micronas qr 1 08 · micronas started the 2008 business year in line with expectations. the...
TRANSCRIPT
Quarterly Report 1/2008
Transparency2
212-631-08_Quartalsbericht_1-08 11.04.2008 10:21 Uhr Seite 1
Quarterly Report 1/2008 Micronas Group
Contents
Letter to shareholders 3
Aktionärsbrief 6
Interim Report 9 – 12
Notes on the interim financialstatements 28.3.2008 12 –14
Additional information 14 –15
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Key figures at a glanceQ1/2007
CHF 1000Q4/2007
CHF 1000Q1/2008
CHF 1000
Net salesOperating loss before impairment and restructuringImpairment and restructuringEBITEBITDALoss for the periodEarnings per share in CHFShareholders’ equityEquity ratio in percentNet cashCash flow from operating activities
169 582– 3 809
0– 3 80912 845– 7 751
– 0.26356 423
55.5264 144– 10 722
173 803– 10 017– 59 525– 69 542– 31 864– 60 557
– 2.06380 697
54.9291 57640 350
181 180– 19 968
0– 19 968
3 217– 10 008
– 0.34903 472
75.9244 32739 732
Ladies and Gentlemen
Micronas started the 2008 business year in line with
expectations. The restructuring process, begun in
autumn 2007, made more rapid progress in the first
quarter of 2008 than originally planned. As a result,
the operating loss for the first quarter is at the
lower end of the forecast range. The roadmap for
the new Consumer products was well-received
by our customers. The refocusing of the research
and development activities and the streamlining
of the sales organization are in the implementation
phase and ahead of schedule. Micronas has
discontinued its IPTV set-top box activities for
telecoms applications; most of the employees
working in this sector have now left the Company.
Incoming orders in the Consumer division during
March were disappointing, and this will have a
negative impact on the course of business in the
second quarter.
Consolidated net sales for the first quarter
of 2008 amounted to CHF 169.6 million; this
was, as expected, 2.4 percent lower than in the
fourth quarter of 2007. The operating profit
before depreciation and amortization (EBITDA)
was CHF 12.8 million. The operating loss before
exceptional items decreased by 62.0 percent to
CHF 3.8 million, despite a 340 base point reduction
in the margin. The restructuring measures resulted
in a reduction in operating costs of about
CHF 10.0 million in the first quarter or 15.0 percent
of the previous-quarter costs. The operating loss
(EBIT) was CHF 3.8 million, compared with CHF
69.5 million in the previous quarter. The loss
for the reporting period was CHF 7.8 million, which
equates to earnings per share of CHF – 0.26.
The Automotive division made a somewhat
subdued start to the new year owing to currency
translation factors. Sales of CHF 53.7 million came
in 2.9 percent lower than in the previous quarter.
As previously announced, it was not possible to
maintain the extremely high EBIT margin of
27.3 percent achieved in the previous quarter;
however, it was still a respectable 24.8 percent in
the first quarter, corresponding to an operating
profit (EBIT) of CHF 13.3 million.
At the ”embedded world“ trade show in Nuremberg
in February, we unveiled our easyLIN product
line for smart sensor and actuator applications,
developed specially for LIN bus applications.
Modern cars and trucks have several LIN bus
modules which combine intelligent sensors and
control actuators for window lifters, windshield
wipers and many other functions. Our product lines
simplify the development and reduce the costs of
Letter to shareholders
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4
Employees by activity
LIN bus modules by integrating all logic functions,
peripheral modules, interfaces and a LIN bus
interface in a single component.
Also newly launched, the HAL 28xy special Hall-
effect sensor family for automotive and mechatronic
applications has a microcontroller, a temperature
sensor, more advanced on-chip compensation and
a digital interface. The HAL 28xy sensor family
is destined for price-sensitive applications such
as systems for determining the seat position or
the fuel status. The demand for high-performance
controllers and sensors will grow significantly in
the coming years because sophisticated engine and
gearbox management will be essential to meeting
future requirements regarding exhaust emission
limits. Manufacturers have to optimize every
single component, and will replace more and more
mechanical sensors through contactless ones.
The continuing high demand for intelligent, light-
weight and low-cost electronic components
will give further impetus to the Automotive
division. Inquiries about new projects, also
from previously reticent customers, indicate that
Micronas is well-positioned in the international
market.
