empfängerplattform u-blox 6Eine Vielzahl von Kunden hat sich für die schnelle Migration auf dieneue GPS-Empfängerplattform u-blox 6 entschieden. Mit dieser neustenPlattform erhalten die Kunden nicht nur die branchenführende Positio-nierungsgenauigkeit, sondern können auch die Produktionskosten optimieren. Im ersten Halbjahr 2011 entfielen 66% der verkauftenGPS-Empfängerprodukte auf u-blox 6.

Geschäftsentwicklungu-blox konnte das Geschäft im Hinblick auf Volumen, Umsatz und Gewinn weiter ausbauen, vorwiegend durch neue Schlüsselprojekte für den Konsumgütermarkt und für Fahrzeugnavigationssysteme. Ausserdem konnten den Wettbewerbern weitere Projekte abgewonnen werden. Highlights:•Coagent, Chinas grösster Hersteller und weltweiter Anbieter von

Navigations- und Unterhaltungssystemen in Fahrzeugen, hat u-blox als GPS-Hauptlieferanten ausgewählt

•Geotab, Anbieter kompletter Plattformen für umfassende Telematik-lösungen für führende lokale und internationale Unternehmen, hatdie GPS- und GSM-Technologie von u-blox für ihr neustes Fahrzeug-ortungsgerät GO5 ausgewählt

•Der US-Konzern Iota und u-blox erschliessen mit GSM-Bluetooth-Hub für Android neue Marktfelder

•Microchip, einer der weltweit grössten Anbieter von Mikrocontroller- Lösungen, kooperiert mit u-blox bei der Vermarktung einer gemein-

samen M2M-Entwicklungsplattform•Auf der Telematics Detroit wurde die Kompatibilität der GPS-

Empfänger von u-blox mit dem russischen Satellitennavigations-system GLONASS erfolgreich vorgeführt. Damit kann sich das Unter-nehmen auf dem russischen Markt für Navigationssysteme und für das Notrufsystem ERA GLONASS positionieren

Produkte und InnovationIm ersten Halbjahr 2011 setzte u-blox die Entwicklung attraktiver und innovativer Produkte für beide Anwendungen – GPS und drahtlose Kommunikation – fort. Zu den Highlights gehören:•Vorstellung des weltweit kleinsten GPS-Chips: Der UBX-G6010-NT ermöglicht die Integration der GPS-Funktion in

ultrakleinen Geräte für den Massenmarkt • Einführung von CellLocateTM: u-blox stattet ihre drahtlosen 2G- und

3G-Module mit dieser hybriden GPS-/Drahtlos-Ortungsarchitektur aus, um die Positionsbestimmung in Räumen auch bei fehlenden GPS-Signalen zu ermöglichen

•Vorstellung von MAX-6, einer extrem kleinen und robusten GPS-Modulfamilie, die speziell für Industrie- und Telematik-

anwendungen optimiert ist

MitarbeiterDie Anzahl der Mitarbeiter weltweit hat sich im ersten Halbjahr 2011 geringfügig erhöht, insbesondere in den Bereichen Forschung und Entwicklung und im Kundensupport. Zum 30. Juni 2011 betrug die Mitarbeiteranzahl 213.

Finanzielle Angaben • In Nord- und Südamerika konnte der Umsatz gegenüber dem

ersten Halbjahr 2010 um 46% weiter gesteigert werden. Das Umsatzwachstum betrug in der EMEA-Region 21%, in Asien 22%

• Starke Verbesserung des Bruttogewinns dank des hohen Umsatz-wachstums sowie einer guten Bruttogewinnmarge von 50.3%

•Die Betriebskosten stiegen weniger stark an als der Umsatz• Im ersten Halbjahr 2011 betrug der Betriebsgewinn vor Abschreibun-

gen (EBITDA) CHF 15.2 Millionen, bei einer EBITDA-Marge von 24.3%•Der Betriebsgewinn (EBIT) erreichte im ersten Halbjahr 2011 CHF

11.7 Millionen, was einer EBIT-Marge von 18.8% entspricht•Das Umlaufvermögen erhöhte sich im Vergleich zum 31. Dezember

2010 leicht um CHF 7.5 Millionen •Die Investitionen betrugen im ersten Halbjahr 2011 CHF 4.6 Millionen, hauptsächlich für den zusätzlichen Ausbau der Kapazität und zur

Unterstützung des weiteren Wachstums•Hoher Cashflow aus operativer Tätigkeit im Betrag von CHF 10.7

Millionen

u-blox konnte das Geschäft im Hinblick auf

Volumen, Umsatz und Gewinn

weiter ausbauen.


