Micronas on the right course (PR7)
Flotation on Frankfurt's Neue Markt in mid-July - capital increase
July 5, 1999 - Micronas Semiconductor Holding AG
The half-year results released by Micronas Semiconductor Holding AG, Zurich, confirm the positive trend in the company's performance. All the budgeted targets have been achieved.
The Micronas Group posted a net profit of CHF 5.5 million for the first half of 1999. This compares with a loss of CHF 35.1 million, largely the result of restructuring measures, for the equivalent period last year.
Net sales for the first six months were at CHF 140.8 million, up from the CHF 133.2 million recorded for the same period last year. If the effect of divestments is excluded (CHF 14.5 million for discontinued activities) this is equivalent to sales growth of 18.6 %. The Consumer Division's contribution to the interim sales figure was CHF 108.7 million - 20.1 % higher than in the equivalent period in 1998. The Automotive Division's sales of CHF 32.1 million were 13.8 % higher than in the first six months of last year.
The Executive Board expects to see sales of around CHF 280-290 million for the 1999 business year as a whole, and a net profit of between CHF 7 and CHF 10 million. Detailed figures and information on the first half year's business will be published in a letter to shareholders in the middle of August.
As we have already announced, shares in Micronas Semiconductor Holding AG, which are currently traded on the Swiss Stock Exchange, will also be listed on Frankfurt's Neue Markt from 15 July 1999. At the same time, Micronas will be increasing its equity capital by a nominal CHF 5 million by issuing 500,000 new registered shares with a par value of CHF 10 each. This will improve the company's equity capital ratio substantially, enabling Micronas to exploit opportunities for targeted market expansion. A consortium of banks led by Bank J. Vontobel & Co AG will be placing the shares with institutional and private investors in the period between 12 and 14 July 1999.