The Consumer division is still greatly affected
by the restructuring process. Sales in the first
quarter of 2008 totaled CHF 115.9 million, some
2.2 percent down on the previous quarter in
line with expectations. The operating loss before
impairment and restructuring decreased by
31.9 percent to CHF 17.1 million. The restructuring
program initiated in autumn 2007 is proceeding
successfully; significant cost reductions were
already apparent in the first quarter of 2008. Our
new products were well-received by customers,
which is promising in terms of gaining further
market share. However, the crisis in the financial
markets has prompted the first uncertainties about
the general growth expectations for 2008.
The Consumer division continues to operate under
the influence of a highly competitive market
environment. In the area of flat-panel screens,
technology eliminating film judder and motion blur
is rapidly gaining acceptance. Both effects are
covered by the Micronas product FRC-M, the fourth
generation of the Micronas truD technology.
A number of manufacturers have launched full-HD
TV sets with LCD displays, based on the Micronas
VCT product family. These single-chip solutions
offer manufacturers all the necessary system
components in a single package.
Following the announcement by Toshiba, in February
2008, that it was ending production and further
457 Research and development
310 Marketing and sales
157 Administration and general
1018 Production
38 Quality management
Quarterly Report 1/2008 Micronas Group
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5
Sales by regions
in million CHF
98.3 Europe64.5 Asia
6.0 America 0.8 Other
115.9 Consumer
53.7 Automotive
Sales by segments
in million CHF
development of HD-DVD technology and equipment,
the Blu-ray Disc is effectively the winner of the
format war for the digital optical disc storage
medium. The decision in favor of the Blu-ray
standard finally ends the uncertainty for consumers
and should lead to increased demand for HD TVs
and related equipment. This development also
opens up interesting possibilities for Micronas,
particularly in the area of products for perfect
home-cinema sound, with the Micronas MSP audio
platform.
Utilization of installed machine capacity at the
Freiburg waferfab facility averaged 95 percent in the
reporting period. Technology-related demand was
covered by external wafer foundries. A priority in
relation to ongoing projects was cost reduction, for
example by improving yields and optimizing process
flows.
At the 13th ordinary Shareholders’ Meeting, held
on March 7, 2008, at the World Trade Center in
Zurich, the Micronas shareholders approved all
the proposals of the Board of Directors. The Board
of Directors would like to take this opportunity
to thank shareholders for their trust. The sitting
members Heinrich W. Kreutzer and Harald Stanzer
were re-elected as members of the Board of
Directors for a further term of office of three
years.
Dr.Thomas Lustenberger
ChairmanDr. Wolfgang Kalsbach
Chief Executive Officer
Letter to shareholders
For the second quarter of 2008, Micronas
expects sales of between CHF 130 and 140 million
and an operating loss (EBIT) between CHF 20
and CHF 25 million. The Consumer division will
contribute sales of between CHF 75 and 85 million.
Micronas expects the Automotive division to
generate sales of around CHF 55 million.
April 17, 2008
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Sehr geehrte Damen und Herren
Micronas ist erwartungsgemäss ins Jahr 2008
gestartet. Der im Herbst 2007 begonnene
Restrukturierungsprozess kam im ersten Quartal
2008 rascher als ursprünglich geplant voran.
Entsprechend liegt der Betriebsverlust am unteren
Ende unserer Prognose. Unsere Kunden haben die
Roadmap für die neuen Consumer-Produkte positiv
aufgenommen. Die Fokussierung der Forschungs-
und Entwicklungsabteilung und die Straffung der
Verkaufsorganisation sind in der Umsetzungsphase
und im Zeitplan voraus. Bei den IPTV-Set-Top-Boxen
für Telco-Anwendungen wurden die Aktivitäten
eingestellt und das Gros der in diesem Bereich
beschäftigten Mitarbeiter hat in der Zwischenzeit
das Unternehmen verlassen. Enttäuschend verlaufen
ist der Bestellungseingang im Bereich Consumer
in den Märzwochen, was sich negativ auf den
Geschäftsverlauf im zweiten Quartal auswirken
wird.
