Pleasing last-quarter performance, good overall results in 2001 (includes financial data in PDF) (0206)
2001 key data for fourth quarter and business year
In the fourth quarter of 2001, the Micronas Group achieved a further improvement in consolidated net sales, which rose by 3.9 percent compared with the previous quarter. The 2001 business year as a whole saw sales increase by 15.6 percent over the previous year, reaching CHF 566.7 million. After adjustments for acquisitions and currency translation, this represents a fall of only 8.6 percent. The main driver behind the positive sales trend was the European market. Net profit amounted to CHF 26.0 million, compared with CHF 63.5 million in 2000. Earnings per share, adjusted for amortization of goodwill after taxes, amounted to CHF 1.94 (previous year: CHF 3.13).
The Consumer division generated net sales of CHF 501.8 million (previous year: CHF 414.3 million); net sales by the Automotive division contributed CHF 64.9 million (previous year: CHF 76.0 million). The geographic breakdown of sales shows the following picture: Europe - CHF 414.0 million or 73.1 percent; Asia - CHF 130.8 million or 23.1 percent; USA - 14.6 million or 2.6 percent; other regions - CHF 7.2 million or 1.2 percent.
The earnings trend reflects the difficult market environment in 2001. Despite the marked improvement in sales, the operating profit (EBIT) fell in a year-on-year comparison from CHF 99.5 million to CHF 55.4 million as a result of production overcapacity. The operating profit before depreciation and amortization of goodwill (EBITDA) was only 9.0 percent lower at CHF 143.2 million.
Net profit showed a year-on-year decrease from CHF 63.5 million to CHF 26.0 million. This figure includes non-current profit of CHF 25.2 million from the disposal of the participating interest in innoComm Wireless, San Diego/USA. At year-end 2001 the shareholders' equity was CHF 242.7 million or 27.4 percent of the balance sheet total. The number of employees as of 31 December 2001 was stable at 1466.
Investments in tangible and intangible assets totalled CHF 156.6 million, compared with CHF 138.8 million the previous year.
The Micronas Group is an internationally active manufacturer of application-specific chip systems in the areas of multimedia, consumer and automotive electronics. Its shares are listed on SWX Swiss Exchange and the Neuer Markt in Frankfurt.
The details of the financial statements for 2001 will be presented on 13 February 2002 in Zurich and on 14 February 2002 in Frankfurt.