Zusammengefasste konsolidierte Erfolgsrechnung

Umsatzaufteilung nach SegmentenDie Geschäftstätigkeit von u-blox gliedert sich in zwei Segmente:

• u-blox entwickelt und verkauft GPS-Empfänger sowie Module für drahtlose Kommunikation (2G und 3G), welche hauptsächlich im Konsumgüter-, Industriegüter- und Automobilmarkt Verwendung finden. Der Umsatz belief sich im ersten Halbjahr 2011 auf CHF 61.4 Millionen gegenüber CHF 48.1 Millionen im ersten Halbjahr 2010.

• Services für drahtlose Kommunikation u-blox bietet auch Dienstleistungen auf dem Gebiet der drahtlosen

Kommunikation in Form von Referenzdesigns und Software an. Im ersten Halbjahr 2011 belief sich der Umsatz mit externen Kunden auf CHF 1.0 Millionen, verglichen mit CHF 1.1 Millionen im ersten Halbjahr 2010.

Stärkung der OrganisationZwei erfahrene Experten der Branche nahmen ihre Tätigkeit bei u-bloxauf. Dr. van Iseghem, ehemaliger CEO und Präsident von LEM, ist neues Mitglied des Verwaltungsrats und CFO Roland Jud (per 1. August)neues Mitglied der Geschäftsleitung.

Erweiterte globale Präsenz Im Juli eröffnete u-blox ihre zweite Niederlassung in China, um die Unterstützung der Kunden in Südchina und Shenzhen zu verbessern. Shenzhen ist ein wichtiger Entwicklungs- und Produktionsmotor der High-Tech-Branche und Sitz einiger der führenden Technologie-unternehmen Chinas.

AusblickUngeachtet der anhaltenden Turbulenzen auf den Finanzmärkten ist u-blox zuversichtlich, dass die zunehmende Implementierung ihrer Technologien in nahezu allen Sektoren der Märkte für Konsumgüter,Industriegüter und Automobilelektronik auch weiterhin einen Wachs-tumsfaktor für das Geschäft mit GPS-Empfängern darstellen wird. Vor dem Hintergrund der Zunahme der drahtlosen 2G- und 3G-Kommu-nikation in Ortungssystemen, im Logistikmanagement, bei Notruf-diensten sowie für selbständige Mess- und Sicherheitsanwendungen kann von einem weiteren Wachstum der aktuellen und der sich neu entwickelnden Märkte für unsere Kommunikationsprodukte ausgegangen werden.

Zu Beginn des zweiten Halbjahres zeigten sich bereits vielversprechendeIndikatoren für ein Marktwachstum:• Meizu stattet das neue Android Smartphone M9 mit der GPS-

Technologie von u-blox für den chinesischen Markt aus• Die GPS-Technologie von u-blox wurde für die komplette Produkt-

linie der SEN 3D-Navigationssysteme von Samsung ausgewählt• Der grösste amerikanische Telefonanbieter AT&T hat LISA, das

3G-Modul von u-blox, für den Einsatz in seinem Mobilfunknetz zugelassen

• Das koreanische Unternehmen Enspert stattet seine neusten Multimedia-Tablets mit der GPS-Technolgie von u-blox aus

• Mit dem Firmware-Upgrade für den GPS-Empfänger u-blox 6 werden viele innovative Leistungsmerkmale angeboten, wie etwa ein signifikant niedrigerer Stromverbrauch, beschleunigte Positions-

bestimmung durch Berechnung der Satellitenposition im Voraus („AssistNow Autonomous“) und einer Störsignaldetektion zur Unterstützung der Sicherheitssysteme gegen Diebstahl

u-blox passt die Prognose für das ganze Jahr 2011 an und berück-sichtigt damit die jüngsten starken Wechselkursentwicklungen in Bezug auf den Schweizer Franken. Die Umsatzprognose wird auf CHF 124 Millionen nach unten angepasst (vorherige Prognose: CHF 140 Millionen). Der Betriebsgewinn (EBIT) wird von CHF 25 Millionen leicht auf ungefähr CHF 22 Millionen nach unten korrigiert.