Der konsolidierte Netto-Umsatzerlös betrug im
ersten Quartal 2008 CHF 169.6 Millionen und lag
damit erwartungsgemäss um 2.4 Prozent tiefer als
im vierten Quartal 2007. Der Betriebsgewinn vor
Abschreibungen und Amortisationen (EBITDA) lag
bei CHF 12.8 Millionen. Der Betriebsverlust vor
Sondereinflüssen verringerte sich trotz einer um
340 Basispunkte tieferen Marge gegenüber dem
Vorquartal um 62.0 Prozent auf CHF 3.8 Millionen.
Die eingeleiteten Restrukturierungsmassnahmen
führten im ersten Quartal zu einer Einsparung bei
den operativen Kosten von rund CHF 10.0 Millionen
oder 15.0 Prozent der Vorquartalskosten. Der
Betriebsverlust (EBIT) betrug CHF 3.8 Millionen, im
Vorquartal CHF 69.5 Millionen. Der Verlust der
Geschäftsperiode betrug 7.8 Millionen, was einem
Ergebnis pro Aktie von CHF – 0.26 entspricht.
Der Bereich Automotive ist währungsbedingt etwas
verhalten ins neue Jahr gestartet. Der Umsatz war
mit CHF 53.7 Millionen gegenüber dem Vorquartal
um 2.9 Prozent rückläufig. Wie angekündigt konnte
die im Vorquartal erwirtschaftete äusserst hohe EBIT-
Marge von 27.3 Prozent nicht gehalten werden,
sie betrug im ersten Quartal jedoch noch immer
respektable 24.8 Prozent, was einem Betriebs-
gewinn (EBIT) von CHF 13.3 Millionen entspricht.
An der Messe „embedded world“, welche im
Februar in Nürnberg stattfand, stellten wir
der Öffentlichkeit unsere easyLIN-Produktlinie für
intelligente Sensor- und Aktuatorapplikationen vor,
die speziell für LIN-Bus-Applikationen entwickelt
wurden. Moderne PKW und LKW enthalten mehrere
LIN-Bus-Module, die intelligente Sensoren verbinden
und Aktuatoren für Fensterheber, Scheibenwischer
und viele andere Funktionen steuern. Unsere
Produktlinien vereinfachen die Entwicklung und
senken die Kosten von LIN-Bus-Modulen, da sie in
einem einzigen Bauelement alle Logikfunktionen,
Peripheriemodule, Schnittstellen und ein LIN-Bus-
Interface enthalten.
6
Quartalsbericht 1/2008 Micronas Gruppe
Abschluss auf einen BlickQ1/2007
CHF 1000Q4/2007
CHF 1000Q1/2008
CHF 1000
Netto-UmsatzerlöseBetriebsverlust vor Wertminderungen und RestrukturierungWertminderungen und RestrukturierungEBITEBITDAVerlust der GeschäftsperiodeErgebnis pro Aktie in CHFEigenkapitalEigenkapitalquote in ProzentFlüssige Mittel, nettoCash Flow aus Geschäftstätigkeit
169 582– 3 809
0– 3 80912 845– 7 751
– 0.26356 423
55.5264 144– 10 722
173 803– 10 017– 59 525– 69 542– 31 864– 60 557
– 2.06380 697
54.9291 57640 350
181 180– 19 968
0– 19 968
3 217– 10 008
– 0.34903 472
75.9244 32739 732
212-631-08_Quartalsbericht_1-08 11.04.2008 10:21 Uhr Seite 6
Die ebenfalls neu lancierte Hall-Effekt-Sonder-
familie HAL 28xy für Automotive- und Mechatronik-
applikationen enthält einen Mikrocontroller, einen
Temperatursensor, eine weiterentwickelte On-Chip-
Kompensation sowie eine digitale Schnittstelle.
Die Sensorfamilie HAL 28xy ist prädestiniert für
preissensitive Applikationen, wie etwa Systeme
zur Erfassung der Sitzposition oder zur Ermittlung
des Benzinfüllstandes. Der Bedarf nach leistungs-
fähigen Steuergeräten und Sensoren wird in
den nächsten Jahren beträchtlich zunehmen, da nur
mit aufwändigem Motor- und Getriebemanagement
die künftigen Abgasgrenzwerte eingehalten werden
können. Die Hersteller müssen jede einzelne
Komponente optimieren und werden deshalb
immer mehr mechanische Sensoren durch kontakt-
lose ersetzen.
