Micronas increases sales and earnings (0413)

Key data for second quarter and first half of 2004

Demand for Micronas products continued to grow in the second quarter of the current business year. In the first half of the year, sales were up by 39.5 percent and earnings by 74.3 percent compared with the same period a year ago.

Consolidated net sales for the second quarter of 2004 amounted to CHF 250.5 million, a 5.6 percent increase on the previous quarter; adjusted for currency effects the growth was 7.5 percent. Compared with the first half of 2003, sales for the first six months of 2004 grew by 39.5 percent to CHF 487.7 million.

The operating profit before depreciation and amortization of goodwill (EBITDA) was up by 1.9 percent compared with the first quarter of 2004. The semi-annual value was CHF 170.4 million, a rise of 49.2 percent over the previous year's figure.

The operating profit (EBIT) was CHF 54.5 million, 2.6 percent higher than the previous quarter. The operating profit for the semester overall rose strongly by 88.8 percent, up from CHF 57.0 million to CHF 107.6 million. This represents a rise of 119.1 percent before adjustment for foreign exchange gains in the previous year's figure.

Net profit for the second quarter reached CH 35.8 million, a fall of 4.0 percent compared with the first three months of 2004 that was due to higher tax charges. Profit growth in the first half of 2004 was a healthy 74.3 percent compared with the equivalent period a year ago, with net profit reaching CHF 73.2 million. Net profit in percent of net sales was 15.0 percent. Earnings per share for the first half of 2004 amounted to CHF 2.29, or CHF 2.54 adjusted for amortization of goodwill after tax.

On June 2, 2004, the Micronas Board approved a capital increase from existing approved capital, through the issue of 300 000 registered shares, in conjunction with the takeover of LINX Electronics, first announced in May. The shares were listed on the stock exchange and admitted to trading on June 7, 2004. The new registered shares are entitled to dividends as of January 1, 2004.

Looking ahead, the Micronas Group is likely to face a business climate marked by persistent uncertainty. However, we are confident that demand for our products will continue to grow. Our positioning in the relevant markets is excellent.

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.