Die Angaben basieren auf Wechselkursen von 1.15 für EUR/CHF und0.8 für USD/CHF für das zweite Halbjahr. Die natürliche Fremdwährungs-absicherung (Natural Hedge) auf Ebene der Materialkosten hilft die relative Bruttomarge zu stützen. Dennoch werden Umsatz und EBIT von weiteren Änderungen der Währungsbewertungen gegenüber dem Schweizer Franken abhängig sein.

Jan. - Dez.(in Tausend CHF) 2011 2010 2010

(ungeprüft) (ungeprüft) (geprüft)

Umsatz 62'471 49'251 112'781% Wachstum 26.8%Herstellungskostender verkauften Produkte -31'045 -23'056 -53'921

Bruttogewinn 31'426 26'195 58'860% Bruttogewinnmarge 50.3% 53.2% 52.2%

Betriebskosten -19'850 -19'369 -41'159Sonstige Erträge 171 779 1'370

Betriebsgewinn (EBIT) 11'747 7'605 19'071% EBIT-Marge 18.8% 15.4% 16.9%

Finanzertrag 495 580 942Finanzaufwand -2'818 -672 -3'546

Gewinn vor Steuern (EBT) 9'424 7'513 16'467% EBT-Marge 15.1% 15.3% 14.6%

Steuern -2'014 -1'472 -3'551

Reingewinn 7'410 6'041 12'916% Reingewinnmarge 11.9% 12.3% 11.5%

Abschreibungen 3'450 3'409 8'612EBITDA (1) 15'197 11'014 27'683% EBITDA-Marge 24.3% 22.4% 24.5%

Wachstum EBITDA 38.0%Wachstum EBIT 54.5%Wachstum Reingewinn 22.7%

(1) EBITDA (earnings before interest, taxes, depreciation and amortization) als Addition der Abschreibungen zum Betriebsgewinn (EBIT) berechnet, immer auf Grundlage der Regeln nach IFRS.

Jan. - Juni

Fritz Fahrni Thomas Seiler

Präsident des Verwaltungsrats CEO

u-blox Holding AG, ThalwilCondensed consolidated interim financial statements

June 30, 2011

Page8| Half year report 2011

Consolidated statement of financial position

(in CHF 000s)June30,2011

(unaudited)December31,2010

(audited)June30,2010

(unaudited)

Assets

Currentassets

Cash and cash equivalents 29’716 25’184 28’173

Marketable securities 50’164 49’890 39’825

Trade accounts receivable 15’363 12’160 12’365

Other receivables 1’727 2’327 1’812

Inventory 16’780 15’545 9’385

Prepaid expenses and accrued income 1’534 1’991 1’610

Totalcurrentassets 115’284 107’097 93’170

Non-currentassets

Property, plant and equipment 5’189 4’947 4’928

Intangible assets 28’019 27’687 30’218

Financial assets 339 352 367

Deferred tax assets 1’954 2’217 3’540

Totalnon-currentassets 35’501 35’203 39’053

Totalassets 150’785 142’300 132’223

Liabilitiesandequity

Currentliabilities

Trade accounts payable 6’604 5’944 6’209

Other payables 1’712 1’977 1’920

Current tax liabilities 2’102 179 132

Accrued expenses 7’851 9’492 6’110

Totalcurrentliabilities 18’269 17’592 14’371

Non-currentliabilities

Provisions 598 281 80

Employee benefits 3’014 2’809 2’746

Deferred tax liabilities 1’509 1’767 1’188

Totalnon-currentliabilities 5’121 4’857 4’014

Totalliabilities 23’390 22’449 18’385

Shareholders’equity

Share capital 5’619 5’619 5’619

Share premium 104’718 103’798 103’403

Retained earnings 17’058 10’434 4’816

Totalequity 127’395 119’851 113’838

Totalliabilitiesandequity 150’785 142’300 132’223

These consolidated interim financial statements should be read in conjunction with the accompanying notes.