Der anhaltend grosse Bedarf nach intelligenten,
leichten und kostengünstigen Elektronikkomponenten
wird dem Bereich Automotive weiterhin positive
Impulse geben. Anfragen für neue Projekte, auch
von bisher zurückhaltenden Kunden, zeigen, dass
Micronas im internationalen Markt gut positioniert
ist.
Der Bereich Consumer ist noch stark vom
Restrukturierungsprozess geprägt. Der Umsatz
betrug im ersten Quartal 2008 CHF 115.9 Millionen
und lag damit erwartungsgemäss um 2.2 Prozent
unter dem Vorquartal. Der Betriebsverlust vor Wert-
minderungen und Restrukturierungen verringerte
sich um 31.9 Prozent auf CHF 17.1 Millionen.
Die im Herbst 2007 eingeleitete Restrukturierung
verläuft erfolgreich und führte bereits im ersten
Quartal 2008 zu namhaften Kostenreduktionen.
Kundenseitig sind unsere neuen Produkte gut
aufgenommen worden, was uns hinsichtlich des
Gewinns von weiteren Marktanteilen positiv stimmt.
Als Folge der Finanzmarktkrise kommen im Markt
allerdings erste Zweifel bezüglich der allgemeinen
Wachstumserwartungen für 2008 auf.
Der Geschäftsbereich Consumer steht nach wie
vor unter dem Einfluss eines sehr kompetitiven
Marktumfelds. Bei den Flat-Panels setzen sich
sehr rasch jene Technologien durch, welche die
Bildqualität bezüglich Bildruckeln und Bewegungs-
unschärfen verbessern. Beide Effekte werden vom
Micronas Produkt FRC-M, der vierten Generation
der Micronas truD-Technologie, abgedeckt.
Verschiedene Hersteller haben Full-HD-TV-Geräte
mit LCD-Bildschirm lanciert, die auf der VCT-
Produktfamilie von Micronas aufbauen. Mit
diesen Single-Chip-Lösungen erhalten die Hersteller
die benötigten Systemkomponenten aus einer
Hand.
Nachdem Toshiba im Februar 2008 die Einstellung
der Produktion und die Weiterentwicklung der
HD-DVD-Technik – einschliesslich der Geräte –
angekündigt hat, gilt die Blu-ray Disc als Sieger im
Formatkrieg für das digitale optische Speicher-
7
Mitarbeiter nach Tätigkeit
457 Forschung und Entwicklung
310 Marketing und Vertrieb
157 Verwaltung
1018 Produktion
38 Qualität
Aktionärsbrief
212-631-08_Quartalsbericht_1-08 11.04.2008 10:21 Uhr Seite 7
8
Dr.Thomas Lustenberger
PräsidentDr. Wolfgang Kalsbach
Chief Executive Officer
Umsatz nach Regionen
in Mio. CHF
98.3 Europa64.5 Asien
6.0 Amerika 0.8 Sonstige
115.9 Consumer
53.7 Automotive
Umsatz nach Segmenten
in Mio. CHF
Quartalsbericht 1/2008 Micronas Gruppe
medium. Nach dem Entscheid für den neuen
Blu-ray-Standard ist die Unsicherheit für die
Konsumenten endlich beseitigt, und es wird
erwartet, dass die Nachfrage nach HD-TVs und
den zugehörigen Geräten zunehmen wird. Diese
Entwicklung eröffnet auch für Micronas interessante
Möglichkeiten, insbesondere bei den Produkten für
den perfekten Home-Cinema-Sound mit der
Micronas MSP-Audio-Plattform.
Die Auslastung der installierten Maschinenkapazität
in der Freiburger Waferfab lag im Berichtszeitraum
durchschnittlich bei 95 Prozent. Technologiebedingter
Bedarf wurde über externe Waferfoundries gedeckt.
Ein Schwerpunkt bei den laufenden Projekten lag
in der Kostenreduzierung, wie zum Beispiel in der
Verbesserung der Ausbeutung und Optimierung von
Prozessabläufen.
An der 13. ordentlichen Generalversammlung,
welche am 7. März 2008 im World Trade Center in
Zürich durchgeführt wurde, stimmten die Micronas
Aktionäre sämtlichen Anträgen des Verwaltungsrats
zu. Der Verwaltungsrat möchte sich auf diesem
Weg für das entgegengebrachte Vertrauen bei
den Aktionären bedanken. Die beiden bisherigen
Verwaltungsräte Heinrich W. Kreutzer und Harald
Stanzer wurden für eine weitere Amtsdauer von drei
Jahren als Mitglieder des Verwaltungsrats wieder-
gewählt.
Für das zweite Quartal rechnet Micronas mit
einem Umsatz zwischen CHF 130 und 140 Millionen
und einem Betriebsverlust (EBIT) zwischen CHF 20
und CHF 25 Millionen. Der Umsatzbeitrag des
Bereichs Consumer wird zwischen CHF 75 und
85 Millionen betragen. Für den Bereich Automotive
erwartet Micronas einen Umsatz von rund
CHF 55 Millionen.
17. April 2008
212-631-08_Quartalsbericht_1-08 11.04.2008 10:21 Uhr Seite 8
Interim Report
9
Consolidated profit and loss statement
Q1/2007
CHF 1000Q1/2008
CHF 1000
Net sales
Cost of sales
Margin
in % of net sales
Research and development expensesMarketing expensesAdministrative and general expensesOther operating income (+) and expenses (–), netOperating loss
in % of net sales
Financial incomeFinancial expensesOther incomeLoss before tax
Income taxes
Loss for the period
in % of net sales
Attributable to:
Shareholders of the parent Minority interest
Weighted average number of issued and outstanding sharesEarnings per share in CHF – undiluted
Weighted average number of issued and outstanding shares for calculation of earnings per share – dilutedEarnings per share in CHF – diluted
181 180
– 127 953
53 227
29.4
– 49 102– 16 389– 7 796
92– 19 968
– 11.0
1 735– 2 281
167– 20 347
10 339
– 10 008
– 5.5
– 10 04739
29 433 242– 0.34
29 433 242– 0.34
169 582169 582
– 118 939
50 64350 643
29.9
– 32 236– 15 324– 4 837– 2 055– 3 809– 3 809
– 2.2
2 288– 6 055
137– 7 439– 7 439
– 312
– 7 751– 7 751
– 4.6
– 7 7510
29 433 242– 0.26– 0.26
29 433 242– 0.26– 0.26
Interim Report
212-631-08_Quartalsbericht_1-08 11.04.2008 10:21 Uhr Seite 9
Assets
Consolidated balance sheet
31.12.2007
CHF 100028.3.2008
CHF 1000
Shareholders’ equity and liabilities
10
Quarterly Report 1/2008 Micronas Group
Shareholders’ equity
Issued capitalAdditional paid-in capitalOwn sharesOther comprehensive incomeRetained earningsTotal equity
Long-term liabilities
Long-term loansLong-term provisionsLong-term liabilitiesDeferred tax liabilitiesTotal long-term liabilities
Current liabilities
Current portion of long-term liabilitiesAccounts payable – tradeShort-term provisionsIncome tax payableOther current liabilitiesTotal current liabilities
Total liabilities
Total equity and liabilities
Non-current assets
Property, plant and equipmentIntangible assetsInvestmentsLong-term loans receivableOther long-term assetsDeferred tax assetTotal non-current assets
Current assets
InventoriesAccounts receivable – tradeOther current assetsShort-term financial investmentsCash and cash equivalentsTotal current assets
Total assets
1 484498 270– 9 43035 730
– 145 357380 697
125171 794
2 696885
175 500
19355 88039 0011 057
41 391137 522
313 022
693 719
1 484498 849– 9 43018 628
– 153 108356 423356 423
103162 432
2 2945
164 834164 834
17142 97736 2921 034
39 907120 381120 381
285 215285 215
641 638641 638
154 24324 8432 040
391 1473 479
185 791185 791
83 81493 63113 984
967263 451455 847455 847
641 638641 638
175 48927 9872 151
411 3193 627
210 614
85 34287 39418 4752 904
288 990483 105
693 719
212-631-08_Quartalsbericht_1-08 11.04.2008 10:21 Uhr Seite 10
11
Q1/2007
CHF 1000Q1/2008
CHF 1000Operating activities
Investing activities
Consolidated cash flow statement
Capital expendituresLong-term loansAcquisition of operations, net of cash acquiredShort-term financial investmentsInterest receivedProceeds from disposal of fixed assetsCash flow from investing activities
Financing activities
Loss before taxDepreciation and amortizationInterest income (–) and expense (+), net(excl. interest portion of discounted long-term provisions and liabilities)Loss/gain on disposal of fixed assetsShare compensation expenseForeign exchange gains and lossesChange in other long-term assets, provisions and liabilitiesCash flow before working capital changes