Consolidated income statement

(in CHF 000s)Jan.-June2011

(unaudited)Jan.-June2010

(unaudited)Jan.-Dec.2010

(audited)

Revenue 62’471 49’251 112’781

Cost of revenue -31’045 -23’056 -53’921

Grossprofit 31’426 26’195 58’860

Distribution and marketing expenses -7’546 -6’905 -14’584

Research and development expenses -9’469 -9’736 -21’336

General and administrative expenses -2’835 -2’728 -5’239

Other income 171 779 1’370

Profitfromoperations(EBIT) 11’747 7’605 19’071

Financial income 495 580 942

Finance costs -2’818 -672 -3’546

Profitbeforeincometax(EBT) 9’424 7’513 16’467

Income tax expense -2’014 -1’472 -3’551

Netprofitfortheperiod 7’410 6’041 12’916

Basic earnings per share (in CHF) 1.19 0.97 2.07

Diluted earnings per share (in CHF) 1.17 0.96 2.05

1) Finance costs consist of Foreign exchange result (net) of CHF 2.6 million in the first half year 2011.


1)

Consolidated statement of comprehensive income




(audited)

Netprofitfortheperiod 7’410 6’041 12’916

Other comprehensive income:

Foreign currency translation differences for foreign operations -657 -1’860 -3’085

Defined benefit plan actuarial losses -162 -442 -480

Income tax on other comprehensive income 33 85 91

Othercomprehensiveincomefortheperiod,netofincometax -786 -2’217 -3’474

Totalcomprehensiveincomefortheperiod 6’624 3’824 9’442




Consolidated statement of changes in equity


(in CHF 000s)Share

capitalShare

premium

Cumulative translation differences

Other retained earnings

Retainedearnings

Totalequity

BalanceatJanuary1,2010 5’619 102’830 -208 1’200 992 109’441

Netprofitfortheperiod 0 0 0 6’041 6’041 6’041


Foreign currency translation for foreign operations 0 0 -1’860 0 -1’860 -1’860

Defined benefit plan actuarial losses 0 0 0 -442 -442 -442

Income tax on other comprehensive income 0 0 0 85 85 85

Othercomprehensiveincomefortheperiod,netofincometax 0 0 -1’860 -357 -2’217 -2’217

Share-based payments1) 0 573 0 0 0 573

BalanceatJune30,2010 5’619 103’403 -2’068 6’884 4’816 113’838

BalanceatJanuary1,2011 5’619 103’798 -3’293 13’727 10’434 119’851

Netprofitfortheperiod 0 0 0 7’410 7’410 7’410


Foreign currency translation for foreign operations 0 0 -657 0 -657 -657

Defined benefit plan actuarial losses 0 0 0 -162 -162 -162

Income tax on other comprehensive income 0 0 0 33 33 33

Othercomprehensiveincomefortheperiod,netofincometax 0 0 -657 -129 -786 -786

Share-based payments1) 0 920 0 0 0 920

BalanceatJune30,2011 5’619 104’718 -3’950 21’008 17’058 127’395

1) Represents the amount of stock option expense recognized per June 30, 2011 and 2010 respectively.

Condensed consolidated statement of cash flows





(audited)

Net cash provided by operating activities 10’735 8'468 20’671

Net cash (used in) / provided byinvesting activities -4’533 164 -13’589

Net cash used in financing activities -1 -2 -4

Netincreaseincashandcashequivalents 6’201 8’630 7’078

Cash and cash equivalents at beginning of period 25’184 20'153 20’153

Effect of exchange rate fluctuations on cash and cash equivalents -1’669 -610 -2’047

Cashandcashequivalentsatendofperiod 29’716 28'173 25’184

1) Net cash used in investing activities consists of investments into property, plant and equipment of CHF 1.6 million and investments into intangible assets of CHF 3.0 million in the first half year 2011.

2) Net cash provided by investing activities consisted of disposal of short-term investments of CHF 5.0 million and investments into property, plant and equipment of CHF 2.1 million and investments into intangible assets of CHF 2.8 million in the first half year 2010.