Change in inventoriesChange in accounts receivable – trade and other current assetsChange in accounts payable – trade, short-term provisions and other current liabilitiesCash flow from operations
Income taxes paid
Cash flow from operating activities
Proceeds from long-term borrowingsInterest paidRepayment of long-term liabilitiesCash flow from financing activities
Exchange effect on cashChange in cash and cash equivalents
Cash and cash equivalents at end of periodCash and cash equivalents as at January 1Change in cash and cash equivalents
– 10 6664
– 2 709– 7501 613
878– 11 630
– 3 71400
1 8162 604
61767767
0– 37
– 1 891– 1 928
1 55427 728
244 971217 24327 728
2– 4
– 1 890– 1 892– 1 892
– 13 692– 25 539– 25 539
263 451288 990– 25 539– 25 539
– 7 43916 654
– 2 170142579
1 0261 1959 9879 987
– 2 948– 7 786– 9 685
– 10 432– 10 432
– 290
– 10 722– 10 722
– 20 34723 185
– 1 559– 54980169
2 7345 108
14 4137 752
10 07537 348
2 384
39 732
Interim Report
212-631-08_Quartalsbericht_1-08 11.04.2008 10:21 Uhr Seite 11
12
Changes in equity1
Beginning of period
Share compensation expenseLoss for the periodChange in minority interestOther comprehensive income:Translation adjustment, net of tax CHF 879 (000)
End of period
Quarterly Report 1/2008 Micronas Group
Notes on the interim financial statements 28.3.2008
Q1/2007
CHF 1000Q1/2008
CHF 1000
1 condensed
1. Accounting principles
The unaudited interim financial statements (“Interim Report”) for the first quarter 2008 comply with International FinancialReporting Standards (IFRS) and have been prepared in accordance with IAS 34 ”Interim Financial Reporting“. The Interim Reportshould be read in conjunction with the consolidated financial statements as at December 31, 2007. We followed the sameaccounting policies and methods of computation as compared with the most recent annual financial statements. The Board ofDirectors authorized the Interim Report for issue on April 11, 2008.
3. 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 sufficientfuture taxable profits will be available against which the unused tax losses can be utilized in the German entities and at MicronasUSA Inc. In the first quarter 2008, additionally CHF 4.8 million of net operating losses have been carried forward for tradeincome tax and CHF 7.1 million for corporate income tax in Germany and additionally CHF 6.9 million of net operating losseshave been carried forward in the USA for which deferred taxes have not been recorded.
In the first quarter 2007, an increase of deferred taxes in the amount of CHF 13.2 million was recorded on losses incurredin Germany and USA.
2. Currency exchange rates
1.62332.42161.23441.03100.13300.15800.80740.15953.7450
1.65972.2498 1.1267 1.0300 0.1210 0.1444 0.7793 0.15453.4670
28.3.2008
3 months 2008
average 31.12.2007
3 months 2007
average
1 EUR1 GBP1 USD
100 JPY100 KRW
1 HKD1 SGD1 CNY
100 TWD
1.57381.5738
1.99441.9944
0.99280.9928
0.99900.9990
0.10100.1010
0.12760.1276
0.71990.7199
0.14170.1417
3.29303.2930
1.59891.5989
2.09032.0903
1.06021.0602
1.01301.0130
0.11100.1110
0.13580.1358
0.75360.7536
0.14890.1489
3.38603.3860
380 697380 697
579– 7 751
0
– 17 102356 423356 423
907 919
980– 10 008– 1 455
6 036903 472
212-631-08_Quartalsbericht_1-08 11.04.2008 10:21 Uhr Seite 12
13
5. Segment reporting
Consumer Automotive Corporate ReconciliationCHF 1000
Group
Regions
Net sales Q1/2008
in % of total net sales
Net sales Q1/2007
in % of total net sales
Europe Asia America Other Group
Business segments
Q1/2008
Net sales
in % of total net salesOperating profit/loss
in % of sales
Q1/2007
Net sales
in % of total net salesOperating profit/loss
in % of sales
115 919
68.4– 17 103
– 14.8
125 193
69.1– 34 739
– 27.7
53 663
31.613 294
24.8
55 987
30.914 771
26.4
0
0
0
0
0
0
0
0
169 582169 582
100.0– 3 809– 3 809
– 2.2
181 180181 180
100.0– 19 968– 19 968
– 11.0
98 283
58.0
83 719
46.2
64 476
38.0
87 718
48.4
6 025
3.6
8 332
4.6
798
0.4
1 411
0.8
169 582169 582
100.0
181 180181 180
100.0
In consideration of the adoption of IFRS 8 operating segments in 2009, the Corporate segment has been allocated to the business segmentsConsumer and Automotive starting 2008. The comparative figures of 2007 have been adjusted accordingly.