2)


1)

| u-blox Annual Report 2008Page14| Half year report 2011

Notes to the condensed consolidated interim financial statements

1 Basis of preparation of the condensed consolidated

interim financial statements

The condensed consolidated interim financial statements of u-blox Holding AG (‘u-blox’ or the ‘Group’) were prepared in accordance with IAS 34 “Interim Financial Reporting”. These condensed consolidated interim financial statements do not include all the notes contained in the consolidated annual financial statements, and for that reason should be read in conjunction with the consolidated annual financial statements for the year ended December 31, 2010.

They have been prepared using the historical cost convention. There are no items requiring fair value accounting except for marketable securities. The Board of Directors authorized these condensed consolidated interim financial statements for issue on August 26, 2011.

The condensed consolidated interim financial statements have been prepared in Swiss francs (CHF), rounded to the nearest thousand. The accounting policies applied in the condensed consolidated interim statements are consistent with those used in the consolidated financial statements for the year ended December 31, 2010, except where noted in the following paragraph:

Effective January 1, 2011 u-blox adopted the newly issued IFRIC 19 “Extinguishing Financial Liabilities with Equity Instruments” as well as the revised and amended Standards and Interpretations IAS 24 “Related Party Disclosures (revised 2009)”, IAS 32 “Financial Instruments (Classification of Rights Issues)”, “Improvements to IFRSs (May 2010)” and IFRIC 14 “Prepayments of a Minimum Funding Requirement”. The adoption of these new and revised Standards or Interpretations had no effect on the consolidated interim financial statements.

The following new, revised and amended Standards, which are or may be applicable to u-blox, have been issued, but are not yet effective and are not applied early to these condensed consolidated interim financial statements. Their impact on the consolidated financial statements of the Group has not yet been systematically analyzed. The expected effects as disclosed below the table reflect a first assessment by Group management.

Standard Impact EffectivedatePlannedapplication

byu-blox

New Standards

IFRS 9 Financial Instruments *** January 1, 2013 Reporting year 2013

IFRS 10 Consolidated Financial Statements * January 1, 2013 Reporting year 2013

IFRS 11 Joint Agreements * January 1, 2013 Reporting year 2013

IFRS 12 Disclosure of Interests in Other Entities ** January 1, 2013 Reporting year 2013

IFRS 13 Fair Value Measurement * January 1, 2013 Reporting year 2013

Amended Standards

IFRS 7 Disclosures - Transfers of Financial Assets * July 1, 2011 Reporting year 2012

IAS 1 Presentation of Items of Other Comprehensive Income * July 1, 2012 Reporting Year 2013

IAS 12 Deferred Tax: Recovery of Underlying Assets * January 1, 2012 Reporting Year 2012

IAS 19 Employee Benefits (amended 2011) *** January 1, 2013 Reporting Year 2013

IAS 27 Consolidated and Separate Financial Statements (2011) * January 1, 2013 Reporting Year 2013

IAS 28 Investments in Associates and Joint Ventures (2011) * January 1, 2013 Reporting Year 2013

* No or no significant impacts are expected on the consolidated financial statements of u-blox. ** Mainly additional disclosures are expected in the consolidated financial statements of u-blox.*** The impact on the consolidated financial statements cannot yet be determined with sufficient reliability.

u-blox Annual Report 2008 | Page17

The preparation of the condensed consolidated interim financial statements requires management judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses as well as disclosure of contingent assets and liabilities. Although these judgments, estimates and assumptions are based on management’s best knowledge of current events and actions, actual results may ultimately differ from those estimates.

In the condensed consolidated interim financial statements significant estimates and assumptions made by management are not different from those made in the consolidated financial statements for the year ended December 31, 2010.

Income taxes are recognized based on best estimate of the weighted average annual tax rate for 2011.

The Group operates in markets where no significant seasonal or cyclical variations in revenue areexperienced during the financial year.

The condensed consolidated interim financial statements include u-blox Holding AG, Thalwil and subsidiaries in which it holds – either directly or indirectly – more than 50 % of the voting over which it exercises some other form of control.

2 Segment information

GPSandwire-lessproducts

Wirelessservices

Totalsegments

Non-allocated/eliminations Group

January–June January–June January–June January–June January–June

(in CHF 000s) 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010

Revenue third 61’435 48’137 1’036 1’114 62’471 49’251 0 0 62’471 49’251

Revenueintragroup 0 0 2’475 1’652 2'475 1’652 -2’475 -1’652 0 0

Totalrevenue 61’435 48’137 3’511 2’766 64’946 50’903 -2’475 -1’652 62’471 49’251

EBITDA 15’115 10’745 249 386 15’364 11’131 -167 -117 15’197 11’014

Depreciation -1’057 -886 -263 -303 -1'320 -1’189 0 0 -1’320 -1’189

Amortization -1’759 -1’898 -371 -322 -2'130 -2’220 0 0 -2’130 -2’220

EBIT 12’299 7’961 -385 -239 11'914 7’722 -167 -117 11’747 7’605

Financial income 495 580 495 580

Finance costs -2’818 -672 -2’818 -672

EBT -2’490 -209 9’424 7’513

June30,2011

Dec.31,2010

June30,2011

Dec.31,2010

June30,2011

Dec.31,2010

June30,2011

Dec.31,2010

June30,2011

Dec.31,2010

Assets 63’999 54’726 4’543 5’542 68'542 60’268 82’243 71’955 150'785 132'223


| u-blox Annual Report 2008Page16| Half year report 2011

3 Government grant

The group was granted some regional government contributions in the amount of CHF 721 thousand (related to research and development activities in Italy in the first half year 2010). This represented a reimbursement of some expenditure in the past. The government grant was recognized as “Other income” when the grant was received. No such government grants have been received in the first half year 2011.

4 Guarantees, pledges in favor of third parties and

other contingent liabilities

At June 30, 2010 and 2011 there were no guarantees in favour of third parties.

5 Subsequent events

There have been no events between June 30, 2011 and the date of authorization of these condensed consolidated interim financial statements that would lead to an adjustment of the carrying amounts of assets and liabilities presented as of June 30, 2011 or would otherwise have to be disclosed.

u-blox Annual Report 2008 | Page19Half year report 2011 | Page17

Investor information and contacts

u-blox Holding AG

Corporate address

Investor relations

Website

Financial calendar

Ticker details for u-blox shares• Listing SIX Swiss Exchange• Ticker symbol UBXN• ISIN-No. CH0033361673• Swiss Security-No. 3336167• Reuters UBXN.S• Bloomberg UBXN:SW

u-blox Holding AGZürcherstrasse 688800 ThalwilSwitzerlandPhone +41 44 722 74 44Fax +41 44 722 74 47

Roland JudChief Financial Officer E-mail: [email protected]

www.u-blox.com

• Annual results 2011: March 21, 2012• Annual General Meeting 2011: April 25, 2012

mailto:roland.jud%40u-blox.com?subject=Half%20year%20report%202011

http://www.u-blox.com

DisclaimerThis document contains certain forward-looking statements. Such forward-looking statements reflect the current views of management and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the u-blox Group to differ materially from those expressed or implied. These include risks related to the success of and demand for the Group’s products, the potential for the Group’s products to become obsolete, the Group’s ability to defend its intellectual property, the Group’s ability to develop and commercialize new products in a timely manner, the dynamic and competitive environment in which the Group operates, the regulatory environment, changes in currency exchange rates, the Group’s ability to generate revenues and profitability, and the Group’s ability to realize its expansion projects in a timely manner. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this report. u-blox is providing the information in this release as of this date and does not undertake any obligation to update any forward-looking statements contained in it as a result of new information, future events or otherwise.

ImprintPublisher / Copyright: September 2011 u-blox Holding AG, Thalwil, Switzerland.

Worldwide presence

R&DcenterReigate, UK

R&DcenterSgonico, Italy

AmericasofficeApplication engineering centerReston, Virginia, USA

RegionalofficeSan Jose, California, USA

CorporateheadquartersApplication engineering centerThalwil, Switzerland

APACofficeSingapore

Regionaloffices

Beijing, China

Seoul, Korea

Tokyo, Japan

Shanghai, China

Taipei, Taiwan

Shenzhen, China

Hong Kong

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