6. Number of employees
1 07663116626639
2 178
2 173
Q1/2008 Q1/2007 31.12.2007
ProductionResearch and developmentAdministration and generalMarketing and salesQuality managementNumber of employees at end of period
Average number of employees
1 01845715731038
1 9801 980
2 0322 032
1 03952016333838
2 098
2 160
7. Seasonality, economic cycles
In the past the results varied from quarter to quarter. It is expected that these variations will continue in the future. Thebusiness of the Group does not present pronounced seasonal cyclical patterns.
4. Financial expenses
The financial expenses of the first quarter 2008 include CHF 1.5 million expenses for hedging and CHF 2.4 million from foreigncurrency valuations of cash and cash equivalents balances.
Notes on the interim financial statements 28.3.2008
212-631-08_Quartalsbericht_1-08 11.04.2008 10:21 Uhr Seite 13
14
Quarterly Report 3/2007 Micronas Group
8. Issued capital
Opening balance
Share capital reductionBalance, end of period
The issued and fully paid share capital ofMicronas Semiconductor Holding AG comprises:
29 675 43029 675 430
029 675 43029 675 430
32 648 930
– 2 973 50029 675 430
1 632
– 1481 484
Number28.3.2008
CHF 1000 Number31.12.2007
CHF 1000
On March 2, 2007, the ordinary Shareholders’ Meeting resolved ashare capital reduction by cancelling 2 973 500 registered sharesproposed by the Board of Directors. The share capital reduction has
been executed on May 21, 2007, following the completion of the legalprocedures relating to the share capital reduction and the respectiveentry in the Commercial Register.
1 4841 484
01 4841 484
Outstanding at the beginning of year
IssuedExercisedForfeitedExpiredOutstanding, end of period
1 112 4501 112 450
265 7500
– 20 0000
1 358 2001 358 200
968 850
310 7000
– 75 350– 91 750
1 112 450
48.19
26.950.00
44.5338.9742.93
Number ofshare options
Weightedaverage
exercise priceNumber of
share options
28.3.2008 31.12.2007
Weightedaverage
exercise price
In the first quarter 2008, 20 000 share options forfeited due to the retirement of some key employees.
42.9342.93
10.850.00
45.280.00
36.8936.89
9. Share options
Expected option life in yearsExpected forfeitures per year until vestingExpected volatilityShare price at the grant date in CHFRisk-free interest rateExpected dividendWeighted average fair value per options granted in CHF
2.56 – 4.563.7%
55.0%10.85
2.81 – 2.930.0%4.36
2.15 – 4.413.7%
56.0%26.95
2.63 – 2.660.0%9.94
20072008
In 2008, options were granted on January 3.The calculation of the fair value has been determined on the following actuarial assumptions:
Compared to the share options granted in January 2007, certain assumptions have been adjusted to reflect current developmentin the market and in the structure of the plan participants.
Additional information
Orders on hand
Orders on hand, beginning of period
Net salesOrder intakeTranslation adjustments
Orders on hand, end of period
Book-to-bill
Q1/2007
CHF 1000Q1/2008
CHF 1000
174 893174 893
169 582132 202– 8 636
128 877128 877
0.780.78
161 316
181 180172 684
1 604
154 424
0.95
212-631-08_Quartalsbericht_1-08 11.04.2008 10:21 Uhr Seite 14
15
Number of shares and options heldby the Board of Directors and Management Board
Name Position
1 One option entitles to draw of a registered share of Micronas Semiconductor Holding AG, Zurich, with an exercise price of CHF 31.67 each until December 31, 2008.The options were granted on January 1, 2003.
2 One option entitles to draw of a registered share of Micronas Semiconductor Holding AG, Zurich, with an exercise price of CHF 54.00 each until December 31, 2009.The options were granted on January 5, 2004.
3 One option entitles to draw of a registered share of Micronas Semiconductor Holding AG, Zurich, with an exercise price of CHF 55.00 each until December 31, 2010.The options were granted on January 3, 2005 (exception: options H. Stanzer granted on April 7, 2005; exercisable until December 31, 2008).
4 One option entitles to draw of a registered share of Micronas Semiconductor Holding AG, Zurich, with an exercise price of CHF 45.15 each until December 31, 2011.The options were granted on January 3, 2006 (exception: options H. W. Kreutzer granted on March 3, 2006; exercisable until December 31, 2008).
5 One option entitles to draw of a registered share of Micronas Semiconductor Holding AG, Zurich, with an exercise price of CHF 26.95 each until December 31, 2012.The options were granted on January 3, 2007 (exception: options C. Brand and M. Lichtman granted on March 2, 2007; exercisable until December 31, 2010).
6 One option entitles to draw of a registered share of Micronas Semiconductor Holding AG, Zurich, with an exercise price of CHF 10.85 each until December 31, 2013.The options were granted on January 3, 2008.
20 000
0
1 000
100
0
0
0
0
0
0
0
0
0
0
5 000
0
6 600
0
6 600
0
0
0
25 000
10 000
5 000
5 000
5 000
0
5 000
0
5 000
5 000
6 600
0
6 600
0
0
0
25 000
10 000
5 000
5 000
5 000
0
5 000
0
5 000
5 000
6 800
0
6 800
0
0
20 000
25 000
10 000
5 000
5 000
5 000
0
5 000
0
5 000
5 000
6 600
0
6 600
13 200
0
6 600
25 000
10 000
5 000
5 000
5 000
0
5 000
0
5 000
5 000
13 200
20 000
6 600
6 800
20 000
6 600
25 000
10 000
5 000
5 000
5 000
7 500
5 000
0
5 000
5 000
13 600
6 600
6 800
6 600
6 600
6 800
25 000
10 000
5 000
5 000
5 000
5 000
5 000
15 000
5 000
5 000
Chairman of the Board of DirectorsMember of the Board of DirectorsMember of the Board of DirectorsMember of the Board of DirectorsMember of the Board of DirectorsMember of the Board of Directors
Chief ExecutiveOfficerChief Financial OfficerVice PresidentConsumerVice PresidentAutomotiveVice PresidentOperationsVice PresidentHuman ResourcesVice PresidentOperations BackendVice President Marketingand Application ConsumerVice PresidentQualityVice President ProductDevelopment Consumer
Numberof shares
Numberof options1
Number of options2
Number of options3
Number of options4
Number of options5
Number of options6
Dr. Thomas Lustenberger
Christoph Brand
Dr. Rudolf W. Hug
Heinrich W. Kreutzer
Moshe Lichtman
Harald Stanzer
Dr. Wolfgang Kalsbach
Manfred Häner
Hans-Jürgen Désor
Klaus Heberle
Nikolaus-Viktor Kaeppeler
Jürgen Kurz
Wilfried Lowinski
Timothy Vehling
Nicholas Ververis
Dirk Wieberneit
Additional information
212-631-08_Quartalsbericht_1-08 11.04.2008 10:21 Uhr Seite 15
www.micronas.com
Micronas Semiconductor Holding AG
Technopark I Technoparkstrasse 1 I 8005 Zurich I SwitzerlandPhone +41 44 445 39 60 I Fax +41 44 445 39 61
Micronas Holding GmbH
Hans-Bunte-Strasse 19 I 79108 Freiburg I GermanyPhone +49 761 557 5688 I Fax +49 761 557 5690 [email protected]
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212-631-08_Quartalsbericht_1-08 11.04.2008 10:21 Uhr Seite 16